TAXIvsBSMWETF Comparison
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Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI) and Invesco BulletShares 2032 Municipal Bond ETF (BSMW) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. TAXI is less expensive with a Total Expense Ratio (TER) of 0.05%, versus 0.18% for BSMW. TAXI is up 0.39% year-to-date (YTD) with +$274M in YTD flows. BSMW performs worse with -1.09% YTD performance, and +$94M in YTD flows. Run a side-by-side ETF comparison of TAXI and BSMW below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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TAXI vs BSMW performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/23/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | TAXI BSMW | +2.16%+1.71% | +0.46%-0.89% | +0.39%-1.09% | +1.42%-0.69% | n/a+13.71% | n/an/a |
| Flows | TAXI BSMW | +$147M+$19M | +$194M+$26M | +$274M+$94M | +$317M+$112M | -+$212M | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TAXI BSMW | +3.82%+5.09% | +2.43%+3.22% | n/a+4.13% | n/an/a |
| Max drawdown | TAXI BSMW | -3.77%-5.48% | -4.65%-6.62% | n/a-6.62% | n/an/a |
| Max drawdown duration | TAXI BSMW | 71d71d | 236d236d | n/a236d | n/an/a |
Trading data
TAXI | BSMW | |
Last sale 10/26/2026 at 1:30 PM | $50.50 | $24.30 |
| Previous close 10/23/2026 | $50.34 | $24.22 |
| Consolidated volume 10/23/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of October 26, 2026
1-year trailing difference
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TAXI | BSMW | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/26/2026 at 1:30 PM
Live
Closed
TAXI | BSMW | |
|---|---|---|
| Last price | $50.50 | $24.30 |
| 1D performance | +0.31% | +0.33% |
| AuM | $324.47 M | $234.21 M |
| E/R | 0.05% | 0.18% |
Characteristics
TAXI | BSMW | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Northern Trust | Invesco |
| Benchmark | ICE Intermediate Term Focused Municipal Bond Index | ICE BulletShares USD Municipal Bond 2032 Index |
| N° of holdings | 908 | 629 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | August 19, 2025 | March 1, 2023 |
| ESG | No | No |
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Exposure
Countries
TAXI
USA
39.43%
Other
60.57%
BSMW
USA
40.37%
Other
59.63%
Sectors
TAXI
Municipal
39.43%
Other
60.57%
BSMW
Municipal
40.37%
Other
59.63%
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Diversification
TAXI
Total weight of top 15 holdings out of 15
2.48%
BSMW
Total weight of top 15 holdings out of 15
5.14%
Top 15 holdings
Data as of August 31, 2026
TAXI
Huron Valley School District, 5% 1may2040, USD (2026)
0.20%
US56879EHE23
0.17%
Energy Southeast, 5.5% 1nov2053, USD (2023A-1)
0.17%
Southeast Energy Authority, 5.5% 1jan2053, USD (2022A-1)
0.17%
State of Washington, 5% 1jun2040, USD (2026F)
0.17%
US49151HBK14
0.16%
US64972JB721
0.16%
US46263RTS49
0.16%
US13013JGF75
0.16%
US09182TJE82
0.16%
US79467BKE47
0.16%
Black Belt Energy Gas District, 5% 1may2055, USD (2024)
0.16%
Southeast Alabama Gas Supply District, FRN 1aug2054, USD (A)
0.16%
US915183Z598
0.16%
US09182TCG04
0.16%
BSMW
University of California Medical Center, 5% 15may2047, USD (2022)
0.51%
New York Municipal Water Finance Authority, 5.25% 15jun2052, USD (2023)
0.49%
US46246SAU96
0.42%
University of California, 5% 15may2032, USD (2022)
0.41%
University of California, 5% 15may2052, USD (2022)
0.38%
New York Dormitory Authority, 5% 1may2052, USD (2022A)
0.35%
Los Angeles Unified School District, 5% 1jul2032, USD (2024)
0.31%
New Jersey, 4% 1jun2032, USD
0.30%
Tarrant Cultural Education Facilities Finance Corp., 5% 15nov2051, USD (2022D)
0.29%
US13063DT817
0.29%
US89602HEY99
0.28%
US01728VWU06
0.28%
New York Transitional Finance Authority, 5% 1feb2047, USD
0.28%
New York Municipal Water Finance Authority, 5% 15jun2047, USD
0.28%
Triborough Bridge and Tunnel Authority, 5.25% 15may2052, USD (2022C)
0.28%
Frequently asked questions about TAXI and BSMW
How have the TAXI and BSMW ETFs performed in 2026?
As of October 23, 2026, TAXI is up 0.39% year-to-date (YTD), while BSMW has lost -1.09%. That puts TAXI better performer ahead so far this year.
Which ETF is attracting more investor money: TAXI or BSMW?
Year-to-date, the TAXI ETF saw +$274M in flows, compared to +$94M for BSMW.
Which ETF is more volatile: TAXI or BSMW?
Over the past year, TAXI had a volatility of 2.43%, while BSMW experienced 3.22%.
Which ETF is bigger: TAXI or BSMW?
As of October 23, 2026, TAXI holds $324.47 M in assets under management (AUM), while BSMW manages $234.21 M.
What sectors do the TAXI and BSMW ETFs invest in?
TAXI leans toward sectors like Municipal. Meanwhile, BSMW focuses on Municipal.
What are the top holdings of the TAXI ETF and BSMW ETF?
TAXI top holdings include Huron Valley School District, 5% 1may2040, USD (2026), US56879EHE23 and Energy Southeast, 5.5% 1nov2053, USD (2023A-1). BSMW holds in its top three: University of California Medical Center, 5% 15may2047, USD (2022), New York Municipal Water Finance Authority, 5.25% 15jun2052, USD (2023) and US46246SAU96.
Which ETF is more diversified: TAXI or BSMW?
TAXI holds 2484 securities with 2.48% of its assets in the top 15. BSMW has 1912 securities and a top 15 weight of 5.14%.
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Latest news about TAXI & BSMW
Ask the Manager: Dave Abner on the Rise of Distributing Ladder ETFs
February 10, 2026
TAXI
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