TAXI Fees and Costs — Northern Trust Intermediate Tax-Exempt Bond ETF
Data updated: 2026-08-27
The net expense ratio is 0.05%. There are no sales loads or redemption fees. Portfolio turnover was 9%.
TAXI Fees and Expenses
Annual operating expenses and sales charges of TAXI. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.05% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.05% |
| Fee waiver | — |
| Net expense ratio | 0.05% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
TAXI Costs Over Time
On $10,000 invested in TAXI, assuming 5% a year before costs, total costs come to $32 over 5 years, cutting the return by 0.05% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.05%) | $5 | $17 | $29 |
| Lost growth on money paid in costs | $0 | $1 | $3 |
| Total costs | $5 | $17 | $32 |
| Value after costs | $10,495 | $11,559 | $12,731 |
| Impact on return, per year | 0.05% | 0.05% | 0.05% |
TAXI Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $57.2M
- Portfolio turnover (prospectus): 9%
- Securities lending: none during the year
TAXI Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $13.1M | 24.67% |
| Tradeweb Direct LLC | $6.1M | 11.55% |
| TD SECURITIES (USA) LLC | $5.9M | 11.15% |
| ICE Securities Execution & Clearing, LLC | $5.5M | 10.30% |
| Wells Fargo Securities, LLC | $5.0M | 9.40% |
| Brownstone Investment Group, LLC | $4.9M | 9.29% |
| Goldman Sachs & Co. LLC | $4.8M | 8.98% |
| J.P. Morgan Securities LLC | $3.0M | 5.64% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $2.5M | 4.66% |
| Jefferies LLC | $2.3M | 4.37% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.