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TAXS

GradeANASDAQ Global Market

Northern Trust Short-Term Tax-Exempt Bond ETF

Municipal Bond · FlexShares · Inception 2025-08-18

$49.58−0.10 (−0.19%)

As of Sep 23, 2026, 10:53 AM EDT

History starts Aug 19, 2025.
Intraday session: down, 6 prints from 49.67 to 49.58. Range 49.58 to 49.66. Use the arrow keys to read each point.$49.60$49.62$49.64$49.6610 AM12 PM2 PM4 PM
Expense ratio
0.05%
Fund size
$149M
1Y return
+1.0%
Yield · Last 12 months
2.40%
Holdings
1988
Volume · 30D
0M sh
NAV per share
$49.67
52W range
low $49.67high $50.74

The ETF.net TAXS Grade

A

75/ 100

Rank 4 of 28 in Short-Duration Municipal Bonds⁠

Confidence High

Six-pillar profile for TAXS. Scores out of 100: Cost 98, Risk 56, Mission 100, Tradability 21, Holdings 79, Durability 42. Strongest: Mission (100). Weakest: Tradability (21). Leans toward Mission and Cost.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 75 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 98
    Category rank1/28 · top 4%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 100
    Category rank22/27 · bottom quartile

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 56
    Category rank9/27 · top 33%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    FScore 21
    Category rank26/28 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    AScore 79
    Category rank2/28 · top 7%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 42
    Category rank20/28 · mid-pack

Graded as of Sep 22, 2026

Our read on TAXS

ETF.net Research

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

  1. 010.05% 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.
  2. 02Index 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
  3. 03About 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
  4. 04Passive, 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

  1. 01It 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.
  2. 02Federally tax-exempt is not tax-free. That interest can still be taxed by your state and city.flexshares.com
  3. 03Sub-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

As of Sep 20, 2026, 7:06 AM
Asset class
Bonds
Holdings
1,988
Top-10 weight
3%
Largest holding
CASH1.4%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 133.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—CASH1.41%2,100,153$2M414
002—INDIANA ST FIN AUTH WASTEWATER UTIL REV FIRST LIEN0.21%300,000$320K3
003—DUVAL CNTY FLA SCH BRD CTFS PARTN COPS 2022 A0.20%285,000$301K3
004—SOUTHEAST ENERGY AUTH COMMODITY SUPPLY REV ALA BDS0.20%280,000$293K15
005—DISTRICT COLUMBIA WTR &#38; SWR AUTH PUB UTIL REV REF0.19%280,000$290K4
006—WASHINGTON D C MET AREA TRAN AUTH GROSS REV REV0.19%285,000$289K3
007—OHIO ST WTR DEV AUTH POLLUTION CTL FACS REV FD BDS0.19%265,000$276K3
008—OHIO ST MAJOR NEW ST INFRASTRUCTURE PROJ REV BDS0.18%250,000$267K2
009—ENERGY SOUTHEAST ALA COOP DIST ENERGY SUPPLY REV0.18%250,000$264K13
010—MINNESOTA ST GEN FD REV APPROPRIATION REF BDS0.18%260,000$262K3
011—KENTUCKY ST PPTY &#38; BLDGS COMMN REVS REV BDS0.18%260,000$262K4
012—SOUTHEAST ENERGY AUTH COOP DIST ALA GAS SUPPLY REV0.17%250,000$261K3
013—GREAT LAKES WTR AUTH MICH WTR SUPPLY SYS REV SR0.17%255,000$259K2
014—IDAHO ST BLDG AUTH SALES TAX REV ED BDS 2024 A0.17%255,000$258K4
015—SOUTHEASTERN PA TRANSN AUTH REV BDS 20220.17%255,000$258K1

Showing 1–15 of 1989 holdings

TAXS Performance

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

TAXS$10,096
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. TAXS $10,096. 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 TAXS. Periods over one year show the average yearly return.
PeriodTAXS
Year to date+0.4%
1 month−0.9%
3 months−0.7%
1 year+1.0%
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 TAXS
YearReturn barTAXS
2026 YTD+0.4%
2025+1.2%

History from Aug 19, 2025

TAXS in the news

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

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 Sep 22, 2026.
2.40%Last 12 months
Payout per share
$1.19Last 12 months
Last payment
$0.10 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 $0.04; 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. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
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
Nov 3, 2025Nov 7, 2025$0.10
Oct 1, 2025Oct 7, 2025$0.10

TAXS Risk

How much the fund’s monthly returns vary, scaled to a year.
1.3%
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.
−1.09
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.
−1.0%
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.
0.03
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.

TAXS Cost

Expense ratio0.05%
  • The middle half of Short-Duration Municipal Bonds funds
  • Median 0.25%

No Short-Duration Municipal Bonds fund charges less.

TAXS costs $5.00 a year on $10,000. The median Short-Duration Municipal Bonds fund costs $25.00.