Weekly Channel Summary
The Municipal channel ended the week with $251.13B in total AUM spread across 147 ETFs from 50 issuers. Net inflows totaled $5,780M over the trailing 5-day period, extending a robust $70,264M YTD gain and an $82,041M 1-year net flow figure. These totals underscore sustained investor appetite for municipal exposure throughout 2026.
This Week’s Performance Leaders and Laggards
Municipal categories posted broad-based gains on the week, led by Municipal – Long at 1.14% WTD, followed closely by Municipal – High Yield at 1.05% and Municipal – Intermediate at 1.04%. Municipal – Short lagged the group with a more modest 0.49% WTD gain, though it remains the only category in positive YTD territory at 1.20%. Longer-duration categories continue to show YTD weakness, with Municipal – Long down 2.43% and Municipal – Single State off 1.10% for the year, reflecting the drag from earlier rate moves. On a fund level, MINN topped the list with a 1.98% weekly gain, while ZTAX was the clear laggard, falling 2.33%.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Municipal – Long | 1.14% | 1.33% | -2.98% | -4.16% | -2.43% | -2.56% |
| Municipal – High Yield | 1.05% | 1.25% | -1.86% | -2.02% | -0.39% | 0.05% |
| Municipal – Intermediate | 1.04% | 1.60% | -1.02% | -2.03% | -0.96% | -0.58% |
| Municipal – Single State | 1.01% | 1.47% | -1.24% | -2.10% | -1.10% | -0.74% |
| Municipal – Short | 0.49% | 1.04% | 0.54% | 0.56% | 1.20% | 1.88% |
Top & Bottom 5 ETFs by Weekly Performance
Performance leadership this week favored diversified and credit-sensitive strategies, with MINN gaining 1.98% and AMHI adding 1.89%. FLMB and AVMU rounded out the top performers with gains above 1.5%. On the downside, ZTAX stood out as the week’s weakest performer at -2.33%, a notable outlier versus the rest of the bottom five, which stayed within a tighter band near flat to -0.66%.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| MINN | Mairs & Power Minnesota Municipal Bond ETF | 1.98% |
| AMHI | American Beacon Aberdeen Municipal High Income ETF | 1.89% |
| FLMB | Franklin Municipal Green Bond ETF | 1.62% |
| AVMU | Avantis Core Municipal Fixed Income ETF | 1.59% |
| PWZ | Invesco California AMT-Free Municipal Bond ETF | 1.40% |
| Bottom Performers | ||
| ZTAX | X-Square Municipal Income ETF | -2.33% |
| XMPT | VanEck CEF Muni Income ETF | -0.66% |
| YYYM | Amplify Municipal CEF High Income ETF | -0.34% |
| PVI | Invesco Floating Rate Municipal Income ETF | -0.31% |
| RTAI | Rareview Tax Advantaged Income ETF | 0.03% |
Analyzing the Weekly Flows
The Municipal channel attracted $5,780M in net inflows over the trailing week, with Municipal – Intermediate dominating the category breakdown at $4,064M, more than four times the next closest category. Municipal – Short followed with $862M, while Municipal – Single State and Municipal – High Yield added $341M and $325M, respectively. Municipal – Long rounded out the group with a smaller but still positive $188M inflow. No category recorded net outflows for the week, reflecting broad demand across duration and credit profiles.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Municipal – Intermediate | 58 | $162.95B | $4,064M | $17,478M | $24,631M | $42,831M | $50,306M |
| Municipal – Short | 27 | $40.54B | $862M | $4,036M | $6,947M | $11,441M | $13,753M |
| Municipal – Single State | 31 | $21.19B | $341M | $2,207M | $3,610M | $7,673M | $8,641M |
| Municipal – High Yield | 22 | $18.85B | $325M | $1,606M | $2,629M | $4,792M | $5,828M |
| Municipal – Long | 9 | $7.59B | $188M | $324M | $636M | $3,527M | $3,513M |
Top & Bottom 5 ETFs by 5-Day Flow
MUB dominated weekly fund flows, pulling in $2,296M, well ahead of SUB at $368M and VTEB at $316M. On the outflow side, redemptions were modest and concentrated among smaller funds, with FMB and BMOP each shedding $27M. These outflows were minor relative to the channel’s overall inflow total, reinforcing the week’s generally constructive flow backdrop.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| MUB | iShares National Muni Bond ETF | $2,296M |
| SUB | iShares Short-Term National Muni Bond ETF | $368M |
| VTEB | Vanguard Tax-Exempt Bond ETF | $316M |
| SCMB | Schwab Municipal Bond ETF | $313M |
| VCRM | Vanguard Core Tax-Exempt Bond ETF | $163M |
| Outflows | ||
| FMB | First Trust Managed Municipal ETF | -$27M |
| BMOP | BNY Mellon Municipal Opportunities ETF | -$27M |
| RMOP | Rockefeller Opportunistic Municipal Bond ETF | -$26M |
| HYMB | State Street SPDR Nuveen ICE High Yield Municipal Bond ETF | -$14M |
| SHM | State Street SPDR Nuveen ICE Short Term Municipal Bond ETF | -$9M |
Issuer League Table Update
iShares and Vanguard remain the dominant forces in the Municipal channel, commanding 32.76% and 27.13% market share, respectively, with combined AUM approaching $150B across 18 funds. iShares also led weekly inflows by a wide margin, gathering $3,155M, followed by Vanguard at $749M and Schwab at $313M. On the outflow side, Rockefeller posted the largest weekly redemption at -$26M, a relatively small figure that highlights the limited scale of outflows across the issuer landscape this week.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 10 | $82.28B | 32.76% |
| Vanguard | 8 | $68.12B | 27.13% |
| JPMorgan | 6 | $18.72B | 7.45% |
| Capital Group | 3 | $12.75B | 5.08% |
| SPDR | 4 | $10.25B | 4.08% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| iShares | $3,155M |
| Vanguard | $749M |
| Schwab | $313M |
| Outflows | |
| Rockefeller | -$26M |
| BNY Mellon | -$20M |
| Hartford | -$13M |
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.
