Fixed Income
CGMU (Capital Group Municipal Income ETF)
Single solution core municipal bond allocation. A core municipal fund that pursues tax-exempt income consistent with capital preservation while seeking total return.
Overview
Description
Objective
The fund’s investment objective is to provide a high level of current income exempt from regular federal income tax, consistent with the preservation of capital.
Types of investments
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 invests at least 65% in debt securities rated BBB- or better or Baa3 or better by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality.
Distinguishing characteristics
This strategy takes a flexible approach to tax-exempt investing. The fund balances investment grade securities and higher-yielding, lower-rated securities to offer investors opportunities for risk management and pursuing income exempt from regular federal income tax. It provides exposure to a well-researched, broadly diversified portfolio of bond investments. In its pursuit of income, this fund will invest some of its assets in securities subject to the federal alternative minimum tax. The fund has a flexible approach to manage duration and yield curve exposure relative to its benchmark. During most market environments, portfolio managers anticipate the fund will be within one year (+/-) of duration relative to the benchmark 1-to-17-year bond index.
Portfolio restrictions
The fund may also invest up to 35% of its assets in debt securities rated BB+ or below and Ba1 or below by Nationally Recognized Statistical Rating Organizations designated by the fund's investment adviser, or unrated but determined by the fund's investment adviser to be of equivalent quality. The fund will invest up to 30% of its assets in securities that may subject you to federal alternative minimum tax.
Key facts
Fund inception
10/25/22
Fund assets (millions)
$6,308.1
As of 6/29/26 (updated daily)
Exchange
NYSE Arca, Inc.
Issuers
1,033
Holdings as of 5/31/26 (updated monthly)
Regular dividends paid 5
Monthly
NAV
$27.43
As of 6/29/26 (updated daily)
Market Price
$27.49
As of 6/29/26 (updated daily)
One-year turnover (%)tooltip: FC_PT definition not found. 4
26
Fiscal year-end
December
Prospectus date
3/1/26
Premium/discounttooltip: NF_ETFLogic_premDiscountRatio definition not found.
0.22%
As of 6/29/26 (updated daily)
30-day median bid/ask spreadtooltip: NF_ETFLogic_medianBid definition not found.
0.04%
As of 6/29/26 (updated daily)
view premium/discount details
Portfolio managers6
Mark Marinella
39 years of investment industry experience
13 years with Capital Group
Jerry Solomon
34 years of investment industry experience
17 years with Capital Group
Courtney Wolf
Principal Investment Officer
20 years of investment industry experience
20 years with Capital Group
A distinctive investment approach
The Capital System is designed to deliver superior investment results. Across asset classes, we believe in collaborative research to yield deeper insights, diverse perspectives from multiple portfolio managers and analysts, and a long-term view to decision-making.
Returns
Investment results1, 2, 8
Total returns for periods ended 5/31/26 (%)
- ●NAV
- ●Market Price
- ●Index
| ETF | Daily YTD | 1M | 3M | YTD | 1Y | 3Y | Lifetime |
|---|
Index data refers to the 85%/15% Bloomberg 1-15 Year Blend (1-17 Year) Municipal Bond Index/Bloomberg 1-15 Year Blend (1-17 Year) High Yield Municipal Bond Indextooltip: 2682 definition not found..
Daily YTD as of 6/29/26. Returns greater than one year are annualized.
Fund inception: 10/25/22. Index lifetime is based on inception date of
the fund.
Advantages and disadvantages of Morningstar Rating
Ratings are based on risk-adjusted returns.
Volatility & returns
As of 5/31/26 (updated monthly)
- ●CGMU
- ▲Morningstar category
- ■Index
Index data refers to the 85%/15% Bloomberg 1-15 Year Blend (1-17 Year) Municipal Bond Index/Bloomberg 1-15 Year Blend (1-17 Year) High Yield Municipal Bond Indextooltip: 2682 definition not found..
Morningstar category refer to Muni National Interm.
Risk measures
As of 5/31/26 (updated monthly)
| Standard deviationtooltip: Annualized standard deviation (based on monthly returns) is a common measure of absolute volatility that tells how returns over time have varied from the mean. A lower number signifies lower volatility. | |
| CGMU | 4.45 |
| 85%/15% Bloomberg 1-15 Year Blend (1-17 Year) Municipal Bond Index/Bloomberg 1-15 Year Blend (1-17 Year) High Yield Municipal Bond Indextooltip: 2682 definition not found. | — |
| Sharpe ratiotooltip: SRAT definition not found. | |
| CGMU | 0.00 |
| 85%/15% Bloomberg 1-15 Year Blend (1-17 Year) Municipal Bond Index/Bloomberg 1-15 Year Blend (1-17 Year) High Yield Municipal Bond Indextooltip: 2682 definition not found. | — |
| R-squaredtooltip: R-squared is a measure of the correlation between a particular return and that of a benchmark index. A measure of 100 indicates that all of the return can be explained by movements in the benchmark. Generally the higher the R-squared measure, the more reliable the beta measurement will be. | 98.18 |
| Alphatooltip: Alpha definition not found. | 0.77 |
| Betatooltip: BETA_AF definition not found. | 1.02 |
| Information ratiotooltip: informationRatio definition not found. | 1.29 |
| Downside capture ratiotooltip: DCAPRAT definition not found. | 92 |
| Upside capture ratiotooltip: Ratio of a portfolio/composite's return during periods when the index was up, divided by the return of the index during those periods. For example, an up-capture ratio greater than 100 indicates the portfolio/composite produced a higher return than the index during periods when the index was up. | 106 |
| Tracking errortooltip: TRKERR definition not found. | 0.61 |
| S&P 500 correlationtooltip: indexCorrelation definition not found. | 0.71 |
| MSCI ACWI correlationtooltip: indexCorrelation definition not found. | 0.77 |
Data calculated against the 85%/15% Bloomberg 1-15 Year Blend (1-17 Year) Municipal Bond Index/Bloomberg 1-15 Year Blend (1-17 Year) High Yield Municipal Bond Indextooltip: 2682 definition not found. unless noted otherwise.
Prices & distributions
As of 6/29/26
- nav ($)
- Price change ($)
- Price change (%)
- market price ($)
- Price change ($)
- Price change (%)
| YTD dividends subtotal ($) | 0.45 |
| YTD cap gains subtotal ($) | 0.00 |
| YTD total distributions ($) | 0.45 |
Yield
As of 5/31/26 (updated monthly)
| 12-month distribution rates (at NAV %)tooltip: The income per share paid by the fund over the past 12 months to an investor from dividends (including any special dividends). The distribution rate is expressed as a percentage of the current price.11 | 3.34 |
| 30-day SEC yield (gross/net %)tooltip: SECYield definition not found. | 3.32/3.32 |
Portfolio composition
Asset mix
As of 5/31/26 (updated monthly, %)
U.S. Equities | 0.0 |
|---|---|
Non-U.S. Equities | 0.0 |
U.S. Bonds | 89.5 |
Non-U.S. Bonds | 0.3 |
Cash, Equivalents & Other9 | 10.2 |
U.S. Equities | - |
|---|---|
Non-U.S. Equities | - |
U.S Bonds | 89.5 |
Non-U.S. Bonds | 0.3 |
Cash, Equivalents & Other | 10.2 |
Morningstar Style Box™12
As of 5/31/26 (updated monthly)
Key statistics
% of net assets as of 6/29/26 (updated daily)
CGMU | |
|---|---|
Yield-to-worsttooltip: BS_YTW definition not found. (%) | 3.5 |
Yield-to-maturitytooltip: BS_YLDMAT definition not found. (%) | 3.8 |
Average coupontooltip: AVGCOUP definition not found. (%) | 4.6 |
Effective durationtooltip: BS_ED definition not found. (years) | 5.3 |
Spread durationtooltip: spreadDuration definition not found. (years) | 5.3 |
Option adjusted spreadtooltip: BS_OAS definition not found. (bps) | 61.3 |
Duration times spreadtooltip: durationTimesSpread definition not found. (bps) | 350.7 |
Top obligors13
As of 5/31/26 (updated monthly, %)
CGMU
Index
VIEW DAILY HOLDINGS
VIEW QUARTERLY HOLDINGS
VIEW DAILY HOLDINGS
VIEW QUARTERLY HOLDINGS
| CGMU | Index | |
|---|---|---|
| Black Belt Energy Gas Dist | 3.0% | 1.1% |
| New York City Transitional Finance Authority Future Tax Secured Revenue | 1.7% | 1.5% |
| Los Angeles Department of Water & Power Power System Revenue | 1.5% | 0.4% |
| State of Washington | 1.4% | 1.2% |
| Commonwealth of Puerto Rico | 1.4% | 1.1% |
| United Airlines Inc | 1.4% | 0.8% |
| California Community Choice Financing Authority | 1.4% | 1.8% |
| State of Illinois | 1.4% | 0.9% |
| Chicago Board of Education | 1.2% | 1.0% |
| New York City of | 1.1% | 1.5% |
Portfolio exposures
As of 5/31/26 (updated monthly)
| Sectors and top holdings | Market value (%) | Contribution to duration | |||
|---|---|---|---|---|---|
| CGMU | INDEX | CGMU | INDEX | ||
| General obligation | 14.9 | 26.9 | 0.9 | 1.3 | |
| Revenue bonds | 76.0 | 72.6 | 4.2 | 3.5 | |
| Other | 0.0 | 0.5 | 0.0 | 0.0 | |
| Swaps & futures | 0.0 | — | 0.2 | — | |
| Cash & equivalents14 | 9.1 | 0.0 | 0.0 | 0.0 | |
Index data refers to the 85%/15% Bloomberg 1-15 Year Blend (1-17 Year) Municipal Bond Index/Bloomberg 1-15 Year Blend (1-17 Year) High Yield Municipal Bond Indextooltip: 2682 definition not found..
Fees & expenses
Expense ratio
As of the most recent prospectus
CGMU (gross/net %)3 | 0.27/0.27 |
|---|
Resources
Literature
Dates as of posting
Figures shown are past results and are not predictive of results in future periods. Current and future results may be lower or higher than those shown. Investing for short periods makes losses more likely.
Prices and returns will vary, so investors may lose money.
View ETF expense ratios and returns.
View current ETF SEC yields.
For Capital Group ETFs, market price returns are determined using the official closing price of the fund's shares and do not represent the returns you would receive if you traded shares at other times.
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider investment objectives, risks, charges and expenses.
This and other important information is contained in the ETF prospectuses and summary prospectuses, which can be obtained from a financial professional and should be read carefully before investing.
Capital Group exchange-traded funds (ETFs) are actively managed and do not seek to replicate a specific index. ETF shares are bought and sold through an exchange at the then current market price, not net asset value (NAV), and are not individually redeemed from the fund. Shares may trade at a premium or discount to their NAV when traded on an exchange. Brokerage commissions will reduce returns. There can be no guarantee that an active market for ETFs will develop or be maintained, or that the ETF's listing will continue or remain unchanged.
Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor's, Moody's and/or Fitch, as an indication of an issuer's creditworthiness.
Unless otherwise noted below, if agency ratings differ, a security will be considered to have received the highest of those ratings, consistent with applicable investment policies. Securities in the Unrated category have not been rated by any of the rating agencies referenced above; however, the investment adviser performs its own credit analysis and assigns comparable ratings that are used for compliance with applicable investment policies.
Lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds.
The return of principal for bond portfolios and portfolios with significant underlying bond holdings is not guaranteed. Investments are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings.
Income from municipal bonds may be subject to state or local income taxes and/or the federal alternative minimum tax. Certain other income, as well as capital gain distributions, may be taxable.
There have been periods when the results lagged the index(es) and/or average(s).
The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
Portfolios are managed, so holdings will change.
Certain fixed income and/or cash and equivalents holdings may be held through mutual funds managed by the investment adviser or its affiliates that are not offered to the public.
Totals may not reconcile due to rounding and/or cash flows.
Investment results assume all distributions are reinvested and reflect applicable fees and expenses.
1.
YTD (year-to-date return): For the period from January 1 of the current year to the date shown or from inception date if first offered after January 1 of the current year.
2.
When applicable, returns for less than one year are not annualized, but calculated as cumulative total returns.
3.
Expense ratios are as of each fund's prospectus/characteristics statement, as applicable, available at the time of publication.
4.
Portfolio turnover is as of the most recent prospectus/characteristics statement, as applicable.
5.
The months indicated for dividends and capital gains paid represent the anticipated current year ex-dividend date schedule.
6.
Reflects current team at the time of publication. Years of experience in investment industry and Capital Group are as of the most recent year end.
7.
Rating exposure ”Other” may include equities, rights, warrants, preferreds, convertibles, forwards and FX (foreign exchange) options.
8.
ETF market price returns since inception are calculated using NAV for the period until market price became available (generally a few days after inception).
9.
Includes cash, short‑term securities, other assets less liabilities, and certain accruals. It may also include investments in money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public.
10.
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Past results are not a guarantee of results in future periods. The Morningstar Ratings are based on the share classes of each underlying fund held by the series; other underlying fund share classes may have different performance characteristics.
11.
The distribution rate reflects the fund's past dividends paid to shareholders and may differ from the fund's SEC yield which reflects the rate at which the fund is earning income on its current portfolio of securities. The distribution rate reflects fee waivers and/or expense reimbursements in effect during the period. Without waivers and/or reimbursements, it would be reduced.
12.
Read more information about Morningstar Style Box methodology.
The model for the fixed-income style box is based on the two pillars of fixed-income performance: interest-rate sensitivity and credit quality. The three interest sensitivity groups are limited, moderate and extensive and the three credit quality groups are high, medium and low. These groupings display a portfolio's effective duration and third party credit ratings to provide an overall representation of the fund's risk orientation given the sensitivity to interest rate and credit rating of bonds in the portfolio.
13.
The information shown does not include cash and cash equivalents. This includes shares of money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public.
14.
Includes cash, short-term securities, other assets less liabilities, and may include accrued income. It may also include investments in money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public.
15.
Includes cash, short-term securities, other assets less liabilities, and may include accrued income. It may also include investments in money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public.
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This content, developed by Capital Group, home of American Funds, should not be used as a primary basis for investment decisions and is not intended to serve as impartial investment or fiduciary advice.
© 2026 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar, its content providers nor Capital Group are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Information is calculated by Morningstar. When applicable, due to differing calculation methods, the figures shown here may differ from those calculated by Capital Group.