SMBvsLTAXETF Comparison
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VanEck Short Muni ETF (SMB) and Nomura Tax-Free USA ETF (LTAX) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. SMB is less expensive with a Total Expense Ratio (TER) of 0.07%, versus 0.39% for LTAX. Run a side-by-side ETF comparison of SMB and LTAX 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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SMB vs LTAX performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/15/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | SMB LTAX | -0.02%-1.14% | -0.74%-5.34% | +0.16%n/a | +0.65%n/a | +9.83%n/a | +5.35%n/a |
| Flows | SMB LTAX | +$57M+$1M | +$63M+$1M | +$81M- | +$88M- | +$125M- | +$60M- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | SMB LTAX | +2.26%+6.73% | +1.41%n/a | +1.43%n/a | +1.53%n/a |
| Max drawdown | SMB LTAX | -2.28%-7.77% | -2.49%n/a | -2.49%n/a | -6.39%n/a |
| Max drawdown duration | SMB LTAX | 63d92d | 228dn/a | 228dn/a | 1018dn/a |
Trading data
SMB | LTAX | |
Last sale 10/15/2026 at 1:30 PM | $17.18 | $23.54 |
| Previous close 10/15/2026 | $17.01 | $23.32 |
| 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 16, 2026
1-year trailing difference
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LTAX
is actively managed and doesn’t replicate an indexSMB | LTAX | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/15/2026 at 1:30 PM
Live
Closed
SMB | LTAX | |
|---|---|---|
| Last price | $17.18 | $23.54 |
| 1D performance | +1.00% | +0.94% |
| AuM | $371.19 M | $7.07 M |
| E/R | 0.07% | 0.39% |
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Exposure
Countries
SMB
USA
72.14%
Other
27.86%
LTAX
USA
70.75%
Other
29.25%
Sectors
SMB
Municipal
72.14%
Other
27.86%
LTAX
Municipal
70.75%
Other
29.25%
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Diversification
SMB
Total weight of top 15 holdings out of 15
13.24%
LTAX
Total weight of top 15 holdings out of 15
27.79%
Top 15 holdings
Data as of August 31, 2026
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%
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%
Frequently asked questions about SMB and LTAX
Which ETF is bigger: SMB or LTAX?
As of October 15, 2026, SMB holds $371.19 M in assets under management (AUM), while LTAX manages $7.07 M.
What sectors do the SMB and LTAX ETFs invest in?
SMB leans toward sectors like Municipal. Meanwhile, LTAX focuses on Municipal.
What are the top holdings of the SMB ETF and LTAX ETF?
SMB top holdings include US64972LAF04, US45506EMV29 and US160853VD67. LTAX holds in its top three: 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).
Which ETF is more diversified: SMB or LTAX?
SMB holds 330 securities with 13.24% of its assets in the top 15. LTAX has 86 securities and a top 15 weight of 27.79%.
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