Weekly Channel Summary
The FI: Municipal ETF channel, as of October 31, 2025, includes 121 ETFs from 46 different issuers, managing a total of $173B in assets. The channel experienced significant positive flows over the past week, attracting $2.96B. This adds to a strong Year-to-Date flow of $29.75B and a total 1-Year flow of $33.97B.
This Week’s Performance Leaders and Laggards
It was a slightly down week for the municipal channel, with all categories posting minor losses. The Short category was the best-performing group, declining only -0.02% for the week and maintaining a 3.39% YTD return. The Long category was the worst-performing group with a -0.16% weekly return, bringing its YTD performance to 2.38%.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Short | -0.02% | 0.13% | 0.99% | 2.57% | 3.39% | 3.68% |
| High Yield | -0.09% | 1.06% | 5.12% | 4.68% | 3.67% | 3.37% |
| Single State | -0.09% | 1.10% | 4.33% | 4.26% | 2.89% | 3.24% |
| Intermediate | -0.10% | 1.06% | 4.19% | 4.83% | 4.23% | 4.42% |
| Long | -0.16% | 1.56% | 6.41% | 4.80% | 2.38% | 2.71% |
Top & Bottom 5 ETFs by Weekly Performance
The single best-performing ETF this week was the VanEck CEF Muni Income ETF (XMPT), which gained 0.25%. The worst-performing ETFs, excluding known data outliers, were the Eaton Vance High Income Municipal ETF (EVYM) and the Overlay Shares Municipal Bond ETF (OVM), which both fell -0.24%.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| XMPT | VanEck CEF Muni Income ETF | 0.25% |
| SHYD | VanEck Short High Yield Muni ETF | 0.07% |
| PVI | Invesco Floating Rate Municipal Income ETF | 0.05% |
| ZMUN | F/m Ultrashort Tax-Free Municipal ETF | 0.03% |
| PUSH | PGIM Ultra Short Municipal Bond ETF | 0.02% |
| Bottom Performers | ||
| EVYM | Eaton Vance High Income Municipal ETF | -0.24% |
| OVM | Overlay Shares Municipal Bond ETF | -0.24% |
| RMOP | Rockefeller Opportunistic Municipal Bond ETF | -0.24% |
| ZTAX | X-Square Municipal Income ETF | -0.24% |
| HTAB | Hartford Schroders Tax-Aware Bond ETF | -0.21% |
Analyzing the Weekly Flows
The FI: Municipal channel saw total net inflows of $2.96B for the week. The Intermediate category dominated, pulling in $2.72B. This category, which holds $116.9B in AUM, clearly led investor demand. The Single State category also saw significant inflows of $110M. All categories experienced positive inflows this week, with the Long category attracting the smallest amount at $10M.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Intermediate | 50 | $116.9B | $2,718M | $5,485M | $8,925M | $16,938M | $19,950M |
| Single State | 20 | $9.7B | $110M | $302M | $702M | $1,923M | $2,551M |
| Short | 21 | $26.4B | $69M | $688M | $1,965M | $6,343M | $6,765M |
| High Yield | 16 | $13.3B | $47M | $383M | $2,865M | $3,973M | $4,102M |
| Long | 8 | $4.5B | $10M | $150M | $577M | $565M | $593M |
Top & Bottom 5 ETFs by 5-Day Flow
On the individual ETF level, the JPMorgan Municipal ETF (JMUB) saw a massive inflow of $1.95B, representing nearly 47% of its AUM. On the other side, the SPDR Nuveen ICE Municipal Bond ETF (TFI) led outflows, shedding -$165M, followed by the iShares Short-Term National Muni Bond ETF (SUB) with -$21M in outflows.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| JMUB | JPMorgan Municipal ETF | $1,946M |
| MUB | iShares National Muni Bond ETF | $569M |
| VTEB | Vanguard Tax-Exempt Bond ETF | $151M |
| CMF | iShares California Muni Bond ETF | $55M |
| CGMU | Capital Group Municipal Income ETF | $53M |
| Outflows | ||
| TFI | SPDR Nuveen ICE Municipal Bond ETF | -$165M |
| SUB | iShares Short-Term National Muni Bond ETF | -$21M |
| HTAB | Hartford Schroders Tax-Aware Bond ETF | -$5M |
| PWZ | Invesco California AMT-Free Municipal Bond ETF | -$4M |
| EVYM | Eaton Vance High Income Municipal ETF | -$1M |
Issuer League Table Update
The top two issuers by market share remain iShares (34.59%) and Vanguard (26.76%), who together control over 61% of the channel’s assets. JPMorgan gathered the most in weekly inflows, adding an impressive $1.99B. Among the top issuers, State Street saw the largest outflows at -$155M.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 10 | $59.98B | 34.59% |
| Vanguard | 8 | $46.41B | 26.76% |
| JPMorgan | 4 | $11.81B | 6.81% |
| State Street | 3 | $9.54B | 5.50% |
| Capital Group | 3 | $7.60B | 4.39% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| JPMorgan | $1,987M |
| iShares | $638M |
| Vanguard | $228M |
| Outflows | |
| State Street | -$155M |
| Hartford | -$5M |
| aberdeen | $0M |
For a deeper dive into these trends, access our FREE, in-depth Thematic 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.
