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ZTAX ETF — X-Square Municipal Income Tax Free ETF
X-Square Municipal Income Tax Free ETF (ZTAX)
Updated October 16, 2026.
Verdict as of October 16, 2026
ZTAX's distribution is rated generally safe by the Dividend Vision Distribution Safety Score™ (72/100, high confidence). It pays quarterly and its distribution rate is 4.87%. The latest total cash payment per current share, $0.046 with an ex-date of October 2, 2026, was 91.6% lower than the previous $0.548. These payments are unclassified; this does not establish a base-dividend change.
Sources: Xsquare Capital, Section 19a-1 notices, scoring methodology.
ZTAX is an ETF. its distribution rate is 4.87%, its trailing-12-month yield is 4.87%, its expense ratio is 0.92%. Dividend Vision Distribution Safety Score™ is 72/100 (Generally safe). Total return is 13.4% over the past 3.4 years, 77.0 points behind SPY at 90.4%.
ZTAX dividend yield and income
Price as of 2026-10-16.
Trailing-12-month yield (4.87%) is the last year of cash distributions by ex-date divided by the current price. The dividend amount is $0.046. The ex-dividend date is 10/02/2026. The payment date is 10/05/2026.
| Ex-date | Amount | Change from previous payment |
|---|---|---|
| 2026-10-02 | $0.046 | -91.6% Unclassified cash |
| 2026-07-02 | $0.548 | 828.8% Unclassified cash |
| 2026-04-02 | $0.059 | -88.4% Unclassified cash |
| 2026-01-02 | $0.507 | 759.3% Unclassified cash |
| 2025-10-02 | $0.059 | -88.7% Unclassified cash |
| 2025-07-02 | $0.52 | 781.4% Unclassified cash |
| 2025-04-02 | $0.059 | -89.0% Unclassified cash |
| 2025-01-02 | $0.537 | 678.3% Unclassified cash |
| 2024-10-02 | $0.069 | -87.2% Unclassified cash |
| 2024-07-01 | $0.537 | 1042.6% Unclassified cash |
| 2024-04-01 | $0.047 | -91.9% Unclassified cash |
| 2024-01-02 | $0.582 | 185.3% Unclassified cash |
| 2023-09-29 | $0.204 | -43.3% Unclassified cash |
| 2023-07-20 | $0.36 | — |
| 2023 total (partial launch year) | $0.564 | — |
| 2024 total | $1.235 | — |
| 2025 total | $1.175 | -4.9% |
| 2026 YTD total | $1.16 | -1.3% vs prior-year YTD |
ZTAX dividend growth
Trailing-12-month distributions versus the preceding 12 months changed -1.3%. The 1Y row below uses this same adjacent TTM cash-window comparison. The deepest trailing-12-month payout decline in the past five years is -22.25%.
| Window | Change |
|---|---|
| 1Y | -1.3% |
ZTAX holdings and sector exposure
Holdings are not available for this snapshot.
ZTAX performance versus SPY
Price and return data through 2026-10-16.
Total return is 13.4% over the past 3.4 years, 77.0 points behind SPY at 90.4%. Over the past year its total return — price change plus distributions reinvested — is 0.9%. Its deepest 1-year drawdown was 23.8%.
| Window | Total return | CAGR |
|---|---|---|
| 1M | -4.1% | — |
| 3M | -5.1% | — |
| 6M | -4.1% | — |
| YTD | -2.8% | — |
| 1Y | 0.9% | — |
| 2Y CAGR | — | -0.70% |
| 3Y CAGR | — | 4.10% |
| Since inception (3.4 years) | 13.4% | 3.80% |
ZTAX key facts
- Distribution Safety Score™
- 72 · Generally safe
- Safety-Adjusted Yield
- 3.51%
- Issuer
- Xsquare Capital
- Asset type
- ETF
- Asset class
- Fixed Income
- Inception date
- 05/18/2023
- Expense ratio
- 0.92%
- Distribution rate
- 4.87%
- Distribution frequency
- Quarterly
- Trailing yield
- 4.87%
- Last close
- $23.80 (as of 2026-10-16)
- AUM
- $5,517,943
- Average volume
- 1523.0
- Dividend
- $0.046
- Ex-dividend date
- 10/02/2026
- Payment date
- 10/05/2026
- Beta
- 0.96
How Dividend Vision calculates yield and returns
Distribution rate (4.87%) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (4.87%) is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.
Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology
Sources and review
Primary sources: Xsquare Capital; prices and distributions from Dividend Vision, derived from vendor EOD data.
Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.
ZTAX risks and drawbacks
Payments are quarterly, so cash flow is lumpy versus a monthly fund. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 23.8%.
Who may consider ZTAX — and who may not
ZTAX may suit someone looking for moderate current income with a quality tilt. It is a weaker fit for investors who need monthly cash flow (ZTAX pays quarterly); investors hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.
More on ZTAX
Frequently asked questions
Does ZTAX pay monthly?
No. ZTAX currently pays quarterly, not monthly.
What is ZTAX's expense ratio?
ZTAX's expense ratio is 0.92%.
How has ZTAX's dividend grown?
Trailing-12-month distributions versus the preceding 12 months changed -1.3%. That is the same adjacent TTM cash-window comparison used in the dividend-history table.
When does ZTAX pay a dividend?
ZTAX pays quarterly. The dividend amount is $0.046. The ex-dividend date is 10/02/2026. The payment date is 10/05/2026.
How has ZTAX performed?
Total return is 13.4% over the past 3.4 years, 77.0 points behind SPY at 90.4%. Over the past year its total return — price change plus distributions reinvested — is 0.9%. Its deepest 1-year drawdown was 23.8%.
Is ZTAX a good investment?
ZTAX's Dividend Vision Distribution Safety Score is 72 (Generally safe). That is a risk signal, not investment advice. Its distribution rate is 4.87% (calculation basis unavailable). Compare peers below rather than treating any single figure as a buy or sell.
More securities from Xsquare Capital.
Tickers
Holdings as-of date unavailable.
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