Continue to site >
Trending ETFs

X-Square Municipal Income Tax Free ETF

Active ETF
ZTAX
Payout Change
Pending
Price as of:
$26.2 -0.2 -0.76%
primary theme
N/A
ZTAX (ETF)

X-Square Municipal Income Tax Free ETF

Payout Change
Pending
Price as of:
$26.2 -0.2 -0.76%
primary theme
N/A
ZTAX (ETF)

X-Square Municipal Income Tax Free ETF

Payout Change
Pending
Price as of:
$26.2 -0.2 -0.76%
primary theme
N/A

Name

As of 11/07/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$26.20

$3.38 M

1.05%

$0.28

10.56%

Vitals

YTD Return

4.4%

1 yr return

8.8%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$3.38 M

Holdings in Top 10

94.9%

52 WEEK LOW AND HIGH

$26.4
$24.78
$29.45

Expenses

OPERATING FEES

Expense Ratio 10.56%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 11/07/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$26.20

$3.38 M

1.05%

$0.28

10.56%

ZTAX - Profile

Distributions

  • YTD Total Return 4.4%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 1.1%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    X-Square Municipal Income Tax Free ETF
  • Fund Family Name
    X-Square Series Trust
  • Inception Date
    May 19, 2023
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US

Fund Description

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing in a non-diversified portfolio of U.S. dollar-denominated municipal securities issued by Puerto Rico, Guam and the U.S. Virgin Islands.

Under normal market conditions, the Fund invests at least 80% of its assets (defined as net assets plus any borrowing for investment purposes, if any) in tax-exempt municipal securities, the income from which is exempt from both federal and state income tax (“80% investment policy”). The Fund expects to invest up to 100% of its assets in tax-exempt municipal securities issued by Puerto Rico, Guam and the U.S. Virgin Islands. Municipal securities may be of any maturity, duration or credit rating including those rated below investment grade (commonly known as “junk bonds”). The Fund considers non-investment grade fixed income securities to be those that are rated lower than Baa3 by Moody’s Investors Service (“Moody’s”) or lower than BBB- by Standard and Poor’s Rating Group (“S&P”).

Under normal market conditions, the Adviser expects to invest the Fund’s assets in accordance with the following ranges:

Puerto Rico: 65% - 80%

U.S. Virgin Islands: 10% - 25%

Guam: 5% - 10%

The Fund’s adviser, X-Square Capital LLC (the “Adviser”), identifies municipal security investments by analyzing the issuer’s legal and economic fundamentals, strength and quality of revenues and other fundamentals. The Adviser seeks to maximize the liquidity of the Fund’s portfolio by identifying individual bonds with favorable liquidity and trading volume characteristics. In seeking to provide attractive yield for the Fund, the Adviser will invest in individual bonds that it considers to be attractive relative values. In particular, the Adviser intends to analyze the macroeconomic environment of each issuer, including levels and trends of tax receipts, inflation, demographic trends, existing and proposed legislation, as well as their debt issuance calendar and ratios of debt to GDP and debt to GNP. Furthermore, as a consequence of the debt restructuring of Puerto Rico, its financial reporting has improved. This transparency enables the Adviser to conduct timely, fundamental analysis for tax supported debt, revenue bonds, industry factors, revenue trends, state of infrastructure, CAPEX trends and maintenance schedules.

The Fund is a “non-diversified” fund which means that the Fund may invest in fewer securities at any one time than a diversified fund.

Other Principal Investments

During temporary defensive periods (e.g., in response to adverse market, economic or political conditions), the Fund may invest up to 100% of its total assets in liquid, short-term investments, including high quality, short-term securities. The Fund may not achieve its investment objective under these circumstances. The Adviser’s determination that it is temporarily unable to follow the Fund’s investment strategy or that it is impractical to do so will generally occur only in situations in which a market disruption event has occurred and where trading in the securities selected through application of the Fund’s investment strategy is extremely limited or absent.

Read More

ZTAX - Performance

Return Ranking - Trailing

Period ZTAX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.4% N/A N/A N/A
1 Yr 8.8% N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Return Ranking - Calendar

Period ZTAX Return Category Return Low Category Return High Rank in Category (%)
2023 N/A N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A
2020 N/A N/A N/A N/A
2019 N/A N/A N/A N/A

Total Return Ranking - Trailing

Period ZTAX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.4% N/A N/A N/A
1 Yr 8.8% N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Total Return Ranking - Calendar

Period ZTAX Return Category Return Low Category Return High Rank in Category (%)
2023 N/A N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A
2020 N/A N/A N/A N/A
2019 N/A N/A N/A N/A

ZTAX - Holdings

Concentration Analysis

ZTAX Category Low Category High ZTAX % Rank
Net Assets 3.38 M N/A N/A N/A
Number of Holdings 13 N/A N/A N/A
Net Assets in Top 10 3.86 M N/A N/A N/A
Weighting of Top 10 94.90% N/A N/A N/A

Top 10 Holdings

  1. Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 26.12%
  2. Commonwealth of Puerto Rico 15.24%
  3. Matching Fund Special Purpose Securitization Corp. 10.94%
  4. Commonwealth of Puerto Rico 8.65%
  5. Puerto Rico Commonwealth Aqueduct Sewer Authority 7.04%
  6. Commonwealth of Puerto Rico 6.81%
  7. Puerto Rico Commonwealth Aqueduct Sewer Authority 6.53%
  8. Puerto Rico Commonwealth Aqueduct Sewer Authority 6.42%
  9. Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.91%
  10. Territory of Guam 2.24%

Asset Allocation

Weighting Return Low Return High ZTAX % Rank
Bonds
98.01% N/A N/A N/A
Cash
1.99% N/A N/A N/A
Stocks
0.00% N/A N/A N/A
Preferred Stocks
0.00% N/A N/A N/A
Other
0.00% N/A N/A N/A
Convertible Bonds
0.00% N/A N/A N/A

Bond Sector Breakdown

Weighting Return Low Return High ZTAX % Rank
Cash & Equivalents
1.28% N/A N/A N/A
Derivative
0.00% N/A N/A N/A
Securitized
0.00% N/A N/A N/A
Corporate
0.00% N/A N/A N/A
Municipal
0.00% N/A N/A N/A
Government
0.00% N/A N/A N/A

Bond Geographic Breakdown

Weighting Return Low Return High ZTAX % Rank
US
98.01% N/A N/A N/A
Non US
0.00% N/A N/A N/A

ZTAX - Expenses

Operational Fees

ZTAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 10.56% N/A N/A N/A
Management Fee 0.65% N/A N/A N/A
12b-1 Fee N/A N/A N/A N/A
Administrative Fee N/A N/A N/A N/A

Sales Fees

ZTAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A N/A N/A N/A
Deferred Load N/A N/A N/A N/A

Trading Fees

ZTAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

ZTAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A N/A N/A N/A

ZTAX - Distributions

Dividend Yield Analysis

ZTAX Category Low Category High ZTAX % Rank
Dividend Yield 1.05% N/A N/A N/A

Dividend Distribution Analysis

ZTAX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly

Net Income Ratio Analysis

ZTAX Category Low Category High ZTAX % Rank
Net Income Ratio N/A N/A N/A N/A

Capital Gain Distribution Analysis

ZTAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency

Distributions History

View More +

ZTAX - Fund Manager Analysis

Tenure Analysis

Category Low Category High Category Average Category Mode
N/A N/A N/A N/A