Weekly Channel Summary
The FI: Municipal ETF channel concluded the week with a total AUM of $161 billion, spread across 112 ETFs from 42 different issuers. The channel experienced modest inflows of $250 million over the past week, pushing the year-to-date net inflows to nearly $21 billion. Over the past twelve months, the channel has attracted a total of $28.71 billion in new assets.
This Week’s Performance Leaders and Laggards
The Long duration category led performance this week with a 0.37% return, though it remains up only 0.84% year-to-date. On the other end of the spectrum, the Short duration category posted the lowest returns of the week at just 0.04%; however, it maintains a strong YTD performance of 3.49%.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Long | 0.37% | 4.02% | 4.13% | 1.45% | 0.84% | -0.21% |
| High Yield | 0.26% | 3.71% | 3.57% | 1.70% | 2.65% | 1.25% |
| Single State | 0.26% | 2.84% | 3.30% | 2.01% | 1.89% | 1.20% |
| Intermediate | 0.20% | 2.66% | 3.43% | 2.70% | 3.18% | 2.29% |
| Short | 0.04% | 0.75% | 1.85% | 2.60% | 3.49% | 3.54% |
Top & Bottom 5 ETFs by Weekly Performance
The best-performing fund this week was the Rockefeller Opportunistic Municipal Bond ETF (RMOP), which gained 0.43%. At the other end of the spectrum, the X-Square Municipal Income ETF (ZTAX) and the NYLI MacKay Muni Short Duration ETF (MMSD) were the week’s worst performers, with losses of -0.12% and -0.05%, respectively.
| Top Performers | ||
| RMOP | Rockefeller Opportunistic Municipal Bond ETF | 0.43% |
| LMUB | iShares Long-Term National Muni Bond ETF | 0.43% |
| PZT | Invesco New York AMT-Free Municipal Bond ETF | 0.42% |
| VTEL | Vanguard Long-Term Tax-Exempt Bond ETF | 0.41% |
| PWZ | Invesco California AMT-Free Municipal Bond ETF | 0.41% |
| Bottom Performers | ||
| FUMB | First Trust Ultra Short Duration Municipal ETF | 0.00% |
| SUB | iShares Short-Term National Muni Bond ETF | -0.01% |
| SHM | SPDR Nuveen ICE Short Term Municipal Bond ETF | -0.03% |
| MMSD | NYLI MacKay Muni Short Duration ETF | -0.05% |
| ZTAX | X-Square Municipal Income ETF | -0.12% |
Analyzing the Weekly Flows
The FI: Municipal channel saw net inflows of $250 million this week. The High Yield category was the most popular, attracting $169 million in new assets and boasting a total AUM of $12.7 billion. The Long duration category also saw healthy inflows of $134 million. In contrast, the Intermediate category experienced the largest outflows, with investors pulling $93 million.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| High Yield | 16 | $12.7B | $169M | $413M | $2,646M | $2,205M | $2,499M |
| Long | 8 | $4.2B | $134M | $251M | $424M | $346M | $576M |
| Short | 21 | $25.8B | $38M | $728M | $2,014M | $5,527M | $6,186M |
| Single State | 19 | $8.2B | $2M | $249M | $641M | $1,535M | $2,445M |
| Intermediate | 47 | $109.6B | ($93M) | $2,893M | $5,337M | $11,516M | $17,282M |
Top & Bottom 5 ETFs by 5-Day Flow
The iShares High Yield Muni Active ETF (HIMU) was the top asset gatherer this week, pulling in $170 million. On the other side of the ledger, the Vanguard Tax-Exempt Bond ETF (VTEB) saw the most significant outflows at $183 million, followed by the iShares Short-Term National Muni Bond ETF (SUB), which shed $70 million.
| Inflows | ||
| HIMU | iShares High Yield Muni Active ETF | $170M |
| PZA | Invesco National AMT-Free Municipal Bond ETF | $98M |
| MUB | iShares National Muni Bond ETF | $32M |
| VTES | Vanguard Short-Term Tax Exempt Bond ETF | $28M |
| JMST | JPMorgan Ultra-Short Municipal Income ETF | $28M |
| Outflows | ||
| VTEB | Vanguard Tax-Exempt Bond ETF | ($183M) |
| SUB | iShares Short-Term National Muni Bond ETF | ($70M) |
| HTAB | Hartford Schroders Tax-Aware Bond ETF | ($35M) |
| HYMB | SPDR Nuveen ICE High Yield Municipal Bond ETF | ($10M) |
| FCAL | First Trust California Municipal High Income ETF | ($7M) |
Issuer League Table Update
iShares and Vanguard continue to lead the issuer landscape, commanding 36.34% and 27.52% of the market share, respectively. iShares had the most successful week, bringing in $152 million in new assets. Among the top issuers, Vanguard experienced the largest outflows, with a reduction of $138 million over the past five days.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 10 | $58.69B | 36.34% |
| Vanguard | 8 | $44.44B | 27.52% |
| SPDR | 5 | $9.53B | 5.90% |
| JPMorgan | 4 | $8.98B | 5.56% |
| Capital Group | 3 | $7.11B | 4.40% |
Top & Bottom 3 Issuers by 5-Day Flow
| Inflows | |
| iShares | $152M |
| Invesco | $95M |
| JPMorgan | $56M |
| Outflows | |
| Vanguard | -$138M |
| Hartford | -$38M |
| Rockefeller Capital Management | -$5M |
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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.
