Madison Short-Term Strategic Income ETF (MSTI) Bond Profile
MSTI bond portfolio
Fund statistics as of Oct 24, 2026- Yield to maturity
- 6.11% if bonds are held to maturity
- Effective duration
- 2.89 yrs ≈ 2.9% price change per 1% rate move
- Average maturity
- 3.7 yrs
- Average coupon
- 4.77% interest rate on the bonds
- Average bond price
- 101.03 per 100 of face value
- Distribution yield
- 5.44% trailing 12 months
- Current yield
- 4.72% coupon ÷ price
- Expense ratio
- 0.42%
- Turnover
- 0% a year
- Net assets
- $48.4M
Interest-rate sensitivity
MSTI has an effective duration of 2.89 years: short-term interest-rate sensitivity. Peer funds are marked below the scale.
Effective duration in years. Short-term funds have a duration under 3 years, long-term funds over 10.
What a rate change would do to MSTI
Estimate for an immediate, parallel move in yields: price change ≈ −duration × rate change; 12-month return adds the 6.11% yield to maturity. Ignores convexity and changes in credit spreads.
Where the MSTI yield comes from
Current yield = average coupon ÷ average price. Pull to par = yield to maturity − current yield. The distribution yield is what was actually paid out over the past 12 months.
MSTI vs other bond ETFs
| ETF | Fund | Duration | Maturity | YTM | Dist. yield | Expense | 1-year return |
|---|---|---|---|---|---|---|---|
| BIL | SPDR Bloomberg 1-3 Month T-Bill ETF | 0.16 | 0.2 | 3.91% | 3.63% | 0.12% | +3.8% |
| SHY | iShares 1-3 Year Treasury Bond ETF | 1.81 | 1.9 | 4.88% | 3.64% | 0.15% | +1.7% |
| MSTI | Madison Short-Term Strategic Income ETF | 2.89 | 3.7 | 6.11% | 5.44% | 0.42% | +1.4% |
| HYG | iShares iBoxx $ High Yield Corporate Bond ETF | 3.26 | 5.6 | 7.97% | 6.09% | 0.48% | +1.1% |
| VGIT | Vanguard Intermediate-Term Treasury ETF | 4.70 | 5.3 | 5.36% | 4.06% | 0.04% | −1.2% |
| GOVT | iShares U.S. Treasury Bond ETF | 5.20 | 7.4 | 4.87% | 3.67% | 0.05% | −1.1% |
| IUSB | iShares Core Total USD Bond Market ETF | 5.36 | 7.9 | 5.58% | 4.44% | 0.05% | −0.9% |
| BND | Vanguard Total Bond Market ETF | 5.54 | 7.9 | 5.72% | 4.17% | 0.03% | −1.1% |
| SCHZ | Schwab U.S. Aggregate Bond ETF | 5.76 | 8.3 | 5.64% | 4.44% | 0.02% | −1.1% |
| AGG | iShares Core U.S. Aggregate Bond ETF | 5.79 | 7.9 | 5.33% | 4.30% | 0.03% | −1.1% |
| VCIT | Vanguard Intermediate-Term Corporate Bond ETF | 5.92 | 7.8 | 6.00% | 5.22% | 0.03% | −1.6% |
| TIP | iShares TIPS Bond ETF | 6.00 | 7.3 | 4.86% | 4.80% | 0.18% | −1.0% |
| IEF | iShares 7-10 Year Treasury Bond ETF | 7.06 | 8.7 | 5.08% | 4.18% | 0.14% | −2.8% |
| MUB | iShares National Muni Bond ETF | 7.29 | 12.1 | 4.56% | 3.26% | 0.04% | −0.7% |
| LQD | iShares iBoxx $ Investment Grade Corporate… | 7.79 | 12.8 | 6.48% | 4.68% | 0.14% | −3.5% |
| TLT | iShares 20+ Year Treasury Bond ETF | 14.12 | 24.8 | 5.65% | 5.00% | 0.14% | −6.7% |
Sorted by duration. Longer duration usually pays a higher yield but swings more with interest rates; corporate and high-yield funds add credit risk.
MSTI asset allocation
- Bonds
- 97.8% long positions
- Cash held
- 2.3%
- Net cash
- 2.3% held minus owed
Long positions can add up to more than 100% when the fund buys bonds for later settlement; the short cash line offsets them.
About the MSTI bond portfolio
Madison Short-Term Strategic Income ETF holds a portfolio of bonds. They yield 6.11% to maturity, have an average coupon of 4.77% and an average maturity of 3.7 years. With an effective duration of 2.89 years, a one-percentage-point rise in interest rates would lower the fund's price by about 2.9%, and a fall of the same size would raise it by about as much.
Because the bonds trade at an average of 101.03 per 100 of face value, prices drift down toward par as the bonds mature, which takes roughly −1.39% a year off the coupon income. The current yield is 4.72%. Over the next 12 months, rates could rise by about 2.12 percentage points before the price drop would cancel out a year of yield. The worst 12-month return in the fund's price history was +0.8%, and the worst calendar year 2024 (+4.8%).
EODHD does not publish the individual bonds held, so this page uses the fund-level statistics; the full list of bonds is on the issuer's website.
Related: MSTI chart, MSTI performance, MSTI dividends, MSTI overview.
MSTI bond profile FAQ
What is the yield to maturity of MSTI?
The bonds in MSTI have an average yield to maturity of 6.11% as of October 24, 2026. The trailing 12-month distribution yield is 5.44%.
What is the duration of MSTI?
MSTI has an effective duration of 2.89 years and an average maturity of 3.7 years, which makes it a short-term bond fund.
How do interest rates affect MSTI?
With a duration of 2.89 years, MSTI's price falls about 2.9% for every one-percentage-point rise in interest rates and rises about as much when rates fall. Higher rates also raise the yield on new bonds the fund buys.
How much can rates rise before MSTI loses money?
Over 12 months, yields could rise about 2.12 percentage points before the price decline would offset the 6.11% yield, assuming a one-time move (yield to maturity ÷ duration).