ETF Evaluator:
Nuveen 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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Risk
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ETF Details
Nuveen Municipal Income ETF Overview
Nuveen Municipal Income ETF (NUMI) is an actively managed Municipal Bond Muni National Interm exchange-traded fund (ETF). Nuveen launched the ETF in 2025.
The investment seeks to provide high current income exempt from regular federal income taxes; capital appreciation is a secondary objective when consistent with the fund's primary objective.
Under normal market conditions, the fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in municipal bonds that pay interest that is exempt from regular federal income tax. Regular federal income tax is different from, and does not include, the federal alternative minimum tax.
About Nuveen Municipal Income ETF (NUMI)
There are 4 members of the management team with an average tenure of 1.52 years: Timothy Ryan (2025), Michael McElduff (2025), Nicholas Mueller (2025) and Paul Brennan (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
Nuveen Municipal Income ETF has 275 securities in its portfolio. The top 10 holdings constitute 11.3% 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.
Nuveen Municipal Income ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. Nuveen Municipal Income ETF has 0.9% 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 98.0% (97.1% domestic bond, 0.9% foreign bond and 0.0% convertible bond). Nuveen Municipal Income ETF has 2.0% of the portfolio in cash.
Assets Under Management
The fund has $82 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.
NUMI 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 Nuveen Municipal Income ETF expense ratio is below average compared to funds in the Muni National Interm category. Nuveen Municipal Income 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. Nuveen Municipal Income ETF has a portfolio turnover rate of 81%, 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, Nuveen Municipal Income ETF returned -1.8%, which earned it a grade of F, 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.
Nuveen Municipal Income ETF has a trailing yield of 3.68%, which is above 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.
Nuveen Municipal Income ETF Grades
Year to date, the ETF has returned 0.2%, 0.1 percentage points worse than the category, which translates into a grade of D. The fund has returned 5.9% over the past year (grade of A).
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NUMI 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 |
|
| NUMI Return (NAV) | -1.8% | -0.7% | 5.9% | na | na | na |
| NUMI Return (Price) | -1.6% | -0.8% | 6.1% | na | na | na |
| NAV +/- Price Return | -0.215% | 0.102% | -0.120% | na | na | na |
| Muni National Interm Avg | -1.6% | -0.5% | 4.9% | 3.3% | 0.6% | 1.9% |
| NUMI Grade (NAV) | F | F | A | na | na | na |
| +/- Category (NAV) | -0.2% | -0.2% | 1.0% | na | na | na |
| NUMI Tax-Cost Ratio | na | na | 0.0% | na | na | na |
NUMI Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| NUMI Return (NAV) | 0.2% | na | na | na | na | na | na | na | na | na | na |
| NUMI Return (Price) | 0.3% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.218% | 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% |
| NUMI Grade (NAV) | D | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -0.1% | 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: | 3.7% |
| Total Assets: | $ 83 Mil |
| Share Class Assets: | $ 83 Mil |
| Turnover: | 81.0% |
| Expense Ratio: | 0.30% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 1.5 years | |||
| Average Tenure: 1.5 years | |||
| Managers (Year): Ryan Timothy (2025), McElduff Michael (2025), Mueller Nicholas (2025), Brennan Paul (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 275 |
| % in Top 10 Holdings: | 11.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 97.1% |
| Foreign Bond: | 0.9% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Nuveen |
| Phone Number: | 888-290-9881 |
| Website: | http://www.nuveen.com |
| Inception Date: | January 22, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.30% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.28% |
