MUSTvsTAXTETF Comparison
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Columbia Multi-Sector Municipal Income ETF (MUST) and Northern Trust Tax-Exempt Bond ETF (TAXT) belong to the same industry segment: Municipal Bonds. MUST's top 2 sector exposures are Municipal and Non-Corporate. In contrast, TAXT's top sector exposures are Municipal. MUST is more expensive with a Total Expense Ratio (TER) of 0.23%, versus 0.05% for TAXT. MUST is down -4.06% year-to-date (YTD) with +$17M in YTD flows. TAXT performs better with -1.28% YTD performance, and +$125M in YTD flows. Run a side-by-side ETF comparison of MUST and TAXT 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 TAXT 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 TAXT | -1.81%-0.40% | -5.43%-2.95% | -4.06%-1.28% | -3.06%-0.19% | +8.85%n/a | -1.47%n/a |
| Flows | MUST TAXT | -$55M+$83M | -$53M+$89M | +$17M+$125M | +$56M+$135M | +$178M- | +$419M- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | MUST TAXT | +5.28%+4.50% | +3.35%+2.82% | +4.27%n/a | +4.00%n/a |
| Max drawdown | MUST TAXT | -7.26%-5.26% | -8.13%-5.64% | -8.13%n/a | -13.14%n/a |
| Max drawdown duration | MUST TAXT | 92d92d | 227d100d | 227dn/a | 1351dn/a |
Trading data
MUST | TAXT | |
Last sale 10/15/2026 at 5:12 PM | $19.44 | $49.93 |
| Previous close 10/14/2026 | $19.32 | $49.60 |
| 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 | TAXT | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/15/2026 at 5:12 PM
Live
Closed
MUST | TAXT | |
|---|---|---|
| Last price | $19.44 | $49.93 |
| 1D performance | +0.62% | +0.65% |
| AuM | $508.52 M | $147.57 M |
| E/R | 0.23% | 0.05% |
Characteristics
MUST | TAXT | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Columbia Threadneedle Investments | Northern Trust |
| Benchmark | Beta Advantage Multi-Sector Municipal Bond Index | ICE All Maturity Focused Municipal Bond Index |
| N° of holdings | 293 | 573 |
| 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%
TAXT
USA
44.71%
Other
55.29%
Sectors
MUST
Municipal
43.03%
Other
56.97%
TAXT
Municipal
44.71%
Other
55.29%
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Diversification
MUST
Total weight of top 15 holdings out of 15
6.31%
TAXT
Total weight of top 15 holdings out of 15
4.41%
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%
TAXT
University of California, 5% 15may2052, USD (2022)
0.45%
New York Urban Development Corp., 5% 15mar2042, USD (2017C)
0.43%
New York Thruway Authority, 5% 15mar2049, USD
0.42%
US79771FLJ48
0.32%
US13077DUQ32
0.31%
US181000TQ31
0.27%
US84136HCT86
0.27%
Triborough Bridge and Tunnel Authority, 5% 15may2052, USD
0.25%
Monroe Industrial Development Corp., 4% 1jul2050, USD (2020A)
0.25%
Indianapolis Local Public Improvement Bond Bank, 5% 1feb2033, USD
0.24%
Metropolitan Atlanta Rapid Transit Authority, 3.25% 1jul2039, USD (2017C)
0.24%
City of New York, 5.25% 1feb2053, USD (2026)
0.24%
South Dakota Conservancy District, 5% 1aug2056, USD (2026B)
0.24%
Virginia Public Building Authority, 5% 1aug2033, USD (2020A)
0.23%
US250375NB42
0.23%
Frequently asked questions about MUST and TAXT
How have the MUST and TAXT ETFs performed in 2026?
As of October 14, 2026, MUST is down -4.06% year-to-date (YTD), while TAXT has lost -1.28%. That puts TAXT better performer ahead so far this year.
Which ETF is attracting more investor money: MUST or TAXT?
Year-to-date, the MUST ETF saw +$17M in flows, compared to +$125M for TAXT.
Which ETF is more volatile: MUST or TAXT?
Over the past year, MUST had a volatility of 3.35%, while TAXT experienced 2.82%.
Which ETF is bigger: MUST or TAXT?
As of October 14, 2026, MUST holds $508.52 M in assets under management (AUM), while TAXT manages $147.57 M.
What sectors do the MUST and TAXT ETFs invest in?
MUST leans toward sectors like Municipal. Meanwhile, TAXT focuses on Municipal.
What are the top holdings of the MUST ETF and TAXT ETF?
MUST top holdings include Miami-Dade, 5% 1oct2036, USD (2024A), US249182QF65 and New Jersey Turnpike Authority, 5% 1jan2034, USD (2025). TAXT holds in its top three: University of California, 5% 15may2052, USD (2022), New York Urban Development Corp., 5% 15mar2042, USD (2017C) and New York Thruway Authority, 5% 15mar2049, USD.
Which ETF is more diversified: MUST or TAXT?
MUST holds 647 securities with 6.31% of its assets in the top 15. TAXT has 1408 securities and a top 15 weight of 4.41%.
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Latest news about MUST & TAXT
Ask the Manager: Dave Abner on the Rise of Distributing Ladder ETFs
February 10, 2026
TAXT
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