LTAXvsSMBETF Comparison
VS
Nomura Tax-Free USA ETF (LTAX) and VanEck Short Muni ETF (SMB) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. LTAX is more expensive with a Total Expense Ratio (TER) of 0.39%, versus 0.07% for SMB. Run a side-by-side ETF comparison of LTAX and SMB below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
Find out how industry players manage ETF portfolios. Discover our library of Model portfolios
LTAX vs SMB performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | LTAX SMB | -1.14%+0.03% | -5.08%-0.65% | n/a+0.17% | n/a+0.63% | n/a+9.84% | n/a+5.42% |
| Flows | LTAX SMB | +$1M+$57M | +$1M+$63M | -+$81M | -+$88M | -+$125M | -+$58M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | LTAX SMB | +6.72%+2.25% | n/a+1.41% | n/a+1.43% | n/a+1.53% |
| Max drawdown | LTAX SMB | -7.51%-2.28% | n/a-2.49% | n/a-2.49% | n/a-6.38% |
| Max drawdown duration | LTAX SMB | 92d64d | n/a229d | n/a229d | n/a995d |
Trading data
LTAX | SMB | |
Last sale 10/16/2026 at 1:30 PM | $23.55 | $17.10 |
| Previous close 10/15/2026 | $23.54 | $17.18 |
| Consolidated volume 10/15/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of October 18, 2026
1-year trailing difference
Create an account to view replication metrics
Join for free
LTAX
is actively managed and doesn’t replicate an indexLTAX | SMB | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
Advertisement
Main metrics
Last update 10/16/2026 at 1:30 PM
Live
Closed
LTAX | SMB | |
|---|---|---|
| Last price | $23.55 | $17.10 |
| 1D performance | +0.04% | -0.47% |
| AuM | $7.07 M | $371.23 M |
| E/R | 0.39% | 0.07% |
Advertisement
Exposure
Countries
LTAX
USA
70.75%
Other
29.25%
SMB
USA
72.14%
Other
27.86%
Sectors
LTAX
Municipal
70.75%
Other
29.25%
SMB
Municipal
72.14%
Other
27.86%
Advertisement
Diversification
LTAX
Total weight of top 15 holdings out of 15
27.79%
SMB
Total weight of top 15 holdings out of 15
13.24%
Top 15 holdings
Data as of August 31, 2026
LTAX
New York Transitional Finance Authority, 5% 1feb2053, USD (2026)
2.46%
Puerto Rico Sales Tax Financing Corp., 4.75% 1jul2053, USD
2.33%
Wisconsin Public Finance Authority, 5.75% 31dec2065, USD (2025)
2.09%
Puerto Rico, FRN 1nov2043, USD
1.90%
Massachusetts Development Finance Agency, 5% 15feb2034, USD (2026A)
1.83%
New Jersey Transportation Trust Fund Authority, 5.25% 15jun2041, USD (2024)
1.83%
Minnesota Agricultural and Economic Development Board, 5.25% 1jan2054, USD (2024)
1.73%
US876443WT58
1.72%
Greater Orlando Aviation Authority, 5.25% 1nov2034, USD (2025)
1.72%
US43233KAW45
1.71%
Black Belt Energy Gas District, 5% 1jul2033, USD (2026)
1.70%
US59335KFV44
1.69%
US63607YEY23
1.69%
New York Municipal Water Finance Authority, 5.25% 15jun2056, USD (2026)
1.69%
Colorado Bridge and Tunnel Enterprise, 5.25% 1dec2054, USD (2025A)
1.69%
SMB
US64972LAF04
1.05%
US45506EMV29
1.03%
US160853VD67
1.03%
California, 5% 1apr2030, USD
1.03%
Southeast Energy Authority, 4% 1dec2051, USD
0.95%
Massachusetts, 5% 1may2031, USD
0.91%
US48542AFE64
0.90%
New Jersey, 2% 1jun2030, USD (2021)
0.90%
California, 5% 1oct2031, USD
0.89%
US64972KKJ33
0.85%
US13078HAY80
0.79%
Massachusetts, 5% 1oct2031, USD (2022)
0.79%
King, 4% 1jul2030, USD
0.72%
Black Belt Energy Gas District, 4% 1oct2052, USD (2021)
0.72%
Connecticut, 3% 15jan2032, USD
0.70%
Frequently asked questions about LTAX and SMB
Which ETF is bigger: LTAX or SMB?
As of October 16, 2026, LTAX holds $7.07 M in assets under management (AUM), while SMB manages $371.23 M.
What sectors do the LTAX and SMB ETFs invest in?
LTAX leans toward sectors like Municipal. Meanwhile, SMB focuses on Municipal.
What are the top holdings of the LTAX ETF and SMB ETF?
LTAX top holdings include New York Transitional Finance Authority, 5% 1feb2053, USD (2026), Puerto Rico Sales Tax Financing Corp., 4.75% 1jul2053, USD and Wisconsin Public Finance Authority, 5.75% 31dec2065, USD (2025). SMB holds in its top three: US64972LAF04, US45506EMV29 and US160853VD67.
Which ETF is more diversified: LTAX or SMB?
LTAX holds 86 securities with 27.79% of its assets in the top 15. SMB has 330 securities and a top 15 weight of 13.24%.
Advertisement
