Northern Trust 2030 Tax-Exempt Distributing Ladder ETF(AMEX:MUNA)

MUNA is an actively managed fund that employs a laddered bond strategy. The portfolio consists of US investment grade municipal bonds across different maturities whose interest is exempt from regular federal income tax. This may include general, revenue, and moral obligation bonds, industrial development bonds, and tax-exempt derivative instruments. Initially, the fund invests in approximately equal proportions across five rungs, with clusters of maturities, throughout 2026 and each subsequent year, until the terminal year of 2030. As the bonds in a rung reach their final maturity, a cash distribution is made out of the available proceeds, which will primarily consist of the par value received from the maturing bonds and may include a return of capital. The fund liquidates upon the final rung's maturity in 2030, distributing substantially all its assets. MUNA is not a target date fund and does not aim to provide a more conservative investment approach over time.