MSTI vs XAGG: Grades, Fees and Holdings Compared

Madison Short Term Strategic Income ETF

MSTIBNYSE Arca

Eaton Vance Strategic Income Opportunities ETF

XAGGANYSE Arca

Overlap

0.0%by weight

Expense ratio

MSTI −0.14pt a year

MSTI0.36%XAGG0.50%

Avg volume · 30D

XAGG 256.6×the volume

MSTI1.69KXAGG433K

MSTI vs XAGG Performance

Dec 31, 2025 – Nov 2, 2026

+1.1%MSTI+1.9%XAGG

Expense ratio: MSTI 0.36%, better; XAGG 0.50%
Fund size: MSTI $48M; XAGG $2.21B
1Y total return: MSTI +2.1%; XAGG No data
Yield (12M): MSTI 5.40%; XAGG No data
Holdings: MSTI 110; XAGG 1063
Avg volume (30D): MSTI 1.69K sh; XAGG 433K sh, better
NAV per share: MSTI $19.94; XAGG $48.40
52W range

ETF.net Grade

Pillar letters and Scores for MSTI, XAGG, with each pillar’s weight
Pillar	MSTI	XAGG
Cost30% weight	A92Higher	B67
Mission25% weight	B65	A78Higher
Risk15% weight	B69	A72Higher
Tradability15% weight	F24	B69Higher
Holdings10% weight	A76Higher	B64
Durability5% weight	C52	A91Higher

Rank among Multi-Sector Bond Income funds

How we build Categories ›

Same Category. MSTI and XAGG are both graded against the same 23 Multi-Sector Bond Income funds, so their Grades compare head to head.

Multi-Sector Bond Income⁠

Category · 23 funds

See all 23 ›

XAGG ranks 4th and MSTI 6th of 23 funds in the Multi-Sector Bond Income Category.

Rank 1AVGMSVanguard Multi-Sector Income Bond ETFScore 87
Rank 2AAINPAllspring Income Plus ETFScore 72
Rank 2AGINCGoldman Sachs ETF TrustScore 72
Rank 4AXAGGEaton Vance Strategic Income Opportunities ETFScore 71
Rank 5BTMBThornburg Multi Sector Bond ETFScore 70
Rank 6BMSTIMadison Short Term Strategic Income ETFScore 67
Rank 6BTMSFT. Rowe Price Multi-Sector Income ETFScore 67

Our read on each fund

ETF.net Research

MSTIBMadison Short Term Strategic Income ETF

XAGGAEaton Vance Strategic Income Opportunities ETF

In short

MSTI Madison's mandate here fits on one line: a high level of current income from short-dated bonds, paid out monthly. Compact portfolio, roughly 100 positions, at a fee that sits under the typical bond ETF in its peer group.

XAGG No data

Stated mandate

MSTI The Fund seeks to generate a high level of current income.

XAGG No data

Why people hold it

MSTI A 0.36% expense ratio undercuts the median fee among its bond peers, so less of the coupon leaks out on the way to you.
Income is the entire job. The stated objective is a high level of current income, and the fund pays monthly rather than quarterly.
Short-maturity by design, which structurally dampens sensitivity to long-end rate moves compared with broad or long-dated bond funds.
Roughly 100 positions in a plain 1940 Act fund wrapper: readable, no derivatives-heavy machinery to decode.

XAGG No data

Worth knowing

MSTI It trades thinly and stays small, so the bid-ask spread on a given trade can matter more to your cost than the annual fee does.
Launched in 2023, so the live record is short and does not cover a full rate cycle.
No declared target payout rate. The monthly distribution floats with whatever the portfolio actually earns.

XAGG No data

Full MSTI profile⁠

Full XAGG profile⁠

MSTI vs XAGG Holdings

How MSTI and XAGG differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of MSTI and 0.0% of XAGG.

Level by level

Holdings0 in both0.0%
Countryby domicile73.2%

Sector

No Sector split for MSTI.

Country, concentration and asset class

Country by domicile

Country weights in MSTI and XAGG, widest gap first
Country	More in MSTIMore in XAGG	MSTI	XAGG
United States	MSTI +25.0 points	97.7%	72.7%
Cayman Islands	XAGG +11.7 points	0.0%	11.7%
Mexico	XAGG +3.3 points	0.0%	3.3%
United Kingdom	XAGG +1.9 points	0.0%	1.9%
Ireland	MSTI +1.8 points	2.3%	0.5%
Luxembourg	XAGG +1.6 points	0.0%	1.6%
Colombia	XAGG +1.1 points	0.0%	1.1%
Brazil	XAGG +0.9 points	0.0%	0.9%
Other countries (24)	XAGG +6.2 points	0.0%	6.2%

Outside the US: XAGG 30% developed, 70% emerging.

Concentration

Weight in the 10 largest Holdings

MSTI26.4%
XAGG34.3%

Securities held

MSTI110
XAGG951

Asset class

MSTI: Fixed Income
XAGG: Multi-Asset

Holdings

Only in MSTI110
In both0
Only in XAGG951

Only in MSTI

110 securities, 100% of MSTI by weight

Us Bank Mmda - Usbgfs 9 09/01/20375.46%
United States Treasury Note/Bond 5% 09/30/20333.27%
United States Treasury Note/Bond 4.625% 09/30/20282.70%
Fannie Mae Pool 5% 12/01/20522.44%
Freddie Mac Pool 6% 09/01/20532.34%
Fannie Mae Pool 5.5% 07/01/20532.20%
JPMorgan Chase & Co 4.203% 07/23/20292.12%
Capital One Financial Corp 5.463% 07/26/20302.00%
Huntington Bancshares Inc/OH 6.208% 08/21/20291.97%
PNC Financial Services Group Inc/The 5.354% 12/02/20281.95%
Fifth Third Bancorp 4.772% 07/28/20301.91%
Energy Transfer LP 5.25% 07/01/20291.84%
Bank of America Corp 4.948% 07/22/20281.73%
TransDigm Inc 6.875% 12/15/20301.64%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.625% 10/15/20271.61%
Goldman Sachs Group Inc/The 4.482% 08/23/20281.60%
Bank of America Corp 4.456% 02/06/20321.55%
Eaton Corp 4.5% 03/06/20331.54%
Space Exploration Technologies Corp 5.35% 07/15/20311.51%
Marathon Petroleum Corp 5.15% 03/01/20301.51%
Valero Energy Partners LP 4.5% 03/15/20281.50%
Government National Mortgage Association 4.75% 12/20/20551.50%
Oracle Corp 4.8% 09/26/20321.42%
Fannie Mae REMICS 4.5% 03/25/20551.39%
Booz Allen Hamilton Inc 3.875% 09/01/20281.36%
RHP Hotel Properties LP / RHP Finance Corp 7.25% 07/15/20281.36%
Clean Harbors Inc 6.375% 02/01/20311.35%
Celanese US Holdings LLC 6.165% 07/15/20271.34%
Lamar Media Corp 4.875% 01/15/20291.31%
Lamb Weston Holdings Inc 4.875% 05/15/20281.28%
Freddie Mac Pool 5% 05/01/20401.28%
LPL Holdings Inc 4% 03/15/20291.25%
Roller Bearing Co of America Inc 4.375% 10/15/20291.20%
Iron Mountain Inc 4.5% 02/15/20311.16%
Fannie Mae REMICS 5.5% 05/25/20481.13%
Boeing Co/The 6.298% 05/01/20291.10%
Towd Point Mortgage Trust 2024-4 4.6077% 10/27/20641.10%
Sysco Holdings Corp/ Sysco Corp 7.1% 10/06/20561.10%
Verizon Master Trust 5.54% 04/22/20301.08%
SBA Communications Corp 3.875% 02/15/20271.07%
Morgan Stanley 3.772% 01/24/20291.06%
Alphabet Inc 4.875% 08/15/20311.06%
Honeywell Aerospace Inc 4.3% 03/16/20311.04%
Morgan Stanley 4.493% 01/16/20321.03%
Goldman Sachs Group Inc/The 4.516% 01/21/20321.03%
Freddie Mac Pool 6% 08/01/20561.03%
Government National Mortgage Association 4.5% 06/16/20541.02%
Government National Mortgage Association 4.5% 03/16/20650.99%
Fannie Mae Pool 5% 04/01/20460.99%
Government National Mortgage Association 4.5% 12/20/20360.97%

Only in XAGG

951 securities, 100% of XAGG by weight

Msilf Government14.86%
Us 5YR Note 12/31/20263.38%
Tba Umbs Single Family 6%3.31%
Umbs Mortpass 6.5% 11/562.83%
United Mexican 8% 02/362.22%
Tba Umbs Single 5.5%1.75%
Tba Umbs Single 6.5%1.73%
Umbs Mortpass 6.5% 10/561.57%
Tba GNMA2 Single 5.5%1.50%
Umbs Mortpass 5.5% 06/561.43%
National Bank Zero 11/261.22%
Gnma Ii 6.5% 05/661.07%
Tba GNMA2 Single 6%1.04%
Gnma Ii Mortpass 6% 06/560.98%
Gnma Ii Mortpass 6% 05/660.88%
Umbs Mortpass 6% 09/560.77%
Tba GNMA2 Single 6.5%0.75%
United States Zero 12/260.74%
Umbs Mortpass 6% 08/560.73%
Champs Trust Var 09/610.72%
Umbs Mortpass 5.5% 09/560.68%
Gnma Ii Mortpass 6% 08/560.68%
Gnma Ii 6.5% 04/660.67%
Gs Var 04/570.57%
Fhlmc Remics Flt 05/560.55%
Pnmac Gmsr Flt 05/310.46%
Republic of 8.5% 01/370.46%
Umbs Mortpass 5.5% 01/560.44%
Suriname 8.5% 11/350.42%
Fhlmc Remics 0.25% 11/560.42%
Umbs Mortpass 5.5% 05/560.41%
Fnma Remics Flt 08/560.39%
Gnma Ii 6.5% 02/660.39%
Fnma Remics Flt 05/560.38%
Gnma Ii Mortpass 6% 07/560.38%
Gnma 2026-108 Cz 6% 06/560.37%
Gnma Ii Mortpass 6% 09/560.35%
Umbs Mortpass 5% 01/560.35%
Extended Stay Flt 02/430.35%
Republic of 7.6% 08/390.34%
Rock Trust 8.81906% 11/410.34%
Gnma 2026-47 SA Flt 03/560.33%
Republic of 8.875% 02/350.32%
Stru SNEX-4200 Var 08/550.31%
Baha Trust Var 12/410.30%
Republic of 6.25% 03/360.30%
Rmf Buyout 6% 10/500.29%
Fhlmc Remics Flt 10/560.29%
Fhlmc Remics Flt 07/560.28%
Gnma Ii Mortpass 6% 04/660.27%

Weight gaps

MSTI and XAGG share no securities.

All 99 MSTI holdings⁠All XAGG holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

MSTI vs XAGG Cost

Overpaying XAGG vs MSTI

$2,659

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

MSTI 0.36%
$7,320
XAGG 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

MSTI 0.36%
XAGG 0.50%
Overpaying

Year by year

Year	MSTI	XAGG	Overpaying
10	$652	$900	$248
20	$2,522	$3,460	$938
30	$7,320	$9,979	$2,659

Expense ratio

0.36%MSTI, cheaper
0.50%XAGG

MSTI0.36%XAGG0.50%

0.30%1.13%

Middle half of Multi-Sector Bond Income funds
Median 0.60%

MSTI 3rd cheapest of 23 funds

XAGG 9th cheapest of 23 funds

MSTI vs XAGG Dividends

Last 12 months to Nov 2, 2026

Yield (12M): MSTI 5.40%; XAGG No data
Payout (12M): MSTI $1.08; XAGG No data
Last payment: MSTI $0.09; XAGG $0.27
Ex-dividend: MSTI Oct 28, 2026; XAGG Oct 30, 2026
Paid on: MSTI Oct 30, 2026; XAGG Pays Nov 5, 2026
Frequency: MSTI Monthly; XAGG Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

MSTIMonthly · 38 paymentsAll MSTI payments⁠

XAGGMonthly · 12 paymentsAll XAGG payments⁠

MSTI vs XAGG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: MSTI 2.7%XAGG No data
Return per unit of riskSharpe ratio, 3 years: MSTI 0.45XAGG No data
Worst fallMax drawdown, 5 years: MSTI −1.7%since Sep 2023XAGG No data
Market sensitivityBeta, 5 years: MSTI 0.10XAGG 0.18; Market = 1

MSTI and XAGG in the news

All news⁠

ETF Filings
Morgan Stanley files seven Eaton Vance muni ETFs with the fee left blank
Sep 16, 2026XAGG

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MSTI vs XAGG

In short

Stated mandate

Why people hold it

Worth knowing

How MSTI and XAGG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in MSTI

Only in XAGG

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Morgan Stanley files seven Eaton Vance muni ETFs with the fee left blank

How MSTI and XAGG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in MSTI

Only in XAGG

Weight gaps