Northern Trust California Intermediate Tax-Exempt Bond ETF

Frequently Asked Questions About TXCA

What does TXCA invest in?

Northern Trust California Intermediate Tax-Exempt Bond ETF is an exchange-traded fund that seeks to track the performance of an index of investment-grade California municipal bonds with intermediate-term maturities. The fund primarily invests in California state and local government and agency debt securities whose interest is generally exempt from regular federal income tax and California state personal income tax. It uses a passive, representative-sampling approach to track its underlying index.

What is the expense ratio of TXCA?

Northern Trust California Intermediate Tax-Exempt Bond ETF (TXCA) charges an expense ratio of 0.06%. This is the annual fee deducted from fund assets to cover management and operations.

What is the duration of TXCA?

Effective duration measures TXCA's sensitivity to interest-rate changes: a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. TXCA's current duration is published on the fund's factsheet on the issuer's website.

What is the credit quality of TXCA?

TXCA's credit quality breakdown (the share of holdings rated AAA through CCC and below) is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds.

What is the yield to maturity of TXCA?

Yield to maturity (YTM) is the total return you'd earn from TXCA if every bond in the portfolio is held to maturity at the current price. TXCA's YTM is published on the fund's factsheet on the issuer's website. It differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid.

How big is TXCA?

Northern Trust California Intermediate Tax-Exempt Bond ETF (TXCA) manages $7.6M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation.