---
ticker: "ZTAX"
name: "X-Square Municipal Income ETF"
url: "https://etf.net/etf/ZTAX"
grade: null
no_grade_reason: "Under classification review"
price: 23.91
price_as_of: "Oct 23, 2026, 4:00 PM ET"
methodology: "https://etf.net/methodology"
---

# ZTAX: X-Square Municipal Income ETF

Not graded: 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.

Price $23.91, 0.00 (0.00%) from the previous close. At close: Oct 23, 2026, 4:00 PM ET.

## Top holdings

The fund holds 17 positions. These are the largest 17, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | — | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 19.57% |
| 2 | — | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 15.90% |
| 3 | — | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 11.43% |
| 4 | — | Matching Fund Special Purpose Securitization Corp. | 8.56% |
| 5 | — | Commonwealth of Puerto Rico | 8.42% |
| 6 | — | Commonwealth of Puerto Rico | 5.76% |
| 7 | — | Puerto Rico Commonwealth Aqueduct & Sewer Authority | 5.27% |
| 8 | — | Puerto Rico Commonwealth Aqueduct & Sewer Authority | 5.10% |
| 9 | — | Puerto Rico Commonwealth Aqueduct & Sewer Authority | 5.03% |
| 10 | — | Commonwealth of Puerto Rico | 4.77% |
| 11 | — | Puerto Rico Commonwealth Aqueduct & Sewer Authority | 4.33% |
| 12 | — | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.30% |
| 13 | — | Commonwealth of Puerto Rico | 3.90% |
| 14 | — | Commonwealth of Puerto Rico | 3.64% |
| 15 | — | Territory of Guam | 1.75% |
| 16 | — | Commonwealth of Puerto Rico | 1.34% |
| 17 | — | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 0.84% |

Source: etf.net, https://etf.net/etf/ZTAX. Please cite the page URL.