ZTAXvsIBTRETF Comparison
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X-Square Municipal Income Tax Free ETF (ZTAX) belongs to the Municipal Bonds segment. iShares iBonds Dec 2036 Term Treasury ETF (IBTR) is part of the US Government Bonds segment. ZTAX's top 2 sector exposures are Municipal and Non-Corporate. In contrast, IBTR's top sector exposures are Sovereign and Non-Corporate. ZTAX is more expensive with a Total Expense Ratio (TER) of 5.82%, versus 0.07% for IBTR. Run a side-by-side ETF comparison of ZTAX and IBTR 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 IBTR performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/15/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | ZTAX IBTR | -0.47%-0.10% | -4.03%-2.74% | -1.26%n/a | -0.13%n/a | +14.91%n/a | n/an/a |
| Flows | ZTAX IBTR | +$590K+$85M | -$1M+$98M | +$1M- | +$1M- | +$3M- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | ZTAX IBTR | +7.53%+5.75% | +5.26%n/a | +5.55%n/a | n/an/a |
| Max drawdown | ZTAX IBTR | -6.46%-4.70% | -6.98%n/a | -8.75%n/a | n/an/a |
| Max drawdown duration | ZTAX IBTR | 66d89d | 109dn/a | 316dn/a | n/an/a |
Trading data
ZTAX | IBTR | |
Last sale 10/16/2026 at 1:30 PM | $23.80 | $23.75 |
| Previous close 10/15/2026 | $23.93 | $23.74 |
| Consolidated volume 10/15/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of October 18, 2026
1-year trailing difference
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ZTAX
is actively managed and doesn’t replicate an indexZTAX | IBTR | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/16/2026 at 1:30 PM
Live
Closed
ZTAX | IBTR | |
|---|---|---|
| Last price | $23.80 | $23.75 |
| 1D performance | -0.52% | +0.04% |
| AuM | $5.52 M | $109.23 M |
| E/R | 5.82% | 0.07% |
Characteristics
ZTAX | IBTR | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | X-Square Capital | iShares |
| Benchmark | - | ICE 2036 Maturity US Treasury Index |
| N° of holdings | 13 | 5 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | May 19, 2023 | March 25, 2026 |
| ESG | No | No |
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Exposure
Countries
ZTAX
USA
83.13%
Other
16.87%
IBTR
USA
86.34%
Other
13.66%
Sectors
ZTAX
Municipal
82.8%
Other
17.2%
IBTR
Sovereign
85.23%
Other
14.77%
Diversification
ZTAX
Total weight of top 15 holdings out of 15
99.39%
IBTR
Total weight of top 5 holdings out of 5
100.75%
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%
IBTR
USA, Notes 4.375% 15may2036, USD (C-2036)
41.72%
USA, Notes 4.125% 15feb2036, USD (B-2036)
40.49%
US91282CRF04
14.42%
USA, Bonds 4.5% 15feb2036, USD
3.02%
BlackRock Cash Funds - Treasury
1.11%
Frequently asked questions about ZTAX and IBTR
Which ETF is bigger: ZTAX or IBTR?
As of October 15, 2026, ZTAX holds $5.52 M in assets under management (AUM), while IBTR manages $109.23 M.
What sectors do the ZTAX and IBTR ETFs invest in?
ZTAX leans toward sectors like Municipal. Meanwhile, IBTR focuses on Sovereign.
What are the top holdings of the ZTAX ETF and IBTR 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. IBTR holds in its top three: USA, Notes 4.375% 15may2036, USD (C-2036), USA, Notes 4.125% 15feb2036, USD (B-2036) and US91282CRF04.
Which ETF is more diversified: ZTAX or IBTR?
ZTAX holds 16 securities with 99.39% of its assets in the top 15. IBTR has 5 securities.
Latest news about ZTAX & IBTR
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