Weekly Channel Summary
The Municipal ETF landscape continues to show steady growth and engagement, currently comprising 137 ETFs managed by 48 distinct issuers with a total Assets Under Management (AUM) of $194B. Weekly flow activity was modest but positive, with the channel bringing in $0.06B over the past five days. This contributes to a healthy Year-to-Date (YTD) inflow of $5.91B, maintaining the strong momentum observed over the past year, which has seen total inflows reach $42.10B.
This Week’s Performance Leaders and Laggards
Performance across the municipal sector was positive across all major categories this week. The Long category led the pack with a Week-to-Date (WTD) return of 0.40%, while also maintaining a YTD gain of 0.94%. Conversely, the Short category was the week’s relative laggard, returning 0.19% WTD, bringing its YTD performance to 0.75%.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Long | 0.40% | 0.66% | 1.12% | 6.82% | 0.94% | 2.66% |
| Intermediate | 0.37% | 0.90% | 1.62% | 5.36% | 1.18% | 4.63% |
| Single State | 0.37% | 0.78% | 1.42% | 5.32% | 1.03% | 3.74% |
| High Yield | 0.32% | 0.96% | 1.66% | 6.27% | 1.27% | 3.81% |
| Short | 0.19% | 0.59% | 1.30% | 2.05% | 0.75% | 4.04% |
Top & Bottom 5 ETFs by Weekly Performance
The best-performing individual fund this week was the NYLI MacKay Muni Allocation ETF (MMMA), which posted a 0.64% return. On the lower end of the spectrum, the Invesco Floating Rate Municipal Income ETF (PVI) and the Abrdn Ultra Short Muncipal Income Active ETF (AMUN) struggled relative to peers, returning 0.04% and 0.06% respectively.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| MMMA | NYLI MacKay Muni Allocation ETF | 0.64% |
| XMPT | VanEck CEF Muni Income ETF | 0.60% |
| RJMI | RJ Eagle Municipal Income ETF | 0.52% |
| EVYM | Eaton Vance High Income Municipal ETF | 0.48% |
| ZTAX | X-Square Municipal Income ETF | 0.47% |
| Bottom Performers | ||
| PVI | Invesco Floating Rate Municipal Income ETF | 0.04% |
| AMUN | Abrdn Ultra Short Muncipal Income Active ETF | 0.06% |
| FUMB | First Trust Ultra Short Duration Municipal ETF | 0.06% |
| HIMU | iShares High Yield Muni Active ETF | 0.06% |
| SHYD | VanEck Short High Yield Muni ETF | 0.06% |
Analyzing the Weekly Flows
The channel realized a total net inflow of $65M this week. The Long category attracted the most capital with $194M in weekly flows, supporting its total AUM of $4.8B. The Short category also saw significant interest with $157M in new money. On the other end, the Intermediate category experienced the largest rotation out of funds, shedding -$488M over the past five days.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Long | 9 | $4.8B | $194M | $358M | $384M | $379M | $893M |
| Short | 25 | $30.0B | $157M | $531M | $2,876M | $649M | $8,954M |
| Single State | 28 | $14.6B | $143M | $585M | $1,496M | $677M | $3,148M |
| High Yield | 18 | $15.6B | $59M | $650M | $1,631M | $711M | $5,414M |
| Intermediate | 57 | $129.4B | -$488M | $3,030M | $7,753M | $3,627M | $24,166M |
Top & Bottom 5 ETFs by 5-Day Flow
In terms of dollar inflows, the Invesco National AMT-Free Municipal Bond ETF (PZA) led the channel with $191M. Outflows were heavily concentrated in the Vanguard Tax-Exempt Bond ETF (VTEB), which saw a significant -$946M redemption, followed by the Invesco California AMT-Free Municipal Bond ETF (PWZ) with -$7M.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| PZA | Invesco National AMT-Free Municipal Bond ETF | $191M |
| CGMU | Capital Group Municipal Income ETF | $96M |
| JMUB | JPMorgan Municipal ETF | $74M |
| VTEC | Vanguard California Tax-Exempt Bond ETF | $68M |
| MUB | iShares National Muni Bond ETF | $65M |
| Outflows | ||
| VTEB | Vanguard Tax-Exempt Bond ETF | -$946M |
| PWZ | Invesco California AMT-Free Municipal Bond ETF | -$7M |
| FLMB | Franklin Municipal Green Bond ETF | -$6M |
| HTAB | Hartford Schroders Tax-Aware Bond ETF | -$2M |
| FTNJ | Franklin New Jersey Municipal Income ETF | -$1M |
Issuer League Table Update
The market remains dominated by two major players: iShares holds 32.65% market share, followed closely by Vanguard at 25.58%. In terms of attracting new assets this week, Invesco took the lead with $184M in weekly inflows. Conversely, Vanguard saw the largest outflows among the top-tier issuers, with a net reduction of -$735M over the 5-day period.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 10 | $63.49B | 32.65% |
| Vanguard | 8 | $49.74B | 25.58% |
| JPMorgan | 4 | $13.65B | 7.02% |
| SPDR | 5 | $9.58B | 4.93% |
| Capital Group | 3 | $8.86B | 4.56% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| Invesco | $184M |
| Capital Group | $147M |
| iShares | $145M |
| Outflows | |
| Vanguard | -$735M |
| T. Rowe Price | -$1M |
| 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.
