Weekly Channel Summary
The Municipal channel ended the week with $243.59B in total AUM spread across 145 ETFs from 50 issuers. Weekly net inflows totaled $5,213M, extending a strong year-to-date tally of $64,484M and a trailing 1-year net flow of $77,616M. These figures confirm sustained investor commitment to the municipal space across both short and longer maturities.
This Week’s Performance Leaders and Laggards
On a market price basis, all five municipal categories posted positive returns for the week, led by Municipal – Long at 1.68% WTD, followed closely by Municipal – High Yield at 1.46% and Municipal – Intermediate at 1.34%. Municipal – Short lagged the group with a more modest 0.46% gain, consistent with its lower duration profile. Despite the broad weekly rally, longer-duration categories remain under pressure over the trailing year, with Municipal – Long down 3.33% YTD-trailing and Municipal – Single State off 2.08% YTD, while Municipal – Short is the only category in positive territory on a YTD basis at 0.71%. The weekly bounce suggests a partial reversal of longer-term duration-driven underperformance.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Municipal – Long | 1.68% | -0.87% | -5.78% | -4.85% | -3.55% | -3.33% |
| Municipal – High Yield | 1.46% | -0.61% | -4.20% | -2.66% | -1.43% | -0.71% |
| Municipal – Intermediate | 1.34% | -0.18% | -3.26% | -2.75% | -1.99% | -1.46% |
| Municipal – Single State | 1.26% | -0.29% | -3.36% | -2.78% | -2.08% | -1.53% |
| Municipal – Short | 0.46% | 0.09% | -0.30% | 0.11% | 0.71% | 1.26% |
Top & Bottom 5 ETFs by Weekly Performance
Fund-level performance mirrored the category trend, with longer-duration and credit-sensitive strategies outperforming for the week. Rareview Tax Advantaged Income ETF (RTAI) led all funds with a 2.69% weekly gain, followed by VanEck CEF Muni Income ETF (XMPT) at 2.39% and Invesco New York AMT-Free Municipal Bond ETF (PZT) at 2.25%. At the other end, ultra-short duration funds such as Goldman Sachs Ultra Short Municipal Income ETF (GUMI) and JPMorgan Ultra-Short Municipal Income ETF (JMST) posted the smallest weekly gains, around 0.23%-0.24%, reflecting their limited duration exposure to the rate move.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| RTAI | Rareview Tax Advantaged Income ETF | 2.69% |
| XMPT | VanEck CEF Muni Income ETF | 2.39% |
| PZT | Invesco New York AMT-Free Municipal Bond ETF | 2.25% |
| NHYM | Nuveen High Yield Municipal Income ETF | 2.20% |
| YYYM | Amplify Municipal CEF High Income ETF | 2.18% |
| Bottom Performers | ||
| GUMI | Goldman Sachs Ultra Short Municipal Income ETF | 0.23% |
| JMST | JPMorgan Ultra-Short Municipal Income ETF | 0.24% |
| CALI | iShares Short-Term California Muni Active ETF | 0.28% |
| FUMB | First Trust Ultra Short Duration Municipal ETF | 0.30% |
| AMUN | Abrdn Ultra Short Muncipal Income Active ETF | 0.31% |
Analyzing the Weekly Flows
Total weekly net inflows across the Municipal channel reached $5,213M, with Municipal – Intermediate dominating the category breakdown at $3,480M for the week, representing the vast majority of total channel flows and extending a $38,767M YTD inflow figure. Municipal – Short followed with $786M in weekly inflows, while Municipal – Single State and Municipal – High Yield added $564M and $346M respectively. Municipal – Long saw the smallest weekly inflow at $38M, a marked slowdown relative to its $3,339M YTD total. No category recorded net outflows for the week, underscoring broad-based demand across the municipal curve.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Municipal – Intermediate | 57 | $157.69B | $3,480M | $15,484M | $20,647M | $38,767M | $47,316M |
| Municipal – Short | 27 | $39.51B | $786M | $3,643M | $6,131M | $10,579M | $13,022M |
| Municipal – Single State | 31 | $20.70B | $564M | $2,145M | $3,215M | $7,332M | $8,367M |
| Municipal – High Yield | 21 | $18.34B | $346M | $1,491M | $2,336M | $4,467M | $5,574M |
| Municipal – Long | 9 | $7.35B | $38M | $36M | $490M | $3,339M | $3,338M |
Top & Bottom 5 ETFs by 5-Day Flow
At the fund level, iShares National Muni Bond ETF (MUB) captured the largest weekly inflow at $1,510M, followed by Vanguard Tax-Exempt Bond ETF (VTEB) with $598M and Schwab Municipal Bond ETF (SCMB) with $490M. On the outflow side, BNY Mellon Municipal Opportunities ETF (BMOP) led redemptions at -$46M, followed by Dimensional National Municipal Bond ETF (DFNM) at -$35M. These outflows remained modest relative to the broad inflows seen across the top funds.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| MUB | iShares National Muni Bond ETF | $1,510M |
| VTEB | Vanguard Tax-Exempt Bond ETF | $598M |
| SCMB | Schwab Municipal Bond ETF | $490M |
| SUB | iShares Short-Term National Muni Bond ETF | $351M |
| VTEI | Vanguard Intermediate-Term Tax-Exempt Bond ETF | $228M |
| Outflows | ||
| BMOP | BNY Mellon Municipal Opportunities ETF | -$46M |
| DFNM | Dimensional National Municipal Bond ETF | -$35M |
| PZA | Invesco National AMT-Free Municipal Bond ETF | -$31M |
| INMU | iShares Intermediate Muni Income Active ETF | -$25M |
| BKMI | BNY Mellon Municipal Intermediate ETF | -$22M |
Issuer League Table Update
iShares retained the top position by market share at 32.25% ($78.55B across 10 funds), followed by Vanguard at 27.44% ($66.83B across 8 funds), together accounting for nearly 60% of channel AUM. iShares also led weekly inflows with $2,246M, followed by Vanguard at $1,465M and Schwab at $490M, reinforcing the dominance of the largest providers in capturing new allocations. On the outflow side, BNY Mellon recorded the largest weekly redemptions among issuers at -$50M, followed by Dimensional at -$37M and Franklin at -$12M, though these figures were small relative to the channel’s overall inflow momentum.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 10 | $78.55B | 32.25% |
| Vanguard | 8 | $66.83B | 27.44% |
| JPMorgan | 6 | $18.35B | 7.53% |
| Capital Group | 3 | $12.40B | 5.09% |
| SPDR | 4 | $10.15B | 4.17% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| iShares | $2,246M |
| Vanguard | $1,465M |
| Schwab | $490M |
| Outflows | |
| BNY Mellon | -$50M |
| Dimensional | -$37M |
| Franklin | -$12M |
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.
