Weekly Channel Summary
The Municipal Fixed Income (FI: Municipal) ETF channel currently oversees $197.3 billion in total Assets Under Management (AUM) spread across 136 distinct products and 47 issuers. Over the past week, the space attracted a robust $949 million in net new money. This short-term momentum builds upon a solid foundation, extending Year-to-Date (YTD) net flows to $7.45 billion and trailing 1-year inflows to an impressive $42.14 billion.
This Week’s Performance Leaders and Laggards
The Long duration category led the pack this week with an average return of 0.63%, pushing its YTD performance to 2.24%. On the other end of the spectrum, the Short duration segment lagged the broader group with a modest 0.10% weekly gain, keeping its YTD return to a more conservative 1.09%.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Long | 0.63% | 1.67% | 2.24% | 7.71% | 2.24% | 3.64% |
| High Yield | 0.49% | 1.46% | 2.54% | 7.16% | 2.41% | 4.26% |
| Single State | 0.44% | 1.31% | 2.09% | 6.00% | 1.98% | 4.20% |
| Intermediate | 0.36% | 1.25% | 2.23% | 5.84% | 2.06% | 5.14% |
| Short | 0.10% | 0.51% | 1.42% | 2.21% | 1.09% | 4.03% |
Top & Bottom 5 ETFs by Weekly Performance
Among individual funds, the Invesco Taxable Municipal Bond ETF (BAB) posted the strongest WTD return at 0.99%, while the Invesco Floating Rate Municipal Income ETF (PVI) and the Nomura Tax-Free USA Short Term ETF (STAX) brought up the rear with gains of 0.03% and 0.04%, respectively.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| BAB | Invesco Taxable Municipal Bond ETF | 0.99% |
| FTMH | Franklin Municipal High Yield ETF | 0.89% |
| MLN | VanEck Long Muni ETF | 0.84% |
| PZT | Invesco New York AMT-Free Municipal Bond ETF | 0.81% |
| FTMU | Franklin Municipal Income ETF | 0.79% |
| Bottom Performers | ||
| PVI | Invesco Floating Rate Municipal Income ETF | 0.03% |
| STAX | Nomura Tax-Free USA Short Term ETF | 0.04% |
| FUMB | First Trust Ultra Short Duration Municipal ETF | 0.06% |
| GUMI | Goldman Sachs Ultra Short Municipal Income ETF | 0.06% |
| JMST | JPMorgan Ultra-Short Municipal Income ETF | 0.06% |
Analyzing the Weekly Flows
The FI: Municipal channel saw widespread positive sentiment this week, capturing $949 million in net inflows. The Intermediate category, which dominates the channel with $130.7 billion in AUM, accounted for the bulk of this activity by raking in $563 million. The Single State segment also experienced notable interest with $175 million in new assets. Conversely, while no major category suffered net outflows, the High Yield segment saw the softest demand, attracting just $61 million.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Intermediate | 56 | $130.7B | $563M | $673M | $6,662M | $3,940M | $23,443M |
| Single State | 28 | $15.1B | $175M | $679M | $1,707M | $1,124M | $3,557M |
| Short | 25 | $30.5B | $83M | $640M | $2,441M | $913M | $8,514M |
| Long | 9 | $5.0B | $67M | $476M | $1,023M | $495M | $1,124M |
| High Yield | 18 | $16.0B | $61M | $402M | $1,631M | $973M | $5,599M |
Top & Bottom 5 ETFs by 5-Day Flow
At the fund level, the iShares National Muni Bond ETF (MUB) easily led the pack, pulling in $217 million over the trailing 5-day period. On the flip side, the BNY Mellon Municipal Opportunities ETF (BMOP) and the JPMorgan Ultra-Short Municipal Income ETF (JMST) experienced the largest net redemptions, losing -$10 million and -$8 million, respectively.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| MUB | iShares National Muni Bond ETF | $217M |
| VTEC | Vanguard California Tax-Exempt Bond ETF | $63M |
| CGMU | Capital Group Municipal Income ETF | $62M |
| VTEB | Vanguard Tax-Exempt Bond ETF | $58M |
| CMF | iShares California Muni Bond ETF | $47M |
| Outflows | ||
| BMOP | BNY Mellon Municipal Opportunities ETF | -$10M |
| JMST | JPMorgan Ultra-Short Municipal Income ETF | -$8M |
| BKMS | BNY Mellon Municipal Short Duration ETF | -$6M |
| MBNE | State Street Nuveen Municipal Bond ESG ETF | -$3M |
| BAB | Invesco Taxable Municipal Bond ETF | -$1M |
Issuer League Table Update
The top two issuers continue to command a significant majority of the market, with iShares holding a 32.78% share and Vanguard right behind at 25.08%. iShares dominated the weekly flow activity as well, gathering $356 million in net new assets across its suite. Meanwhile, BNY Mellon experienced the largest weekly contraction among issuers, shedding -$15 million.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 10 | $64.66B | 32.78% |
| Vanguard | 8 | $49.47B | 25.08% |
| JPMorgan | 4 | $13.91B | 7.05% |
| SPDR | 5 | $9.64B | 4.89% |
| Capital Group | 3 | $9.22B | 4.67% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| iShares | $356M |
| Vanguard | $225M |
| Capital Group | $85M |
| Outflows | |
| BNY Mellon | -$15M |
| SPDR | -$3M |
| F/m | -$1M |
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.
