TAFLvsBSMSETF Comparison
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AB Tax-Aware Long Municipal ETF (TAFL) and Invesco BulletShares 2028 Municipal Bond ETF (BSMS) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. TAFL is more expensive with a Total Expense Ratio (TER) of 0.28%, versus 0.18% for BSMS. TAFL is down -0.94% year-to-date (YTD) with +$21M in YTD flows. BSMS performs better with -0.9% YTD performance, and +$84M in YTD flows. Run a side-by-side ETF comparison of TAFL and BSMS 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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TAFL vs BSMS performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/14/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | TAFL BSMS | -2.74%-0.83% | -3.13%-0.94% | -0.94%-0.90% | +0.53%-0.29% | n/a+7.87% | n/a-2.15% |
| Flows | TAFL BSMS | +$4M+$16M | +$10M+$28M | +$21M+$84M | +$39M+$110M | -+$263M | -+$317M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TAFL BSMS | +3.66%+1.27% | +3.05%+1.09% | n/a+2.29% | n/a+2.89% |
| Max drawdown | TAFL BSMS | -4.16%-1.19% | -4.16%-1.76% | n/a-2.76% | n/a-14.36% |
| Max drawdown duration | TAFL BSMS | 70d71d | 70d205d | n/a132d | n/a1820d |
Trading data
TAFL | BSMS | |
Last sale 9/15/2026 at 7:59 PM | $23.93 | $23.16 |
| Previous close 09/15/2026 | $24.01 | $23.13 |
| Consolidated volume 09/15/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of August 31, 2026
1-year trailing difference
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TAFL
is actively managed and doesn’t replicate an indexTAFL | BSMS | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/15/2026 at 7:59 PM
Live
Closed
TAFL | BSMS | |
|---|---|---|
| Last price | $23.93 | $23.16 |
| 1D performance | -0.33% | +0.10% |
| AuM | $66.19 M | $330.25 M |
| E/R | 0.28% | 0.18% |
Characteristics
TAFL | BSMS | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | AllianceBernstein | Invesco |
| Benchmark | - | Invesco BulletShares USD Municipal Bond 2028 Index |
| N° of holdings | 64 | 1156 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | December 13, 2023 | September 13, 2019 |
| ESG | No | No |
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Exposure
Countries
TAFL
USA
63.23%
Other
36.77%
BSMS
USA
63.86%
Other
36.14%
Sectors
TAFL
Municipal
63.23%
Other
36.77%
BSMS
Municipal
63.86%
Other
36.14%
Diversification
TAFL
Total weight of top 15 holdings out of 15
29.64%
BSMS
Total weight of top 15 holdings out of 15
4.76%
Top 15 holdings
Data as of July 31, 2026
TAFL
Wisconsin Public Finance Authority, 5.75% 31dec2065, USD (2025)
2.68%
Chicago, 5.25% 1nov2061, USD (2026A)
2.60%
West Linn-Wilsonville School District №3JT, 5% 15jun2046, USD (2026B)
2.23%
New York Dormitory Authority, 5% 15mar2055, USD (2025C)
2.07%
South Carolina Public Service Authority, 5.25% 1dec2054, USD (2024)
2.03%
US812643C776
1.97%
US494791UA28
1.84%
US59333P7M43
1.81%
California Community Choice Financing Authority, 5% 1feb2055, USD (2024D)
1.79%
Cuyahoga, 5.5% 1dec2061, USD (2026)
1.79%
Denver Airport System, 5% 15nov2036, USD (2022A)
1.78%
Massachusetts Development Finance Agency, 5.5% 1dec2056, USD
1.77%
US79766DTP41
1.76%
US576000E334
1.76%
Houston Convention and Entertainment Facilities Department, 5.5% 1sep2058, USD (2026C)
1.76%
BSMS
Illinois, 5% 1nov2028, USD (2017D)
0.50%
Texas Water Development Board, 5% 15apr2049, USD (2018B)
0.49%
Triborough Bridge and Tunnel Authority, 5% 1feb2028, USD (2025A)
0.49%
North Texas Tollway Authority, 5% 1jan2043, USD (2017A)
0.38%
Los Angeles Department of Water and Power, 5% 1jul2028, USD (2025)
0.35%
Los Angeles Unified School District, 5.25% 1jul2042, USD
0.30%
New Jersey, 5% 1jun2028, USD
0.30%
Triborough Bridge and Tunnel Authority, 5% 1mar2028, USD (2025A)
0.30%
Los Angeles Metropolitan Transportation Authority, 5% 1jul2044, USD (2019-A)
0.29%
Grand Parkway Transportation Corp., 5% 1oct2043, USD (2018A)
0.23%
Las Vegas Convention and Visitors Authority, 5% 1jul2043, USD
0.23%
New York Dormitory Authority, 5% 15mar2048, USD (2018)
0.22%
County of Clark (NV), 5% 1may2048, USD
0.22%
Illinois Toll Highway Authority, 5% 1jan2042, USD
0.22%
Pennsylvania, 3.75% 1mar2039, USD
0.22%
Frequently asked questions about TAFL and BSMS
How have the TAFL and BSMS ETFs performed in 2026?
As of September 14, 2026, TAFL is down -0.94% year-to-date (YTD), while BSMS has lost -0.9%. That puts BSMS better performer ahead so far this year.
Which ETF is attracting more investor money: TAFL or BSMS?
Year-to-date, the TAFL ETF saw +$21M in flows, compared to +$84M for BSMS.
Which ETF is more volatile: TAFL or BSMS?
Over the past year, TAFL had a volatility of 3.05%, while BSMS experienced 1.09%.
Which ETF is bigger: TAFL or BSMS?
As of September 14, 2026, TAFL holds $66.19 M in assets under management (AUM), while BSMS manages $330.25 M.
What sectors do the TAFL and BSMS ETFs invest in?
TAFL leans toward sectors like Municipal. Meanwhile, BSMS focuses on Municipal.
What are the top holdings of the TAFL ETF and BSMS ETF?
TAFL top holdings include Wisconsin Public Finance Authority, 5.75% 31dec2065, USD (2025), Chicago, 5.25% 1nov2061, USD (2026A) and West Linn-Wilsonville School District №3JT, 5% 15jun2046, USD (2026B). BSMS holds in its top three: Illinois, 5% 1nov2028, USD (2017D), Texas Water Development Board, 5% 15apr2049, USD (2018B) and Triborough Bridge and Tunnel Authority, 5% 1feb2028, USD (2025A).
Which ETF is more diversified: TAFL or BSMS?
TAFL holds 119 securities with 29.64% of its assets in the top 15. BSMS has 2245 securities and a top 15 weight of 4.76%.
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