NMB — Simplify National Muni Bond ETF
Data updated: 2026-09-11
NMB — Simplify National Muni Bond ETF. Long Municipal - National Bond · $48.67M AUM · 0.52% expense ratio. Holdings, fees, performance and SEC filings.
NMB Fund Overview
NMB — Simplify National Muni Bond ETF is a US ETF managed by Simplify Exchange Traded Funds, categorised as Long Municipal - National Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US ETF
- Manager: Simplify Exchange Traded Funds
- Category: Long Municipal - National Bond
- Assets under management: $48.67M
- 1-year return: 5.7%
- Ticker: NMB
- SEC CIK: 0001810747
- SEC series ID: S000085698
- Share class ID: C000251042
NMB Investment Objective and Strategy
Simplify National Muni Bond ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Simplify Exchange Traded Funds.
Investment objective
Investment Objective: The Simplify National Muni Bond ETFs (the Fund or NMB) seeks to maximize total return.
Principal investment strategy
The Fund is an actively managed exchange-traded fund that seeks to achieve its investment objectives by investing primarily in investment grade U.S. municipal bonds. Municipal Bond Strategy The Fund has adopted a non-fundamental investment policy that, under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. municipal bonds. Municipal bonds are debt securities issued by states, counties, municipalities, authorities, agencies, or other subdivisions, as well as the District of Columbia and U.S. territories such as Puerto Rico, Guam and the Mariana Islands or U.S. Virgin Islands. Municipal securities are issued to raise money for a variety of public or private purposes, including financing state or local governments specific projects or public facilities, housing projects, industrial projects, hospitals, schools, mass transportation, stadiums, waterworks and sewer systems and highways.
Although the sub-adviser will target investments across municipal securities that finance a variety of projects, from time to time, the Fund may have significant positions in municipal securities that finance projects that are similar in type, scope, or geographic area. Municipal securities typically are classified as general or revenue obligations. ? General Obligation Bonds . Issuers of general obligation bonds include states, counties, cities, towns and regional districts. The proceeds of these obligations are used to fund a wide range of public projects, including construction or improvement of schools, highways and roads. The basic security behind general obligation bonds is the issuers pledge of its full faith, credit and taxing power for the payment of principal and interest. The taxes that can be levied for the payment of debt service may be limited or unlimited as to the rate or amount of special assessments.
? Revenue Bonds . The full faith, credit and taxing power of the issuer do not secure revenue bonds. Instead, the principal security for a revenue bond generally is the net revenue derived from a particular facility, group of facilities, or, in some cases, the proceeds of a special excise tax or other specific revenue source. The Fund will invest in municipal securities that the sub-adviser believes will provide the best balance between, on the one hand, the potential for income, and on the other hand, risk profile, within the Funds range of allowable investments at any given time. In selecting municipal securities for the Funds portfolio, the sub-adviser may acquire securities that pay fixed, floating or variable rates of interest. The sub-adviser may also sell securities on an opportunistic basis for capital appreciation or because of a decline in credit quality, change in tax characterization, or availability of securities that the sub-adviser believes offer better investment opportunities.
In selecting municipal securities for the Funds portfolio, the sub-adviser will consider one or more of the following factors, including, without limitation, credit and risk profile, structure, pricing, portfolio impact, duration, restructuring, and tax impact. The municipal bonds acquired for the Fund will generally be tax-exempt, although the Fund may also invest in taxable bonds. While the Fund may invest in municipal securities rated in any category by a nationally recognized rating service (or unrated securities of comparable quality), the Fund focuses on investment grade securities. Investment-grade securities are securities that receive investment-grade ratings (i.e., generally ratings in the first, second, third or fourth highest rating category) by a nationally recognized statistical rating organization or unrated securities of comparable quality.
For example, securities rated AAA, AA, A or BBB (including modifiers, sub-categories or gradations) by Standard & Poors, would be rated in the first, second, third or fourth ratings category, respectively. Although the investments in the Funds municipal bond strategy portfolio are not limited to securities of a particular maturity range, and the Fund otherwise has no set duration parameters, the sub-adviser anticipates targeting a municipal bond portfolio with an average duration of ten or more years. Additional Municipal Bond Strategy Techniques. The Fund may also seek to increase or hedge exposure to the municipal securities markets by investing in long or short positions in municipal securities, U.S. government securities, securities of other investment companies (e.g., mutual funds, exchange-traded funds and closed-end funds), or in securities that provide related exposure, including derivative instruments such as puts, options, swaps, and repurchase agreements.
The Fund may also leverage investments by using interest rate hedges or generally using different margin arrangements. The Funds 80% policy may be changed by the Board of Trustees upon 60 days written notice to shareholders. If the Fund writes options or enters into swaps, the Fund is required to post collateral to assure its performance. The Fund will hold cash and cash-like instruments or high-quality short term fixed income securities (collectively, Collateral). The Collateral may consist of (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds (including affiliated money market ETFs); (3) fixed income ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by companies that are rated investment grade or of comparable quality.
The adviser considers an unrated security to be of comparable quality to a security rated investment grade if it believes it has a similar low risk of default.
NMB Holdings
Top 10 holdings of Simplify National Muni Bond ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Dreyfus Trsy Oblig Cash M | 8.66% |
| Hillsborough Cnty Fla Indl Dev Auth | 4.42% |
| Salt River Project Agricultural Improvement & Power District (az) | 4.42% |
| Massachusetts (ma), Commonwealth Of | 4.36% |
| Jacksonville Fla Aviation Auth | 4.28% |
| Aldine Independent School District (tx) | 4.11% |
| Midlothian Tex Indpt Sch Dist | 3.51% |
| California (ca), State Of | 3.41% |
| Missouri St Health & Edl Facs Auth | 3.36% |
| San Francisco City And County Airports (ca) | 3.31% |
NMB Portfolio Allocation
Asset-class allocation of Simplify National Muni Bond ETF by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 93.8% |
| Cash & Equivalents | 8.7% |
NMB Performance
Total returns for NMB (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 2.6% |
| 1 year | 5.7% |
NMB Risk Information
Risk metrics for NMB, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 8.0%
NMB Costs and Fees
NMB costs about $52 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.52%
- Gross expense ratio: 0.52%
- Portfolio turnover: 678%
- Brokerage commissions: 5.86 bps of average net assets (SEC N-CEN)
NMB Cashflows
Over the 12 months to 2026-06, Simplify National Muni Bond ETF had net outflows of $24.74M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | $137 |
| 2026-05 | $1.22M |
| 2026-04 | $616.27K |
| 2026-03 | −$878 |
| 2026-02 | $0 |
| 2026-01 | $626.87K |
NMB Debt Constituents
Largest debt holdings of Simplify National Muni Bond ETF by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Hillsborough Cnty Fla Indl Dev Auth | 4.42% |
| Salt River Project Agricultural Improvement & Power District (az) | 4.42% |
| Massachusetts (ma), Commonwealth Of | 4.36% |
| Jacksonville Fla Aviation Auth | 4.28% |
| Aldine Independent School District (tx) | 4.11% |
| Midlothian Tex Indpt Sch Dist | 3.51% |
| California (ca), State Of | 3.41% |
| Missouri St Health & Edl Facs Auth | 3.36% |
| San Francisco City And County Airports (ca) | 3.31% |
| Metropolitan Govt Nashville & Davidson Cnty Tenn | 3.26% |
NMB Prospectus and SEC Filings
Official Simplify National Muni Bond ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2025-10-28
- Prospectus supplement (497) — filed 2026-05-15
- Prospectus supplement (497) — filed 2025-10-31
- Portfolio holdings (N-PORT) — filed 2026-08-24
- Portfolio holdings (N-PORT) — filed 2026-05-27
- Portfolio holdings (N-PORT) — filed 2026-02-23
- Annual census (N-CEN) — filed 2026-09-11
- Annual census (N-CEN) — filed 2025-09-08
Related Funds
Other Long Municipal - National Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.