Weekly Channel Summary
The Fixed Income: Municipal channel encompasses 115 ETFs from 44 issuers, with a total of $164 billion in Assets Under Management (AUM). The channel experienced positive flows across all measured timeframes, bringing in $1.05 billion over the past week. Year-to-date, investors have added $23.01 billion, contributing to a total of $30.12 billion in inflows over the past year.
This Week’s Performance Leaders and Laggards
It was a positive week for the municipal bond space, with all categories finishing in the green. The Long-Term category led the way with a 0.54% week-to-date (WTD) return, though it remains one of the lower-performing groups year-to-date at 1.56%. On the other end, the Short-Term category saw the smallest gain, posting a 0.05% WTD return, but it continues to be a steady performer with a 3.32% YTD return.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Long | 0.54% | 1.61% | 4.67% | 5.09% | 1.56% | 0.97% |
| Single State | 0.35% | 1.00% | 3.34% | 4.42% | 2.27% | 1.92% |
| High Yield | 0.34% | 0.91% | 3.48% | 5.19% | 2.93% | 1.56% |
| Intermediate | 0.30% | 0.85% | 3.26% | 5.01% | 3.59% | 2.93% |
| Short | 0.05% | -0.02% | 1.20% | 2.86% | 3.32% | 3.39% |
Top & Bottom 5 ETFs by Weekly Performance
Among individual ETFs, the Rareview Tax Advantaged Income ETF (RTAI) was the standout performer, gaining 0.95% for the week. On the flip side, the Simplify National Muni Bond ETF (NMB) was the worst performer with a loss of -0.08%, followed closely by the Overlay Shares Municipal Bond ETF (OVM) which declined by -0.04%.
| Top Performers | ||
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| RTAI | Rareview Tax Advantaged Income ETF | 0.95% |
| XMPT | VanEck CEF Muni Income ETF | 0.76% |
| MLN | VanEck Long Muni ETF | 0.62% |
| LMUB | iShares Long-Term National Muni Bond ETF | 0.61% |
| PWZ | Invesco California AMT-Free Municipal Bond ETF | 0.60% |
| Bottom Performers | ||
| Ticker | Fund Name | WTD Performance |
| SHM | SPDR Nuveen ICE Short Term Municipal Bond ETF | -0.03% |
| SHYD | VanEck Short High Yield Muni ETF | -0.02% |
| SUB | iShares Short-Term National Muni Bond ETF | -0.02% |
| OVM | Overlay Shares Municipal Bond ETF | -0.04% |
| NMB | Simplify National Muni Bond ETF | -0.08% |
Analyzing the Weekly Flows
The municipal channel saw a healthy net inflow of $1.05 billion this week, with all categories attracting new assets. The Fixed Income: Municipal – Intermediate category was the clear favorite, pulling in $622 million. This category is the largest in the channel, managing over $111 billion in AUM. The Fixed Income: Municipal – Short category also saw significant interest, gathering $159 million in new assets. Notably, no categories experienced net outflows this week.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Fixed Income: Municipal – Intermediate | 48 | $111.4B | $622M | $1,960M | $5,288M | $12,420M | $17,508M |
| Fixed Income: Municipal – Short | 21 | $25.9B | $159M | $385M | $1,388M | $5,832M | $6,561M |
| Fixed Income: Municipal – Single State | 19 | $8.4B | $105M | $239M | $764M | $1,731M | $2,707M |
| Fixed Income: Municipal – Long | 8 | $4.4B | $80M | $341M | $517M | $2,485M | $2,568M |
| Fixed Income: Municipal – High Yield | 16 | $13.0B | $76M | $479M | $2,664M | $2,411M | $2,756M |
Top & Bottom 5 ETFs by 5-Day Flow
The Vanguard Tax-Exempt Bond ETF (VTEB) led individual fund flows, attracting $168 million. In contrast, outflows were minimal across the channel, with the Hartford Schroders Tax-Aware Bond ETF (HTAB) seeing the largest redemption of just $2 million, and the First Trust Ultra Short Duration Municipal ETF (FUMB) shedding $1 million.
| Inflows | ||
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| VTEB | Vanguard Tax-Exempt Bond ETF | $168M |
| MUB | iShares National Muni Bond ETF | $159M |
| PZA | Invesco National AMT-Free Municipal Bond ETF | $64M |
| JMUB | JPMorgan Municipal ETF | $63M |
| JMST | JPMorgan Ultra-Short Municipal Income ETF | $48M |
| Outflows | ||
| Ticker | Fund Name | 5-Day Flow |
| FUMB | First Trust Ultra Short Duration Municipal ETF | ($1M) |
| HTAB | Hartford Schroders Tax-Aware Bond ETF | ($2M) |
Issuer League Table Update
iShares and Vanguard continue to dominate the municipal ETF space, commanding 35.5% and 27.4% of the market share, respectively. This week, Vanguard led the pack in asset gathering, pulling in $274 million. iShares also had a strong week with $241 million in new assets. No top-tier issuers experienced significant outflows during the period.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 10 | $58.30B | 35.51% |
| Vanguard | 8 | $45.04B | 27.43% |
| SPDR | 5 | $9.58B | 5.84% |
| JPMorgan | 4 | $9.32B | 5.68% |
| Capital Group | 3 | $7.29B | 4.44% |
Top & Bottom 3 Issuers by 5-Day Flow
| Inflows | |
| Brand | 5-Day Flow |
|---|---|
| Vanguard | $274M |
| iShares | $241M |
| JPMorgan | $114M |
| Outflows | |
| Brand | 5-Day Flow |
| American Century | $0M |
| Avantis | $0M |
| Hartford | $0M |
For a deeper dive into these trends, access our FREE, in-depth Thematic 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.
