- Issuer
- Northern Trust
- Inception Date
- Aug 18, 2025
- Region
- North America (U.S.)
- Category
- Municipal Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- ICE Intermediate Term Focused Municipal Bond Index
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $153M
Share Price Chart
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Performance
TAXI Performance Chart
Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI) is up 0.8% since the beginning of the year. TAXI is currently trading at $51 per share.
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Returns By Period
Northern Trust Intermediate Tax-Exempt Bond ETF
- 1D
- -0.10%
- 1M
- 0.69%
- YTD
- 0.77%
- 6M
- 1.18%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.50%
- 1M
- 0.31%
- YTD
- 8.56%
- 6M
- 8.85%
- 1Y
- 24.33%
- 3Y*
- 19.37%
- 5Y*
- 11.84%
- 10Y*
- 13.61%
TAXI Monthly Returns History
Based on dividend-adjusted daily data since Aug 19, 2025, TAXI's average daily return is +0.02%, while the average monthly return is +0.37%. At this rate, an investment would double in approximately 15.6 years.
Historically, 82% of months were positive and 18% were negative. The best month was Sep 2025 with a return of +1.3%, while the worst month was Mar 2026 at -2.0%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 1 months.
On a daily basis, TAXI closed higher 61% of trading days. The best single day was Sep 5, 2025 with a return of +0.4%, while the worst single day was Mar 20, 2026 at -0.5%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.87% | 0.87% | -1.98% | 0.71% | 0.35% | -0.03% | 0.77% | ||||||
| 2025 | 0.14% | 1.31% | 0.77% | 0.58% | 0.51% | 3.35% |
Benchmark Metrics
Northern Trust Intermediate Tax-Exempt Bond ETF has an annualized alpha of 4.26%, beta of 0.05, and R2 of 0.10 versus S&P 500 Index. Calculated based on daily prices since August 19, 2025.
- This ETF participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (18.11%) than losses (9.01%) - typical of diversified or defensive assets.
- Beta of 0.05 may look defensive, but with R2 of 0.10 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.10 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 4.26%
- Beta
- 0.05
- R²
- 0.10
- Upside Capture
- 18.11%
- Downside Capture
- 9.01%
Expense Ratio
TAXI has an expense ratio of 0.05%, which is considered low.
Return for Risk
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| TAXI | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.34 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.53 | — |
| Martin ratioReturn relative to average drawdown | — | 11.37 | — |
Dividends
Dividend History
Northern Trust Intermediate Tax-Exempt Bond ETF provided a 2.00% dividend yield over the last twelve months, with an annual payout of $1.03 per share.
| Period | TTM | 2025 |
|---|---|---|
| Dividend | $1.03 | $0.43 |
Dividend yield | 2.00% | 0.85% |
Monthly Dividends
The table displays the monthly dividend distributions for Northern Trust Intermediate Tax-Exempt Bond ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.15 | $0.11 | $0.10 | $0.12 | $0.12 | $0.59 | ||||||
| 2025 | $0.05 | $0.13 | $0.13 | $0.12 | $0.43 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Northern Trust Intermediate Tax-Exempt Bond ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Northern Trust Intermediate Tax-Exempt Bond ETF was 2.23%, occurring on Mar 24, 2026. The portfolio has not yet recovered.
The current Northern Trust Intermediate Tax-Exempt Bond ETF drawdown is 0.96%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 pullback2026 | -2.23%Mar 2026 | 22d | — | 3mo 15dMar 2026 - now |
2025 pullback2025 | -0.42%Sep 2025 | 8d | 14d | 22dSep 2025 - Oct 2025 |
2025 pullback2025 | -0.25%Nov 2025 | 2d | 10d | 12dNov 2025 - Nov 2025 |
2025 pullback2025 | -0.20%Nov 2025 | 13d | 5d | 18dOct 2025 - Nov 2025 |
2026 pullback2026 | -0.17%Jan 2026 | 0s | 7d | 7dJan 2026 - Jan 2026 |
Drawdown Indicators
| TAXI | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.23% | -56.78% | +54.55% |
Max Drawdown (1Y)Largest decline over 1 year | — | -9.10% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.96% | -2.34% | +1.38% |
Average DrawdownAverage peak-to-trough decline | -0.47% | -10.72% | +10.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.02% | — |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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