ETF Education Report: AMG GW&K MUNI INCOME ETF (MUNX)

What this ETF is trying to do

The AMG GW&K MUNI INCOME ETF (ticker: MUNX) is an exchange-traded fund listed on the NYSE. While the specific investment goals are not detailed in the provided data, the name suggests it focuses on municipal income.

What the numbers show

As of October 6, 2026, the current price of one share is $23.44.

When looking at how the fund has performed this year, it is important to look at two different numbers:

• Year-to-Date (YTD) Price Return: This is approximately -6.09%. This number only measures how much the share price has changed.

• Year-to-Date (YTD) Total Return: This is approximately -3.55%. The total return is different because it includes the impact of distributions (cash payments) along with the price change.

Because the total return is a higher number than the price return, it shows that the cash distributions helped offset some of the share-price decline.

Income and distribution explanation

This ETF provides cash distributions to investors. The distribution yield is approximately 3.40%. This means the amount of cash paid out is about 3.40% relative to the current share price.

Over the last 12 months, there were 11 distributions. These payments usually happen monthly, and the data shows they most often occur on Mondays. It is important to remember that a distribution yield tells you how much cash was paid out, but it does not guarantee that your original investment will stay the same value.

NAV erosion explanation

"NAV erosion" is a term used to describe when the value of the underlying assets in a fund decreases. While the share price has declined this year, a falling market price does not automatically prove that NAV erosion has happened. For this ETF, there is no severe erosion-risk flag, and the erosion score is not available due to insufficient verified price history.

Pros

• The fund provides regular cash distributions, which usually happen on a monthly basis.

Cons

• The fund has experienced a share-price decline so far this year.

• Total return data for the one-year and three-year periods was not supplied.

Beginner takeaway

When looking at an ETF like MUNX, it is helpful to distinguish between the share price and the total return. The share price tells you what the stock costs, while the total return shows how much you would have earned or lost if you included the cash distributions. High yields can provide income, but they do not prevent the share price from falling.