In fact, the current municipal bond environment may be ripe for active management. It indicates that market participants may want to evaluate ETFs such as the ALPS Intermediate Municipal Bond ETF (MNBD). Strong Support for the Muni ThesisAll things considered, MNBD and its peers are holding up fairly this year, considering ample supply in the muni market. The Federal tax advantages of municipal bonds are intact, but come 2027, new tax laws could be on the books in an array of states, potentially altering the muni tax advantage landscape. “However, investors must pay close attention to political and policy uncertainty, as it could pose additional market risk.