Category Review
Municipal bond funds are down for the year after a third-quarter selloff erased the first-half gain
AMG GW&K Muni Income ETF
$23.56+0.14 (+0.59%)
- 0.29%
- $18M
- 0M sh
- $23.38
- low $23.26high $25.45
The ETF.net MUNX Grade
C
Score 54 out of 100
- 39 of 63
Score 54 of 100 falls in the C 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.B61 out of 100Rank 22 of 63Mission
Whether the fund did what it promised, tested against its stated mandate.A95 out of 100Rank 18 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.F7 out of 100Rank 63 of 63Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.D36 out of 100Rank 53 of 63Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.F23 out of 100Rank 55 of 63
Our read on MUNX
CA Boston bond boutique's muni playbook in an ETF wrapper. GW&K's team picks individual tax-exempt bonds across sectors, maturities and credit tiers, aiming at federally tax-free income instead of mirroring an index.
The Fund seeks current income exempt from federal income tax while preserving capital. Capital appreciation is a secondary objective.
Why people hold it
- Actively run rather than index-shadowing: managers can shift sectors, maturities and credit quality inside a muni market where many bonds trade by appointment.amgetfs.com
- At 0.29% a year, it charges a shade under the typical muni bond ETF while running an active book instead of a rules-based one.
- Clear job description: core intermediate US munis, federally tax-exempt income first, capital preservation alongside it, price appreciation only a secondary goal.amgetfs.com
- Income is designed to arrive monthly per the fund's filings, and the portfolio stays tightly inside that tax-exempt muni mandate with no side bets.
Worth knowing
- Index munis undercut it sharply: VTEB and SCMB charge 0.03%. Active bond selection is the entire reason to pay the difference here.
- Launched in late 2025, so the record is short and trading has been light. Spreads can run wider than the big muni index funds, which makes execution matter.
- Payout timing has been uneven early on, and the exemption is federal only: state taxes and bonds subject to the AMT are still in play.aaii.com
MUNX Holdings
- Bonds
- 71
- 27%
- FICC - Sweep 10/9/2026 3.60% 2026-10-13
MUNX 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.Not enough history yet.Not enough history yet.Not enough history yet.
MUNX$9,640
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 | MUNX |
|---|---|
| Year to date | −3.6% |
| 1 month | −2.6% |
| 3 months | −5.6% |
| 1 year | — |
| 3 years | — |
| 5 years | — |
| 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 | MUNX |
|---|---|---|
| 2026 YTD | −3.6% | |
| 2025 | +0.5% |
MUNX in the news
MUNX Dividends
- $0.08 per share
- Monthly
Distribution data unavailable.
Distribution history
MUNX Risk
- —
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.
- —
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.
- —
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.
- 0.18
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
MUNX Cost
0.29%
MUNX0.29%
- The middle half of Other Municipal Bond funds
- Median 0.30%
26 of the 63 Other Municipal Bond funds charge less.
Other funds in Other Municipal Bond
- CFTPAFranklin Pennsylvania Municipal Income ETFExpense ratio 0.36%1 year return —
- CJMSIJPMorgan Sustainable Municipal Income ETFExpense ratio 0.46%1 year return −2.3%
- CPZTInvesco New York AMT-Free Municipal Bond ETFExpense ratio 0.28%1 year return −5.1%
- CFTCAFranklin California Municipal Income ETFExpense ratio 0.35%1 year return —
- CFTNYFranklin New York Municipal Income ETFExpense ratio 0.37%1 year return —