MUNB: NORTHERN TRUST 2035 TAX-EXEMPT DISTRIBUTING LADDER ETF

Generated from StockValueFinder data · Updated Oct 12, 2026 11:50 AM

Educational content only. This is not financial advice and is not a recommendation to buy, sell, or hold any ETF.

What this ETF is trying to do

The NORTHERN TRUST 2035 TAX-EXEMPT DISTRIBUTING LADDER ETF (ticker: MUNB) is designed to provide tax-exempt income to investors. It works by investing in a variety of municipal bonds. These are essentially loans made to local governments or school districts. Because these are often tax-exempt, they are frequently used by people looking for regular cash payments.

Top Holdings

The ETF holds many different bonds. Some of the top holdings include:

• RACINE CNTY WIS 4% (3.15%)

• DISTRICT COLUMBIA 5% (2.31%)

• CHIPPEWA VALLEY WIS TECH COLLEGE DIST 4% (1.69%)

• NEW MEXICO FIN AUTH REV 5% (1.68%)

• DISTRICT COLUMBIA REV 5% (1.57%)

Please note that these are only the largest holdings and can change over time.

What the numbers show

As of October 2026, the current share price is $97.65. An estimated price from roughly one year ago was $100.98.

When looking at performance, it is important to know that "price return" only tracks the change in the share price, while "total return" includes the value of any cash payments (distributions) you received.

• One-Year Performance: The one-year price return was approximately -3.30%. However, the one-year total return was approximately -1.01%. This means the cash distributions helped offset some of the loss from the falling share price.

• Year-to-Date (YTD) Performance: So far this year, the YTD price return is about -3.39%, and the YTD total return is about -1.71%.

Income and distribution explanation

This ETF is built to provide regular income. The distribution yield is approximately 2.41%. Over the last year, the total trailing distributions were about $2.35 per share. These payments are usually made monthly, and there were 12 payments in the last 12 months.

NAV erosion explanation

The supplied data is sufficient to evaluate price erosion, but it does not include enough historical NAV-per-share data to confirm or rule out NAV erosion.

Regarding price-based evidence, the ETF has an erosion-risk score of 94, which is labeled as "Stable / sideways." The severity of this risk is rated as "good," and there is no severe erosion-risk flag for this fund.

Pros

• Regular Income: The ETF typically pays out distributions every month.

• Stable Risk Score: The erosion-risk score suggests the price trend has been relatively stable or sideways.

Cons

• Negative Returns: Both the share price and the total return have been negative over the last year and so far this year.

• Price Decline: The share price has dropped compared to its estimated price from one year ago.

Beginner takeaway

MUNB is an ETF focused on providing monthly tax-exempt income through municipal bonds. While the share price has declined recently, the regular cash distributions have helped make the total return better than the price return alone.

Top Holdings

Structured portfolio holdings supplied by the ETF data provider. These figures are not generated by the AI article.

203 holdings available

#	Holding	Ticker	Weight
1	RACINE CNTY WIS 4%	n/a	3.15%
2	DISTRICT COLUMBIA 5%	n/a	2.31%
3	CHIPPEWA VALLEY WIS TECH COLLEGE DIST 4%	n/a	1.69%
4	NEW MEXICO FIN AUTH REV 5%	n/a	1.68%
5	DISTRICT COLUMBIA REV 5%	n/a	1.57%
6	CENTRAL FLA EXPWY AUTH SR LIENREV 5%	n/a	1.47%
7	WISCONSIN ST 5%	n/a	1.29%
8	WASHINGTON ST CTFS PARTN 5%	n/a	1.20%
9	GARDNER KANS 3.5%	n/a	1.15%
10	WASHINGTON ST 5%	n/a	1.12%

Show all 203 holdings

1. RACINE CNTY WIS 4% n/a 3.15%

2. DISTRICT COLUMBIA 5% n/a 2.31%

3. CHIPPEWA VALLEY WIS TECH COLLEGE DIST 4% n/a 1.69%

4. NEW MEXICO FIN AUTH REV 5% n/a 1.68%

5. DISTRICT COLUMBIA REV 5% n/a 1.57%

6. CENTRAL FLA EXPWY AUTH SR LIENREV 5% n/a 1.47%

7. WISCONSIN ST 5% n/a 1.29%

8. WASHINGTON ST CTFS PARTN 5% n/a 1.20%

9. GARDNER KANS 3.5% n/a 1.15%

10. WASHINGTON ST 5% n/a 1.12%

11. n/a n/a 1.08%

12. NEENAH WIS JT SCH DIST 5% n/a 1.05%

13. WHEELING ILL 4% n/a 1.01%

14. DALLAS FORT WORTH TEX INTL ARPT REV 5% n/a 0.96%

15. INDIANA ST FIN AUTH REV 5% n/a 0.95%

16. TALLAHASSEE FLA CAP BDS 5% n/a 0.94%

17. n/a n/a 0.91%

18. NEW HAMPSHIRE MUN BD BK 5% n/a 0.91%

19. CLARK CNTY NEV SCH DIST 5% n/a 0.87%

20. IDAHO ST BLDG AUTH SALES TAX REV 5% n/a 0.87%

21. NEW MEXICO FIN AUTH ST TRANSN REV 5% n/a 0.87%

22. SUN PRAIRIE WIS 5% n/a 0.85%

23. DUTCHESS CNTY N Y 4% n/a 0.83%

24. MEMPHIS TENN 5% n/a 0.83%

25. COTTAGE GROVE VLG WIS 5% n/a 0.79%

26. SEDGWICK CNTY KANS 5% n/a 0.79%

27. OHIO ST PARKS & REC CAP FACS 5% n/a 0.78%

28. n/a n/a 0.76%

29. NORTH SLOPE BORO ALASKA 5% n/a 0.76%

30. FOX VY PK DIST ILL 5% n/a 0.74%

31. EL PASO TEX INDPT SCH DIST 5% n/a 0.73%

32. n/a n/a 0.72%

33. DELAWARE ST 5% n/a 0.71%

34. MAUI CNTY HAWAII 5% n/a 0.71%

35. n/a n/a 0.71%

36. OMAHA NEB 5% n/a 0.71%

37. SALT LAKE CITY UTAH PUB UTILS REV 5% n/a 0.71%

38. SALES TAX SECURITIZATION CORP ILL 5% n/a 0.69%

39. n/a n/a 0.67%

40. n/a n/a 0.66%

41. n/a n/a 0.66%

42. n/a n/a 0.66%

43. CARMEL IND REDEV AUTH 5% n/a 0.62%

44. HOLLYWOOD FLA WTR & SWR REV 5% n/a 0.62%

45. ILLINOIS ST UNIV REVS 5% n/a 0.62%

46. RICHLAND WASH ELEC UTIL REV 5% n/a 0.62%

47. KITSAP CNTY WASH 5% n/a 0.61%

48. LEWISVILLE TEX INDPT SCH DIST 5% n/a 0.61%

49. n/a n/a 0.61%

50. n/a n/a 0.60%

51. n/a n/a 0.60%

52. INLAND LAKES SCHS MICH 5% n/a 0.59%

53. n/a n/a 0.59%

54. TALLAHASSEE FLA CONS UTIL SYS REV 5% n/a 0.58%

55. MICHIGAN ST TRUNK LINE 5% n/a 0.56%

56. PASADENA TEX 5% n/a 0.55%

57. THREE RIVERS MICH CMNTY SCHS 5% n/a 0.55%

58. n/a n/a 0.52%

59. TRINITY RIVER AUTH TEX REV 5% n/a 0.51%

60. n/a n/a 0.50%

61. FLORIDA ST DEPT MGMT SVCS CTFS PARTN 5% n/a 0.48%

62. n/a n/a 0.48%

63. n/a n/a 0.48%

64. CENTERVILLE TEX INDPT SCH DIST 5% n/a 0.47%

65. DANSVILLE MICH SCHS 5% n/a 0.47%

66. MADISON WIS AREA TECHNICAL COLLEGE DIST 5% n/a 0.47%

67. MEMPHIS TENN SAN SEW SYS REV 5% n/a 0.47%

68. n/a n/a 0.47%

69. n/a n/a 0.47%

70. n/a n/a 0.47%

71. NEW JERSEY ST TRANSN TR FD AUTH 5% n/a 0.47%

72. SACHSE TEX 5% n/a 0.47%

73. RICHLAND CNTY S C SCH DIST NO 002 5% n/a 0.46%

74. LEWISTON ME 4% n/a 0.45%

75. ONSLOW CNTY N C LTD OBLIG 5% n/a 0.45%

76. WAUKEE IOWA CMNTY SCH DIST 5% n/a 0.45%

77. CHARLESTON CNTY S C 5% n/a 0.44%

78. GLENDALE CALIF ELEC REV 5% n/a 0.44%

79. MASSACHUSETTS ST 5% n/a 0.44%

80. NEVADA ST 5% n/a 0.44%

81. WAYNE ST UNIV MICH UNIV REVS 5% n/a 0.44%

82. DALLAS TEX INDPT SCH DIST 5% n/a 0.43%

83. DENVER COLO CITY & CNTY 5% n/a 0.43%

84. n/a n/a 0.43%

85. REDFORD MICH UN SCH DIST NO 001 5% n/a 0.43%

86. TIMPANOGOS SPL SVC DIST UTAH SWR REV 5% n/a 0.43%

87. MARTIN CNTY TEX 5% n/a 0.42%

88. CHAMBLEE GA 3.5% n/a 0.41%

89. METROPOLITAN PK DIST TACOMA WASH 4% n/a 0.41%

90. n/a n/a 0.41%

91. CHANDLER ARIZ 5% n/a 0.40%

92. COMANCHE TEX INDPT SCH DIST 5% n/a 0.40%

93. GRAFORD TEX INDPT SCH DIST 5% n/a 0.40%

94. CAPE CORAL FLA 5% n/a 0.39%

95. CENTRAL FLA TOURISM OVERSIGHT DIST 5% n/a 0.39%

96. TALLAHASSEE FLA ENERGY SYS REV 5% n/a 0.39%

97. WHITNALL SCH DIST WIS 5% n/a 0.39%

98. BETTENDORF IOWA 4% n/a 0.38%

99. HORRY CNTY S C 4% n/a 0.37%

100. MONTGOMERY TEX INDPT SCH DIST 5% n/a 0.37%

101. n/a n/a 0.37%

102. SOMERSET WIS SCH DIST 4% n/a 0.37%

103. MC GREGOR TEX INDPT SCH DIST 5% n/a 0.36%

104. METROPOLITAN GOVT NASHVILLE & DAVIDSON CNTY TENN 5% n/a 0.36%

105. n/a n/a 0.36%

106. ROWLETT TEX 5% n/a 0.35%

107. PORT TACOMA WASH REV 5% n/a 0.34%

108. BOTHELL WASH 5% n/a 0.32%

109. n/a n/a 0.32%

110. n/a n/a 0.32%

111. UNIVERSITY WASH UNIV REVS 5% n/a 0.32%

112. n/a n/a 0.31%

113. PUTNAM CNTY IND 6% n/a 0.29%

114. CLARK CNTY NEV HWY IMPT REV 5% n/a 0.28%

115. FLORIDA ST TPK AUTH TPK REV 5% n/a 0.28%

116. HOWARD CNTY MD 5% n/a 0.28%

117. n/a n/a 0.28%

118. PORT ST LUCIE FLA 5% n/a 0.28%

119. ST JOHNS CNTY FLA SPL OBLIG REV 5% n/a 0.28%

120. AMARILLO TEX WTRWKS & SWR SYS REV 5% n/a 0.27%

121. CHICAGO ILL O HARE INTL ARPT REV 5% n/a 0.27%

122. CHAMPAIGN ILL 5% n/a 0.26%

123. DOUGLAS CNTY NEB SCH DIST NO 010 5% n/a 0.26%

124. CLAY CNTY FLA SCH BRD CTFS PARTN 5% n/a 0.24%

125. INDEPENDENCE MO 5% n/a 0.24%

126. LAKE CITY MICH AREA SCH 5% n/a 0.24%

127. n/a n/a 0.24%

128. PALM BEACH CNTY FLA ARPT SYS REV 5% n/a 0.24%

129. TEMPLE TEX INDPT SCH DIST 5% n/a 0.24%

130. CASH n/a 0.23%

131. CHICAGO ILL MIDWAY ARPT REV 5% n/a 0.23%

132. MEMPHIS TENN GAS SYS REV 5% n/a 0.22%

133. n/a n/a 0.22%

134. n/a n/a 0.22%

135. PASCO WASH WTR & SWR REV 5% n/a 0.22%

136. BRIDGE CITY TEX INDPT SCH DIST 6% n/a 0.21%

137. STOUGHTON WIS SEW SYS REV 6% n/a 0.21%

138. BENTON CNTY MO REORG SCH DIST NO R-09 5% n/a 0.20%

139. CABARRUS CNTY N C LTD OBLIG 5% n/a 0.20%

140. CHIPPEWA VALLEY MICH SCHS 5% n/a 0.20%

141. LAS VEGAS NEV CONVENTION & VISITORS AUTH CONVENTION CTR EXPANSION REV 5% n/a 0.20%

142. LUBBOCK TEX 5% n/a 0.20%

143. NORTHERN ARIZ UNIV REVS 5% n/a 0.20%

144. GLENVIEW ILL 5% n/a 0.19%

145. KENNEWICK WASH WTR & SWR REV 4% n/a 0.19%

146. NORTH RIDGEVILLE OHIO CITY SCH DIST 5% n/a 0.19%

147. PLEASANT PRAIRIE WIS 4% n/a 0.18%

148. ALLEGAN MICH PUB SCH DIST 5% n/a 0.16%

149. MAINE MUN BD BK 5% n/a 0.16%

150. MANATEE CNTY FLA SCH BRD CTFS PARTN 5% n/a 0.16%

151. MICHIGAN ST UNIV REVS 5% n/a 0.16%

152. n/a n/a 0.16%

153. n/a n/a 0.16%

154. n/a n/a 0.16%

155. n/a n/a 0.16%

156. SALINE MICH AREA SCHS 5% n/a 0.16%

157. TUSCALOOSA ALA 5% n/a 0.16%

158. UNION CNTY N C 5% n/a 0.16%

159. ALLEGHENY CNTY PA SAN AUTH SWR REV 5% n/a 0.15%

160. EVERETT WASH 5% n/a 0.15%

161. GEORGIA ST 5% n/a 0.15%

162. HENNEPIN CNTY MINN 5% n/a 0.15%

163. ADAMS & ARAPAHOE CNTYS COLO JT SCH DIST NO 28J AURORA 5.5% n/a 0.12%

164. BISHOP TEX CONS INDPT SCH DIST 5% n/a 0.12%

165. CHICAGO ILL TRAN AUTH SALES TAX RCPTS REV 5% n/a 0.12%

166. DOUGLAS CNTY NEV 5% n/a 0.12%

167. EASTSIDE UTIL DIST HAMILTON CNTY TENN WTRWKS REV 5% n/a 0.12%

168. GREEN BAY WIS AREA PUB SCH DIST 5% n/a 0.12%

169. HUNTSVILLE ALA 5% n/a 0.12%

170. INDIANA MUN PWR AGY PWR SUPPLY SYS REV 5% n/a 0.12%

171. JACKSONVILLE FLA TRANS REV 5% n/a 0.12%

172. LAREDO TEX 5% n/a 0.12%

173. MANATEE CNTY FLA REV 5% n/a 0.12%

174. n/a n/a 0.12%

175. OHIO ST 5% n/a 0.12%

176. OHIO ST SPL OBLIG 5% n/a 0.12%

177. OMAHA PUB PWR DIST NEB ELEC REV 5% n/a 0.12%

178. RACINE CNTY WIS 5.25% n/a 0.12%

179. SEMINOLE CNTY FLA WTR & SWR REV 5% n/a 0.12%

180. UNIVERSITY TEX PERM UNIV FD 5% n/a 0.12%

181. WASHINGTON ST UNIV REVS 5% n/a 0.12%

182. KENOSHA WIS 4% n/a 0.11%

183. ABILENE TEX 5% n/a 0.08%

184. ANN ARBOR MICH SCH DIST PUB SCHS 5% n/a 0.08%

185. BROWARD CNTY FLA SCH DIST 5% n/a 0.08%

186. CARTERSVILLE GA WTR & SWR REV 5% n/a 0.08%

187. GREATER CLARK BLDG CORP IND 5% n/a 0.08%

188. GROSSE ILE TWP MICH SCH DIST 5% n/a 0.08%

189. HEBER LT & PWR CO UTAH ELEC REV 5% n/a 0.08%

190. KENTUCKY ST PPTY & BLDGS COMMN REVS 5% n/a 0.08%

191. LINDEN MICH CMNTY SCH DIST 5% n/a 0.08%

192. LIVONIA MICH PUB SCHS SCH DIST 5% n/a 0.08%

193. LONGVIEW TEX INDPT SCH DIST 5% n/a 0.08%

194. LUBBOCK TEX WTR & WASTEWATER SYS REV 5% n/a 0.08%

195. ORANGE CNTY FLA WTR & WASTEWTR REV 5% n/a 0.08%

196. PERALTA CALIF CMNTY COLLEGE DIST 5% n/a 0.08%

197. PROSPER TEX 5% n/a 0.08%

198. RHODE IS HEALTH & EDL BLDG CORP PUB SCHS REV 5% n/a 0.08%

199. TRAVIS CNTY TEX 5% n/a 0.08%

200. WICHITA FALLS TEX INDPT SCH DIST 5% n/a 0.08%

201. DODGE CNTY NEB SCH DIST NO 001 FREMONT 5% n/a 0.07%

202. SNOHOMISH & ISLAND CNTYS WASH SCH DIST NO 401 STANWOOD 5% n/a 0.07%

203. KANSAS CITY MO WTR REV 5% n/a 0.04%

Holdings data last updated Oct 12, 2026 7:23 AM . Provider-reported weights may not sum exactly to 100%.