Northern Trust Short-Term Tax-Exempt Bond ETF
$49.60+0.09 (+0.19%)
- 0.05%
- $160M
- +1.2%
- 2.41%
- 0M sh
- $49.43
- low $49.15high $50.74
The ETF.net TAXS Grade
A
Score 76 out of 100
- 3 of 28
Score 76 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 100Rank 1 of 28Mission
Whether the fund did what it promised, tested against its stated mandate.A100 out of 100Rank 1 of 27Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B56 out of 100Rank 7 of 27Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.F23 out of 100Rank 26 of 28Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A81 out of 100Rank 1 of 28Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C42 out of 100Rank 20 of 28
Our read on TAXS
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.
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
- Bonds
- 2,130
- 3%
- Cash
Geography
- United States100.00%
TAXS Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
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TAXS$10,115
Returns run to the Oct 12, 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 | TAXS |
|---|---|
| Year to date | +0.2% |
| 1 month | −0.4% |
| 3 months | −0.9% |
| 1 year | +1.2% |
| 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 | TAXS |
|---|---|---|
| 2026 YTD | +0.2% | |
| 2025 | +1.2% |
TAXS in the news
TAXS Dividends
- 2.41%
- $1.20
- $0.11 per share
- Monthly
Distribution history
TAXS Risk
- 2.2%
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.
- −1.45
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.
- −1.9%
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.
- 0.03
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
TAXS Cost
0.05%
TAXS0.05%
- The middle half of Short-Duration Municipal Bonds funds
- Median 0.25%
No Short-Duration Municipal Bonds fund charges less.
Other funds in Short-Duration Municipal Bonds
- AVTESVanguard Short-Term Tax-Exempt Bond ETFExpense ratio 0.05%1 year return 0.0%
- ASUBiShares Short-Term National Muni Bond ETFExpense ratio 0.07%1 year return +0.9%
- AGUMIGoldman Sachs Ultra Short Municipal Income ETFExpense ratio 0.16%1 year return +2.5%
- AVSDMVanguard Municipal Bond Funds - Vanguard Short Duration Tax-Exempt Bond ETFExpense ratio 0.12%1 year return +0.7%
- AJMSTJPMorgan Ultra-Short Municipal Income ETFExpense ratio 0.18%1 year return +2.0%