What were the Fund's cost for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
| X- Square Municipal Income ETF | $127 | 1.27% |
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How did the Fund perform last year?
Although the interest rate environment has remained in restrictive territory, ZTAX has performed well, thanks to the robust underlying fundamentals of Puerto Rico’s fiscal environment. Tax revenues, which are at record levels and surpassing expectations, have acted as a tailwind for the Island’s finances. In addition, the Central Government's cash reserves, also at record highs, make the Island the most well-capitalized jurisdiction within the U.S. on a relative basis. As a result, Puerto Rico’s restructured municipal bonds have outperformed their U.S. counterparts. Additionally, the anticipation and aggressive pricing of Federal Reserve rate cuts in the second half of 2024 and throughout 2025 have supported municipal bonds more broadly. However, an increase in supply, driven by election uncertainty, has led to a rise in issuances across the municipal bond market, which has acted as a headwind. We will continue to closely monitor the fiscal and economic landscape in Puerto Rico and capitalize on any opportunities that may create shareholder value.
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| AVERAGE ANNUAL TOTAL RETURNS | ||
| 1 Year | Since Inception | |
| X- Square Municipal Income ETF - NAV (Incep. May 18, 2023) | 12.85% | 8.53% |
| Bloomberg Municipal Bond: High Yield (non-Investment Grade)Index | 17.38% | 10.03% |
| FUND STATISTICS | |
| Total Net Assets | $4,026,990 |
| # of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 54% |
| Advisory Fees Paid | $23,035 |
| TOP 10 HOLDINGS (as of % Net Assets) | |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, 4.784%, 07/01/2058 | |
| Commonwealth of Puerto Rico, 4.00%, 07/01/2035 | |
| Matching Fund Special Purpose Securitization Corp., 5.00%, 10/01/2039 | |
| Commonwealth of Puerto Rico, 5.625%, 07/01/2027 | |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, 07/01/2047 | |
| Commonwealth of Puerto Rico, 5.75%, 07/01/2031 | |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, 07/01/2037 | |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, 07/01/2028 | |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, 4.329%, 07/01/2040 | |
| Territory of Guam, 4.00%, 01/01/2036 | |
Material Fund Changes
There have been no material fund changes during the reporting period.