Launched May 19, 2023

X-Square Municipal Income ETF

ZTAXNYSE Arca

$23.910.00 (0.00%)

At close: Oct 23, 2026, 4:00 PM ET

Under classification review

Expense ratio: 0.92%*
Fund size: $5M
1Y total return: +1.5%
Yield · Last 12 months: 4.85%
Holdings: 17
Avg volume · 30D: 3.05K sh
52W range: low $21.26high $28.65
Launched: May 19, 2023

*After a fee waiver that ends Oct 31, 2027. Without it: 5.82%.

The ETF.net ZTAX Grade

—

Under classification review

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.

ZTAX Holdings

As of Oct 23, 2026

Asset class: Bonds
Holdings: 17
Top-10 weight: 90%
Largest holding: Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue19.6%

The fund’s holdings, weight-ordered — page 1 of 2.
#	Ticker	Company	Weight %	Shares	Market value	Held by ETFs
1	—	Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	19.57%	1,051,000	$968K	7
2	—	Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	15.90%	875,000	$786K	6
3	—	Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	11.43%	596,000	$565K	9
4	—	Matching Fund Special Purpose Securitization Corp.	8.56%	425,000	$423K	1
5	—	Commonwealth of Puerto Rico	8.42%	445,000	$416K	1
6	—	Commonwealth of Puerto Rico	5.76%	268,235	$285K	2
7	—	Puerto Rico Commonwealth Aqueduct & Sewer Authority	5.27%	280,000	$261K	4
8	—	Puerto Rico Commonwealth Aqueduct & Sewer Authority	5.10%	250,000	$252K	1
9	—	Puerto Rico Commonwealth Aqueduct & Sewer Authority	5.03%	250,000	$249K	1
10	—	Commonwealth of Puerto Rico	4.77%	246,000	$236K	3
11	—	Puerto Rico Commonwealth Aqueduct & Sewer Authority	4.33%	250,000	$214K	1
12	—	Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.30%	213,000	$213K	4
13	—	Commonwealth of Puerto Rico	3.90%	221,479	$193K	6
14	—	Commonwealth of Puerto Rico	3.64%	178,180	$180K	8
15	—	Territory of Guam	1.75%	90,000	$86.5K	1

Showing 1–15 of 17 holdings

ZTAX Performance

Launched May 19, 2023

ZTAX$10,154

$11,435

Oct 23, 2025 – Oct 23, 2026

Trailing total return for ZTAX. Periods over one year show the average yearly return.
Period	ZTAX
Year to date	−2.4%
1 month	−2.4%
3 months	−3.6%
1 year	+1.5%
3 years	per year+4.3%
5 yearsFund is under 5 years old	per year—
10 yearsFund is under 10 years old	per year—

As of the Oct 23, 2026 close, with distributions reinvested.

Annual total returns for ZTAX
Year	Return bar	ZTAX
2026 YTD		−2.4%
2025		−1.1%
2024		+8.0%
2023		+9.2%

Since listing, May 19, 2023

ZTAX in the news

No ETF.net Research article names ZTAX yet.

ZTAX Dividends

: 4.85%Last 12 months
Payout per share: $1.16Last 12 months

Last payment: $0.05 per share
Paid on: Oct 5, 2026
: Oct 2, 2026
Frequency: Quarterly

Distribution history

2023–2026

Ex-date	Pay date	Amount per share
Oct 2, 2026	Oct 5, 2026	$0.05
Jul 2, 2026	Jul 6, 2026	$0.55
Apr 2, 2026	Apr 6, 2026	$0.06
Jan 2, 2026	Jan 5, 2026	$0.51
Oct 2, 2025	Oct 3, 2025	$0.06
Jul 2, 2025	Jul 7, 2025	$0.52
Apr 2, 2025	Apr 4, 2025	$0.06
Jan 2, 2025	Jan 3, 2025	$0.54
Oct 2, 2024	Oct 3, 2024	$0.07
Jul 1, 2024	Jul 2, 2024	$0.54
Apr 1, 2024	Apr 3, 2024	$0.05
Jan 2, 2024	Jan 4, 2024	$0.58

See all 14 payments⁠

ZTAX Risk

: 8.7%; Annualised · 36 months to Sep 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.
: −0.02; vs 3-month T-bills · to Sep 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.
: −23.8%; 41 months · trough Oct 2026; 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.
: 0.93; 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.
FMP measures it over up to five years of monthly returns.

ZTAX Cost

Expense ratio0.92%

ZTAX costs $92.00 a year on $10,000.

*How the 0.92% is worked out

You pay 0.92%Waived by X-Square 4.90%

Full fee 5.82%− waiver 4.90%= you pay 0.92%

The waiver ends Oct 31, 2027. After that the fee is 5.82% unless X-Square renews it. Source: prospectus, Jan 2026.

X-Square Municipal Income ETF

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

Trailing returnsReturns run to the Oct 23, 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.

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

Distribution history