At a glance
RVNU charges 0.15% a year, below the 0.39% average of the 7 funds most like it (the cheapest of 8). It has $141.8M in assets, the 8th largest of that group; it paid 3.84% of its price in distributions over the past 12 months, monthly. Over the past year it returned −1.8% with distributions reinvested, 7th of those 8 funds; over three years it returned +4.6% a year. At its worst it fell 17.4% in the 2020 crash (S&P 500: 33.7%) and 19.5% in the 2022 bear market (S&P 500: 24.5%). Its ten largest positions make up 13.8% of the fund, out of 259 in all.
The short version
Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU), from DWS, is an actively managed fund, not an index fund. It buys municipal bonds repaid from project revenues such as tolls, airport fees and utility charges, and aims for income free of regular federal income tax. Its 0.15% expense ratio is the lowest among eight similar muni funds, which average 0.39%. It is also the smallest of the eight and holds long-dated bonds.
Price history
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RVNU -1.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| RVNU official prospectus, to Dec 31, 2025 | — | +1.13% | — | -0.41% | +2.18% | — |
| RVNU price data to Oct 27, 2026 | -0.7% | -1.8% | +4.6% | -0.9% | +1.5% | +2.5% |
- Over the year to Oct 27, 2026, RVNU returned -1.8%, 7th of 8 among similar funds.
- Its 5-year annualized return was -0.9% and its 10-year +1.5%.
- In the 2020 COVID crash it fell 17.4% and regained its old high 8 months after the low.
- Its worst full calendar year was 2022 (-16.6%); its best was 2014 (+15.4%).
- The deepest fall in its price history was 23.5% (Jul 19, 2021 to Oct 31, 2022), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.7% | — |
| 2025 | +0.6% | +1.13% |
| 2024 | +1.4% | +1.57% |
| 2023 | +11.2% | +9.20% |
| 2022 | -16.6% | -15.05% |
| 2021 | +2.2% | +2.81% |
| 2020 | +6.5% | +6.34% |
| 2019 | +10.2% | +10.14% |
| 2018 | -0.6% | -0.43% |
| 2017 | +8.4% | +7.29% |
| 2016 | +0.5% | +1.19% |
| 2015 | +4.5% | — |
| 2014 | +15.4% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 15.5% over that stretch · deepest drop along the way 17.4%, back to its old high 8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 18.1% over that stretch · deepest drop along the way 19.5%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7000 | |
| 2025 | $0.8400 | +10.5% |
| 2024 | $0.7600 | +7.0% |
| 2023 | $0.7100 | +4.4% |
| 2022 | $0.6800 | +9.7% |
| 2021 | $0.6200 | -12.7% |
| 2020 | $0.7100 | -10.1% |
| 2019 | $0.7900 | +9.7% |
| 2018 | $0.7200 | +1.4% |
| 2017 | $0.7100 | +1.4% |
| 2016 | $0.7000 | -13.6% |
| 2015 | $0.8100 | -1.2% |
| 2014 | $0.8200 |
What's inside
As of Aug 31, 2026, the fund held 259 securities; the ten largest made up 13.78% of assets, and 8.7% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| SALT RIVER PROJECT AGRICULTURAL IMPROVEMENT & POWER DISTRICT (AZ) Bonds and notes | 1.93% | |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH Bonds and notes | 1.70% | |
| PHILADELPHIA PA Bonds and notes | 1.52% | |
| RENO-TAHOE ARPT AUTH NEV ARPT Bonds and notes | 1.47% | |
| TRIBOROUGH BRIDGE AND TUNNEL AUTHORITY (NY) Bonds and notes | 1.43% | |
| SAN FRANCISCO CITY AND COUNTY AIRPORT COMMISSION (CA) Bonds and notes | 1.30% | |
| PENNSYLVANIA TURNPIKE COMMISSION (PA) Bonds and notes | 1.22% | |
| BLACK BELT ENERGY GAS DISTRICT (THE) (AL) Bonds and notes | 1.10% | |
| MIAMI-DADE (FL), COUNTY OF Bonds and notes | 1.08% | |
| COLORADO SPRINGS (CO), CITY OF Bonds and notes | 1.03% | |
| TRIBOROUGH BRIDGE AND TUNNEL AUTHORITY (NY) Bonds and notes | 1.00% | |
| ILLINOIS FINANCE AUTHORITY (IL) Bonds and notes | 0.97% | |
| CHARLOTTE N C Bonds and notes | 0.95% | |
| JEA FLA WATER & SEWER SYSTEM REV Bonds and notes | 0.91% | |
| PENNSYLVANIA TURNPIKE COMMISSION (PA) Bonds and notes | 0.87% |
By country
United States 96.18%By issuer
Municipalities 96.18%The bonds mature in 22 years on average (weighted by size), with an average coupon of 4.99%.
Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $6.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.30%, -1.99%, -0.33%.
How it works
RVNU does not track an index. Its managers choose the bonds. At least 80% of net assets must go into "municipal infrastructure revenue" bonds. These fund projects in four areas: transportation (airports, toll roads, bridges, tunnels), recreation (convention centers, stadiums), utilities (public power, water and sewer) and industrial economic development. The bonds must be repaid from a pledged revenue source, such as tolls or user fees, or a "double-barreled" source, meaning that revenue plus a general obligation pledge backed by the issuer's taxing power.
The managers weigh interest rate outlooks, supply and demand in the muni market, credit quality, coupons, maturity and call dates. More than half the fund is meant to be investment grade. The rest can be lower-rated "junk" bonds. The fund aims to keep its average effective maturity between five and ten years. Effective maturity counts bonds likely to be repaid early, so it can be far shorter than stated maturity, which averaged 22 years as of August 31, 2026. The fund can put an unlimited amount into bonds whose interest is subject to the alternative minimum tax (AMT), a parallel federal tax that some higher earners owe.
As of August 31, 2026, the fund held 260 positions, and the top 10 made up 13.78%. The largest holdings were Salt River Project in Arizona (1.9%), New York City Transitional Finance Authority (1.7%), Philadelphia (1.5%), Reno-Tahoe Airport Authority (1.5%) and Triborough Bridge and Tunnel Authority (1.4%). Cash was 8.7%, and the fund used no derivatives. Portfolio turnover was 24%.
What it really costs
- RVNU charges 0.15% a year, versus an average of 0.39% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $15 in the first year and $192 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| RVNU | $15 | $48 | $85 | $192 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
RVNU pays monthly income that is mostly free of regular federal income tax, which matters most in a taxable account.
RVNU's trailing 12-month yield was 3.84% as of October 27, 2026, paid monthly. Some of that income may be subject to the AMT or state tax. Costs are low. In the SEC's standard $10,000 example, fees come to $15 after one year and $192 after 10 years. The main risk is interest rates. The fund launched in June 2013, so it has no record from the 2008 crisis. In March 2020 it fell 17.4% in two weeks and recovered by November 2020. From July 2021 to October 2022 it lost 23.5%, and it had still not fully recovered as of October 27, 2026. Its worst calendar year was 2022, at -15.05%. A retiree who had to sell shares during that stretch would have locked in losses. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Taxable-account investors in higher brackets seeking monthly income free of regular federal income tax, at a 0.15% expense ratio.
- Investors who accept long-dated bonds, averaging 22 years to maturity, and swings like the 23.5% drop from July 2021 to October 2022.
- Those wanting bonds backed by toll roads, airports, water systems and public power, spread across about 260 positions.
Look elsewhere if
- Investors holding bonds only in IRAs or 401(k)s, where income is already tax-sheltered, so the muni tax break adds little.
- Investors who owe the alternative minimum tax, since RVNU can hold unlimited AMT bonds. AMT-free funds such as PZA are worth comparing.
- Those who need stable prices. RVNU's loss from 2021 to 2022 had still not been fully recovered as of October 27, 2026.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| RVNU this fund | 22 yrs | 0.15% | $141.8M | -1.8% | +4.6% |
| PZA Invesco National AMT-Free Municipal Bond ETF | 22.5 yrs | 0.28% | $4.24B | -2.7% | +3.8% |
| HYMB SPDR Nuveen Bloomberg High Yield Municipal … | 20.5 yrs | 0.35% | $3.09B | -0.5% | +5.6% |
| FMHI First Trust Municipal High Income ETF | 20.2 yrs | 0.7% | $994.3M | +0.2% | +5.8% |
| HYD VanEck High Yield Muni ETF | 19.2 yrs | 0.32% | $4.43B | +0.9% | +5.5% |
| FMB First Trust Managed Municipal ETF | 15.5 yrs | 0.65% | $2.05B | 0.0% | +4.3% |
| JMUB JPMorgan Municipal ETF | 16.7 yrs | 0.18% | $8.75B | -0.2% | +4.4% |
| TFI SPDR Nuveen Bloomberg Municipal Bond ETF | 15.1 yrs | 0.23% | $3.12B | -0.8% | +3.9% |
Questions investors ask
Is RVNU tax free?
Mostly, but not fully. RVNU aims to pay income exempt from regular federal income tax. However, it can hold an unlimited amount of bonds whose interest is subject to the alternative minimum tax (AMT), and its income may be subject to state and local taxes. Capital gains from selling shares are taxed normally. Investors who owe the AMT, or who live in high-tax states, may keep less of the income than the headline yield suggests.
Does RVNU pay monthly dividends?
Yes. RVNU pays distributions monthly. Over the 12 months to October 27, 2026, it paid about $0.91 per share, a trailing yield of 3.84%. The payments come from interest on the municipal bonds it holds, so they can change as the fund buys and sells bonds and as interest rates move. They are not fixed or guaranteed.
What's the difference between RVNU and PZA?
PZA, the Invesco National AMT-Free Municipal Bond ETF, is the closest match by maturity and issuer mix, and both average about 22 years to maturity. RVNU is cheaper (0.15% vs 0.28%) and focuses on revenue-backed infrastructure bonds, but it can hold AMT bonds. PZA is far larger, at about $4.2 billion vs $142 million as of August 31, 2026. As of October 27, 2026, RVNU returned -1.8% over one year vs -2.7% for PZA.
Is RVNU an index fund?
No. RVNU's prospectus describes it as an actively managed ETF that does not try to match a specific index. DWS's portfolio managers choose bonds based on interest rate outlooks, credit quality, coupons, maturity and call dates. That means results depend on their decisions. Its returns can lag benchmarks or other funds with similar goals if their analysis turns out to be wrong.
Why did RVNU lose money over 5 years?
Mainly because interest rates rose in 2022. When rates rise, bond prices fall, and RVNU's long-dated bonds are especially sensitive. The fund lost 15.05% in 2022, and its worst quarter was -8.56% in early 2022. As a result, its average annual return over the five years to December 31, 2025, was -0.41%. Over 10 years it averaged 2.18% a year. Over three years to October 27, 2026, it earned about 4.6% a year.