ETF Evaluator:
Capital Group Municipal Income ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Muni National Interm Over the Last Year
| 7.5% | Simplify National Muni Bond ETF (NMB) |
| 6.9% | X-Square Municipal Income Tax Free ETF (ZTAX) |
| 6.3% | BNY Mellon Municipal Opportunities ETF (BMOP) |
| 6.2% | PIMCO Muncpl Income Oppos Act Ex-Trd (MINO) |
| 6.0% | American Century Divers Muncpl Bd ETF (TAXF) |
Risk
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ETF Details
Capital Group Municipal Income ETF Overview
Capital Group Municipal Income ETF (CGMU) is an actively managed Municipal Bond Muni National Interm exchange-traded fund (ETF). Capital Group launched the ETF in 2022.
The investment seeks to provide a high level of current income exempt from regular federal income tax, consistent with the preservation of capital.
The fund will normally invest at least 80% of its assets in, or derive at least 80% of its income from, securities that are exempt from regular federal income tax. The fund will invest up to 30% of its assets in securities that may subject the investors to federal alternative minimum tax. The fund invests at least 65% in debt securities rated BBB- or better or Baa3 or better by NRSRO designated by the fund’s investment adviser. The fund is non-diversified.
About Capital Group Municipal Income ETF (CGMU)
There are 3 members of the management team with an average tenure of 3.77 years: Jerome Solomon (2022), Mark Marinella (2022) and Courtney Wolf (2022). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 3 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100%, Bloomberg Muni 1-15Y Blend(1-17) TR USD index with a weighting of 85% and Bloomberg 1-15Y Bl 1-17Y HY Mun B TR USD index with a weighting of 15%. Capital Group Municipal Income ETF has 2348 securities in its portfolio. The top 10 holdings constitute 7.1% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Capital Group Municipal Income ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. Capital Group Municipal Income ETF has 3.1% 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 98.9% (95.8% domestic bond, 3.1% foreign bond and 0.0% convertible bond). Capital Group Municipal Income ETF has 1.1% of the portfolio in cash.
Assets Under Management
The fund has $6 billion in total assets, which is above the $2 billion average for the Muni National Interm 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.
CGMU 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 Capital Group Municipal Income ETF expense ratio is below average compared to funds in the Muni National Interm category. Capital Group Municipal Income ETF has an expense ratio of 0.27%, which is 5% lower 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. Capital Group Municipal Income ETF has a portfolio turnover rate of 29%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 41% for the Muni National Interm category.
Recently, in the month of July 2026, Capital Group Municipal Income ETF returned -1.5%, which earned it a grade of B, as the Muni National Interm category had an average return of -1.6%. 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.
Capital Group Municipal Income ETF has a trailing yield of 3.40%, which is below the 3.53% 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.
Capital Group Municipal Income ETF Grades
Year to date, the ETF has returned 0.5%, 0.1 percentage points better than the category, which translates into a grade of C. The fund has returned 4.8% over the past year (grade of C) and 4.0% over the past three years (grade of A).
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CGMU 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 |
|
| CGMU Return (NAV) | -1.5% | -0.4% | 4.8% | 4.0% | na | na |
| CGMU Return (Price) | -1.4% | -0.4% | 4.8% | 4.0% | na | na |
| NAV +/- Price Return | -0.074% | -0.037% | -0.071% | -0.006% | na | na |
| Muni National Interm Avg | -1.6% | -0.5% | 4.9% | 3.3% | 0.6% | 1.9% |
| CGMU Grade (NAV) | B | B | C | A | na | na |
| +/- Category (NAV) | 0.1% | 0.1% | -0.2% | 0.7% | na | na |
| CGMU Tax-Cost Ratio | na | na | 0.0% | 0.0% | na | na |
CGMU Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CGMU Return (NAV) | 0.5% | 5.2% | 2.8% | 6.8% | na | na | na | na | na | na | na |
| CGMU Return (Price) | 0.6% | 5.2% | 2.6% | 6.8% | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.152% | -0.009% | -0.057% | -0.003% | na | na | na | na | na | na | na |
| Muni National Interm Avg | 0.4% | 4.7% | 2.0% | 6.1% | -8.1% | 1.6% | 5.0% | 7.7% | 1.2% | 5.2% | 0.1% |
| CGMU Grade (NAV) | C | B | A | A | na | na | na | na | na | na | na |
| +/- Category | 0.1% | 0.5% | 0.8% | 0.7% | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.79 |
| R-Squared: | 98% |
| Standard Deviation: | 4.6% |
| Category Risk Index: | 0.92 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 0.37 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 3.4% |
| Total Assets: | $ 6,432 Mil |
| Share Class Assets: | $ 6,432 Mil |
| Turnover: | 29.0% |
| Expense Ratio: | 0.27% |
| 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: 3.8 years | |||
| Average Tenure: 3.8 years | |||
| Managers (Year): Solomon Jerome (2022), Marinella Mark (2022), Wolf Courtney (2022) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 2348 |
| % in Top 10 Holdings: | 7.1% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 3.1% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 95.8% |
| Foreign Bond: | 3.1% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Capital Group |
| Phone Number: | 800-421-4225 |
| Website: | capitalgroup.com/etf |
| Inception Date: | October 25, 2022 |
Expenses and Fees
| Expense Ratio (%): | 0.27% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.28% |
