Performance
The Fund launched on 05/19/2023. Performance information is not available at this time.
Fund Details
Objective & Strategy
X-Square Municipal Income ETF (the “Fund”) seeks to provide income exempt from federal income tax.
The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing in a non-diversified portfolio of U.S. dollar-denominated municipal securities issued by Puerto Rico, Guam and the U.S. Virgin Islands.
Under normal market conditions, the Fund invests at least 80% of its assets (defined as net assets plus any borrowing for investment purposes, if any) in municipal securities issued by Puerto Rico, Guam and the U.S. Virgin Islands (“80% investment policy”). Municipal securities may be of any maturity, duration or credit rating including those rated below investment grade (commonly known as “junk bonds”). The Fund considers non-investment grade fixed income securities to be those that are rated lower than Baa3 by Moody’s Investors Service (“Moody’s”) or lower than BBB- by Standard and Poor’s Rating Group (“S&P”).
The Fund’s adviser identifies municipal security investments by analyzing the issuer’s legal and economic fundamentals, strength and quality of revenues and other fundamentals.
The Fund is a “non-diversified” fund which means that the Fund may invest in fewer securities at any one time than a diversified fund.
Portfolio Management
Premium Discount
| Days Traded at Premium | Days Traded at Discount | |
|---|---|---|
Performance data quoted represent past performance. Past performance is no guarantee of future results so that shares, when redeemed may be worth more or less than their original cost. The investment return and principal value will fluctuate. Current performance may be higher or lower than the performance quoted.
*A Basis Point is a unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument.
The above frequency distribution chart presents information about the difference between the daily market price for shares of the Fund and the Fund's reported net asset value. The amount that the fund's market price is above the reported NAV is called the premium. The amount that the fund's market price is below the reported NAV is called the discount. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated (usually 4:00 pm Eastern time). The horizontal axis of the chart shows the premium or discount expressed in basis points. The vertical axis indicates the number of trading days in the period covered by the chart. Each bar in the chart shows the number of trading days in which the Fund traded within the premium/discount range indicated.
Distributions
The Fund launched on 05/19/2023. Distribution information is not available at this time.
