MUSTvsTAXSETF Comparison
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Columbia Multi-Sector Municipal Income ETF (MUST) and Northern Trust Short-Term Tax-Exempt Bond ETF (TAXS) belong to the same industry segment: Municipal Bonds. MUST's top 2 sector exposures are Municipal and Non-Corporate. In contrast, TAXS's top sector exposures are Municipal. MUST is more expensive with a Total Expense Ratio (TER) of 0.23%, versus 0.05% for TAXS. MUST is down -2.99% year-to-date (YTD) with +$22M in YTD flows. TAXS performs better with 0.77% YTD performance, and +$95M in YTD flows. Run a side-by-side ETF comparison of MUST and TAXS 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 TAXS performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | MUST TAXS | -0.38%+0.09% | -4.08%-0.40% | -2.99%+0.77% | -2.22%+1.66% | +10.07%n/a | -0.37%n/a |
| Flows | MUST TAXS | -$50M+$19M | -$48M+$6M | +$22M+$95M | +$60M+$158M | +$183M- | +$424M- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | MUST TAXS | +5.76%+1.92% | +3.52%+1.20% | +4.31%n/a | +4.03%n/a |
| Max drawdown | MUST TAXS | -6.99%-1.97% | -8.13%-1.97% | -8.13%n/a | -13.14%n/a |
| Max drawdown duration | MUST TAXS | 92d52d | 229d52d | 229dn/a | 1351dn/a |
Trading data
MUST | TAXS | |
Last sale 10/16/2026 at 1:30 PM | $19.55 | $49.68 |
| Previous close 10/15/2026 | $19.50 | $49.64 |
| Consolidated volume 10/15/2026 | ||
| 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 | TAXS | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/16/2026 at 1:30 PM
Live
Closed
MUST | TAXS | |
|---|---|---|
| Last price | $19.55 | $49.68 |
| 1D performance | +0.26% | +0.09% |
| AuM | $519.09 M | $164.91 M |
| E/R | 0.23% | 0.05% |
Characteristics
MUST | TAXS | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Columbia Threadneedle Investments | Northern Trust |
| Benchmark | Beta Advantage Multi-Sector Municipal Bond Index | ICE Short Term Focused Municipal Bond Index |
| N° of holdings | 293 | 782 |
| Asset class | Fixed Income | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 10, 2018 | August 19, 2025 |
| ESG | No | No |
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Exposure
Countries
MUST
USA
43.37%
Other
56.63%
TAXS
USA
42.95%
Other
57.05%
Sectors
MUST
Municipal
43.03%
Other
56.97%
TAXS
Municipal
42.95%
Other
57.05%
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Diversification
MUST
Total weight of top 15 holdings out of 15
6.31%
TAXS
Total weight of top 15 holdings out of 15
3.25%
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%
US64972GJ217
0.38%
Chicago O'Hare International Airport, 5% 1jan2048, USD
0.38%
US46247SFR04
0.38%
New Jersey Turnpike Authority, 5% 1jan2036, USD
0.38%
US48504NCC11
0.38%
Illinois Toll Highway Authority, 5% 1jan2038, USD (2024)
0.38%
US73358XHU90
0.37%
US88285AJH23
0.37%
TAXS
US64972GU289
0.54%
US45505MJL19
0.23%
US267169HD59
0.21%
Southeast Energy Authority, 5.5% 1jan2053, USD (2022A-1)
0.21%
US254845TN04
0.20%
US938782EQ84
0.20%
Ohio Water Development Authority, 5% 1jun2029, USD (2019A)
0.19%
State of Ohio, 5% 15dec2030, USD (2019-1)
0.19%
Energy Southeast, 5.5% 1nov2053, USD (2023A-1)
0.18%
Kentucky, 5% 1apr2030, USD
0.18%
US604146GB05
0.18%
US84136JAE91
0.18%
Ohio Water Development Authority, 5% 1dec2029, USD (2019)
0.18%
US39081JGT97
0.18%
US451446AC29
0.18%
Frequently asked questions about MUST and TAXS
How have the MUST and TAXS ETFs performed in 2026?
As of October 16, 2026, MUST is down -2.99% year-to-date (YTD), while TAXS has returned 0.77%. That puts TAXS better performer ahead so far this year.
Which ETF is attracting more investor money: MUST or TAXS?
Year-to-date, the MUST ETF saw +$22M in flows, compared to +$95M for TAXS.
Which ETF is more volatile: MUST or TAXS?
Over the past year, MUST had a volatility of 3.52%, while TAXS experienced 1.2%.
Which ETF is bigger: MUST or TAXS?
As of October 16, 2026, MUST holds $519.09 M in assets under management (AUM), while TAXS manages $164.91 M.
What sectors do the MUST and TAXS ETFs invest in?
MUST leans toward sectors like Municipal. Meanwhile, TAXS focuses on Municipal.
What are the top holdings of the MUST ETF and TAXS ETF?
MUST top holdings include Miami-Dade, 5% 1oct2036, USD (2024A), US249182QF65 and New Jersey Turnpike Authority, 5% 1jan2034, USD (2025). TAXS holds in its top three: US64972GU289, US45505MJL19 and US267169HD59.
Which ETF is more diversified: MUST or TAXS?
MUST holds 647 securities with 6.31% of its assets in the top 15. TAXS has 1947 securities and a top 15 weight of 3.25%.
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Latest news about MUST & TAXS
Ask the Manager: Dave Abner on the Rise of Distributing Ladder ETFs
February 10, 2026
TAXS
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