Category Review
Municipal bond funds are down for the year after a third-quarter selloff erased the first-half gain
BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents
$47.63+0.34 (+0.72%)
- 0.35%
- $40M
- −2.7%
- 3.47%
- 0M sh
- $47.30
- low $46.89high $51.26
The ETF.net TAXM Grade
C
Score 53 out of 100
- 44 of 63
Score 53 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.C41 out of 100Rank 33 of 63Mission
Whether the fund did what it promised, tested against its stated mandate.A99 out of 100Rank 9 of 59Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C49 out of 100Rank 30 of 63Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D30 out of 100Rank 50 of 63Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.C41 out of 100Rank 48 of 63Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.F20 out of 100Rank 57 of 63
Our read on TAXM
CSingle-state muni investing, ETF-style: IR+M actively picks short-duration municipal and taxable bonds screened for after-tax income for Massachusetts residents. Narrow by design, and young (launched 2025).
The Fund seeks attractive after-tax income while preserving capital. It actively manages a diversified portfolio of U.S.-dollar municipal and taxable short-duration fixed-income securities selected for relatively attractive after-tax income for Massachusetts residents.
Why people hold it
- A rare state-level mandate in an ETF: the portfolio targets after-tax income specifically for Massachusetts residents, not the national muni average.
- Active, not index-bound. IR+M builds a diversified mix of muni and taxable short-duration bonds, with capital preservation named alongside income in the objective.
- Holdings line up closely with the stated mandate, one of the tighter mandate-to-portfolio matches among muni funds.
- Pays monthly, the usual cadence income-focused bond investors look for.
Worth knowing
- At 0.35%, it costs more than its muni peer group's typical fee and far more than broad index munis like VTEB (0.03%) or MUB (0.05%).
- Small and thinly traded, so spreads can run wider than in mainstream muni ETFs.
- Launched in 2025, so the track record is short and the state-specific focus is narrower than a national muni portfolio.
TAXM Holdings
- Bonds
- 155
- 19%
- Massachusetts St D 5% 07/01/31
Geography
- United States100.00%
TAXM Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.Not enough history yet.
TAXM$9,727
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | TAXM |
|---|---|
| Year to date | −3.6% |
| 1 month | −2.3% |
| 3 months | −4.9% |
| 1 year | −2.7% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | TAXM |
|---|---|---|
| 2026 YTD | −3.6% | |
| 2025 | +3.7% |
TAXM in the news
TAXM Dividends
- 3.47%
- $1.64
- $0.13 per share
- Monthly
Distribution history
TAXM Risk
- 4.9%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.76
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −6.2%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.14
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
TAXM Cost
0.35%
TAXM0.35%
- The middle half of Other Municipal Bond funds
- Median 0.30%
32 of the 63 Other Municipal Bond funds charge less.
Other funds in Other Municipal Bond
- CFTCAFranklin California Municipal Income ETFExpense ratio 0.35%1 year return —
- CFTNYFranklin New York Municipal Income ETFExpense ratio 0.37%1 year return —
- CFTOHPutnam ETF Trust - Franklin Ohio Municipal Income ETFExpense ratio 0.36%1 year return —
- CRMOPRockefeller Opportunistic Municipal Bond ETFExpense ratio 0.80%1 year return −1.9%
- CMMMANYLI MacKay Muni Allocation ETFExpense ratio 0.40%1 year return —