ETF Evaluator: Northern Trust Short Term Tax Exm Bd ETF () Follow This ETF

Northern Trust Short Term Tax Exm Bd ETF Overview

Northern Trust Short Term Tax Exm Bd ETF (TAXS) is a passively managed Municipal Bond Muni National Short exchange-traded fund (ETF). Northern Trust launched the ETF in 2025.

The investment seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the ICE Short Term Focused Municipal Bond Index. The underlying index is designed to measure the performance of the investment-grade segment of the U.S. municipal bond market with maturities of less than five years as determined by ICE Data Indices, LLC, the index provider. Under normal circumstances, the fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in debt instruments that pay interest that is exempt from regular federal income tax. The fund is non-diversified.

About Northern Trust Short Term Tax Exm Bd ETF (TAXS)

There are 3 members of the management team with an average tenure of 0.95 years: David Alongi (2025), Michael Chico (2025) and Timothy Blair (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.

The ETF has 1 primary benchmark: ICE Short Term Focused Muni Bond TR USD index with a weighting of 100%. Northern Trust Short Term Tax Exm Bd ETF has 1745 securities in its portfolio. The top 10 holdings constitute 2.2% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.

Northern Trust Short Term Tax Exm Bd ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. Northern Trust Short Term Tax Exm Bd ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 95.8% (95.8% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Northern Trust Short Term Tax Exm Bd ETF has 4.2% of the portfolio in cash.

Assets Under Management

The fund has $130 million in total assets, which is below the $1 billion average for the Muni National Short category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

TAXS Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Northern Trust Short Term Tax Exm Bd ETF expense ratio is low compared to funds in the Muni National Short category. Northern Trust Short Term Tax Exm Bd ETF has an expense ratio of 0.05%, which is 76% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Northern Trust Short Term Tax Exm Bd ETF has a portfolio turnover rate of 20%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 56% for the Muni National Short category.

Recently, in the month of July 2026, Northern Trust Short Term Tax Exm Bd ETF returned -0.3%, which earned it a grade of C, as the Muni National Short category had an average return of -0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.

Northern Trust Short Term Tax Exm Bd ETF has a trailing yield of 0.00%, which is below the 2.91% category average. The fund normally distributes its income monthly and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Northern Trust Short Term Tax Exm Bd ETF Grades

Year to date, the ETF has returned 1.0%, 0.2 percentage points worse than the category, which translates into a grade of F.

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