SMB — VanEck Short Muni ETF

SMB Price Performance — Growth of $10,000

Value of a $10,000 investment in SMB over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.

SMB Drawdown

The "underwater" chart: SMB's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.

Overview

The VanEck Short Muni ETF (SMB) is a municipal bond fund issued by VanEck with $318 million in assets under management. It holds a C grade and ranks 6 of 10 within its category, placing it in the middle of its peer group. The fund’s 0.07% expense ratio is significantly lower than the category median of 0.19%, offering a cost advantage to investors. However, its 2.83% dividend yield trails the category median of 3.40%, reflecting a lower income profile relative to similar funds. The portfolio is highly concentrated, with the top 10 holdings representing only 9.4% of assets and the largest position comprising just 1.1%.

SMB has delivered positive returns across most recent horizons, including a 1.85% gain over the past year and an 11.70% return over three years. This performance contrasts with the category median 1-year return of -0.34%, indicating outperformance over that specific period. The fund’s price of $17.20 sits at 53.5% of its 52-week range, suggesting it is currently trading near the midpoint of its recent valuation band. The ETFValuer grade was upgraded from D to C on 2026-10-22, signaling a recent improvement in its assessment. Historical data is available for only 3.0 years, which limits the depth of long-term trend analysis.

The fund exhibits a beta of 0.35, indicating it moves less than half as much as the broader market. Its annualized volatility is labeled Very Low at 2.40%, and the maximum drawdown has been limited to -2.29%. Despite these low volatility metrics, the Sharpe ratio is negative at -1.31, suggesting that risk-adjusted returns have been poor relative to the risk-free rate. Liquidity is supported by an average daily volume of 214,725 shares, providing adequate trading activity for investors.

AI-generated summary based on the data on this page.

SMB Top Holdings

Holdings as of 2026-07-31 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 9.4% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how SMB's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.

Which Funds Overlap With SMB

Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with SMB's top 10 — SHM overlaps most, holding 2 of the same companies as SMB's top 10 (2.0% of SMB's assets).

Compares the top 10 reported holdings of each fund, so it's a floor on true overlap — two S&P 500 trackers overlap ~100% even when only 10 names are listed. Use the Stock Overlap tool to search by individual company.

Market Backdrop

10-Year Treasury Yield: 4.96% (as of 2026-10-22) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.

CBOE Volatility Index (VIX): 19.03 (as of 2026-10-22) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.

Federal Funds Rate: 3.75% (as of 2026-09-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

SMB Liquidity, Domicile & Tax Treatment

Liquidity: Average daily volume is 215K/day. Higher volume and a larger fund generally mean lower round-trip trading costs. AUM of $318M provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.

Domicile & tax treatment: SMB is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.

SMB Performance History

How SMB Compares to Other Municipal Bonds ETFs