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This is a brief overview of Cumberland Advisorsâ thoughts on financial markets as we head into the second half of 2025. Read more here.
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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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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 | -34.33% | $361.15M | +2,667.20% | 0.00% |
| AGL | -24.54% | $931.39M | -65.60% | 0.00% |
| MVO | -23.06% | $69.92M | -35.18% | 21.79% |
| JPM | -22.09% | $802.32B | +37.44% | 1.83% |
| NAT | -19.75% | $578.08M | -27.78% | 10.66% |
| SANM | -19.73% | $5.61B | +46.70% | 0.00% |
| HUM | -19.62% | $27.45B | -40.80% | 1.55% |
| CVS | -18.05% | $81.42B | +9.70% | 4.12% |
| FCNCA | -17.65% | $28.61B | +21.24% | 0.35% |
| BTU | -17.49% | $1.82B | -36.41% | 2.04% |
| KOS | -16.25% | $979.92M | -64.29% | 0.00% |
| ARLP | -16.10% | $3.50B | +8.96% | 10.24% |
| LPLA | -15.99% | $29.63B | +40.36% | 0.32% |
| STTK | -15.90% | $39.28M | -82.14% | 0.00% |
| CNR | -15.64% | $3.96B | -28.56% | 0.93% |
| LPG | -15.59% | $1.21B | -20.79% | 0.00% |
| PRK | -14.61% | $2.85B | +9.31% | 2.43% |
| AMR | -14.12% | $1.53B | -63.40% | 0.00% |
| STNG | -13.41% | $2.33B | -40.74% | 3.56% |
| GEO | -13.35% | $3.72B | +50.89% | 0.00% |
| Name | Correlation | AUM | Expense Ratio | |
|---|---|---|---|---|
| WTAI | <0.01% | $213.61M | 0.45% | |
| PPLT | -0.01% | $1.67B | 0.6% | |
| PIN | 0.05% | $235.21M | 0.78% | |
| SOXQ | -0.07% | $507.82M | 0.19% | |
| PPA | -0.11% | $5.84B | 0.57% | |
| QFLR | -0.16% | $300.31M | 0.89% | |
| QQQY | -0.19% | $169.89M | 1% | |
| IYE | 0.23% | $1.21B | 0.39% | |
| TFLO | 0.24% | $6.73B | 0.15% | |
| XAR | 0.25% | $3.65B | 0.35% | |
| ITA | -0.25% | $8.44B | 0.4% | |
| SIVR | 0.28% | $2.03B | 0.3% | |
| FNCL | -0.33% | $2.29B | 0.084% | |
| FTXL | 0.34% | $299.13M | 0.6% | |
| SLV | 0.37% | $17.47B | 0.5% | |
| DBO | 0.40% | $228.22M | 0.77% | |
| KRBN | 0.41% | $160.58M | 0.85% | |
| DBC | 0.42% | $1.26B | 0.87% | |
| FFTY | 0.45% | $80.15M | 0.8% | |
| PDBC | -0.46% | $4.49B | 0.59% |
| Name | Correlation | AUM | Expense Ratio | |
|---|---|---|---|---|
| MUB | 94.34% | $38.62B | 0.05% | |
| TFI | 93.99% | $3.21B | 0.23% | |
| VTEB | 93.91% | $37.84B | 0.03% | |
| FMB | 92.70% | $1.89B | 0.65% | |
| SCMB | 91.54% | $2.14B | 0.03% | |
| CMF | 89.66% | $3.50B | 0.08% | |
| TAXF | 89.33% | $478.14M | 0.29% | |
| NYF | 89.11% | $885.33M | 0.25% | |
| ITM | 88.90% | $1.87B | 0.18% | |
| CGMU | 88.86% | $3.39B | 0.27% | |
| MUNI | 88.76% | $2.02B | 0.35% | |
| PZA | 88.68% | $2.84B | 0.28% | |
| MMIN | 87.67% | $321.61M | 0.3% | |
| HTAB | 87.65% | $410.50M | 0.39% | |
| MLN | 87.03% | $513.44M | 0.24% | |
| MMIT | 85.74% | $1.03B | 0.3% | |
| MINO | 85.33% | $320.83M | 0.39% | |
| FMHI | 85.27% | $748.97M | 0.7% | |
| SHM | 82.45% | $3.41B | 0.2% | |
| IBMS | 82.39% | $89.71M | 0.18% |
| Name | Correlation | Market Cap | Return % (1 Year) | Div Yield % |
|---|---|---|---|---|
| SAFE | 47.97% | $1.11B | -28.27% | 4.53% |
| PSA | 45.85% | $50.63B | -4.44% | 4.15% |
| AMT | 45.03% | $103.82B | +6.20% | 3.01% |
| SBAC | 42.89% | $24.97B | +10.50% | 1.81% |
| CUBE | 42.68% | $9.61B | -11.13% | 4.91% |
| EXR | 42.50% | $31.93B | -7.36% | 4.30% |
| MFA | 42.44% | $954.67M | -18.78% | 15.16% |
| ELS | 41.70% | $11.84B | -7.68% | 3.20% |
| PFSI | 41.44% | $5.21B | +0.16% | 1.19% |
| FCPT | 39.91% | $2.71B | +3.58% | 5.24% |
| NNN | 39.27% | $8.29B | -2.28% | 5.25% |
| CCI | 38.80% | $44.96B | +0.12% | 5.58% |
| TU | 38.71% | $24.99B | +5.67% | 7.03% |
| GTY | 37.98% | $1.55B | -4.81% | 6.67% |
| FAF | 37.19% | $5.80B | -0.79% | 3.83% |
| RKT | 37.11% | $2.11B | +1.25% | 0.00% |
| NLY | 36.85% | $11.89B | -3.58% | 13.68% |
| HR | 36.46% | $5.63B | -10.66% | 7.74% |
| UMH | 36.42% | $1.43B | -0.76% | 5.11% |
| ARR | 36.26% | $1.37B | -19.98% | 17.35% |
| Name | Correlation | Market Cap | Return % (1 Year) | Div Yield % |
|---|---|---|---|---|
| FSM | -0.01% | $2.02B | +24.86% | 0.00% |
| CFFN | -0.01% | $843.29M | +6.01% | 5.36% |
| CREG | -0.02% | $5.73M | -77.49% | 0.00% |
| QXO | -0.02% | $14.11B | -60.25% | 0.00% |
| APOG | 0.02% | $937.18M | -30.22% | 1.76% |
| JAMF | -0.02% | $1.08B | -54.81% | 0.00% |
| TTMI | -0.03% | $4.50B | +109.36% | 0.00% |
| TENB | -0.03% | $4.05B | -26.19% | 0.00% |
| WST | 0.03% | $16.13B | -29.87% | 0.37% |
| AVDX | -0.03% | $2.03B | -20.77% | 0.00% |
| AMKR | -0.03% | $5.27B | -49.58% | 1.50% |
| GTM | 0.03% | $3.47B | -8.26% | 0.00% |
| TBPH | 0.03% | $573.51M | +16.21% | 0.00% |
| NSC | -0.04% | $59.27B | +15.42% | 2.06% |
| TFII | -0.05% | $7.56B | -42.06% | 1.92% |
| TITN | 0.05% | $451.30M | +17.63% | 0.00% |
| AIT | 0.05% | $9.79B | +27.68% | 0.64% |
| BPMC | -0.06% | $8.37B | +8.22% | 0.00% |
| AMC | -0.06% | $1.43B | -38.27% | 0.00% |
| SLQT | -0.06% | $398.99M | -34.93% | 0.00% |
| Name | Correlation | AUM | Expense Ratio | |
|---|---|---|---|---|
| USDU | -22.70% | $129.88M | 0.5% | |
| UUP | -19.89% | $183.22M | 0.77% | |
| THTA | -14.28% | $34.97M | 0.61% | |
| ICLO | -12.93% | $332.76M | 0.19% | |
| FLJH | -11.79% | $86.24M | 0.09% | |
| DXJ | -10.54% | $3.48B | 0.48% | |
| DBJP | -10.46% | $369.99M | 0.45% | |
| HEWJ | -8.62% | $353.57M | 0.5% | |
| DBMF | -8.25% | $1.17B | 0.85% | |
| XME | -7.74% | $2.08B | 0.35% | |
| KBWB | -7.18% | $4.84B | 0.35% | |
| PSCE | -6.57% | $62.96M | 0.29% | |
| PXJ | -6.04% | $26.93M | 0.66% | |
| IAT | -5.83% | $623.75M | 0.4% | |
| VIXY | -5.13% | $200.94M | 0.85% | |
| CRPT | -4.92% | $149.58M | 0.85% | |
| KRE | -4.80% | $3.54B | 0.35% | |
| CLSE | -4.80% | $184.76M | 1.44% | |
| LONZ | -4.79% | $739.07M | 0.63% | |
| YBTC | -4.34% | $239.20M | 0.96% |
Current Value
$49.431 Year Return
Current Value
$49.431 Year Return
JMUB - Traded Fund Trust JPMorgan Municipal ETF contains 876 holdings. The top holdings include 3BZLXQ1
Name | Weight |
|---|---|
| - | 11.89% |
| - | 1.00% |
| - | 0.63% |
3 3BZLXQ1NT MAIN STR NAT VAR 05/55 | 0.55% |
| - | 0.52% |
| - | 0.51% |
| - | 0.51% |
| - | 0.49% |
| - | 0.48% |
| - | 0.47% |
| - | 0.44% |
| - | 0.42% |
| - | 0.41% |
| - | 0.40% |
| - | 0.40% |
| - | 0.36% |
| - | 0.34% |
| - | 0.33% |
| - | 0.33% |
| - | 0.33% |
| - | 0.33% |
| - | 0.31% |
| - | 0.31% |
3 3BRMTW0NT PUERTO RICO 5% 07/58 | 0.30% |
| - | 0.30% |
| - | 0.30% |
| - | 0.29% |
| - | 0.29% |
| - | 0.27% |
3 3BZQNG1NT TEXAS MUN GAS VAR 01/55 | 0.27% |
Sector | Weight |
|---|---|
