X-Square Capital Launches First Triple Tax-Exempt Municipal Bond ETF Focused on U.S. Territories

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X-Square Capital, a Puerto Rico-based advisory firm, has introduced the Triple Tax-Exempt Municipal Bond ETF (ZTAX), which is the first bond fund to exclusively target triple-tax-exempt municipal bonds from U.S. territories. The fund, launched on May 19, primarily invests in muni bonds issued by Puerto Rico, with additional allocations to the U.S. Virgin Islands and Guam. With an expense ratio of 1.1%, ZTAX distinguishes itself as a unique offering in the market. The bond’s attractiveness stems from a long-standing law granting Puerto Ricans U.S. citizenship and exempting income from Puerto Rican bonds from local, state, and federal taxes. While muni funds faced challenges in 2022, this year’s prospects for the asset class appear brighter, as expectations of a pause in interest rate increases and a potential recession could benefit municipal bonds historically.

ETF Newz Says:

Despite Puerto Rico’s ongoing economic recovery from its debt crisis and bankruptcy, the fund’s bonds reflect optimism for the territory’s future trajectory.


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