Weekly Channel Summary
The Fixed Income: Municipal ETF channel, as of November 14, 2025, encompasses 126 ETFs from 46 different issuers, managing a total of $176 billion in assets. The channel continues to see strong positive investor sentiment, attracting $1.55 billion in net flows over the past week. This builds on a robust year, with year-to-date (YTD) flows reaching $32.53 billion and total 1-year flows standing at $35.09 billion.
This Week’s Performance Leaders and Laggards
On the performance front, the High Yield category led the municipal space with a 0.09% return for the week, bringing its YTD performance to 3.77%. On the other end of the spectrum, the Long duration category was the slowest performer, posting a minimal 0.01% gain for the week, with its YTD return at 2.11%.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| High Yield | 0.09% | 0.64% | 4.60% | 4.99% | 3.77% | 3.05% |
| Short | 0.06% | 0.13% | 0.71% | 2.52% | 3.47% | 3.56% |
| Single State | 0.04% | 0.60% | 3.85% | 4.58% | 3.02% | 2.86% |
| Intermediate | 0.02% | 0.58% | 3.62% | 4.93% | 4.32% | 4.00% |
| Long | 0.01% | 0.67% | 5.77% | 5.25% | 2.11% | 1.77% |
Top & Bottom 5 ETFs by Weekly Performance
The week’s single best-performing ETF was the XMPT (VanEck CEF Muni Income ETF). The biggest laggards included the OVM (Overlay Shares Municipal Bond ETF) and the NMB (Simplify National Muni Bond ETF).
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| XMPT | VanEck CEF Muni Income ETF | 0.75% |
| RTAI | Rareview Tax Advantaged Income ETF | 0.38% |
| ZTAX | X-Square Municipal Income ETF | 0.28% |
| PMIO | PGIM Municipal Income Opportunities ETF | 0.16% |
| TAXI | Northern Trust Intermediate Tax-Exempt Bond ETF | 0.11% |
| Bottom Performers | ||
| OVM | Overlay Shares Municipal Bond ETF | -0.17% |
| NMB | Simplify National Muni Bond ETF | -0.16% |
| HTAX | Macquarie National High-Yield Municipal Bond ETF | -0.08% |
| JMHI | JPMorgan High Yield Municipal ETF | -0.04% |
| LMUB | iShares Long-Term National Muni Bond ETF | -0.03% |
Analyzing the Weekly Flows
The Municipal channel gathered $936 million in total net flows over the past week. The Fixed Income: Municipal – Intermediate category was the clear leader, pulling in $592 million. This category, which holds $118.6 billion in total AUM, continues to be a favorite. The Fixed Income: Municipal – Short category also saw significant interest, with $265 million in new assets. On the other side, the Fixed Income: Municipal – Long category experienced the largest outflows, shedding $25 million.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Fixed Income: Municipal – Intermediate | 51 | $118.6B | $592M | $5,646M | $10,061M | $18,451M | $20,181M |
| Fixed Income: Municipal – Short | 23 | $27.0B | $265M | $786M | $2,030M | $6,785M | $7,117M |
| Fixed Income: Municipal – Single State | 22 | $11.1B | $63M | $301M | $781M | $2,061M | $2,464M |
| Fixed Income: Municipal – High Yield | 17 | $14.0B | $41M | $291M | $2,862M | $4,076M | $4,151M |
| Fixed Income: Municipal – Long | 8 | $4.5B | ($25M) | $8M | $448M | $539M | $559M |
Top & Bottom 5 ETFs by 5-Day Flow
At the fund level, the JMST (JPMorgan Ultra-Short Municipal Income ETF) led all ETFs with $188 million in new assets. Conversely, the PZA (Invesco National AMT-Free Municipal Bond ETF) saw the largest redemption, with $41 million in outflows, followed by the TFI (State Street SPDR Nuveen ICE Municipal Bond ETF), which lost $9 million.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| JMST | JPMorgan Ultra-Short Municipal Income ETF | $188M |
| MUB | iShares National Muni Bond ETF | $182M |
| VTEB | Vanguard Tax-Exempt Bond ETF | $109M |
| JMUB | JPMorgan Municipal ETF | $71M |
| CGMU | Capital Group Municipal Income ETF | $54M |
| Outflows | ||
| PZA | Invesco National AMT-Free Municipal Bond ETF | ($41M) |
| TFI | State Street SPDR Nuveen ICE Municipal Bond ETF | ($9M) |
| FTMH | Franklin Municipal High Yield ETF | ($8M) |
| PWZ | Invesco California AMT-Free Municipal Bond ETF | ($7M) |
| FTMU | Franklin Municipal Income ETF | ($4M) |
Issuer League Table Update
The municipal ETF market remains concentrated, with iShares (34.44%) and Vanguard (26.71%) continuing to hold the top two spots by market share. This week, Franklin was the standout issuer for asset gathering, pulling in $616 million in 5-day flows. Among the top issuers, Invesco saw the largest outflows, with a $42 million reduction in assets.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 10 | $60.56B | 34.44% |
| Vanguard | 8 | $46.98B | 26.71% |
| JPMorgan | 4 | $12.16B | 6.92% |
| SPDR | 5 | $9.38B | 5.33% |
| Capital Group | 3 | $7.74B | 4.40% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| Franklin | $616M |
| JPMorgan | $262M |
| iShares | $253M |
| Outflows | |
| Invesco | -$42M |
| Avantis | -$2M |
| Hartford | -$1M |
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.
