MUNIvsTMNLETF Comparison
VS
PIMCO Intermediate Municipal Bond Active ETF (MUNI) and T. Rowe Price Long Municipal Income ETF (TMNL) belong to the same industry segment: Municipal Bonds. MUNI's top 2 sector exposures are Municipal and Sovereign. In contrast, TMNL's top sector exposures are Municipal. MUNI is more expensive with a Total Expense Ratio (TER) of 0.35%, versus 0.26% for TMNL. MUNI is down -0.43% year-to-date (YTD) with +$672M in YTD flows. TMNL performs better with 0.7% YTD performance, and +$1M in YTD flows. Run a side-by-side ETF comparison of MUNI and TMNL below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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MUNI vs TMNL performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/01/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | MUNI TMNL | -0.78%-0.70% | -1.58%-1.50% | -0.43%+0.70% | +2.93%n/a | +10.45%n/a | +3.92%n/a |
| Flows | MUNI TMNL | +$72M- | +$197M- | +$672M+$1M | +$1.03B- | +$2.15B- | +$2.56B- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | MUNI TMNL | +2.52%+2.95% | +2.14%n/a | +3.08%n/a | +3.00%n/a |
| Max drawdown | MUNI TMNL | -2.16%-2.51% | -2.39%n/a | -4.03%n/a | -11.21%n/a |
| Max drawdown duration | MUNI TMNL | 57d57d | 184dn/a | 185dn/a | 1045dn/a |
Trading data
MUNI | TMNL | |
Last sale 9/3/2026 at 6:31 PM | $51.19 | $48.96 |
| Previous close 09/02/2026 | $51.19 | $48.95 |
| Consolidated volume 09/02/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 9/3/2026 at 6:31 PM
Live
Closed
MUNI | TMNL | |
|---|---|---|
| Last price | $51.19 | $48.96 |
| 1D performance | -0.01% | +0.00% |
| AuM | $3.12 B | $22.01 M |
| E/R | 0.35% | 0.26% |
Characteristics
MUNI | TMNL | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | PIMCO | T. Rowe Price |
| Benchmark | - | - |
| N° of holdings | 142 | 52 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | November 30, 2009 | November 19, 2025 |
| ESG | No | No |
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Exposure
Countries
MUNI
USA
48.52%
Other
51.48%
TMNL
USA
49.92%
Other
50.08%
Sectors
MUNI
Municipal
41.12%
Sovereign
7.4%
Other
51.48%
TMNL
Municipal
49.92%
Other
50.08%
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Diversification
MUNI
Total weight of top 15 holdings out of 15
16.98%
TMNL
Total weight of top 15 holdings out of 15
34.52%
Top 15 holdings
Data as of July 31, 2026
MUNI
USA, Notes 3.375% 29feb2028, USD (AY-2028)
2.62%
USA, Notes 3.5% 28feb2031, USD (V-2031)
2.12%
USA, Notes 4.625% 30apr2031, USD (K-2031)
1.40%
Black Belt Energy Gas District, 5% 1jan2034, USD (2026)
1.08%
USA, Notes 4.25% 28feb2031, USD (H-2031)
1.03%
Texas Municipal Gas Acquisition and Supply Corp., 5% 1apr2036, USD (2026)
0.96%
Fort Bend Independent School District, FRN 1aug2055, USD (2025B)
0.94%
Puerto Rico Sales Tax Financing Corp., 0% 1jul2046, USD (10001D)
0.93%
US20775DL830
0.92%
US594654K382
0.88%
US93974FJX24
0.85%
US31350ADW53
0.82%
New York Municipal Water Finance Authority, FRN 15jun2048, USD (2014)
0.81%
US67756AH960
0.81%
New York Transitional Finance Authority, FRN 1nov2042, USD (2014)
0.81%
TMNL
New York Municipal Water Finance Authority, 5.25% 15jun2055, USD (2026)
4.70%
US42605KAB26
3.36%
US41423PDY07
3.07%
US914713W996
2.68%
New York Transitional Finance Authority, 5% 1may2051, USD (2026)
2.29%
Chesapeake Bay Bridge And Tunnel District, 5% 1jul2041, USD (2016)
2.25%
Maryland Economic Development Corp., 5.25% 30jun2052, USD (2022B)
2.03%
New York Transportation Development Corp., 6% 30jun2059, USD (2025)
1.88%
US249182LT15
1.84%
Salt Lake City Airport, 5.25% 1jul2053, USD (2023A)
1.82%
US574218T373
1.80%
North Carolina Turnpike Authority, 4% 1jan2039, USD
1.78%
New York Mortgage Agency, 3.4% 1oct2030, USD
1.75%
Virginia Small Business Financing Authority, 5% 31dec2056, USD (2017)
1.65%
US57419TTP65
1.60%
Frequently asked questions about MUNI and TMNL
How have the MUNI and TMNL ETFs performed in 2026?
As of September 1, 2026, MUNI is down -0.43% year-to-date (YTD), while TMNL has returned 0.7%. That puts TMNL better performer ahead so far this year.
Which ETF is attracting more investor money: MUNI or TMNL?
Year-to-date, the MUNI ETF saw +$672M in flows, compared to +$1M for TMNL.
Which ETF is bigger: MUNI or TMNL?
As of September 1, 2026, MUNI holds $3.12 B in assets under management (AUM), while TMNL manages $22.01 M.
What sectors do the MUNI and TMNL ETFs invest in?
MUNI leans toward sectors like Municipal and Sovereign. Meanwhile, TMNL focuses on Municipal.
What are the top holdings of the MUNI ETF and TMNL ETF?
MUNI top holdings include USA, Notes 3.375% 29feb2028, USD (AY-2028), USA, Notes 3.5% 28feb2031, USD (V-2031) and USA, Notes 4.625% 30apr2031, USD (K-2031). TMNL holds in its top three: New York Municipal Water Finance Authority, 5.25% 15jun2055, USD (2026), US42605KAB26 and US41423PDY07.
Which ETF is more diversified: MUNI or TMNL?
MUNI holds 353 securities with 16.98% of its assets in the top 15. TMNL has 113 securities and a top 15 weight of 34.52%.
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