Northern Trust 2045 Tax-Exempt Distributing Ladder ETFMUNC

FlexSharesBonds & CashMunicipal#497 of 786 by YTD

$99.99

+0.3% last session

0.0% YTD

Data as of 11/4/20264:00 PM ET · End-of-day

Dividend-adjusted total return · S&P 500 uses VOO · Dec 31, 2025 – Nov 4, 2026MUNCS&P 500 · VOOBonds & Cash average

Returns	1D	1M	3M	YTD	1Y	3Y	5Y	MAX
Total return	+0.3%	+3.6%	0.0%	0.0%	+0.6%	—	—	+3.8%
Peer average	+0.3%	+3.3%	−0.5%	+0.6%	+1.0%	+15.1%	+2.7%	—
S&P 500 · VOO	+1.6%	−1.6%	0.0%	+13.4%	+13.5%	+91.7%	+81.2%	—

Key Statistics

Open all fund facts →

AUM: $8M
Expense ratio: 0.18%
Distribution yield: 3.3%
NAV: $100.12
Volume: 6
Avg. volume 30D: 247
High today: $99.99
Low today: $99.99
Previous close: $99.74
52-week high: $104.81
52-week low: $95.88
Our risk indicator: 2/5

MUNC in One Breath

MUNC Among Municipal ETFs

YTD

#1MMMANY Life Investments+2.6%$59.6M

#2OVMOverlay Shares+2.4%$46.0M

#3MYMGSPDR+2.2%$8.6M

#4TAXTFlexShares+2.1%$197M

#5SMMUPIMCO+2.1%$1.3B

#6FTMSFranklin Templeton+2.0%$265M

#7MYMFSPDR+1.9%$8.7M

#8IBMOiShares+1.9%$498M

#108MUNCFlexShares0.0%$8.0M

End-of-day Nov 5, 2026 · 141 Municipal ETFs by YTD

$10,000 in MUNC

$10,000 in MUNC became

$10,377

In the S&P 500 (VOO)

$12,156

Total return, dividends in · Aug 19, 2025 – Nov 4, 2026 · S&P 500 uses VOO

MUNC’s Top Holdings

Today

LOS ANGELES CALos Angeles Calif Dept Wtr & Pwr Rev Sys Bds 20213.2%IOWA FIN AUT3.1%GRAND PRAIRI2.1%CASH1.9%ROUND ROCK T1.9%FERRIS ST UN1.8%DISTRICT COL1.6%CENTRAL VY W1.4%LAKE CNTY IL1.4%KING CNTY WA1.4%COOK KANE LA1.4%PAWTUCKET R 1.4%SEATTLE WASH1.4%NEW YORK N Y1.4%QUITMAN TEX 1.4%KENTUCKY ST 1.3%NEW YORK N Y1.3%CHICAGO ILL 1.3%MADISON CNTY1.3%FLORIDA ST B1.3%WISCONSIN ST1.3%MANSFIELD TE1.2%

FlexShares MUNC · 172 holdings · top 22 shown · tile size = share of the fund · as of Nov 4, 2026

What MUNC Holds

Today

All holdings100.0%

LOS ANGELE 3.2 · IOWA FIN A 3.1 · GRAND PRAI 2.1 · CASH 1.9 · ROUND ROCK 1.9 · FERRIS ST 1.8 · DISTRICT C 1.6

FlexShares MUNC · share of the fund · as of Nov 4, 2026

Los’ Share of MUNC

Today

3.2%

$32 of every $1,000 in MUNC is Los

Los held by MUNC

$258K

FlexShares MUNC · each square = $10 of $1,000 · as of Nov 4, 2026

MUNC’s Share of Municipal ETFs

Today

0.0%

of the $244B in 166 Municipal ETFs

MUNC$8.0M0.0%

MUB$54.7B22.4%

VTEB$49.6B20.3%

163 others$140B57.3%

Municipal ETF AUM · Nov 5, 2026

MUNC Fee per $100 vs Peers

Today

$0.18a year
per $100

$18 a year on $10,000

VTEB$0.03

MUB$0.05

SUB$0.07

MUNC$0.18

JMUB$0.18

CGMU$0.27

Expense ratio · Municipal peers · Nov 5, 2026

Inside MUNC

172 holdings · as of Nov 4, 2026

MUNC

Northern Trust 2045 Tax-Exempt Distributing Ladder ETF

Today

All holdings100.0%LOS Angele3.2%Iowa FIN A3.1%Grand Prai2.1%CASH1.9%158 more holdings74.4% of the fund

All holdings100.0%LOS Angele3.2%Iowa FIN A3.1%CASH166 more holdings86.0% of the fund

#	Ticker	Company	Weight ▼
1	—	LOS Angeles Calif Dept WTR & PWR REV SYS BDS 2021	3.22%
2	—	Iowa FIN Auth REV ST Revolving FD BDS 2025a	3.12%
3	—	Grand Prairie TEX Combination TAX REV Ctfs Oblig	2.06%
4	CASH	CASH	1.94%
5	—	Round Rock TEX Indpt SCH Dist Unltd TAX Bldg BDS	1.86%
6	—	Ferris ST Univ Mich REV GEN BDS 2025a 19/feb/2025	1.83%
7	—	District Columbia Income TAX REV Secd BDS 2025 A	1.55%
8	—	Central VY WTR Reclamation FAC Utah SWR REV BDS	1.44%
9	—	Lake Cnty ILL Cmnty Cons SCH Dist NO 046 Grayslake	1.44%
10	—	King Cnty Wash SCH Dist NO 405 Bellevue Ultd TAX	1.44%

FlexShares MUNC · current holdings by weight · as of Nov 4, 2026 · each tile is one holding · top 20 = 33.5%

How It Compares

MUNC

Northern Trust 2045 Tax-Exempt Distributing Ladder ETF’s Peers

YTD


MUB	iSharesRead Desk	0.05%	+0.1%	+0.7%	$54.7B
VTEB	VanguardRead Desk	0.03%	+0.2%	+0.7%	$49.6B
SUB	iSharesRead Desk	0.07%	+1.5%	+2.3%	$13.3B
JMUB	J.P. MorganRead Desk	0.18%	+0.3%	+0.8%	$9.0B
CGMU	Capital GroupRead Desk	0.27%	+0.8%	+1.4%	$7.5B
MUNC	FlexSharesThis fundRead Desk	0.18%	0.0%	+0.6%	$8M

Municipal peers · YTD and past-year returns · as of Nov 5, 2026 · sorted by AUM

Head to Head

Put MUNC head to head with MUB →

MUB vs MUNC

YTD

MUBiShares · MunicipalMUNCFlexShares · Municipal

Year to date

+0.1%

−0.0%

MUB wins+0.1 pts

Past year

+0.7%

+0.6%

MUB wins+0.1 pts

Fee

0.05%

0.18%

MUB winslower fee

Yield

3.3%

Level

AUM

$54.7B

$8.0M

MUB6823.1× more

3–0MUB wins

iShares MUB and FlexShares MUNC · year-to-date · as of Nov 5, 2026 · AUM not scored

MUNC vs VOO

YTD

MUNC · Northern Trust 2045 Tax-Exempt Distributing Ladder

−0.0%

VOO · S&P 500

+13.4%

Gap

13.4 pts

FlexShares MUNC and Vanguard VOO · YTD total return · as of Nov 5, 2026

MUNC vs Its Peer Average

YTD

MUNCAvsBPeer average

1D+0.3%+0.3%

1M+3.6%+3.3%

3M0.0%−0.5%

YTD0.0%+0.6%

1Y+0.6%+1.0%

3Y[…]+15.1%

5Y[…]+2.7%

2–3Peer average wins

165 Municipal peers · each row scaled to its leader

The Details

MUNC

Risk

2/5our risk indicator

CalmerBumpier

Volatility · 1Y3.34%

Deepest drop · 1Y−6.8%

Lowest point · 5Y−1.1%

52-week range

$99.99

$95.88−4.6% from the high$104.81

FlexShares MUNC · past-year price moves · as of Nov 5, 2026

MUNC

Fund Facts

Today

2025launched Aug 18

Tracks[…]

Exchange · CUSIPAMEX · 665162160

StructureETF

Leverage1x

Cost on $10,000$18 a year

Go deeper

Prospectus & documents Trading & liquidity Fees & costs Distributions

FlexShares MUNC · fund facts · as of Nov 5, 2026

MUNC

Payouts by Year

$0.30per share, Nov 2026

Distribution yield3.3%

PaidEvery month

Latest ex-date · paidNov 2 · Nov 6, 2026

12 payouts added up$3.30 a share

FlexShares MUNC · distributions by ex-date · 2025–2026

All Fund FactsDocuments · trading · fees · every payout

Prospectus & Documents

SEC reported portfolio · 2026-06-30 ↗summary prospectus · SEC 497K ↗SEC reported portfolio · 2026-03-31 ↗summary prospectus · SEC 497K ↗SEC reported portfolio · 2025-12-31 ↗summary prospectus · SEC 497K ↗SEC reported portfolio · 2025-09-30 ↗summary prospectus · SEC 497K ↗

Trading & Liquidity

Net asset value$100.12

Premium / discount[…]

Median spread · 30D[…]

Volume today6

Average volume · 30D247

Shares outstanding[…]

Options[…]

Fees & Costs

Net expense ratio0.18%

Gross expense ratio[…]

Management fee[…]

Cost on $10,000 a year$18.00

Our risk indicator2/5

Estimated yearly cost excludes trading costs and assumes constant assets.

Distributions

Ex-date	Paid	Per share
Nov 2, 2026	Nov 6, 2026	$0.30
Oct 1, 2026	Oct 7, 2026	$0.27
Sep 1, 2026	Sep 8, 2026	$0.28
Aug 3, 2026	Aug 7, 2026	$0.28
Jul 1, 2026	Jul 8, 2026	$0.26
Jun 1, 2026	Jun 5, 2026	$0.28
May 1, 2026	May 7, 2026	$0.27
Apr 1, 2026	Apr 7, 2026	$0.27
Mar 2, 2026	Mar 6, 2026	$0.23
Feb 2, 2026	Feb 6, 2026	$0.34
Dec 19, 2025	Dec 26, 2025	$0.27
Dec 1, 2025	Dec 5, 2025	$0.26

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