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AUSM

GradeBNew York Stock Exchange Arca

Allspring Ultra Short Municipal ETF

Municipal Bond · Allspring · Inception 2025-07-07

$24.95+0.00 (+0.00%)

As of Sep 23, 2026, 9:46 AM EDT

Market opens at 9:30 AM ET.History starts Jul 8, 2025.
Intraday session: down, 9 prints from 25.00 to 24.95. Range 24.95 to 25.00. Use the arrow keys to read each point.$24.96$24.98$25.00Sep 16Sep 17Sep 18Sep 21Sep 23
Expense ratio
0.18%
Fund size
$33M
1Y return
+2.0%
Yield · Last 12 months
2.76%
Holdings
102
Volume · 30D
0M sh
NAV per share
$24.94
52W range
low $24.93high $25.53

The ETF.net AUSM Grade

B

59/ 100

Rank 18 of 28 in Short-Duration Municipal Bonds⁠

Confidence High

Six-pillar profile for AUSM. Scores out of 100: Cost 70, Risk 52, Mission 100, Tradability 7, Holdings 37, Durability 12. Strongest: Mission (100). Weakest: Tradability (7). Leans toward Mission.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 59 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    AScore 70
    Category rank8/28 · top 29%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 100
    Category rank2/27 · top 7%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 52
    Category rank12/27 · top 44%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    FScore 7
    Category rank28/28 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    DScore 37
    Category rank23/28 · bottom quartile

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    FScore 12
    Category rank27/28 · bottom quartile

Graded as of Sep 22, 2026

Our read on AUSM

ETF.net Research

BAllspring's institutional ultra-short muni desk in an ETF wrapper. Active, aimed at federal-tax-exempt income at the very front of the curve, average maturity kept to about a year or less, priced below the typical short-muni fund.

Stated mandate

The Fund seeks current income exempt from federal income tax while preserving capital. It invests principally in short-term municipal securities and generally expects a dollar-weighted average effective maturity of one year or less.

Why people hold it

  1. 01Actively run rather than index-bound: it can hold up to 10% below-investment-grade munis, up to 20% AMT bonds, and use futures to manage duration.sec.gov
  2. 02The 0.18% expense ratio sits under the 0.25% median for short-duration muni ETFs, which is unusual for an actively managed bond fund.
  3. 03Built for the very front of the curve: a dollar-weighted average effective maturity of one year or less, with income distributed monthly.sec.gov

Worth knowing

  1. 01Index rivals cost less, with VTES at 0.05% and SUB at 0.07%. The gap is the price of an active muni desk picking the bonds.
  2. 02Launched in 2025, it is one of the smaller and more lightly traded funds in its aisle, so spreads can run wider than at the big index names.
  3. 03Interest is exempt from federal income tax but not necessarily the AMT, and up to 20% of assets can sit in AMT-subject bonds.sec.gov

AUSM Holdings

As of Sep 20, 2026, 8:38 AM
Asset class
Bonds
Holdings
102
Top-10 weight
17%
Largest holding
ALLSPRING GOVT MMKT2.4%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 7.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—ALLSPRING GOVT MMKT2.36%778,591$779K8
002—J P Morgan Chase Putters / Drivers Tr Var Sts2.28%750,000$750K1
003—Connecticut St Health & Edl Facs Auth Rev1.88%625,000$621K4
004—Biloxi Public School District (Mississippi)1.56%490,000$514K1
005—Prosper Tex Indpt Sch Dist1.54%500,000$508K4
006—State of Ohio1.52%500,000$502K2
007—City of Chicago (Illinois)1.52%500,000$502K3
008—Alaska Municipal Bond Bank1.52%500,000$500K3
009—Tender Opt Bd Tr Rcpts / Ctfs Var Sts1.52%500,000$500K3
010—Mizuho Floater / Residual Tr Var Sts1.52%500,000$500K1
011—West Jefferson Ala Indl Dev Brd Solid Waste Disprev1.52%500,000$500K1
012—Jacksonville Fla Health Care Facs Rev1.52%500,000$500K1
013—Tender Opt Bd Tr Rcpts / Ctfs Var Sts1.52%500,000$500K1
014—Tender Opt Bd Tr Rcpts / Ctfs Var Sts1.52%500,000$500K1
015—Port Port Arthur Tex Nav Dist Environmental Facsrev1.52%500,000$500K1

Showing 1–15 of 104 holdings

AUSM Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

AUSM$10,201
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,780
Sep 19, 2025 to Sep 21, 2026. AUSM $10,201. SPY $11,780. Use the arrow keys to read each point.$9,432$10,713$11,994Sep 2025Mar 2026Sep 2026

Sep 19, 2025 – Sep 21, 2026

Returns run to the Sep 21, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for AUSM. Periods over one year show the average yearly return.
PeriodAUSM
Year to date+1.3%
1 month−0.2%
3 months+0.1%
1 year+2.0%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for AUSM
YearReturn barAUSM
2026 YTD+1.3%
2025+1.7%

History from Jul 8, 2025

AUSM in the news

ETF.net Research hasn’t filed on AUSM yet — coverage lands here as it’s written.

AUSM Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 21, 2026.
2.76%Last 12 months
Payout per share
$0.69Last 12 months
Last payment
$0.06 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Monthly

Distribution history

2025–2026

One bar per payment. 15 payments from 2025 to 2026 YTD. Jul 25, 2025 $0.01; Aug 25, 2025 $0.06; Sep 24, 2025 $0.05; Oct 27, 2025 $0.06; Nov 24, 2025 $0.06; Dec 15, 2025 $0.0093; Dec 22, 2025 $0.06; Jan 27, 2026 $0.06; Feb 24, 2026 $0.05; Mar 25, 2026 $0.05; Apr 24, 2026 $0.06; May 22, 2026 $0.05; Jun 24, 2026 $0.05; Jul 24, 2026 $0.05; Aug 25, 2026 $0.06. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Aug 25, 2026Aug 27, 2026$0.06
Jul 24, 2026Jul 28, 2026$0.05
Jun 24, 2026Jun 26, 2026$0.05
May 22, 2026May 27, 2026$0.05
Apr 24, 2026Apr 28, 2026$0.06
Mar 25, 2026Mar 27, 2026$0.05
Feb 24, 2026Feb 26, 2026$0.05
Jan 27, 2026Jan 29, 2026$0.06
Dec 22, 2025Dec 24, 2025$0.06
Dec 15, 2025Dec 17, 2025$0.0093
Nov 24, 2025Nov 26, 2025$0.06
Oct 27, 2025Oct 29, 2025$0.06

AUSM Risk

How much the fund’s monthly returns vary, scaled to a year.
0.6%
Annualised · 13 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
−1.73
vs 3-month T-bills · 13 months to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−0.4%
14 months · trough Sep 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.02
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

AUSM Cost

Expense ratio0.18%
  • The middle half of Short-Duration Municipal Bonds funds
  • Median 0.25%

7 of the 27 Short-Duration Municipal Bonds funds charge less.

AUSM costs $18.00 a year on $10,000. The median Short-Duration Municipal Bonds fund costs $25.00.