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Municipal bond ETFs remain a small part of the tax-exempt market, currently holding about $12 billion of total assets, compared to $870 billion for muni mutual funds. But while long-term, tax-exempt mutual fund flows have turned negative (outflowing $1.3 billion in April), muni ETFs are on an asset-gathering roll. Total muni ETF assets have increased by about 50 percent over the past 12 months. Five muni ETFs have exceed the $1 billion asset mark, and each of the four leading sponsors in this market (Blackrock, Powershares, Nuveen and Market Vectors) now has a billion-dollar fund.

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