Unadjusted flow from ICI Supplemental Tables for Exchange-Traded Fund Report, Table 8 Net Issuance of Shares, column Municipal Bond plus a portion of Hybrid equal to the share of municipal bonds held by hybrid open-end mutual funds, summed for the three months of the quarter. Level is calculated as the previous level plus the unadjusted flow. Data for the last ten years show no significant seasonality.
