Northern Trust 2045 Tax-Exempt Distributing Ladder ETF
$98.14−0.00 (−0.01%)
- Expense ratio
- 0.18%
- Fund size
- $8M
- 1Y return
- −1.0%
- Yield · Last 12 months
- 3.34%
- Holdings
- 156
- Volume · 30D
- 0M sh
- NAV per share
- $98.32
- 52W range
The ETF.net MUNC Grade
Score 41 of 100 sits in the C 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.CScore 45Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.FScore 20Category rankRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.CScore 40Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.DScore 36Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.CScore 46Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.DScore 36Category rank
Our read on MUNC
CA twenty-rung municipal bond ladder in one ticker. MUNC pays monthly tax-exempt income and hands principal back each year as rungs mature through 2045, so nobody has to shop for individual bonds.
The Fund uses an actively managed laddered bond strategy, investing in tax-exempt debt instruments with different maturity dates through 2045.
Why people hold it
- Buys the whole ladder for you: roughly 150 munis spread across 20 annual rungs running through 2045, with principal returned as each rung matures.flexshares.com
- Interest is exempt from regular federal income tax, and it pays monthly, so income lands on a calendar instead of at scattered coupon dates.flexshares.comntam.northerntrust.com
- Part of a four-fund suite with 5, 10, 20 and 30 year terminal dates. MUNC is the 20-year version, actively managed by Northern Trust.ntam.northerntrust.com
- Cohort favorites like IBDU and BSCT are single-maturity-year term funds. MUNC holds two decades of rungs at once, which is a different job entirely.flexshares.com
Worth knowing
- 0.18% a year, against a 0.10% median for target-maturity bond funds. That premium buys active muni selection and the ladder plumbing.
- It returns principal annually by design, so the share price steps down over time. Some of each year's cash is your own capital coming back, not yield.ntam.northerntrust.comflexshares.com
- Launched in 2025 and still a small, lightly traded fund, so spreads can run wider than at long-established muni ETFs. Matters most on big orders.
MUNC Holdings
- Bonds
- 156
- 26%
- UTILITY DEBT SECURITIZATION AUTH N Y RESTRUCTURING
Geography
- United States100.00%
MUNC Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 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.
| Period | MUNC |
|---|---|
| Year to date | −2.4% |
| 1 month | −2.2% |
| 3 months | −3.5% |
| 1 year | −1.0% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | MUNC |
|---|---|---|
| 2026 YTD | −2.4% | |
| 2025 | +3.8% |
MUNC in the news
ETF.net Research hasn’t filed on MUNC yet — coverage lands here as it’s written.
MUNC Dividends
- 3.34%
- $3.28
- $0.28 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Sep 1, 2026 | Sep 8, 2026 | $0.28 |
| Aug 3, 2026 | Aug 7, 2026 | $0.28 |
| Jul 1, 2026 | Jul 8, 2026 | $0.26 |
| Jun 1, 2026 | Jun 5, 2026 | $0.28 |
| May 1, 2026 | May 7, 2026 | $0.27 |
| Apr 1, 2026 | Apr 7, 2026 | $0.27 |
| Mar 2, 2026 | Mar 6, 2026 | $0.23 |
| Feb 2, 2026 | Feb 6, 2026 | $0.34 |
| Dec 19, 2025 | Dec 26, 2025 | $0.27 |
| Dec 1, 2025 | Dec 5, 2025 | $0.26 |
| Nov 3, 2025 | Nov 7, 2025 | $0.27 |
| Oct 1, 2025 | Oct 7, 2025 | $0.27 |
MUNC Risk
- 4.6%
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.
- −0.16
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.
- −4.6%
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.
- 0.20
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
MUNC Cost
- The middle half of Defined-Maturity Municipal funds
- Median 0.18%
9 of the 32 Defined-Maturity Municipal funds charge less.