ETF Evaluator:
Allspring Ultra Short Municipal ETF ()
Follow This ETF
(as of Aug 20)
Best Performing in Muni National Short Over the Last Year
| 5.4% | abrdn Ultra Short Municipal Inc Act ETF (AMUN) |
| 3.2% | Vanguard Short Duration Tax-Exm Bd ETF (VSDM) |
| 3.2% | Capital Group Short Dur Muncpl Inc ETF (CGSM) |
| 3.2% | NYLI MacKay Muni Short Duration ETF (MMSD) |
| 3.2% | PGIM Ultra Short Municipal Bond ETF (PUSH) |
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ETF Details
Allspring Ultra Short Municipal ETF Overview
Allspring Ultra Short Municipal ETF (AUSM) is an actively managed Municipal Bond Muni National Short exchange-traded fund (ETF). Allspring Global Investments launched the ETF in 2025.
The investment seeks current income exempt from federal income tax, consistent with capital preservation.
Under normal circumstances, the fund invests at least 80% of the fund’s net assets plus borrowings for investment purposes in municipal securities whose interest is exempt from federal income tax, but not necessarily federal alternative minimum tax (AMT); up to 20% of the fund’s total assets in securities whose interest is subject to federal AMT; and up to 10% of the fund’s total assets in below investment-grade municipal securities.
About Allspring Ultra Short Municipal ETF (AUSM)
There are 3 members of the management team with an average tenure of 1.07 years: James Randazzo (2025), Bruce Johns (2025) and Nicholos Venditti (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 3 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100%, iMoneyNet Tax-Free Na Ins MM USD index with a weighting of 50% and Bloomberg 1 Year Municipal Bond index with a weighting of 50%. Allspring Ultra Short Municipal ETF has 96 securities in its portfolio. The top 10 holdings constitute 16.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Allspring Ultra Short Municipal ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. Allspring Ultra Short Municipal ETF has 0.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 91.7% (91.1% domestic bond, 0.6% foreign bond and 0.0% convertible bond). Allspring Ultra Short Municipal ETF has 8.3% of the portfolio in cash.
Assets Under Management
The fund has $33 million in total assets, which is below the $1 billion average for the Muni National Short category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
AUSM Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Allspring Ultra Short Municipal ETF expense ratio is low compared to funds in the Muni National Short category. Allspring Ultra Short Municipal ETF has an expense ratio of 0.18%, which is 14% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Allspring Ultra Short Municipal ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 56% for the Muni National Short category.
Recently, in the month of July 2026, Allspring Ultra Short Municipal ETF returned 0.0%, which earned it a grade of B, as the Muni National Short category had an average return of -0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Allspring Ultra Short Municipal ETF has a trailing yield of 2.73%, which is below the 2.91% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Allspring Ultra Short Municipal ETF Grades
Year to date, the ETF has returned 1.3%, 0.2 percentage points better than the category, which translates into a grade of B. The fund has returned 2.7% over the past year (grade of C).
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AUSM Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| AUSM Return (NAV) | 0.0% | 0.6% | 2.7% | na | na | na |
| AUSM Return (Price) | 0.1% | 0.5% | 2.7% | na | na | na |
| NAV +/- Price Return | -0.028% | 0.015% | -0.037% | na | na | na |
| Muni National Short Avg | -0.2% | 0.4% | 2.8% | 3.2% | 1.7% | 1.5% |
| AUSM Grade (NAV) | B | B | C | na | na | na |
| +/- Category (NAV) | 0.3% | 0.2% | -0.1% | na | na | na |
| AUSM Tax-Cost Ratio | na | na | 0.0% | na | na | na |
AUSM Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| AUSM Return (NAV) | 1.3% | na | na | na | na | na | na | na | na | na | na |
| AUSM Return (Price) | 1.3% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.024% | na | na | na | na | na | na | na | na | na | na |
| Muni National Short Avg | 1.1% | 3.8% | 2.7% | 3.8% | -2.1% | 0.4% | 2.1% | 3.0% | 1.3% | 1.5% | -0.1% |
| AUSM Grade (NAV) | B | na | na | na | na | na | na | na | na | na | na |
| +/- Category | 0.2% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 2.7% |
| Total Assets: | $ 33 Mil |
| Share Class Assets: | $ 33 Mil |
| Turnover: | na |
| Expense Ratio: | 0.18% |
| Index Fund: | No |
| Index Tracked: | Bloomberg Municipal TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 1.1 years | |||
| Average Tenure: 1.1 years | |||
| Managers (Year): Randazzo James (2025), Johns Bruce (2025), Venditti Nicholos (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 96 |
| % in Top 10 Holdings: | 16.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 91.1% |
| Foreign Bond: | 0.6% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 8.3% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Allspring Global Investments |
| Phone Number: | 866-701-2575 |
| Website: | |
| Inception Date: | July 7, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.18% (Rating: Low) |
| Category Average Expense Ratio (%): | 0.21% |
