FlexSharesBonds & CashMunicipal#212 of 786 by YTD

Northern Trust Intermediate Tax-Exempt Bond ETFTAXI

1D 1M 3M YTD 1Y3Y5YMAX

S&P 500 Compare

$51.12+0.2%

+$0.09 · Nov 6 close

Buy

AUM: $358M
Fee: 0.05%
Yield: 2.6%

Bumpy · 1Y: 0.2×S&P
Volume: 11K
NAV: $51.06

What's insideAll 5,165 →

CASH 1.2%CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY 0.3%BLACK BELT ENERGY GAS DIST ALA GAS PROJ REV BDS 0.3%SOUTHEAST ENERGY AUTH COOP DIST ALA ENERGY SUPPLY 0.3%

52-week range2% below the high

$48.76$52.18

Returns	1D	1M	3M	YTD	1Y	3Y	5Y	MAX
Total return	+0.2%	+4.1%	+1.4%	+1.9%	+3.1%	—	—	+5.4%
Peer average	+0.2%	+4.2%	−0.2%	+1.1%	+1.5%	+15.2%	+3.0%	—
S&P 500 · VOO	+0.3%	−5.0%	−4.6%	+8.7%	+9.8%	+80.8%	+71.8%	—

TAXI in One Breath

TAXI Among Municipal ETFs

YTD

#1MMMANY Life Investments+3.5%$60.0M

#2TAXTFlexShares+2.7%$198M

#3MYMGSPDR+2.4%$8.6M

#4INMUiShares+2.4%$814M

#5SMMUPIMCO+2.3%$1.3B

#6SHYMiShares+2.3%$931M

#7TMNLT. Rowe Price+2.2%$24.7M

#8MMSDNY Life Investments+2.2%$88.0M

#26TAXIFlexShares+1.9%$358M

End-of-day Nov 8, 2026 · 141 Municipal ETFs by YTD

$10,000 in TAXI

$10,000 in TAXI became

$10,538

In the S&P 500 (VOO)

$11,690

Total return, dividends in · Aug 20, 2025 – Nov 6, 2026 · S&P 500 uses VOO

TAXI’s Top Holdings

Today

CASHCash1.2%CALIFORNIA C0.3%BLACK BELT E0.3%SOUTHEAST EN0.3%MERRILLVILLE0.2%ENERGY SOUTH0.2%DALLAS TEX I0.2%KENTUCKY INC0.2%SOUTHEAST AL0.2%NEW YORK N Y0.1%MIAMI-DADE C0.1%NEW YORK N Y0.1%SARASOTA CNT0.1%BLACK BELT E0.1%HURON VALLEY0.1%TEXAS TRANSN0.1%CLARK CNTY N0.1%CENTRAL FLA 0.1%SOUTHEAST EN0.1%CONNECTICUT 0.1%WHITING IND 0.1%SALES TAX SE0.1%

FlexShares TAXI · 5,165 holdings · top 22 shown · tile size = share of the fund · as of Nov 6, 2026

What TAXI Holds

Today

All holdings100.0%

CASH 1.2 · CALIFORNIA · BLACK BELT · SOUTHEAST · MERRILLVIL · ENERGY SOU · DALLAS TEX

FlexShares TAXI · share of the fund · as of Nov 6, 2026

Cash’s Share of TAXI

Today

1.2%

$12 of every $1,000 in TAXI is Cash

Cash held by TAXI

$4.4M

FlexShares TAXI · each square = $10 of $1,000 · as of Nov 6, 2026

TAXI’s Share of Municipal ETFs

Today

0.1%

of the $247B in 166 Municipal ETFs

TAXI$358M0.1%

MUB$55.0B22.3%

VTEB$49.6B20.1%

163 others$142B57.4%

Municipal ETF AUM · Nov 8, 2026

TAXI Fee per $100 vs Peers

Today

$0.05a year
per $100

$5 a year on $10,000

VTEB$0.03

TAXI$0.05

MUB$0.05

SUB$0.07

JMUB$0.18

CGMU$0.27

Expense ratio · Municipal peers · Nov 8, 2026

Inside TAXI

5,165 holdings · as of Nov 6, 2026

TAXI

Northern Trust Intermediate Tax-Exempt Bond ETF

Today

All holdings100.0%5,162 more holdings98.1% of the fund

#	Ticker	Company	Weight ▼
1	—	CASH	1.24%
2	—	California Cmnty Choice Fing Auth Clean Energy	0.32%
3	—	Black Belt Energy GAS Dist ALA GAS Proj REV BDS	0.30%
4	—	Southeast Energy Auth Coop Dist ALA Energy Supply	0.26%
5	—	Merrillville IND Multi SCH Bldg AD Valorem	0.18%
6	—	Energy Southeast ALA Coop Dist Energy Supply REV	0.18%
7	—	Dallas TEX Indpt SCH Dist Unltd TAX Bldg REF BDS	0.17%
8	—	Kentucky KY PUB Energy Auth GAS Supply REV BDS	0.17%
9	—	Southeast ALA GAS Supply Dist GAS Supply REV REF	0.16%
10	—	NEW York N Y City Transitional FIN Auth REV Future	0.15%

See all 5,165 holdings ↓

FlexShares TAXI · current holdings by weight · as of Nov 6, 2026 · each tile is one holding · top 20 = 4.2%

All TAXI Holdings

5,165 holdings · as of Nov 6, 2026

TAXI

TAXI’s Holdings

Today

#
1	—Cash	1.24%	$123.97	4.4M	$4.4M
2	—Black Belt Energy GAS Dist ALA GAS Proj REV BDS	0.13%	$13.27	465K	$475K
3	—NEW York N Y City Transitional FIN Auth Bldg AID	0.13%	$12.85	445K	$460K
4	—Sarasota Cnty FLA SCH BRD Ctfs Partn Cops 2023a	0.11%	$11.16	365K	$399K
5	—Black Belt Energy GAS Dist ALA GAS Supply REV BDS	0.11%	$10.59	360K	$379K
6	—Southeast Energy Auth Coop Dist ALA Energy Supply	0.10%	$9.74	330K	$348K
7	—Huron Valley Mich SCH Dist GEN Oblig Unltd TAX	0.09%	$9.05	300K	$324K
8	—Texas Transn Commn Cent TEX TPK SYS REV REF BDS	0.09%	$8.96	290K	$321K
9	—Clark Cnty NEV SCH Dist TAX GO Bldg REF BDS	0.09%	$8.95	290K	$320K
10	—California Cmnty Choice Fing Auth Clean Energy	0.09%	$8.92	315K	$319K
11	—Central FLA Expwy Auth SR Lienrev BDS 2024b	0.09%	$8.90	285K	$318K
12	—Southeast Energy Auth Coop Dist ALA GAS Supply REV	0.09%	$8.90	300K	$318K
13	—Connecticut ST SPL TAX Oblig REV Transn	0.09%	$8.89	285K	$318K
14	—Merrillville IND Multi SCH Bldg AD Valorem	0.09%	$8.88	295K	$318K
15	—Energy Southeast ALA Coop Dist Energy Supply REV	0.09%	$8.83	300K	$316K

FlexShares TAXI · every reported holding · per $10,000 = dollars of each holding in a $10,000 stake · as of Nov 6, 2026

How It Compares

TAXI

Northern Trust Intermediate Tax-Exempt Bond ETF’s Peers

YTD


MUB	iSharesRead Desk	0.05%	+0.5%	+0.9%	$55.0B
VTEB	VanguardRead Desk	0.03%	+0.7%	+1.3%	$49.6B
SUB	iSharesRead Desk	0.07%	+1.6%	+2.5%	$13.4B
JMUB	J.P. MorganRead Desk	0.18%	+0.9%	+1.4%	$9.2B
CGMU	Capital GroupRead Desk	0.27%	+1.3%	+2.0%	$7.6B
TAXI	FlexSharesThis fundRead Desk	0.05%	+1.9%	+3.1%	$358M

Municipal peers · YTD and past-year returns · as of Nov 9, 2026 · sorted by AUM

Head to Head

Put TAXI head to head with MUB →

MUB vs TAXI

YTD

MUBiShares · MunicipalTAXIFlexShares · Municipal

Year to date

+0.5%

+1.9%

TAXI wins+1.4 pts

Past year

+0.9%

+3.1%

TAXI wins+2.2 pts

Fee

0.05%

Level

Yield

3.3%

2.6%

MUB wins+0.7 pts

AUM

$55.0B

$358M

MUB153.6× more

2–1TAXI wins

iShares MUB and FlexShares TAXI · year-to-date · as of Nov 9, 2026 · AUM not scored

TAXI vs VOO

YTD

TAXI · Northern Trust Intermediate Tax-Exempt Bond

+1.9%

VOO · S&P 500

+8.7%

Gap

6.9 pts

FlexShares TAXI and Vanguard VOO · YTD total return · as of Nov 9, 2026

TAXI vs Its Peer Average

YTD

TAXIAvsBPeer average

1D+0.2%+0.2%

1M+4.1%+4.2%

3M+1.4%−0.2%

YTD+1.9%+1.1%

1Y+3.1%+1.5%

3Y[…]+15.2%

5Y[…]+3.0%

3–2TAXI wins

165 Municipal peers · each row scaled to its leader

How Bumpy Is TAXI?

View

TAXI

How Bumpy

0.2×the S&P 500’s swings

CalmerBumpierS&P 1×TAXI

Calm rank among 7 municipal funds#2

Other municipal funds0.1× to 0.3×

FlexShares TAXI · daily swings over the past year vs the S&P 500

TAXI

Worst Drop

−4.7%from its Feb 27 high

Still below the highAt its high

$10,000 at the high is now$10,000

FlexShares TAXI · fall from the highest close, past year

TAXI

On a Bad Day

0.1×the S&P 500’s fall

TAXI’s worst day: Thursday, Jul 23

TAXI

−0.5%

S&P 500

−1.2%

Up days52 of every 100

S&P 500 up days52 of every 100

FlexShares TAXI · average move on days the S&P 500 fell

TAXI

Return for the Bumps

1Y#1 of 7 municipal funds

#1TAXIFlexShares

closest to cash

#2CGMUCapital Group

#3VTEBVanguard

#4MUBiShares

#5JMUBJ.P. Morgan

#6CMFiShares

#7SUBiShares

Every fund here earned less than cash (3.8%) over the past year; the bars still rank them by return for the bumps.

Ranked by return above cash for each unit of bumpiness (Sharpe ratio) · cash = 3.8%

TAXI

Cost

Today

$5a year per $10,000

VTEB

MUB

TAXI

SUB

CMF

JMUB

$18

CGMU

$27

Expense ratio 0.05%, taken from the fund’s value

TAXI

Volatility & Beta

2.6%annual volatility

S&P 500 volatility13.6%

Downside volatility1.7%

Beta vs SPY0.04

Correlation vs SPY0.24

Beta rank, lowest first, of 7#2

Daily total returns × √252 · past 254 trading days

TAXI

Max Drawdown

−4.7%peak to trough

Peak closeFeb 27, 2026

Current drawdownAt its high

Worst day−0.54% · Jul 23

Closing prices, dividends in

TAXI

Up / Down Capture

6%down capture vs SPY

Down days

Up days

S&P 500

100%

Up ÷ down capture1.53

Up days51.6% (S&P 52.0%)

Average daily move on SPY up days and down days

TAXI

Sharpe & Sortino vs Peers

Fund	Sharpe	Sortino	Volatility	Max DD	Beta	Fee / $10k
TAXI	−0.28	−0.42	2.6%	−4.7%	0.04	$5
CGMU	−0.62	−0.84	3.0%	−5.6%	0.05	$27
VTEB	−0.69	−0.95	3.6%	−6.6%	0.07	$3
MUB	−0.71	−0.98	3.7%	−6.3%	0.08	$5
JMUB	−0.71	−0.97	3.4%	−5.9%	0.06	$18
CMF	−0.76	−1.02	3.6%	−6.5%	0.08	$8
SUB	−0.95	−1.40	1.4%	−1.9%	0.02	$7

Sharpe = (return − 3.8% cash) ÷ volatility · Sortino uses downside volatility only

TAXI

Trading

Today

+0.12%above its holdings’ value

Close$51.12

NAV$51.06

Fee per $10,000$5 a year

Avg. volume 30D140K shares

Premium / discount history starts once daily NAV is saved

Close vs net asset value, Nov 6

The Details

TAXI

Fund Facts

Today

2025launched Aug 18

Tracks[…]

Exchange · CUSIPNASDAQ · 665162210

StructureETF

Leverage1x

Cost on $10,000$5 a year

Go deeper

Prospectus & documents Trading & liquidity Fees & costs Distributions

FlexShares TAXI · fund facts · as of Nov 9, 2026

TAXI

Payouts by Year

$0.12per share, Nov 2026

Distribution yield2.6%

PaidEvery month

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

12 payouts added up$1.31 a share

FlexShares TAXI · 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 ↗SEC reported portfolio · 2025-09-30 ↗summary prospectus · SEC 497K ↗

Trading & Liquidity

Net asset value$51.06

Premium / discount[…]

Median spread · 30D[…]

Volume today11K

Average volume · 30D140K

Shares outstanding[…]

Options[…]

Fees & Costs

Net expense ratio0.05%

Gross expense ratio[…]

Management fee[…]

Cost on $10,000 a year$5.00

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	$0.12
Oct 1, 2026	Oct 7, 2026	$0.11
Sep 1, 2026	Sep 8, 2026	$0.13
Aug 3, 2026	Aug 7, 2026	$0.13
Jul 1, 2026	Jul 8, 2026	$0.11
Jun 1, 2026	Jun 5, 2026	$0.12
May 1, 2026	May 7, 2026	$0.12
Apr 1, 2026	Apr 7, 2026	$0.0970
Mar 2, 2026	Mar 6, 2026	$0.11
Feb 2, 2026	Feb 6, 2026	$0.15
Dec 19, 2025	Dec 26, 2025	$0.0577
Dec 1, 2025	Dec 5, 2025	$0.0660

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