ETF Evaluator:
abrdn Ultra Short Municipal Inc Act ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Muni National Short Over the Last Year
| 5.4% | abrdn Ultra Short Municipal Inc Act ETF (AMUN) |
| 3.2% | Vanguard Short Duration Tax-Exm Bd ETF (VSDM) |
| 3.2% | Capital Group Short Dur Muncpl Inc ETF (CGSM) |
| 3.2% | NYLI MacKay Muni Short Duration ETF (MMSD) |
| 3.2% | PGIM Ultra Short Municipal Bond ETF (PUSH) |
Risk
Index
Risk
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ETF Details
abrdn Ultra Short Municipal Inc Act ETF Overview
abrdn Ultra Short Municipal Inc Act ETF (AMUN) is an actively managed Municipal Bond Muni National Short exchange-traded fund (ETF). Aberdeen launched the ETF in 1986.
The investment seeks high after-tax current income consistent with preservation of capital.
The fund invests at least 80% of the value of its net assets, plus any borrowings for investment purposes, in investment grade fixed income securities that qualify as tax-exempt municipal obligations. Tax-exempt municipal obligations include municipal obligations that pay interest that is free from U.S. federal income tax. These obligations are issued by states, U.S. territories and their political subdivisions, such as counties, cities and towns.
About abrdn Ultra Short Municipal Inc Act ETF (AMUN)
There are 3 members of the management team with an average tenure of 5.39 years: Jonathan Mondillo (2018), Awais Khan (2025) and Miguel Laranjeiro (2018). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal 1 Yr 1-2 TR USD index with a weighting of 100%. abrdn Ultra Short Municipal Inc Act ETF has 65 securities in its portfolio. The top 10 holdings constitute 39.5% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
abrdn Ultra Short Municipal Inc Act ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. abrdn Ultra Short Municipal Inc Act ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 92.6% (92.6% domestic bond, 0.0% foreign bond and 0.0% convertible bond). abrdn Ultra Short Municipal Inc Act ETF has 7.4% of the portfolio in cash.
Assets Under Management
The fund has $53 million in total assets, which is below the $1 billion average for the Muni National Short category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
AMUN Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The abrdn Ultra Short Municipal Inc Act ETF expense ratio is below average compared to funds in the Muni National Short category. abrdn Ultra Short Municipal Inc Act ETF has an expense ratio of 0.25%, which is 19% higher than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. abrdn Ultra Short Municipal Inc Act ETF has a portfolio turnover rate of 117%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 56% for the Muni National Short category.
Recently, in the month of July 2026, abrdn Ultra Short Municipal Inc Act ETF returned 0.2%, which earned it a grade of A, as the Muni National Short category had an average return of -0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
abrdn Ultra Short Municipal Inc Act ETF has a trailing yield of 3.04%, which is above the 2.91% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
abrdn Ultra Short Municipal Inc Act ETF Grades
Year to date, the ETF has returned 1.6%, 0.5 percentage points better than the category, which translates into a grade of A. The fund has returned 5.4% over the past year (grade of A), 3.3% over the past three years (grade of B) and 0.5% per year over the past five years (grade of F) and 1.5% per year over the past 10 years (grade of B).
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AMUN Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| AMUN Return (NAV) | 0.2% | 0.7% | 5.4% | 3.3% | 0.5% | 1.5% |
| AMUN Return (Price) | 0.2% | 0.7% | 5.3% | 3.3% | 0.5% | 1.5% |
| NAV +/- Price Return | -0.016% | 0.011% | 0.059% | 0.019% | 0.011% | 0.006% |
| Muni National Short Avg | -0.2% | 0.4% | 2.8% | 3.2% | 1.7% | 1.5% |
| AMUN Grade (NAV) | A | A | A | B | F | B |
| +/- Category (NAV) | 0.4% | 0.3% | 2.6% | 0.1% | -1.2% | 0.1% |
| AMUN Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
AMUN Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| AMUN Return (NAV) | 1.6% | 1.6% | 3.5% | 5.4% | -8.5% | 2.3% | 2.8% | 6.3% | 0.7% | 3.3% | 0.0% |
| AMUN Return (Price) | 1.5% | 1.7% | 3.5% | 5.4% | -8.5% | 2.5% | 2.6% | 6.3% | 0.7% | 3.3% | 0.0% |
| NAV +/- Price Ret | -0.106% | 0.073% | 0.000% | 0.000% | 0.000% | 0.106% | -0.086% | 0.0% | 0.0% | 0.0% | 0.0% |
| Muni National Short Avg | 1.1% | 3.8% | 2.7% | 3.8% | -2.1% | 0.4% | 2.1% | 3.0% | 1.3% | 1.5% | -0.1% |
| AMUN Grade (NAV) | A | F | A | A | F | A | B | A | F | A | B |
| +/- Category | 0.5% | -2.2% | 0.8% | 1.6% | -6.4% | 1.8% | 0.7% | 3.3% | -0.6% | 1.8% | 0.1% |
| Risk Measures | |
| Beta: | 0.79 |
| R-Squared: | 80% |
| Standard Deviation: | 5.1% |
| Category Risk Index: | 2.86 |
| Category Risk Rating: | High |
| Total Risk Index: | 0.41 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 3.0% |
| Total Assets: | $ 53 Mil |
| Share Class Assets: | $ 53 Mil |
| Turnover: | 117.0% |
| Expense Ratio: | 0.25% |
| Index Fund: | No |
| Index Tracked: | Bloomberg Municipal TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 7.6 years | |||
| Average Tenure: 5.4 years | |||
| Managers (Year): Mondillo Jonathan (2018), Laranjeiro Miguel (2018), Khan Awais (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 65 |
| % in Top 10 Holdings: | 39.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 92.6% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 7.4% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Aberdeen |
| Phone Number: | 844-383-7289 |
| Website: | www.aberdeen-asset.us |
| Inception Date: | March 17, 1986 |
Expenses and Fees
| Expense Ratio (%): | 0.25% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.21% |
