MUSTvsGNMAETF Comparison
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Columbia Multi-Sector Municipal Income ETF (MUST) belongs to the Municipal Bonds segment. iShares GNMA Bond ETF (GNMA) is part of the MBS & ABS segment. MUST's top 2 sector exposures are Municipal and Non-Corporate. In contrast, GNMA's top sector exposures are Industrials and Non-Corporate. MUST is more expensive with a Total Expense Ratio (TER) of 0.23%, versus 0.11% for GNMA. MUST is down -4.06% year-to-date (YTD) with +$17M in YTD flows. GNMA performs better with -2.09% YTD performance, and +$36M in YTD flows. Run a side-by-side ETF comparison of MUST and GNMA below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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MUST vs GNMA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/14/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | MUST GNMA | -1.81%-1.05% | -5.43%-2.88% | -4.06%-2.09% | -3.06%-1.49% | +8.85%+15.44% | -1.47%-0.36% |
| Flows | MUST GNMA | -$55M-$15M | -$53M+$7M | +$17M+$36M | +$56M+$69M | +$178M+$124M | +$419M-$12M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | MUST GNMA | +5.28%+5.68% | +3.35%+4.48% | +4.27%+5.59% | +4.00%+6.55% |
| Max drawdown | MUST GNMA | -7.26%-4.45% | -8.13%-5.36% | -8.13%-5.36% | -13.14%-15.48% |
| Max drawdown duration | MUST GNMA | 92d50d | 227d227d | 227d227d | 1351d1397d |
Trading data
MUST | GNMA | |
Last sale 10/15/2026 at 5:12 PM | $19.44 | $42.16 |
| Previous close 10/14/2026 | $19.32 | $41.92 |
| Consolidated volume 10/14/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 30, 2026
1-year trailing difference
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MUST | GNMA | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
Main metrics
Last update 10/15/2026 at 5:12 PM
Live
Closed
MUST | GNMA | |
|---|---|---|
| Last price | $19.44 | $42.16 |
| 1D performance | +0.62% | +0.58% |
| AuM | $508.52 M | $414.36 M |
| E/R | 0.23% | 0.11% |
Characteristics
MUST | GNMA | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Columbia Threadneedle Investments | iShares |
| Benchmark | Beta Advantage Multi-Sector Municipal Bond Index | Bloomberg U.S. GNMA Bond Index |
| N° of holdings | 293 | 109 |
| Asset class | Fixed Income | Bonds |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 10, 2018 | February 14, 2012 |
| ESG | No | No |
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Exposure
Countries
MUST
USA
43.37%
Other
56.63%
GNMA
USA
48.8%
Other
51.2%
Sectors
MUST
Municipal
43.03%
Other
56.97%
GNMA
Industrials
39.92%
Non-Corporate
8.88%
Other
51.2%
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Diversification
MUST
Total weight of top 15 holdings out of 15
6.31%
GNMA
Total weight of top 15 holdings out of 15
33.91%
Top 15 holdings
Data as of August 31, 2026
MUST
Miami-Dade, 5% 1oct2036, USD (2024A)
0.54%
US249182QF65
0.53%
New Jersey Turnpike Authority, 5% 1jan2034, USD (2025)
0.48%
US64985SDE00
0.46%
New York Transportation Development Corp., 4.375% 1oct2045, USD (2020)
0.43%
New York Metropolitan Transportation Authority, 4% 15nov2035, USD (2017C-1)
0.43%
US67766WM740
0.42%
Illinois Toll Highway Authority, 5% 1jan2038, USD (2024)
0.38%
US46247SFR04
0.38%
US48504NCC11
0.38%
Chicago O'Hare International Airport, 5% 1jan2048, USD
0.38%
New Jersey Turnpike Authority, 5% 1jan2036, USD
0.38%
US64972GJ217
0.38%
US73358XHU90
0.37%
US88285AJH23
0.37%
GNMA
BlackRock Cash Funds - Treasury
8.88%
G2 MA7192, 2% 20feb2051, USD (ABS)
2.59%
US3618N5XQ77
2.51%
G2 MA9360, 4.5% 20dec2053, USD (ABS)
2.42%
US21H0526945
1.97%
US36179WTX64
1.90%
G2 MA8878, 5% 20may2053, USD (ABS)
1.67%
G2 MB0025, 5% 20nov2054, USD (ABS)
1.64%
US36179WJR07
1.62%
G2 MA7880, 2% 20feb2052, USD (ABS)
1.59%
G2 MA8801, 5.5% 20apr2053, USD (ABS)
1.59%
G2 MA6864, 2% 20sep2050, USD (ABS)
1.44%
US36179WLP13
1.40%
US36179WFG87
1.38%
US3617NWEY42
1.32%
Frequently asked questions about MUST and GNMA
How have the MUST and GNMA ETFs performed in 2026?
As of October 14, 2026, MUST is down -4.06% year-to-date (YTD), while GNMA has lost -2.09%. That puts GNMA better performer ahead so far this year.
Which ETF is attracting more investor money: MUST or GNMA?
Year-to-date, the MUST ETF saw +$17M in flows, compared to +$36M for GNMA.
Which ETF is more volatile: MUST or GNMA?
Over the past year, MUST had a volatility of 3.35%, while GNMA experienced 4.48%.
Which ETF is bigger: MUST or GNMA?
As of October 14, 2026, MUST holds $508.52 M in assets under management (AUM), while GNMA manages $414.36 M.
What sectors do the MUST and GNMA ETFs invest in?
MUST leans toward sectors like Municipal. Meanwhile, GNMA focuses on Industrials and Non-Corporate.
What are the top holdings of the MUST ETF and GNMA ETF?
MUST top holdings include Miami-Dade, 5% 1oct2036, USD (2024A), US249182QF65 and New Jersey Turnpike Authority, 5% 1jan2034, USD (2025). GNMA holds in its top three: BlackRock Cash Funds - Treasury, G2 MA7192, 2% 20feb2051, USD (ABS) and US3618N5XQ77.
Which ETF is more diversified: MUST or GNMA?
MUST holds 647 securities with 6.31% of its assets in the top 15. GNMA has 355 securities and a top 15 weight of 33.91%.
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