ZTAX
·ARCA
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Key Stats
Assets Under Management
4.56MUSD
Fund Flows (1Y)
639.50KUSD
Dividend Yield
4.52%
Discount/Premium to NAV
1.29%
Shares Outstanding
179.00K
Expense Ratio
1.01%
About X-Square Municipal Income ETF
Issuer
X-Square Capital
Brand
X-Square
Home Page
Inception Date
May 19, 2023
Structure
Open-Ended Fund
Index Tracked
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Management Style
Active
Dividend Treatment
Distributes
Distribution Tax Treatment
Ordinary income
Income Tax Type
Capital Gains
Max ST Capital Gains Rate
39.60%
Max LT Capital Gains Rate
20.00%
Primary Advisor
X Square Capital LLC
Distributor
ALPS Distributors, Inc.
ZTAX takes advantage of tax exemptions in US territories through investments in USD-denominated municipal securities issued by Puerto Rico, Guam, and the US Virgin Islands. Securities from these territories qualify for triple-tax exemption, meaning it is exempt from federal, state, and local taxes. The fund expects assets to be invested mainly in Puerto Rico (65-80%) and, to a lesser degree, in the US Virgin Islands (10-25%) and Guam (5-10%). Securities are analyzed using legal and economic fundamentals, revenue strength and quality, and other fundamentals. The fund intends to invest in bonds perceived to have attractive relative values. The fund's broad investments may be of any maturity, duration or credit quality, which may include bonds rated below investment grade. As an actively managed ETF, the fund managers have full discretion to make buy, hold, and sell decisions at any time. ZTAX is the first triple-tax exempt and Puerto Rico ETF in the US.
Classification
Asset Class
Fixed Income
Category
Government, Local Authority/Municipal
Focus
Broad Credit
Niche
Broad Maturities
Strategy
Active
Geography
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Weighting Scheme
Proprietary
Selection Criteria
Proprietary
Returns
1-Month | 3-Month | YTD | 1-Year | 3-Year | 5-Year | |
|---|---|---|---|---|---|---|
Price Performance | +2.16% | +4.99% | -2.04% | -1.05% | +0.19% | +0.19% |
NAV Total Return | +0.27% | +1.59% | +5.69% | +4.00% | +0.08% | +0.08% |
Ratings
No data is currently available
Ainvest’s AI-powered ETF Scoring Algorithm, built to help retail investors make smarter, data-driven decisions. Leveraging deep learning, reinforcement learning, and large language models, the algorithm scores ETFs across five key dimensions: Fund Flow, Momentum, Safety, Fundamentals, and Performance. Each factor is weighted by its correlation to future returns, resulting in a single, actionable score. Backtested over five years with consistently strong predictive accuracy. Ainvest brings institutional-grade artificial intelligence to everyday investors—transforming complexity into clarity with every score.
Holdings Analysis
Sector
No data is currently available
Asset
No data is currently available
Region
No data is currently available
Investment Style
No data is currently available
Top 10 Holdings
Symbol
Ratio
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
20.44%
Commonwealth of Puerto Rico
13.37%
Matching Fund Special Purpose Securitization Corp.
9.67%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue-1
9.62%
Commonwealth of Puerto Rico-1
7.54%
Cash and Equivalents
6.98%
Puerto Rico Commonwealth Aqueduct & Sewer Authority
6.02%
Commonwealth of Puerto Rico-2
5.99%
Puerto Rico Commonwealth Aqueduct & Sewer Authority-1
5.69%
Puerto Rico Commonwealth Aqueduct & Sewer Authority-2
5.63%
Top 10 Weight 90.95%
14 Total Holdings
Dividends
Dividend Payout History
Declaration Date | Record Date | Payment Date | Amount |
|---|---|---|---|
| 2025-10-02 | 2025-10-02 | 2025-10-03 | 0.059 |
| 2025-07-02 | 2025-07-02 | 2025-07-07 | 0.520 |
| 2025-04-02 | 2025-04-02 | 2025-04-04 | 0.059 |
| 2025-01-02 | 2025-01-02 | 2025-01-03 | 0.162 |
| 2024-10-02 | 2024-10-02 | 2024-10-03 | 0.069 |
| 2024-07-01 | 2024-07-01 | 2024-07-02 | 0.536 |
| 2024-04-01 | 2024-04-02 | 2024-04-03 | 0.046 |
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Premium/Discount Chart
Premium/Discount to NAV
Price
1M
Assets Under Management
Assets Under Management
1M
Fund Flows
Inflows
Outflows
1M
