ETF Evaluator:
AMG GW&K Muni Income ETF ()
Follow This ETF
(as of Aug 24)
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
Index
Risk
Index
ETF Details
AMG GW&K Muni Income ETF Overview
AMG GW&K Muni Income ETF (MUNX) is an actively managed Municipal Bond Muni National Interm exchange-traded fund (ETF). AMG Funds launched the ETF in 2025.
The investment seeks current income exempt from federal income tax, consistent with preservation of capital. Capital appreciation is a secondary objective.
Under normal circumstances, the fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal bonds, the income from which is exempt from federal income tax. This policy is fundamental and may not be changed without shareholder approval. In addition, up to 100% of the fund’s assets may be invested in municipal bonds, the interest on which may be subject to the federal alternative minimum tax.
About AMG GW&K Muni Income ETF (MUNX)
There are 4 members of the management team with an average tenure of 0.75 years: Brian Moreland (2025), Martin Tourigny (2025), Kara South (2025) and John Fox (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
AMG GW&K Muni Income ETF has 76 securities in its portfolio. The top 10 holdings constitute 23.1% 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.
AMG GW&K Muni Income ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. AMG GW&K Muni Income 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 96.9% (96.9% domestic bond, 0.0% foreign bond and 0.0% convertible bond). AMG GW&K Muni Income ETF has 3.1% of the portfolio in cash.
Assets Under Management
The fund has $19 million in total assets, which is below 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.
MUNX 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 AMG GW&K Muni Income ETF expense ratio is below average compared to funds in the Muni National Interm category. AMG GW&K Muni Income ETF has an expense ratio of 0.29%, which is 2% 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. AMG GW&K Muni Income ETF has a portfolio turnover rate of 23%, 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, AMG GW&K Muni Income ETF returned -1.7%, which earned it a grade of C, 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.
AMG GW&K Muni Income ETF has a trailing yield of 0.00%, which is below the 3.53% category average.
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.
AMG GW&K Muni Income ETF Grades
Year to date, the ETF has returned 0.7%, 0.3 percentage points better than the category, which translates into a grade of B.
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about AMG GW&K Muni Income ETF, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
MUNX 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 |
|
| MUNX Return (NAV) | -1.7% | -0.4% | na | na | na | na |
| MUNX Return (Price) | -1.3% | -0.4% | na | na | na | na |
| NAV +/- Price Return | -0.404% | 0.014% | na | na | na | na |
| Muni National Interm Avg | -1.6% | -0.5% | 4.9% | 3.3% | 0.6% | 1.9% |
| MUNX Grade (NAV) | C | B | na | na | na | na |
| +/- Category (NAV) | -0.1% | 0.1% | na | na | na | na |
| MUNX Tax-Cost Ratio | na | na | na | na | na | na |
MUNX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MUNX Return (NAV) | 0.7% | na | na | na | na | na | na | na | na | na | na |
| MUNX Return (Price) | 0.8% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.135% | na | na | na | 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% |
| MUNX Grade (NAV) | B | na | na | na | na | na | na | na | na | na | na |
| +/- Category | 0.3% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 20 Mil |
| Share Class Assets: | $ 20 Mil |
| Turnover: | 23.0% |
| Expense Ratio: | 0.29% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 0.8 years | |||
| Average Tenure: 0.8 years | |||
| Managers (Year): Moreland Brian (2025), Tourigny Martin (2025), South Kara (2025), Fox John (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 76 |
| % in Top 10 Holdings: | 23.1% |
| 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: | 96.9% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | AMG Funds |
| Phone Number: | 844-545-1258 |
| Website: | www.amgfunds.com |
| Inception Date: | October 29, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.29% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.28% |
