Bond ETFs

MUNI:what it yields, how rates move it and what it holds

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund. Portfolio as of June 30, 2026, from the fund's SEC filing (Form N-PORT).

US municipal. Bonds of US states and cities. Their interest is tax-free only for US taxpayers.

Yield to maturity (YTM)

3.94%

before the fund's costs

As of June 30, 2026, before the fund's costs.

If rates rise 1 pointestimated from its duration, 5.4 years: -5.4%
Investment gradeof the credit risk, BBB or better: 100%
Size648 positions: $3.1B

In a few words

MUNI holds 648 positions. 88% of the portfolio is bonds of US states and cities. On June 30, 2026, the bonds it holds had a yield to maturity (YTM) of 3.94% a year, before the fund's costs. Its duration is 5.4 years: if rates rise by 1 percentage point, its price falls about 5.4%. In 2022, when rates rose sharply, its total return was -6.8%.

Every ETF in US municipal

If rates change

A rough estimate, if rates moved at once and equally at every maturity.

5.4 years duration3.94% yield to maturity

Change in rates+1 point

▲ break-even

Price, at once

-5.4%

Over 12 months, with the yield

-1.5%

Ready-made moves

Change in rates	At once	12 months
	+5.4%	+9.4%
	+2.7%	+6.7%
	0.0%	+3.9%
	-2.7%	+1.2%
	-5.4%	-1.5%
	-10.9%	-6.9%

At a yield of 3.94% and a duration of 5.4 years, a rise in rates of about 0.73 points within the year would eat the whole year's yield.

Past returns

The ETF's total return, price change plus distributions, as the fund reports it to the SEC.

July 2019 – June 2026

Last 12 months

+5.9%

3 years, average per year

+3.9%

Worst 12 months

-9.8%

Largest fall from a peak

-10.9%

100 at the start 115.3 at the end, distributions reinvested

What it holds

Portfolio as of June 30, 2026: who issued the bonds, when they mature and the largest issuers.

648 positions330 issuers

Who issued the bonds

States and cities88.2%

US Treasury6.1%

Fannie Mae, Freddie Mac and others4.6%

Largest issuers

The 10 largest are 21.8% of the fund.

United States Treasury6.15%

New York City Transitional Finance Authority Future Tax Secured Revenue3.22%

Black Belt Energy Gas District2.70%

Puerto Rico Sales Tax Financing Corp Sales Tax Revenue1.61%

Illinois Finance Authority1.58%

FHLMC Multifamily VRD Certificates1.50%

California Community Choice Financing Authority1.50%

New York State Dormitory Authority1.20%

Tarrant County Cultural Education Facilities Finance Corp1.19%

Main Street Natural Gas Inc1.15%

When they mature

Up to 1 year1.4%

1 to 3 years3.5%

3 to 5 years8.2%

5 to 10 years18.4%

10 to 20 years39.6%

Over 20 years28.0%

Details

Positions: 648
Average coupon: 4.41%
Floating rate: 30.7%
In other currencies: 0.0%
Mortgage-backed: 1.7%
In default: 0.00%
Hard to value: 0.00%
Cash and cash funds: 0.1%

Maturities as stated on the bonds. Mortgage bonds, many corporate bonds and city bonds can be repaid early, so in practice they mature sooner.

Similar bond ETFs

Same kind as MUNI, nearest in rate sensitivity.

CGMUCapital Group Municipal Income ETF
If rates +1%-4.9%
JMUBJPMorgan Municipal ETF
If rates +1%-6.2%
SCMBSchwab Municipal Bond ETF
If rates +1%-6.6%
CMFiShares California Muni Bond ETF
If rates +1%-6.8%
VTECVanguard California Tax-Exempt Bond ETF
If rates +1%-6.9%
MUBiShares National Muni Bond ETF
If rates +1%-7.0%

ETF	Yield (YTM)	If rates +1%	2022	Size
CGMUCapital Group Municipal Income ETF	3.89%	-4.9%	–	$6.3B
JMUBJPMorgan Municipal ETF	4.35%	-6.2%	-7.5%	$8.8B
SCMBSchwab Municipal Bond ETF	3.84%	-6.6%	–	$4.0B
CMFiShares California Muni Bond ETF	3.80%	-6.8%	-8.1%	$4.6B
VTECVanguard California Tax-Exempt Bond ETF	3.92%	-6.9%	–	$3.3B
MUBiShares National Muni Bond ETF	4.06%	-7.0%	-7.5%	$45.4B

The full analysis

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Common questions

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How much would MUNI fall if rates rose?

With a duration of 5.4 years, an immediate one-point rise in rates would take about 5.4% off its price. An equal fall would add about the same.

What is MUNI's yield?

On June 30, 2026, according to its filing, the bonds it holds had a yield to maturity (YTM) of 3.94% a year, before the fund's costs. That is not the distribution the ETF pays, and it moves every day with prices.

How did MUNI do in 2022?

In 2022 MUNI returned -6.8% in total, as the fund reports it.

Is this MUNI's dividend yield?

No. The yield to maturity shown here is what the bonds the fund holds would earn a year if held to maturity, at the prices on the filing date. The dividend yield measures what the ETF paid over the last 12 months against its price, and it lags, because it depends on the coupons of bonds bought earlier. The SEC yield the issuer publishes is a standardised 30-day figure after costs, and usually lands close to the yield to maturity, a little below. When rates have risen, the dividend yield is usually lower than the other two.

US stocksThe market today, the sectors, the largest companies and the week's results.ETF overlapHow much of one ETF is already inside another, stock by stock, from the funds' SEC filings.US dividend stocksEach dividend's yield next to whether the company's cash covers it and whether it was ever cut.Methodology and sourcesWhere every figure comes from and how it is checked.

This page describes what bond ETFs hold, based on their SEC filings. Bond prices change every day and past returns do not say what comes next.