SUBvsTMNLETF Comparison
VS
iShares Short-Term National Muni Bond ETF (SUB) and T. Rowe Price Long Municipal Income ETF (TMNL) belong to the same industry segment: Municipal Bonds. SUB's top 2 sector exposures are Municipal and Non-Corporate. In contrast, TMNL's top sector exposures are Municipal. SUB is less expensive with a Total Expense Ratio (TER) of 0.07%, versus 0.26% for TMNL. SUB is up 1.03% year-to-date (YTD) with +$1.29B in YTD flows. TMNL performs worse with 0.7% YTD performance, and +$1M in YTD flows. Run a side-by-side ETF comparison of SUB 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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SUB vs TMNL performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/02/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | SUB TMNL | +0.15%-0.70% | +0.19%-1.50% | +1.03%+0.70% | +1.71%n/a | +9.19%n/a | +7.64%n/a |
| Flows | SUB TMNL | +$292M- | +$403M- | +$1.29B+$1M | +$1.48B- | +$2.23B- | +$5.78B- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | SUB TMNL | +0.79%+2.95% | +0.78%n/a | +1.09%n/a | +1.15%n/a |
| Max drawdown | SUB TMNL | -0.46%-2.51% | -0.81%n/a | -1.33%n/a | -4.11%n/a |
| Max drawdown duration | SUB TMNL | 35d57d | 117dn/a | 52dn/a | 804dn/a |
Trading data
SUB | TMNL | |
Last sale 9/3/2026 at 7:07 PM | $105.91 | $48.96 |
| Previous close 09/02/2026 | $105.91 | $48.95 |
| Consolidated volume 09/02/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 3, 2026
1-year trailing difference
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TMNL
is actively managed and doesn’t replicate an indexSUB | TMNL | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/3/2026 at 7:07 PM
Live
Closed
SUB | TMNL | |
|---|---|---|
| Last price | $105.91 | $48.96 |
| 1D performance | -0.00% | +0.00% |
| AuM | $11.60 B | $22.01 M |
| E/R | 0.07% | 0.26% |
Characteristics
SUB | TMNL | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | iShares | T. Rowe Price |
| Benchmark | ICE Short Maturity AMT-Free US National Municipal Index | - |
| N° of holdings | 1231 | 52 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | November 5, 2008 | November 19, 2025 |
| ESG | No | No |
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Exposure
Countries
SUB
USA
49.36%
Other
50.64%
TMNL
USA
49.92%
Other
50.08%
Sectors
SUB
Municipal
49.36%
Other
50.64%
TMNL
Municipal
49.92%
Other
50.08%
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Diversification
SUB
Total weight of top 15 holdings out of 15
3.53%
TMNL
Total weight of top 15 holdings out of 15
34.52%
Top 15 holdings
Data as of July 31, 2026
SUB
New Jersey Economic Development Authority, 5% 1mar2028, USD (2023)
0.37%
US13063EDB92
0.28%
Empire State Development Corp., 5% 15sep2028, USD (2022A)
0.25%
US91412HWB58
0.25%
US646140JM63
0.24%
California, 5% 1nov2027, USD
0.24%
California, 5% 1apr2029, USD
0.24%
US373385QU02
0.22%
Massachusetts, 5.5% 1aug2030, USD (2004A)
0.21%
City of New York, 5.75% 15may2012, USD
0.21%
US207758Y563
0.21%
New York Transitional Finance Authority, 5% 1nov2030, USD (2026)
0.21%
Pennsylvania, 5% 1mar2028, USD
0.20%
US495290ET12
0.20%
New Jersey, 4% 1jun2030, USD
0.20%
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 SUB and TMNL
How have the SUB and TMNL ETFs performed in 2026?
As of September 2, 2026, SUB is up 1.03% year-to-date (YTD), while TMNL has returned 0.7%. That puts SUB better performer ahead so far this year.
Which ETF is attracting more investor money: SUB or TMNL?
Year-to-date, the SUB ETF saw +$1.29B in flows, compared to +$1M for TMNL.
Which ETF is bigger: SUB or TMNL?
As of September 2, 2026, SUB holds $11.60 B in assets under management (AUM), while TMNL manages $22.01 M.
What sectors do the SUB and TMNL ETFs invest in?
SUB leans toward sectors like Municipal. Meanwhile, TMNL focuses on Municipal.
What are the top holdings of the SUB ETF and TMNL ETF?
SUB top holdings include New Jersey Economic Development Authority, 5% 1mar2028, USD (2023), US13063EDB92 and Empire State Development Corp., 5% 15sep2028, USD (2022A). 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: SUB or TMNL?
SUB holds 2867 securities with 3.53% of its assets in the top 15. TMNL has 113 securities and a top 15 weight of 34.52%.
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Latest news about SUB & TMNL
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