Weekly Channel Summary
The FI: Municipal channel currently encompasses 137 ETFs managed by 48 issuers, representing a massive $196B in total Assets Under Management (AUM). Flow activity demonstrated healthy investor appetite over the past week, bringing in $995M in net new money. This most recent surge pushes the Year-to-Date (YTD) flow total to $8.77B, while the trailing 1-Year flow stands at a commanding $44.32B.
This Week’s Performance Leaders and Laggards
The Short duration category proved to be the most resilient segment this week, leading the municipal space with a modest Week-to-Date (WTD) decline of -0.10%, maintaining a positive YTD gain of 0.74%. Conversely, the High Yield category took the brunt of the weekly pressure, lagging its peers with a -0.55% WTD drop, though it still holds onto a 1.00% return for the year so far.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Short | -0.10% | -0.19% | 0.97% | 1.27% | 0.74% | 3.81% |
| Single State | -0.48% | -0.69% | 1.04% | 2.31% | 0.65% | 4.08% |
| Long | -0.50% | -0.65% | 1.05% | 2.73% | 0.67% | 3.88% |
| Intermediate | -0.52% | -0.80% | 1.06% | 2.28% | 0.71% | 4.85% |
| High Yield | -0.55% | -0.69% | 1.36% | 2.68% | 1.00% | 4.13% |
Top & Bottom 5 ETFs by Weekly Performance
The single best-performing ETF this week was the F/m Ultrashort Tax-Free Municipal ETF (ZMUN), eking out a 0.07% return in a tough tape. On the other end of the spectrum, the Rareview Tax Advantaged Income ETF (RTAI) and the VanEck CEF Muni Income ETF (XMPT) experienced the steepest drawdowns, falling -0.98% and -0.94% respectively.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| ZMUN | F/m Ultrashort Tax-Free Municipal ETF | 0.07% |
| PVI | Invesco Floating Rate Municipal Income ETF | 0.04% |
| GUMI | Goldman Sachs Ultra Short Municipal Income ETF | 0.04% |
| FUMB | First Trust Ultra Short Duration Municipal ETF | 0.04% |
| AMUN | Abrdn Ultra Short Muncipal Income Active ETF | 0.04% |
| Bottom Performers | ||
| RTAI | Rareview Tax Advantaged Income ETF | -0.98% |
| XMPT | VanEck CEF Muni Income ETF | -0.94% |
| ITM | VanEck Intermediate Muni ETF | -0.79% |
| EVIM | Eaton Vance Intermediate Municipal Income ETF | -0.73% |
| FTMN | Franklin Minnesota Municipal Income ETF | -0.67% |
Analyzing the Weekly Flows
The FI: Municipal channel witnessed a substantial net inflow of $995M this week. The Long duration category was the primary beneficiary, absorbing an impressive $547M in net new assets, elevating its total AUM to $5.5B. The Intermediate category also attracted significant capital, gathering $433M. In contrast, the High Yield category faced the most significant distribution pressure, registering -$173M in net outflows.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Long | 9 | $5.5B | $547M | $616M | $1,078M | $1,029M | $1,617M |
| Intermediate | 56 | $129.1B | $433M | $884M | $5,983M | $4,450M | $24,973M |
| Short | 25 | $30.5B | $102M | $458M | $2,297M | $1,143M | $8,826M |
| Single State | 28 | $15.1B | $86M | $486M | $1,713M | $1,310M | $3,720M |
| High Yield | 18 | $15.6B | -$173M | $55M | $1,124M | $834M | $5,186M |
Top & Bottom 5 ETFs by 5-Day Flow
The iShares Long-Term National Muni Bond ETF (LMUB) dominated weekly asset gathering with a massive $514M inflow. Conversely, the iShares High Yield Muni Active ETF (HIMU) and the VanEck High Yield Muni ETF (HYD) experienced the heaviest redemptions, losing -$157M and -$61M, respectively.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| LMUB | iShares Long-Term National Muni Bond ETF | $514M |
| MUB | iShares National Muni Bond ETF | $203M |
| JMST | JPMorgan Ultra-Short Municipal Income ETF | $54M |
| CGMU | Capital Group Municipal Income ETF | $50M |
| JMUB | JPMorgan Municipal ETF | $43M |
| Outflows | ||
| HIMU | iShares High Yield Muni Active ETF | -$157M |
| HYD | VanEck High Yield Muni ETF | -$61M |
| TFI | State Street SPDR Nuveen ICE Municipal Bond ETF | -$37M |
| HTAB | Hartford Schroders Tax-Aware Bond ETF | -$9M |
| VTEB | Vanguard Tax-Exempt Bond ETF | -$6M |
Issuer League Table Update
iShares and Vanguard continue to command the municipal ETF landscape, holding market shares of 32.90% and 24.88%, respectively. iShares also led the broader issuer group in weekly asset gathering, pulling in an impressive $597M in net new money. Meanwhile, VanEck experienced the most severe redemptions among the top brands, recording -$61M in outflows.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 10 | $64.42B | 32.90% |
| Vanguard | 8 | $48.72B | 24.88% |
| JPMorgan | 4 | $13.90B | 7.10% |
| SPDR | 5 | $9.47B | 4.84% |
| Capital Group | 3 | $9.28B | 4.74% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| iShares | $597M |
| JPMorgan | $102M |
| Vanguard | $95M |
| Outflows | |
| VanEck | -$61M |
| SPDR | -$37M |
| Hartford | -$7M |
For a deeper dive into these trends, access our FREE, in-depth Municipal ETF reports in the right side panel of this page.
Disclosures
This material is for informational purposes only and should not be considered investment advice. All investments, including ETFs, involve risk, including the possible loss of principal. Investors should consider their investment objectives, risks, charges, and expenses carefully before investing.
This analysis was developed by the team at ETF Action. We leverage advanced AI tools to assist in the drafting and refinement of our content, based on our expert prompts, direction, and final review.
