- Issuer
- X-Square
- Inception Date
- May 18, 2023
- Category
- Municipal Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $5M
Highlights
- Avg. Volume (1M)
- 5K
- Avg. Volume Value (1M)
- $122.22K
Share Price Chart
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Performance
ZTAX Performance Chart
X-Square Municipal Income Tax Free ETF (ZTAX) is up 3.9% since the beginning of the year. ZTAX is currently trading at $26 per share.
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Returns By Period
X-Square Municipal Income Tax Free ETF (ZTAX) has returned 3.92% so far this year and 8.35% over the past 12 months.
X-Square Municipal Income Tax Free ETF
- 1D
- 0.18%
- 1M
- -0.40%
- 6M
- 2.67%
- YTD
- 3.92%
- 1Y
- 8.35%
- 3Y*
- 5.08%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.53%
Benchmark (S&P 500 Index)
- 1D
- 1.66%
- 1M
- -0.82%
- 6M
- 6.72%
- YTD
- 8.65%
- 1Y
- 16.89%
- 3Y*
- 17.46%
- 5Y*
- 11.09%
- 10Y*
- 13.10%
- ALL TIME*
- 8.07%
ZTAX Monthly Returns History
Based on dividend-adjusted daily data since May 19, 2023, ZTAX's average daily return is +0.03%, while the average monthly return is +0.39%. At this rate, an investment would double in approximately 14.8 years.
Historically, 54% of months were positive and 46% were negative. The best month was Oct 2025 with a return of +6.3%, while the worst month was Apr 2025 at -3.7%. The longest winning streak lasted 4 consecutive months, and the longest losing streak was 4 months.
On a daily basis, ZTAX closed higher 41% of trading days. The best single day was Jun 10, 2026 with a return of +10.7%, while the worst single day was Jun 11, 2026 at -9.5%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.05% | -0.14% | 1.00% | 1.82% | -2.47% | 4.12% | -0.40% | 3.92% | |||||
| 2025 | -0.33% | -2.95% | -2.07% | -3.73% | 1.16% | 2.97% | 0.05% | 0.63% | -0.22% | 6.33% | -3.11% | 0.71% | -1.02% |
| 2024 | -0.56% | 1.64% | 4.55% | -3.31% | 0.99% | -0.41% | 2.46% | -2.19% | 2.05% | 4.68% | -3.22% | 1.42% | 7.98% |
| 2023 | -2.12% | 1.57% | -0.11% | -0.79% | -0.18% | 0.16% | 3.06% | 2.18% | 3.74% |
Benchmark Metrics
X-Square Municipal Income Tax Free ETF has an annualized alpha of 11.31%, beta of -0.11, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since May 19, 2023.
- This ETF participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (16.62%) than losses (13.52%) - typical of diversified or defensive assets.
- Beta of -0.11 may look defensive, but with R2 of 0.00 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.00 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 11.31%
- Beta
- -0.11
- R²
- 0.00
- Upside Capture
- 16.62%
- Downside Capture
- 13.52%
Expense Ratio
ZTAX has a high expense ratio of 1.14%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
ZTAX ranks 21 for risk / return — above 21% of ETFs peers on PortfoliosLab. Its historical combined result is below the peer median.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for X-Square Municipal Income Tax Free ETF (ZTAX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ZTAX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.06 | ||
| Sortino ratioReturn per unit of downside risk | -1.25 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.24 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.74 | 1.86 | -1.12 |
| Martin ratioReturn relative to average drawdown | 1.55 | 7.90 | -6.35 |
Dividends
Dividend History
X-Square Municipal Income Tax Free ETF provided a 4.60% dividend yield over the last twelve months, with an annual payout of $1.17 per share.
| Period | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Dividend | $1.17 | $1.18 | $1.23 | $0.56 |
Dividend yield | 4.60% | 4.58% | 4.55% | 2.14% |
Monthly Dividends
The table displays the monthly dividend distributions for X-Square Municipal Income Tax Free ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.51 | $0.00 | $0.00 | $0.06 | $0.00 | $0.00 | $0.55 | $1.11 | |||||
| 2025 | $0.54 | $0.00 | $0.00 | $0.06 | $0.00 | $0.00 | $0.52 | $0.00 | $0.00 | $0.06 | $0.00 | $0.00 | $1.18 |
| 2024 | $0.58 | $0.00 | $0.00 | $0.05 | $0.00 | $0.00 | $0.54 | $0.00 | $0.00 | $0.07 | $0.00 | $0.00 | $1.23 |
| 2023 | $0.36 | $0.00 | $0.20 | $0.00 | $0.00 | $0.00 | $0.56 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the X-Square Municipal Income Tax Free ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the X-Square Municipal Income Tax Free ETF was 15.33%, occurring on Apr 10, 2025. Recovery took 292 trading sessions.
The current X-Square Municipal Income Tax Free ETF drawdown is 8.76%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-15.33%Apr 2025 | 9mo 20d | 1y 2mo | 1y 11moJun 2024 - Jun 2026 | 2025 selloff2025 |
-11.90%Oct 2023 | 2mo 23d | 4mo 28d | 7mo 21dJul 2023 - Mar 2024 | — |
-11.26%Jul 2026 | 23d | — | 1mo 14dJun 2026 - now | — |
-9.50%Jun 2026 | 0s | 5d | 5dJun 2026 - Jun 2026 | — |
-8.04%May 2023 | 0s | 13d | 13dMay 2023 - Jun 2023 | — |
Drawdown Indicators
| ZTAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.33% | -56.78% | +41.45% |
Max Drawdown (1Y)Largest decline over 1 year | -11.26% | -9.10% | -2.16% |
Max Drawdown (3Y)Largest decline over 3 years | -15.33% | -18.90% | +3.57% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -8.76% | -2.26% | -6.50% |
Average DrawdownAverage peak-to-trough decline | -6.90% | -10.70% | +3.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.40% | 2.14% | +3.26% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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