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 down -3.04% year-to-date (YTD) with -$855K in YTD flows. MUST performs worse with -3.52% YTD performance, and +$39M 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 09/23/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | TFI MUST | -3.31%-3.67% | -4.42%-4.94% | -3.04%-3.52% | -1.80%-2.14% | +7.78%+8.61% | -4.66%-1.60% |
| Flows | TFI MUST | -$136M-$39M | -$100M-$30M | -$855K+$39M | -$281M+$84M | -$667M+$200M | -$287M+$447M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TFI MUST | +3.61%+3.46% | +2.69%+2.64% | +4.03%+4.17% | +4.04%+3.89% |
| Max drawdown | TFI MUST | -4.83%-5.36% | -4.98%-5.78% | -6.06%-5.78% | -14.88%-13.14% |
| Max drawdown duration | TFI MUST | 79d79d | 206d206d | 277d206d | 1513d1351d |
Trading data
TFI | MUST | |
Last sale 9/24/2026 at 1:30 PM | $43.06 | $19.24 |
| Previous close 09/23/2026 | $43.26 | $19.28 |
| Consolidated volume 09/23/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of August 31, 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 9/24/2026 at 1:30 PM
Live
Closed
TFI | MUST | |
|---|---|---|
| Last price | $43.06 | $19.24 |
| 1D performance | -0.46% | -0.21% |
| AuM | $2.85 B | $535.31 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 | 818 | 293 |
| 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
42.65%
Other
57.35%
MUST
USA
43.22%
Other
56.78%
Sectors
TFI
Municipal
42.65%
Other
57.35%
MUST
Municipal
43.09%
Other
56.91%
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Diversification
TFI
Total weight of top 15 holdings out of 15
2.89%
MUST
Total weight of top 15 holdings out of 15
6.31%
Top 15 holdings
Data as of July 31, 2026
TFI
California, 5% 1nov2027, USD
0.23%
City of New York, 5% 1aug2033, USD (2018)
0.21%
US91412HWK57
0.20%
US55844RWX87
0.20%
State of Washington, 5% 1feb2028, USD (2024A)
0.20%
Triborough Bridge and Tunnel Authority, 5% 15nov2028, USD (2023B)
0.20%
US64972GE598
0.19%
US373385LV30
0.19%
US574204S201
0.19%
US574193VL92
0.19%
US764581KP80
0.18%
California, 5% 1nov2032, USD
0.18%
US677523KE13
0.18%
US010831EC55
0.18%
City of New York, 5% 1aug2029, USD
0.17%
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%
Illinois Toll Highway Authority, 5% 1jan2038, USD (2024)
0.39%
US46247SFR04
0.38%
New Jersey Turnpike Authority, 5% 1jan2036, USD
0.38%
US64972GJ217
0.38%
Chicago O'Hare International Airport, 5% 1jan2048, USD
0.38%
US48504NCC11
0.37%
US73358XHU90
0.37%
US88285AJH23
0.37%
Frequently asked questions about TFI and MUST
How have the TFI and MUST ETFs performed in 2026?
As of September 23, 2026, TFI is down -3.04% year-to-date (YTD), while MUST has lost -3.52%. 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 -$855K in flows, compared to +$39M for MUST.
Which ETF is more volatile: TFI or MUST?
Over the past year, TFI had a volatility of 2.69%, while MUST experienced 2.64%.
Which ETF is bigger: TFI or MUST?
As of September 23, 2026, TFI holds $2.85 B in assets under management (AUM), while MUST manages $535.31 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 California, 5% 1nov2027, USD, City of New York, 5% 1aug2033, USD (2018) and US91412HWK57. 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: TFI or MUST?
TFI holds 1904 securities with 2.89% of its assets in the top 15. MUST has 647 securities and a top 15 weight of 6.31%.
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