Category Review
Municipal bond funds are down for the year after a third-quarter selloff erased the first-half gain
PGIM Municipal Income Opportunities ETF
$49.01+0.24 (+0.49%)
- 0.25%
- $56M
- −0.6%
- 3.99%
- 0M sh
- $48.73
- low $47.76high $52.12
The ETF.net PMIO Grade
B
Score 65 out of 100
- 23 of 63
Score 65 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.A71 out of 100Rank 17 of 63Mission
Whether the fund did what it promised, tested against its stated mandate.A85 out of 100Rank 37 of 59Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.A74 out of 100Rank 1 of 63Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D39 out of 100Rank 44 of 63Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.C43 out of 100Rank 46 of 63Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.D29 out of 100Rank 51 of 63
Our read on PMIO
BA muni fund with a roving mandate: PGIM's bond desk picks the bonds instead of copying an index, using the Bloomberg 1-15 Year Municipal Index as a yardstick rather than a leash, and pays income monthly.
The Fund seeks total return from current income and capital appreciation.
Why people hold it
- Active muni management for 0.25% a year, below the typical muni ETF fee. Stock-picking in the muni market usually costs more than this.
- Built for flexibility: PGIM Fixed Income subadvises and can dial credit and duration risk, rather than owning whatever the benchmark owns.pgim.com
- At least 80% of assets go to municipal bonds whose income is exempt from federal income tax, and the fund distributes monthly.pgim.com
- The portfolio matches the total-return-from-munis job it advertises, and it sits in the upper half of a crowded muni ETF field.
Worth knowing
- Small and thinly traded next to the muni index giants. Limit orders matter more here than in something like VTEB or MUB.
- You pay for the manager: 0.25% versus 0.03% at VTEB and 0.05% at MUB. Active calls have to earn that gap back.
- Launched in June 2024, so the track record is short and the credit and duration calls have not been tested across a full rate cycle.
PMIO Holdings
- Bonds
- 124
- 24%
- (PIPA070) PGIM Core Government Money Market Fund
Sectors
- Financials100.0%
Geography
- United States100.00%
PMIO 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.
PMIO$9,941
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 | PMIO |
|---|---|
| Year to date | −1.5% |
| 1 month | −1.4% |
| 3 months | −3.4% |
| 1 year | −0.6% |
| 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 | PMIO |
|---|---|---|
| 2026 YTD | −1.5% | |
| 2025 | +5.3% | |
| 2024 | +3.0% |
PMIO in the news
PMIO Dividends
- 3.99%
- $1.95
- $0.15 per share
- Monthly
Distribution history
PMIO Risk
- 4.0%
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.
- −0.44
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.
- −4.9%
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.
- 0.20
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
PMIO Cost
0.25%
PMIO0.25%
- The middle half of Other Municipal Bond funds
- Median 0.30%
16 of the 63 Other Municipal Bond funds charge less.
Other funds in Other Municipal Bond
- BCATFAmerican Century California Municipal Bond ETFExpense ratio 0.25%1 year return −1.7%
- BPWZInvesco California AMT-Free Municipal Bond ETFExpense ratio 0.28%1 year return −3.7%
- BFTMUFranklin Municipal Income ETFExpense ratio 0.30%1 year return —
- BBABInvesco Taxable Municipal Bond ETFExpense ratio 0.28%1 year return −3.1%
- BMUSTColumbia Multi-Sector Municipal Income ETFExpense ratio 0.23%1 year return −2.8%