ETF Evaluator:
MFS Active Intermediate Muni Bond ETF ()
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(as of Aug 26)
Best Performing in Muni National Interm Over the Last Year
| 7.5% | Simplify National Muni Bond ETF (NMB) |
| 6.9% | X-Square Municipal Income Tax Free ETF (ZTAX) |
| 6.3% | BNY Mellon Municipal Opportunities ETF (BMOP) |
| 6.2% | PIMCO Muncpl Income Oppos Act Ex-Trd (MINO) |
| 6.0% | American Century Divers Muncpl Bd ETF (TAXF) |
Risk
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Risk
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ETF Details
MFS Active Intermediate Muni Bond ETF Overview
MFS Active Intermediate Muni Bond ETF (MFSM) is an actively managed Municipal Bond Muni National Interm exchange-traded fund (ETF). MFS launched the ETF in 2024.
The investment seeks total return with an emphasis on income exempt from federal income tax, but also considering capital appreciation.
The fund normally invests at least 80% of the fund’s net assets in municipal instruments, the interest on which is exempt from federal income tax. Interest from the fund’s investments may be subject to the federal alternative minimum tax. It normally invests the fund’s assets primarily in municipal instruments.
About MFS Active Intermediate Muni Bond ETF (MFSM)
There are 3 members of the management team with an average tenure of 1.65 years: Jason Kosty (2024), Megan Poplowski (2024) and Daniel Streppa (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal 1-15 Yr TR USD index with a weighting of 100%. MFS Active Intermediate Muni Bond ETF has 411 securities in its portfolio. The top 10 holdings constitute 7.7% 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.
MFS Active Intermediate Muni Bond ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. MFS Active Intermediate Muni Bond ETF has 0.9% 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 99.0% (98.2% domestic bond, 0.9% foreign bond and 0.0% convertible bond). MFS Active Intermediate Muni Bond ETF has 1.0% of the portfolio in cash.
Assets Under Management
The fund has $99 million in total assets, which is below the $2 billion average for the Muni National Interm 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.
MFSM 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 MFS Active Intermediate Muni Bond ETF expense ratio is below average compared to funds in the Muni National Interm category. MFS Active Intermediate Muni Bond ETF has an expense ratio of 0.34%, which is 20% higher than its category average, making the fund expense ratio grade a D. 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. MFS Active Intermediate Muni Bond ETF has a portfolio turnover rate of 12%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 41% for the Muni National Interm category.
Recently, in the month of July 2026, MFS Active Intermediate Muni Bond ETF returned -1.7%, which earned it a grade of D, as the Muni National Interm category had an average return of -1.6%. 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.
MFS Active Intermediate Muni Bond ETF has a trailing yield of 3.62%, which is above the 3.53% 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.
MFS Active Intermediate Muni Bond ETF Grades
Year to date, the ETF has returned 0.6%, 0.3 percentage points better than the category, which translates into a grade of B. The fund has returned 5.1% over the past year (grade of C).
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MFSM 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 |
|
| MFSM Return (NAV) | -1.7% | -0.6% | 5.1% | na | na | na |
| MFSM Return (Price) | -1.7% | -0.5% | 5.2% | na | na | na |
| NAV +/- Price Return | 0.013% | -0.053% | -0.146% | na | na | na |
| Muni National Interm Avg | -1.6% | -0.5% | 4.9% | 3.3% | 0.6% | 1.9% |
| MFSM Grade (NAV) | D | D | C | na | na | na |
| +/- Category (NAV) | -0.1% | -0.1% | 0.1% | na | na | na |
| MFSM Tax-Cost Ratio | na | na | 0.0% | na | na | na |
MFSM Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MFSM Return (NAV) | 0.6% | 5.1% | na | na | na | na | na | na | na | na | na |
| MFSM Return (Price) | 0.6% | 5.2% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.097% | 0.021% | na | na | na | na | na | na | na | na | na |
| Muni National Interm Avg | 0.4% | 4.7% | 2.0% | 6.1% | -8.1% | 1.6% | 5.0% | 7.7% | 1.2% | 5.2% | 0.1% |
| MFSM Grade (NAV) | B | B | na | na | na | na | na | na | na | na | na |
| +/- Category | 0.3% | 0.4% | 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: | 3.6% |
| Total Assets: | $ 100 Mil |
| Share Class Assets: | $ 100 Mil |
| Turnover: | 12.0% |
| Expense Ratio: | 0.34% |
| 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: 1.7 years | |||
| Average Tenure: 1.7 years | |||
| Managers (Year): Kosty Jason (2024), Poplowski Megan (2024), Streppa Daniel (2024) | |||
Portfolio Composition (as of 7/30/26)
| # of Holdings: | 411 |
| % in Top 10 Holdings: | 7.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 98.2% |
| Foreign Bond: | 0.9% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | MFS |
| Phone Number: | 800-637-5637 |
| Website: | |
| Inception Date: | December 4, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.34% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.28% |
