Weekly Channel Summary
The Municipal ETF channel closed the week ending January 23, 2026, with a total of 137 ETFs managed by 48 brands, representing a combined Assets Under Management (AUM) of approximately $192 billion. Flow activity remained positive for the week, with a net intake of $220 million. This contributes to a strong start for the year, with Year-to-Date (YTD) flows reaching $4.10 billion and a substantial $40.80 billion in net new money gathered over the trailing one-year period.
This Week’s Performance Leaders and Laggards
Municipal bond performance was generally muted this week as the majority of categories moved into slightly negative territory. The Short category was the lone standout, posting a marginal gain of 0.01% Week-to-Date (WTD). Conversely, the High Yield category faced the steepest headwinds, declining by -0.35% during the period. Despite the weekly dip, all major municipal categories remain in positive territory for the year, with the Intermediate category leading YTD at 0.54%.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Short | 0.01% | 0.55% | 0.99% | 2.14% | 0.43% | 4.15% |
| Intermediate | -0.16% | 0.72% | 0.95% | 5.60% | 0.54% | 5.03% |
| Single State | -0.22% | 0.59% | 0.77% | 5.62% | 0.40% | 4.10% |
| Long | -0.33% | 0.47% | 0.31% | 7.40% | 0.26% | 3.25% |
| High Yield | -0.35% | 0.85% | 0.87% | 6.64% | 0.51% | 4.38% |
Top & Bottom 5 ETFs by Weekly Performance
On an individual fund level, the AMUN (Abrdn Ultra Short Muncipal Income Active ETF) led the pack with a 0.08% return. On the downside, the XMPT (VanEck CEF Muni Income ETF) and RTAI (Rareview Tax Advantaged Income ETF) were the notable laggards, posting returns of -1.34% and -1.25%, respectively.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| AMUN | Abrdn Ultra Short Muncipal Income Active ETF | 0.08% |
| ZMUN | F/m Ultrashort Tax-Free Municipal ETF | 0.05% |
| TAXX | BondBloxx IR+M Tax-Aware Short Duration ETF | 0.04% |
| PUSH | PGIM Ultra Short Municipal Bond ETF | 0.04% |
| GUMI | Goldman Sachs Ultra Short Municipal Income ETF | 0.04% |
| Bottom Performers | ||
| XMPT | VanEck CEF Muni Income ETF | -1.34% |
| RTAI | Rareview Tax Advantaged Income ETF | -1.25% |
| NMB | Simplify National Muni Bond ETF | -0.52% |
| PZT | Invesco New York AMT-Free Municipal Bond ETF | -0.49% |
| PWZ | Invesco California AMT-Free Municipal Bond ETF | -0.45% |
Analyzing the Weekly Flows
The channel recorded a total net flow of $220 million this week, driven largely by rotation between categories. The Intermediate category led all segments with $584 million in inflows, further solidifying its dominance with $125.1 billion in total AUM. High Yield also saw healthy activity with $173 million in new assets. These gains were offset by significant outflows in the Short duration category, which shed $639 million over the last 5 trading days.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Intermediate | 54 | $125.1B | $584M | $3,926M | $10,493M | $2,994M | $23,588M |
| High Yield | 18 | $15.4B | $173M | $656M | $1,587M | $551M | $5,300M |
| Single State | 28 | $14.3B | $149M | $623M | $1,395M | $426M | $2,975M |
| Long | 9 | $4.5B | -$46M | $27M | -$12M | $1M | $557M |
| Short | 24 | $29.1B | -$639M | $473M | $2,425M | $133M | $8,387M |
Top & Bottom 5 ETFs by 5-Day Flow
The SCMB (Schwab Municipal Bond ETF) was the clear leader for inflows this week, bringing in $362 million. Outflows were heavily concentrated in short-duration products, with the JMST (JPMorgan Ultra-Short Municipal Income ETF) losing $757 million and the VTEB (Vanguard Tax-Exempt Bond ETF) seeing $108 million in withdrawals.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| SCMB | Schwab Municipal Bond ETF | $362M |
| JMUB | JPMorgan Municipal ETF | $91M |
| SUB | iShares Short-Term National Muni Bond ETF | $80M |
| CGMU | Capital Group Municipal Income ETF | $71M |
| CGHM | Capital Group Municipal High-Income ETF | $70M |
| Outflows | ||
| JMST | JPMorgan Ultra-Short Municipal Income ETF | -$757M |
| VTEB | Vanguard Tax-Exempt Bond ETF | -$108M |
| PZA | Invesco National AMT-Free Municipal Bond ETF | -$63M |
| SHM | State Street SPDR Nuveen ICE Short Term Municipal Bond ETF | -$58M |
| TFI | State Street SPDR Nuveen ICE Municipal Bond ETF | -$51M |
Issuer League Table Update
iShares and Vanguard continue to dominate the municipal landscape, commanding 32.45% and 25.88% of the market share, respectively. In terms of weekly asset gathering, Schwab led all issuers with $362 million in net inflows, while JPMorgan saw the largest departure of capital, with $664 million in weekly outflows.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 10 | $62.42B | 32.45% |
| Vanguard | 8 | $49.79B | 25.88% |
| JPMorgan | 4 | $13.42B | 6.98% |
| SPDR | 5 | $9.52B | 4.95% |
| Capital Group | 3 | $8.61B | 4.48% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| Schwab | $362M |
| iShares | $203M |
| Capital Group | $167M |
| Outflows | |
| JPMorgan | -$664M |
| SPDR | -$108M |
| Invesco | -$61M |
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.
