Menstrual fluid is made up of blood, uterine tissue and other substances, and it does contain HIV, although there has been little research about the levels of virus [1]A small infective organism which is incapable of reproducing outside a host cell. present.
It is possible that there are increased risks of HIV transmission during menstruation, so barrier protection such as condoms and lubricant are particularly important.
Links:
[1] http://napwa.org.au/glossary/term/125
[2] http://napwa.org.au/glossary/term/132
[3] http://napwa.org.au/resource/treat-yourself-right/sex/oral-sex
[4] http://napwa.org.au/resource/treat-yourself-right/sex
[5] http://napwa.org.au/resource/treat-yourself-right/sex/circumcision