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ZTAX

This fund does not currently behave like the group it was assigned to, so its grouping is being re-reviewed. Grading pauses until the review resolves, because a letter measured against the wrong peer group would be a statement about the wrong funds.New York Stock Exchange Arca

X-Square Municipal Income ETF

X-Square · Inception 2023-05-19

$24.40−0.38 (−1.53%)

As of Sep 23, 2026, 2:09 PM EDT

History starts May 19, 2023.
Intraday session: down, 9 prints from 24.78 to 24.40. Range 24.39 to 24.83. Use the arrow keys to read each point.$24.50$24.60$24.70$24.8010 AM12 PM2 PM4 PM
Expense ratio
0.92%
Fund size
$5M
1Y return
+3.8%
Yield · Last 12 months
4.74%
Volume · 30D
0M sh
NAV per share
$24.55
52W range
low $23.06high $28.64

ZTAX Holdings

As of Sep 20, 2026, 10:18 AM
Asset class
Bonds
Holdings
—
Top-10 weight
86%
Largest holding
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue19.0%
The fund’s holdings, weight-ordered — page 1 of 2.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue19.02%1,000,000$953K7
002—Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue16.06%875,000$805K5
003—Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue8.52%450,000$427K6
004—Matching Fund Special Purpose Securitization Corp.8.52%425,000$427K4
005—Commonwealth of Puerto Rico7.95%421,000$398K1
006—Commonwealth of Puerto Rico5.70%268,235$285K2
007—Puerto Rico Commonwealth Aqueduct & Sewer Authority5.53%280,000$277K5
008—Puerto Rico Commonwealth Aqueduct & Sewer Authority5.13%250,000$257K1
009—Puerto Rico Commonwealth Aqueduct & Sewer Authority5.10%250,000$255K1
010—Puerto Rico Commonwealth Aqueduct & Sewer Authority4.54%250,000$228K1
011—Commonwealth of Puerto Rico4.24%221,000$213K3
012—Commonwealth of Puerto Rico3.60%178,180$180K7
013—Commonwealth of Puerto Rico2.15%120,479$108K3
014—Territory of Guam1.72%90,000$86K1
015—Cash Equivalent1.38%68,926$69K15

Showing 1–15 of 16 holdings

ZTAX Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

ZTAX$10,381
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. ZTAX $10,381. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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.

Trailing total return for ZTAX. Periods over one year show the average yearly return.
PeriodZTAX
Year to date+0.9%
1 month−2.8%
3 months−2.1%
1 year+3.8%
3 years+4.3%per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for ZTAX
YearReturn barZTAX
2026 YTD+0.9%
2025−1.1%
2024+8.0%
2023+9.2%

Since listing, May 19, 2023

ZTAX in the news

ETF.net Research hasn’t filed on ZTAX yet — coverage lands here as it’s written.

ZTAX Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
4.74%Last 12 months
Payout per share
$1.17Last 12 months
Last payment
$0.55 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2023–2026

One bar per payment. 13 payments from 2023 to 2026 YTD. Jul 20, 2023 $0.36; Sep 29, 2023 $0.20; Jan 2, 2024 $0.58; Apr 1, 2024 $0.05; Jul 1, 2024 $0.54; Oct 2, 2024 $0.07; Jan 2, 2025 $0.54; Apr 2, 2025 $0.06; Jul 2, 2025 $0.52; Oct 2, 2025 $0.06; Jan 2, 2026 $0.51; Apr 2, 2026 $0.06; Jul 2, 2026 $0.55. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Jul 2, 2026Jul 6, 2026$0.55
Apr 2, 2026Apr 6, 2026$0.06
Jan 2, 2026Jan 5, 2026$0.51
Oct 2, 2025Oct 3, 2025$0.06
Jul 2, 2025Jul 7, 2025$0.52
Apr 2, 2025Apr 4, 2025$0.06
Jan 2, 2025Jan 3, 2025$0.54
Oct 2, 2024Oct 3, 2024$0.07
Jul 1, 2024Jul 2, 2024$0.54
Apr 1, 2024Apr 3, 2024$0.05
Jan 2, 2024Jan 4, 2024$0.58
Sep 29, 2023Oct 3, 2023$0.20

ZTAX Risk

How much the fund’s monthly returns vary, scaled to a year.
8.5%
Annualised · 36 months to Aug 2026
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.

Return above 3-month US Treasury bills per unit of volatility.
0.05
vs 3-month T-bills · to Aug 2026
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.

The largest fall from a peak to the low that followed.
−15.3%
40 months · trough Apr 2025
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.

How strongly the fund’s returns move with its asset-class index.
0.93
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

ZTAX Cost

Expense Ratio
0.92%