Weekly Channel Summary
The Municipal ETF channel closed the week with a total of $183.8 billion in Assets Under Management (AUM) spread across 132 ETFs from 47 unique issuers. Investor sentiment remained overwhelmingly positive as the channel captured $994 million in net new money over the past five trading days. This weekly activity brings the Year-to-Date (YTD) flow total to $196 million, continuing the strong momentum seen over the past year, which has accounted for $39.45 billion in total inflows.
This Week’s Performance Leaders and Laggards
Municipal bonds showed modest gains across the board this week. The High Yield category led the pack with a Week-to-Date (WTD) return of 0.32%, slightly outperforming its YTD return of 0.04%. Conversely, the Short category was the relative laggard for the week, returning 0.12% WTD. Despite the weekly variance, all major municipal categories remain in positive territory for the young calendar year.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| High Yield | 0.32% | 0.48% | 1.47% | 4.50% | 0.04% | 3.81% |
| Intermediate | 0.20% | 0.50% | 1.54% | 4.45% | 0.08% | 4.65% |
| Long | 0.20% | 0.46% | 1.69% | 5.58% | 0.05% | 2.35% |
| Single State | 0.19% | 0.43% | 1.47% | 4.40% | 0.05% | 3.26% |
| Short | 0.12% | 0.38% | 0.73% | 2.01% | 0.03% | 3.93% |
Top & Bottom 5 ETFs by Weekly Performance
The single best-performing ETF this week was the ZTAX (X-Square Municipal Income ETF), which posted a notable 2.19% WTD return. On the other end of the spectrum, the NMB (Simplify National Muni Bond ETF) and OVM (Overlay Shares Municipal Bond ETF) were the week’s laggards, with returns of -0.20% and -0.04%, respectively.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| ZTAX | X-Square Municipal Income ETF | 2.19% |
| XMPT | VanEck CEF Muni Income ETF | 1.07% |
| RTAI | Rareview Tax Advantaged Income ETF | 0.95% |
| MFLX | First Trust Flexible Municipal High Income ETF | 0.35% |
| FTMH | Franklin Municipal High Yield ETF | 0.32% |
| Bottom Performers | ||
| NMB | Simplify National Muni Bond ETF | -0.20% |
| OVM | Overlay Shares Municipal Bond ETF | -0.04% |
| AMUN | Abrdn Ultra Short Muncipal Income Active ETF | 0.04% |
| GUMI | Goldman Sachs Ultra Short Municipal Income ETF | 0.06% |
| PVI | Invesco Floating Rate Municipal Income ETF | 0.06% |
Analyzing the Weekly Flows
Total net flows for the Municipal channel reached $994 million this week. The Intermediate category dominated investor interest, pulling in $558 million in weekly inflows, further bolstering its $121.8 billion AUM base. Short-term funds also saw significant interest with $188 million in inflows. On a relative basis, the Long category saw the softest demand among major segments, contributing $24 million to the weekly total.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Intermediate | 53 | $121.8B | $558M | $2,934M | $8,585M | $154M | $29,916M |
| Short | 24 | $28.9B | $188M | $1,508M | $3,453M | $37M | $9,026M |
| Single State | 28 | $13.8B | $131M | $558M | $1,861M | $14M | $3,453M |
| High Yield | 18 | $14.8B | $93M | $1,303M | $4,971M | $25M | $4,910M |
| Long | 9 | $4.5B | $24M | $66M | $213M | $6M | $504M |
Top & Bottom 5 ETFs by 5-Day Flow
The MUB (iShares National Muni Bond ETF) led all funds in dollar inflows this week, adding $139 million. Conversely, the OVM (Overlay Shares Municipal Bond ETF) was the primary outlier for outflows, losing approximately $1 million over the 5-day period.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| MUB | iShares National Muni Bond ETF | $139M |
| JMST | JPMorgan Ultra-Short Municipal Income ETF | $92M |
| CGMU | Capital Group Municipal Income ETF | $69M |
| VTEB | Vanguard Tax-Exempt Bond ETF | $66M |
| SCMB | Schwab Municipal Bond ETF | $59M |
| Outflows | ||
| OVM | Overlay Shares Municipal Bond ETF | -$1M |
Issuer League Table Update
The issuer landscape remains highly concentrated, with iShares (33.46% market share) and Vanguard (26.43% market share) accounting for the vast majority of municipal ETF assets. iShares cemented its lead this week by gathering $248 million in weekly inflows. Meanwhile, among the top issuers, SPDR maintained a stable asset base despite lighter flow activity, and Overlay Shares saw the largest weekly outflows within the broader channel.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 10 | $61.49B | 33.46% |
| Vanguard | 8 | $48.58B | 26.43% |
| JPMorgan | 4 | $13.47B | 7.33% |
| SPDR | 5 | $9.46B | 5.15% |
| Capital Group | 3 | $8.24B | 4.48% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| iShares | $248M |
| Vanguard | $143M |
| JPMorgan | $119M |
| Outflows | |
| Overlay Shares | -$1M |
| aberdeen | $0M |
| Allspring | $0M |
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.
