YTD TOTAL RETURN
1.18%
NAV
As of 02/06/2026
1.38%
MARKET PRICE
EXPENSE RATIO
0.27%
NET
As of 1/1/2026
0.29%
GROSS
NAV
$50.76
Prices as of 02/06/2026
MARKET PRICE
$50.88
YTD TOTAL RETURN As of 02/06/2026 NAV Market Price | 1.18% 1.38% |
EXPENSE RATIO As of 1/1/2026 Net Gross | 0.27% 0.29% |
NAV Prices as of 02/06/2026 | $50.76 0.05% ($0.03) |
Market Price | $50.88 0.24% ($0.12) |
A research-driven, actively managed ETF that offers potential for enhanced tax-advantaged income and risk-adjusted return by pursuing flexible municipal bond market coverage that spans the quality spectrum.
Flexibility, Quality
Managers may allocate up to 35% of the portfolio to high-yield municipal bonds in pursuit of enhanced income and return.
Holistic, Research-Driven Process
Top-down analysis determines high-yield allocation while bond-by-bond research identifies attractive opportunities across the quality spectrum.
Enhanced Return Potential
The strategy’s flexible quality guidelines offer the potential for greater returns than an indexed approach.
Fixed-Income Capabilities
Learn more about our full lineup of bond funds that pursue conviction-driven outperformance.
Key Facts
Investment Objective | Seeks current income that is exempt from federal income tax |
Inception Date | 09/10/2018 |
Morningstar Category | Muni National Interm |
Benchmark | S&P National AMT-Free Municipal Bond IndexA |
Total Assets | $563,405,153 As of 02/06/2026 |
Shares Outstanding | 11,100,000.00 As of 02/06/2026 |
Total Holdings | 695 As of 12/31/2025 |
Distribution Frequency | Monthly (Non-Daily Accrual) |
Morningstar Overall Rating Based on risk-adjusted return | Out of 252 funds. Muni National Interm category As of 01/31/2026 |
Fees
| Gross Expense Ratio | 0.29% |
| Net Expense Ratio | 0.27% |
Trading Information
| Ticker | TAXF |
| CUSIP | 025072505 |
| ISIN | US0250725050 |
| SEDOL | BFZJ3K7 |
| Exchange | NYSE Arca |
Morningstar ratings vary among share classes and are based on historical risk-adjusted total returns.
Fees
| Gross Expense Ratio | 0.29% |
| Net Expense Ratio | 0.27% |
Trading Information
| Ticker | TAXF |
| CUSIP | 025072505 |
| ISIN | US0250725050 |
| SEDOL | BFZJ3K7 |
| Exchange | NYSE Arca |
As of 02/06/2026
Daily Market Prices
| Closing Price | $50.88 |
| Bid Ask Midpoint | $50.78 |
| Day High Price | $50.95 |
| Day Low Price | $50.79 |
| Bid Ask Spread | 0.06% |
| 30-Day Median Bid Ask Spread | 0.08% |
52-Week Range
| 52-Week High | $51.03 |
| 52-Week Low | $46.58 |
| Days > +/- 0.5% of NAV | 0 |
| Percent > +/- 0.5% of NAV | 0% |
| Days at Premium | 59 |
| Days at NAV | 2 |
| Days at Discount | 3 |
| Greatest Premium | 0.36% |
| Greatest Discount | -0.10% |
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that the investor's shares, when redeemed, may be worth more or less than the original cost. Returns less than one year are not annualized. Net asset value (NAV) prices are used to calculate market price performance prior to the date when the fund first traded on an exchange. Effective July 1, 2025, market performance is determined using the official closing price as reported by the ETF's primary exchange. Prior to July 1, 2025, market performance was determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the NAV is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. Index performance does not represent the fund's performance. It is not possible to invest directly in an index.
Average annual returns illustrate the annual compounded returns that would have produced the cumulative total return if the fund's performance had remained constant throughout the period indicated. Returns for periods less than one year are not annualized.
30-Day SEC Unsubsidized Yield
3.56%
As of 01/30/2026
12 Month Distribution Rate
3.65%
As of 01/30/2026
30-Day SEC Unsubsidized Yield: Represents net investment income earned by a fund over a 30-day period, expressed as an annual percentage rate based on the fund's share price at the end of the 30-day period. Unsubsidized yield does not adjust for any fee waivers and/or expense reimbursements in effect.
12 Month Distribution Rate: The sum of a fund's total trailing 12-month interest and dividend payments divided by the most recent day's ending share price (NAV).
Yield to Worst: Lowest yield possible for a security given the current price, taking into account both call dates and maturity.
Yield to Maturity: The internal rate of return of the security based on the given market price—it is the single discount rate that equates a security price (inclusive of accrued interest) with its projected cashflows.
Past performance is no guarantee of future results. Investment returns will fluctuate and it is possible to lose money.
FREQUENCY
Monthly
| Total Paid | Ordinary Dividends | Reinvest Price | |
|---|---|---|---|
| 02/05/2026 | $0.1926 | $0.1926 | $50.73 |
| 12/16/2025 | $0.1636 | $0.1636 | $50.21 |
| 12/01/2025 | $0.1417 | $0.1417 | $50.36 |
| 11/03/2025 | $0.1582 | $0.1582 | $50.39 |
| 10/01/2025 | $0.1684 | $0.1684 | $50.03 |
| 09/02/2025 | $0.1482 | $0.1482 | $48.84 |
| 08/01/2025 | $0.1645 | $0.1645 | $48.85 |
| 07/01/2025 | $0.1503 | $0.1503 | $49.05 |
| 06/02/2025 | $0.1489 | $0.1489 | $48.75 |
| 05/01/2025 | $0.1636 | $0.1636 | $49.12 |
| 04/01/2025 | $0.1403 | $0.1403 | $49.74 |
| 03/03/2025 | $0.1512 | $0.1512 | $50.53 |
| Overall | Out of 252 funds. Muni National Interm category |
| 3 Year | Out of 252 funds |
| 5 Year | Out of 231 funds |
Morningstar ratings vary among share classes and are based on historical risk-adjusted total returns.
| Weighted Average Coupon | 4.84% As of 12/31/2025 |
| Option Adjusted Duration | 6.10 Years As of 12/31/2025 |
| Option Adjusted Spread | 98.93 As of 12/31/2025 |
| Holdings | 695 As of 12/31/2025 |
As of 12/31/2025
| Water & Sewer | 9% |
| Toll Facilities | 8% |
| Dedicated Tax | 8% |
| Local GO | 8% |
| Energy Prepay | 7% |
| Hospital | 6% |
| Multi-Family Housing | 5% |
Due to rounding, these values may exceed 100%.
Negative weights may be due to open security or capital stock
trades at period end and/or unrealized loss on derivative positions as a percent of net assets at period end.
As of 02/05/2026
| BLACKROCK CASH SWEEP BLACKROCK LIQ FD MUNICASH IN | 1.30% |
| PUBLIC FIN AUTH WI REVENUE PUBGEN 12/44 FIXED 5.5 | 1.05% |
| S E ALABAMA ST GAS SPLY DIST G SOUUTL 08/54 ADJUSTABLE VAR | 0.67% |
| ILLINOIS ST TOLL HIGHWAY AUTH ILSTRN 01/47 FIXED 5 | 0.66% |
| ORLANDO FL UTILITIES COMMISSIO ORLUTL 10/48 FIXED 5 | 0.56% |
| ENERGY S E AL A COOPERATIVE DI ESDPWR 04/54 ADJUSTABLE VAR | 0.52% |
| SOUTHEAST ENERGY AUTHORITY A C SEEPWR 10/30 FIXED 5 | 0.48% |
| BLACK BELT ENERGY GAS DIST AL BBEUTL 10/35 FIXED 5 | 0.48% |
| BUCKEYE OH TOBACCO SETTLEMENT BUCGEN 06/55 FIXED 5 | 0.47% |
| PORT OF GTR CINCINNATI DEV AUT PRTDEV 11/40 FIXED 4.4 | 0.45% |
| % of Top Portfolio Holdings | 6.64% |
Due to rounding, these values may exceed 100%.
Negative weights may be due to open security or capital
stock trades at period end and/or unrealized loss on derivative positions as a percent of net assets at period
end.
As of 12/31/2025
| AAA | 11.86% |
| AA | 45.24% |
| A | 15.50% |
| BBB | 11.64% |
| BB | 3.33% |
| B | 0.09% |
| Non Rated | 11.77% |
| Cash and Cash Equivalents | 0.58% |
Due to rounding, these values may exceed 100%
Negative weights may be due to open security or capital stock trades at period end and/or unrealized loss on derivative positions as a percent of net assets at period end.
As of 12/31/2025
| 0 - 1 Years | 5.11% |
| 1 - 3 Years | 5.22% |
| 3 - 5 Years | 9.75% |
| 5 - 10 Years | 19.77% |
| 10 - 20 Years | 39.75% |
| 20 - 30 Years | 19.50% |
| 30+ Years | 0.91% |
Due to rounding, these values may exceed 100%
Negative weights may be due to open security or capital stock trades at period end and/or unrealized loss on derivative positions as a percent of net assets at period end.
12.99 Years Weighted Average Life to Maturity
As of 01/31/2026
As of 12/31/2025
| 0 - 2 Years | 10.70% |
| 2 - 4 Years | 14.41% |
| 4 - 6 Years | 25.06% |
| 6 - 8 Years | 33.30% |
| 8 - 10 Years | 2.28% |
| 10 - 15 Years | 13.79% |
| 15+ Years | 0.46% |
Due to rounding, these values may exceed 100%
Negative weights may be due to open security or capital stock trades at period end and/or unrealized loss on derivative positions as a percent of net assets at period end.
6.10 Years Average Modified Duration
As of 12/31/2025
| States | % Portfolio |
|---|---|
| Florida | 11% |
| Texas | 11% |
| New York | 8% |
| Illinois | 7% |
| Alabama | 5% |
Due to rounding, these values may exceed 100%
Senior Portfolio Manager
Additional Resources
How to Buy
Individual investors: Open a new brokerage account or use an existing brokerage account.
Open New Brokerage Account Log In NowFinancial Advisors: Contact your wholesaler at 1-800-345-6488 for more information.
The advisor has agreed to waive .02% of the fund's management fee. The advisor expects this waiver to continue until December 31, 2026, and cannot terminate it prior to such date without the approval of the Board of Trustees. Returns or yields for the fund would have been lower if a portion of the management fee had not been waived. Review the annual or semiannual report for the most current information.
Index performance does not represent the fund's performance. It is not possible to invest directly in an index.
Exchange Traded Funds (ETFs) are bought and sold through exchange trading at market price (not NAV), and are not individually redeemed from the fund. Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns.
This fund is an actively managed ETF that does not seek to replicate the performance of a specified index. To determine whether to buy or sell a security, the portfolio managers consider, among other things, various fund requirements and standards, along with economic conditions, alternative investments, interest rates and various credit metrics. If the portfolio manager considerations are inaccurate or misapplied, the fund's performance may suffer.
Investment income may be subject to certain state and local taxes and, depending on your tax status, the federal alternative minimum tax (AMT). Capital gains are not exempt from state and federal income tax.
The lower rated securities in which the fund invests are subject to greater credit risk, default risk and liquidity risk.
Generally, as interest rates rise, the value of the bonds held in the fund will decline. The opposite is true when interest rates decline.
Credit quality ratings on underlying securities of a fund are obtained from three Nationally Recognized Statistical Rating Organizations ("NRSROs"), Standard & Poor's, Moody's and Fitch. Ratings are converted to the equivalent Standard & Poor's rating category for purposes of presentation. For municipal funds, each security is assigned the highest rating provided by the NRSROs. A "non-rated" designation is assigned when a public rating is not available for a security. This designation does not necessarily indicate low credit quality. The letter ratings are provided to indicate the credit worthiness of the underlying bonds in the portfolio. Long-term ratings generally range from AAA (highest) to D (lowest). Includes payable amounts related to securities purchased but not settled at period end. Due to rounding, these values may exceed 100%.
The gross expense ratio is the fund's total annual operating costs, expressed as a percentage of the fund's average net assets for a given time period. It is gross of any fee waivers or expense reimbursement. The net expense ratio is the expense ratio after the application of any waivers or reimbursement. This is the actual ratio that investors paid during the fund's most recent fiscal year. Please see the prospectus for more information.
Brokerage Services are provided by American Century Brokerage, a division of American Century Investment Services, Inc., registered broker/dealer, member FINRA, SIPC .
S&P National AMT-Free Municipal Bond Index is a broad, comprehensive, market value-weighted index designed to measure the performance of the investment-grade tax-exempt U.S. municipal bond market. Bonds issued by U.S. territories, including Puerto Rico, are excluded from this index. It is not possible to invest directly in an index.
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