SMMUvsTFIETF Comparison
VS
PIMCO Short Term Municipal Bond Active ETF (SMMU) and State Street SPDR Nuveen ICE Municipal Bond ETF (TFI) belong to the same industry segment: Municipal Bonds. SMMU's top 3 sector exposures are Municipal, Sovereign and Government Agencies. In contrast, TFI's top sector exposures are Municipal. SMMU is more expensive with a Total Expense Ratio (TER) of 0.35%, versus 0.23% for TFI. SMMU is up 0.95% year-to-date (YTD) with +$276M in YTD flows. TFI performs worse with -2.49% YTD performance, and +$84M in YTD flows. Run a side-by-side ETF comparison of SMMU and TFI 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 TFI 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 TFI | +0.24%-0.28% | -0.24%-3.60% | +0.95%-2.49% | +1.50%-1.96% | +11.04%+9.22% | +9.77%-3.38% |
| Flows | SMMU TFI | +$51M-$11M | +$110M-$6M | +$276M+$84M | +$272M-$246M | +$695M-$201M | +$707M-$289M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | SMMU TFI | +2.02%+5.46% | +1.19%+3.39% | +1.38%+4.11% | +1.34%+4.15% |
| Max drawdown | SMMU TFI | -1.87%-6.18% | -1.87%-7.00% | -1.87%-7.00% | -4.42%-14.88% |
| Max drawdown duration | SMMU TFI | 52d92d | 52d229d | 52d229d | 738d1513d |
Trading data
SMMU | TFI | |
Last sale 10/16/2026 at 1:30 PM | $49.82 | $43.33 |
| Previous close 10/15/2026 | $49.83 | $43.31 |
| 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 17, 2026
1-year trailing difference
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SMMU
is actively managed and doesn’t replicate an indexSMMU | TFI | |
|---|---|---|
| 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 | TFI | |
|---|---|---|
| Last price | $49.82 | $43.33 |
| 1D performance | -0.02% | +0.05% |
| AuM | $1.24 B | $2.94 B |
| E/R | 0.35% | 0.23% |
Characteristics
SMMU | TFI | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | PIMCO | State Street Investment Management |
| Benchmark | - | ICE 1+ Year AMT-Free Broad Municipal Index |
| N° of holdings | 107 | 813 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | February 1, 2010 | September 11, 2007 |
| ESG | No | No |
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Exposure
Countries
SMMU
USA
42.82%
Other
57.18%
TFI
USA
42.6%
Other
57.4%
Sectors
SMMU
Municipal
27.39%
Sovereign
10.62%
Other
61.99%
TFI
Municipal
42.6%
Other
57.4%
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Diversification
SMMU
Total weight of top 15 holdings out of 15
24.02%
TFI
Total weight of top 15 holdings out of 15
2.91%
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%
TFI
California, 5% 1nov2027, USD
0.23%
US91412HWK57
0.20%
US55844RWX87
0.20%
State of Washington, 5% 1feb2028, USD (2024A)
0.20%
Triborough Bridge and Tunnel Authority, 5% 15nov2028, USD (2023B)
0.20%
US64972GE598
0.20%
US574193VL92
0.20%
US373385LV30
0.20%
US574204S201
0.19%
US764581KP80
0.19%
US677523KE13
0.19%
US010831EC55
0.18%
California, 5% 1nov2032, USD
0.18%
California Community Choice Financing Authority, 5% 1may2054, USD (2024A)
0.18%
US13068XJP50
0.17%
Frequently asked questions about SMMU and TFI
How have the SMMU and TFI ETFs performed in 2026?
As of October 16, 2026, SMMU is up 0.95% year-to-date (YTD), while TFI has lost -2.49%. That puts SMMU better performer ahead so far this year.
Which ETF is attracting more investor money: SMMU or TFI?
Year-to-date, the SMMU ETF saw +$276M in flows, compared to +$84M for TFI.
Which ETF is more volatile: SMMU or TFI?
Over the past year, SMMU had a volatility of 1.19%, while TFI experienced 3.39%.
Which ETF is bigger: SMMU or TFI?
As of October 16, 2026, SMMU holds $1.24 B in assets under management (AUM), while TFI manages $2.94 B.
What sectors do the SMMU and TFI ETFs invest in?
SMMU leans toward sectors like Municipal and Sovereign. Meanwhile, TFI focuses on Municipal.
What are the top holdings of the SMMU ETF and TFI 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). TFI holds in its top three: California, 5% 1nov2027, USD, US91412HWK57 and US55844RWX87.
Which ETF is more diversified: SMMU or TFI?
SMMU holds 344 securities with 24.02% of its assets in the top 15. TFI has 1916 securities and a top 15 weight of 2.91%.
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