---
ticker: "MUNB"
name: "Northern Trust 2035 Tax-Exempt Distributing Ladder ETF"
url: "https://etf.net/etf/MUNB"
grade: "C"
score: 40
graded_at: "2026-10-12"
category: "Defined-Maturity Municipal"
category_rank: "21 of 32"
methodology: "https://etf.net/methodology"
---

# MUNB: Northern Trust 2035 Tax-Exempt Distributing Ladder ETF

Grade **C**, Score 40 of 100. Rank 21 of 32 in Defined-Maturity Municipal.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 45 | 10 of 32 |
| Mission | 20 | 16 of 17 |
| Risk | 42 | 17 of 29 |
| Tradability | 49 | 18 of 32 |
| Holdings | 66 | 12 of 32 |
| Durability | 44 | 19 of 32 |

## Top holdings

The fund holds 256 positions. These are the largest 30, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | — | District Columbia Rev Federal Hwy Grant Antic Bds | 1.54% |
| 2 | — | Cash | 1.45% |
| 3 | — | Central Fla Expwy Auth Sr Lienrev Ref Bds 2021 | 1.45% |
| 4 | — | Washington St Ctfs Partn Cops 2024A 27/FEB/2024 | 1.19% |
| 5 | — | District Columbia Go Bds 2023 B 23/MAR/2023 | 1.18% |
| 6 | — | Las Vegas Vy Nev Wtr Dist Go Ltd Tax Ref Bds 2021 | 1.14% |
| 7 | — | Gardner Kans Go Bds 2020A 28/MAY/2020 01/OCT/2027 | 1.13% |
| 8 | — | Racine Cnty Wis Go Corporate Purp Bds 2024A | 1.11% |
| 9 | — | New Mexico Fin Auth Rev Sr Lien Pub Proj Revolving | 1.11% |
| 10 | — | District Columbia Go Bds 2023A 23/MAR/2023 | 1.10% |
| 11 | — | King Cnty Wash Sch Dist No 405 Bellevue Unltd Tax | 1.06% |
| 12 | — | Neenah Wis Jt Sch Dist Go Corp Purp Bds | 1.03% |
| 13 | — | Wheeling Ill Go Ref Bds 2021 09/DEC/2021 | 0.99% |
| 14 | — | Dallas Fort Worth Tex Intl Arpt Rev Jt Ref Impt | 0.94% |
| 15 | — | Idaho St Bldg Auth Sales Tax Rev Ed Bds 2025A | 0.86% |
| 16 | — | Racine Cnty Wis Go Prom Nts 2025A 27/AUG/2025 | 0.86% |
| 17 | — | Clark Cnty Nev Sch Dist Ltd Tax Go Bldg Bds 2019 A | 0.85% |
| 18 | — | New Mexico Fin Auth St Transn Rev Sr Lien Ref Bds | 0.85% |
| 19 | — | Tallahassee Fla Cap Bds Ref Bds 2025 21/AUG/2025 | 0.85% |
| 20 | — | Sun Prairie Wis Go Prom Nts 2025A 27/AUG/2025 | 0.84% |
| 21 | — | Washington St Var Purp Go Bds 2023 B 31/JAN/2023 | 0.82% |
| 22 | — | Dutchess Cnty N Y Go Pub Impt Bds 2024 A | 0.82% |
| 23 | — | Washington St Mvft Go Ref Bds R-2022D 11/MAY/2022 | 0.81% |
| 24 | — | Cottage Grove Vlg Wis Gen Oblig Prom Nts 2026A | 0.78% |
| 25 | — | Sedgwick Cnty Kans Go Ref Impt Bds 2024 B | 0.78% |
| 26 | — | Ohio St Parks & Rec Cap Facs Lease Appropriation | 0.77% |
| 27 | — | North Slope Boro Alaska Go Bds 2024B 14/NOV/2024 | 0.75% |
| 28 | — | New Hampshire Mun Bd Bk Bds 2026 A 18/FEB/2026 | 0.74% |
| 29 | — | Racine Cnty Wis Go Corporate Purp Bds 2024A | 0.74% |
| 30 | — | Fox Vy Pk Dist Ill Go Ltd Tax Bds 2025 25/SEP/2025 | 0.73% |

Source: etf.net, https://etf.net/etf/MUNB. Please cite the page URL.