ZTAXvsBILSETF Comparison
VS
ETF 2
BILS
State Street SPDR Bloomberg 3-12 Month T-Bill ETF
This fund is part of
Money Market Bonds
+0.01%
X-Square Municipal Income Tax Free ETF (ZTAX) belongs to the Municipal Bonds segment. State Street SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) is part of the Money Market Bonds segment. ZTAX's top 2 sector exposures are Municipal and Non-Corporate. In contrast, BILS's top sector exposures are Sovereign. ZTAX is more expensive with a Total Expense Ratio (TER) of 5.82%, versus 0.1354% for BILS. ZTAX is down -2.61% year-to-date (YTD) with +$1M in YTD flows. BILS performs better with 2.69% YTD performance, and +$40M in YTD flows. Run a side-by-side ETF comparison of ZTAX and BILS below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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ZTAX vs BILS performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/13/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | ZTAX BILS | -1.99%+0.30% | -5.34%+0.86% | -2.61%+2.69% | -1.06%+3.57% | +12.96%+13.96% | n/a+19.14% |
| Flows | ZTAX BILS | +$590K+$25M | -$1M+$55M | +$1M+$40M | +$1M+$35M | +$3M+$1.10B | -+$3.89B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | ZTAX BILS | +6.88%+0.19% | +5.05%+0.18% | +5.49%+0.22% | n/a+0.27% |
| Max drawdown | ZTAX BILS | -6.46%-0.00% | -6.98%-0.00% | -8.75%-0.00% | n/a-0.36% |
| Max drawdown duration | ZTAX BILS | 91d2d | 107d2d | 316d2d | n/a342d |
Trading data
ZTAX | BILS | |
Last sale 10/15/2026 at 1:30 PM | $23.93 | $99.19 |
| Previous close 10/14/2026 | $23.49 | $99.18 |
| Consolidated volume 10/14/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 30, 2026
1-year trailing difference
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ZTAX
is actively managed and doesn’t replicate an indexZTAX | BILS | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/15/2026 at 1:30 PM
Live
Closed
ZTAX | BILS | |
|---|---|---|
| Last price | $23.93 | $99.19 |
| 1D performance | +1.85% | +0.01% |
| AuM | $5.44 M | $3.89 B |
| E/R | 5.82% | 0.1354% |
Characteristics
ZTAX | BILS | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | X-Square Capital | State Street Investment Management |
| Benchmark | - | Bloomberg 3–12 Month U.S. Treasury Bill Index |
| N° of holdings | 13 | 18 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | May 19, 2023 | September 23, 2020 |
| ESG | No | No |
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Exposure
Countries
ZTAX
USA
83.13%
Other
16.87%
BILS
USA
74.24%
Other
25.76%
Sectors
ZTAX
Municipal
82.8%
Other
17.2%
BILS
Sovereign
74.24%
Other
25.76%
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Diversification
ZTAX
Total weight of top 15 holdings out of 15
99.39%
BILS
Total weight of top 15 holdings out of 15
75.05%
Top 15 holdings
Data as of August 31, 2026
ZTAX
Puerto Rico Sales Tax Financing Corp., 5% 1jul2058, USD
19.11%
Puerto Rico Sales Tax Financing Corp., 4.784% 1jul2058, USD
16.27%
Puerto Rico Sales Tax Financing Corp., 4.329% 1jul2040, USD
8.67%
Matching Fund Special Purpose Securitization Corp., 5% 1oct2039, USD (2022A)
8.55%
Puerto Rico, 4% 1jul2037, USD
8.04%
Puerto Rico, 5.75% 1jul2031, USD
5.70%
Puerto Rico Aqueduct and Sewer Authority, 5% 1jul2047, USD (2020A)
5.54%
US745160UD15
5.14%
US745160TP63
5.08%
US745160TT85
4.63%
Puerto Rico, 4% 1jul2035, USD
4.29%
Puerto Rico, 5.625% 1jul2027, USD
3.57%
Puerto Rico, 4% 1jul2041, USD
2.20%
US40065NCQ88
1.74%
Puerto Rico Sales Tax Financing Corp., 4.75% 1jul2053, USD
0.86%
BILS
USA, Bills 0% 21jan2027, USD (364D)
7.28%
USA, Bills 0% 18feb2027, USD (364D)
7.10%
USA, Bills 0% 24dec2026, USD (363D)
7.01%
USA, Bills 0% 7jan2027, USD (182D)
4.60%
USA, Bills 0% 14jan2027, USD (182D)
4.60%
USA, Bills 0% 28jan2027, USD (182D)
4.59%
US912797WB95
4.58%
US912797WC78
4.57%
USA, Bills 0% 3dec2026, USD (182D)
4.49%
USA, Bills 0% 10dec2026, USD (182D)
4.48%
USA, Bills 0% 17dec2026, USD (182D)
4.48%
USA, Bills 0% 4feb2027, USD (182D)
4.43%
USA, Bills 0% 31dec2026, USD (182D)
4.43%
US912797WG82
4.20%
US912797WH65
4.20%
Frequently asked questions about ZTAX and BILS
How have the ZTAX and BILS ETFs performed in 2026?
As of October 13, 2026, ZTAX is down -2.61% year-to-date (YTD), while BILS has returned 2.69%. That puts BILS better performer ahead so far this year.
Which ETF is attracting more investor money: ZTAX or BILS?
Year-to-date, the ZTAX ETF saw +$1M in flows, compared to +$40M for BILS.
Which ETF is more volatile: ZTAX or BILS?
Over the past year, ZTAX had a volatility of 5.05%, while BILS experienced 0.18%.
Which ETF is bigger: ZTAX or BILS?
As of October 13, 2026, ZTAX holds $5.44 M in assets under management (AUM), while BILS manages $3.89 B.
What sectors do the ZTAX and BILS ETFs invest in?
ZTAX leans toward sectors like Municipal. Meanwhile, BILS focuses on Sovereign.
What are the top holdings of the ZTAX ETF and BILS ETF?
ZTAX top holdings include Puerto Rico Sales Tax Financing Corp., 5% 1jul2058, USD, Puerto Rico Sales Tax Financing Corp., 4.784% 1jul2058, USD and Puerto Rico Sales Tax Financing Corp., 4.329% 1jul2040, USD. BILS holds in its top three: USA, Bills 0% 21jan2027, USD (364D), USA, Bills 0% 18feb2027, USD (364D) and USA, Bills 0% 24dec2026, USD (363D).
Which ETF is more diversified: ZTAX or BILS?
ZTAX holds 16 securities with 99.39% of its assets in the top 15. BILS has 23 securities and a top 15 weight of 75.05%.
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Latest news about ZTAX & BILS
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