Cheapest municipal bond ETFs by expense ratio

As of Nov 12, 2026, VTEB has the lowest fee of 102 municipal bond ETFs with at least $100m in net assets: 0.03%. 2 funds tie there. See 25 funds ranked by fee, lowest first. Updated Nov 12, 2026.

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1	VTEB	Vanguard Tax-Exempt Bond ETF	0.03%	Tie	$53.6bn	+0.1%
2	SCMB	Schwab Municipal Bond ETF	0.03%	Tie	$4.0bn	−0.3%
3	MUB	iShares National Muni Bond ETF	0.05%	Tie	$54.6bn	0.0%
4	VTES	Vanguard Short-Term Tax-Exempt Bond ETF	0.05%	Tie	$4.2bn	+1.5%
5	FMUN	Fidelity Systematic Municipal Bond Index ETF	0.05%	Tie	$184m	−0.1%
6	TAXI	Northern Trust Intermediate Tax-Exempt Bond ETF	0.05%	Tie	$160m	+2.3%
7	TAXS	Northern Trust Short-Term Tax-Exempt Bond ETF	0.05%	Tie	$118m	+2.6%
8	VTEC	Vanguard California Tax-Exempt Bond ETF	0.06%		$4.5bn	−0.1%
9	SUB	iShares Short-Term National Muni Bond ETF	0.07%	Tie	$13.3bn	+1.8%
10	SMB	VanEck Short Muni ETF	0.07%	Tie	$400m	+2.0%
11	CMF	iShares California Muni Bond ETF	0.08%	Tie	$5.4bn	−0.1%
12	VTEI	Vanguard Intermediate-Term Tax-Exempt Bond ETF	0.08%	Tie	$2.3bn	+0.7%
13	LMUB	iShares Long-Term National Muni Bond ETF	0.09%	Tie	$2.0bn	−1.1%
14	NYF	iShares New York Muni Bond ETF	0.09%	Tie	$1.8bn	+0.2%
15	MUNY	Vanguard New York Tax-Exempt Bond ETF	0.09%	Tie	$762m	+0.1%
16	VTEL	Vanguard Long-Term Tax-Exempt Bond ETF	0.09%	Tie	$493m	−0.7%
17	IBMQ	iShares iBonds Dec 2028 Term Muni Bond ETF	0.10%	Tie	$690m	+2.0%
18	IBMP	iShares iBonds Dec 2027 Term Muni Bond ETF	0.10%	Tie	$684m	+2.3%
19	IBMR	iShares iBonds Dec 2029 Term Muni Bond ETF	0.10%	Tie	$534m	+1.6%
20	IBMO	iShares iBonds Dec 2026 Term Muni Bond ETF	0.10%	Tie	$491m	+2.5%
21	IBMS	iShares iBonds Dec 2030 Term Muni Bond ETF	0.10%	Tie	$403m	+0.9%
22	IBMT	iShares iBonds Dec 2031 Term Muni Bond ETF	0.10%	Tie	$218m	+0.4%
23	EVIM	Eaton Vance Intermediate Municipal Income ETF	0.11%		$255m	+1.2%
24	VCRM	Vanguard Core Tax-Exempt Bond ETF	0.12%	Tie	$3.1bn	+1.3%
25	VSDM	Vanguard Short Duration Tax-Exempt Bond ETF	0.12%	Tie	$1.6bn	+2.1%

Cheapest municipal bond ETFs by expense ratio, ranked by fee, lowest first, as of Nov 12, 2026. Fees are each fund’s net expense ratio from its latest filing, dated Feb 2, 2026 to Oct 27, 2026. Net assets are dated Jun 30, 2026 to Nov 12, 2026, each fund’s latest. 1-year returns run Nov 12, 2025 to Nov 12, 2026, 365 days each. Source: ETFIQ.

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Questions people ask

What is an expense ratio?

An ETF’s expense ratio is the yearly fee taken from its assets, net of any waiver, as its prospectus states it. A fee of 0.03% costs $3 a year on $10,000.

Which municipal bond ETFs have the lowest fee?

As of Nov 12, 2026, VTEB ranks first of 102 municipal bond ETFs with at least $100m in net assets on fee, at 0.03%. SCMB is next at 0.03%.

How these numbers are computed

102 municipal bond ETFs with at least $100m in net assets are listed by ETFIQ with a fee; the 25 with the lowest fee are shown. Across all 102, the median is 0.23% and the range runs from 0.03% to 0.80%.

Lowest first. Funds with the same printed number are marked Tie and ordered by net assets, largest first.

The set is ETFIQ’s own segment, computed from each fund’s filings and holdings. The list sorts one published number, with no scoring or weighting.

Closed funds are not listed. A ranking is not a recommendation.

Where to next

Every bond ETF Every ranking Screen every ETF Compare two ETFs Largest bond ETFs by net assets 25 Largest government bond ETFs by net assets 25 Largest high yield bond ETFs by net assets 25 Cheapest short-term bond ETFs by expense ratio 25 Cheapest corporate bond ETFs by expense ratio 25 Largest corporate bond ETFs by net assets 25 How each fund is placed The screener file

About these rankings

Links are sources, not endorsements. A ranking is not a recommendation or an opinion.

Sources

SEC EDGAR, full-text search of fund filings ↗ SEC Form N-PORT, what a fund filed it holds ↗ Rule 19a-1, what a distribution notice must say ↗

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ETFIQ, Cheapest municipal bond ETFs by expense ratio, ranked by fee, lowest first, data as of Nov 12, 2026. https://etfiq.com/rankings/bonds-cheapest-municipal-bond-etfs

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