Northern Trust Short-Term Tax-Exempt Bond ETF
TAXS
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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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- CEO
- David Michael Alongi CFA
- Sector
- Financial Services
- Industry
- Asset Management - Bonds
- Address
- 50 South LaSalle Street Chicago IL United States of America 60603
- IPO Date
- Aug 19, 2025
- Website
- flexshares.com
- Similar Companies
- Business
- Northern Trust Short-Term Tax-Exempt Bond ETF (TAXS) is a passively managed exchange-traded fund that seeks to track the performance, before fees and expenses, of the ICE Short-Term Focused Municipal Bond Index. The fund provides tax-exempt income through a diversified portfolio of U.S. dollar-denominated, investment-grade municipal bonds issued by U.S. states, territories, political subdivisions, and agencies; qualifying securities feature maturities of less than five years (at least one day remaining to final maturity), fixed coupon schedules (including step-up or step-down bonds), an investment-grade rating based on the middle of Moody's, S&P, and Fitch ratings, exemption from U.S. federal income taxes and the federal alternative minimum tax, original offering sizes of at least $100 million, and outstanding face values of $10 million or more. The ETF maintains a net expense ratio of 0.05%, distributes dividends treated as ordinary income with a yield around 2.55%, and is weighted by market value with monthly index reconstitutions subject to capping constraints; it excludes bonds from U.S. territories except those from the District of Columbia. Launched on August 18, 2025, TAXS forms part of Northern Trust Asset Management's newly introduced Northern Trust Tax-Exempt Bond ETF Suite, which also includes the Intermediate Tax-Exempt Bond ETF (TAXI) targeting 1-15 year maturities and the Tax-Exempt Bond ETF (TAXT) covering all maturities, all leveraging over 30 years of the firm's municipal bond management expertise to offer low-cost, segmented exposure to the municipal bond market. This suite launch represents Northern Trust's expansion into innovative fixed income ETFs under the new Northern Trust ETFs brand, alongside two other suites of tax-exempt distributing ladder ETFs designed for retirement income and cash flow management with staggered maturities and patent-pending technology. The ETFs are managed by a team including Timothy Blair, David Alongi, and Michael Chico, with Northern Trust Investments, Inc. as the primary advisor and Northern Funds Distributors LLC as distributor. Headquartered in Chicago, Illinois—the founding city of parent Northern Trust Corporation established in 1889—TAXS operates within the U.S. domestic municipal bond market, targeting investors seeking short-duration, tax-efficient income generation amid varying risk levels and time horizons.