Northern Trust 2045 Tax-Exempt Distributing Ladder ETF
MUNC
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- Northern Trust 2045 Tax-Exempt Distributing Ladder ETF (MUNC) is an exchange-traded fund that seeks to provide periodic distributions consisting of income exempt from regular federal income tax and/or principal through 2045 by holding a portfolio of high-quality municipal bonds with staggered maturity dates. The fund, part of the Northern Trust Tax-Exempt Distributing Ladder ETF Suite, targets investors pursuing a spend-down strategy for recurring expenses, delivering tax-exempt monthly income and annual principal distributions over a twenty-year horizon in a single, liquid ETF structure; it complements sister funds including Northern Trust 2030 Tax-Exempt Distributing Ladder ETF, Northern Trust 2035 Tax-Exempt Distributing Ladder ETF, and Northern Trust 2055 Tax-Exempt Distributing Ladder ETF. Managed by Timothy Blair, David Alongi, and Michael Chico since inception, the fund maintains a net expense ratio of 0.18% and invests primarily in investment-grade U.S. municipal tax-exempt bonds, with top holdings such as Utility Debt Securitization Auth N Y 5%, Sun Prairie Wis 5%, and Los Angeles Calif Dept Wtr & Pwr Rev 5% comprising about 13.05% of the portfolio. Launched on August 18, 2025, as one of 11 inaugural funds under the new Northern Trust ETFs brand, MUNC represents Northern Trust Asset Management's expansion into innovative distributing ladder strategies leveraging over 30 years of municipal bond expertise. This launch introduced three ETF suites, including the Tax-Exempt Distributing Ladder Suite and companion Tax-Exempt Bond ETFs (TAXS, TAXI, TAXT), alongside Inflation-Linked Distributing Ladder ETFs, utilizing patent-pending technology for retirement decumulation and cash flow management while minimizing taxes. Northern Trust ETFs, formerly FlexShares (to be renamed in 2026 without altering investment processes), operate under Northern Trust Asset Management, a division of Northern Trust Corporation, founded in 1889 and headquartered at 50 South LaSalle Street, Chicago, Illinois. The firm serves U.S. investors through NYSE and NASDAQ listings, focusing on institutional and individual clients seeking tax-efficient fixed income in the municipal target maturity category.