Rieger Report: Current State of Municipal Bond ETFs

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Current State of Municipal Bond ETFs

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  • $36.5 Billion: Amount invested in municipal bond Exchange Traded Funds (ETFs)
  • 44: Number of municipal bond ETFs. 28 funds are passively managed to an index and 16 funds are actively managed
  • 50%: passively managed Municipal ETFs have fees that are more than half those of actively managed municipal bond ETFs:
    • 18 bps: Average passive management fee by number of funds
    • 16.75 bps: Average passive management fee by Assets Under Management (AUM)
    • 36.375 bps: Average active management fee by number of funds
    • 39 bps: Average active management fee by AUM

  • $7.8 Billion: Amount invested in short term municipal bond ETFs ($21% of the assets in municipal ETFs are invested in short term municipal bonds illustrating defensive use)

Municipal Bond ETFs Assets Under Management

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Sources: ETF sponsor websites. Chart is provided for illustrative purposes only. Past performance is not a guarantee of future results. Data as 2/8/2019.

Municipal Bond ETFs Assets Under Management

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Sources: ETF sponsor websites. Chart is provided for illustrative purposes only. Past performance is not a guarantee of future results. Data as 2/8/2019.

Municipal Bond ETFs Assets Under Management

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Sources: ETF sponsor websites. Chart is provided for illustrative purposes only. Past performance is not a guarantee of future results. Data as 2/8/2019.

Municipal Bond ETFs Management Fees in Bps (Weighted by AUM)

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Sources: ETF sponsor websites. Chart is provided for illustrative purposes only. Past performance is not a guarantee of future results. Data as 2/8/2019.

Largest Municipal Bond ETFs by AUM

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Sources: ETF sponsor websites. Table is provided for illustrative purposes only. Past performance is not a guarantee of future results. Data as 2/8/2019.

National Municipal Bond ETFs (Alphabetical Order)

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Sources: ETF sponsor websites. Table is provided for illustrative purposes only. Past performance is not a guarantee of future results. Data as 2/8/2019.

National Intermediate Municipal Bond ETFs (Alphabetical Order)

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Sources: ETF sponsor websites. Table is provided for illustrative purposes only. Past performance is not a guarantee of future results. Data as 2/8/2019.

National Short Term Municipal Bond ETFs (Alphabetical Order)

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Sources: ETF sponsor websites. Table is provided for illustrative purposes only. Past performance is not a guarantee of future results. Data as 2/8/2019.

High Yield Municipal Bond ETFs (Alphabetical Order)

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Sources: ETF sponsor websites. Table is provided for illustrative purposes only. Past performance is not a guarantee of future results. Data as 2/8/2019.

State Based Municipal Bond ETFs (Alphabetical Order)

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Sources: ETF sponsor websites. Table is provided for illustrative purposes only. Past performance is not a guarantee of future results. Data as 2/8/2019.

Taxable Municipal Bond ETF (Only one at this time)

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Sources: Invesco Funds. Table is provided for illustrative purposes only. Past performance is not a guarantee of future results. Data as 2/8/2019.

Data Resources Used in this Report

  • The data used in this report came from the ETF sponsor websites.
  • Not all the ETF sponsor websites report the same information and may do so in different time frames.
  • ETF “Sector” classifications can be subjective. The sector designation is my opinion based on the stated objective of the ETF.
  • The data in spreadsheet form is available by contacting the Rieger Report.
  • I do my best to make this an accurate report. In the event of data errors or omissions please contact JR@RiegerReport.com.
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