---
ticker: "MUNC"
name: "Northern Trust 2045 Tax-Exempt Distributing Ladder ETF"
url: "https://etf.net/etf/MUNC"
grade: "D"
score: 34
graded_at: "2026-10-12"
category: "Defined-Maturity Municipal"
category_rank: "24 of 32"
methodology: "https://etf.net/methodology"
---

# MUNC: Northern Trust 2045 Tax-Exempt Distributing Ladder ETF

Grade **D**, Score 34 of 100. Rank 24 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 | 35 | 24 of 29 |
| Tradability | 28 | 28 of 32 |
| Holdings | 53 | 23 of 32 |
| Durability | 34 | 26 of 32 |

## Top holdings

The fund holds 168 positions. These are the largest 30, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | — | Utility Debt Securitization Auth N Y Restructuring | 3.40% |
| 2 | — | Los Angeles Calif Dept Wtr & Pwr Rev Sys Bds 2021 | 3.29% |
| 3 | — | Baltimore Cnty Md Go Ref Bds 2024 24/JUL/2024 | 2.00% |
| 4 | — | Cash | 1.96% |
| 5 | — | Ferris St Univ Mich Rev Gen Bds 2025A 19/FEB/2025 | 1.81% |
| 6 | — | King Cnty Wash Sch Dist No 405 Bellevue Ultd Tax | 1.48% |
| 7 | — | Cook Kane Lake & Mc Henry Cntys Ill Cmnty College | 1.48% |
| 8 | — | Seattle Wash Museum Dev Auth Spl Oblig Ref Bds | 1.45% |
| 9 | — | Lake Cnty Ill Cmnty Cons Sch Dist No 046 Grayslake | 1.43% |
| 10 | — | Pawtucket R I Redev Agy Designated Baseline Taxes | 1.43% |
| 11 | — | Round Rock Tex Indpt Sch Dist Unltd Tax Bldg Bds | 1.38% |
| 12 | — | Kentucky St Ppty & Bldgs Commn Revs Bds | 1.36% |
| 13 | — | Quitman Tex Indpt Sch Dist Unltd Tax Bldg Bds 2025 | 1.36% |
| 14 | — | St Paul Minn Indpt Sch Dist No 625 Go Bldg Facs | 1.36% |
| 15 | — | New York N Y Go Bds Fiscal 2026A Sub A-1 | 1.30% |
| 16 | — | Florida St Brd Ed Pub Ed Cap Outlay Ref Bds 2020 B | 1.29% |
| 17 | — | Madison Cnty Ala Brd Ed Cap Outlay Tax Antic Wts | 1.28% |
| 18 | — | Mansfield Tex Indpt Sch Dist Unltd Tax Bldg Bds | 1.23% |
| 19 | — | Massachusetts St Go Bds 2025 A 07/MAY/2025 | 1.18% |
| 20 | — | Utah Tran Auth Sales Tax Rev Ref Bds 2025 | 1.18% |
| 21 | — | Washington St Var Purp Go Bds 2023 B 31/JAN/2023 | 1.18% |
| 22 | — | Delaware Transn Auth Grnt Antic Bds 2020 | 1.15% |
| 23 | — | Lubbock Cooper Tex Indpt Sch Dist Unltd Tax Bldg | 1.15% |
| 24 | — | District Columbia Income Tax Rev Secd Bds 2025 A | 1.11% |
| 25 | — | Minneapolis Minn Spl Sch Dist No 001 Go Long Term | 1.10% |
| 26 | — | Illinois St Toll Hwy Auth Toll Highway Rev Sr Ref | 1.10% |
| 27 | — | Newburgh Ind Sew Wks Rev Bds 2026 03/MAR/2026 | 1.05% |
| 28 | — | Iowa Fin Auth Rev St Revolving Fd Bds 2025A | 1.04% |
| 29 | — | Beaver Dam Wis Uni Sch Dist Gen Oblig Prom Nts | 1.03% |
| 30 | — | Mississippi Dev Bk Spl Oblig Bds 2025 06/MAR/2025 | 1.02% |

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