Overview
Short-dated municipal bonds — nearly 3,000 investment-grade munis maturing within five years, paying income exempt from federal tax.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| NY | New York State GOs | 3.4% |
| CA | California GOs | 3.2% |
| TX | Texas munis | 2.9% |
| NYC | NYC Transitional Fin. | 2.1% |
| MA | Massachusetts GOs | 1.8% |
| WA | Washington State GOs | 1.6% |
| FL | Florida munis | 1.5% |
| NJ | New Jersey munis | 1.4% |
| IL | Illinois munis | 1.2% |
| PA | Pennsylvania munis | 1.1% |
Fund Details
Investment Thesis
For investors in the top federal brackets, SUB's 2.6% tax-free yield is worth over 4% pre-tax — T-bill territory with virtually no duration and investment-grade muni credit. It is the cash-parking vehicle of choice for high earners' taxable accounts, doing quietly what money markets do loudly, without the federal tax bill.
Who It's For
High-bracket investors parking short-term money in taxable accounts, where the federal exemption beats an equivalent Treasury or money-market yield. Useless in IRAs — the exemption is the whole product.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $99.97 | -- |
| 2017 | $100.97 | +1.0% |
| 2018 | $101.47 | +0.5% |
| 2019 | $103.50 | +2.0% |
| 2020 | $105.05 | +1.5% |
| 2021 | $104.53 | -0.5% |
| 2022 | $101.39 | -3.0% |
| 2023 | $102.91 | +1.5% |
| 2024 | $103.94 | +1.0% |
| 2025 | $105.50 | +1.5% |
| Year | Yield |
|---|---|
| 2016 | 1.00% |
| 2017 | 1.10% |
| 2018 | 1.50% |
| 2019 | 1.50% |
| 2020 | 0.90% |
| 2021 | 0.40% |
| 2022 | 1.40% |
| 2023 | 2.50% |
| 2024 | 2.60% |
| 2025 | 2.60% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $2B | -- |
| 2017 | $2.5B | +25.0% |
| 2018 | $3.5B | +40.0% |
| 2019 | $4.5B | +28.6% |
| 2020 | $5B | +11.1% |
| 2021 | $6.5B | +30.0% |
| 2022 | $8B | +23.1% |
| 2023 | $9B | +12.5% |
| 2024 | $10B | +11.1% |
| 2025 | $11B | +10.0% |
Price history from exchange data. Dividend yields from reported distributions; some earlier years are derived from total-return vs price-return data or are ETFHub estimates. AUM history is an ETFHub estimate modelled from current assets and annual returns (fund flows not reflected) and may differ from official fund records. Data as of October 2026.
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