Columbia Multi-Sector Municipal Income ETF
MUST
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- Columbia Multi-Sector Municipal Income ETF (MUST) is an exchange-traded fund that seeks investment results corresponding to the Beta Advantage Multi-Sector Municipal Bond Index, employing a rules-based, multi-sector strategic beta approach to the U.S. tax-exempt municipal bond market. The fund invests primarily in investment-grade fixed income securities issued by or on behalf of state or local governments, with fixed-weight exposure to multiple municipal sectors that are market-value weighted within each; it includes lower-quality, longer-maturity bonds such as health care and high-yield municipal bonds, as well as alternative minimum tax (AMT) bonds, while emphasizing yield, quality, maturity, liquidity, and interest rate factors to enhance tax-exempt income and returns. Shares of MUST trade on the NYSE Arca exchange, with an expense ratio of 0.23%, a dividend yield of approximately 3.24%, and assets under management of around $444 million to $483 million as of late 2025. MUST was launched on October 10, 2018, by Columbia Threadneedle Investments, the issuer and investment adviser, which is headquartered in Boston, Massachusetts, and operates globally with offices in 17 countries across the Americas, Europe, the Middle East, and Asia. The fund targets individual, institutional, and corporate investors seeking diversified exposure to the national intermediate-term municipal bond market, categorized under Muni National Interm by Morningstar, with mid credit quality and moderate interest-rate sensitivity; its portfolio comprises approximately 584 to 592 holdings, over 99% in municipal tax-exempt securities. The fund is managed by a team at Columbia Management Investment Advisers, LLC, including Bill Callagy and Doug Rangel since June 2022, with Travis Bates and Shannon Rinehart added as of March 2025. Columbia Threadneedle Investments, formed in 2015 from the merger of Columbia Management Group (founded 1962) and Threadneedle Asset Management under parent Ameriprise Financial, completed the acquisition of BMO Global Asset Management's EMEA business in 2021, adding significant responsible investment capabilities and boosting total firm assets under management. In 2025, institutional investors such as Farther Finance Advisors, Haven Private LLC, and Global Wealth Strategies & Associates increased or initiated holdings in MUST, reflecting growing interest amid its steady asset growth and performance.