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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
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Spring Into Summer With Municipals - Municipal May Update
| Name | Correlation | AUM | Expense Ratio | |
|---|---|---|---|---|
| IWF | 0.02% | $111.47B | 0.19% | |
| GDIV | 0.03% | $215.49M | 0.5% | |
| SFYF | 0.03% | $27.88M | 0.29% | |
| SFLR | 0.03% | $856.69M | 0.89% | |
| BBJP | 0.04% | $12.85B | 0.19% | |
| JPXN | 0.05% | $93.99M | 0.48% | |
| CALF | 0.08% | $4.27B | 0.59% | |
| EWJ | -0.08% | $14.93B | 0.5% | |
| AIQ | 0.09% | $3.82B | 0.68% | |
| IPAY | 0.09% | $291.58M | 0.75% | |
| PBP | -0.10% | $142.94M | 0.2% | |
| DFLV | -0.10% | $3.73B | 0.22% | |
| TECB | -0.10% | $441.13M | 0.3% | |
| QMOM | 0.11% | $351.29M | 0.29% | |
| DFVX | 0.11% | $454.77M | 0.19% | |
| EPS | 0.12% | $1.16B | 0.08% | |
| XLSR | 0.12% | $751.82M | 0.7% | |
| PVAL | 0.13% | $3.55B | 0.56% | |
| BBLU | 0.13% | $278.27M | 0.15% | |
| PMAR | 0.14% | $661.94M | 0.79% |
| Name | Correlation | AUM | Expense Ratio | |
|---|---|---|---|---|
| TFI | 93.24% | $3.21B | 0.23% | |
| VTEB | 92.79% | $37.74B | 0.03% | |
| FMB | 92.27% | $1.89B | 0.65% | |
| MUB | 91.26% | $38.59B | 0.05% | |
| ITM | 91.03% | $1.87B | 0.18% | |
| PZA | 89.94% | $2.83B | 0.28% | |
| CMF | 89.83% | $3.50B | 0.08% | |
| JMUB | 89.21% | $3.06B | 0.18% | |
| MLN | 87.28% | $513.19M | 0.24% | |
| HYMB | 86.67% | $2.62B | 0.35% | |
| FMHI | 86.59% | $746.85M | 0.7% | |
| SCMB | 85.59% | $2.10B | 0.03% | |
| TAXF | 85.44% | $477.91M | 0.29% | |
| IBMS | 85.36% | $89.61M | 0.18% | |
| HYD | 85.34% | $3.31B | 0.32% | |
| MMIT | 85.25% | $1.03B | 0.3% | |
| CGMU | 84.69% | $3.38B | 0.27% | |
| DFNM | 84.69% | $1.58B | 0.17% | |
| SHM | 84.34% | $3.41B | 0.2% | |
| MMIN | 83.75% | $322.53M | 0.3% |
| Name | Correlation | Market Cap | Return % (1 Year) | Div Yield % |
|---|---|---|---|---|
| CODX | <0.01% | $8.49M | -80.62% | 0.00% |
| BP | <0.01% | $81.83B | -10.07% | 5.99% |
| KWR | -0.01% | $2.32B | -24.56% | 1.47% |
| ING | 0.01% | $70.12B | +28.24% | 5.20% |
| GMAB | -0.01% | $13.45B | -16.69% | 0.00% |
| CASI | 0.01% | $22.15M | -77.52% | 0.00% |
| RIOT | -0.01% | $4.50B | +35.23% | 0.00% |
| LTM | -0.02% | $12.85B | -95.43% | 2.39% |
| INFU | -0.02% | $129.84M | -9.90% | 0.00% |
| PKE | -0.03% | $304.31M | +10.37% | 3.26% |
| HLT | -0.03% | $65.96B | +27.95% | 0.22% |
| CLSK | -0.03% | $3.62B | -13.77% | 0.00% |
| CEVA | 0.03% | $554.86M | +16.99% | 0.00% |
| PTC | 0.03% | $23.34B | +8.24% | 0.00% |
| TKO | 0.03% | $14.13B | +57.26% | 0.44% |
| PAM | 0.04% | $3.84B | +51.11% | 0.00% |
| ANSS | -0.05% | $32.93B | +14.44% | 0.00% |
| HALO | 0.06% | $7.10B | +9.11% | 0.00% |
| ALHC | 0.06% | $2.65B | +51.87% | 0.00% |
| PAYS | 0.06% | $423.44M | +88.65% | 0.00% |
| Name | Correlation | Market Cap | Return % (1 Year) | Div Yield % |
|---|---|---|---|---|
| DFDV | -41.83% | $363.21M | +2,422.23% | 0.00% |
| FCNCA | -24.09% | $28.33B | +21.99% | 0.36% |
| JPM | -23.03% | $800.91B | +38.92% | 1.86% |
| SANM | -21.60% | $5.58B | +48.53% | 0.00% |
| STTK | -21.45% | $37.09M | -80.88% | 0.00% |
| NAT | -21.26% | $575.96M | -28.04% | 10.64% |
| MVO | -20.61% | $69.00M | -38.46% | 20.74% |
| LPLA | -20.05% | $30.41B | +43.35% | 0.32% |
| KOS | -18.59% | $1.03B | -62.08% | 0.00% |
| LPG | -18.45% | $1.18B | -24.56% | 0.00% |
| INSW | -18.03% | $1.96B | -23.35% | 1.21% |
| BTU | -17.88% | $1.80B | -34.77% | 2.04% |
| CIVI | -17.49% | $2.95B | -53.33% | 6.33% |
| BFH | -17.47% | $2.91B | +34.08% | 1.36% |
| AMP | -17.02% | $51.66B | +23.35% | 1.12% |
| TRMD | -16.99% | $1.74B | -52.47% | 22.01% |
| CAMT | -16.84% | $4.08B | -30.82% | 0.00% |
| WBS | -16.66% | $10.01B | +27.84% | 2.70% |
| RYTM | -16.65% | $5.66B | +91.07% | 0.00% |
| STNG | -16.48% | $2.32B | -41.78% | 3.50% |
| Name | Correlation | AUM | Expense Ratio | |
|---|---|---|---|---|
| USDU | -28.66% | $129.80M | 0.5% | |
| UUP | -25.68% | $196.45M | 0.77% | |
| ICLO | -24.56% | $319.81M | 0.19% | |
| THTA | -21.86% | $34.97M | 0.61% | |
| FLJH | -19.68% | $86.40M | 0.09% | |
| DBJP | -18.25% | $370.89M | 0.45% | |
| DXJ | -17.88% | $3.47B | 0.48% | |
| HEWJ | -17.08% | $355.50M | 0.5% | |
| FLTR | -13.39% | $2.44B | 0.14% | |
| LONZ | -12.36% | $737.91M | 0.63% | |
| KBWB | -12.06% | $4.80B | 0.35% | |
| JBBB | -12.06% | $1.31B | 0.48% | |
| FTSL | -11.97% | $2.39B | 0.87% | |
| CLOI | -10.74% | $1.06B | 0.4% | |
| IAT | -10.71% | $620.27M | 0.4% | |
| PXJ | -10.61% | $26.86M | 0.66% | |
| PSCE | -10.33% | $62.57M | 0.29% | |
| XME | -9.33% | $1.99B | 0.35% | |
| FXN | -9.09% | $287.31M | 0.62% | |
| IEZ | -8.70% | $115.72M | 0.4% |
| Name | Correlation | Market Cap | Return % (1 Year) | Div Yield % |
|---|---|---|---|---|
| AMT | 44.75% | $103.46B | +6.67% | 3.01% |
| PSA | 42.56% | $50.67B | -2.63% | 4.16% |
| SAFE | 41.19% | $1.12B | -24.96% | 4.55% |
| SBAC | 40.55% | $25.01B | +10.93% | 1.80% |
| NNN | 40.12% | $8.11B | -2.22% | 5.40% |
| PFSI | 39.95% | $5.23B | +2.83% | 1.19% |
| EXR | 39.44% | $31.58B | -6.35% | 4.37% |
| ELS | 39.12% | $11.82B | -6.57% | 3.23% |
| CUBE | 39.09% | $9.64B | -7.56% | 4.92% |
| TU | 38.35% | $25.21B | +7.34% | 6.98% |
| FCPT | 38.04% | $2.67B | +3.30% | 5.33% |
| GTY | 37.91% | $1.51B | -3.68% | 6.87% |
| FTS | 37.31% | $23.66B | +18.07% | 3.72% |
| SBRA | 37.30% | $4.37B | +17.46% | 6.53% |
| CCI | 36.85% | $45.27B | +1.59% | 5.56% |
| NGG | 35.92% | $69.26B | +12.41% | 4.39% |
| O | 35.74% | $51.41B | +3.51% | 5.62% |
| FAF | 35.48% | $5.82B | +1.04% | 3.84% |
| UMH | 35.37% | $1.44B | +1.61% | 5.13% |
| OHI | 35.25% | $10.61B | +6.51% | 7.33% |
NYF - iShares New York Muni Bond ETF contains 642 holdings. The top holdings include
Name | Weight |
|---|---|
| - | 0.66% |
| - | 0.64% |
| - | 0.61% |
| - | 0.58% |
| - | 0.58% |
| - | 0.57% |
| - | 0.56% |
| - | 0.54% |
| - | 0.52% |
| - | 0.52% |
| - | 0.52% |
| - | 0.51% |
| - | 0.49% |
| - | 0.47% |
| - | 0.46% |
| - | 0.46% |
| - | 0.46% |
| - | 0.43% |
| - | 0.42% |
| - | 0.42% |
| - | 0.42% |
| - | 0.42% |
| - | 0.41% |
| - | 0.40% |
| - | 0.39% |
| - | 0.38% |
| - | 0.38% |
| - | 0.38% |
| - | 0.37% |
| - | 0.36% |
Sector | Weight |
|---|---|
