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Launched

Northern Trust Intermediate Tax-Exempt Bond ETF

TAXINasdaqFlexSharesA

$51.03+0.16 (+0.30%)

At close: Nov 5, 2026, 4:00 PM ET

A83/ 100

Rank 1 of 20 in Intermediate Municipal Bonds

A83/100Rank 1 of 20inIntermediate Municipal Bonds
Intraday session: up, 79 prints from 50.87 to 51.03. Range 50.85 to 51.03. Use the arrow keys to read each point.50.8550.9050.9551.0010 AM12 PM2 PM4 PM
Expense ratio
0.05%
Fund size
$339M
1Y total return
+2.9%
Yield · Last 12 months
2.57%
Holdings
5119
Avg volume · 30D
65.1K sh
52W range
low $48.76high $52.18
Launched

The ETF.net TAXI Grade

A

Score 83 out of 100

Category
Intermediate Municipal Bonds⁠
Rank
1 of 20
Six-pillar profile for TAXI. Scores out of 100: Cost 100, Risk 68, Mission 94, Tradability 58, Holdings 83, Durability 50. Strongest: Cost (100). Weakest: Durability (50). Leans toward Cost and Mission.

Score 83 of 100 falls in the A band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    A100 out of 100
    Rank 1 of 20

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A94 out of 100
    Rank 14 of 19

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B68 out of 100
    Rank 2 of 20

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B58 out of 100
    Rank 8 of 20

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A83 out of 100
    Rank 1 of 20

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C50 out of 100
    Rank 11 of 20

Our read on TAXI

ETF.net Research

In short

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

  • Charges 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.
  • Roughly 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
  • Income is exempt from federal tax and paid monthly, and the index only counts bonds that also dodge the federal alternative minimum tax.stockanalysis.com
  • One 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.northerntrust.com

Worth knowing

  • It opened in August 2025. The record is short, so there is little history to judge it against older muni funds.
  • Trades 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.
  • The 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 Performance

Launched Aug 18, 2025

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

Not enough history yet.Not enough history yet.Not enough history yet.
TAXI$10,294
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,934
Nov 5, 2025 to Nov 5, 2026. TAXI $10,294. SPY $10,934. Use the arrow keys to read each point.$10,000$11,000Nov 2025May 2026Nov 2026

Nov 5, 2025 – Nov 5, 2026

Returns run to the Nov 5, 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+1.7%
1 month+3.8%
3 months+1.4%
1 year+2.9%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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+1.7%
2025+3.4%

History from Aug 20, 2025

TAXI in the news

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 Nov 5, 2026.
2.57%Last 12 months
Payout per share
$1.31Last 12 months
Upcoming payment
$0.12 per share
Pays on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Monthly

Distribution history

2025–2026

One bar per payment. 15 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; Oct 1, 2026 $0.11; Nov 2, 2026 $0.12. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Nov 2, 2026Pays Nov 6, 2026$0.12
Oct 1, 2026Oct 7, 2026$0.11
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

See all 15 payments⁠

$10,000 in TAXI 1 year ago paid $258 in dividends.⁠

TAXI Risk

Risk pillarB68 out of 100Rank 2 of 20 in Intermediate Municipal Bonds
How much the fund’s monthly returns vary, scaled to a year.
5.1%
Annualised · 14 months to Oct 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.
−0.03
vs 3-month T-bills · 14 months to Oct 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.
−4.7%
14 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.

FMP measures it over up to five years of monthly returns.

TAXI Cost

Cheapest in Intermediate Municipal Bonds

$1,060

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

  • TAXI 0.05%

    $1,060

$10,000
30 years

Cost over time

  • TAXI 0.05%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$250$500$750$1K$1.25K051015202530TAXI $1,060

Year by year

YearTAXI
10$92
20$360
30$1,060

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