---
ticker: "TAXS"
name: "Northern Trust Short-Term Tax-Exempt Bond ETF"
url: "https://etf.net/etf/TAXS"
grade: "A"
score: 76
graded_at: "2026-10-12"
category: "Short-Duration Municipal Bonds"
category_rank: "3 of 28"
methodology: "https://etf.net/methodology"
---

# TAXS: Northern Trust Short-Term Tax-Exempt Bond ETF

Grade **A**, Score 76 of 100. Rank 3 of 28 in Short-Duration Municipal Bonds.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 98 | 1 of 28 |
| Mission | 100 | 1 of 27 |
| Risk | 56 | 7 of 27 |
| Tradability | 23 | 26 of 28 |
| Holdings | 81 | 1 of 28 |
| Durability | 42 | 20 of 28 |

## Top holdings

The fund holds 2130 positions. These are the largest 30, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | — | Cash | 1.37% |
| 2 | — | Indiana St Fin Auth Wastewater Util Rev First Lien | 0.19% |
| 3 | — | Central Plains Energy Proj Neb Gas Supply Rev Ref | 0.19% |
| 4 | — | Duval Cnty Fla Sch Brd Ctfs Partn Cops 2022 A | 0.18% |
| 5 | — | Southeast Energy Auth Commodity Supply Rev Ala Bds | 0.18% |
| 6 | — | District Columbia Wtr & Swr Auth Pub Util Rev Ref | 0.18% |
| 7 | — | Washington D C Met Area Tran Auth Gross Rev Rev | 0.18% |
| 8 | — | Black Belt Energy Gas Dist Ala Gas Proj Rev Bds | 0.17% |
| 9 | — | Ohio St Wtr Dev Auth Pollution Ctl Facs Rev Fd Bds | 0.17% |
| 10 | — | Ohio St Major New St Infrastructure Proj Rev Bds | 0.16% |
| 11 | — | Kentucky St Ppty & Bldgs Commn Revs Rev Bds | 0.16% |
| 12 | — | Minnesota St Gen Fd Rev Appropriation Ref Bds | 0.16% |
| 13 | — | Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Sr | 0.16% |
| 14 | — | Idaho St Bldg Auth Sales Tax Rev Ed Bds 2024 A | 0.16% |
| 15 | — | Energy Southeast Ala Coop Dist Energy Supply Rev | 0.16% |
| 16 | — | Southeastern Pa Transn Auth Rev Bds 2022 | 0.16% |
| 17 | — | Southeast Energy Auth Coop Dist Ala Gas Supply Rev | 0.16% |
| 18 | — | Lamar Tex Cons Indpt Sch Dist Unltd Tax Ref Bds | 0.16% |
| 19 | — | Ohio St Wtr Dev Auth Rev Drinking Wtr Assistance | 0.16% |
| 20 | — | Ohio St Go Hwy Cap Impt Bds V 12/DEC/2018 | 0.15% |
| 21 | — | Southeast Energy Auth Commodity Supply Rev Ala Bds | 0.15% |
| 22 | — | New Hampshire Health & Ed Facs Auth Rev Bds 2023 | 0.15% |
| 23 | — | Pennsylvania St Tpk Commn Tpk Rev Sub Bds B-2 | 0.15% |
| 24 | — | Scago Edl Facs Corp For Pickens Sch Dist S C | 0.15% |
| 25 | — | Philadelphia Pa Auth For Indl Dev Lease Rev Ref | 0.15% |
| 26 | — | California Cmnty Choice Fing Auth Clean Energy | 0.15% |
| 27 | — | University Calif Revs Gen Rev Bds 2017 Ay | 0.15% |
| 28 | — | Las Vegas Vy Nev Wtr Dist Go Ltd Tax Ref Bds 2021 | 0.15% |
| 29 | — | Rhode Island St Comm Corp Rev Grant Antic Bds 2020 | 0.15% |
| 30 | — | California Cmnty Choice Fing Auth Clean Energy | 0.15% |

Source: etf.net, https://etf.net/etf/TAXS. Please cite the page URL.