FlexSharesBonds & CashMunicipal#225 of 786 by YTD

Northern Trust Short-Term Tax-Exempt Bond ETFTAXS

1D 1M 3M YTD 1Y3Y5YMAX

S&P 500 Compare

$50.180.0%

−$0.02 · Nov 6 close

Buy

AUM: $201M
Fee: 0.05%
Yield: 2.4%

Bumpy · 1Y: 0.1×S&P
Volume: 26K
NAV: $50.18

What's insideAll 2,478 →

CASH 1.6%RHODE ISLAND ST COMM CORP REV GRANT ANTIC BDS 2020 0.4%LAS VEGAS VY NEV WTR DIST GO LTD TAX REF BDS 2021 0.4%SCAGO EDL FACS CORP FOR PICKENS SCH DIST S C 0.4%

52-week range1% below the high

$49.15$50.74

Returns	1D	1M	3M	YTD	1Y	3Y	5Y	MAX
Total return	0.0%	+1.9%	+0.6%	+1.8%	+2.8%	—	—	+3.0%
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%	—

TAXS in One Breath

TAXS 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

#31TAXSFlexShares+1.8%$201M

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

$10,000 in TAXS

$10,000 in TAXS became

$10,304

In the S&P 500 (VOO)

$11,660

Total return, dividends in · Aug 19, 2025 – Nov 6, 2026 · S&P 500 uses VOO

TAXS’s Top Holdings

Today

CASHCash1.6%RHODE ISLAND0.4%LAS VEGAS VY0.4%SCAGO EDL FA0.4%KENTUCKY ST 0.3%SOUTHEAST EN0.3%CLARK CNTY N0.3%METROPOLITAN0.2%CALIFORNIA C0.2%TRUCKEE MEAD0.2%PENNSYLVANIA0.2%CALIFORNIA S0.2%PHILADELPHIA0.2%INDIANA ST F0.2%CENTRAL PLAI0.2%KENTUCKY INC0.2%DUVAL CNTY F0.2%NEW YORK ST 0.2%HONOLULU HAW0.2%MAIN STR NAT0.1%MIAMI-DADE C0.1%MAIN STR NAT0.1%

FlexShares TAXS · 2,478 holdings · top 22 shown · tile size = share of the fund · as of Nov 6, 2026

What TAXS Holds

Today

All holdings100.0%

CASH 1.6 · RHODE ISLA · LAS VEGAS · SCAGO EDL · KENTUCKY S · SOUTHEAST · CLARK CNTY

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

Cash’s Share of TAXS

Today

1.6%

$16 of every $1,000 in TAXS is Cash

Cash held by TAXS

$3.2M

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

TAXS’s Share of Municipal ETFs

Today

0.1%

of the $247B in 166 Municipal ETFs

TAXS$201M0.1%

MUB$55.0B22.3%

VTEB$49.6B20.1%

163 others$142B57.5%

Municipal ETF AUM · Nov 8, 2026

TAXS Fee per $100 vs Peers

Today

$0.05a year
per $100

$5 a year on $10,000

VTEB$0.03

TAXS$0.05

MUB$0.05

SUB$0.07

JMUB$0.18

CGMU$0.27

Expense ratio · Municipal peers · Nov 8, 2026

Inside TAXS

2,478 holdings · as of Nov 6, 2026

TAXS

Northern Trust Short-Term Tax-Exempt Bond ETF

Today

All holdings100.0%2,474 more holdings97.3% of the fund

#	Ticker	Company	Weight ▼
1	—	CASH	1.60%
2	—	Rhode Island ST Comm REV Grant Antic BDS 2020	0.38%
3	—	LAS Vegas VY NEV WTR Dist GO TAX REF BDS 2021	0.36%
4	—	Scago EDL Facs FOR Pickens SCH Dist S C	0.36%
5	—	Kentucky ST Ppty & Bldgs Commn Revs BDS A	0.27%
6	—	Southeast Energy Auth Commodity Supply REV ALA BDS	0.27%
7	—	Clark Cnty NEV Passenger FAC Charge REV REF BDS	0.25%
8	—	Metropolitan Govt Nashville & Davidson Cnty Tenn	0.25%
9	—	California Cmnty Choice Fing Auth Clean Energy	0.25%
10	—	Truckee Meadows NEV WTR Auth WTR REV REV REF BDS	0.23%

See all 2,478 holdings ↓

FlexShares TAXS · current holdings by weight · as of Nov 6, 2026 · each tile is one holding · top 20 = 5.9%

All TAXS Holdings

2,478 holdings · as of Nov 6, 2026

TAXS

TAXS’ Holdings

Today

#
1	—Cash	1.60%	$160.19	3.2M	$3.2M
2	—Pennsylvania ST TPK Commn TPK REV REF BDS Second	0.21%	$21.29	420K	$427K
3	—California ST PUB WKS BRD Lease REV BDS 2021 B	0.20%	$20.09	370K	$403K
4	—Philadelphia PA Auth FOR Indl DEV Lease REV REF	0.19%	$19.49	370K	$391K
5	—Indiana ST FIN Auth Wastewater Util REV First Lien	0.16%	$16.07	300K	$322K
6	—Central Plains Energy Proj NEB GAS Supply REV REF	0.16%	$15.66	300K	$314K
7	—Kentucky KY PUB Energy Auth GAS Supply REV BDS	0.16%	$15.51	310K	$311K
8	—Duval Cnty FLA SCH BRD Ctfs Partn Cops 2022	0.15%	$15.20	285K	$305K
9	—NEW York ST Urban DEV REV ST Personal Income	0.15%	$15.19	300K	$305K
10	—Honolulu Hawaii City & Cnty GO BDS 2021 E	0.15%	$15.16	280K	$304K
11	—Main STR NAT GAS GA GAS Supply REV BDS 2021	0.15%	$14.99	300K	$301K
12	—Kentucky ST Ppty & Bldgs Commn Revs BDS	0.15%	$14.98	295K	$301K
13	—Miami-dade Cnty FLA SCH Dist GEN Oblig REF BDS	0.15%	$14.82	275K	$297K
14	—Main STR NAT GAS GA GAS Supply REV BDS 2021 C	0.15%	$14.73	295K	$296K
15	—Black Belt Energy GAS Dist ALA GAS Proj REV BDS	0.15%	$14.71	285K	$295K

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

How It Compares

TAXS

Northern Trust Short-Term 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
TAXS	FlexSharesThis fundRead Desk	0.05%	+1.8%	+2.8%	$201M

Municipal peers · YTD and past-year returns · as of Nov 8, 2026 · sorted by AUM

Head to Head

Put TAXS head to head with MUB →

MUB vs TAXS

YTD

MUBiShares · MunicipalTAXSFlexShares · Municipal

Year to date

+0.5%

+1.8%

TAXS wins+1.3 pts

Past year

+0.9%

+2.8%

TAXS wins+1.9 pts

Fee

0.05%

Level

Yield

3.3%

2.4%

MUB wins+0.9 pts

AUM

$55.0B

$201M

MUB274.2× more

2–1TAXS wins

iShares MUB and FlexShares TAXS · year-to-date · as of Nov 8, 2026 · AUM not scored

TAXS vs VOO

YTD

TAXS · Northern Trust Short-Term Tax-Exempt Bond

+1.8%

VOO · S&P 500

+8.7%

Gap

6.9 pts

FlexShares TAXS and Vanguard VOO · YTD total return · as of Nov 8, 2026

TAXS vs Its Peer Average

YTD

TAXSAvsBPeer average

1D0.0%+0.2%

1M+1.9%+4.2%

3M+0.6%−0.2%

YTD+1.8%+1.1%

1Y+2.8%+1.5%

3Y[…]+15.2%

5Y[…]+3.0%

3–2TAXS wins

165 Municipal peers · each row scaled to its leader

How Bumpy Is TAXS?

View

TAXS

How Bumpy

0.1×the S&P 500’s swings

CalmerBumpierS&P 1×TAXS

Calm rank among 7 municipal funds#2

Other municipal funds0.1× to 0.3×

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

TAXS

Worst Drop

−1.9%from its Aug 25 high

Still below the highAt its high

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

FlexShares TAXS · fall from the highest close, past year

TAXS

On a Bad Day

0.0×the S&P 500’s fall

TAXS’s worst day: Thursday, Jul 23

TAXS

−0.3%

S&P 500

−1.2%

Up days52 of every 100

S&P 500 up days52 of every 100

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

TAXS

Return for the Bumps

1Y#2 of 7 municipal funds

#1CGMUCapital Group

closest to cash

#2TAXSFlexShares

#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%

TAXS

Cost

Today

$5a year per $10,000

VTEB

MUB

TAXS

SUB

CMF

JMUB

$18

CGMU

$27

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

TAXS

Volatility & Beta

1.4%annual volatility

S&P 500 volatility13.6%

Downside volatility0.9%

Beta vs SPY0.02

Correlation vs SPY0.23

Lowest beta of 7 municipal fundsTAXS

Daily total returns × √252 · past 254 trading days

TAXS

Max Drawdown

−1.9%peak to trough

Peak closeAug 25, 2026

Current drawdownAt its high

Worst day−0.32% · Jul 23

Closing prices, dividends in

TAXS

Up / Down Capture

2%down capture vs SPY

Down days

Up days

S&P 500

100%

Up ÷ down capture2.25

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

Average daily move on SPY up days and down days

TAXS

Sharpe & Sortino vs Peers

Fund	Sharpe	Sortino	Volatility	Max DD	Beta	Fee / $10k
CGMU	−0.62	−0.84	3.0%	−5.6%	0.05	$27
TAXS	−0.68	−1.03	1.4%	−1.9%	0.02	$5
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

TAXS

Trading

Today

0.00%at its holdings’ value

Close$50.18

NAV$50.18

Fee per $10,000$5 a year

Avg. volume 30D50K shares

Premium / discount history starts once daily NAV is saved

Close vs net asset value, Nov 6

The Details

TAXS

Fund Facts

Today

2025launched Aug 18

Tracks[…]

Exchange · CUSIPNASDAQ · 665162228

StructureETF

Leverage1x

Cost on $10,000$5 a year

Go deeper

Prospectus & documents Trading & liquidity Fees & costs Distributions

FlexShares TAXS · fund facts · as of Nov 8, 2026

TAXS

Payouts by Year

$0.11per share, Nov 2026

Distribution yield2.4%

PaidEvery month

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

12 payouts added up$1.20 a share

FlexShares TAXS · 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$50.18

Premium / discount[…]

Median spread · 30D[…]

Volume today26K

Average volume · 30D50K

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	$0.11
Oct 1, 2026	Oct 7, 2026	$0.11
Sep 1, 2026	Sep 8, 2026	$0.10
Aug 3, 2026	Aug 7, 2026	$0.11
Jul 1, 2026	Jul 8, 2026	$0.10
Jun 1, 2026	Jun 5, 2026	$0.11
May 1, 2026	May 7, 2026	$0.11
Apr 1, 2026	Apr 7, 2026	$0.10
Mar 2, 2026	Mar 6, 2026	$0.0990
Feb 2, 2026	Feb 6, 2026	$0.13
Dec 19, 2025	Dec 26, 2025	$0.11
Dec 1, 2025	Dec 5, 2025	$0.0150

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