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Launched

Northern Trust Short-Term Tax-Exempt Bond ETF

TAXSNasdaqFlexSharesA

$50.20+0.03 (+0.06%)

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

A77/ 100

Rank 4 of 28 in Short-Duration Municipal Bonds

A77/100Rank 4 of 28inShort-Duration Municipal Bonds
Intraday session: up, 79 prints from 50.17 to 50.20. Range 50.16 to 50.21. Use the arrow keys to read each point.50.1850.1950.2110 AM12 PM2 PM4 PM
Expense ratio
0.05%
Fund size
$194M
1Y total return
+2.9%
Yield · Last 12 months
2.39%
Holdings
2454
Avg volume · 30D
29.7K sh
52W range
low $49.15high $50.74
Launched

The ETF.net TAXS Grade

A

Score 77 out of 100

Category
Short-Duration Municipal Bonds⁠
Rank
4 of 28
Six-pillar profile for TAXS. Scores out of 100: Cost 98, Risk 61, Mission 100, Tradability 23, Holdings 82, Durability 42. Strongest: Mission (100). Weakest: Tradability (23). Leans toward Mission and Cost.

Score 77 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.
    A98 out of 100
    Rank 1 of 28

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A100 out of 100
    Rank 1 of 27

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B61 out of 100
    Rank 6 of 27

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    F23 out of 100
    Rank 26 of 28

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A82 out of 100
    Rank 1 of 28

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C42 out of 100
    Rank 20 of 28

Our read on TAXS

ETF.net Research

In short

ANorthern Trust's muni index fund keeps every bond under five years to maturity and charges 0.05%, a fraction of the typical muni ETF fee. Roughly 1,700 federally tax-exempt bonds, none of them AMT bonds, with interest paid monthly.

Stated mandate

The fund seeks to track, before fees and expenses, the price and yield performance of the ICE Short-term Focused Municipal Bond Index. It is designed for tax-exempt income through passively managed, investment-grade municipal bonds with short-term maturities.

Why people hold it

  • 0.05% a year sits at the low end of the muni aisle, where the typical fund charges several times that, and matches the fee on MUB, the category's iShares heavyweight.
  • Index rules admit only investment-grade bonds with under five years left to final maturity, so the portfolio skips the long-end price swings that define all-maturity muni funds.flexshares.com
  • About 1,700 bonds, all exempt from federal tax and screened to exclude alternative minimum tax paper, with income distributed monthly rather than accrued.flexshares.com
  • Passive, sampled, and run by Northern Trust's municipal desk, which has managed muni portfolios for more than 30 years. The index does the picking, not a manager's hunch.flexshares.comnortherntrust.com

Worth knowing

  • It launched in 2025 and trades lightly next to muni mainstays like VTEB and MUB, so spreads can run wider and the track record is short.
  • Federally tax-exempt is not tax-free. That interest can still be taxed by your state and city.flexshares.com
  • Sub-five-year munis generally carry lower yields than longer maturity portfolios. That is the other side of the milder rate sensitivity.flexshares.com

TAXS Holdings

Holdings pillarA82 out of 100Rank 1 of 28 in Short-Duration Municipal Bonds
Asset class
Bonds
Holdings
2,454
Top-10 weight
3%
Largest holding
Cash1.7%

Sectors

  • Municipal100.0%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 164.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataCash1.67%3,312,256$3.31M409
2No dataPennsylvania St Tpk Commn Tpk Rev Ref Bds Second0.22%420,000$427K1
3No dataCalifornia St Pub Wks Brd Lease Rev Bds 2021 B0.20%370,000$402K1
4No dataPhiladelphia Pa Auth For Indl Dev Lease Rev Ref0.20%370,000$391K2
5No dataIndiana St Fin Auth Wastewater Util Rev First Lien0.16%300,000$322K4
6No dataCentral Plains Energy Proj Neb Gas Supply Rev Ref0.16%300,000$312K15
7No dataKentucky Inc Ky Pub Energy Auth Gas Supply Rev Bds0.16%310,000$311K13
8No dataNew York St Urban Dev Corp Rev St Personal Income0.15%300,000$305K2
9No dataDuval Cnty Fla Sch Brd Ctfs Partn Cops 2022 A0.15%285,000$304K3
10No dataHonolulu Hawaii City & Cnty Go Bds 2021 E0.15%280,000$304K4
11No dataMain Str Nat Gas Inc Ga Gas Supply Rev Bds 2021 A0.15%300,000$301K14
12No dataKentucky St Ppty & Bldgs Commn Revs Bds A0.15%295,000$301K6
13No dataMiami-Dade Cnty Fla Sch Dist Gen Oblig Ref Bds0.15%275,000$297K3
14No dataMain Str Nat Gas Inc Ga Gas Supply Rev Bds 2021 C0.15%295,000$295K17
15No dataLas Vegas Vy Nev Wtr Dist Ltd Tax Gen Oblig Ref0.15%270,000$293K2

Showing 1–15 of 2454 holdings

TAXS 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.
TAXS$10,289
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. TAXS $10,289. 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 TAXS. Periods over one year show the average yearly return.
PeriodTAXS
Year to date+1.9%
1 month+2.0%
3 months+0.7%
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 TAXS
YearReturn barTAXS
2026 YTD+1.9%
2025+1.2%

History from Aug 19, 2025

TAXS in the news

TAXS 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.
2.39%Last 12 months
Payout per share
$1.20Last 12 months
Upcoming payment
$0.11 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 $0.04; Oct 1, 2025 $0.10; Nov 3, 2025 $0.10; Dec 1, 2025 $0.02; Dec 19, 2025 $0.11; Feb 2, 2026 $0.13; Mar 2, 2026 $0.10; Apr 1, 2026 $0.10; May 1, 2026 $0.11; Jun 1, 2026 $0.11; Jul 1, 2026 $0.10; Aug 3, 2026 $0.11; Sep 1, 2026 $0.10; Oct 1, 2026 $0.11; Nov 2, 2026 $0.11. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Nov 2, 2026Pays Nov 6, 2026$0.11
Oct 1, 2026Oct 7, 2026$0.11
Sep 1, 2026Sep 8, 2026$0.10
Aug 3, 2026Aug 7, 2026$0.11
Jul 1, 2026Jul 8, 2026$0.10
Jun 1, 2026Jun 5, 2026$0.11
May 1, 2026May 7, 2026$0.11
Apr 1, 2026Apr 7, 2026$0.10
Mar 2, 2026Mar 6, 2026$0.10
Feb 2, 2026Feb 6, 2026$0.13
Dec 19, 2025Dec 26, 2025$0.11
Dec 1, 2025Dec 5, 2025$0.02

See all 15 payments⁠

$10,000 in TAXS 1 year ago paid $240 in dividends.⁠

TAXS Risk

Risk pillarB61 out of 100Rank 6 of 27 in Short-Duration Municipal Bonds
How much the fund’s monthly returns vary, scaled to a year.
2.8%
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.
−0.51
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.
−1.9%
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.
0.03
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.

TAXS Cost

Tied cheapest in Short-Duration Municipal Bonds

$1,060

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

  • TAXS 0.05%

    $1,060

$10,000
30 years

Cost over time

  • TAXS 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$1.25K051015202530TAXS $1,060

Year by year

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

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