SMB — VanEck Short Muni ETF
Municipal Bonds Ranked #400 of 458 tracked ETFs · Issued by VanEck
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.
What If You'd Invested in SMB?
See what a lump sum in SMB would have grown to, with the option to add a regular monthly contribution on top. Figures use total returns — dividends are assumed reinvested.
Past performance doesn't predict future results. Assumes contributions on the first trading day of each month, no trading costs or taxes, and reinvested distributions. History is limited to the range published in the site's daily return data.
Overview
The VanEck Short Muni ETF (SMB) is a municipal bond fund issued by VanEck with $318 million in assets under management. It holds the lowest position in its category, ranking 10 of 10 among 10 similar funds, and sits at #400 of 458 across all tracked ETFs. The fund carries an ETFValuer grade of D, reflecting a score of 47.3 out of 100. Its expense ratio of 0.07% is significantly lower than the category median of 0.19%, though its dividend yield of 2.79% trails the median of 3.35%. The portfolio is highly concentrated, with the top 10 holdings representing only 8.7% of assets and the largest single position comprising just 1.1%.
Price history is available for 3.0 years, and the fund's grade has remained unchanged at D over the last 35 tracked days. The share price of $17.13 sits at 2.4% of its 52-week range, indicating it is near the bottom of its recent trading band. Short-term returns show weakness, with declines of 0.40% over one week and 0.34% over one and three months. In contrast, the longer-term picture is positive, with a one-year return of 1.53% and a three-year annualized return of 10.17%. Despite the three-year gain, the one-year performance of 1.53% falls short of the category median of 2.47%.
The fund exhibits very low volatility at 1.61% annualized and a beta of 0.33, suggesting it moves less than the broader market. However, the Sharpe ratio of -2.15 indicates that risk-adjusted returns have been negative relative to the risk taken. Maximum drawdown has been limited to -1.83%, reflecting the stability of the short-duration municipal bond strategy. Liquidity is a concern, with an average daily volume of 71,369 shares and a wide bid-ask spread of 25.00%. These metrics combined show a fund that has preserved capital with minimal fluctuation but has struggled to generate efficient returns for the risk assumed.
AI-generated summary based on the data on this page.
SMB Top Holdings
| # | Holding | % of Net Assets | Value |
|---|---|---|---|
| 1 | New York City Transitional Finance Authority Building Aid Revenue | 1.10% | $3M |
| 2 | State of California | 1.04% | $3M |
| 3 | Commonwealth of Massachusetts | 0.97% | $3M |
| 4 | State of New Jersey | 0.93% | $3M |
| 5 | Kansas Development Finance Authority | 0.88% | $3M |
| 6 | New York City Housing Development Corp | 0.83% | $3M |
| 7 | California Statewide Communities Development Authority | 0.77% | $2M |
| 8 | Massachusetts Water Resources Authority | 0.73% | $2M |
| 9 | Black Belt Energy Gas District | 0.73% | $2M |
| 10 | Massachusetts Water Resources Authority | 0.72% | $2M |
Holdings as of 2026-04-30 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 8.7% 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 — VTEB overlaps most, holding 1 of the same companies as SMB's top 10 (1.0% of SMB's assets).
| ETF | Name | Shared Companies | SMB Weight | Examples |
|---|---|---|---|---|
| VTEB | Vanguard Tax-Exempt Bond Index Fund ETF Shares | 1 | 1.0% | State of California |
| TFI | State Street SPDR Nuveen ICE Municipal Bond ETF | 1 | 1.0% | State of California |
| ITM | VanEck Intermediate Muni ETF | 1 | 1.0% | State of California |
| SUB | iShares Short-Term National Muni Bond ETF | 1 | 1.0% | State of California |
| SHM | State Street SPDR Nuveen ICE Short Term Municipal Bond ETF | 1 | 1.0% | State of California |
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: 4.77% (as of 2026-09-03) — 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): 14.32 (as of 2026-09-03) — 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: 3.63% (as of 2026-08-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.
What SMB's Fees Cost You
SMB charges an expense ratio of 0.07% a year, deducted automatically from the fund's value. Small percentages compound into real money — adjust the figures below to see the impact on your own numbers.
Assumes a constant gross return and no additional contributions — a simplification, but it isolates exactly what the expense ratio costs. Try the full fee calculator to model contributions and compare any two funds.
SMB Dividend Income Estimator
SMB currently yields 2.79%. Enter an amount to see the income that implies, or set a monthly income target to see the investment it would take.
Based on the fund's current trailing yield, which varies with price and distributions — treat it as an estimate, not a guarantee. Yields are not adjusted for tax.
SMB Liquidity, Domicile & Tax Treatment
Liquidity: Quoted bid/ask spread is 25.00% and average daily volume is 71K/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. 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
| Period | Return |
|---|---|
| 1-Day | 0.00% |
| 1-Week | -0.40% |
| 1-Month | -0.34% |
| 3-Month | -0.34% |
| 6-Month | -0.10% |
| YTD | +0.22% |
| 1-Year | +1.53% |
| 3-Year | +10.17% |
How SMB Compares to Other Municipal Bonds ETFs
| Rank | Grade | Ticker | Name | 1-Year | Exp. Ratio | AUM |
|---|---|---|---|---|---|---|
| #243 | C |
VTEB | Vanguard Tax-Exempt Bond Index Fund ETF Shares | +3.07% | 0.03% | $49.1B |
| #272 | C |
MUB | iShares National Muni Bond ETF | +2.74% | 0.05% | $45.4B |
| #339 | C |
SUB | iShares Short-Term National Muni Bond ETF | +1.64% | 0.07% | $11.6B |
| #340 | C |
PZA | Invesco National AMT-Free Municipal Bond ETF | +4.24% | 0.28% | $4.24B |
| #341 | C |
HYD | VanEck High Yield Muni ETF | +4.04% | 0.32% | $4.34B |
| #380 | C |
ITM | VanEck Intermediate Muni ETF | +2.15% | 0.18% | $2.10B |
| #384 | C |
MMIT | NYLI MacKay Muni Intermediate ETF | +2.68% | 0.3% | $1.46B |
| #387 | C |
TFI | State Street SPDR Nuveen ICE Municipal Bond ETF | +2.26% | 0.23% | $3.05B |
| #388 | D |
SHM | State Street SPDR Nuveen ICE Short Term Municipal Bond ETF | +1.32% | 0.2% | $3.51B |
| #400 | D |
SMB | VanEck Short Muni ETF | +1.53% | 0.07% | $318M |