MFSM vs TAXI: Grades, Fees and Holdings Compared

MFS Active Intermediate Muni Bond ETF

MFSMCNYSE

Northern Trust Intermediate Tax-Exempt Bond ETF

TAXIANasdaq

Overlap

0.0%by weight

Expense ratio

TAXI −0.29pt a year

MFSM0.34%TAXI0.05%

Avg volume · 30D

MFSM 1.3×the volume

MFSM81.6KTAXI63K

MFSM vs TAXI Performance

Oct 31, 2025 – Oct 30, 2026

+0.6%MFSM+2.1%TAXI

Expense ratio: MFSM 0.34%; TAXI 0.05%, better
Fund size: MFSM $123M; TAXI $327M
1Y total return: MFSM +0.6%; TAXI +2.1%, better
Yield (12M): MFSM 3.94%, better; TAXI 2.61%
Holdings: MFSM 460; TAXI 4772
Avg volume (30D): MFSM 81.6K sh, better; TAXI 63K sh
NAV per share: MFSM $24.28; TAXI $50.69
52W range

ETF.net Grade

Pillar letters and Scores for MFSM, TAXI, with each pillar’s weight
Pillar	MFSM	TAXI
Cost30% weight	C42	A100Higher
Mission25% weight	A99Higher	A94
Risk15% weight	B56	A71Higher
Tradability15% weight	D36	B64Higher
Holdings10% weight	D35	A83Higher
Durability5% weight	D28	C50Higher

Rank among Intermediate Municipal Bonds funds

How we build Categories ›

Same Category. MFSM and TAXI are both graded against the same 19 Intermediate Municipal Bonds funds, so their Grades compare head to head.

Intermediate Municipal Bonds⁠

Category · 19 funds

See all 19 ›

TAXI ranks 1st and MFSM 11th of 19 funds in the Intermediate Municipal Bonds Category.

Rank 1ATAXINorthern Trust Intermediate Tax-Exempt Bond ETFScore 84
Rank 2AITMVanEck Intermediate Muni ETFScore 77
Rank 10BMUNIPIMCO Intermediate Municipal Bond Active Exchange-Traded FundScore 63
Rank 11CMFSMMFS Active Intermediate Muni Bond ETFScore 56
Rank 12BBKMIBNY Mellon Municipal Intermediate ETFScore 55

Our read on each fund

ETF.net Research

MFSMCMFS Active Intermediate Muni Bond ETF

TAXIANorthern Trust Intermediate Tax-Exempt Bond ETF

In short

MFSM No data

TAXI The middle rung of Northern Trust's three-part muni lineup: intermediate maturities of 1 to 15 years, thousands of investment-grade bonds, federally tax-exempt income paid monthly, all for five basis points.

Stated mandate

MFSM No data

TAXI The fund seeks to track the performance of the ICE Intermediate Term Focused Municipal Bond Index before fees and expenses. It is designed for tax-exempt income through passively managed, investment-grade municipal bonds with intermediate maturities of 1–15 years.

Why people hold it

MFSM No data

TAXI Charges 0.05% where the typical muni fund charges 0.30%. That ties iShares' MUB and sits within a hair of the Vanguard and Schwab giants at the top of the aisle.
Roughly 2,500 investment-grade municipal bonds, sampled to track the ICE Intermediate Term Focused Municipal Bond Index. Breadth, not bond-picking, carries the credit risk.flexshares.com
Income is exempt from federal tax and paid monthly, and the index only counts bonds that also dodge the federal alternative minimum tax.stockanalysis.com
One setting on a three-position dial: short (TAXS), intermediate (TAXI) and all-maturity (TAXT) from the same desk, so you can shift rate exposure without switching shops.northerntrust.com

Worth knowing

MFSM No data

TAXI It opened in August 2025. The record is short, so there is little history to judge it against older muni funds.
Trades lightly next to the category's household names, and its asset base is modest, which can show up as wider spreads at the moment you transact.
The 1 to 15 year band is a middle seat: less rate whiplash than long-dated munis, more price movement than a short-maturity fund. Bonds here still move when yields do.flexshares.com

Full MFSM profile⁠

Full TAXI profile⁠

MFSM vs TAXI Holdings

How MFSM and TAXI differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of MFSM and 0.0% of TAXI.

Level by level

Asset classEquity, Fixed Income0.0%
Holdings0 in both0.0%
Countryby domicile99.0%

Sector

No Sector split for MFSM and TAXI.

Country, concentration and asset class

Country by domicile

Country weights in MFSM and TAXI, widest gap first
Country	More in MFSMMore in TAXI	MFSM	TAXI
United States	TAXI +1.0 points	99.0%	100.0%
Puerto Rico	MFSM +1.0 points	1.0%	0.0%

Concentration

Weight in the 10 largest Holdings

MFSM13.8%
TAXI2.2%

Securities held

MFSM340
TAXI1,983

Asset class

MFSM: Equity
TAXI: Fixed Income

Holdings

Only in MFSM340
In both0
Only in TAXI1,983

Only in MFSM

340 securities, 93.0% of MFSM by weight

Black Beltenergy Gas Dist Al4.06%
Arizona Stindl Dev Auth Mf Hs1.76%
Massachusetts St Dev Fin Agy R1.76%
Colorado St Hlth Facs Auth Rev1.38%
Californiacmnty Choice Fing A1.24%
Illinois St Fin Auth Revenue0.96%
Corpus Christi Tx Utility Sysr0.92%
Pennsylvania St Econ Dev Fing0.88%
New York St Transprtn Dev Corp0.88%
Minnesotast Hsg Fin Agy0.87%
North Carolina St Med Care Com0.86%
Sales Taxsecuritization Corp0.83%
New York St Dorm Auth Revenues0.82%
San Francisco Ca City Cnty Ar0.82%
Ann Arbormi Hsg Commission Mf0.82%
North Carolina Hsg Fin Agy Hom0.78%
Pasco Cntyfl Sol Wst Disp R0.78%
Clark Cntywa Sch Dist 37 Van0.65%
South Carolina St Jobs Econ De0.64%
Main Street Natural Gas Inc Ga0.62%
Westfieldwashington In Multi0.61%
Kentucky St Public Energy Auth0.61%
Ishares National Muni Bond Etf0.61%
Plum Boropa Sch Dist0.60%
Chicago Ilo Hare Internationa0.59%
Tennesseest Energy Acquisitio0.55%
Connecticut St Hlth Eductnl0.55%
Richland Wayne Jasper Clay L0.55%
Vanguard Tax Exempt Bond Index0.54%
Jacksonville Fl Hsg Auth Reven0.54%
Texas St Muni Gas Acquisition0.53%
W Cornwalltwp Pa Muni Auth0.52%
Arizona Indl Dev Auth Student0.51%
Virginia St Small Business Fin0.51%
Winnebagoboone Cntys Il Sch0.47%
Denver City Cnty Co Arpt Rev0.47%
Rhode Island St Student Loan A0.46%
Public Finauth Wi Revenue0.45%
Iowa St Student Loan Liquidity0.44%
Brazos Txhgr Edu Auth Student0.44%
Lee Cnty Fl Arpt Revenue0.43%
Brevard Cnty Fl Hlth Facs Auth0.43%
New Hope Cultural Ed Facs Fin0.43%
Elmore Cnty Al Public Bldg Aut0.42%
Mccurtaincnty Ok Eductnl Facs0.42%
Rensselaerco Ny Capital Resou0.42%
Schenectady Cnty Ny Capital Re0.42%
Ruston Lasales Tax Revenue0.42%
Gonzales Cnty Tx0.42%
National Fin Auth Nh Affordabl0.42%

Only in TAXI

1,983 securities, 97.1% of TAXI by weight

Black Belt Energy Gas Dist Ala Gas Proj Rev Bds0.95%
California Cmnty Choice Fing Auth Clean Energy0.91%
Lower Colo Riv Auth Tex Transmission Contract Rev0.78%
Metropolitan Govt Nashville & Davidson Cnty Tenn0.75%
Kentucky St Ppty & Bldgs Commn Revs Bds A0.53%
West Virginia St Go Rd Bds 2019 A 17/DEC/20190.50%
New York St Dorm Auth Revs Non St Supported Debt0.44%
Palm Beach Cnty Fla Sch Brd Ctfs Partn Ctfs Partn0.44%
Southeast Energy Auth Coop Dist Ala Energy Supply0.43%
Ohio St Wtr Dev Auth Wtr Pollutn Ctl Rev Ln Fd Bds0.41%
Illinois Fin Auth Rev Clean Wtr Initiative0.39%
Virginia College Bldg Auth Va Edl Facs Rev 21ST0.39%
Dallas Tex Indpt Sch Dist Unltd Tax Bldg Ref Bds0.38%
Indiana St Fin Auth Wastewater Util Rev First Lien0.37%
Harris Cnty Tex Toll Rd Rev First Lien Ref Bds0.36%
Energy Southeast Ala Coop Dist Energy Supply Rev0.36%
Miami-Dade Cnty Fla Sch Dist Gen Oblig Ref Bds0.36%
Chicago Ill Met Wtr Reclamation Dist Gtr Chicago0.34%
Connecticut St Spl Tax Oblig Rev Transn0.34%
Merrillville Ind Multi Sch Bldg Corp Ad Valorem0.32%
Florida St Tpk Auth Tpk Rev Dept Transn Ref Bds0.32%
Manatee Cnty Fla Sch Brd Ctfs Partn Cops 2023 A0.31%
Chicago Ill Wastewater Transmission Rev Second0.31%
New York St Dorm Auth St Pers Income Tax Rev Gen0.30%
Indiana St Fin Auth Rev Revolving Fd Program Bds0.30%
Los Angeles Calif Dept Wtr & Pwr Wtrwks Rev Sys0.30%
Kansas St Dev Fin Auth Rev Revolving Fds Bds0.30%
Chicago Ill O Hare Intl Arpt Rev Gen Sr Lien Bds0.29%
Clark Cnty Nev Sch Dist Ltd Tax Go Bldg Ref Bds0.29%
New York N Y City Transitional Fin Auth Bldg Aid0.28%
Intermountain Pwr Agy Utah Pwr Supply Rev Bds 20230.28%
Intermountain Pwr Agy Utah Pwr Supply Rev Bds0.28%
Indiana St Fin Auth Rev Fd Program Bds 2022B0.27%
Lewisville Tex Indpt Sch Dist Unltd Tax Bldg Bds0.26%
Florida St Brd Ed Pub Ed Full Faith and Credit Cap0.26%
Crown Point Ind Multi-Sch Bldg Corp Ad Valorem0.26%
Texas Wtr Dev Brd Rev St Implementation Fd Bds0.26%
Kentucky Inc Ky Pub Energy Auth Gas Supply Rev Bds0.25%
University Ala Gen Rev Bds 2019 A 19/SEP/20190.25%
University Utah Univ Revs Gen Bds 2022B0.23%
Dallas Fort Worth Tex Intl Arpt Rev Jt Ref Bds0.23%
Delaware Transn Auth Grnt Antic Bds 20200.23%
Kansas St Dept Transn Hwy Rev Ref Bds 2024A0.23%
West Virginia St Go Rd Bds 2018 B 07/JUN/20180.22%
Wake Cnty N C Ltd Oblig Bds 2025A 01/MAY/20250.22%
Idaho Hsg & Fin Assn Sales Tax Rev Trans Expansion0.22%
Southeast Energy Auth Commodity Supply Rev Ala Bds0.21%
Sarasota Cnty Fla Sch Brd Ctfs Partn Cops 2023A0.21%
Marion Cnty Fla Sch Brd Ctfs Partn Cops 20240.21%
Salt Riv Proj Agric Impt & Pwr Dist Ariz Elec Sys0.20%

Weight gaps

MFSM and TAXI share no securities.

All MFSM holdings⁠All 4,772 TAXI holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

MFSM vs TAXI Cost

Overpaying MFSM vs TAXI

$5,872

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

MFSM 0.34%
$6,932
TAXI 0.05%
$1,060

Amount$10,000

Years30 years

Cost over time

MFSM 0.34%
TAXI 0.05%
Overpaying

Year by year

Year	MFSM	TAXI	Overpaying
10	$616	$92	$524
20	$2,386	$360	$2,026
30	$6,932	$1,060	$5,872

Expense ratio

0.34%MFSM
0.05%TAXI, cheaper

TAXI0.05%MFSM0.34%

0.05%0.44%

Middle half of Intermediate Municipal Bonds funds
Median 0.30%

TAXI cheapest of 19 funds

MFSM 11th cheapest of 19 funds

MFSM vs TAXI Dividends

Last 12 months to Oct 30, 2026

Yield (12M): MFSM 3.94%, better; TAXI 2.61%
Payout (12M): MFSM $0.96; TAXI $1.33
Last payment: MFSM $0.07; TAXI $0.11
Ex-dividend: MFSM Oct 30, 2026; TAXI Oct 1, 2026
Paid on: MFSM Pays Nov 2, 2026; TAXI Oct 7, 2026
Frequency: MFSM Monthly; TAXI Monthly

Distribution history

Per share, 2024 to 2026, same scale for both

MFSMMonthly · 23 paymentsAll MFSM payments⁠

TAXIMonthly · 14 paymentsAll TAXI payments⁠

MFSM vs TAXI Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: MFSM 5.4%since Jan 2025TAXI 5.1%since Sep 2025
Return per unit of riskSharpe ratio, 3 years: MFSM −0.19since Jan 2025TAXI −0.03since Sep 2025
Worst fallMax drawdown, 5 years: MFSM −6.7%since Dec 2024TAXI −4.7%since Aug 2025
Market sensitivityBeta, 5 years: MFSM 0.13TAXI 0.14; Market = 1

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