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Q2 2025 Credit Commentary: Up In The Air
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The end of the second quarter of 2025 saw slight rises in the 10-year Treasury yield but slight lowering of yields in the 10-year AAA muni yield.
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Municipal bonds are currently offering attractive tax-adjusted yields that are backed by strong fundamentals.
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Fixed Income Outlook - Q3 2025
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The municipal bond market faced strong headwinds in H1 2025, with tariff and budget policies, including debate over the One Big Beautiful Bill Act, weighing heavily on investor sentiment.
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Top Reasons To Consider Municipal Bonds
| Name | Correlation | Market Cap | Return % (1 Year) | Div Yield % |
|---|---|---|---|---|
| DFDV | -45.15% | $363.21M | +2,422.23% | 0.00% |
| JPM | -26.85% | $800.91B | +38.92% | 1.86% |
| STTK | -25.54% | $37.09M | -80.88% | 0.00% |
| MVO | -24.26% | $69.00M | -38.46% | 20.74% |
| FCNCA | -24.00% | $28.33B | +21.99% | 0.36% |
| KOS | -23.71% | $1.03B | -62.08% | 0.00% |
| NAT | -22.68% | $575.96M | -28.04% | 10.64% |
| LPG | -22.42% | $1.18B | -24.56% | 0.00% |
| SANM | -21.23% | $5.58B | +48.53% | 0.00% |
| INSW | -20.62% | $1.96B | -23.35% | 1.21% |
| STNG | -19.95% | $2.32B | -41.78% | 3.50% |
| LPLA | -19.88% | $30.41B | +43.35% | 0.32% |
| BFH | -19.39% | $2.91B | +34.08% | 1.36% |
| RES | -19.34% | $1.15B | -12.01% | 3.09% |
| SMHI | -19.30% | $157.62M | -58.52% | 0.00% |
| BTU | -18.67% | $1.80B | -34.77% | 2.04% |
| TRMD | -18.47% | $1.74B | -52.47% | 22.01% |
| NVGS | -18.45% | $1.06B | -9.53% | 1.30% |
| TK | -18.23% | $650.10M | +23.51% | 0.00% |
| BKR | -18.23% | $39.34B | +15.07% | 2.22% |
| Name | Correlation | AUM | Expense Ratio | |
|---|---|---|---|---|
| ICLO | -25.84% | $319.81M | 0.19% | |
| USDU | -25.17% | $129.80M | 0.5% | |
| UUP | -24.46% | $196.45M | 0.77% | |
| THTA | -23.32% | $34.97M | 0.61% | |
| FLJH | -18.90% | $86.40M | 0.09% | |
| DBJP | -17.32% | $370.89M | 0.45% | |
| DXJ | -17.21% | $3.47B | 0.48% | |
| HEWJ | -15.46% | $355.50M | 0.5% | |
| PXJ | -15.00% | $26.86M | 0.66% | |
| FLTR | -14.35% | $2.44B | 0.14% | |
| PSCE | -13.72% | $62.57M | 0.29% | |
| FTSL | -13.32% | $2.39B | 0.87% | |
| KBWB | -13.03% | $4.80B | 0.35% | |
| XES | -12.68% | $162.70M | 0.35% | |
| IEZ | -12.38% | $115.72M | 0.4% | |
| CLOI | -12.20% | $1.06B | 0.4% | |
| OIH | -12.13% | $1.01B | 0.35% | |
| LONZ | -11.55% | $737.91M | 0.63% | |
| XME | -11.50% | $1.99B | 0.35% | |
| FXN | -11.41% | $287.31M | 0.62% |
| Name | Correlation | AUM | Expense Ratio | |
|---|---|---|---|---|
| BTC | 0.01% | $4.85B | 0.15% | |
| IWF | -0.02% | $111.47B | 0.19% | |
| BCI | -0.03% | $1.64B | 0.26% | |
| VIS | 0.03% | $5.96B | 0.09% | |
| NANC | 0.04% | $225.67M | 0.74% | |
| EPS | -0.04% | $1.16B | 0.08% | |
| IWY | -0.05% | $14.01B | 0.2% | |
| VONG | 0.05% | $29.36B | 0.07% | |
| FV | -0.06% | $3.65B | 0.87% | |
| CORN | 0.09% | $43.71M | 0.2% | |
| EWJV | -0.09% | $366.17M | 0.15% | |
| GRPM | -0.10% | $466.89M | 0.35% | |
| TECB | -0.13% | $441.13M | 0.3% | |
| CSHI | 0.17% | $541.25M | 0.38% | |
| PMAY | 0.21% | $634.72M | 0.79% | |
| HEQT | 0.21% | $328.60M | 0.44% | |
| BBLU | -0.21% | $278.27M | 0.15% | |
| TPMN | -0.22% | $31.06M | 0.65% | |
| XLSR | 0.23% | $751.82M | 0.7% | |
| XSMO | -0.25% | $1.73B | 0.39% |
| Name | Correlation | AUM | Expense Ratio | |
|---|---|---|---|---|
| VTEB | 95.26% | $37.74B | 0.03% | |
| TFI | 94.95% | $3.21B | 0.23% | |
| MUB | 93.50% | $38.59B | 0.05% | |
| PZA | 93.35% | $2.83B | 0.28% | |
| MLN | 93.00% | $513.19M | 0.24% | |
| CMF | 92.71% | $3.50B | 0.08% | |
| JMUB | 92.69% | $3.06B | 0.18% | |
| ITM | 92.43% | $1.87B | 0.18% | |
| NYF | 92.27% | $884.52M | 0.25% | |
| MMIT | 90.54% | $1.03B | 0.3% | |
| FMHI | 89.61% | $746.85M | 0.7% | |
| TAXF | 89.24% | $477.91M | 0.29% | |
| SCMB | 88.96% | $2.10B | 0.03% | |
| HYMB | 88.50% | $2.62B | 0.35% | |
| DFNM | 87.96% | $1.58B | 0.17% | |
| HYD | 87.08% | $3.31B | 0.32% | |
| CGMU | 86.72% | $3.38B | 0.27% | |
| HTAB | 86.59% | $410.25M | 0.39% | |
| MUNI | 84.97% | $2.00B | 0.35% | |
| MMIN | 84.77% | $322.53M | 0.3% |
| Name | Correlation | Market Cap | Return % (1 Year) | Div Yield % |
|---|---|---|---|---|
| AMT | 42.81% | $103.46B | +6.67% | 3.01% |
| PSA | 42.21% | $50.67B | -2.63% | 4.16% |
| SAFE | 40.72% | $1.12B | -24.96% | 4.55% |
| PFSI | 39.84% | $5.23B | +2.83% | 1.19% |
| SBAC | 39.70% | $25.01B | +10.93% | 1.80% |
| CUBE | 38.71% | $9.64B | -7.56% | 4.92% |
| EXR | 37.51% | $31.58B | -6.35% | 4.37% |
| FAF | 37.33% | $5.82B | +1.04% | 3.84% |
| ELS | 36.79% | $11.82B | -6.57% | 3.23% |
| TU | 36.58% | $25.21B | +7.34% | 6.98% |
| NNN | 36.45% | $8.11B | -2.22% | 5.40% |
| FCPT | 35.80% | $2.67B | +3.30% | 5.33% |
| HD | 35.64% | $371.41B | +5.51% | 2.46% |
| GTY | 35.62% | $1.51B | -3.68% | 6.87% |
| ES | 35.03% | $24.29B | +11.30% | 4.48% |
| CCI | 34.98% | $45.27B | +1.59% | 5.56% |
| RKT | 34.91% | $2.09B | +2.91% | 0.00% |
| MFA | 34.80% | $973.15M | -15.66% | 15.07% |
| FTS | 34.66% | $23.66B | +18.07% | 3.72% |
| LEN.B | 33.87% | $28.70B | -20.74% | 1.83% |
| Name | Correlation | Market Cap | Return % (1 Year) | Div Yield % |
|---|---|---|---|---|
| LYTS | -0.01% | $540.38M | +19.83% | 1.12% |
| BYD | -0.02% | $6.95B | +50.22% | 0.84% |
| ACVA | 0.02% | $2.83B | -2.59% | 0.00% |
| CRM | 0.02% | $252.36B | +5.12% | 0.62% |
| CRUS | 0.03% | $5.45B | -21.37% | 0.00% |
| MNOV | 0.03% | $62.29M | -8.63% | 0.00% |
| GME | -0.03% | $10.33B | -9.66% | 0.00% |
| RYAAY | -0.03% | $30.94B | +19.99% | 0.00% |
| NEM | -0.04% | $66.54B | +26.73% | 1.67% |
| EGBN | -0.04% | $647.34M | +4.67% | 4.49% |
| AVPT | -0.04% | $3.70B | +78.26% | 0.00% |
| CEVA | -0.04% | $554.86M | +16.99% | 0.00% |
| SSP | 0.05% | $364.00M | +33.44% | 0.00% |
| FRHC | 0.05% | $8.90B | +87.22% | 0.00% |
| GRMN | 0.06% | $41.94B | +30.61% | 1.46% |
| MGM | 0.06% | $10.57B | -15.27% | 0.00% |
| SMLR | -0.06% | $633.85M | +36.73% | 0.00% |
| FIVE | 0.08% | $7.17B | +24.90% | 0.00% |
| STNE | 0.08% | $4.35B | +19.37% | 0.00% |
| RXO | -0.09% | $2.93B | -34.14% | 0.00% |
FMB - Traded Fund III First Trust Managed Municipal ETF contains 1342 holdings. The top holdings include 3BWBPW3
Name | Weight |
|---|---|
| - | 5.22% |
| - | 0.88% |
3 3BWBPW3NT MAIN STR NAT GAS INC GA GAS SUPPLY REV 4% | 0.80% |
| - | 0.76% |
| - | 0.55% |
| - | 0.53% |
3 3BYJLM7NT TEXAS MUN GAS ACQUISITION & SUPPLY CORP IV GAS SUPPLY REV 5.5% | 0.51% |
| - | 0.50% |
| - | 0.50% |
| - | 0.49% |
| - | 0.47% |
3 3BRMTV6NT PUERTO RICO SALES TAX FING CORP SALES TAX REV 4.5% | 0.45% |
| - | 0.45% |
3 3BVBXH3NT SOUTHEAST ENERGY AUTH COMMODITY SUPPLY REV ALA 4% | 0.45% |
| - | 0.43% |
| - | 0.42% |
| - | 0.39% |
| - | 0.39% |
| - | 0.34% |
| - | 0.34% |
| - | 0.34% |
3 3BXCNQ6NT NEW YORK N Y 5.25% | 0.33% |
| - | 0.33% |
| - | 0.33% |
| - | 0.32% |
| - | 0.32% |
| - | 0.32% |
| - | 0.31% |
| - | 0.30% |
| - | 0.30% |
Sector | Weight |
|---|---|
