Weekly Channel Summary
The Fixed Income: Municipal channel, with a total AUM of $161 billion, encompasses 112 ETFs from 42 different issuers. The channel experienced net outflows of -$0.26 billion over the past week. However, the longer-term trends remain positive, with year-to-date inflows standing strong at $20.71 billion and one-year flows reaching an impressive $28.34 billion, indicating sustained investor interest in the municipal bond space despite the short-term pullback.
This Week’s Performance Leaders and Laggards
This week saw modest losses across the municipal bond ETF landscape. The Short duration category proved most resilient, posting the smallest decline with a WTD return of -0.23%, and it continues to lead on a year-to-date basis with a 3.26% gain. On the other end of the spectrum, the Intermediate category was the weakest performer, down -0.33% for the week, though it maintains a respectable 2.91% return year-to-date.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Short | -0.23% | 0.41% | 1.44% | 2.46% | 3.26% | 3.27% |
| High Yield | -0.31% | 3.08% | 3.02% | 1.96% | 2.35% | 0.87% |
| Long | -0.31% | 3.44% | 3.65% | 2.22% | 0.53% | -0.56% |
| Single State | -0.32% | 2.30% | 2.80% | 2.39% | 1.57% | 0.85% |
| Intermediate | -0.33% | 2.06% | 2.83% | 3.07% | 2.91% | 1.91% |
Top & Bottom 5 ETFs by Weekly Performance
The standout performer this week was the Invesco Floating Rate Municipal Income ETF (PVI), which managed a positive return of 0.05%. At the other end of the performance spectrum, the Rareview Tax Advantaged Income ETF (RTAI) and the Goldman Sachs Access Municipal Bond ETF (GMUN) were the most significant laggards, falling -0.61% and -0.48% respectively.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| PVI | Invesco Floating Rate Municipal Income ETF | 0.05% |
| GUMI | Goldman Sachs Ultra Short Municipal Income ETF | -0.04% |
| FUMB | First Trust Ultra Short Duration Municipal ETF | -0.07% |
| JMST | JPMorgan Ultra-Short Municipal Income ETF | -0.08% |
| AUSM | Allspring Ultra Short Municipal ETF | -0.09% |
| Bottom Performers | ||
| RTAI | Rareview Tax Advantaged Income ETF | -0.61% |
| GMUN | Goldman Sachs Access Municipal Bond ETF | -0.48% |
| APMU | ActivePassive Intermediate Municipal Bond ETF | -0.47% |
| NMB | Simplify National Muni Bond ETF | -0.47% |
| WTMU | WisdomTree Core Laddered Municipal Fund | -0.47% |
Analyzing the Weekly Flows
The municipal channel recorded net outflows of -$256 million this week. The High Yield category was the primary beneficiary of new assets, attracting $51 million in inflows and bringing its total AUM to $12.7 billion. The Long duration category also saw notable inflows of $39 million. Conversely, the Intermediate category experienced the most significant redemptions, with outflows totaling -$353 million.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| High Yield | 16 | $12.7B | $51M | $414M | $2,605M | $2,256M | $2,520M |
| Long | 8 | $4.2B | $39M | $229M | $433M | $385M | $629M |
| Single State | 19 | $8.2B | $35M | $211M | $605M | $1,570M | $2,469M |
| Short | 21 | $25.7B | -$28M | $515M | $1,806M | $5,499M | $6,235M |
| Intermediate | 48 | $109.8B | -$353M | $1,566M | $4,483M | $11,003M | $16,488M |
Top & Bottom 5 ETFs by 5-Day Flow
The JPMorgan Municipal ETF (JMUB) led all funds in asset gathering this week, pulling in $68 million. On the flip side, the iShares National Muni Bond ETF (MUB) saw the largest outflows at -$500 million, followed by the Vanguard Tax-Exempt Bond ETF (VTEB) with -$116 million in redemptions.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| JMUB | JPMorgan Municipal ETF | $68M |
| CGMU | Capital Group Municipal Income ETF | $41M |
| VTEI | Vanguard Intermediate-Term Tax-Exempt Bond ETF | $33M |
| MMIT | NYLI MacKay Muni Intermediate ETF | $32M |
| PZA | Invesco National AMT-Free Municipal Bond ETF | $31M |
| Outflows | ||
| MUB | iShares National Muni Bond ETF | -$500M |
| VTEB | Vanguard Tax-Exempt Bond ETF | -$116M |
| SUB | iShares Short-Term National Muni Bond ETF | -$107M |
| HTAB | Hartford Schroders Tax-Aware Bond ETF | -$9M |
| FMB | First Trust Managed Municipal ETF | -$5M |
Issuer League Table Update
The issuer landscape is dominated by iShares and Vanguard, which command 36.05% and 27.54% of the market share, respectively. This week, JPMorgan was the top asset gatherer among all issuers, bringing in $71 million in new flows. Conversely, iShares, despite its leading market position, experienced the largest outflows, shedding -$567 million.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 10 | $57.92B | 36.05% |
| Vanguard | 8 | $44.25B | 27.54% |
| SPDR | 5 | $9.50B | 5.91% |
| JPMorgan | 4 | $9.04B | 5.62% |
| Capital Group | 3 | $7.15B | 4.45% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| JPMorgan | $71M |
| Capital Group | $69M |
| Invesco | $46M |
| Outflows | |
| iShares | -$567M |
| Vanguard | -$28M |
| Hartford | -$4M |
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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.
