Overview
The largest municipal bond fund in the world — 5,500+ investment-grade, federally tax-exempt state and local bonds.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| — | General obligation bonds | ~38% |
| — | Revenue bonds | ~58% |
| — | Pre-refunded | ~4% |
Fund Details
Investment Thesis
MUB is the incumbent giant of tax-free income: the deepest, most liquid muni ETF, the standard tool advisers reach for in taxable accounts of high earners. Its 3.2% federally exempt yield grosses up to well over 5% for top-bracket investors. VTEB now undercuts it by 2 basis points, but MUB's liquidity moat keeps institutions loyal; the funds are near-interchangeable for most holders.
Who It's For
High-bracket investors holding bonds outside retirement accounts. Useless inside an IRA — the exemption only has value where tax is owed.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $97.40 | -- |
| 2017 | $100.52 | +3.2% |
| 2018 | $100.11 | -0.4% |
| 2019 | $105.52 | +5.4% |
| 2020 | $108.90 | +3.2% |
| 2021 | $108.46 | -0.4% |
| 2022 | $98.05 | -9.6% |
| 2023 | $101.38 | +3.4% |
| 2024 | $100.98 | -0.4% |
| 2025 | $102.79 | +1.8% |
| Year | Yield |
|---|---|
| 2016 | 2.00% |
| 2017 | 2.00% |
| 2018 | 2.10% |
| 2019 | 2.30% |
| 2020 | 2.00% |
| 2021 | 1.50% |
| 2022 | 1.30% |
| 2023 | 2.30% |
| 2024 | 3.10% |
| 2025 | 3.23% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $8.0B | -- |
| 2017 | $9.5B | +18.8% |
| 2018 | $11B | +15.8% |
| 2019 | $14B | +27.3% |
| 2020 | $16B | +14.3% |
| 2021 | $19B | +18.8% |
| 2022 | $23B | +21.1% |
| 2023 | $27B | +17.4% |
| 2024 | $33B | +22.2% |
| 2025 | $39B | +18.2% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
Related Bonds & Treasuries ETFs
Markets. Intelligence. Daily.
Full briefs on 251 ETFs, curated daily ETF news, and a free weekly deep-dive newsletter — all on ETFHub.
Get the Free Weekly Brief Explore the ETF Portal Official Fund Page →