Analysis

Key stats

About Columbia Multi-Sector Municipal Income ETF

MUST takes a top-down sector approach to municipal bond investing. The fund has fixed-weight exposure to five sectors that are rather idiosyncratically defined: core revenue (45%), consisting of power, transportation, education, and leasing revenue bonds, health care revenue bonds (20%), high quality (15%), consisting of housing and water & sewer revenue bonds, general obligation bonds (10%), and high yield bonds (10%). Minimum credit quality varies by sector, but tends to be highAA or higher in most cases, and B or higher in the high yield sector. Note that the high quality sector actually has slightly lower credit requirements than all but the high yield sector. Time-to-maturity windows likewise vary by sector and skew long, ranging from 2-10 years for general obligation bonds to 10-25 years for the health care and high yield sectors. Holdings are market-value-weighted within each sector, with quarterly rebalancing. In total, at least 80% of MUST is invested in revenue bonds, roughly approximating the market.