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TAXX

BondBloxx IR+M Tax-Aware Short Duration ETF

ACTIVE

Net asset value

$50.60

EXPENSE RATIO

0.35%

TAX Equivalent Yield

5.53%

30-Day Sec Yield

3.52%
ALL DATA AS OF 07/21/2025, UNLESS OTHERWISE STATED. 30-DAY SEC YIELD AS OF 06/30/2025. The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance please visit the performance section of this page.

Overview

The BondBloxx IR+M Tax-Aware Short Duration ETF (TAXX) is an actively managed fund that seeks attractive after-tax income, consistent with preservation of capital and prudent investment management.

TAXX invests in a diversified portfolio with at least 50% exposure to U.S. dollar denominated municipal bonds and the remainder invested in taxable short duration fixed income securities.

Key Features

Seeks to maximize after-tax income: Provides exposure to a diversified portfolio of municipal and taxable short duration bonds, a wider opportunity set to improve after-tax total return potential than municipal bonds alone.

Actively managed tax-aware strategy: Dynamically adjusts the weights of tax-exempt and taxable bonds using a bottom-up, relative value approach.

Experienced investment team: Leverages the strength of a team with extensive experience in active tax-aware strategies and ETF management.

Investment Team

The fund’s sub-adviser is Income Research + Management (IR+M), a fixed income investment management firm with extensive experience in active portfolio management and tax-aware strategies. IR+M provides asset allocation and tax efficient security selection recommendations for TAXX. Learn more about IR+M.

Portfolio managers: Elya Schwartzman, Mike Sheldon, Jim Gubitosi, Rachel Campbell, Allysen Mattison, Bill O’Neill, Jake Remley, Matt Walker, Wesly Pate

Fund Details

Product Name BondBloxx IR+M Tax-Aware Short Duration ETF
Ticker TAXX
CUSIP 09789C721
Asset Class Fixed Income
Fund Inception Date 3/14/2024
Exchange NYSE Arca
Distribution Frequency Monthly
Fund Net Assets $181,670,611
Shares Outstanding 3,590,000
Median Spread 0.12%
Premium Discount Ratio 0.39%
Closing Price as of 07/21/2025 $50.80

Fees

Management Fee 0.35%
Acquired Fund Fees and Expenses 0.00%
Foreign Taxes and Other Expenses 0.00%
Expense Ratio 0.35%

Asset Breakdown

Portfolio Characteristics

Average Coupon 4.61%
Average Maturity 4.85 Years
30-Day SEC Yield 3.52%
* 30-Day SEC Yield is as of 06/30/2025
Yield to Worst 3.87%
Option Adjusted Duration 1.72 Years
Tax Equivalent Yield 5.53%
After-Tax Yield 3.27%

Detailed Asset Breakdown

Munis - Revenue 57.2%
Munis - GO 13.9%
Securitized - ABS 8.2%
Corporate - Finance 8%
Securitized - CMBS 6.4%
Corporate - Industrial 4.3%
Securitized - RMBS 1.3%
Corporate - Utility 0.1%
Due to rounding, these values may exceed 100%

Performance Benchmark Details

Performance Benchmark Bloomberg Municipal 1-3 Year Index
Ticker I20907US

Duration Breakdown %

Credit Rating Breakdown %

Bloomberg index credit quality ratings are based on the middle rating of Moodys, S&P and Fitch, and range from AAA to C or D (depending on the agency issuing the rating). Investment-grade is represented by a rating of BBB- or above.

Holdings

Asset Weight
Municipal 71.070 %
Securitized 15.950 %
Credit 12.510 %
Asset Weight
Munis - Revenue 57.220 %
Munis - GO 13.850 %
Securitized - ABS 8.210 %
Corporate - Finance 8.030 %
Securitized - CMBS 6.430 %
Corporate - Industrial 4.340 %
Securitized - RMBS 1.310 %
Corporate - Utility 0.140 %
State Weight
Illinois 9.94 %
Texas 8.01 %
Alabama 5.05 %
Indiana 4.31 %
Washington 3.93 %
Georgia 3.93 %
Pennsylvania 3.40 %
Florida 3.04 %
New York 2.91 %
Wisconsin 2.68 %
Michigan 2.60 %
Arizona 2.48 %
Oklahoma 2.14 %
New Jersey 2.13 %
South Carolina 1.63 %
Missouri 1.41 %
Tennessee 1.20 %
Iowa 1.00 %
Connecticut 0.96 %
Kentucky 0.86 %
Colorado 0.80 %
Minnesota 0.78 %
Louisiana 0.71 %
North Carolina 0.70 %
West Virginia 0.61 %
Nebraska 0.59 %
District Of Columbia 0.58 %
Nevada 0.57 %
Ohio 0.49 %
Virginia 0.31 %
Mississippi 0.29 %
Maryland 0.29 %
Utah 0.29 %
Rhode Island 0.25 %
Arkansas 0.20 %
Non-Municipal Bonds 28.93 %
Name CUSIP Market Value % of Net Assets
CASHUSD CASHUSD $5,257,146.65 2.890 %
PHOENIX AZ INDL D V/R 02/01/59 718903RV1 $3,599,927.64 1.980 %
INDIANA ST FIN AU V/R 10/01/64 45470YGD7 $3,135,454.61 1.730 %
CHICAGO IL O'HARE 5% 01/01/31 167593VN9 $2,426,487.76 1.340 %
DENTON TX INDEP S V/R 08/15/55 249002NL6 $2,325,588.04 1.280 %
MAIN STREET NATUR V/R 09/01/52 56035DDX7 $2,314,280.39 1.270 %
WISCONSIN ST 5% 05/01/28 97705MM69 $2,127,351.98 1.170 %
INDIANA ST FIN AU V/R 10/01/60 45470YFM8 $1,900,995.48 1.050 %
FLORIDA ST TURNPIK 5% 07/01/28 343137BT1 $1,900,652.84 1.050 %
UNIV OK REVENUES 5% 07/01/29 91476PQA9 $1,888,876.58 1.040 %
KING CNTY WA SCH D 4% 12/01/31 4952243A3 $1,793,308.35 0.990 %
SOUTH CAROLINA ST V/R 11/01/55 83703EMV4 $1,694,541.57 0.930 %
LEE CNTY FL SCH BR 5% 08/01/32 523494PT3 $1,645,995.17 0.910 %
JPMMT 2025-5MPR V/R 11/25/55 46593VAB3 $1,570,193.08 0.860 %
SAN ANTONIO TX ELE 5% 02/01/32 7962534U3 $1,524,110.13 0.840 %
DALLAS TX INDEP S V/R 02/15/55 235308Q63 $1,419,262.78 0.780 %
TEXAS ST MUNI GAS 5% 01/01/28 88256RAC0 $1,407,923.46 0.770 %
CONNECTICUT ST SPL 5% 09/01/30 207758VS9 $1,370,852.43 0.750 %
NORTH CAROLINA HS V/R 07/01/56 65820BBB1 $1,277,847.16 0.700 %
CLARKE CNTY GA HOS 5% 07/01/30 181685JD1 $1,270,317.28 0.700 %
ILLINOIS ST 5% 11/01/26 452152Q61 $1,245,026.88 0.690 %
WILLIS TX INDEP SC 4% 02/15/31 970667YB1 $1,245,073.61 0.690 %
MICHIGAN ST FIN AU 5% 11/15/25 59447TMA8 $1,224,906.78 0.670 %
SAINT JOSEPH CNTY 5% 04/01/26 790608EQ2 $1,213,352.07 0.670 %
PENNSYLVANIA ST TU 5% 06/01/29 709224QL6 $1,203,105.57 0.660 %
NEW JERSEY ST TRAN 5% 06/15/30 6461363N9 $1,203,557.30 0.660 %
TENNERGY CORP TN V/R 10/01/54 880397CJ1 $1,157,085.64 0.640 %
WISCONSIN ST HSG V/R 08/01/58 97689RFG4 $1,145,896.18 0.630 %
NORTH EAST TX IND V/R 08/01/49 659155QL2 $1,144,331.31 0.630 %
SUBWAY 2024-1 6.028% 07/30/29 864300AA6 $1,150,133.69 0.630 %
BLACK BELT ENERGY V/R 10/01/52 09182TAM9 $1,139,399.29 0.630 %
ELMW1 2019-1A A1 V/R 04/20/37 290015AW6 $1,134,499.88 0.620 %
PITTSBURGH & ALLEG 4% 02/01/26 724791CC0 $1,128,161.76 0.620 %
NEW YORK CITY NY T 4% 05/01/31 64971WL65 $1,115,539.70 0.610 %
WEST VIRGINIA S 3.25% 11/01/27 95662NMV7 $1,115,082.43 0.610 %
SALES TAX SECURI 5.5% 01/01/33 79467BCB9 $1,064,823.43 0.590 %
TACOMA WA SOL WST 5% 12/01/31 87354VAK6 $1,073,684.36 0.590 %
CENTRL PLAINS ENER 5% 09/01/29 154871CE5 $1,064,860.33 0.590 %
DIST OF COLUMBIA H 5% 03/01/28 25477PQC2 $1,046,417.72 0.580 %
BLACK BELT ENERGY V/R 02/01/53 09182TCG0 $1,053,480.40 0.580 %
MICHIGAN ST BLDG A 5% 10/15/32 594615FN1 $1,035,002.02 0.570 %
VOLUSIA CNTY FL SC 5% 08/01/29 92884EJF5 $1,034,270.90 0.570 %
MAIN STREET NATUR V/R 03/01/50 56035DCR1 $1,017,893.67 0.560 %
HOUSTON CNTY AL HL 5% 10/01/25 441878BU8 $1,018,308.27 0.560 %
DECATUR GA HSG AU V/R 09/01/28 24311PAF5 $1,019,923.59 0.560 %
MADISON MACOUPIN E 4% 05/01/29 557738PJ4 $1,023,458.90 0.560 %
CHATTANOOGA TN HL V/R 12/01/29 162404DR5 $1,016,369.03 0.560 %
SNOHOMISH CNTY WA 4% 12/01/33 833209LY3 $1,010,361.87 0.560 %
BLACK BELT ENERGY V/R 04/01/53 09182TBC0 $1,018,616.53 0.560 %
NEW YORK CITY NY V/R 11/01/63 64972KCN3 $1,015,974.45 0.560 %
PLMRS 2021-4A A1 V/R 07/15/38 69702EAL9 $1,006,582.93 0.550 %
MOBILE AL INDL DE V/R 07/15/34 607167DX8 $1,002,577.57 0.550 %
PEND OREILLE CNTY 5% 01/01/33 706643CX9 $1,004,626.16 0.550 %
NEW JERSEY ST TRAN 5% 06/15/27 6461362B6 $994,161.91 0.550 %
NORTHSIDE TX INDE V/R 06/01/50 66702RR79 $1,000,195.46 0.550 %
GCBSL 2021-53A A V/R 07/20/34 38177YAL6 $994,113.97 0.550 %
CHICAGO IL WSTWTR ZCP 01/01/26 167727HT6 $985,651.70 0.540 %
MICHIGAN ST HSG 3.05% 06/01/26 594654YR0 $966,319.18 0.530 %
PENNSYLVANIA ST TU 5% 06/01/33 709224XH7 $969,209.81 0.530 %
COOK CNTY IL SALES 5% 11/15/25 213248DH7 $939,403.88 0.520 %
SOUTH CAROLINA ST 5% 05/01/33 83703FLF7 $941,223.69 0.520 %
MOUNT VERNON IL 4% 12/15/27 623385EY3 $928,850.38 0.510 %
SCRANTON-LACKAWANN 5% 11/01/29 810694J83 $921,102.21 0.510 %
BX 2025-VLT6 A V/R 03/15/27 12433KAA5 $935,582.66 0.510 %
SOUTHEAST ENERGY V/R 01/01/53 84136FBL0 $908,259.23 0.500 %
ARIZONA BRD OF RGT 5% 07/01/33 04048RSX5 $910,791.97 0.500 %
LANCASTER OH PORT V/R 02/01/55 514401BN7 $894,374.76 0.490 %
KENTUCKY ST ASSET/ 5% 09/01/27 49118NFK6 $894,216.35 0.490 %
ANKENY IA CMNTY SC 5% 06/01/29 035361CK8 $895,062.53 0.490 %
MISSOURI ST HLTH & 5% 10/01/25 60636ATZ6 $892,123.89 0.490 %
SOUTHEAST ENERGY V/R 01/01/54 84136GAK1 $878,963.64 0.480 %
KANSAS CITY MO SCH 5% 04/01/30 485096AP6 $857,496.21 0.470 %
KIND 2024-1 A V/R 08/15/26 494925AA8 $855,528.44 0.470 %
DU PAGE CNTY IL CM 5% 10/01/25 263493YM4 $831,076.42 0.460 %
SAINT CHARLES CNTY 5% 12/01/32 78764YDJ3 $815,008.91 0.450 %
US BANCORP V/R /PERP/ 902973BC9 $812,634.26 0.450 %
NEW YORK CITY NY V/R 11/01/63 64972E7D5 $824,037.36 0.450 %
BX 2024-BIO A V/R 02/15/29 05612AAA4 $813,509.43 0.450 %
LEE CNTY IL CMNTY 4% 01/01/33 523588BE0 $772,469.56 0.430 %
NEW YORK ST DORM A 5% 07/01/32 64990BT86 $758,612.77 0.420 %
CHICAGO IL WTRWKS 5% 11/01/28 167736N94 $764,471.68 0.420 %
OKLAHOMA ST CAPITO 5% 07/01/30 678514BQ2 $764,570.23 0.420 %
BLACK BELT ENERGY V/R 10/01/49 09182RBE0 $760,422.70 0.420 %
JPMCC 2024-OMNI V/R 10/05/27 46593JAA2 $750,398.23 0.410 %
BX 2024-XL4 A V/R 02/15/26 05611VAA9 $741,458.01 0.410 %
SAINT JOHN THE BA V/R 06/01/37 79020FBB1 $732,011.44 0.400 %
DEPOSITORY TRUST & V/R /PERP/ 249670AB6 $732,142.88 0.400 %
NEW JERSEY ST HS 3.6% 10/01/27 64613AHR6 $725,731.54 0.400 %
PARK CREEK CO MET 5% 12/01/31 700387DF7 $719,082.21 0.400 %
COLORADO ST HLTH V/R 11/15/60 19648FZQ0 $720,322.75 0.400 %
MACON CNTY IL SCH 4% 01/01/29 555597HJ5 $721,376.43 0.400 %
ILLINOIS ST HSG D V/R 10/01/27 45203LET6 $725,999.03 0.400 %
BX 2023-XL3 A V/R 01/15/26 12434GAA3 $719,573.50 0.400 %
BX 2024-VLT4 A V/R 07/15/29 05612TAA3 $711,302.05 0.390 %
BELL 2016-1A A 4.97% 05/25/26 87342RAC8 $708,235.71 0.390 %
BOOZ ALLEN HAM 3.875% 09/01/28 09951LAA1 $709,458.04 0.390 %
MINNESOTA MUNI GA V/R 12/01/52 60406UAM9 $708,558.04 0.390 %
BURKE CNTY GA DEV V/R 10/01/32 121342QM4 $702,813.86 0.390 %
SOUTHEAST ENERGY A 4% 06/01/29 84136FAR8 $713,953.99 0.390 %
DEWEY CNTY OK EDUC 5% 09/01/30 252020AN2 $706,379.61 0.390 %
MINNEAPOLIS MN HL V/R 11/15/52 60374VEW9 $712,572.71 0.390 %
WASHINGTON ST 5% 02/01/33 93974DF45 $709,382.07 0.390 %
SOUTHEAST ENERGY V/R 01/01/54 84136FBT3 $684,939.27 0.380 %
PNC FINANCIAL SERVI V/R /PERP/ 693475BD6 $672,029.38 0.370 %
BRUSHY CREEK TX RE 4% 08/01/31 117467ER7 $664,929.14 0.370 %
BX 2024-CNYN A V/R 04/15/41 05612HAA9 $678,947.78 0.370 %
AMERICAN EXPRESS CO V/R /PERP/ 025816CH0 $676,353.74 0.370 %
NORTHERN TRUST CORP V/R /PERP/ 665859AQ7 $675,705.28 0.370 %
TEXAS ST 5% 10/01/29 882723ZM4 $662,562.33 0.360 %
SOUTH BEND IN REDE 5% 08/01/28 836562D39 $656,585.94 0.360 %
JPMBB 2015-C33 A V/R 11/15/25 46645JAD4 $644,444.42 0.350 %
BCC 2022-6A A1R V/R 01/22/38 05685LAN4 $632,948.53 0.350 %
WISCONSIN ST HSG V/R 11/01/58 97689RFF6 $632,376.18 0.350 %
NEW JERSEY ST HS 3.5% 05/01/29 6461084N7 $644,791.77 0.350 %
NEVADA ST HSG DIV V/R 07/01/28 641272HR3 $630,120.48 0.350 %
WISCONSIN ST HLTH 5% 10/01/29 97712DSX5 $622,572.70 0.340 %
BX 2024-XL5 A V/R 03/15/26 05612GAA1 $616,410.79 0.340 %
DALLAS TX HSG FIN V/R 08/01/27 235298BV7 $626,375.34 0.340 %
WELLS FARGO & COMPA V/R /PERP/ 949746TD3 $609,137.74 0.340 %
METLIFE INC V/R /PERP/ 59156RCA4 $621,108.12 0.340 %
BANK OF NY MELLON C V/R /PERP/ 064058AH3 $613,320.98 0.340 %
CIFC 2021-4A AR V/R 07/23/37 12547DAL0 $610,767.32 0.340 %
ILLINOIS ST FIN AU 4% 12/01/31 45204EBR8 $614,515.14 0.340 %
PORT TACOMA WA 5% 12/01/27 735422NT0 $625,818.98 0.340 %
FORD MOTOR CREDI 2.7% 08/10/26 345397B77 $591,450.72 0.330 %
BX 2021-VOLT A V/R 09/15/23 05609VAA3 $604,969.36 0.330 %
TRUIST FINANCIAL CO V/R /PERP/ 89832QAE9 $601,369.83 0.330 %
LV 2024-SHOW A V/R 10/10/29 50245XAA5 $605,518.28 0.330 %
PEFA INC IA GAS P V/R 09/01/49 70556CAB0 $566,589.83 0.310 %
LOUISA VA INDL DE V/R 11/01/35 546068AY3 $560,872.20 0.310 %
LOUISIANA ST HSG V/R 02/01/28 54627CBU6 $555,940.58 0.310 %
DALLAS TX HOTEL OC 4% 08/15/28 235286AG6 $562,105.58 0.310 %
F&G GLOBAL FUND 1.75% 06/30/26 30321L2A9 $562,785.79 0.310 %
GENERAL MOTORS 5.05% 04/04/28 37045XFE1 $548,019.58 0.300 %
SCRANTON PA 5% 09/01/29 810759PX2 $539,656.42 0.300 %
INDIANA FIN AUTH E 5% 07/01/28 45470ECJ2 $541,823.87 0.300 %
OKEECHOBEE CNTY F V/R 07/01/39 678438AC6 $545,601.47 0.300 %
WINDR 2021-3A A1 V/R 04/20/38 97316DAL0 $542,367.52 0.300 %
WASHINGTON ST HGR 5% 05/01/31 939781X62 $519,739.10 0.290 %
HERCULES CAPIT 2.625% 09/16/26 427096AH5 $521,919.66 0.290 %
UTAH ST ASSOCIATED 5% 09/01/32 917328RW8 $529,442.02 0.290 %
COWETA OK PUBLIC W 4% 08/01/27 223666EF1 $518,540.06 0.290 %
MARYLAND ST HLT 5.25% 06/01/28 57421CFN9 $527,916.35 0.290 %
MAIN STREET NATUR V/R 06/01/53 56035DEN8 $526,548.92 0.290 %
MISSISSIPPI ST DEV 5% 04/01/26 60534TY25 $519,864.86 0.290 %
SBL HOLDINGS I 5.125% 11/13/26 78432MAA3 $516,206.63 0.280 %
CITIZENS FINANCIAL V/R /PERP/ 174610AU9 $517,557.39 0.280 %
CIFC 2018-4A AR V/R 01/17/38 17181TAJ0 $500,250.00 0.280 %
NORTHSIDE TX INDEP 4% 08/01/32 66702RSD5 $510,877.70 0.280 %
BLUE OWL TECHNO 3.75% 06/17/26 691205AE8 $500,601.08 0.280 %
UNIT 2025-1A 5.877% 04/20/30 91326EAA3 $515,473.01 0.280 %
PLMRS 2022-4A A1 V/R 10/20/37 69700XAN5 $501,322.33 0.280 %
NEW YORK CITY NY V/R 05/01/64 64972KDQ5 $508,750.95 0.280 %
APID 2024-47A A1 V/R 04/26/37 03770QAA2 $508,430.70 0.280 %
SIXTH STREET LEN 6.5% 03/11/29 829932AB8 $510,884.84 0.280 %
PENNSYLVANIA ST TU 5% 12/01/28 709221UV5 $517,349.07 0.280 %
HPS CORPORATE L 6.75% 01/30/29 40440VAF2 $508,968.59 0.280 %
COOK CNTY IL SCH D 5% 12/01/27 215399DQ6 $490,613.80 0.270 %
ILLINOIS ST FIN AU 5% 05/15/32 45204EL63 $482,721.73 0.270 %
ANTARES HOLDING 3.95% 07/15/26 03666HAC5 $492,562.79 0.270 %
MICHIGAN ST FIN AU 5% 07/01/32 59447TFV0 $486,660.86 0.270 %
MUNDELEIN IL 4% 12/15/33 626082JC6 $464,600.33 0.260 %
CHICAGO IL 5% 01/01/28 167486G29 $467,463.14 0.260 %
PEORIA & FULTON CN 5% 12/01/27 712746EE2 $455,728.55 0.250 %
DNKN 2021-1A 2.493% 11/20/28 233046AQ4 $448,477.91 0.250 %
EPR PROPERTIES 4.75% 12/15/26 26884UAC3 $446,389.81 0.250 %
ELM30 2024-6A A V/R 07/17/37 29001JAA4 $451,860.27 0.250 %
RHODE ISLAND ST CO 5% 07/01/31 76218NAF4 $450,817.56 0.250 %
TEXAS ST DEPT 3.875% 01/01/30 882750E32 $459,093.75 0.250 %
NTHRN IL MUNI PWR 5% 12/01/30 665250CP9 $442,449.37 0.240 %
APID 2022-40A AR V/R 07/15/37 03769RAN5 $441,529.01 0.240 %
HARRIS CNTY TX CU V/R 07/01/49 414009MP2 $439,702.94 0.240 %
WEN 2019-1A A 3.783% 09/15/26 95058XAG3 $438,323.07 0.240 %
SEMT 2025-1 A5 V/R 03/25/32 81743EAE1 $419,590.06 0.230 %
BOSTON PROPERTI 2.75% 10/01/26 10112RAY0 $414,454.56 0.230 %
AIMCO 2024-22A A V/R 04/19/37 00901UAA1 $401,357.53 0.220 %
TCN 2023-SFR2 A 5% 12/17/28 895978AA2 $395,296.60 0.220 %
WASHINGTON ST HGR 4% 05/01/33 939781X88 $403,791.92 0.220 %
BLP 2024-IND2 A V/R 03/15/26 05625AAA9 $398,094.84 0.220 %
CGCMT 2016-C1 3.209% 05/10/26 17290YAR9 $382,982.25 0.210 %
MICHIGAN ST BLDG A 5% 04/15/29 594615BH8 $386,787.34 0.210 %
HILLSBOROUGH CNTY 5% 07/01/27 43232VUX7 $381,419.98 0.210 %
EL PASO TX 4% 08/15/31 283734B42 $378,794.28 0.210 %
NEW HAVEN CT 5% 08/01/25 645021BC9 $384,073.50 0.210 %
DPABS 2021-1A 2.662% 10/25/28 25755TAN0 $388,882.33 0.210 %
MSBAM 2016-C32 3.72% 12/15/26 61691GAS9 $388,511.19 0.210 %
NEW YORK ST DORM A 5% 03/15/32 64990AFC4 $369,365.61 0.200 %
KALAMAZOO MI HOSP 4% 05/15/31 483233RG9 $363,055.08 0.200 %
IOWA ST FIN AUTH H 5% 08/15/26 462466FN8 $361,174.78 0.200 %
CARMEL IN LOCAL PU 5% 06/01/28 143287CP3 $354,625.06 0.200 %
SPRINGDALE AR PUBL 5% 03/01/32 85025WAQ4 $363,447.75 0.200 %
LOUISVILLE & JEFFE 5% 10/01/29 54659LBM5 $362,383.16 0.200 %
PEORIA IL PUBLIC B 4% 12/01/26 71323MEH1 $356,239.51 0.200 %
TROY NY CAPITAL RE 5% 09/01/25 897579BK3 $367,707.58 0.200 %
CITIGROUP INC V/R /PERP/ 172967MU2 $349,639.63 0.190 %
SPRO 2019-1A 3.882% 10/25/26 817743AA5 $351,801.42 0.190 %
PUBLIC FIN AUTH WI 5% 06/01/26 74442CBF0 $338,244.93 0.190 %
COOK CNTY IL SCH D 5% 12/15/26 213327VL0 $342,555.83 0.190 %
ATHENE GLOBAL F 1.73% 10/02/26 04685A3D1 $348,862.32 0.190 %
PHILADELPHIA PA GA 5% 10/01/30 7178238H4 $336,955.93 0.190 %
TRITON CONTAINE 2.05% 04/15/26 89680YAA3 $338,630.99 0.190 %
BANK OF AMERICA COR V/R /PERP/ 060505GB4 $345,797.01 0.190 %
ANTERO MIDSTREA 5.75% 03/01/27 03690AAD8 $341,574.70 0.190 %
MET TRANSPRTN AUTH 5% 11/15/30 59261AHB6 $341,028.48 0.190 %
CVS PASS-THROU 5.926% 01/10/34 126650BY5 $328,912.73 0.180 %
ELEMENT FLEET 5.643% 03/13/27 286181AM4 $325,260.39 0.180 %
ELM31 2024-7A A1 V/R 07/17/37 29003HAA6 $326,030.85 0.180 %
PENNSYLVANIA ST TU 5% 12/01/32 709221UK9 $330,025.17 0.180 %
ILLINOIS ST FIN AU 5% 04/01/27 45204FXK6 $318,501.76 0.180 %
DILLON CNTY SC SCH 5% 12/01/30 25420CAL6 $325,118.98 0.180 %
CHICAGO IL WTRWKS 5% 11/01/30 167736G76 $335,331.13 0.180 %
STANDARD INDUSTRI 5% 02/15/27 853496AC1 $306,703.19 0.170 %
ONEMAIN FINANCE 3.5% 01/15/27 682691AB6 $308,842.53 0.170 %
MADISON CNTY IL CM 5% 12/01/26 557021JZ6 $299,993.47 0.170 %
AIMCO 2021-14A A V/R 04/20/34 00144GAC5 $300,425.78 0.170 %
ILLINOIS ST FIN AU 5% 04/01/26 45204FXJ9 $308,273.03 0.170 %
KENTUCKY ST PUBLI V/R 02/01/50 74440DCM4 $316,851.56 0.170 %
NEW JERSEY ST TRAN 5% 06/15/26 64613CCZ9 $307,677.51 0.170 %
SBA COMMUNICAT 3.875% 02/15/27 78410GAD6 $297,621.21 0.160 %
ACADEMY LTD 6% 11/15/27 00401YAA8 $295,553.18 0.160 %
AVIATION CAPITA 1.95% 01/30/26 05369AAK7 $289,489.76 0.160 %
ROYAL CARIBBEAN 5.5% 08/31/26 780153BJ0 $298,155.74 0.160 %
MAIN STREET NATUR V/R 07/01/52 56035DDH2 $296,250.18 0.160 %
MICHIGAN ST FIN AU 5% 11/15/26 59447TMB6 $270,423.28 0.150 %
GGAM FINANCE LT 7.75% 05/15/26 36170JAB2 $272,891.61 0.150 %
JPMMT 2024-9 A6A V/R 02/25/55 46593DAL1 $275,369.72 0.150 %
DANA INC 5.625% 06/15/28 235825AG1 $264,338.42 0.150 %
PSTAT 2024-1A A1 V/R 10/15/32 69703NAA2 $278,579.04 0.150 %
DNKN 2021-1A 2.045% 11/20/26 233046AN1 $279,898.48 0.150 %
COMM 2015-CR2 3.612% 09/10/25 12635QBG4 $248,769.61 0.140 %
DELTA AIR LINES 20 2% 06/10/28 247361ZV3 $245,731.64 0.140 %
UBSCM 2019-C16 3.46% 10/15/28 90276YAC7 $256,348.11 0.140 %
AESOP 2024-2A 5.13% 10/20/27 05377RJG0 $253,260.30 0.140 %
XPLR INFRAST O 3.875% 10/15/26 65342QAL6 $258,767.85 0.140 %
DPABS 2018-1A 4.116% 10/25/25 25755TAJ9 $262,543.67 0.140 %
WFLF 2023-1A A 5.8% 04/18/38 96328GAS6 $258,637.34 0.140 %
CIVITAS RESOURCES 5% 10/15/26 097793AE3 $245,793.90 0.140 %
PLNT 2022-1A 3.251% 12/05/26 72703PAD5 $246,982.94 0.140 %
WEN 2021-1A A2 2.37% 03/15/29 95058XAK4 $247,297.74 0.140 %
LAS VEGAS VLY NV W 5% 06/01/32 517845AR4 $240,300.78 0.130 %
GEN LUX SARL/GE 1.75% 04/10/26 37190AAA7 $229,181.20 0.130 %
PENNSYLVANIA ST TU 5% 12/01/31 709224C49 $236,145.29 0.130 %
TRI POINTE HOME 5.25% 06/01/27 87265HAF6 $241,225.94 0.130 %
CVS CAREMARK 6.943% 1/10/30 126650BQ2 $229,782.88 0.130 %
CVS HEALTH CORP AMRTZ 6.036%28 126650BP4 $242,742.86 0.130 %
CVS PASS-THROU 5.773% 01/31/33 126650BV1 $214,366.30 0.120 %
STARWOOD PROPE 4.375% 01/15/27 85571BAY1 $209,244.02 0.120 %
BX 2022-CLS A 5.76% 10/13/27 05609XAA9 $223,891.34 0.120 %
BRINK'S CO/THE 4.625% 10/15/27 109696AA2 $214,419.89 0.120 %
BARCLAYS PLC V/R 05/09/27 06738ECF0 $204,095.21 0.110 %
CCO HLDGS LLC/ 5.125% 05/01/27 1248EPBT9 $208,282.71 0.110 %
ASHTEAD CAPITAL IN 4% 05/01/28 045054AJ2 $198,675.65 0.110 %
ROUND ROCK TX 4% 08/15/25 779223AC0 $203,630.87 0.110 %
HSBC HOLDINGS PLC V/R 08/14/27 404280DZ9 $207,816.45 0.110 %
CGCMT 2016-GC3 3.05% 01/10/26 17290XAS9 $188,237.21 0.100 %
NOVELIS CORP 3.25% 11/15/26 670001AG1 $189,670.12 0.100 %
OAKTREE SPECIALT 2.7% 01/15/27 67401PAC2 $189,610.37 0.100 %
CHICAGO IL MET WTR 5% 12/01/29 167560SY8 $186,194.08 0.100 %
METHANEX CORP 5.125% 10/15/27 59151KAM0 $176,451.84 0.100 %
JPMORGAN CHASE & V/R 04/22/27 46647PCB0 $179,686.39 0.100 %
NAVIENT CORP 5% 03/15/27 63938CAK4 $173,421.46 0.100 %
JMIKE 2019-1A 4.433% 02/15/27 476681AA9 $176,726.44 0.100 %
BATH & BODY WO 6.694% 01/15/27 501797AQ7 $166,064.84 0.090 %
MORGAN STANLEY V/R 12/10/26 6174468V4 $161,879.92 0.090 %
CLARK CNTY NV 5% 07/01/27 180848PA5 $155,682.04 0.090 %
GSMS 2023-SHIP A V/R 09/06/26 36270GAA9 $164,368.66 0.090 %
CIFC 2018-3A A V/R 07/18/31 12551YAA1 $149,799.41 0.080 %
BUCKEYE PARTNER 3.95% 12/01/26 118230AQ4 $140,061.35 0.080 %
DNKN 2017-1A A 4.03% 11/20/27 233046AF8 $137,455.89 0.080 %
SEMT 2024-7 A11 V/R 06/25/48 81748EAL0 $120,061.11 0.070 %
PFSFC 2022-D A 4.27% 08/15/25 69335PEP6 $100,069.17 0.060 %
TCN 2023-SFR1 A 5.1% 07/17/28 89616WAA6 $100,469.54 0.060 %
NFMOT 2023-1A 5.74% 03/15/26 65345GAB7 $100,835.30 0.060 %
UNITED WHOLESALE 5.5% 11/15/25 91153LAA5 $91,817.91 0.050 %
CCO HLDGS LLC/CA 5.5% 05/01/26 1248EPBR3 $92,182.73 0.050 %
BARINGS BDC INC 3.3% 11/23/26 06759LAC7 $97,247.43 0.050 %
GSMS 2016-GS2 3.05% 02/10/26 36252TAR6 $84,152.61 0.050 %
WILLIAM CARTER 5.625% 03/15/27 96926JAC1 $91,767.12 0.050 %
NAVIENT CORP 6.75% 06/15/26 63938CAJ7 $96,531.16 0.050 %
WFCM 2015-C31 3.695% 10/15/25 94989WAS6 $71,894.73 0.040 %
WFCM 2015-LC2 3.839% 09/15/25 94989TAZ7 $76,803.28 0.040 %
TRUIST FINANCIAL V/R 07/28/26 89788MAH5 $78,572.51 0.040 %
WESTERN DIGITAL 4.75% 02/15/26 958102AM7 $63,103.00 0.030 %
MSBAM 2015-C2 3.306% 04/15/25 61690FAM5 $50,424.07 0.030 %
CCG 2023-2 A2 6.28% 03/14/27 12511QAB5 $51,492.45 0.030 %
COTY INC 5% 04/15/26 222070AE4 $34,471.51 0.020 %
LCM 18A A1R V/R 04/20/31 50188GAT0 $7,869.03 0.000 %
NET OTHER ASSETS NA -$4,395,208.17 -2.420 %
As of 07/21/2025 and subject to change.

Performance

Growth Of $10,000 Since Inception

The Growth of $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Distributions

Ex-Date Record Date Pay Date Distribution Paid
(Per Share)
Jul 1, 2025 Jul 1, 2025 Jul 7, 2025 0.15315
Jun 2, 2025 Jun 2, 2025 Jun 5, 2025 0.15976
May 1, 2025 May 1, 2025 May 6, 2025 0.15408
Apr 1, 2025 Apr 1, 2025 Apr 4, 2025 0.16058
Mar 3, 2025 Mar 3, 2025 Mar 6, 2025 0.14207
Feb 3, 2025 Feb 3, 2025 Feb 6, 2025 0.15317
Dec 30, 2024 Dec 30, 2024 Jan 3, 2025 0.15505
Dec 2, 2024 Dec 2, 2024 Dec 5, 2024 0.13861
Nov 1, 2024 Nov 1, 2024 Nov 6, 2024 0.14724
Oct 1, 2024 Oct 1, 2024 Oct 4, 2024 0.14998
Sep 3, 2024 Sep 3, 2024 Sep 6, 2024 0.15362
Aug 1, 2024 Aug 1, 2024 Aug 6, 2024 0.15563
Jul 1, 2024 Jul 1, 2024 Jul 5, 2024 0.14170
Jun 3, 2024 Jun 3, 2024 Jun 6, 2024 0.16574
May 1, 2024 May 2, 2024 May 7, 2024 0.15440

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THIS MATERIAL MUST BE PRECEDED OR ACCOMPANIED BY A PROSPECTUS. Click here to download

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. Read the prospectus carefully before investing.

There are risks associated with investing, including possible loss of principal. Fixed income investments are subject to interest rate risk; their value will normally decline as interest rates rise. Fixed income investments are also subject to credit risk, the risk that the issuer of a bond will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer's ability to make such payments will cause the price of that bond to decline.

The Fund is an actively managed exchange-traded fund (“ETF”) that does not seek to replicate the performance of a specified index. The Fund is newly organized and seeks to achieve its investment objective by investing in a diversified portfolio of U.S. dollar denominated municipal and taxable short duration fixed income securities. The Fund invests, under normal circumstances, at least 50% of its total assets in municipal securities that pay interest that is exempt from U.S. federal income tax. These securities may pay interest that is subject to the U.S. federal alternative minimum tax and state and local income tax for certain taxpayers. The income earned and distributed to shareholders on taxable securities would not be exempt from U.S. federal, state or local income tax. The Sub-Adviser selects securities for the Fund based on a variety of factors, including credit quality, maturity, diversification benefits, and the relative expected after-tax returns of taxable and municipal securities (considering federal tax rates and without regard to state and local income taxes). Consistent with the Fund’s investment objective, the Fund could continue to hold a security even if the interest on that security changes from being tax-exempt to taxable. The fund is new with a limited operating history.

Municipal securities risks include the possibility that the issuer may be unable to pay interest or repay principal on a timely basis or at all, the relative lack of information about certain issuers of municipal securities, and the possibility of future legislative changes which could affect the market for and value of municipal securities.

Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation.

The U.S. Government and the U.S. Congress consider changes in U.S. federal tax law that could limit or eliminate the U.S. federal income tax exemption for municipal bond income, which would in effect reduce the after-tax returns received by shareholders from the Fund by increasing taxes on distributions from the Fund.

Duration is a measure of the expected life of a fixed-income security that is used to determine the sensitivity of a security’s price to changes in interest rates.

Tax aware risk is the possibility that the use of investment practices that seek to minimize tax consequences will lead to investment decisions that do not maximize the returns on an after-tax basis. Economic developments or unforeseeable investor redemptions may also reduce returns without any corresponding increase in tax efficiency.

Distributor: Foreside Fund Services, LLC.

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Yield to Worst: The bond yield is computed by using the lower of either the yield to maturity or the yield to call on every possible call date. Yield to worst is shown for all securities with the exception of agency mortgage-backed securities (MBS), commercial mortgage-backed securities (CMBS), and asset-backed securities (ABS). Agency MBS are priced based on zero volatility yield. CMBS and ABS are priced based on effective maturity.

Option Adjusted Duration is a measure of the potential responsiveness of a bond or portfolio price to parallel shifts in interest rates.

After Tax Post-Liq.(%): After-Tax Post-Liquidation Returns measure the performance of the fund after accounting for both taxes on distributions and the taxes incurred from selling the fund shares. This metric provides a comprehensive view of the investment’s tax impact, including the realization of capital gains or losses upon the sale. The highest marginal Federal tax rate is assumed.

After Tax Pre-Liq.(%): After-Tax Pre-Liquidation Returns refer to the performance of the fund after considering the impact of taxes on distributions, but before any action to sell the fund shares is taken. This measure provides investors with insight into how taxes affect their returns without factoring in the potential taxes from selling the investment, thus focusing solely on the tax implications of the fund’s income and capital gains distributions. The highest marginal Federal tax rate is assumed.

After-tax yield: The after-tax yield is the return that investors can expect to receive after accounting for taxes owed on the interest income generated by the bond. This yield is particularly important when comparing the returns on municipal bonds, which are often exempt from federal income tax (and sometimes state and local taxes if the bond is issued within the investor’s state of residence), with those on taxable bonds, like corporate or government bonds.

Tax Equivalent Yield: The tax-equivalent yield (TEY) is the yield that a taxable bond would need to equal the yield on a comparable tax-exempt municipal bond, taking into account the impact of taxes. The calculation is a tool that investors can use to fairly compare the yield between a tax-free investment and a taxable alternative. TEY assumes the highest marginal Federal tax rate, is measured at the individual bond level, and aggregated to the portfolio level.

Tax Equivalent Yield = Tax Free Municipal Bond Yield / (1-Tax Rate)

Effective duration: Effective duration is a way to measure interest-rate sensitivity for bonds that have embedded options, such as callable or puttable features. Effective duration captures the potential variations in cash flows due to these options, and can be measured using modified duration for option-free bonds. The calculation is measured at the individual bond level and then aggregated to the portfolio level.

The 30-Day SEC Yield represents net investment income earned by the fund over the 30-Day period, expressed as an annual percent age rate based on the fund’s share price at the end of the 30-Day period.

Option Adjusted Duration is a measure of the potential responsiveness of a bond or portfolio price to parallel shifts in interest rates.

The values shown are based off of a price provided by the Fund’s third-party index provider, using the bid price for each security (the “index price”). Because the Fund values its securities at the midpoint between the bid and ask prices for most securities, the index price is not necessarily the price at which the Fund values the portfolio holding for the purposes of determining its net asset value (the “valuation price”). The values shown may have been different if the valuation price were to have been used to calculate such values. The index price is as of the most recent date for which a price is available, and may not necessarily be as of the date shown above.

Market Price: Inception date for Market Price Calculation is as of 9/13/22. Market Returns are based on the midpoint of the bid/ask spread at 4 p.m. ET and do not represent the returns an investor would receive if shares were traded at other times.

NAV: Inception date for NAV calculation is as of 9/13/22.

Number of Countries: The number of unique countries that have issued bonds represented in the fund.

Spread to Worst: Spread to worst is a bond’s yield to worst minus the yield at a point on the fair value government yield curve that corresponds to the bond’s expected redemption date.

NAV: Inception date for NAV calculation is as of 2/15/22.

Premium Discount disclosure to be added here.

Index disclosure to be added here.

Market Price: Inception date for Market Price Calculation is as of 2/17/22. Market Returns are based on the midpoint of the bid/ask spread at 4 p.m. ET and do not represent the returns an investor would receive if shares were traded at other times.

Total return disclosure to be added here.

The Growth of $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Index Market Cap represents aggregate market value of bonds in the underlying index.

The yield an investor would have received if they had held the fund over the last twelve months assuming the most recent NAV. The 12-Month yield is calculated by assuming any income distributions over the past twelve months and dividing by the sum of the most recent NAV and any capital gain distributions made per the past twelve months.

30 Day SEC Yield: A standard calculation of yield introduced by the SEC in order to provide fairer comparison among funds. It is based on the most recent 30-day period. This yield figure reflects the interest earned during the period after deducting the Fund’s expenses for the period. It does not reflect the yield an investor would have received if they had held the Fund over the last twelve months assuming the most recent NAV. Distributions may vary from time to time.

Spread Duration is a measure of the potential responsiveness of a bond or portfolio price to changes in credit spread.

The values shown are based off of a price provided by the Fund’s third-party index provider, using the bid price for each security (the “index price”). Because the Fund values its securities at the midpoint between the bid and ask prices for most securities, the index price is not necessarily the price at which the Fund values the portfolio holding for the purposes of determining its net asset value (the “valuation price”). The values shown may have been different if the valuation price were to have been used to calculate such values. The index price is as of the most recent date for which a price is available, and may not necessarily be as of the date shown above.

Option Adjusted Spread (OAS): OAS is the yield spread between a bond or portfolio and a risk-free benchmark, typically US government securities, adjusted for the effects of embedded options. It reflects compensation for credit, liquidity, and other risks, excluding interest rate volatility.

The values shown are based off of a price provided by the Fund’s third-party index provider, using the bid price for each security (the “index price”). Because the Fund values its securities at the midpoint between the bid and ask prices for most securities, the index price is not necessarily the price at which the Fund values the portfolio holding for the purposes of determining its net asset value (the “valuation price”). The values shown may have been different if the valuation price were to have been used to calculate such values. The index price is as of the most recent date for which a price is available, and may not necessarily be as of the date shown above.

Yield to Worst: The bond yield is computed by using the lower of either the yield to maturity or the yield to call on every possible call date.

The values shown are based off of a price provided by the Fund’s third-party index provider, using the bid price for each security (the “index price”). Because the Fund values its securities at the midpoint between the bid and ask prices for most securities, the index price is not necessarily the price at which the Fund values the portfolio holding for the purposes of determining its net asset value (the “valuation price”). The values shown may have been different if the valuation price were to have been used to calculate such values. The index price is as of the most recent date for which a price is available, and may not necessarily be as of the date shown above.

Yield to Maturity: The discount rate that equates the present value of a bond’s cash flows with its market price (including accrued interest). The Fund Average Yield to Maturity is the weighted average of the fund’s individual bond holding yields based on Net Asset Value (‘NAV’). The measure does not include fees and expenses. For callable bonds, this yield is the yield-to-worst.

The values shown are based off of a price provided by the Fund’s third-party index provider, using the bid price for each security (the “index price”). Because the Fund values its securities at the midpoint between the bid and ask prices for most securities, the index price is not necessarily the price at which the Fund values the portfolio holding for the purposes of determining its net asset value (the “valuation price”). The values shown may have been different if the valuation price were to have been used to calculate such values. The index price is as of the most recent date for which a price is available, and may not necessarily be as of the date shown above.

Average Maturity: The average length of time to the repayment of principal for the securities in the fund. This metric considers the likelihood that bonds will be called or prepaid before the scheduled maturity date.

Average Coupon: The average coupon rate of the underlying bonds in the fund, weighted by each bond’s face value.

Number of Issuers: The number of unique companies that have issued bonds represented in the fund (distinct from the number of issues from a company).

Expense Ratio: As stated in the Fund’s current prospectus.

Acquired Fund Fees and Expenses (“AFFE”) reflect the Fund’s pro rata share of the indirect fees and expenses incurred by investing in one or more acquired funds, such as mutual funds, business development companies, or other pooled investment vehicles. AFFE are reflected in the prices of the acquired funds and thus included in the total returns of the Fund.

NAIC Rating: Property of the National Association of Insurance Commissioners (NAIC) and are redistributed here under License. An NAIC Designation is a proprietary symbol used by the NAIC Securities Valuation Office (SVO) to denote a category or band of credit risk (i.e., the likelihood of repayment in accordance with a written contract) for an issuer or for a security. NAIC Designations may be notched up or down to reflect the position of a specific liability in the issuer’s capital structure and/or the existence of other non-payment risk in the specific security. Under NAIC reporting rules, shares of an ETF are presumed to be reportable as common stock. The SVO may classify an ETF as a bond or preferred stock and assign it an NAIC Designation if it meets defined criteria. For a discussion of these criteria please call the SVO or refer to the Purposes and Procedures Manual of the NAIC Investment Analysis Office. The assignment of an NAIC Designation is not a recommendation to purchase the ETF and is not intended to convey approval or endorsement of the ETF Sponsor or the ETF by the NAIC.

The Securities Valuation Office (“SVO”) of the National Association of Insurance Commissioners (“NAIC”) assesses the credit quality of fixed income securities owned by state-regulated insurance companies and assigns appropriate NAIC designations, ranging from the highest quality of “1” to the lowest of “6.”  For more information visit https://content.naic.org/