Weekly Channel Summary
The Fixed Income: Municipal ETF channel currently oversees a total of $201 billion in Assets Under Management (AUM) across 137 individual ETFs managed by 48 distinct issuers. Over the past five days, the channel experienced net outflows of $86 million. Despite this short-term contraction, the segment’s longer-term asset gathering remains robust, with Year-to-Date (YTD) inflows totaling $13.68 billion and 1-Year net flows reaching an impressive $48.40 billion.
This Week’s Performance Leaders and Laggards
The High Yield category led the channel this week with a Week-to-Date (WTD) return of 0.37%, lifting its YTD performance to a solid 1.76%. On the other end of the spectrum, the Short duration category lagged its peers, posting a modest 0.05% WTD gain and carrying a 0.81% return YTD.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| High Yield | 0.37% | 0.52% | 0.90% | 2.37% | 1.76% | 7.99% |
| Long | 0.29% | 0.59% | 0.95% | 1.81% | 1.55% | 7.55% |
| Intermediate | 0.24% | 0.24% | 0.43% | 1.68% | 1.11% | 7.26% |
| Single State | 0.24% | 0.36% | 0.57% | 1.65% | 1.19% | 6.62% |
| Short | 0.05% | 0.01% | 0.39% | 1.33% | 0.81% | 4.31% |
Top & Bottom 5 ETFs by Weekly Performance
The Rareview Tax Advantaged Income ETF (RTAI) led all individual funds with a WTD return of 0.99%. Conversely, the First Trust Ultra Short Duration Municipal ETF (FUMB) and the Allspring Ultra Short Municipal ETF (AUSM) were the weakest performers, returning -0.01% and 0.01% WTD, respectively.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| RTAI | Rareview Tax Advantaged Income ETF | 0.99% |
| XMPT | VanEck CEF Muni Income ETF | 0.63% |
| ZTAX | X-Square Municipal Income ETF | 0.55% |
| YYYM | Amplify Municipal CEF High Income ETF | 0.53% |
| BAB | Invesco Taxable Municipal Bond ETF | 0.50% |
| Bottom Performers | ||
| FUMB | First Trust Ultra Short Duration Municipal ETF | -0.01% |
| AUSM | Allspring Ultra Short Municipal ETF | 0.01% |
| BKMS | BNY Mellon Municipal Short Duration ETF | 0.02% |
| SHM | State Street SPDR Nuveen ICE Short Term Municipal Bond ETF | 0.03% |
| SUB | iShares Short-Term National Muni Bond ETF | 0.03% |
Analyzing the Weekly Flows
Overall, the channel experienced net outflows of $86 million over the trailing 5-day period. The Single State category captured the largest inflows, bringing in $68 million against its $15.5 billion asset base. High Yield was close behind, securing $66 million in new assets. Meanwhile, the Short duration category endured the steepest redemptions, bleeding $184 million over the week.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Single State | 28 | $15.5B | $68M | $327M | $1,379M | $1,657M | $3,892M |
| High Yield | 19 | $15.2B | $66M | -$329M | -$100M | -$7M | $4,741M |
| Long | 9 | $6.7B | $65M | $900M | $2,203M | $2,250M | $2,863M |
| Intermediate | 56 | $133.1B | $24M | $2,798M | $5,325M | $7,739M | $27,905M |
| Short | 25 | $31.0B | -$184M | $423M | $889M | $1,661M | $9,002M |
Top & Bottom 5 ETFs by 5-Day Flow
Among individual funds, the iShares National Muni Bond ETF (MUB) commanded the largest absolute inflow, adding $43 million. On the outflow side, the Vanguard Tax-Exempt Bond ETF (VTEB) and the JPMorgan Ultra-Short Municipal Income ETF (JMST) experienced the most significant net redemptions, shedding $215 million and $160 million, respectively.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| MUB | iShares National Muni Bond ETF | $43M |
| VTEC | Vanguard California Tax-Exempt Bond ETF | $37M |
| LMUB | iShares Long-Term National Muni Bond ETF | $37M |
| HYD | VanEck High Yield Muni ETF | $31M |
| PZA | Invesco National AMT-Free Municipal Bond ETF | $28M |
| Outflows | ||
| VTEB | Vanguard Tax-Exempt Bond ETF | -$215M |
| JMST | JPMorgan Ultra-Short Municipal Income ETF | -$160M |
| TFI | State Street SPDR Nuveen ICE Municipal Bond ETF | -$41M |
| MEAR | iShares Short Maturity Municipal Bond Active ETF | -$28M |
| SHM | State Street SPDR Nuveen ICE Short Term Municipal Bond ETF | -$19M |
Issuer League Table Update
iShares and Vanguard maintain their dominant positions in the municipal space, capturing 32.79% and 24.95% of the total market share, respectively. iShares was also the top asset gatherer over the past five days, pulling in an impressive $87 million in net flows. In contrast, JPMorgan experienced the heaviest outflows among the major issuers, losing $150 million.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 10 | $66.07B | 32.79% |
| Vanguard | 8 | $50.28B | 24.95% |
| JPMorgan | 4 | $14.21B | 7.05% |
| Capital Group | 3 | $9.72B | 4.83% |
| SPDR | 5 | $9.39B | 4.66% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| iShares | $87M |
| Invesco | $41M |
| VanEck | $31M |
| Outflows | |
| JPMorgan | -$150M |
| Vanguard | -$141M |
| SPDR | -$60M |
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.
