Columbia Multi-Sector Municipal Income ETF
ALTAR
Score™
2.2% info Median Credit
S&P/Moody's
A/Aa3
 
Yield to
Maturity
2.6% Current
Yield
4.0%
Macaulay
Duration
8.3 yrs Modified
Duration
8.2%


  • Description
  • Performance
  • Fundamentals
  • Rate Sensitivity
  • Rating
MUST tracks an index with fixed-weight exposure to multiple sectors of the US municipal bond market. Each sector is market-value weighted.

FUND BASICS
Category Municipals
Fund Sponsor Columbia
Website www.columbiathreadneedleetf.com/must
Inception date Oct 10, 2018
Assets (mns) $26
Currency USD
Expense ratio 23 bp
Distributions Monthly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Fixed
Index replication

ISSUER TYPE BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents 129
No of distinct issuers 111
Inflation protected 0%
Variable/Fixed coupon 3% /97%
Non-standard maturity (callable, etc.) 77%

TOP TEN HOLDINGS
LOUISVILLE & JEFFERSO 5.0% 5/15/28 2.1 %
METROPOLITAN TRANSN A 5.0% 11/15/31 1.9 %
NORTH TEX TWY AUTH RE 5.0% 1/01/27 1.6 %
MICHIGAN FIN AUTH REV 5.0% 8/01/28 1.5 %
NEW YORK ST DORM AUTH 5.0% 7/01/26 1.5 %
LOUISVILLE & JEFFERSO 5.0% 1/01/30 1.5 %
METROPOLITAN TRANSN A 5.0% 11/15/26 1.4 %
NEW JERSEY ECONOMIC D 5.0% 3/01/25 1.4 %
0.0% 5/01/49 1.4 %
WASHINGTON ST HEALTH 5.0% 1/01/29 1.4 %
   
TOTAL 15.6 %

TOP ISSUERS
NEW JERSEY ECONOMIC DEV AUTH REV6.0%
Metropolitan Transn Auth N Y Rev4.0%
NORTH TEX TWY AUTH REV3.4%
Michigan Fin Auth Rev2.9%
LOUISVILLE & JEFFERSON CNTY KY MET...2.3%

TOP COUNTRY EXPOSURE
UNITED STATES 98.8 %

 





HISTORICAL RETURNS info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru July 31)
Year-to-date 1 year 5 years 10 years Since Incep.
7.1% -- -- -- 9.5%

Market Correlations
versus... Beta R-squared
Barclays Agg. Bond -- --
S&P500 -- --
MSCI EAFE -- --
MSCI Emg. Mkts. -- --

Technical Indicators
Recent close $21.85
30d moving avg. $21.61
Annualized volatility 0.0%
Short interest (ETF) 0.1%
Relative strength (RSI) 74
Liquidity measures
Avg. volume (thou.) 12
Avg. daily value traded (mns) $0
Turnover 1.0%
Bid/Ask (% of price) 0.47

Distributions


Yield Comparison

*Fund Category: MUNICIPALS

CREDIT QUALITY: MOODY'S

DISTRIBUTION YIELD (TRAILING 12 MONTHS)
Macaulay Duration info
 
MUST 8.3 yrs Category
Avg.*
7.8 yrs
 

Modified Duration info
 
MUST 8.2% Category
Avg.*
7.7%

RATE SENSITIVITY ANALYSIS info
Change
in YTM
New
YTM
Est. Price
Change
Est. New
Price
+300 bp 5.56% -17.2% $18.09
+200 bp 4.56% -13.1% $18.99
+150 bp 4.06% -10.4% $19.57
+100 bp 3.56% -7.4% $20.24
+75 bp 3.31% -5.7% $20.61
+50 bp 3.06% -3.9% $21.00
+25 bp 2.81% -2.0% $21.41
0 bp 2.56% 0% $21.85
-25 bp 2.31% 2.1% $22.31
-50 bp 2.06% 4.3% $22.79
-75 bp 1.81% 6.6% $23.29
-100 bp 1.56% 9.0% $23.82
-150 bp 1.06% 14.1% $24.94
-200 bp 0.56% 19.7% $26.14
-300 bp -0.44% 31.9% $28.83

*Fund Category: MUNICIPALS

ALTAR Score™


Calculation of ALTAR Score™
Adj. Yield to Maturity info 256 bp
Less: Annual "default factor" info 10 bp
Less: Expense ratio 23 bp
Equals: ALTAR Score 2.23 %
 

Average ALTAR Score™ by Category
Aggregate 1.7%
Corporate 2.3%
Emerging Market 3.6%
Government 1.6%
Inflation Protected 1.7%
Mortgage 2.8%
Municipals 2.2%
 
*Note: The Columbia Multi-Sector Municipal Income ETF is classified as a Municipals fund.

 

Our estimate of the impact of potential defaults on investor returns, based on historical default and recovery rates for bonds of similar credit rating and maturities.
See RATING tab for calculations of ALTAR Score™
Estimate of fund sensitivity to interest rate changes based on modified duration and convexity adjustment applied to underlying bonds. Note: Less meaningful for inflation-indexed bonds.
Adds expected inflation to real YTM for inflation-linked bonds so that all instruments are compared on a nominal basis
Weighted-average term to maturity of the cash flows from a bond. All else being equal, bonds of longer duration are more sensitive to changes in interest rates than bonds of shorter duration.
Approximation of the change in bond prices given a 100 basis point shift in interest rates. A better estimate, particularly for larger moves in interest rates, is provided by the Rate Sensitivity Analysis below.