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 a triple-tax exemption, making them 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 funds broad investments may be of any maturity, duration or credit quality. 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. Before May 28, 2024, the fund traded as X-Square Municipal Income Tax Free ETF.