ZTAX Fees and Costs — X-Square Municipal Income Tax Free ETF
Data updated: 2026-08-14
The net expense ratio is 0.92%: a 0.65% management fee plus 5.17% other expenses, less a 4.90% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $30 in broker commissions, 0.0007% of average net assets, and portfolio turnover was 1%.
ZTAX Fees and Expenses
Annual operating expenses and sales charges of ZTAX. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | 0.00% |
| Other expenses | 5.17% |
| Gross expense ratio | 5.82% |
| Fee waiver | −4.90% |
| Net expense ratio | 0.92% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
ZTAX Costs Over Time
On $10,000 invested in ZTAX, assuming 5% a year before costs, total costs come to $577 over 5 years, cutting the return by 0.97% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.92%) | $97 | $302 | $524 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $0 | $15 | $53 |
| Total costs | $97 | $317 | $577 |
| Value after costs | $10,403 | $11,259 | $12,186 |
| Impact on return, per year | 0.97% | 0.97% | 0.97% |
ZTAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0007%
- Total broker commissions: $30
- Bought from dealers (principal trades, not a cost): $36K
- Portfolio turnover (prospectus): 1%
- Securities lending: none during the year
ZTAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JPMORGAN DISTRIBUTION SERVICES, INC. | $10 | 33.33% |
| Morgan Stanley | $10 | 33.33% |
| Bank of America | $10 | 33.33% |
ZTAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JPMORGAN DISTRIBUTION SERVICES, INC. | $36K | 100.00% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.