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Overview

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.

  1. Flexibility Quality

    Managers may allocate up to 35% of the portfolio to high-yield municipal bonds in pursuit of enhanced income and return.

  2. Holistic, Research-Driven Process

    Top-down analysis determines high-yield allocation while bond-by-bond research identifies attractive opportunities across the quality spectrum.

  3. 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 line-up 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
$408,103,316.58
As of 02/27/2024
Shares Outstanding
8,050,000.00
As of 02/27/2024
Total Holdings
560
As of 12/31/2023
Distribution Frequency
Monthly (Non-Daily Accrual)
Morningstar Overall Rating
Based on risk-adjusted return
Out of 259 funds. Muni National Interm category
As of 01/31/2024
Fees
Gross Expense Ratio
0.29%
Trading Information
Ticker
TAXF
CUSIP
025072505
ISIN
US0250725050
SEDOL
BFZJ3K7
Exchange
NYSE Arca

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, placing more emphasis on downward variations and rewarding consistent performance.

Trading

As of 02/27/2024
Daily Market Prices
Closing Price
$50.66
Bid Ask Midpoint
$50.66
Day High Price
$50.75
Day Low Price
$50.66
Bid Ask Spread
0.10%
30-Day Median Bid Ask Spread
0.12%
52-Week Range
52-Week High
$51.10
52-Week Low
$47.18

Premium Discount

As of 02/27/2024

-0.06%

Performance

TAXF
Market Price
S&P National AMT-Free Municipal Bond IndexA

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. Market performance is 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: 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.

Data is not available at this time

Past performance is no guarantee of future results. Investment returns will fluctuate and it is possible to lose money.

Total Paid
Ordinary Dividends
Reinvest Price
02/01/2024
$0.1355
$0.1355
$50.89
12/18/2023
$0.1361
$0.1361
$50.54
12/01/2023
$0.1381
$0.1381
$49.84
11/01/2023
$0.1354
$0.1354
$47.10
10/02/2023
$0.1324
$0.1324
$47.66
09/01/2023
$0.1235
$0.1235
$49.19
08/01/2023
$0.1155
$0.1155
$49.76
07/03/2023
$0.1216
$0.1216
$49.88
06/01/2023
$0.1317
$0.1317
$49.68
05/01/2023
$0.1134
$0.1134
$49.98
04/03/2023
$0.1189
$0.1189
$50.21
03/01/2023
$0.1206
$0.1206
$49.23

Historical Distribution (CSV)

Ratings and Risk

As of 01/31/2024
Overall
Out of 259 funds. Muni National Interm category
3 Year
Out of 259 funds
5 Year
Out of 236 funds

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, placing more emphasis on downward variations and rewarding consistent performance.

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10- year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Portfolio

Weighted Average Coupon
4.80%

As of 01/31/2024


Option Adjusted Duration
5.43 Years

As of 01/31/2024


Option Adjusted Spread
0.00

As of 12/31/2023


Holdings
560

As of 12/31/2023


As of 01/31/2024
% Portfolio
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 02/27/2024
Company
% Portfolio
BLACKROCK CASH SWEEP BLACKROCK LIQ FD MUNICASH IN
0.84%
SOUTHEAST ENERGY AUTH AL COMMO SEEPWR 01/54 ADJUSTABLE VAR
0.55%
SALT RIVER AZ PROJ AGRIC IMPT SALAGR 01/47 FIXED 5
0.54%
SALT RIVER AZ PROJ AGRIC IMPT SALAGR 01/50 FIXED 5
0.54%
LOUISIANA STADIUM EXPOSITION LASFAC 07/48 FIXED 5
0.53%
COLORADO ST EDUC LOAN PROGRAM COSEDU 06/24 FIXED 4.5
0.49%
WEST VIRGINIA ST HOSP FIN AUTH WVSMED 09/48 FIXED 5.5
0.47%
BUCKEYE OH TOBACCO SETTLEMENT BUCGEN 06/55 FIXED 5
0.47%
MONTGOMERY CNTY MD MON 08/30 FIXED 5
0.46%
MARYLAND ST MDS 06/36 FIXED 5
0.43%
% of Top Portfolio Holdings
5.32%
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.
View All Holdings
As of 01/31/2024
AAA
18.39%
AA
45.08%
A
18.90%
BBB
7.66%
BB
1.97%
B
0.11%
CCC
0.06%
Non Rated
7.34%
Cash and Cash Equivalents
0.49%
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 01/31/2024
0 - 1 Years
7.07%
1 - 3 Years
10.21%
3 - 5 Years
6.40%
5 - 10 Years
15.92%
10 - 20 Years
37.03%
20 - 30 Years
21.99%
30+ Years
1.38%
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.
12.94 Years Weighted Average Life to Maturity
As of 01/31/2024
As of 01/31/2024
0 - 2 Years
16.14%
2 - 4 Years
18.54%
4 - 6 Years
19.78%
6 - 8 Years
36.01%
8 - 10 Years
1.90%
10 - 15 Years
5.68%
15+ Years
1.95%
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.
5.43 Years Average Modified Duration
As of 01/31/2024
States
% Portfolio
Texas
10%
New York
9%
Illinois
7%
Florida
7%
California
6%
Due to rounding, these values may exceed 100%

Team

Joseph Gotelli avatar
Joseph Gotelli

Vice President

Senior Portfolio Manager

Firm Start

2008


Industry Start

2002

Alan Kruss avatar
Alan Kruss

Vice President

Portfolio Manager

Firm Start

1997


Industry Start

1997

Resources

Fund Literature
Fact Sheet
Additional Resources

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 securities 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 FINRASIPC.

S&P National AMT-Free Municipal Bond Index

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.

Closing Price: The price of the last reported trade on the fund's primary exchange.

Bid Ask Midpoint: The midpoint between the highest bid and the lowest offer on the primary listing exchange, as of the time that the Fund's NAV is calculated, generally around 4 p.m. (Eastern time).

Premium Discount: A premium is the amount that the fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that the fund is trading below the reported NAV, expressed as a percentage of the NAV.

ETF Market Performance (Inception to Date): The fund's per share Net Asset Value (NAV) is the value of one share of the fund. Market Price is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of the fund are listed for trading, as of the time that the fund's NAV is calculated. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. Since shares of the fund did not trade in the secondary market until after the fund's inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.

Weighted Average Coupon: The weighted average interest rate paid by the securities in the pool.

Option Adjusted Duration (OAD): OAD is the effective duration. It is a duration calculation for bonds that have embedded options. This measure of duration takes into account the fact that expected cash flows will fluctuate as interest rates change. The effective duration measures the percentage change in price for a 100 basis points parallel shift in the yield curve. Positive duration means that as rates rise, the price decreases, and negative duration means that as rates rise, the price increases.

Option Adjusted Spread (OAS): The measurement of the spread (in basis points) of a fixed-income security rate and the risk-free rate of return, which is adjusted to take into account an embedded option.

Holdings: The number of holdings in the fund excluding cash positions and derivatives such as futures and currency forwards.

Investment Blend: Reflects the blend of securities owned by a fund. For example, the percentage of foreign or domestic stocks held by an equity fund or the percentage of corporate and government securities owned by a bond fund. The U.S./Foreign Convertibles grouping includes Convertible Bonds, Equity Linked Securities and Convertible Preferred securities.

Top Holdings: This value represents the top holdings included in the portfolio on a percent of assets basis. Holdings are subject to change without notice. Shares are units of ownership interest in a corporation or financial asset that provide for an equal distribution in any profits, if any are declared, in the form of dividends. In the context of debt instruments, principal can refer to the face value, or par value, of a bond—that is, the actual amount listed on the bond itself. American Century Investments publishes this listing of identities and quantities of each position held by the fund on each business day, before commencement of trading. Securities are reported at market value. The portfolio data and its presentation here may differ from the complete schedules of investments in regulatory filings due to differing accounting and reporting requirements.

Quality: Describes the portfolio of the fund in terms of the quality ratings of the securities it holds. Cash and cash equivalents include payable amounts related to securities purchased but not settled at period end. 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.

Maturity: Describes the portfolio of the fund in terms of the different maturities of the securities it holds.
Weighted Average Life to Maturity (WALM):
Is a measure of the sensitivity of a fixed income portfolio to interest rate changes. WALM is the average time in years to receive the principal repayments. Accordingly, WALM reflects how a portfolio would react to deteriorating credit or tightening liquidity conditions.

Duration: Describes the portfolio of the fund in terms of the different durations of the securities it holds.

States: The top five states' weights are rounded to the nearest whole number which may result in the display of less than five states.

For detailed descriptions of indices or investing terms referenced above, refer to our glossary.

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