TAXTvsMMMAETF Comparison
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Northern Trust Tax-Exempt Bond ETF (TAXT) and NYLI MacKay Muni Allocation ETF (MMMA) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. TAXT is less expensive with a Total Expense Ratio (TER) of 0.05%, versus 0.69% for MMMA. TAXT is up 0.76% year-to-date (YTD) with +$163M in YTD flows. MMMA performs better with 1.04% YTD performance, and +$32M in YTD flows. Run a side-by-side ETF comparison of TAXT and MMMA 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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TAXT vs MMMA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/23/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | TAXT MMMA | +2.63%+1.57% | +0.34%-0.97% | +0.76%+1.04% | +1.28%n/a | n/an/a | n/an/a |
| Flows | TAXT MMMA | +$110M+$30M | +$127M+$31M | +$163M+$32M | +$173M- | -- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TAXT MMMA | +4.93%+6.05% | +3.03%n/a | n/an/a | n/an/a |
| Max drawdown | TAXT MMMA | -4.92%-5.86% | -5.64%n/a | n/an/a | n/an/a |
| Max drawdown duration | TAXT MMMA | 71d71d | 109dn/a | n/an/a | n/an/a |
Trading data
TAXT | MMMA | |
Last sale 10/23/2026 at 1:30 PM | $50.53 | |
| Previous close 10/22/2026 | $50.47 | |
| Consolidated volume 10/22/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of October 25, 2026
1-year trailing difference
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MMMA
is actively managed and doesn’t replicate an indexTAXT | MMMA | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/23/2026 at 1:30 PM
Live
Closed
TAXT | MMMA | |
|---|---|---|
| Last price | $50.53 | – |
| 1D performance | +0.12% | – |
| AuM | $189.04 M | $58.85 M |
| E/R | 0.05% | 0.69% |
Characteristics
TAXT | MMMA | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | Northern Trust | New York Life Investments |
| Benchmark | ICE All Maturity Focused Municipal Bond Index | - |
| N° of holdings | 573 | 23 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | August 19, 2025 | December 16, 2025 |
| ESG | No | No |
Exposure
Countries
TAXT
USA
44.71%
Other
55.29%
MMMA
USA
42.81%
Other
57.19%
Sectors
TAXT
Municipal
44.71%
Other
55.29%
MMMA
Municipal
42.81%
Other
57.19%
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Diversification
TAXT
Total weight of top 15 holdings out of 15
4.41%
MMMA
Total weight of top 15 holdings out of 15
50.35%
Top 15 holdings
Data as of August 31, 2026
TAXT
University of California, 5% 15may2052, USD (2022)
0.45%
New York Urban Development Corp., 5% 15mar2042, USD (2017C)
0.43%
New York Thruway Authority, 5% 15mar2049, USD
0.42%
US79771FLJ48
0.32%
US13077DUQ32
0.31%
US181000TQ31
0.27%
US84136HCT86
0.27%
Triborough Bridge and Tunnel Authority, 5% 15may2052, USD
0.25%
Monroe Industrial Development Corp., 4% 1jul2050, USD (2020A)
0.25%
Indianapolis Local Public Improvement Bond Bank, 5% 1feb2033, USD
0.24%
Metropolitan Atlanta Rapid Transit Authority, 3.25% 1jul2039, USD (2017C)
0.24%
City of New York, 5.25% 1feb2053, USD (2026)
0.24%
South Dakota Conservancy District, 5% 1aug2056, USD (2026B)
0.24%
Virginia Public Building Authority, 5% 1aug2033, USD (2020A)
0.23%
US250375NB42
0.23%
MMMA
US63877NPK71
4.24%
US8371516N47
3.80%
US544446BM85
3.73%
Black Belt Energy Gas District, 5% 1dec2034, USD (2026)
3.57%
Chicago O'Hare International Airport, 5.5% 1jan2048, USD (2025E)
3.52%
Illinois Toll Highway Authority, 5% 1jan2037, USD
3.52%
US11506KHB08
3.46%
Chicago Board of Education, 6% 1apr2046, USD (2017)
3.42%
Equitable School Revolving Fund, 5.25% 1nov2053, USD (2023A)
3.42%
US24917QBP81
3.38%
US63607WBN39
3.15%
US59261ACR68
2.94%
Colorado Health Facilities Authority, 4% 1aug2049, USD (2019A-2)
2.90%
US03843TBE01
2.71%
Minnesota Municipal Gas Energy, 5% 1sep2035, USD (2026A)
2.60%
Frequently asked questions about TAXT and MMMA
How have the TAXT and MMMA ETFs performed in 2026?
As of October 23, 2026, TAXT is up 0.76% year-to-date (YTD), while MMMA has returned 1.04%. That puts MMMA better performer ahead so far this year.
Which ETF is attracting more investor money: TAXT or MMMA?
Year-to-date, the TAXT ETF saw +$163M in flows, compared to +$32M for MMMA.
Which ETF is bigger: TAXT or MMMA?
As of October 23, 2026, TAXT holds $189.04 M in assets under management (AUM), while MMMA manages $58.85 M.
What sectors do the TAXT and MMMA ETFs invest in?
TAXT leans toward sectors like Municipal. Meanwhile, MMMA focuses on Municipal.
What are the top holdings of the TAXT ETF and MMMA ETF?
TAXT top holdings include University of California, 5% 15may2052, USD (2022), New York Urban Development Corp., 5% 15mar2042, USD (2017C) and New York Thruway Authority, 5% 15mar2049, USD. MMMA holds in its top three: US63877NPK71, US8371516N47 and US544446BM85.
Which ETF is more diversified: TAXT or MMMA?
TAXT holds 1408 securities with 4.41% of its assets in the top 15. MMMA has 49 securities and a top 15 weight of 50.35%.
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Latest news about TAXT & MMMA
Ask the Manager: Dave Abner on the Rise of Distributing Ladder ETFs
February 10, 2026
TAXT
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