Largest · Industry · ranked by net assets

The largest Municipal Bond ETFs

There are 64 US-listed municipal bond ETFs, with $181.71B in combined net assets.

The largest is Vanguard Tax-Exempt Bond ETF (VTEB) at $48.52B, followed by MUB at $45.38B.

Expense ratios run from 0.03% to 3.4% a year (median 0.27%).

The 10 largest

The largest Municipal Bond ETFs
# Fund 30 daysNet assetsCostYieldYTD1 yr3 yr5 yr
1 VTEB Vanguard Tax-Exempt Bond ETF $48.52B†0.03%3.46%-0.3%+0.1%+4.4%+0.6%
2 MUB iShares National Muni Bond ETF $45.38B0.05%3.3%-0.6%-0.2%+3.7%+0.6%
3 SUB iShares Short-Term National Muni Bond ETF $11.64B0.07%2.56%+1.2%+2.1%+3.3%+1.6%
4 JMUB JPMorgan Municipal ETF $8.75B0.18%3.5%-0.5%-0.2%+4.4%+1.0%
5 JMST JPMorgan Ultra-Short Municipal Income ETF $7.36B0.18%2.57%+1.9%+2.5%+3.3%+2.5%
6 CMF iShares California Muni Bond ETF $4.63B0.08%3.02%-1.0%-0.6%+3.8%+0.4%
7 HYD VanEck High Yield Muni ETF $4.43B0.32%4.47%0.0%+0.9%+5.5%-0.4%
8 PZA Invesco National AMT-Free Municipal Bond ETF $4.24B0.28%4.02%-2.5%-2.7%+3.8%-0.8%
9 SHM SPDR Nuveen Bloomberg Short Term Municipal Bond E… $3.47B0.2%2.72%+0.8%+1.2%+3.3%+1.0%
10 TFI SPDR Nuveen Bloomberg Municipal Bond ETF $3.12B0.23%3.66%-1.1%-0.8%+3.9%-0.4%

Returns are total returns with distributions reinvested (3 and 5 years annualized), as of Oct 30, 2026.

How the top 5 compare

    Growth of each fund’s value from the start of the range, distributions reinvested. The dashed gray line is the S&P 500 (SPY).

    All 64 Municipal Bond ETFs

    Largest first. Click a heading to sort.

    All Municipal Bond ETFs
    Fund IssuerNet assetsCostYieldYTD1 yr5 yr
    VTEB Vanguard Tax-Exempt Bond ETF Vanguard$48.52B†0.03%3.46%-0.3%+0.1%+0.6%
    MUB iShares National Muni Bond ETF iShares$45.38B0.05%3.3%-0.6%-0.2%+0.6%
    SUB iShares Short-Term National Muni Bond ETF iShares$11.64B0.07%2.56%+1.2%+2.1%+1.6%
    JMUB JPMorgan Municipal ETF JPMorgan$8.75B0.18%3.5%-0.5%-0.2%+1.0%
    JMST JPMorgan Ultra-Short Municipal Income ETF JPMorgan$7.36B0.18%2.57%+1.9%+2.5%+2.5%
    CMF iShares California Muni Bond ETF iShares$4.63B0.08%3.02%-1.0%-0.6%+0.4%
    HYD VanEck High Yield Muni ETF VanEck$4.43B0.32%4.47%0.0%+0.9%-0.4%
    PZA Invesco National AMT-Free Municipal Bond ETF Invesco$4.24B0.28%4.02%-2.5%-2.7%-0.8%
    SHM SPDR Nuveen Bloomberg Short Term Municipal Bond E… SPDR (State Street)$3.47B0.2%2.72%+0.8%+1.2%+1.0%
    TFI SPDR Nuveen Bloomberg Municipal Bond ETF SPDR (State Street)$3.12B0.23%3.66%-1.1%-0.8%-0.4%
    HYMB SPDR Nuveen Bloomberg High Yield Municipal Bond E… SPDR (State Street)$3.09B0.35%4.88%-0.5%-0.5%-0.3%
    MUNI PIMCO Intermediate Municipal Bond Active Exchange… AllianzIM$3.09B0.35%3.37%-0.1%+0.2%+1.2%
    VTES Vanguard Short-Term Tax Exempt Bond ETF Vanguard$2.42B†0.05%2.67%+0.8%+1.6%—
    FLMI Franklin Dynamic Municipal Bond ETF Franklin Templeton$2.30B0.3%4.12%-0.4%+0.1%+1.7%
    DFNM Dimensional National Municipal Bond ETF Dimensional$2.24B0.17%3.06%+0.1%+0.7%—
    ITM VanEck Intermediate Muni ETF VanEck$2.12B0.18%3.09%-0.9%-0.3%+0.4%
    FMB First Trust Managed Municipal ETF First Trust$2.05B0.39%4.14%-0.6%0.0%+0.5%
    NYF iShares New York Muni Bond ETF iShares$1.46B0.09%3.21%-0.6%-0.4%+0.5%
    MMIT NYLI MacKay Muni Intermediate ETF New York Life$1.46B0.3%3.6%-0.2%+0.2%+0.9%
    TAFI AB Tax-Aware Short Duration Municipal ETF AllianceBernstein$1.38B0.27%3.09%+1.1%+1.6%—
    MEAR iShares Short Maturity Municipal Bond Active ETF iShares$1.36B0.26%2.8%+1.4%+1.9%+2.5%
    PWZ Invesco California AMT-Free Municipal Bond ETF Invesco$1.21B0.28%3.99%-1.4%-1.5%-0.5%
    SMMU PIMCO Short Term Municipal Bond Active ETF AllianzIM$1.14B0.35%2.87%+1.8%+2.3%+2.2%
    BAB Invesco Taxable Municipal Bond ETF Invesco$1.07B0.28%4.42%-1.6%-2.4%-1.2%
    FMHI First Trust Municipal High Income ETF First Trust$994.3M0.7%5%-0.4%+0.2%+0.3%

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