Category Review
Municipal bond funds are down for the year after a third-quarter selloff erased the first-half gain
Northern Trust Tax-Exempt Bond ETF
$49.65+0.32 (+0.64%)
- 0.05%
- $145M
- −0.7%
- 3.34%
- 0M sh
- $49.23
- low $48.52high $52.37
The ETF.net TAXT Grade
A
Score 80 out of 100
- 8 of 63
Score 80 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.A95 out of 100Rank 3 of 63Mission
Whether the fund did what it promised, tested against its stated mandate.A97 out of 100Rank 11 of 59Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B62 out of 100Rank 9 of 63Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C47 out of 100Rank 35 of 63Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A94 out of 100Rank 2 of 63Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C42 out of 100Rank 44 of 63
Our read on TAXT
ANorthern Trust's muni index fund charges 0.05% a year, a fraction of the typical muni ETF fee, and spreads across roughly 1,300 investment-grade bonds along the full maturity curve. Cheap, plain, and brand new.
The Fund seeks results generally corresponding to the price and yield performance of the ICE All Maturity Focused Municipal Bond Index before fees and expenses. It is designed for tax-exempt income through passively managed investment-grade municipal bonds spanning the full municipal curve.
Why people hold it
- Charges 0.05% a year against a 0.30% median for muni bond ETFs, so less of the tax-free coupon leaks out to fees.
- Roughly 1,300 investment-grade munis, short bonds to long, tracking the ICE All Maturity Focused Municipal Bond Index. No manager bets, no single-state tilt.
- Pays income monthly, and the build sits in the top quartile of a crowded national muni field on cost, mandate clarity and portfolio construction.
Worth knowing
- Launched in August 2025, so there is no record yet across a full interest-rate cycle.
- Volume is light next to entrenched rivals like VTEB and MUB, which can widen the spread you pay on larger orders.
- Cheap, but not the floor: Vanguard's VTEB and Schwab's SCMB run 0.03%.
TAXT Holdings
- Bonds
- 2,767
- 3%
- Cash
Geography
- United States100.00%
TAXT Performance
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.
TAXT$9,925
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 | TAXT |
|---|---|
| Year to date | −1.8% |
| 1 month | −1.0% |
| 3 months | −3.4% |
| 1 year | −0.7% |
| 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 | TAXT |
|---|---|---|
| 2026 YTD | −1.8% | |
| 2025 | +4.0% |
TAXT in the news
TAXT Dividends
- 3.34%
- $1.65
- $0.11 per share
- Monthly
Distribution history
TAXT Risk
- 5.0%
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.
- −0.55
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.
- −5.4%
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.
- 0.15
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
TAXT Cost
0.05%
TAXT0.05%
- The middle half of Other Municipal Bond funds
- Median 0.30%
2 of the 63 Other Municipal Bond funds charge less.
Other funds in Other Municipal Bond
- ACMFiShares California Muni Bond ETFExpense ratio 0.08%1 year return −2.3%
- ANYFiShares New York Muni Bond ETFExpense ratio 0.09%1 year return −2.3%
- AJMUBJPMorgan Municipal ETFExpense ratio 0.18%1 year return −2.1%
- ADFNMDimensional - National Municipal Bond ETFExpense ratio 0.18%1 year return −1.1%
- AGMUBGoldman Sachs Municipal Income ETFExpense ratio 0.18%1 year return −0.5%