Weekly Channel Summary
The Municipal Fixed Income channel currently tracks 126 ETFs across 46 issuers, managing a total of $176B in assets. The space saw positive momentum this week, gathering $342M in net inflows over the last 5 days. This continues a strong longer-term trend, with the channel accumulating approximately $32.88B Year-to-Date and $34.74B over the trailing 1-year period.
This Week’s Performance Leaders and Laggards
Performance was relatively flat across the board this week. The Short duration category was the best performer, posting a slight gain of 0.04% WTD, contributing to its 3.52% YTD return. Conversely, High Yield struggled the most, acting as the worst-performing category with a -0.07% decline, though it remains up 3.60% YTD.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Short | 0.04% | 0.10% | 0.81% | 2.49% | 3.52% | 3.61% |
| Single State | 0.02% | 0.10% | 4.08% | 4.80% | 3.04% | 2.72% |
| Intermediate | 0.01% | 0.07% | 3.76% | 5.13% | 4.31% | 3.85% |
| Long | -0.02% | -0.08% | 5.83% | 5.78% | 2.38% | 1.86% |
| High Yield | -0.07% | 0.04% | 4.89% | 5.26% | 3.60% | 2.90% |
Top & Bottom 5 ETFs by Weekly Performance
The single best-performing fund this week was the TAXI, which posted a 0.24% return. On the downside, the RTAI and XMPT lagged significantly, dropping -1.50% and -0.94% respectively.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| TAXI | Northern Trust Intermediate Tax-Exempt Bond ETF | 0.24% |
| JMHI | JPMorgan High Yield Municipal ETF | 0.20% |
| HTAX | Macquarie National High-Yield Municipal Bond ETF | 0.20% |
| TAXS | Northern Trust Short-Term Tax-Exempt Bond ETF | 0.18% |
| ZTAX | X-Square Municipal Income ETF | 0.16% |
| Bottom Performers | ||
| RTAI | Rareview Tax Advantaged Income ETF | -1.50% |
| XMPT | VanEck CEF Muni Income ETF | -0.94% |
| NMB | Simplify National Muni Bond ETF | -0.55% |
| OVM | Overlay Shares Municipal Bond ETF | -0.31% |
| PMIO | PGIM Municipal Income Opportunities ETF | -0.16% |
Analyzing the Weekly Flows
The channel attracted a total net inflow of $342M this week. The Blend credit category secured the most significant inflows, totaling $353M, with the Intermediate duration category (managing $142.1B in AUM) also seeing strong demand with $222M in new assets. Conversely, the Investment Grade credit category experienced the largest outflows, shedding $157M.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Credit: Blend | 63 | $41.3B | $353M | $3,705M | $7,721M | $18,085M | $19,025M |
| Duration: Intermediate | 88 | $142.1B | $222M | $5,193M | $11,546M | $24,532M | $26,052M |
| Duration: Short | 25 | $28.0B | $172M | $700M | $2,173M | $7,307M | $7,651M |
| Credit: High Yield | 19 | $14.3B | $145M | $316M | $1,150M | $4,146M | $4,204M |
| Duration: Long | 9 | $5.4B | ($52M) | $2M | $462M | $417M | $417M |
| Credit: Investment Grade | 40 | $120.0B | ($157M) | $1,874M | $5,311M | $10,024M | $10,891M |
Top & Bottom 5 ETFs by 5-Day Flow
The HYD led inflows this week, bringing in $99M. Significant outflows were seen in the VTEB, which lost $219M, followed by the PZA with $60M in outflows.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| HYD | VanEck High Yield Muni ETF | $99M |
| JMST | JPMorgan Ultra-Short Municipal Income ETF | $53M |
| CGMU | Capital Group Municipal Income ETF | $46M |
| TAXI | Northern Trust Intermediate Tax-Exempt Bond ETF | $36M |
| SUB | iShares Short-Term National Muni Bond ETF | $27M |
| Outflows | ||
| VTEB | Vanguard Tax-Exempt Bond ETF | ($219M) |
| PZA | Invesco National AMT-Free Municipal Bond ETF | ($60M) |
| CAM | AB California Intermediate Municipal ETF | ($3M) |
| FTNY | Franklin New York Municipal Income ETF | ($2M) |
| AVMU | Avantis Core Municipal Fixed Income ETF | ($2M) |
Issuer League Table Update
iShares and Vanguard remain the dominant players in the space, controlling 34.41% and 26.58% of the market share respectively. In terms of recent momentum, VanEck gathered the most in weekly inflows ($99M), while Vanguard experienced the largest outflows of the week ($138M).
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 10 | $60.62B | 34.41% |
| Vanguard | 8 | $46.82B | 26.58% |
| JPMorgan | 4 | $12.22B | 6.94% |
| SPDR | 5 | $9.38B | 5.32% |
| Capital Group | 3 | $7.80B | 4.43% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| VanEck | $99M |
| iShares | $69M |
| Capital Group | $64M |
| Outflows | |
| Vanguard | ($138M) |
| Invesco | ($52M) |
| Avantis | ($2M) |
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.
