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Name

As of 06/01/2026

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Northern Trust 2045 Tax-Exempt Distributing Ladder ETF

MUNC | Active ETF

$102.22

$8.3 M

3.13%

$3.20

0.18%

Vitals

YTD Return

0.5%

1 yr return

N/A

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$8.3 M

Holdings in Top 10

25.2%

52 WEEK LOW AND HIGH

$102.5
$100.11
$104.81

Expenses

OPERATING FEES

Expense Ratio 0.18%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 06/01/2026

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Northern Trust 2045 Tax-Exempt Distributing Ladder ETF

MUNC | Active ETF

$102.22

$8.3 M

3.13%

$3.20

0.18%

MUNC - Profile

Distributions

  • YTD Total Return 0.5%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 3.1%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Northern Trust 2045 Tax-Exempt Distributing Ladder ETF
  • Fund Family Name
    Northern Trust
  • Inception Date
    Aug 19, 2025
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US

Fund Description

div style="margin-top: 6pt;"span style="color: #000000; font-family: times new roman; font-size: 9.5pt;"The Fund seeks to achieve its investment objective by employing /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"a “laddered” bond strategy, pursuant to which the Fund /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"invests/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt; line-height: 12.50pt;" /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"in debt instruments that pay interest that is exempt from regular /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"federal income tax with different maturity dates (or “rungs”) /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"through the year 2045 (the “terminal year”). Generally, NTI /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"implements the Fund’s laddered bond strategy by investing the /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"Fund’s assets in approximately equal proportions (as measured /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"by par value) across the existing rungs at the time of investment /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"to provide periodic distributions to /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"Fund shareholders/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;" in the /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"form of income and/or principal (based upon par value of the /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"underlying bonds) each year through the terminal year. The /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"Fund/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"'/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"s portfolio is currently/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;" comprised of 20 rungs with clusters /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"of maturities throughout 2026 and each subsequent year /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"through 2045. As the bonds in a rung reach their final maturity, /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"the Fund generally will not reinvest the proceeds in bonds with /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"maturities in future rungs. The Fund will make a cash /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"distribution out of the available proceeds to Fund shareholders /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"which will primarily consist of the par value received from the /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"maturing bonds and may include a return of capital. Any such /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"return of capital distribution, which involves the return of a /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"portion of a shareholder’s investment, may be substantial. Upon /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"conclusion of the final rung in the terminal year, the Fund will /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"liquidate and distribute substantially all of its assets as described /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"more fully below./spanspan style="color: #000000; font-family: times new roman; font-size: 6pt; line-height: 6.00pt;" /spanspan style="color: #000000; font-family: times new roman; font-size: 6pt; line-height: 6.00pt;" /span/div div style="margin-top: 6pt;"span style="color: #000000; font-family: times new roman; font-size: 9.5pt;"Under normal circumstances, the Fund will invest at least 80% /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"of its net assets (plus the amount of any borrowings for /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"investment purposes) in debt instruments that pay interest that /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"is exempt from regular federal income tax (“tax-exempt /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"bonds”). A tax-exempt bond is a fixed-income obligation issued /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"by a state, territory or possession of the United States (including /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"the District of Columbia) or a political subdivision, agency or /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"instrumentality thereof. The tax-exempt bonds in which the /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"Fund invests may include:/spanspan style="color: #000000; font-family: times new roman; font-size: 6pt; line-height: 6.00pt;" /spanspan style="color: #000000; font-family: times new roman; font-size: 6pt; line-height: 6.00pt;" /span/div ▪General obligation bonds secured by the issuer’s full faith, credit and taxing power;▪Revenue obligation bonds payable from the revenues derived from a particular facility or class of facilities; div style="line-height: 12.50pt; margin-left: 7pt; margin-top: 0.00pt; text-align: left;"span style="color: #000000; font-family: times new roman; font-size: 9.5pt;"▪/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt; margin-left: 5pt;"Industrial development bonds;/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt; line-height: 12.50pt;" /span/div div style="margin-top: 6pt;"span style="color: #000000; font-family: times new roman; font-size: 9.5pt;"▪/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt; margin-left: 5pt;"Moral obligation bonds;/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt; line-height: 12.50pt;" /span/div div style="margin-top: 6pt;"span style="color: #000000; font-family: times new roman; font-size: 9.5pt;"▪/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt; margin-left: 5pt;"Tax-exempt derivative instruments;/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt; line-height: 12.50pt;" /span/div div style="margin-top: 6pt;"span style="color: #000000; font-family: times new roman; font-size: 9.5pt;"▪/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt; margin-left: 5pt;"Stand-by commitments;/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt; line-height: 12.50pt;" /span/div ▪Municipal instruments backed by letters of credit, insurance or other forms of credit enhancement issued by domestic or foreign banks, insurance companies and other financial institutions; and div style="margin-top: 6pt;"span style="color: #000000; font-family: times new roman; font-size: 9.5pt;"▪/spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt; margin-left: 5pt;"Variable rate demand obligations./spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt; line-height: 12.50pt;" /span/div div style="margin-top: 6pt;"span style="color: #000000; font-family: times new roman; font-size: 9.5pt;"The Fund primarily invests in investment grade tax-exempt /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"bonds that are rated within the top three rating categories by a /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"Nationally Recognized Statistical Rating Organization /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"(“NRSRO”) or of comparable quality as determined by NTI. /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"Credit ratings are determined at the time of purchase./spanspan style="color: #000000; font-family: times new roman; font-size: 6pt; line-height: 6.00pt;" /spanspan style="color: #000000; font-family: times new roman; font-size: 6pt; line-height: 6.00pt;" /span/div div style="margin-top: 6pt;"span style="color: #000000; font-family: times new roman; font-size: 9.5pt;"The Fund will liquidate on or about the final maturity date of the /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"underlying bonds in the terminal year and the Fund will seek to /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"distribute substantially all of its assets at that time. The Fund will /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"liquidate without requiring additional approval by the Trust’s /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"Board of Trustees or shareholders of the Fund, although the /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"Fund reserves the ability to change the liquidation date./spanspan style="color: #000000; font-family: times new roman; font-size: 6pt; line-height: 6.00pt;" /spanspan style="color: #000000; font-family: times new roman; font-size: 6pt; line-height: 6.00pt;" /span/div div style="margin-top: 6pt;"span style="color: #000000; font-family: times new roman; font-size: 9.5pt;"The Fund is not a “target date fund,” and therefore its investment /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"strategy does not become increasingly conservative over time./spanspan style="color: #000000; font-family: times new roman; font-size: 6pt; line-height: 6.00pt;" /spanspan style="color: #000000; font-family: times new roman; font-size: 6pt; line-height: 6.00pt;" /span/div div style="margin-top: 6pt;"span style="color: #000000; font-family: times new roman; font-size: 9.5pt;"The Fund is “non-diversified” under the Investment Company /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"Act of 1940, as amended (the “1940 Act”), and may invest more /spanspan style="color: #000000; font-family: times new roman; font-size: 9.5pt;"of its assets in fewer issuers than “diversified” funds./spanspan style="color: #000000; font-family: times new roman; font-size: 6pt; line-height: 6.00pt;" /span/div
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MUNC - Performance

Return Ranking - Trailing

Period MUNC Return Category Return Low Category Return High Rank in Category (%)
YTD 0.5% N/A N/A N/A
1 Yr N/A N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Return Ranking - Calendar

Period MUNC Return Category Return Low Category Return High Rank in Category (%)
2025 N/A N/A N/A N/A
2024 N/A N/A N/A N/A
2023 N/A N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A

Total Return Ranking - Trailing

Period MUNC Return Category Return Low Category Return High Rank in Category (%)
YTD 0.5% N/A N/A N/A
1 Yr N/A N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Total Return Ranking - Calendar

Period MUNC Return Category Return Low Category Return High Rank in Category (%)
2025 N/A N/A N/A N/A
2024 N/A N/A N/A N/A
2023 N/A N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A

MUNC - Holdings

Concentration Analysis

MUNC Category Low Category High MUNC % Rank
Net Assets 8.3 M N/A N/A N/A
Number of Holdings 149 N/A N/A N/A
Net Assets in Top 10 2.06 M N/A N/A N/A
Weighting of Top 10 25.24% N/A N/A N/A

Top 10 Holdings

  1. Utility Debt Securitization Authority, Series 2022TE1 3.31%
  2. City of Sun Prairie, Series 2025A 3.25%
  3. Los Angeles Department of Water Power, Series 2021C 3.21%
  4. County of Wake, Series 2024B 3.05%
  5. New Jersey Transportation Trust Fund Authority, Series 2022BB 2.64%
  6. City of Manhattan, Series 2025A 2.55%
  7. Central Florida Tourism Oversight District, Series 2024A 1.87%
  8. County of Baltimore, Series 2024 1.86%
  9. Ferris State University, Series 2025A 1.78%
  10. Metropolitan Water Reclamation District of Greater Chicago, Series 2007B 1.72%

Asset Allocation

Weighting Return Low Return High MUNC % Rank
Bonds 		96.29% N/A N/A N/A
Cash 		3.71% N/A N/A N/A
Stocks 		0.00% N/A N/A N/A
Preferred Stocks 		0.00% N/A N/A N/A
Other 		0.00% N/A N/A N/A
Convertible Bonds 		0.00% N/A N/A N/A

Bond Sector Breakdown

Weighting Return Low Return High MUNC % Rank
Derivative 		0.00% N/A N/A N/A
Cash & Equivalents 		0.00% N/A N/A N/A
Securitized 		0.00% N/A N/A N/A
Corporate 		0.00% N/A N/A N/A
Municipal 		0.00% N/A N/A N/A
Government 		0.00% N/A N/A N/A

Bond Geographic Breakdown

Weighting Return Low Return High MUNC % Rank
US 		96.29% N/A N/A N/A
Non US 		0.00% N/A N/A N/A

MUNC - Expenses

Operational Fees

MUNC Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.18% N/A N/A N/A
Management Fee 0.18% N/A N/A N/A
12b-1 Fee N/A N/A N/A N/A
Administrative Fee N/A N/A N/A N/A

Sales Fees

MUNC Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A N/A N/A N/A
Deferred Load N/A N/A N/A N/A

Trading Fees

MUNC Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

MUNC Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A N/A N/A N/A

MUNC - Distributions

Dividend Yield Analysis

MUNC Category Low Category High MUNC % Rank
Dividend Yield 3.13% N/A N/A N/A

Dividend Distribution Analysis

MUNC Category Low Category High Category Mod
Dividend Distribution Frequency Monthly

Net Income Ratio Analysis

MUNC Category Low Category High MUNC % Rank
Net Income Ratio N/A N/A N/A N/A

Capital Gain Distribution Analysis

MUNC Category Low Category High Capital Mode
Capital Gain Distribution Frequency

Distributions History

View More +

MUNC - Fund Manager Analysis

Tenure Analysis

Category Low Category High Category Average Category Mode
N/A N/A N/A N/A

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