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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.
SeekingAlpha
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
Current Value
$44.501 Year Return
Current Value
$44.501 Year Return
| Name | Correlation | AUM | Expense Ratio | |
|---|---|---|---|---|
| USDU | -27.58% | $129.80M | 0.5% | |
| UUP | -25.96% | $196.45M | 0.77% | |
| ICLO | -21.67% | $319.81M | 0.19% | |
| THTA | -19.79% | $34.97M | 0.61% | |
| FLJH | -18.38% | $86.40M | 0.09% | |
| DXJ | -17.27% | $3.47B | 0.48% | |
| DBJP | -17.16% | $370.89M | 0.45% | |
| HEWJ | -15.32% | $355.50M | 0.5% | |
| PXJ | -12.85% | $26.86M | 0.66% | |
| KBWB | -12.57% | $4.80B | 0.35% | |
| PSCE | -11.94% | $62.57M | 0.29% | |
| DBMF | -11.63% | $1.17B | 0.85% | |
| IAT | -10.87% | $620.27M | 0.4% | |
| XME | -10.85% | $1.99B | 0.35% | |
| FLTR | -10.83% | $2.44B | 0.14% | |
| IEZ | -10.51% | $115.72M | 0.4% | |
| XES | -10.46% | $162.70M | 0.35% | |
| OIH | -10.24% | $1.01B | 0.35% | |
| LONZ | -9.84% | $737.91M | 0.63% | |
| KRE | -9.51% | $3.65B | 0.35% |
| Name | Correlation | AUM | Expense Ratio | |
|---|---|---|---|---|
| VTEB | 95.53% | $37.74B | 0.03% | |
| FMB | 94.95% | $1.89B | 0.65% | |
| MUB | 94.29% | $38.59B | 0.05% | |
| JMUB | 94.02% | $3.06B | 0.18% | |
| NYF | 93.24% | $884.52M | 0.25% | |
| PZA | 93.10% | $2.83B | 0.28% | |
| ITM | 92.62% | $1.87B | 0.18% | |
| CMF | 92.33% | $3.50B | 0.08% | |
| TAXF | 89.71% | $477.91M | 0.29% | |
| SCMB | 89.60% | $2.10B | 0.03% | |
| MLN | 89.22% | $513.19M | 0.24% | |
| CGMU | 88.79% | $3.38B | 0.27% | |
| MMIN | 88.72% | $322.53M | 0.3% | |
| FMHI | 87.94% | $746.85M | 0.7% | |
| MMIT | 87.84% | $1.03B | 0.3% | |
| HYMB | 87.30% | $2.62B | 0.35% | |
| SHM | 87.06% | $3.41B | 0.2% | |
| IBMS | 86.55% | $89.61M | 0.18% | |
| HTAB | 85.86% | $410.25M | 0.39% | |
| MUNI | 85.81% | $2.00B | 0.35% |
| Name | Correlation | AUM | Expense Ratio | |
|---|---|---|---|---|
| IYW | -<0.01% | $21.87B | 0.39% | |
| DFAT | 0.05% | $11.09B | 0.28% | |
| FXL | 0.08% | $1.38B | 0.62% | |
| VOX | -0.10% | $5.25B | 0.09% | |
| FFLC | -0.11% | $774.68M | 0.38% | |
| SPGP | -0.17% | $2.81B | 0.36% | |
| KCE | 0.17% | $510.25M | 0.35% | |
| XAR | 0.18% | $3.60B | 0.35% | |
| VGT | 0.18% | $95.46B | 0.09% | |
| PPI | -0.21% | $56.56M | 0.78% | |
| SFY | 0.21% | $502.09M | 0.05% | |
| JPXN | 0.22% | $93.99M | 0.48% | |
| PWV | 0.22% | $1.12B | 0.53% | |
| RSPT | -0.24% | $3.66B | 0.4% | |
| IGPT | 0.26% | $480.77M | 0.58% | |
| EWJ | 0.26% | $14.93B | 0.5% | |
| FCOM | -0.29% | $1.60B | 0.084% | |
| ARKF | -0.29% | $1.21B | 0.75% | |
| FBY | -0.30% | $176.81M | 1.06% | |
| FBCG | 0.31% | $4.40B | 0.59% |
| Name | Correlation | Market Cap | Return % (1 Year) | Div Yield % |
|---|---|---|---|---|
| DFDV | -39.81% | $363.21M | +2,422.23% | 0.00% |
| JPM | -26.84% | $800.91B | +38.92% | 1.86% |
| NAT | -23.51% | $575.96M | -28.04% | 10.64% |
| FCNCA | -23.30% | $28.33B | +21.99% | 0.36% |
| SANM | -22.67% | $5.58B | +48.53% | 0.00% |
| LPG | -21.51% | $1.18B | -24.56% | 0.00% |
| STTK | -21.36% | $37.09M | -80.88% | 0.00% |
| AGL | -21.12% | $956.23M | -62.44% | 0.00% |
| MVO | -20.48% | $69.00M | -38.46% | 20.74% |
| LPLA | -19.69% | $30.41B | +43.35% | 0.32% |
| CVS | -19.57% | $83.01B | +12.73% | 4.09% |
| BTU | -19.47% | $1.80B | -34.77% | 2.04% |
| STNG | -19.05% | $2.32B | -41.78% | 3.50% |
| KOS | -18.99% | $1.03B | -62.08% | 0.00% |
| INSW | -18.93% | $1.96B | -23.35% | 1.21% |
| PRK | -18.85% | $2.88B | +17.55% | 2.41% |
| SMHI | -18.44% | $157.62M | -58.52% | 0.00% |
| TK | -17.97% | $650.10M | +23.51% | 0.00% |
| BFH | -17.90% | $2.91B | +34.08% | 1.36% |
| WFC | -17.83% | $268.01B | +36.90% | 1.96% |
| Name | Correlation | Market Cap | Return % (1 Year) | Div Yield % |
|---|---|---|---|---|
| PSA | 46.75% | $50.67B | -2.63% | 4.16% |
| AMT | 45.61% | $103.46B | +6.67% | 3.01% |
| EXR | 43.46% | $31.58B | -6.35% | 4.37% |
| SAFE | 43.33% | $1.12B | -24.96% | 4.55% |
| CUBE | 42.74% | $9.64B | -7.56% | 4.92% |
| SBAC | 41.98% | $25.01B | +10.93% | 1.80% |
| NNN | 41.69% | $8.11B | -2.22% | 5.40% |
| PFSI | 40.22% | $5.23B | +2.83% | 1.19% |
| FCPT | 39.49% | $2.67B | +3.30% | 5.33% |
| GTY | 39.19% | $1.51B | -3.68% | 6.87% |
| TU | 39.01% | $25.21B | +7.34% | 6.98% |
| ELS | 38.65% | $11.82B | -6.57% | 3.23% |
| FAF | 37.77% | $5.82B | +1.04% | 3.84% |
| O | 37.63% | $51.41B | +3.51% | 5.62% |
| HD | 37.22% | $371.41B | +5.51% | 2.46% |
| RKT | 36.63% | $2.09B | +2.91% | 0.00% |
| CCI | 36.49% | $45.27B | +1.59% | 5.56% |
| ES | 36.11% | $24.29B | +11.30% | 4.48% |
| OHI | 36.03% | $10.61B | +6.51% | 7.33% |
| NSA | 36.00% | $2.47B | -23.37% | 7.09% |
| Name | Correlation | Market Cap | Return % (1 Year) | Div Yield % |
|---|---|---|---|---|
| LOB | -<0.01% | $1.48B | -11.26% | 0.37% |
| BPMC | -<0.01% | $8.36B | +9.80% | 0.00% |
| BSM | <0.01% | $2.81B | -14.87% | 11.36% |
| PFG | -<0.01% | $18.29B | -2.72% | 3.65% |
| MBLY | -0.01% | $13.54B | -38.33% | 0.00% |
| LXU | 0.02% | $600.90M | +7.18% | 0.00% |
| CVX | 0.02% | $269.24B | -0.70% | 4.34% |
| PCTY | 0.04% | $10.10B | +34.09% | 0.00% |
| CTLP | -0.04% | $807.88M | +69.95% | 0.00% |
| NSP | -0.04% | $2.28B | -33.06% | 4.00% |
| NERV | -0.04% | $11.47M | -51.19% | 0.00% |
| OPRX | -0.05% | $245.61M | +33.87% | 0.00% |
| WEAV | 0.05% | $632.28M | -9.18% | 0.00% |
| EPAC | 0.06% | $2.06B | -1.93% | 0.11% |
| DNLI | -0.06% | $2.23B | -33.52% | 0.00% |
| SKYT | 0.06% | $492.38M | +45.18% | 0.00% |
| WBTN | 0.07% | $1.28B | -50.77% | 0.00% |
| MESO | -0.07% | $1.41B | +47.72% | 0.00% |
| IRWD | -0.08% | $125.56M | -88.64% | 0.00% |
| USAC | -0.08% | $2.89B | +2.54% | 8.54% |
TFI - SPDR Nuveen ICE Municipal Bond ETF contains 1388 holdings. The top holdings include
Name | Weight |
|---|---|
| - | 0.46% |
| - | 0.37% |
| - | 0.33% |
| - | 0.33% |
| - | 0.32% |
| - | 0.31% |
| - | 0.30% |
| - | 0.29% |
| - | 0.29% |
| - | 0.28% |
| - | 0.27% |
| - | 0.26% |
| - | 0.26% |
| - | 0.25% |
| - | 0.25% |
| - | 0.25% |
| - | 0.23% |
| - | 0.23% |
| - | 0.23% |
| - | 0.23% |
| - | 0.22% |
| - | 0.22% |
| - | 0.22% |
| - | 0.22% |
| - | 0.21% |
| - | 0.21% |
| - | 0.21% |
| - | 0.21% |
| - | 0.20% |
| - | 0.20% |
Sector | Weight |
|---|---|
