Weekly Channel Summary
The Municipal ETF channel continues to show significant scale and investor interest, ending the week with approximately $189B in total Assets Under Management (AUM). Currently, the channel comprises 134 ETFs managed by 48 unique issuers. Flow activity remains robust as the segment captured $2.18B in net new money over the past five days. This strong weekly performance contributes to a Year-to-Date (YTD) flow of $3.89B and a staggering $41.70B in total inflows over the past year, highlighting the sustained demand for tax-exempt income solutions.
This Week’s Performance Leaders and Laggards
The municipal market saw positive movement across all major duration and credit segments this week. The High Yield category emerged as the top performer with a Week-to-Date (WTD) return of 0.23%, also leading on a YTD basis at 0.86%. Conversely, the Long duration category was the week’s laggard, posting a more modest return of 0.07%, though it maintains a solid YTD gain of 0.60%.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| High Yield | 0.23% | 1.11% | 1.51% | 6.58% | 0.86% | 5.28% |
| Intermediate | 0.13% | 0.96% | 1.36% | 5.69% | 0.70% | 5.68% |
| Short | 0.12% | 0.60% | 0.96% | 2.24% | 0.42% | 4.31% |
| Single State | 0.11% | 0.87% | 1.21% | 5.70% | 0.62% | 4.74% |
| Long | 0.07% | 0.83% | 0.96% | 7.41% | 0.60% | 4.11% |
Top & Bottom 5 ETFs by Weekly Performance
Individual fund performance was led by the RTAI (Rareview Tax Advantaged Income ETF), which climbed 1.03%. On the other end of the spectrum, the NMB (Simplify National Muni Bond ETF) saw a decline of -0.48%, and the PZT (Invesco New York AMT-Free Municipal Bond ETF) fell -0.08%.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| RTAI | Rareview Tax Advantaged Income ETF | 1.03% |
| XMPT | VanEck CEF Muni Income ETF | 0.62% |
| ZTAX | X-Square Municipal Income ETF | 0.52% |
| MMMA | NYLI MacKay Muni Allocation ETF | 0.36% |
| JHMU | John Hancock Dynamic Municipal Bond ETF | 0.25% |
| Bottom Performers | ||
| NMB | Simplify National Muni Bond ETF | -0.48% |
| PZT | Invesco New York AMT-Free Municipal Bond ETF | -0.08% |
| HTAB | Hartford Schroders Tax-Aware Bond ETF | -0.06% |
| SCNM | Sterling Capital National Municipal Bond ETF | 0.00% |
| MBNE | State Street Nuveen Municipal Bond ESG ETF | 0.01% |
Analyzing the Weekly Flows
The channel recorded total net inflows of $2.176B this week. The Intermediate category continues to be the primary engine of growth, absorbing $1,099M in net flows and bringing its total AUM to $124.9B. The Short duration category also saw significant activity with $628M in inflows. While the broad categories remained positive, specific state-focused segments such as “Ney York” and “New Jersey” experienced slight outflows of $9M and $1M respectively.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Intermediate | 54 | $124.9B | $1,099M | $3,987M | $10,983M | $2,410M | $23,931M |
| Short | 24 | $29.8B | $628M | $1,896M | $3,195M | $773M | $9,102M |
| High Yield | 18 | $15.3B | $307M | $637M | $1,485M | $378M | $5,169M |
| Single State | 28 | $14.2B | $117M | $659M | $1,312M | $277M | $2,880M |
| Long | 9 | $4.5B | $25M | $101M | $47M | $47M | $615M |
Top & Bottom 5 ETFs by 5-Day Flow
The JMST (JPMorgan Ultra-Short Municipal Income ETF) led all funds with $395M in weekly inflows. Conversely, the NYM (AB New York Intermediate Municipal ETF) and PWZ (Invesco California AMT-Free Municipal Bond ETF) saw the largest net outflows of $9M and $4M respectively.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| JMST | JPMorgan Ultra-Short Municipal Income ETF | $395M |
| VTEB | Vanguard Tax-Exempt Bond ETF | $309M |
| SCMB | Schwab Municipal Bond ETF | $243M |
| SCNM | Sterling Capital National Municipal Bond ETF | $166M |
| HYD | VanEck High Yield Muni ETF | $161M |
| Outflows | ||
| NYM | AB New York Intermediate Municipal ETF | -$9M |
| PWZ | Invesco California AMT-Free Municipal Bond ETF | -$4M |
| MMIN | NYLI MacKay Muni Insured ETF | -$2M |
| PZT | Invesco New York AMT-Free Municipal Bond ETF | -$2M |
| PVI | Invesco Floating Rate Municipal Income ETF | -$1M |
Issuer League Table Update
iShares and Vanguard continue to dominate the municipal landscape, holding market shares of 33.03% and 26.37% respectively. In terms of weekly inflows, JPMorgan took the top spot, gathering $451M, followed closely by Vanguard at $433M. While the major issuers saw strong positive movement, several smaller brands like Mairs & Power and BNY Mellon saw no net weekly flows.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 10 | $62.46B | 33.03% |
| Vanguard | 8 | $49.87B | 26.37% |
| JPMorgan | 4 | $14.10B | 7.46% |
| SPDR | 5 | $9.67B | 5.11% |
| Capital Group | 3 | $8.46B | 4.47% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| JPMorgan | $451M |
| Vanguard | $433M |
| iShares | $244M |
| Outflows | |
| Mairs & Power | $0M |
| BNY Mellon | $0M |
| Aberdeen | $0M |
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.
