TMNLvsBSMQETF Comparison
VS
T. Rowe Price Long Municipal Income ETF (TMNL) and Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. TMNL is more expensive with a Total Expense Ratio (TER) of 0.26%, versus 0.18% for BSMQ. TMNL is down -0.79% year-to-date (YTD) with +$4M in YTD flows. BSMQ performs better with 1.51% YTD performance, and -$42M in YTD flows. Run a side-by-side ETF comparison of TMNL and BSMQ 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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TMNL vs BSMQ performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/15/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | TMNL BSMQ | -0.08%+0.17% | -3.52%+0.33% | -0.79%+1.51% | n/a+2.09% | n/a+10.86% | n/a+2.61% |
| Flows | TMNL BSMQ | +$2M-$9M | +$2M-$24M | +$4M-$42M | --$31M | -+$141M | -+$235M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TMNL BSMQ | +5.96%+0.65% | n/a+0.47% | n/a+1.20% | n/a+2.01% |
| Max drawdown | TMNL BSMQ | -6.36%-0.38% | n/a-0.38% | n/a-1.47% | n/a-11.16% |
| Max drawdown duration | TMNL BSMQ | 92d44d | n/a44d | n/a68d | n/a1347d |
Trading data
TMNL | BSMQ | |
Last sale 10/16/2026 at 1:30 PM | $48.04 | $23.48 |
| Previous close 10/15/2026 | $48.06 | $23.49 |
| 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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TMNL
is actively managed and doesn’t replicate an indexTMNL | BSMQ | |
|---|---|---|
| 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
TMNL | BSMQ | |
|---|---|---|
| Last price | $48.04 | $23.48 |
| 1D performance | -0.06% | -0.04% |
| AuM | $24.00 M | $258.71 M |
| E/R | 0.26% | 0.18% |
Characteristics
TMNL | BSMQ | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | T. Rowe Price | Invesco |
| Benchmark | - | ICE BulletShares USD Municipal Bond 2026 Index |
| N° of holdings | 52 | 641 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | November 19, 2025 | September 13, 2019 |
| ESG | No | No |
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Exposure
Countries
TMNL
USA
48.25%
Other
51.75%
BSMQ
USA
50.89%
Other
49.11%
Sectors
TMNL
Municipal
48.25%
Other
51.75%
BSMQ
Municipal
50.89%
Other
49.11%
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Diversification
TMNL
Total weight of top 15 holdings out of 15
32.75%
BSMQ
Total weight of top 15 holdings out of 15
9.37%
Top 15 holdings
Data as of August 31, 2026
TMNL
US42605KAB26
3.39%
US41423PDY07
3.08%
New York Municipal Water Finance Authority, 5.25% 15jun2055, USD (2026)
3.04%
US914713W996
2.67%
New York Transitional Finance Authority, 5% 1may2051, USD (2026)
2.27%
Chesapeake Bay Bridge And Tunnel District, 5% 1jul2041, USD (2016)
2.26%
Maryland Economic Development Corp., 5.25% 30jun2052, USD (2022B)
2.04%
New York Transportation Development Corp., 6% 30jun2059, USD (2025)
1.89%
US249182LT15
1.84%
Salt Lake City Airport, 5.25% 1jul2053, USD (2023A)
1.83%
US574218T373
1.81%
New York Mortgage Agency, 3.4% 1oct2030, USD
1.78%
North Carolina Turnpike Authority, 4% 1jan2039, USD
1.78%
Virginia Small Business Financing Authority, 5% 31dec2056, USD (2017)
1.63%
US57419TTP65
1.43%
BSMQ
US451295ZZ58
1.44%
US64972GDC50
1.07%
US160853UL92
0.77%
Maryland Department of Transportation, 5% 1oct2026, USD (2019)
0.64%
US64579FYL11
0.59%
US20775HAA14
0.57%
Charlotte-Mecklenburg Hospital Authority, FRN 15jan2048, USD (2018H)
0.54%
US604115CT06
0.54%
US095175VQ53
0.50%
Illinois Toll Highway Authority, 5% 1jan2040, USD
0.47%
US167560SV44
0.47%
US59261AX695
0.46%
US160853MR54
0.44%
US917393CY40
0.44%
Columbus (OH), 5% 1jun2032, USD (2015)
0.43%
Frequently asked questions about TMNL and BSMQ
How have the TMNL and BSMQ ETFs performed in 2026?
As of October 15, 2026, TMNL is down -0.79% year-to-date (YTD), while BSMQ has returned 1.51%. That puts BSMQ better performer ahead so far this year.
Which ETF is attracting more investor money: TMNL or BSMQ?
Year-to-date, the TMNL ETF saw +$4M in flows, compared to -$42M for BSMQ.
Which ETF is bigger: TMNL or BSMQ?
As of October 15, 2026, TMNL holds $24.00 M in assets under management (AUM), while BSMQ manages $258.71 M.
What sectors do the TMNL and BSMQ ETFs invest in?
TMNL leans toward sectors like Municipal. Meanwhile, BSMQ focuses on Municipal.
What are the top holdings of the TMNL ETF and BSMQ ETF?
TMNL top holdings include US42605KAB26, US41423PDY07 and New York Municipal Water Finance Authority, 5.25% 15jun2055, USD (2026). BSMQ holds in its top three: US451295ZZ58, US64972GDC50 and US160853UL92.
Which ETF is more diversified: TMNL or BSMQ?
TMNL holds 115 securities with 32.75% of its assets in the top 15. BSMQ has 1271 securities and a top 15 weight of 9.37%.
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