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TAXI

GradeANASDAQ Global Market

Northern Trust Intermediate Tax-Exempt Bond ETF

Municipal Bond · FlexShares · Inception 2025-08-18

$49.45−0.24 (−0.48%)

As of Sep 23, 2026, 12:59 PM EDT

History starts Aug 20, 2025.
Intraday session: down, 12 prints from 49.69 to 49.45. Range 49.43 to 49.72. Use the arrow keys to read each point.$49.40$49.50$49.60$49.7010 AM12 PM2 PM4 PM
Expense ratio
0.05%
Fund size
$173M
1Y return
+0.2%
Yield · Last 12 months
2.70%
Holdings
2597
Volume · 30D
0M sh
NAV per share
$49.71
52W range
low $48.83high $52.18

The ETF.net TAXI Grade

A

80/ 100

Rank 2 of 20 in Intermediate Municipal Bonds⁠

Confidence High

Six-pillar profile for TAXI. Scores out of 100: Cost 100, Risk 59, Mission 89, Tradability 59, Holdings 78, Durability 50. Strongest: Cost (100). Weakest: Durability (50). Leans toward Cost.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 80 of 100 sits in the A 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 100
    Category rank1/20 · top 5%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 89
    Category rank15/19 · bottom quartile

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 59
    Category rank6/20 · top 30%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 59
    Category rank7/20 · top 35%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    AScore 78
    Category rank1/20 · top 5%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 50
    Category rank10/20 · top 50%

Graded as of Sep 22, 2026

Our read on TAXI

ETF.net Research

AThe middle rung of Northern Trust's three-part muni lineup: intermediate maturities of 1 to 15 years, thousands of investment-grade bonds, federally tax-exempt income paid monthly, all for five basis points.

Stated mandate

The fund seeks to track the performance of the ICE Intermediate Term Focused Municipal Bond Index before fees and expenses. It is designed for tax-exempt income through passively managed, investment-grade municipal bonds with intermediate maturities of 1–15 years.

Why people hold it

  1. 01Charges 0.05% where the typical muni fund charges 0.30%. That ties iShares' MUB and sits within a hair of the Vanguard and Schwab giants at the top of the aisle.
  2. 02Roughly 2,500 investment-grade municipal bonds, sampled to track the ICE Intermediate Term Focused Municipal Bond Index. Breadth, not bond-picking, carries the credit risk.flexshares.com
  3. 03Income is exempt from federal tax and paid monthly, and the index only counts bonds that also dodge the federal alternative minimum tax.stockanalysis.com
  4. 04One setting on a three-position dial: short (TAXS), intermediate (TAXI) and all-maturity (TAXT) from the same desk, so you can shift rate exposure without switching shops.ntam.northerntrust.com

Worth knowing

  1. 01It opened in August 2025. The record is short, so there is little history to judge it against older muni funds.
  2. 02Trades lightly next to the category's household names, and its asset base is modest, which can show up as wider spreads at the moment you transact.
  3. 03The 1 to 15 year band is a middle seat: less rate whiplash than long-dated munis, more price movement than a short-maturity fund. Bonds here still move when yields do.flexshares.com

TAXI Holdings

As of Sep 20, 2026, 7:06 AM
Asset class
Bonds
Holdings
2,597
Top-10 weight
3%
Largest holding
CASH1.3%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 174.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—CASH1.26%2,179,030$2M414
002—NEW YORK N Y CITY MUN WTR FIN AUTH WTR &#38; SWR SYS0.46%800,000$800K2
003—HURON VALLEY MICH SCH DIST GEN OBLIG UNLTD TAX0.18%300,000$312K3
004—ENERGY SOUTHEAST ALA COOP DIST ENERGY SUPPLY REV0.16%260,000$275K13
005—SOUTHEAST ENERGY AUTH COMMODITY SUPPLY REV ALA BDS0.16%260,000$272K15
006—MARION CNTY FLA SCH BRD CTFS PARTN COPS 20240.16%260,000$270K2
007—BOULDER LARIMER &#38; WELD CNTYS COLO ST VRAIN VY SCH0.16%250,000$269K3
008—IDAHO HSG &#38; FIN ASSN SALES TAX REV TRANS EXPANSION0.15%245,000$267K2
009—KENTUCKY ST PPTY &#38; BLDGS COMMN REVS BDS A0.15%255,000$266K2
010—WESTFIELD-WASHINGTON IND MULTI-SCH BLDG CORP AD0.15%250,000$265K3
011—WASHINGTON ST MTR VEH RELATED FUEL TAX FEE GEN0.15%250,000$263K1
012—NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV FUTURE0.15%250,000$260K4
013—ORLANDO FLA UTILS COMMN UTIL SYS REV BDS 2023A0.15%245,000$259K1
014—IPS MULTI-SCH BLDG CORP IND UNLTD AD VALOREM PPTY0.15%250,000$258K1
015—BLACK BELT ENERGY GAS DIST ALA GAS PROJ REV BDS0.15%250,000$258K7

Showing 1–15 of 2599 holdings

TAXI Performance

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

TAXI$10,024
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. TAXI $10,024. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

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.

Trailing total return for TAXI. Periods over one year show the average yearly return.
PeriodTAXI
Year to date−1.4%
1 month−1.6%
3 months−2.4%
1 year+0.2%
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 TAXI
YearReturn barTAXI
2026 YTD−1.4%
2025+3.4%

History from Aug 20, 2025

TAXI in the news

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

TAXI 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 22, 2026.
2.70%Last 12 months
Payout per share
$1.34Last 12 months
Last payment
$0.13 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. 13 payments from 2025 to 2026 YTD. Sep 2, 2025 $0.05; Oct 1, 2025 $0.13; Nov 3, 2025 $0.13; Dec 1, 2025 $0.07; Dec 19, 2025 $0.06; Feb 2, 2026 $0.15; Mar 2, 2026 $0.11; Apr 1, 2026 $0.10; May 1, 2026 $0.12; Jun 1, 2026 $0.12; Jul 1, 2026 $0.11; Aug 3, 2026 $0.13; Sep 1, 2026 $0.13. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Sep 1, 2026Sep 8, 2026$0.13
Aug 3, 2026Aug 7, 2026$0.13
Jul 1, 2026Jul 8, 2026$0.11
Jun 1, 2026Jun 5, 2026$0.12
May 1, 2026May 7, 2026$0.12
Apr 1, 2026Apr 7, 2026$0.10
Mar 2, 2026Mar 6, 2026$0.11
Feb 2, 2026Feb 6, 2026$0.15
Dec 19, 2025Dec 26, 2025$0.06
Dec 1, 2025Dec 5, 2025$0.07
Nov 3, 2025Nov 7, 2025$0.13
Oct 1, 2025Oct 7, 2025$0.13

TAXI Risk

How much the fund’s monthly returns vary, scaled to a year.
3.3%
Annualised · 12 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.
−0.15
vs 3-month T-bills · 12 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.
−3.1%
13 months · trough Sep 2026
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.
0.14
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.

TAXI Cost

Expense ratio0.05%
  • The middle half of Intermediate Municipal Bonds funds
  • Median 0.35%

No Intermediate Municipal Bonds fund charges less.

TAXI costs $5.00 a year on $10,000. The median Intermediate Municipal Bonds fund costs $35.00.