The largest exchange-traded fund tracking the $3.7 trillion U.S. municipal-bond market is selling at a discount to its underlying assets for the longest stretch since 2011 as investors pull the most cash from muni mutual funds in three months.

The $3.6 billion iShares S&P National AMT-Free Municipal Bond Fund traded below its net asset value for 15 days through March 28, the longest stretch since August 2011, data compiled by Bloomberg show. MUB, as the fund is known, sold at an 0.23 percent discount on March 28. MUB’s shares closed at $110.16 in New York today, close to an eight-month low.

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