TFIvsMUSTETF Comparison
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State Street SPDR Nuveen ICE Municipal Bond ETF (TFI) and Columbia Multi-Sector Municipal Income ETF (MUST) belong to the same industry segment: Municipal Bonds. TFI's top 1 sector exposures are Municipal. In contrast, MUST's top sector exposures are Municipal and Non-Corporate. Both TFI and MUST have the same Total Expense Ratio (TER) of 0.23%. TFI is up 0.47% year-to-date (YTD) with +$9M in YTD flows. MUST performs worse with -0.03% YTD performance, and +$32M in YTD flows. Run a side-by-side ETF comparison of TFI 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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TFI vs MUST performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 11/06/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | TFI MUST | +4.61%+4.66% | -0.07%-0.43% | +0.47%-0.03% | +0.89%+0.40% | +11.66%+12.63% | -0.83%+2.55% |
| Flows | TFI MUST | -$20M+$8M | -$189M-$41M | +$9M+$32M | -$46M+$61M | -$506M+$193M | -$565M+$431M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TFI MUST | +5.68%+5.93% | +3.57%+3.68% | +4.06%+4.28% | +4.18%+4.06% |
| Max drawdown | TFI MUST | -6.01%-6.64% | -7.00%-8.13% | -7.00%-8.13% | -14.88%-13.14% |
| Max drawdown duration | TFI MUST | 85d85d | 250d250d | 250d250d | 1513d1351d |
Trading data
TFI | MUST | |
Last sale 11/9/2026 at 2:35 PM | $44.49 | $20.01 |
| Previous close 11/06/2026 | $44.44 | $19.91 |
| Consolidated volume 11/06/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of October 30, 2026
1-year trailing difference
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TFI | 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 11/9/2026 at 2:35 PM
Live
Closed
TFI | MUST | |
|---|---|---|
| Last price | $44.49 | $20.01 |
| 1D performance | +0.11% | +0.50% |
| AuM | $2.95 B | $544.19 M |
| E/R | 0.23% | 0.23% |
Characteristics
TFI | MUST | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | State Street Investment Management | Columbia Threadneedle Investments |
| Benchmark | ICE 1+ Year AMT-Free Broad Municipal Index | Beta Advantage Multi-Sector Municipal Bond Index |
| N° of holdings | 826 | 256 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | September 11, 2007 | October 10, 2018 |
| ESG | No | No |
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Exposure
Countries
TFI
USA
42.95%
Other
57.05%
MUST
USA
43.22%
Other
56.78%
Sectors
TFI
Municipal
42.95%
Other
57.05%
MUST
Municipal
42.46%
Other
57.54%
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Diversification
TFI
Total weight of top 15 holdings out of 15
2.82%
MUST
Total weight of top 15 holdings out of 15
7.23%
Top 15 holdings
Data as of September 30, 2026
TFI
State of Washington, 5% 1feb2028, USD (2024A)
0.22%
Triborough Bridge and Tunnel Authority, 5% 15nov2028, USD (2023B)
0.22%
US373385LV30
0.21%
US574193VL92
0.20%
US764581KP80
0.20%
US010831EC55
0.19%
California, 5% 1nov2032, USD
0.19%
California, 5% 1nov2031, USD
0.18%
City of New York, 5% 1aug2029, USD
0.18%
California Community Choice Financing Authority, 5% 1may2054, USD (2024A)
0.18%
US452152B916
0.18%
US207758N749
0.18%
US13068XJP50
0.17%
US13013JBJ43
0.16%
US64972LBD47
0.16%
MUST
BlackRock Liquidity MuniCash
0.76%
US249182QF65
0.60%
New Jersey Turnpike Authority, 5% 1jan2034, USD (2025)
0.54%
US64985SDE00
0.52%
New York Metropolitan Transportation Authority, 4% 15nov2035, USD (2017C-1)
0.49%
US67766WM740
0.47%
New York Transportation Development Corp., 4.375% 1oct2045, USD (2020)
0.46%
New Jersey Turnpike Authority, 5% 1jan2036, USD
0.45%
US46247SFR04
0.43%
Illinois Toll Highway Authority, 5% 1jan2038, USD (2024)
0.43%
US73358XHU90
0.42%
Chicago O'Hare International Airport, 5% 1jan2048, USD
0.42%
US64972GJ217
0.42%
US48504NCC11
0.41%
US79625GJK04
0.41%
Frequently asked questions about TFI and MUST
How have the TFI and MUST ETFs performed in 2026?
As of November 6, 2026, TFI is up 0.47% year-to-date (YTD), while MUST has lost -0.03%. That puts TFI better performer ahead so far this year.
Which ETF is attracting more investor money: TFI or MUST?
Year-to-date, the TFI ETF saw +$9M in flows, compared to +$32M for MUST.
Which ETF is more volatile: TFI or MUST?
Over the past year, TFI had a volatility of 3.57%, while MUST experienced 3.68%.
Which ETF is bigger: TFI or MUST?
As of November 6, 2026, TFI holds $2.95 B in assets under management (AUM), while MUST manages $544.19 M.
What sectors do the TFI and MUST ETFs invest in?
TFI leans toward sectors like Municipal. Meanwhile, MUST focuses on Municipal.
What are the top holdings of the TFI ETF and MUST ETF?
TFI top holdings include State of Washington, 5% 1feb2028, USD (2024A), Triborough Bridge and Tunnel Authority, 5% 15nov2028, USD (2023B) and US373385LV30. MUST holds in its top three: BlackRock Liquidity MuniCash, US249182QF65 and New Jersey Turnpike Authority, 5% 1jan2034, USD (2025).
Which ETF is more diversified: TFI or MUST?
TFI holds 1926 securities with 2.82% of its assets in the top 15. MUST has 576 securities and a top 15 weight of 7.23%.
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