ETF Evaluator:
iShares Intermediate Muni Income Act ETF ()
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(as of Nov 13)
Best Performing in Muni National Intermediate Over the Last Year
| 2.1% | Northern Trust Intermediate Tx Exm BdETF (TAXI) |
| 1.7% | PGIM Municipal Income Opportunities ETF (PMIO) |
| 1.7% | Goldman Sachs Municipal Income ETF (GMUB) |
| 1.6% | iShares Intermediate Muni Income Act ETF (INMU) |
| 1.4% | T. Rowe Price Intermediate Muncpl IncETF (TAXE) |
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ETF Details
iShares Intermediate Muni Income Act ETF Overview
iShares Intermediate Muni Income Act ETF (INMU) is an actively managed Municipal Bond Muni National Intermediate exchange-traded fund (ETF). iShares launched the ETF in 2021.
The investment seeks to maximize tax-free current income.
Under normal circumstances, the fund seeks to achieve its objective by investing at least 80% of its assets in municipal bonds. Municipal bonds include debt obligations issued by or on behalf of a governmental entity or other qualifying issuer that pay interest that is, in the opinion of bond counsel to the issuer, generally excludable from gross income for federal income tax purposes. Although it may invest in municipal bonds in any rating category, fund management presently intends to invest the fund's assets primarily in investment grade municipal bonds. It is non-diversified.
About iShares Intermediate Muni Income Act ETF (INMU)
There are 3 members of the management team with an average tenure of 5.63 years: James Mauro (2021), Phillip Soccio (2021) and Christian Romaglino (2021). 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 Bond 3-10Y TR USD index with a weighting of 100%. iShares Intermediate Muni Income Act ETF has 633 securities in its portfolio. The top 10 holdings constitute 13.6% 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.
iShares Intermediate Muni Income Act ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. iShares Intermediate Muni Income Act ETF has 0.1% 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 93.7% (93.7% domestic bond, 0.0% foreign bond and 0.0% convertible bond). iShares Intermediate Muni Income Act ETF has 6.3% of the portfolio in cash.
Assets Under Management
The fund has $778 million in total assets, which is below the $3 billion average for the Muni National Intermediate 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.
INMU 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 iShares Intermediate Muni Income Act ETF expense ratio is below average compared to funds in the Muni National Intermediate category. iShares Intermediate Muni Income Act ETF has an expense ratio of 0.30%, which is 6% 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. iShares Intermediate Muni Income Act ETF has a portfolio turnover rate of 47%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 45% for the Muni National Intermediate category.
Recently, in the month of October 2026, iShares Intermediate Muni Income Act ETF returned 3.9%, which earned it a grade of A, as the Muni National Intermediate category had an average return of 3.5%. 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.
iShares Intermediate Muni Income Act ETF has a trailing yield of 3.39%, which is below the 3.53% category average.
The fund normally distributes its income monthly.
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.
iShares Intermediate Muni Income Act ETF Grades
Year to date, the ETF has returned 1.1%, 1.1 percentage points better than the category, which translates into a grade of A. The fund has returned 1.6% over the past year (grade of A), 5.3% over the past three years (grade of A) and 1.7% per year over the past five years (grade of A).
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INMU Trailing NAV Total Returns Data as of 10/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| INMU Return (NAV) | 3.9% | 0.5% | 1.6% | 5.3% | 1.7% | na |
| INMU Return (Price) | 3.9% | 0.6% | 1.6% | 5.8% | 1.6% | na |
| NAV +/- Price Return | -0.055% | -0.157% | -0.030% | -0.508% | 0.018% | na |
| Muni National Intermediate Avg | 3.5% | -0.4% | 0.5% | 4.6% | 0.8% | 2.0% |
| INMU Grade (NAV) | A | A | A | A | A | na |
| +/- Category (NAV) | 0.3% | 0.9% | 1.1% | 0.7% | 0.8% | na |
| INMU Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | na |
INMU Annual NAV Total ReturnsData as of 10/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| INMU Return (NAV) | 1.1% | 5.6% | 2.4% | 5.8% | -6.7% | na | na | na | na | na | na |
| INMU Return (Price) | 1.2% | 5.5% | 2.8% | 6.5% | -7.8% | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.096% | -0.006% | 0.137% | 0.123% | 0.163% | na | na | na | na | na | na |
| Muni National Intermediate Avg | -0.0% | 4.7% | 2.0% | 6.1% | -8.1% | 1.6% | 5.0% | 7.7% | 1.2% | 5.2% | 0.1% |
| INMU Grade (NAV) | A | A | B | D | A | na | na | na | na | na | na |
| +/- Category | 1.1% | 0.9% | 0.5% | -0.3% | 1.4% | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.80 |
| R-Squared: | 98% |
| Standard Deviation: | 5.1% |
| Category Risk Index: | 0.92 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 0.42 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 3.4% |
| Total Assets: | $ 778 Mil |
| Share Class Assets: | $ 778 Mil |
| Turnover: | 47.0% |
| Expense Ratio: | 0.30% |
| Index Fund: | No |
| Index Tracked: | Bloomberg Municipal TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 5.6 years | |||
| Average Tenure: 5.6 years | |||
| Managers (Year): Mauro James (2021), Soccio Phillip (2021), Romaglino Christian (2021) | |||
Portfolio Composition (as of 10/30/26)
| # of Holdings: | 633 |
| % in Top 10 Holdings: | 13.6% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.1% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 93.7% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 6.3% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | iShares |
| Phone Number: | 800-474-2737 |
| Website: | |
| Inception Date: | March 16, 2021 |
Expenses and Fees
| Expense Ratio (%): | 0.30% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.28% |
