Category Review
Municipal bond funds are down for the year after a third-quarter selloff erased the first-half gain
Avantis Core Municipal Fixed Income ETF
$43.32+0.31 (+0.72%)
- 0.15%
- $166M
- −2.5%
- 3.71%
- 0M sh
- $43.00
- low $42.21high $47.14
The ETF.net AVMU Grade
B
Score 68 out of 100
- 18 of 63
Score 68 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.A86 out of 100Rank 9 of 63Mission
Whether the fund did what it promised, tested against its stated mandate.A88 out of 100Rank 32 of 59Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C42 out of 100Rank 44 of 63Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D27 out of 100Rank 52 of 63Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B69 out of 100Rank 22 of 63Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B57 out of 100Rank 34 of 63
Our read on AVMU
BActive muni management at index-fund pricing. Avantis runs a broad investment-grade portfolio of roughly 500 municipal bonds for 0.15%, half the typical fee in its category, aimed at income exempt from federal tax.
The fund seeks income exempt from federal income tax by investing broadly in investment-grade municipal debt. It uses active portfolio oversight and current-yield information while pursuing diversification and controlled turnover.
Why people hold it
- 0.15% a year for an actively run muni portfolio, against a category median near 0.30%. A manager for close to what many funds charge to follow an index.
- Broad by design: roughly 500 investment-grade munis, with diversification and controlled turnover written into the stated mandate rather than left to a manager's mood.res.avantisinvestors.com
- The portfolio does what the prospectus says: US investment-grade municipal debt, federal tax-exempt income, and one of the stronger showings in a crowded muni peer group.
Worth knowing
- Thinly traded with a modest asset base, so bid-ask spreads can run wider than at index heavyweights like VTEB and MUB.
- Cheap for active, not cheap outright: index rivals VTEB and SCMB charge 0.03%. You are paying up for the oversight.
- The exemption is federal only, and municipal bonds still carry interest-rate and credit risk. A 2020 launch means a shorter track record than the muni mainstays.res.avantisinvestors.com
AVMU Holdings
- Bonds
- 563
- 11%
- San Antonio Tx Pub Facs Corp L Sanfac 09/42 Fixed Oid 4
Geography
- United States100.00%
AVMU Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.
AVMU$9,754
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | AVMU |
|---|---|
| Year to date | −4.5% |
| 1 month | −1.4% |
| 3 months | −6.2% |
| 1 year | −2.5% |
| 3 years | +2.3% |
| 5 years | −0.2% |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | AVMU |
|---|---|---|
| 2026 YTD | −4.5% | |
| 2025 | +3.9% | |
| 2024 | +1.7% | |
| 2023 | +5.2% | |
| 2022 | −7.3% | |
| 2021 | +0.3% | |
| 2020 | +0.2% |
AVMU in the news
AVMU Dividends
- 3.71%
- $1.60
- $0.14 per share
- Monthly
Distribution history
AVMU Risk
- 6.2%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.36
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −11.8%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.93
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
AVMU Cost
0.15%
AVMU0.15%
- The middle half of Other Municipal Bond funds
- Median 0.30%
8 of the 63 Other Municipal Bond funds charge less.
Other funds in Other Municipal Bond
- APZAInvesco National AMT-Free Municipal Bond ETFExpense ratio 0.28%1 year return −4.7%
- BHMOPHartford Municipal Opportunities ETFExpense ratio 0.29%1 year return −1.6%
- BDFCADimensional - California Municipal Bond ETFExpense ratio 0.19%1 year return −1.6%
- BFMBFirst Trust Managed Municipal ETFExpense ratio 0.39%1 year return −2.2%
- BCATFAmerican Century California Municipal Bond ETFExpense ratio 0.25%1 year return −1.7%