What is MUST?

MUST tracks an index with fixed-weight exposure to multiple sectors of the US municipal bond market. Each sector is market-value weighted.

PERFORMANCE [as of 03/22/23] 1 MONTH 3 MONTHS YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS
MUST 1.61% 2.16% 2.67% -0.68% 2.73% -- --
MUST (NAV) 1.32% 0.22% 2.01% -4.07% -1.33% -- --
ICE BofA US Municipal Securities Index 1.46% 1.59% 1.96% -1.80% 2.64% 1.86% 2.34%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

MUST Factset Analytics Insight

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 high—AA 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.

MUST Summary Data

10/10/18
0.23%
$292.61M
Bloomber Barclays Beta Advantage Multi-Sector Municipal Bond Index
ICE BofA US Municipal Securities Index
Open-Ended Fund

Peers

ICE BofA US Municipal Securities Index

Fund Flows

$0.00B 5 Days
+$0.01B 30 Days
+$0.05B 90 Days

MUST Portfolio Data

5.55
--
4.15%
N/A
--

MUST Index Data

Bloomber Barclays Beta Advantage Multi-Sector Municipal Bond Index
Fixed
Fixed
ICE BofA US Municipal Securities Index

MUST Portfolio Management

0.23%
-0.13%
0.08%
-0.27%

MUST Tax Exposures

20.00% / 39.60%
0.08%
Ordinary income
No

MUST Fund Structure

Open-Ended Fund
No
No
-- / --
N/A
N/A
Low
Daily

Factset Analytics Block Liquidity

As of 03/23/23

This measurement shows how easy it is to trade a $1 million USD block of MUST. MUST is rated a N/A out of 5.

MUST Tradability

78,447
$1.61M
65,606
$1.34M
0.31%
$0.06
0.22%
0.66% / -0.99%
None
100.00%
50,000
1.31
0.04%
--
0
$20.46
N/A

MUST Sector/Industry Breakdown

MUST Segment
Benchmark
90.51% --
4.81% --
1.44% --
1.12% --
0.74% --
0.67% --
0.51% --
0.11% --
0.09% --

MUST Top 10 Holdings

0.88%
0.77%
0.62%
0.61%
0.59%
0.57%
0.56%
0.55%
0.55%
0.54%
6.25%

MUST Performance Statistics

0.91
0.85
--
--
--

MUST Top 5 Countries

MUST Segment
Benchmark
100.00% --

MUST Top 5 Currencies

MUST Segment
Benchmark
100.00% --

MUST Avg Life Maturity Distribution

3.78%
6.26%
11.99%
21.33%
13.25%
11.98%
13.77%
11.39%
6.24%

MUST OAS Breakdown

79.83%
17.44%
2.01%
0.24%
0.48%
--
--
--
--
--
--

MUST Holdings Statistics

8.13 years
5.55
4.15%
5.61
--
--
0.56%