SMMUvsTAXSETF Comparison
VS
PIMCO Short Term Municipal Bond Active ETF (SMMU) and Northern Trust Short-Term Tax-Exempt Bond ETF (TAXS) belong to the same industry segment: Municipal Bonds. SMMU's top 3 sector exposures are Municipal, Sovereign and Government Agencies. In contrast, TAXS's top sector exposures are Municipal. SMMU is more expensive with a Total Expense Ratio (TER) of 0.35%, versus 0.05% for TAXS. SMMU is up 0.95% year-to-date (YTD) with +$276M in YTD flows. TAXS performs worse with 0.77% YTD performance, and +$95M in YTD flows. Run a side-by-side ETF comparison of SMMU and TAXS 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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SMMU vs TAXS performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | SMMU TAXS | +0.24%+0.09% | -0.24%-0.40% | +0.95%+0.77% | +1.50%+1.66% | +11.04%n/a | +9.77%n/a |
| Flows | SMMU TAXS | +$51M+$19M | +$110M+$6M | +$276M+$95M | +$272M+$158M | +$695M- | +$707M- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | SMMU TAXS | +2.02%+1.92% | +1.19%+1.20% | +1.38%n/a | +1.34%n/a |
| Max drawdown | SMMU TAXS | -1.87%-1.97% | -1.87%-1.97% | -1.87%n/a | -4.42%n/a |
| Max drawdown duration | SMMU TAXS | 52d52d | 52d52d | 52dn/a | 738dn/a |
Trading data
SMMU | TAXS | |
Last sale 10/16/2026 at 1:30 PM | $49.82 | $49.68 |
| Previous close 10/15/2026 | $49.83 | $49.64 |
| 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
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SMMU
is actively managed and doesn’t replicate an indexSMMU | TAXS | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/16/2026 at 1:30 PM
Live
Closed
SMMU | TAXS | |
|---|---|---|
| Last price | $49.82 | $49.68 |
| 1D performance | -0.02% | +0.09% |
| AuM | $1.24 B | $164.91 M |
| E/R | 0.35% | 0.05% |
Characteristics
SMMU | TAXS | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | PIMCO | Northern Trust |
| Benchmark | - | ICE Short Term Focused Municipal Bond Index |
| N° of holdings | 107 | 782 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | February 1, 2010 | August 19, 2025 |
| ESG | No | No |
Exposure
Countries
SMMU
USA
42.82%
Other
57.18%
TAXS
USA
42.95%
Other
57.05%
Sectors
SMMU
Municipal
27.39%
Sovereign
10.62%
Other
61.99%
TAXS
Municipal
42.95%
Other
57.05%
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Diversification
SMMU
Total weight of top 15 holdings out of 15
24.02%
TAXS
Total weight of top 15 holdings out of 15
3.25%
Top 15 holdings
Data as of August 31, 2026
SMMU
USA, Bills 0% 20oct2026, USD (119D)
5.93%
FHLB, 0% 21sep2026, USD (364D)
2.62%
USA, Notes 4.25% 31jul2028, USD (BE-2028)
1.69%
US20775DL830
1.65%
USA, Bills 0% 15sep2026, USD (119D)
1.42%
FHLB, 0% 4sep2026, USD (365D)
1.40%
New York Municipal Water Finance Authority, FRN 15jun2050, USD
1.27%
Tarrant Cultural Education Facilities Finance Corp., FRN 15nov2063, USD (2026A&B)
1.16%
Fort Bend Independent School District, FRN 1aug2055, USD (2025B)
1.15%
US593344CB87
1.04%
US20775DZL99
1.03%
US20775DTS17
0.98%
US57585BRA88
0.91%
US678604AC33
0.90%
US13063EUT18
0.86%
TAXS
US64972GU289
0.54%
US45505MJL19
0.23%
US267169HD59
0.21%
Southeast Energy Authority, 5.5% 1jan2053, USD (2022A-1)
0.21%
US254845TN04
0.20%
US938782EQ84
0.20%
Ohio Water Development Authority, 5% 1jun2029, USD (2019A)
0.19%
State of Ohio, 5% 15dec2030, USD (2019-1)
0.19%
Energy Southeast, 5.5% 1nov2053, USD (2023A-1)
0.18%
US604146GB05
0.18%
Kentucky, 5% 1apr2030, USD
0.18%
US84136JAE91
0.18%
Ohio Water Development Authority, 5% 1dec2029, USD (2019)
0.18%
US39081JGT97
0.18%
US451446AC29
0.18%
Frequently asked questions about SMMU and TAXS
How have the SMMU and TAXS ETFs performed in 2026?
As of October 16, 2026, SMMU is up 0.95% year-to-date (YTD), while TAXS has returned 0.77%. That puts SMMU better performer ahead so far this year.
Which ETF is attracting more investor money: SMMU or TAXS?
Year-to-date, the SMMU ETF saw +$276M in flows, compared to +$95M for TAXS.
Which ETF is more volatile: SMMU or TAXS?
Over the past year, SMMU had a volatility of 1.19%, while TAXS experienced 1.2%.
Which ETF is bigger: SMMU or TAXS?
As of October 16, 2026, SMMU holds $1.24 B in assets under management (AUM), while TAXS manages $164.91 M.
What sectors do the SMMU and TAXS ETFs invest in?
SMMU leans toward sectors like Municipal and Sovereign. Meanwhile, TAXS focuses on Municipal.
What are the top holdings of the SMMU ETF and TAXS ETF?
SMMU top holdings include USA, Bills 0% 20oct2026, USD (119D), FHLB, 0% 21sep2026, USD (364D) and USA, Notes 4.25% 31jul2028, USD (BE-2028). TAXS holds in its top three: US64972GU289, US45505MJL19 and US267169HD59.
Which ETF is more diversified: SMMU or TAXS?
SMMU holds 344 securities with 24.02% of its assets in the top 15. TAXS has 1947 securities and a top 15 weight of 3.25%.
Latest news about SMMU & TAXS
Ask the Manager: Dave Abner on the Rise of Distributing Ladder ETFs
February 10, 2026
TAXS
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