TMNLvsSUBETF Comparison
VS
T. Rowe Price Long Municipal Income ETF (TMNL) and iShares Short-Term National Muni Bond ETF (SUB) belong to the same industry segment: Municipal Bonds. TMNL's top 1 sector exposures are Municipal. In contrast, SUB's top sector exposures are Municipal and Non-Corporate. TMNL is more expensive with a Total Expense Ratio (TER) of 0.26%, versus 0.07% for SUB. TMNL is down -0.79% year-to-date (YTD) with +$4M in YTD flows. SUB performs better with 0.64% YTD performance, and +$2.50B in YTD flows. Run a side-by-side ETF comparison of TMNL and SUB 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 SUB 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 SUB | -0.08%+0.09% | -3.52%-0.38% | -0.79%+0.64% | n/a+1.13% | n/a+9.28% | n/a+7.37% |
| Flows | TMNL SUB | +$2M+$1.05B | +$2M+$1.51B | +$4M+$2.50B | -+$2.84B | -+$3.82B | -+$6.63B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TMNL SUB | +5.96%+1.90% | n/a+1.15% | n/a+1.17% | n/a+1.22% |
| Max drawdown | TMNL SUB | -6.36%-1.94% | n/a-1.94% | n/a-1.94% | n/a-3.94% |
| Max drawdown duration | TMNL SUB | 92d52d | n/a52d | n/a52d | n/a771d |
Trading data
TMNL | SUB | |
Last sale 10/16/2026 at 1:30 PM | $48.04 | $105.28 |
| Previous close 10/15/2026 | $48.06 | $105.28 |
| 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 | SUB | |
|---|---|---|
| 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 | SUB | |
|---|---|---|
| Last price | $48.04 | $105.28 |
| 1D performance | -0.06% | +0.00% |
| AuM | $24.00 M | $12.74 B |
| E/R | 0.26% | 0.07% |
Characteristics
TMNL | SUB | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | T. Rowe Price | iShares |
| Benchmark | - | ICE Short Maturity AMT-Free US National Municipal Index |
| N° of holdings | 52 | 1169 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | November 19, 2025 | November 5, 2008 |
| ESG | No | No |
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Exposure
Countries
TMNL
USA
48.25%
Other
51.75%
SUB
USA
46.89%
Other
53.11%
Sectors
TMNL
Municipal
48.25%
Other
51.75%
SUB
Municipal
46.88%
Other
53.12%
Diversification
TMNL
Total weight of top 15 holdings out of 15
32.75%
SUB
Total weight of top 15 holdings out of 15
3.97%
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%
SUB
US13063EUS35
0.44%
New Jersey Economic Development Authority, 5% 1mar2028, USD (2023)
0.36%
US64972JWP91
0.33%
New York Municipal Water Finance Authority, FRN 15jun2053, USD (2023)
0.27%
US13063EDB92
0.26%
US89602RPH20
0.25%
Empire State Development Corp., 5% 15sep2028, USD (2022A)
0.25%
US91412HWB58
0.24%
US646140JM63
0.24%
California, 5% 1nov2027, USD
0.23%
California, 5% 1apr2029, USD
0.23%
US812643H643
0.23%
US373385QU02
0.22%
City of New York, FRN 1feb2056, USD (2026)
0.22%
US207758Y563
0.20%
Frequently asked questions about TMNL and SUB
How have the TMNL and SUB ETFs performed in 2026?
As of October 15, 2026, TMNL is down -0.79% year-to-date (YTD), while SUB has returned 0.64%. That puts SUB better performer ahead so far this year.
Which ETF is attracting more investor money: TMNL or SUB?
Year-to-date, the TMNL ETF saw +$4M in flows, compared to +$2.50B for SUB.
Which ETF is bigger: TMNL or SUB?
As of October 15, 2026, TMNL holds $24.00 M in assets under management (AUM), while SUB manages $12.74 B.
What sectors do the TMNL and SUB ETFs invest in?
TMNL leans toward sectors like Municipal. Meanwhile, SUB focuses on Municipal.
What are the top holdings of the TMNL ETF and SUB ETF?
TMNL top holdings include US42605KAB26, US41423PDY07 and New York Municipal Water Finance Authority, 5.25% 15jun2055, USD (2026). SUB holds in its top three: US13063EUS35, New Jersey Economic Development Authority, 5% 1mar2028, USD (2023) and US64972JWP91.
Which ETF is more diversified: TMNL or SUB?
TMNL holds 115 securities with 32.75% of its assets in the top 15. SUB has 2884 securities and a top 15 weight of 3.97%.
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