Capital Group Municipal High-Income ETF
Actively managed U.S. bond ETF
As of its 2026 Q2 report, Capital Group Municipal High-Income ETF held 3,499 positions with $3.18B in net assets. Its ten largest holdings made up 5.7% of the fund. The CGHM share class costs 0.34% a year. Over the 12 months to May 2026, CGHM returned 8.8%, with dividends reinvested. In 2026 Q2 it added 232 new positions and exited 113.
The funds investment objective is to provide a high level of current income exempt from regular federal income tax.
The fund invests at least 60% of its portfolio in municipal bonds rated BBB+ or below (or Baa1 or below), including unrated securities the adviser deems equivalent quality, seeking higher current income exempt from federal tax. The fund may also hold private activity bonds subject to the alternative minimum tax and invests at least 80% in federally tax-exempt securities overall. Because the fund concentrates in lower-rated debt, credit risk is elevated relative to higher-quality municipal bond funds.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Commonwealth of Puerto Rico 0.00% floating · due 2043-11-01 | 1.12% | $35.55M | — |
Commonwealth of Puerto Rico 0.00% · due 2051-11-01 | 0.89% | $28.18M | — |
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue 4.33% · due 2040-07-01 | 0.65% | $20.53M | — |
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue 0.00% · due 2046-07-01 | 0.50% | $15.85M | — |
City of New York NY 3.05% floating · due 2042-03-01 | 0.49% | $15.60M | — |
Arkansas Development Finance Authority 4.00% floating · due 2046-09-01 | 0.46% | $14.66M | — |
Puerto Rico Commonwealth Aqueduct & Sewer Authority 5.00% · due 2047-07-01 | 0.44% | $14.09M | — |
Mobile County Industrial Development Authority 4.75% · due 2054-12-01 | 0.41% | $13.06M | — |
Capital Trust Agency Inc 5.00% · due 2056-07-01 | 0.37% | $11.69M | — |
Black Belt Energy Gas District 5.00% · due 2036-06-01 | 0.35% | $11.04M | — |
The 200 largest of 3,499 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 98.63% |
| Securitized | 1.29% |
| Cash & short-term | 0.02% |
| Derivatives | 0.01% |
Derivatives are shown at market value, not notional exposure.
How it has done
CGHM share class · total returns with dividends reinvested
Volatility over the last 12 months: 4.37%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Fees & fund details
Capital Group Municipal High-Income ETF is an actively managed U.S. bond ETF.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- ETF
- Credit quality
- High yield
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.34%· CGHM 0.34%
- Portfolio turnover
- 15.00% a year · as of 2026 Q1
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
232 new· the largest 5
113 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 80.7% |
| Floating rate | 15.4% |
| Zero-coupon or unclassified | 3.9% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.7% |
| 1-3y | 1.3% |
| 3-5y | 2.3% |
| 5-10y | 12.6% |
| 10y+ | 83.1% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 52% |
| Interest rates | 48% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +3.65 yr |
| Investment grade | +3.00 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.04 yr | 1% |
| 1 yr | 0.34 yr | 6% |
| 5 yr | 1.39 yr | 23% |
| 10 yr | 2.93 yr | 49% |
| 30 yr | 1.33 yr | 22% |
| 3 mo | 0.03 yr | 0% |
| 1 yr | 0.36 yr | 5% |
| 5 yr | 1.51 yr | 23% |
| 10 yr | 3.34 yr | 50% |
| 30 yr | 1.42 yr | 21% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.04 | +0.01 | +0.02 | $3.0k | $5.0k |
| 1 yr | +0.34 | +0.13 | +0.23 | $41.7k | $73.6k |
| 5 yr | +1.39 | +0.67 | +0.84 | $212.2k | $267.0k |
| 10 yr | +2.93 | +1.59 | +1.75 | $506.9k | $555.8k |
| 30 yr | +1.33 | +0.60 | +0.82 | $190.7k | $260.9k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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