Mutual Fund Outflows
Separately Managed Accounts (SMAs) have grown from 3% of the total Municipal Market to approximately 23% market share in the last decade (as of 3/31/2023). Mutual funds, on the other hand, make up around 20% of market share, with ETFs coming in at 3%. In other words, SMAs have displaced mutual funds as the largest share of the municipal market,...
Separately Managed Accounts (SMAs) have grown from 3% of the total Municipal Market to approximately 23% market share in the last decade (as of