Weekly Channel Summary
The Municipal ETF channel currently manages approximately $198B in total assets across 137 ETFs from 48 distinct issuers. The channel experienced robust investor interest this past week, capturing $1.92B in net inflows. This activity contributes to a strong Year-to-Date (YTD) total of $10.68B and a massive 1-year flow total of $45.58B, highlighting the continued expansion of the municipal bond ETF landscape.
This Week’s Performance Leaders and Laggards
Performance was broadly negative across the municipal landscape this week as yields shifted. The Short-term category proved most resilient, posting a relatively modest decline of -0.26%, and remains the performance leader for the year with a YTD return of 0.48%. Conversely, the High Yield category was the primary laggard, falling -0.87% on the week, though it maintains a slim positive YTD standing of 0.12%.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Short | -0.26% | -0.50% | 0.62% | 0.97% | 0.48% | 3.51% |
| Intermediate | -0.67% | -1.63% | 0.24% | 1.40% | 0.04% | 3.95% |
| Single State | -0.69% | -1.55% | 0.17% | 1.36% | -0.03% | 3.22% |
| Long | -0.80% | -1.70% | 0.10% | 1.53% | -0.13% | 2.67% |
| High Yield | -0.87% | -1.76% | 0.41% | 1.52% | 0.12% | 3.01% |
Top & Bottom 5 ETFs by Weekly Performance
Defying the broader market trend, the ZMUN (F/m Ultrashort Tax-Free Municipal ETF) led all funds with a return of 0.07%. On the downside, the XMPT (VanEck CEF Muni Income ETF) and RTAI (Rareview Tax Advantaged Income ETF) struggled significantly, dropping -1.91% and -1.79%, 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 | -0.02% |
| AMUN | Abrdn Ultra Short Muncipal Income Active ETF | -0.04% |
| FUMB | First Trust Ultra Short Duration Municipal ETF | -0.05% |
| Bottom Performers | ||
| HIMU | iShares High Yield Muni Active ETF | -0.89% |
| PZA | Invesco National AMT-Free Municipal Bond ETF | -0.90% |
| MFLX | First Trust Flexible Municipal High Income ETF | -0.96% |
| RTAI | Rareview Tax Advantaged Income ETF | -1.79% |
| XMPT | VanEck CEF Muni Income ETF | -1.91% |
Analyzing the Weekly Flows
The channel saw a total net inflow of $1,918M this week. The Intermediate category led the pack, drawing in $1,043M, which brings its total AUM to a staggering $130.2B. The Long duration category also saw significant traction with $931M in new capital. Conversely, the High Yield segment faced headwinds, recording the largest outflows of the week at -$283M.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Intermediate | 56 | $130.2B | $1,043M | $2,116M | $6,650M | $5,493M | $25,819M |
| Long | 9 | $6.4B | $931M | $1,531M | $1,993M | $1,959M | $2,520M |
| Short | 25 | $30.7B | $187M | $523M | $2,159M | $1,330M | $8,913M |
| Single State | 28 | $15.2B | $40M | $377M | $1,606M | $1,349M | $3,696M |
| High Yield | 18 | $15.4B | -$283M | -$361M | $708M | $558M | $4,634M |
Top & Bottom 5 ETFs by 5-Day Flow
The LMUB (iShares Long-Term National Muni Bond ETF) was the runaway leader for inflows, bringing in $785M. On the other end of the spectrum, HIMU (iShares High Yield Muni Active ETF) and SCMB (Schwab Municipal Bond ETF) saw the largest exits, losing -$308M and -$46M, respectively.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| LMUB | iShares Long-Term National Muni Bond ETF | $785M |
| VTEB | Vanguard Tax-Exempt Bond ETF | $397M |
| MUB | iShares National Muni Bond ETF | $374M |
| PZA | Invesco National AMT-Free Municipal Bond ETF | $134M |
| JMST | JPMorgan Ultra-Short Municipal Income ETF | $79M |
| Outflows | ||
| BMOP | BNY Mellon Municipal Opportunities ETF | -$12M |
| MEAR | iShares Short Maturity Municipal Bond Active ETF | -$15M |
| SHM | State Street SPDR Nuveen ICE Short Term Municipal Bond ETF | -$24M |
| SCMB | Schwab Municipal Bond ETF | -$46M |
| HIMU | iShares High Yield Muni Active ETF | -$308M |
Issuer League Table Update
iShares continues to dominate the Municipal landscape with a 33.02% market share, followed by Vanguard at 24.87%. iShares also claimed the top spot for weekly inflows, gathering $898M. Among the top issuers, Schwab saw the most significant weekly outflows, with investors pulling -$46M from the brand.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 10 | $65.34B | 33.02% |
| Vanguard | 8 | $49.21B | 24.87% |
| JPMorgan | 4 | $14.01B | 7.08% |
| SPDR | 5 | $9.52B | 4.81% |
| Capital Group | 3 | $9.38B | 4.74% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| iShares | $898M |
| Vanguard | $471M |
| Invesco | $134M |
| Outflows | |
| SPDR | -$6M |
| BNY Mellon | -$18M |
| Schwab | -$46M |
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.
