PUSH vs TAXS: Grades, Fees and Holdings Compared

PGIM Ultra Short Municipal Bond ETF

PUSHANYSE Arca

Northern Trust Short-Term Tax-Exempt Bond ETF

TAXSANasdaq

Overlap

No data

Expense ratio

TAXS −0.10pt a year

PUSH0.15%TAXS0.05%

Avg volume · 30D

PUSH 1.6×the volume

PUSH45.1KTAXS28.9K

PUSH vs TAXS Performance

Oct 31, 2025 – Nov 2, 2026

+2.9%PUSH+2.6%TAXS

Expense ratio: PUSH 0.15%; TAXS 0.05%, better
Fund size: PUSH $202M; TAXS $194M
1Y total return: PUSH +2.9%, better; TAXS +2.6%
Yield (12M): PUSH 3.40%, better; TAXS 2.60%
Holdings: PUSH 410; TAXS 2424
Avg volume (30D): PUSH 45.1K sh, better; TAXS 28.9K sh
NAV per share: PUSH $50.14; TAXS $50.11
52W range

ETF.net Grade

Pillar letters and Scores for PUSH, TAXS, with each pillar’s weight
Pillar	PUSH	TAXS
Cost30% weight	A80	A98Higher
Mission25% weight	A100	A100
Risk15% weight	B64Higher	B62
Tradability15% weight	D34Higher	F24
Holdings10% weight	B56	A80Higher
Durability5% weight	D36	C42Higher

Rank among Short-Duration Municipal Bonds funds

How we build Categories ›

Same Category. PUSH and TAXS are both graded against the same 27 Short-Duration Municipal Bonds funds, so their Grades compare head to head.

Short-Duration Municipal Bonds⁠

Category · 27 funds

See all 27 ›

TAXS ranks 4th and PUSH 9th of 27 funds in the Short-Duration Municipal Bonds Category.

Rank 1AVTESVanguard Short-Term Tax-Exempt Bond ETFScore 81
Rank 2ASUBiShares Short-Term National Muni Bond ETFScore 80
Rank 2AVSDMVanguard Short Duration Tax-Exempt Bond ETFScore 80
Rank 4ATAXSNorthern Trust Short-Term Tax-Exempt Bond ETFScore 77
Rank 5ASMBVanEck Short Muni ETFScore 74
Rank 8ASHMState Street SPDR Nuveen ICE Short Term Municipal Bond ETFScore 72
Rank 9APUSHPGIM Ultra Short Municipal Bond ETFScore 71
Rank 10BEVSMEaton Vance Short Duration Municipal Income ETFScore 68

Our read on each fund

ETF.net Research

PUSHAPGIM Ultra Short Municipal Bond ETF

TAXSANorthern Trust Short-Term Tax-Exempt Bond ETF

In short

PUSH The muni cousin of PGIM's big ultra-short bond fund: an active, 0.15% portfolio of very short municipal bonds, run by PGIM's own muni desk and paying federally tax-exempt income monthly.

TAXS Northern 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

PUSH The fund seeks total return from current income exempt from federal income taxes and capital appreciation.

TAXS 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

PUSH At 0.15%, it costs less than the typical short-muni ETF and undercuts the group's other active options, GUMI and JMST. Cheap active is unusual in munis.
Actively run by PGIM Fixed Income's muni team, with room for up to 10% in high-yield muni debt. An index tracker cannot make that call.pgim.com
Income is exempt from federal income tax and paid monthly, and the ultra-short benchmark (Bloomberg 1 Year Municipal Bond Index) keeps interest-rate sensitivity slim.
Has stayed tight to its stated ultra-short muni mandate since launch, and rates as one of the stronger implementations in its short-muni peer group.

TAXS 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.com northerntrust.com

Worth knowing

PUSH Thinly traded with a modest asset base, so spreads can widen and a chunky order can move the price.
Launched in 2024, so the record is short. PGIM itself flags new/small fund risk given the limited operating history.pgim.com
Creations and redemptions may be done in cash, which PGIM notes can make it less tax-efficient than an in-kind ETF. The exemption is federal, not state.pgim.com

TAXS 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

Full PUSH profile⁠

Full TAXS profile⁠

PUSH vs TAXS Holdings

How PUSH and TAXS differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile99.3%
Asset classFixed Income100%

Sector

No Sector split for PUSH and TAXS.

Country, concentration and asset class

Country by domicile

Country weights in PUSH and TAXS, widest gap first
Country	More in PUSHMore in TAXS	PUSH	TAXS
United States	TAXS +0.7 points	99.3%	100.0%
Puerto Rico	PUSH +0.7 points	0.7%	0.0%

Concentration

Weight in the 10 largest Holdings

PUSH15.4%
TAXS3.2%

Securities held

PUSH265
TAXS1,306

Asset class

PUSH: Fixed Income
TAXS: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. PUSH holds 265 securities, TAXS 1,306.

All PUSH holdings⁠All 2,424 TAXS 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.

PUSH vs TAXS Cost

Overpaying PUSH vs TAXS

$2,077

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

PUSH 0.15%
$3,137
TAXS 0.05%
$1,060

Amount$10,000

Years30 years

Cost over time

PUSH 0.15%
TAXS 0.05%
Overpaying

Year by year

Year	PUSH	TAXS	Overpaying
10	$274	$92	$182
20	$1,071	$360	$711
30	$3,137	$1,060	$2,077

Expense ratio

0.15%PUSH
0.05%TAXS, cheaper

TAXS0.05%PUSH0.15%

0.05%0.55%

Middle half of Short-Duration Municipal Bonds funds
Median 0.21%

TAXS cheapest of 27 funds

PUSH 6th cheapest of 27 funds

PUSH vs TAXS Dividends

Last 12 months to Nov 2, 2026

Yield (12M): PUSH 3.40%, better; TAXS 2.60%
Payout (12M): PUSH $1.71; TAXS $1.30
Last payment: PUSH $0.13; TAXS $0.11
Ex-dividend: PUSH Oct 30, 2026; TAXS Nov 2, 2026
Paid on: PUSH Pays Nov 3, 2026; TAXS Pays Nov 6, 2026
Frequency: PUSH Monthly; TAXS Monthly

Distribution history

Per share, 2024 to 2026, same scale for both

PUSHMonthly · 28 paymentsAll PUSH payments⁠

TAXSMonthly · 15 paymentsAll TAXS payments⁠

PUSH vs TAXS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: PUSH 1.3%since Jul 2024TAXS 2.8%since Sep 2025
Return per unit of riskSharpe ratio, 3 years: PUSH −0.56since Jul 2024TAXS −0.51since Sep 2025
Worst fallMax drawdown, 5 years: PUSH −1.3%since Jun 2024TAXS −1.9%since Aug 2025
Market sensitivityBeta, 5 years: PUSH 0.04TAXS 0.03; Market = 1

Popular comparisons

PUSHAvsVTESA
PGIM Ultra Short Municipal Bond ETF · Vanguard Short-Term Tax-Exempt Bond ETF
Expense ratio
0.15% · 0.05%
Category
TAXSAvsVTESA
Northern Trust Short-Term Tax-Exempt Bond ETF · Vanguard Short-Term Tax-Exempt Bond ETF
Expense ratio
0.05% · 0.05%
Category
PUSHAvsSUBA
PGIM Ultra Short Municipal Bond ETF · iShares Short-Term National Muni Bond ETF
Expense ratio
0.15% · 0.07%
Category
TAXSAvsSUBA
Northern Trust Short-Term Tax-Exempt Bond ETF · iShares Short-Term National Muni Bond ETF
Expense ratio
0.05% · 0.07%
Category
PUSHAvsVSDMA
PGIM Ultra Short Municipal Bond ETF · Vanguard Short Duration Tax-Exempt Bond ETF
Expense ratio
0.15% · 0.12%
Category
TAXSAvsVSDMA
Northern Trust Short-Term Tax-Exempt Bond ETF · Vanguard Short Duration Tax-Exempt Bond ETF
Expense ratio
0.05% · 0.12%
Category