Weekly Channel Summary
The FI: Municipal ETF channel currently tracks 136 ETFs across 48 issuers, representing a total of $205.4 billion in Assets Under Management (AUM). Flow activity for the channel has been remarkably strong, gathering $1.80 billion in net new money over the past week. This adds to a robust longer-term trend, with year-to-date (YTD) flows sitting at $17.94 billion and 1-year flows reaching $49.08 billion.
This Week’s Performance Leaders and Laggards
High Yield was the standout category this week, leading performance with a 0.48% return and bolstering its Year-to-Date (YTD) gain to 2.04%. On the other end of the spectrum, the Short duration category was the weakest performer, returning just 0.08% for the week and bringing its YTD performance to 0.83%.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| High Yield | 0.48% | 0.74% | 0.75% | 2.42% | 2.04% | 7.10% |
| Long | 0.25% | 0.40% | 0.62% | 1.71% | 1.60% | 6.60% |
| Intermediate | 0.21% | 0.31% | -0.03% | 1.51% | 1.14% | 6.32% |
| Single State | 0.21% | 0.33% | 0.23% | 1.61% | 1.26% | 5.85% |
| Short | 0.08% | 0.10% | 0.06% | 1.35% | 0.83% | 3.88% |
Top & Bottom 5 ETFs by Weekly Performance
The RTAI (Rareview Tax Advantaged Income ETF) claimed the top spot this week with a strong 1.55% return. Conversely, the MBNE (State Street Nuveen Municipal Bond ESG ETF) and JMST (JPMorgan Ultra-Short Municipal Income ETF) found themselves at the bottom of the rankings, returning -0.07% and 0.04% respectively.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| RTAI | Rareview Tax Advantaged Income ETF | 1.55% |
| XMPT | VanEck CEF Muni Income ETF | 1.38% |
| YYYM | Amplify Municipal CEF High Income ETF | 1.18% |
| NMB | Simplify National Muni Bond ETF | 0.53% |
| MFLX | First Trust Flexible Municipal High Income ETF | 0.50% |
| Bottom Performers | ||
| MBNE | State Street Nuveen Municipal Bond ESG ETF | -0.07% |
| JMST | JPMorgan Ultra-Short Municipal Income ETF | 0.04% |
| FUMB | First Trust Ultra Short Duration Municipal ETF | 0.05% |
| PVI | Invesco Floating Rate Municipal Income ETF | 0.05% |
| AUSM | Allspring Ultra Short Municipal ETF | 0.06% |
Analyzing the Weekly Flows
The FI: Municipal channel attracted $1,802 million in net inflows this week. The Intermediate duration category dominated flow activity, taking in the lion’s share with $1,454 million, bringing its massive total AUM to $164.9 billion. The Short duration category also saw significant interest, gathering $274 million. While no duration category experienced outflows this week, Long duration recorded the lowest amount of new capital, attracting just $74 million.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Intermediate | 99 | $164.9B | $1,454M | $3,739M | $8,238M | $13,125M | $37,039M |
| Short | 27 | $32.5B | $274M | $346M | $1,711M | $2,360M | $8,927M |
| Long | 10 | $8.0B | $74M | $273M | $2,078M | $2,457M | $3,111M |
Top & Bottom 5 ETFs by 5-Day Flow
At the fund level, the VTEB (Vanguard Tax-Exempt Bond ETF) led the pack, pulling in a massive $330 million in new assets. Conversely, the BKMI (BNY Mellon Municipal Intermediate ETF) and FTMU (Franklin Municipal Income ETF) saw the largest net outflows, shedding -$9 million and posting a flat $0 million flow, respectively.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| VTEB | Vanguard Tax-Exempt Bond ETF | $330M |
| VCRM | Vanguard Core Tax-Exempt Bond ETF | $204M |
| MUB | iShares National Muni Bond ETF | $149M |
| VTEC | Vanguard California Tax-Exempt Bond ETF | $90M |
| JMUB | JPMorgan Municipal ETF | $75M |
| Outflows | ||
| BKMI | BNY Mellon Municipal Intermediate ETF | -$9M |
| FTMU | Franklin Municipal Income ETF | $0M |
Issuer League Table Update
iShares and Vanguard maintain their strong grip as the top two issuers in the channel, commanding market shares of 32.59% and 25.21%, respectively. Vanguard was the biggest winner this week, gathering the most in weekly inflows at $718 million, while BNY Mellon experienced the largest outflows, shedding -$9 million.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 10 | $66.95B | 32.59% |
| Vanguard | 8 | $51.79B | 25.21% |
| JPMorgan | 4 | $14.42B | 7.02% |
| Capital Group | 3 | $10.00B | 4.87% |
| SPDR | 5 | $9.48B | 4.61% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| Vanguard | $718M |
| iShares | $371M |
| JPMorgan | $121M |
| Outflows | |
| BNY Mellon | -$9M |
| 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.
