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On Oct 10, 2025, Wall Street saw about $2 trillion in market value wiped out. However, ETFs like SIVR, TAIL, URA, PZA, and VNM held steady.
Municipal bonds are back to offer compelling risk-adjusted opportunities, but future decisions from Washington can either act as a tailwind or headwind. Municipal bond funds saw net inflows during 2024, first annual inflow since 2021—which was a record year. 2024 was a record year in municipal bond issuance. With attractive yields, the market may start to pay more attention to tax-equivalent yield advantages offered through municipal debt.
Specific to the muni market, perhaps the biggest surprise this year has been new issue supply that is running well ahead of expectations, up roughly 40% from last year. We think this increased summer issuance is likely the result of deals getting pulled forward, as issuers may be cautious about coming to market later in the fall ahead of what is likely to be an uncertain U.S. political climate. While municipal credit quality has already peaked, it is entering this period of moderating economic growth from a position of strength.
Ultimately, climate change solutions will need cooperation from all parties, especially in hard-to-abate industries. This includes categories such as natural gas, steel, cement, and chemicals.
Franklin Templeton's head of ETF product and capital markets David Mann heard “a lot of good chatter” at Exchange 2023. Two main themes dominated the chatter: Franklin Templeton's “active fixed income lineup,” and “where to get income.
Bond investors can utilize actively managed municipal bond exchange traded funds to seek out the best opportunities and exploit inefficiencies in the complex muni market. In the recent webcast, Exploiting Inefficiencies in the Muni Market with Active Management, James Conn, senior vice president and portfolio manager for Franklin Templeton, noted that the municipal bond market [.
While municipal bonds have always been known for investor benefits such as tax-free income and diversification, the muni market has cheapened amid 2022's heightened volatility – making now an opportune time to invest. In the upcoming webcast, Exploiting Inefficiencies in the Muni Market with Active Management, James Conn, Senior Vice President, Portfolio Manager, Franklin Templeton, [.
Franklin Templeton has changed the name, investment objective, and principal strategies of the Franklin Liberty Municipal Bond ETF (NYSE Arca: FLMB). Effective May 3, the fund was renamed the Franklin Municipal Green Bond ETF, and under normal market conditions, it will invest at least 80% of its net assets in municipal green bonds.