Weekly Channel Summary
The Municipal channel closed the week with $221.92B in total AUM spread across 144 ETFs from 50 issuers. Weekly net flows came in positive at $1,773M, extending a strong 2026 for the category with YTD inflows of $44,188M and 1-Year inflows of $60,580M. Despite this week’s price weakness, the channel continues to attract steady investor commitment on a longer-term basis.
This Week’s Performance Leaders and Laggards
Municipal categories were broadly negative on the week, with duration acting as the primary differentiator. Municipal – Short was the top-performing category at -0.77% WTD, holding up far better than Municipal – Long, which trailed at -1.92% WTD and also posted the weakest YTD return of -4.48%. Municipal – Intermediate and Single State segments landed in between, down 1.64% and 1.67% respectively for the week. At the fund level, PVI was the sole gainer at 0.17% WTD, while YYYM lagged badly at -4.01%, underscoring the pressure on closed-end fund and high-yield municipal strategies this week.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Municipal – Short | -0.77% | -1.49% | -1.22% | -0.47% | -0.20% | 0.43% |
| Municipal – Intermediate | -1.64% | -3.91% | -5.11% | -2.90% | -3.36% | -1.69% |
| Municipal – Single State | -1.67% | -3.97% | -5.10% | -2.88% | -3.40% | -1.97% |
| Municipal – High Yield | -1.81% | -4.30% | -5.51% | -1.95% | -2.42% | -0.55% |
| Municipal – Long | -1.92% | -5.18% | -7.30% | -3.97% | -4.48% | -2.64% |
Top & Bottom 5 ETFs by Weekly Performance
Short-duration and ultra-short municipal funds dominated the top of the leaderboard, with PVI, AMUN, GUMI, FUMB, and JMST all posting losses of less than half a percent. In contrast, the bottom of the list was populated by closed-end fund and high-yield municipal products, led by YYYM at -4.01% and XMPT at -3.47%. This dispersion of roughly 380 basis points between the best and worst performers highlights the outsized sensitivity of leveraged and high-yield municipal strategies to the week’s rate moves. Rounding out the laggards were RTAI, EVYM, and NHYM, each down more than 2% on the week.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| PVI | Invesco Floating Rate Municipal Income ETF | 0.17% |
| AMUN | Abrdn Ultra Short Muncipal Income Active ETF | -0.19% |
| GUMI | Goldman Sachs Ultra Short Municipal Income ETF | -0.22% |
| FUMB | First Trust Ultra Short Duration Municipal ETF | -0.28% |
| JMST | JPMorgan Ultra-Short Municipal Income ETF | -0.35% |
| Bottom Performers | ||
| YYYM | Amplify Municipal CEF High Income ETF | -4.01% |
| XMPT | VanEck CEF Muni Income ETF | -3.47% |
| RTAI | Rareview Tax Advantaged Income ETF | -2.92% |
| EVYM | Eaton Vance High Income Municipal ETF | -2.38% |
| NHYM | Nuveen High Yield Municipal Income ETF | -2.28% |
Analyzing the Weekly Flows
The Municipal channel took in $1,773M over the past five days, with Municipal – Intermediate leading all categories at $1,292M, followed by Municipal – Short at $439M. Municipal – Single State and Municipal – High Yield added $248M and $137M respectively, reinforcing broad-based demand outside of long-duration products. Municipal – Long was the lone category to see outflows, shedding $343M for the week even as it retains a solidly positive YTD flow figure of $2,992M. The contrast between strong short-and-intermediate demand and long-duration outflows suggests investors are favoring reduced rate sensitivity amid the week’s price declines.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Municipal – Intermediate | 56 | $142.92B | $1,292M | $3,396M | $9,155M | $25,113M | $35,649M |
| Municipal – Short | 27 | $36.20B | $439M | $2,057M | $3,856M | $7,436M | $10,471M |
| Municipal – Single State | 31 | $18.73B | $248M | $735M | $1,875M | $5,487M | $6,712M |
| Municipal – High Yield | 20 | $17.06B | $137M | $337M | $1,393M | $3,161M | $4,589M |
| Municipal – Long | 9 | $6.93B | -$343M | $86M | $270M | $2,992M | $3,158M |
Top & Bottom 5 ETFs by 5-Day Flow
MUB was the standout inflow story, pulling in $1,274M for the week and accounting for the majority of the channel’s net creation activity. VTEB and CMF followed with $266M and $173M respectively, while ultra-short vehicle JMST also drew notable interest. On the outflow side, LMUB led redemptions at -$293M, followed by SCMB at -$259M, both consistent with the broader retreat from long-duration and broad-based municipal exposure this week.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| MUB | iShares National Muni Bond ETF | $1,274M |
| VTEB | Vanguard Tax-Exempt Bond ETF | $266M |
| CMF | iShares California Muni Bond ETF | $173M |
| JMST | JPMorgan Ultra-Short Municipal Income ETF | $132M |
| HYMB | State Street SPDR Nuveen ICE High Yield Municipal Bond ETF | $115M |
| Outflows | ||
| LMUB | iShares Long-Term National Muni Bond ETF | -$293M |
| SCMB | Schwab Municipal Bond ETF | -$259M |
| TFI | State Street SPDR Nuveen ICE Municipal Bond ETF | -$100M |
| PZA | Invesco National AMT-Free Municipal Bond ETF | -$39M |
| HYD | VanEck High Yield Muni ETF | -$37M |
Note: the following fund(s) were excluded from the flow totals above because the weekly flow exceeds 75% of the fund’s AUM and may be the result of a custom rebalance: FIMU ($87M).
Issuer League Table Update
iShares and Vanguard remain the dominant forces in the Municipal channel, commanding 31.95% and 26.51% market share respectively, together representing more than half of total channel AUM. iShares also led weekly inflow activity with $1,323M, followed by Vanguard at $543M and Capital Group at $109M, indicating that flow leadership closely tracked existing scale advantages. On the outflow side, Schwab experienced the largest weekly redemptions at -$259M, driven largely by pressure on its SCMB fund, while Franklin and Invesco saw more modest outflows of -$51M and -$41M respectively. The concentration of both AUM and inflows among the largest issuers underscores the continued dominance of scale players in the municipal ETF space.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 10 | $70.91B | 31.95% |
| Vanguard | 8 | $58.82B | 26.51% |
| JPMorgan | 6 | $17.40B | 7.84% |
| Capital Group | 3 | $11.58B | 5.22% |
| SPDR | 4 | $9.88B | 4.45% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| iShares | $1,323M |
| Vanguard | $543M |
| Capital Group | $109M |
| Outflows | |
| Schwab | -$259M |
| Franklin | -$51M |
| Invesco | -$41M |
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.
