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% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of September 2026.
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