SMMUvsMUSTETF Comparison
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PIMCO Short Term Municipal Bond Active ETF (SMMU) and Columbia Multi-Sector Municipal Income ETF (MUST) belong to the same industry segment: Municipal Bonds. SMMU's top 3 sector exposures are Municipal, Sovereign and Government Agencies. In contrast, MUST's top sector exposures are Municipal and Non-Corporate. SMMU is more expensive with a Total Expense Ratio (TER) of 0.35%, versus 0.23% for MUST. SMMU is up 0.95% year-to-date (YTD) with +$276M in YTD flows. MUST performs worse with -2.99% YTD performance, and +$22M in YTD flows. Run a side-by-side ETF comparison of SMMU and MUST 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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SMMU vs MUST performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | SMMU MUST | +0.24%-0.38% | -0.24%-4.08% | +0.95%-2.99% | +1.50%-2.22% | +11.04%+10.07% | +9.77%-0.37% |
| Flows | SMMU MUST | +$51M-$50M | +$110M-$48M | +$276M+$22M | +$272M+$60M | +$695M+$183M | +$707M+$424M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | SMMU MUST | +2.02%+5.76% | +1.19%+3.52% | +1.38%+4.31% | +1.34%+4.03% |
| Max drawdown | SMMU MUST | -1.87%-6.99% | -1.87%-8.13% | -1.87%-8.13% | -4.42%-13.14% |
| Max drawdown duration | SMMU MUST | 52d92d | 52d229d | 52d229d | 738d1351d |
Trading data
SMMU | MUST | |
Last sale 10/16/2026 at 1:30 PM | $49.82 | $19.55 |
| Previous close 10/15/2026 | $49.83 | $19.50 |
| 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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SMMU
is actively managed and doesn’t replicate an indexSMMU | MUST | |
|---|---|---|
| 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
SMMU | MUST | |
|---|---|---|
| Last price | $49.82 | $19.55 |
| 1D performance | -0.02% | +0.26% |
| AuM | $1.24 B | $519.09 M |
| E/R | 0.35% | 0.23% |
Characteristics
SMMU | MUST | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | PIMCO | Columbia Threadneedle Investments |
| Benchmark | - | Beta Advantage Multi-Sector Municipal Bond Index |
| N° of holdings | 107 | 293 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | February 1, 2010 | October 10, 2018 |
| ESG | No | No |
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Exposure
Countries
SMMU
USA
42.82%
Other
57.18%
MUST
USA
43.37%
Other
56.63%
Sectors
SMMU
Municipal
27.39%
Sovereign
10.62%
Other
61.99%
MUST
Municipal
43.03%
Other
56.97%
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Diversification
SMMU
Total weight of top 15 holdings out of 15
24.02%
MUST
Total weight of top 15 holdings out of 15
6.31%
Top 15 holdings
Data as of August 31, 2026
SMMU
USA, Bills 0% 20oct2026, USD (119D)
5.93%
FHLB, 0% 21sep2026, USD (364D)
2.62%
USA, Notes 4.25% 31jul2028, USD (BE-2028)
1.69%
US20775DL830
1.65%
USA, Bills 0% 15sep2026, USD (119D)
1.42%
FHLB, 0% 4sep2026, USD (365D)
1.40%
New York Municipal Water Finance Authority, FRN 15jun2050, USD
1.27%
Tarrant Cultural Education Facilities Finance Corp., FRN 15nov2063, USD (2026A&B)
1.16%
Fort Bend Independent School District, FRN 1aug2055, USD (2025B)
1.15%
US593344CB87
1.04%
US20775DZL99
1.03%
US20775DTS17
0.98%
US57585BRA88
0.91%
US678604AC33
0.90%
US13063EUT18
0.86%
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 Metropolitan Transportation Authority, 4% 15nov2035, USD (2017C-1)
0.43%
New York Transportation Development Corp., 4.375% 1oct2045, USD (2020)
0.43%
US67766WM740
0.42%
US64972GJ217
0.38%
Illinois Toll Highway Authority, 5% 1jan2038, USD (2024)
0.38%
US48504NCC11
0.38%
Chicago O'Hare International Airport, 5% 1jan2048, USD
0.38%
US46247SFR04
0.38%
New Jersey Turnpike Authority, 5% 1jan2036, USD
0.38%
US73358XHU90
0.37%
US88285AJH23
0.37%
Frequently asked questions about SMMU and MUST
How have the SMMU and MUST ETFs performed in 2026?
As of October 16, 2026, SMMU is up 0.95% year-to-date (YTD), while MUST has lost -2.99%. That puts SMMU better performer ahead so far this year.
Which ETF is attracting more investor money: SMMU or MUST?
Year-to-date, the SMMU ETF saw +$276M in flows, compared to +$22M for MUST.
Which ETF is more volatile: SMMU or MUST?
Over the past year, SMMU had a volatility of 1.19%, while MUST experienced 3.52%.
Which ETF is bigger: SMMU or MUST?
As of October 16, 2026, SMMU holds $1.24 B in assets under management (AUM), while MUST manages $519.09 M.
What sectors do the SMMU and MUST ETFs invest in?
SMMU leans toward sectors like Municipal and Sovereign. Meanwhile, MUST focuses on Municipal.
What are the top holdings of the SMMU ETF and MUST ETF?
SMMU top holdings include USA, Bills 0% 20oct2026, USD (119D), FHLB, 0% 21sep2026, USD (364D) and USA, Notes 4.25% 31jul2028, USD (BE-2028). MUST holds in its top three: Miami-Dade, 5% 1oct2036, USD (2024A), US249182QF65 and New Jersey Turnpike Authority, 5% 1jan2034, USD (2025).
Which ETF is more diversified: SMMU or MUST?
SMMU holds 344 securities with 24.02% of its assets in the top 15. MUST has 647 securities and a top 15 weight of 6.31%.
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