# Invesco US Municipal Bond UCITS ETF USD (MUNS)

**Page:** https://fundology.uk/fund/muns · ISIN IE00BNG70R26

## At a glance

> Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.

As of 13/11/2026, MUNS (Invesco US Municipal Bond UCITS ETF USD, ISIN IE00BNG70R26) closed at £23.12 on the London Stock Exchange. Its ongoing charge is 0.30% a year (about £30 on £10,000). Over the five years to 13/11/2026 its total return was +0.2%, or −21.8% after UK CPIH inflation.

## Summary

Invesco US Municipal Bond UCITS ETF USD is an exchange-traded fund (ETF) from Invesco, launched in 2021. It tracks the ICE BofA US Taxable Municipal Securities Plus. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.3% a year — about £30 a year on every £10,000 invested, taken from the fund's value rather than billed to you. Income from its investments is paid out to holders as cash, usually a few times a year.

Latest close: **£23.12** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | MUNS |
| ISIN | IE00BNG70R26 |
| Also listed as | MUNI (London Stock Exchange, US dollars) |
| Category | Corporate & other bonds |
| Type | ETF |
| Provider | Invesco |
| Tracks | ICE BofA US Taxable Municipal Securities Plus |
| Income | Distributing |
| Ongoing charge | 0.30% a year (£30 per £10,000) |
| Fund size | £11.3m |
| Launched | 2021 |
| Domicile | Ireland |
| UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 10/02/2021 |

## Past returns (periods to 13/11/2026)

After the fund's ongoing charges. "Income reinvested" is total return; "price only" leaves out income paid out. Real returns are after UK CPIH inflation.

| Window | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 1 year | -1.89% | -5.36% | income reinvested |
| 3 years | +6.85% | -3.47% | income reinvested |
| 5 years | +0.17% | -21.81% | income reinvested |

Returns: as reported (delayed data). Inflation: UK CPIH, latest month published.

## Calendar-year returns

Calendar-year returns of Invesco US Municipal Bond UCITS ETF USD in pounds (price only, income paid out not included): 2022 −11.5%, 2023 −2.3%, 2024 −0.5%, 2025 −5.8%; 2026 to 13/11/2026 −3.3%. Returns of Invesco US Municipal Bond UCITS ETF USD in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: −5.0%; to 30/09/2025: −2.5%; to 30/09/2024: −1.4%; to 30/09/2023: −11.7%; to 30/09/2022: −4.0%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | -11.5% | -19.0% | Price |
| 2023 | -2.3% | -6.2% | Price |
| 2024 | -0.5% | -3.9% | Price |
| 2025 | -5.8% | -9.0% | Price |
| 2026 to 13/11/2026 | -3.3% | -6.4% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 7.04% | -8.50% |
| 3 years | 8.54% | -11.87% |
| 5 years | 9.35% | -26.09% |

## Largest fall

Volatility of Invesco US Municipal Bond UCITS ETF USD in pounds, annualised from weekly returns to 13/11/2026: 7.0% over 1 year, 8.5% over 3 years, 9.3% over 5 years. Largest fall in the price of Invesco US Municipal Bond UCITS ETF USD since November 2021, in pounds: −26.1% from 03/12/2021 to 09/10/2026. The lowest 12-month return of Invesco US Municipal Bond UCITS ETF USD in pounds (price only, income paid out not included) since February 2021 was −15.4% (12 months to 02/12/2022); the highest was +5.4% (12 months to 26/06/2026). On 13/11/2026 the price of Invesco US Municipal Bond UCITS ETF USD was 25.0% below its highest weekly close since November 2021 (03/12/2021), in pounds.

## Charges compared with similar funds

Ongoing charge of Invesco US Municipal Bond UCITS ETF USD 0.30% a year. Compared on 14/11/2026, 140 of the 427 other corporate and other bond funds charge more, 22 the same and 265 less (share classes counted once).

## Charges & eligibility

- Ongoing charges figure (OCF): **0.30%** per year (as of 13/11/2026)
- Stocks and shares ISA eligible: usually (check with your platform)
- SIPP eligible: usually (check with your provider)
- ISA and SIPP mean the kind of product usually qualifies under HMRC rules. We do not check each platform’s list — each provider decides which funds it offers. Crypto ETNs have not qualified for a stocks and shares ISA since 06/04/2026, and overseas funds that are not UK-recognised UCITS, such as Swiss ETFs, do not usually qualify.

## What it holds

As of 12/11/2026, MUNS holds 485 positions, according to its published holdings. The largest is California 7.55% 01/04/39 at 1.51% of the fund; the ten largest make up 10.4%.

### Top holdings

Largest positions (as of 12/11/2026), as a percentage of the whole fund:

| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | California 7.55% 01/04/39 | — | 1.51% |
| 2 | Illinois 5.1% 01/06/33 | — | 1.46% |
| 3 | California 7.6% 01/11/40 | — | 1.29% |
| 4 | California 7.5% 01/04/34 | — | 1.22% |
| 5 | New Jersey Turnpike Authority 7.102% 01/01/41 | — | 1.12% |
| 6 | California 7.35% 01/11/39 | — | 0.81% |
| 7 | North Texas Tollway Authority 6.718% 01/01/49 | — | 0.78% |
| 8 | California 7.625% 01/03/40 | — | 0.76% |
| 9 | Port Authority of New York & New J 4.458% 01/10/62 | — | 0.76% |
| 10 | California 7.3% 01/10/39 | — | 0.74% |

## Where it invests

Shares of the whole fund. Bonds, cash and positions without a classification are shown as they come, not guessed.

### By type of asset

Added up from the fund’s published holdings, as of 05/11/2026.

| Type of asset | Weight |
|---|---|
| Bonds | 99.6% |
| Cash and money market | 0.4% |

All 485 holdings: https://fundology.uk/fund/muns/holdings

## Questions people ask

**What is the ongoing charge of MUNS?**

The ongoing charge of MUNS is 0.30% a year — about £30 a year on every £10,000 invested, taken from the fund’s value rather than billed to you. Platform and dealing fees are charged separately. Ongoing charge of Invesco US Municipal Bond UCITS ETF USD 0.30% a year. Compared on 14/11/2026, 140 of the 427 other corporate and other bond funds charge more, 22 the same and 265 less (share classes counted once).

**What does MUNS track?**

MUNS tracks the ICE BofA US Taxable Municipal Securities Plus.

**Is MUNS accumulating or distributing?**

MUNS is distributing: income is paid out to holders as cash, usually a few times a year. It pays out quarterly.

**What is the ISIN of MUNS?**

The ISIN of MUNS is IE00BNG70R26. An ISIN identifies one exact share class of a fund; MUNS is its ticker on the London Stock Exchange. The same share class is also listed as MUNI (London Stock Exchange, US dollars).

**What does MUNS hold?**

As of 12/11/2026, MUNS holds 485 positions, according to its published holdings. The largest is California 7.55% 01/04/39 at 1.51% of the fund; the ten largest make up 10.4%. Its ten largest holdings are California 7.55% 01/04/39 (1.51%), Illinois 5.1% 01/06/33 (1.46%), California 7.6% 01/11/40 (1.29%), California 7.5% 01/04/34 (1.22%), New Jersey Turnpike Authority 7.102% 01/01/41 (1.12%), California 7.35% 01/11/39 (0.81%), North Texas Tollway Authority 6.718% 01/01/49 (0.78%), California 7.625% 01/03/40 (0.76%), Port Authority of New York & New J 4.458% 01/10/62 (0.76%) and California 7.3% 01/10/39 (0.74%).

**What were MUNS’s returns in each of the last five years?**

Calendar-year returns of MUNS in pounds (price only, income paid out not included): 2022 −11.5%, 2023 −2.3%, 2024 −0.5%, 2025 −5.8%; 2026 to 13/11/2026 −3.3%. Past performance is not a guide to future returns.

**How has MUNS done after inflation?**

Over the five years to 13/11/2026 MUNS’s total return was +0.2%, or −21.8% after UK CPIH inflation. Past performance is not a guide to future returns.

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Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.