Northern Trust Intermediate Tax-Exempt Bond ETF
TAXI
NASDAQ Global Market- -
USD
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Capital Structure
FRC
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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FRC
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in mil. unless spec.- CEO
- Michael R. Chico CFA
- Sector
- Financial Services
- Industry
- Asset Management - Bonds
- Address
- 50 South LaSalle Street Chicago IL United States of America 60603
- IPO Date
- Aug 20, 2025
- Website
- flexshares.com
- Similar Companies
- Business
- Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI) is an exchange-traded fund that seeks to provide current income exempt from federal income tax by investing primarily in investment-grade municipal bonds with intermediate-term maturities. The fund holds a diversified portfolio of fixed-income securities, including general obligation bonds, revenue bonds, and pre-refunded municipal bonds issued by state and local governments, as well as hospital, education, and transportation sector obligations; it tracks the Investortools Intermediate Tax-exempt Index and employs a representative sampling strategy to replicate index performance while minimizing tracking error. TAXI maintains an average portfolio duration of approximately 5 to 8 years and effective maturity between 4 and 10 years, targeting investors seeking tax-efficient income with moderate interest rate risk. The ETF operates within the municipal bond segment of the fixed-income market, serving individual and institutional investors focused on tax-advantaged yield in the United States; it is managed by Northern Trust Investments, Inc., a subsidiary of Northern Trust Corporation, a financial services firm founded in 1889 and headquartered in Chicago, Illinois. Geographically, the fund invests in municipal securities across various U.S. states and territories, with no single state allocation exceeding 15% to enhance diversification. In recent developments, TAXI launched in late 2023 as part of Northern Trust's expansion into targeted ETF offerings amid growing demand for tax-exempt strategies, complementing its suite of low-cost index-tracking products; the fund has seen steady assets under management growth to over $100 million by mid-2025, reflecting investor interest in intermediate munis following Federal Reserve rate adjustments. No major acquisitions, partnerships, or structural changes have been reported for the ETF itself within the past two years, though Northern Trust has continued to enhance its ETF platform with technology-driven portfolio management tools.