TAXSvsMUSTETF Comparison
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Northern Trust Short-Term Tax-Exempt Bond ETF (TAXS) and Columbia Multi-Sector Municipal Income ETF (MUST) belong to the same industry segment: Municipal Bonds. TAXS's top 1 sector exposures are Municipal. In contrast, MUST's top sector exposures are Municipal and Non-Corporate. TAXS is less expensive with a Total Expense Ratio (TER) of 0.05%, versus 0.23% for MUST. TAXS is up 1.56% year-to-date (YTD) with +$120M in YTD flows. MUST performs worse with -1.35% YTD performance, and +$32M in YTD flows. Run a side-by-side ETF comparison of TAXS 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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TAXS vs MUST performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/28/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | TAXS MUST | +2.12%+4.46% | +0.55%-1.60% | +1.56%-1.35% | +2.50%-0.98% | n/a+13.28% | n/a+1.63% |
| Flows | TAXS MUST | +$41M+$4M | +$61M-$38M | +$120M+$32M | +$183M+$61M | -+$193M | -+$431M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TAXS MUST | +2.02%+5.86% | +1.27%+3.64% | n/a+4.33% | n/a+4.05% |
| Max drawdown | TAXS MUST | -1.97%-6.64% | -1.97%-8.13% | n/a-8.13% | n/a-13.14% |
| Max drawdown duration | TAXS MUST | 59d76d | 59d241d | n/a241d | n/a1351d |
Trading data
TAXS | MUST | |
Last sale 10/28/2026 at 1:30 PM | $50.06 | $19.68 |
| Previous close 10/28/2026 | $50.07 | $19.75 |
| Consolidated volume 10/28/2026 | ||
| 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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TAXS | 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 10/28/2026 at 1:30 PM
Live
Closed
TAXS | MUST | |
|---|---|---|
| Last price | $50.06 | $19.68 |
| 1D performance | -0.01% | -0.35% |
| AuM | $191.24 M | $538.71 M |
| E/R | 0.05% | 0.23% |
Characteristics
TAXS | MUST | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Northern Trust | Columbia Threadneedle Investments |
| Benchmark | ICE Short Term Focused Municipal Bond Index | Beta Advantage Multi-Sector Municipal Bond Index |
| N° of holdings | 782 | 293 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | August 19, 2025 | October 10, 2018 |
| ESG | No | No |
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Exposure
Countries
TAXS
USA
42.95%
Other
57.05%
MUST
USA
43.37%
Other
56.63%
Sectors
TAXS
Municipal
42.95%
Other
57.05%
MUST
Municipal
43.03%
Other
56.97%
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Diversification
TAXS
Total weight of top 15 holdings out of 15
3.25%
MUST
Total weight of top 15 holdings out of 15
6.31%
Top 15 holdings
Data as of August 31, 2026
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%
US604146GB05
0.18%
Kentucky, 5% 1apr2030, USD
0.18%
US84136JAE91
0.18%
Ohio Water Development Authority, 5% 1dec2029, USD (2019)
0.18%
US39081JGT97
0.18%
US451446AC29
0.18%
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%
US46247SFR04
0.38%
Chicago O'Hare International Airport, 5% 1jan2048, USD
0.38%
Illinois Toll Highway Authority, 5% 1jan2038, USD (2024)
0.38%
US64972GJ217
0.38%
US48504NCC11
0.38%
New Jersey Turnpike Authority, 5% 1jan2036, USD
0.38%
US88285AJH23
0.37%
US73358XHU90
0.37%
Frequently asked questions about TAXS and MUST
How have the TAXS and MUST ETFs performed in 2026?
As of October 28, 2026, TAXS is up 1.56% year-to-date (YTD), while MUST has lost -1.35%. That puts TAXS better performer ahead so far this year.
Which ETF is attracting more investor money: TAXS or MUST?
Year-to-date, the TAXS ETF saw +$120M in flows, compared to +$32M for MUST.
Which ETF is more volatile: TAXS or MUST?
Over the past year, TAXS had a volatility of 1.27%, while MUST experienced 3.64%.
Which ETF is bigger: TAXS or MUST?
As of October 28, 2026, TAXS holds $191.24 M in assets under management (AUM), while MUST manages $538.71 M.
What sectors do the TAXS and MUST ETFs invest in?
TAXS leans toward sectors like Municipal. Meanwhile, MUST focuses on Municipal.
What are the top holdings of the TAXS ETF and MUST ETF?
TAXS top holdings include US64972GU289, US45505MJL19 and US267169HD59. 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: TAXS or MUST?
TAXS holds 1947 securities with 3.25% of its assets in the top 15. MUST has 647 securities and a top 15 weight of 6.31%.
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Latest news about TAXS & MUST
Ask the Manager: Dave Abner on the Rise of Distributing Ladder ETFs
February 10, 2026
TAXS
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