Weekly Channel Summary
As of November 7, 2025, the Fixed Income: Municipal ETF channel comprises 122 ETFs from 46 different issuers, with total assets under management (AUM) standing at $174 billion. The channel has seen significant positive flows, attracting $1.23 billion over the past week, $30.98 billion year-to-date, and $34.76 billion over the past year.
This Week’s Performance Leaders and Laggards
The ‘Single State’ category led performance this week with a 0.08% return, bringing its year-to-date (YTD) gain to 2.98%. On the other end, the ‘High Yield’ category was the week’s laggard, posting a modest 0.01% return, though it maintains a respectable 3.63% gain YTD.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Single State | 0.08% | 0.97% | 3.82% | 4.26% | 2.98% | 3.63% |
| Intermediate | 0.06% | 0.94% | 3.64% | 4.79% | 4.30% | 4.74% |
| Long | 0.04% | 1.28% | 5.70% | 4.69% | 2.09% | 2.94% |
| Short | 0.04% | 0.13% | 0.72% | 2.51% | 3.41% | 3.73% |
| High Yield | 0.01% | 1.11% | 4.45% | 4.55% | 3.63% | 3.83% |
Top & Bottom 5 ETFs by Weekly Performance
The week’s single best performer was the HTAX (Macquarie National High-Yield Municipal Bond ETF), which returned 0.20%. The worst-performing ETFs were the XMPT (VanEck CEF Muni Income ETF), down -0.65%, and the RTAI (Rareview Tax Advantaged Income ETF), which fell -0.45%.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| HTAX | Macquarie National High-Yield Municipal Bond ETF | 0.20% |
| HIMU | iShares High Yield Muni Active ETF | 0.17% |
| MMCA | NYLI MacKay California Muni Intermediate ETF | 0.16% |
| MBND | State Street Nuveen Municipal Bond ETF | 0.15% |
| TAXE | T. Rowe Price Intermediate Municipal Income ETF | 0.14% |
| Bottom Performers | ||
| XMPT | VanEck CEF Muni Income ETF | -0.65% |
| RTAI | Rareview Tax Advantaged Income ETF | -0.45% |
| OVM | Overlay Shares Municipal Bond ETF | -0.42% |
| NMB | Simplify National Muni Bond ETF | -0.39% |
| PZT | Invesco New York AMT-Free Municipal Bond ETF | -0.03% |
Analyzing the Weekly Flows
The municipal channel saw total net inflows of $1,228 million this past week. The ‘Intermediate’ category was the clear winner, pulling in $921 million. This category, which has $117.4 billion in AUM, continues to dominate investor interest. The ‘Short’ category also saw significant inflows of $171 million. The ‘Long’ category was the only one to experience outflows, though minimal at -$1 million.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Intermediate | 50 | $117.4B | +$921M | +$5,724M | +$9,409M | +$17,859M | +$20,537M |
| Short | 22 | $26.6B | +$171M | +$745M | +$1,896M | +$6,514M | +$6,900M |
| Single State | 20 | $9.8B | +$74M | +$324M | +$746M | +$1,997M | +$2,576M |
| High Yield | 16 | $13.3B | +$63M | +$314M | +$2,869M | +$4,036M | +$4,152M |
| Long | 8 | $4.5B | -$1M | +$79M | +$564M | +$491M | +$586M |
Top & Bottom 5 ETFs by 5-Day Flow
At the fund level, the VTEB (Vanguard Tax-Exempt Bond ETF) was the top gatherer, attracting $355 million. The largest outflows were seen in the TFI (State Street SPDR Nuveen ICE Municipal Bond ETF) with -$41 million in outflows, followed by the PWZ (Invesco California AMT-Free Municipal Bond ETF) which lost -$4 million.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| VTEB | Vanguard Tax-Exempt Bond ETF | +$355M |
| MUB | iShares National Muni Bond ETF | +$343M |
| JMST | JPMorgan Ultra-Short Municipal Income ETF | +$74M |
| FLMI | Franklin Dynamic Municipal Bond ETF | +$60M |
| VTES | Vanguard Short-Term Tax Exempt Bond ETF | +$43M |
| Outflows | ||
| TFI | State Street SPDR Nuveen ICE Municipal Bond ETF | -$41M |
| PWZ | Invesco California AMT-Free Municipal Bond ETF | -$4M |
| HTAB | Hartford Schroders Tax-Aware Bond ETF | -$3M |
| PZA | Invesco National AMT-Free Municipal Bond ETF | -$2M |
Issuer League Table Update
The municipal ETF space continues to be led by iShares, which holds 34.59% of the market share, and Vanguard, with 26.87%. This week, Vanguard led all issuers in asset gathering, pulling in $459 million. SPDR saw the largest weekly outflows among top issuers, with -$26 million departing its funds.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 10 | $60.18B | 34.59% |
| Vanguard | 8 | $46.75B | 26.87% |
| JPMorgan | 4 | $11.89B | 6.83% |
| SPDR | 5 | $9.36B | 5.38% |
| Capital Group | 3 | $7.65B | 4.40% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| Vanguard | +$459M |
| iShares | +$411M |
| JPMorgan | +$94M |
| Outflows | |
| SPDR | -$26M |
| Invesco | -$5M |
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.
