ETF Evaluator:
Columbia Multi-Sector Municipal Inc 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) |
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ETF Details
Columbia Multi-Sector Municipal Inc ETF Overview
Columbia Multi-Sector Municipal Inc ETF (MUST) is a passively managed Municipal Bond Muni National Interm exchange-traded fund (ETF). Columbia Threadneedle launched the ETF in 2018.
The investment seeks investment results that, before fees and expenses, closely correspond to the performance of the Beta Advantage® Multi-Sector Municipal Bond Index.
The fund will invest at least 80% of its assets in securities within the index. It invests at least 80% of its net assets (plus borrowings for investment purposes) in bonds and other debt instruments issued by or on behalf of state or local governmental units whose interest is exempt from U.S. federal income tax. The index reflects a rules-based, multi-sector strategic beta approach to measuring the performance of the U.S. tax-exempt bond market.
About Columbia Multi-Sector Municipal Inc ETF (MUST)
There are 4 members of the management team with an average tenure of 2.73 years: Bill Callagy (2022), Shannon Rinehart (2025), Doug Rangel (2022) and Travis Bates (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Beta Adv Multi-Sector Muni Bond TR USD index with a weighting of 100% and Bloomberg Municipal TR USD index with a weighting of 100%. Columbia Multi-Sector Municipal Inc ETF has 645 securities in its portfolio. The top 10 holdings constitute 4.5% 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.
Columbia Multi-Sector Municipal Inc ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. Columbia Multi-Sector Municipal Inc ETF has 0.0% 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 99.9% (99.9% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Columbia Multi-Sector Municipal Inc ETF has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $591 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.
MUST 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 Columbia Multi-Sector Municipal Inc ETF expense ratio is below average compared to funds in the Muni National Interm category. Columbia Multi-Sector Municipal Inc ETF has an expense ratio of 0.23%, which is 19% 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. Columbia Multi-Sector Municipal Inc ETF has a portfolio turnover rate of 21%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 41% for the Muni National Interm category.
Recently, in the month of July 2026, Columbia Multi-Sector Municipal Inc ETF returned -2.0%, which earned it a grade of F, 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.
Columbia Multi-Sector Municipal Inc ETF has a trailing yield of 3.40%, which is below the 3.53% category average.
The fund normally distributes its income monthly.
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.
Columbia Multi-Sector Municipal Inc ETF Grades
Year to date, the ETF has returned -0.1%, 0.5 percentage points worse than the category, which translates into a grade of F. The fund has returned 4.8% over the past year (grade of D), 2.8% over the past three years (grade of D) and 0.3% per year over the past five years (grade of F).
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MUST 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 |
|
| MUST Return (NAV) | -2.0% | -0.9% | 4.8% | 2.8% | 0.3% | na |
| MUST Return (Price) | -2.0% | -0.0% | 5.1% | 2.8% | 0.4% | na |
| NAV +/- Price Return | 0.085% | -0.830% | -0.359% | -0.001% | -0.025% | na |
| Muni National Interm Avg | -1.6% | -0.5% | 4.9% | 3.3% | 0.6% | 1.9% |
| MUST Grade (NAV) | F | F | D | D | F | na |
| +/- Category (NAV) | -0.4% | -0.4% | -0.2% | -0.5% | -0.3% | na |
| MUST Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | na |
MUST Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MUST Return (NAV) | -0.1% | 4.9% | 0.7% | 6.0% | -8.7% | 2.5% | 6.0% | 8.5% | na | na | na |
| MUST Return (Price) | 0.3% | 4.9% | 0.4% | 6.2% | -8.8% | 1.9% | 6.7% | 8.3% | na | na | na |
| NAV +/- Price Ret | -3.653% | 0.010% | -0.437% | 0.041% | 0.018% | -0.215% | 0.124% | -1.7% | 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% |
| MUST Grade (NAV) | F | C | F | C | D | B | A | A | na | na | na |
| +/- Category | -0.5% | 0.2% | -1.3% | -0.1% | -0.6% | 0.8% | 1.0% | 0.8% | na | na | na |
| Risk Measures | |
| Beta: | 1.01 |
| R-Squared: | 99% |
| Standard Deviation: | 5.8% |
| Category Risk Index: | 1.17 |
| Category Risk Rating: | High |
| Total Risk Index: | 0.47 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 3.4% |
| Total Assets: | $ 592 Mil |
| Share Class Assets: | $ 592 Mil |
| Turnover: | 21.0% |
| Expense Ratio: | 0.23% |
| Index Fund: | Yes |
| Index Tracked: | Beta Adv Multi-Sector Muni Bond TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 4.1 years | |||
| Average Tenure: 2.7 years | |||
| Managers (Year): Callagy Bill (2022), Rangel Doug (2022), Bates Travis (2025), Rinehart Shannon (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 645 |
| % in Top 10 Holdings: | 4.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 99.9% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Columbia Threadneedle |
| Phone Number: | 800-426-3750 |
| Website: | |
| Inception Date: | October 10, 2018 |
Expenses and Fees
| Expense Ratio (%): | 0.23% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.28% |
