Overview
Investment Philosophy
Seeks to provide current income exempt from regular federal income taxes. Capital appreciation is a secondary objective when consistent with the strategy’s primary objective.
After-Tax Income PotentialMunicipal securities market offers the potential for higher after-tax income when compared with other fixed income markets.
Opportunities to Identify Undervalued Municipal SecuritiesSize, depth and other characteristics of the municipal securities market offer significant opportunity set of securities that may be undervalued.
Market InefficienciesScale and intricacy of the municipal securities market often results in pricing anomalies and other inefficiencies on which trading strategies can capitalize.
Portfolio Characteristics
| Net Assets as of Aug 20, 2026 | $15,477,345 |
| Shares Outstanding as of Aug 20, 2026 | 625,001 |
- As of Jun 30, 2026
Our Process
The Core Municipal ETF emphasizes a fundamental bottom-up research approach that drives the identification of investment opportunities in all market environments. The three phases of the process are:
- 01Bottom Up Fundamental Analysis
Team to screen for issuers that meets the investment team's fundamental tests of creditworthiness
Team favors those issuers with attractive return potential from a combination of price improvement and yield through solid coverage of debt service and a priority lien on hard assets, dedicated revenue streams or tax resources
Strategic inputs include:
- Credit analysis
- Security structure
- Sector analysis
- Yield curve positioning
- 02Portfolio Construction
Team seeks to invest in a large number of sectors, states and specific issuers in order to help create a diversified portfolio and help mitigate the portfolio from events that may affect any individual industry, geographic location or credit
Team seeks to limit exposure to individual credits, mitigate interest rate risk, and maximize overall call protection
Portfolio assessment:
- Position sizing
- Performance and attribution analysis
- Duration management
- Leverage analysis
- 03Sell Discipline
Team may sell a security if, among other factors, it:
- Determines a security is overvalued
- Detects credit deterioration
- Modifies its portfolio strategy, such as sector or state allocation
Team may also sell a security when it exceeds the portfolio’s diversification targets
Disclosures
One cannot invest directly in an index. Indices do not incur management fees or other operating expenses.
Definitions
30-day SEC Yield is a standard yield calculation developed by the Securities and Exchange Commission (SEC) that allows for fairer comparisons of bond funds. It is based on the most recent 30-day period covered by the fund’s filings with the SEC. The yield figure reflects the dividends and interest earned during the period, after the deduction of the fund’s expenses. This is also referred to as the “standardized yield.” The number is then annualized. This yield does not necessarily reflect income actually earned and distributed by the Fund, and therefore may not be correlated with dividends and distributions paid. Had fees not been waived and or/expenses reimbursed, the SEC Yield would have been lower.
The Subsidized 30-Day SEC Yield includes contractual expense reimbursements and it would be lower without those reimbursements.
The Unsubsidized 30-Day SEC Yield excludes contractual expense reimbursements.
Alternative Minimum Tax (AMT) is a tax on items not normally taxed that are imposed by the federal government for individuals who exceed specific income thresholds.
Yield to worst is a measure of the lowest possible yield that can be received on a bond that operates within the terms of its contract without defaulting.
Average coupon is the average interest rate of a portfolios of bonds based on their relative weightings within the portfolio.
Weighted average duration is the average duration—i.e., sensitivity to changes in interest rates—of a portfolio of bonds based on their relative weightings within the portfolio.
Weighted average maturity is the average maturity date of a portfolio of bonds based on their relative weightings within the portfolio.
The investment process may change over time. The information set forth above is intended as a general illustration of some of the criteria the investment team considers in selecting securities. Not all investments will meet such criteria. Diversification does not guarantee investment returns and does not eliminate the risk of loss.
These are among factors to be considered when deciding whether to sell, this is not a comprehensive list.
A debt instrument’s “duration’’ is a way of measuring a debt instrument’s sensitivity to a potential change in interest rates.
Diversification does not guarantee investment returns and does not eliminate the risk of loss.
Portfolio
ETF Holdings
As of Aug 24, 2026
| Stock Ticker | CUSIP/Other | Security Name | Shares | Price | Market Value | Weightings |
|---|---|---|---|---|---|---|
| 681937520 | JPMORGAN US GOVT MM | 918,377 | 100.00 | $918,377.31 | 5.58% | |
| 932423XQ4 | WALLED LAKE MICH CONS SCH DIST GO UNLTD TAX BLDG | 365,000 | 103.27 | $376,926.89 | 2.29% | |
| 64990E3X3 | NEW YORK ST DORM AUTH ST PERS INCOME TAX REV REV | 310,000 | 100.13 | $310,399.44 | 1.89% | |
| 20775DX64 | CONNECTICUT ST HEALTH & EDL FACS AUTH REV BDS | 300,000 | 102.20 | $306,593.70 | 1.86% | |
| 45204F3W3 | ILLINOIS FIN AUTH REV BDS 2026 21/JUL/2026 | 300,000 | 100.47 | $301,402.50 | 1.83% | |
| 646136Y54 | NEW JERSEY ST TRANSN TR FD AUTH TRANSN PROGRAM BDS | 300,000 | 100.03 | $300,082.14 | 1.82% | |
| 196502AT5 | COLORADO INTL CTR MET DIST NO 14 LTD TAX GEN OBLIG | 275,000 | 104.22 | $286,609.79 | 1.74% | |
| 270083R91 | EANES TEX INDPT SCH DIST UNLTD TAX BLDG BDS 2019 A | 300,000 | 92.48 | $277,453.83 | 1.69% | |
| 490229AR2 | KENT CNTY DEL REV REV BDS 2016 30/JUN/2016 | 260,000 | 100.06 | $260,167.18 | 1.58% | |
| 34073XKE7 | FLORIDA GULF COAST UNIV FING CORP FLA CAP IMPT REV | 250,000 | 104.00 | $260,012.33 | 1.58% | |
| 798136VU8 | SAN JOSE CALIF ARPT REV REF BDS 2017A 11/APR/2017 | 255,000 | 100.07 | $255,177.79 | 1.55% | |
| 483270HS6 | KALAMAZOO MICH PUB SCHS GO UNLTD TAX SCH BLDG SITE | 235,000 | 100.09 | $235,209.78 | 1.43% | |
| 64990CJE2 | NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT | 250,000 | 93.26 | $233,152.13 | 1.42% | |
| 71883MPY4 | PHOENIX ARIZ CIVIC IMPT CORP ARPT REV JR LIEN BDS | 225,000 | 100.97 | $227,192.06 | 1.38% | |
| 452252LX5 | ILLINOIS ST TOLL HWY AUTH TOLL HIGHWAY REV REV BDS | 225,000 | 100.07 | $225,148.19 | 1.37% | |
| 45204ESZ2 | ILLINOIS FIN AUTH REV BDS 2016 29/SEP/2016 | 260,000 | 85.26 | $221,675.61 | 1.35% | |
| 66353RCC6 | NORTHAMPTON CNTY PA GEN PURP AUTH HOSP REV BDS | 225,000 | 95.02 | $213,790.59 | 1.30% | |
| 09182TEV5 | BLACK BELT ENERGY GAS DIST ALA GAS PROJ REV BDS | 205,000 | 100.62 | $206,273.77 | 1.25% | |
| 84136HBT9 | SOUTHEAST ENERGY AUTH COOP DIST ALA ENERGY SUPPLY | 200,000 | 102.61 | $205,212.04 | 1.25% | |
| 292723CN1 | ENERGY SOUTHEAST ALA COOP DIST ENERGY SUPPLY REV | 200,000 | 101.75 | $203,506.14 | 1.24% | |
| 671409M64 | OAK LAWN ILL GEN OBLIG BDS 2026 26/AUG/2026 | 200,000 | 100.77 | $201,538.50 | 1.23% | |
| 54660DAA7 | LOUISVILLE & JEFFERSON CNTY KY METRO GOVT HOSP REV | 200,000 | 100.21 | $200,428.78 | 1.22% | |
| 13013JHM1 | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY | 190,000 | 102.58 | $194,899.09 | 1.18% | |
| 04062PCA7 | ARIZONA ST INDL DEV AUTH MULTIFAMILY HSG REV BDS | 175,000 | 100.04 | $175,067.18 | 1.06% | |
| 13067RGT4 | CALIFORNIA ST ENTERPRISE DEV AUTH REV BDS 2026A | 165,000 | 104.08 | $171,732.58 | 1.04% | |
| 739851FB4 | PRATT KANS ELEC SYS REV UTIL BDS 2026 27/AUG/2026 | 150,000 | 108.75 | $163,126.17 | 0.99% | |
| 19078VCU0 | COBB CNTY GA DEV AUTH LEASE REV BDS 2020 | 200,000 | 78.89 | $157,786.04 | 0.96% | |
| 880157EB4 | TEMPLE TEX TAX INCREMENT REINVESTMENT ZONE NO ONE | 150,000 | 103.55 | $155,323.98 | 0.94% | |
| 735223BD0 | PORT PORT ARTHUR TEX NAV DIST PORT REV AMT BDS | 145,000 | 106.88 | $154,973.51 | 0.94% | |
| 197479AE8 | COLUMBIA CNTY GA HOSP AUTH REV ANTIC CTFS 2023 A | 150,000 | 101.26 | $151,894.95 | 0.92% | |
| 038663GZ7 | ARAPAHOE CNTY COLO SCH DIST NO 001 ENGLEWOOD GO | 150,000 | 100.35 | $150,519.96 | 0.91% | |
| 167560UM1 | CHICAGO ILL MET WTR RECLAMATION DIST GTR CHICAGO | 150,000 | 100.31 | $150,458.64 | 0.91% | |
| 45663NBW1 | INFIRMARY HEALTH SYS SPL CARE FACS FING AUTH | 175,000 | 85.85 | $150,237.78 | 0.91% | |
| 56052F3E3 | MAINE ST HSG AUTH MTG PUR BDS 2026C 06/AUG/2026 | 150,000 | 98.45 | $147,675.63 | 0.90% | |
| 09182TGW1 | BLACK BELT ENERGY GAS DIST ALA GAS PROJ REV BDS | 140,000 | 104.11 | $145,749.73 | 0.89% | |
| 267169GV6 | DUVAL CNTY FLA SCH BRD CTFS PARTN REF COPS 2016 A | 150,000 | 93.24 | $139,862.39 | 0.85% | |
| 13063CZU7 | CALIFORNIA ST GO BDS 17/MAR/2016 01/SEP/2045 5% | 135,000 | 100.14 | $135,182.76 | 0.82% | |
| 167593F72 | CHICAGO ILL O HARE INTL ARPT REV GEN ARPT SR LIEN | 135,000 | 100.11 | $135,143.11 | 0.82% | |
| 414009LZ1 | HARRIS CNTY TEX CULTURAL ED FACS FIN CORP REV HOSP | 160,000 | 83.86 | $134,181.46 | 0.82% | |
| 5895353M3 | MERIDEN CONN GO BDS 2020 B 10/JUL/2020 01/JUL/2038 | 180,000 | 73.40 | $132,119.30 | 0.80% | |
| 812636LB2 | SEATTLE WASH HSG AUTH REV REV BDS A 06/OCT/2016 | 160,000 | 81.36 | $130,176.10 | 0.79% | |
| 24917DBK8 | DENVER COLO CITY & CNTY DEDICATED TAX REV BDS 2018 | 130,000 | 100.03 | $130,042.41 | 0.79% | |
| 49952MDC7 | KNOX CNTY TENN HEALTH EDL & HSG FACS BRD REV REV | 145,000 | 85.50 | $123,977.58 | 0.75% | |
| 45204FTA3 | ILLINOIS FIN AUTH REV BDS 2022 A 21/DEC/2022 | 120,000 | 100.68 | $120,810.73 | 0.73% | |
| 717817UL2 | PHILADELPHIA PA ARPT REV REF BDS 2017 B | 120,000 | 100.41 | $120,495.83 | 0.73% | |
| 882667CD8 | TEXAS PRIVATE ACTIVITY BD SURFACE TRANSN CORP REV | 115,000 | 104.73 | $120,439.28 | 0.73% | |
| 54714CBM8 | LOVE FIELD ARPT MODERNIZATION CORP TEX GEN ARPT | 120,000 | 100.18 | $120,221.09 | 0.73% | |
| 63608TBQ2 | NATIONAL FIN AUTH N H SPL REV BDS 2026 28/JUL/2026 | 120,000 | 100.13 | $120,160.37 | 0.73% | |
| 20774YWB9 | CONNECTICUT ST HEALTH & EDL FACS AUTH REV REV BDS | 120,000 | 100.06 | $120,071.75 | 0.73% | |
| 60637AGN6 | MISSOURI ST HEALTH & EDL FACS AUTH HEALTH FACS REV | 120,000 | 100.04 | $120,042.43 | 0.73% | |
| 6460663U2 | NEW JERSEY ST EDL FACS AUTH REV REF BDS 2017 G | 130,000 | 91.08 | $118,407.29 | 0.72% | |
| 63608TBN9 | NATIONAL FIN AUTH N H SPL REV CAP APPRECIATION BDS | 250,000 | 47.22 | $118,055.80 | 0.72% | |
| 795305AC5 | SALISBURY MD SPL OBLIG SPL OBLIG CAB 2007 | 265,000 | 44.43 | $117,751.80 | 0.72% | |
| 25483VZH0 | DISTRICT COLUMBIA REV AMT BDS 2022A 05/MAY/2022 | 115,000 | 100.02 | $115,026.44 | 0.70% | |
| 67756DUM6 | OHIO ST HIGHER EDL FAC COMMN REV BDS 02/APR/2020 | 110,000 | 102.07 | $112,273.28 | 0.68% | |
| 69651ABL7 | PALM BEACH CNTY FLA HEALTH FACS AUTH HOSP REV BDS | 145,000 | 75.01 | $108,770.53 | 0.66% | |
| 052398HS6 | AUSTIN TEX ARPT SYS REV AMT BDS 2022 01/MAY/2022 | 105,000 | 102.79 | $107,933.79 | 0.66% | |
| 97712JBP7 | WISCONSIN ST HEALTH & EDL FACS AUTH REV REF BDS | 105,000 | 100.95 | $105,993.69 | 0.64% | |
| 119427BV3 | BUFFALO & FT ERIE N Y PUB BRDG AUTH TOLL BRDG SYS | 105,000 | 100.20 | $105,211.01 | 0.64% | |
| 529050EA0 | LEXINGTON CNTY S C HEALTH SVCS DIST INC HOSP REV | 105,000 | 100.02 | $105,019.41 | 0.64% | |
| 9397832Q8 | WASHINGTON ST HSG FIN COMMN NONPROFIT HSG REV BDS | 100,000 | 102.96 | $102,962.67 | 0.63% | |
| 45528UJ77 | INDIANAPOLIS IND LOC PUB IMPT BD BK BDS 2019 I-1 | 100,000 | 102.07 | $102,066.90 | 0.62% | |
| 213226AE3 | COOK CNTY ILL MULTIFAMILY HSG REV BDS 2024 | 100,000 | 101.55 | $101,554.92 | 0.62% | |
| 74443UCT8 | PUBLIC FIN AUTH WIS SR LIVING REV BDS 2026 | 100,000 | 100.84 | $100,837.28 | 0.61% | |
| 896221AF5 | TRIMBLE CNTY KY ENVIRONMENTAL FACS REV AMT BDS | 100,000 | 100.65 | $100,647.05 | 0.61% | |
| 09182NCB4 | BLACK BELT ENERGY GAS DIST ALA GAS SUPPLY REV BDS | 100,000 | 100.59 | $100,589.60 | 0.61% | |
| 798451BR0 | SAN LEANDRO CALIF PUB FING AUTH LEASE REV BDS 2018 | 100,000 | 100.17 | $100,167.38 | 0.61% | |
| 64990FUR3 | NEW YORK ST DORM AUTH ST PERS INCOME TAX REV REV | 100,000 | 100.11 | $100,106.67 | 0.61% | |
| 882854YK2 | TEXAS WTR DEV BRD REV REV BDS 2016 13/OCT/2016 | 100,000 | 100.08 | $100,080.45 | 0.61% | |
| 59333NB77 | MIAMI-DADE CNTY FLA SPL OBLIG CAP ASSET | 100,000 | 100.05 | $100,047.32 | 0.61% | |
| 452152B91 | ILLINOIS ST GO BDS 2016 26/JAN/2016 01/JAN/2041 5% | 100,000 | 100.03 | $100,029.49 | 0.61% | |
| 84364CAR8 | SOUTHERN PLAINS ED COOP NO 915 MINN CTFS PARTN COP | 100,000 | 99.35 | $99,346.76 | 0.60% | |
| 114731AT9 | BROOME CNTY N Y LOC DEV CORP REV BDS 2020 | 130,000 | 75.54 | $98,202.01 | 0.60% | |
| 34681WPS7 | FORT BEND CNTY TEX MUN UTIL DIST NO 142 ULTD TAX | 100,000 | 97.55 | $97,547.83 | 0.59% | |
| 34679CHK1 | FORT BEND CNTY TEX LEVEE IMPT DIST N0 6 UNLTD TAX | 120,000 | 80.83 | $96,999.02 | 0.59% | |
| 74443DNN7 | PUBLIC FIN AUTH WIS EDL FAC REV BDS 2026A | 100,000 | 96.69 | $96,688.28 | 0.59% | |
| 392275DL4 | GREATER ORLANDO AVIATION AUTH ORLANDO FLA ARPT | 95,000 | 100.07 | $95,062.35 | 0.58% | |
| 45203H5R9 | ILLINOIS FIN AUTH REV REV REF BDS A 15/OCT/2015 | 100,000 | 94.94 | $94,935.35 | 0.58% | |
| 1845766G6 | CLEAR LAKE CITY TEX WTR AUTH SWR SYS COMBX ULTD | 100,000 | 94.88 | $94,884.80 | 0.58% | |
| 39114TBR7 | GREAT OAKS CAREER CAMPUSES OHIO BRD ED CTFS PARTN | 105,000 | 90.15 | $94,654.73 | 0.58% | |
| 452153CH0 | ILLINOIS ST GO BDS DECEMBER 2021 B 15/DEC/2021 | 115,000 | 81.35 | $93,555.54 | 0.57% | |
| 87172NAX6 | SYRACUSE N Y INDL DEV AGY PILOT REV REF PILOT REV | 100,000 | 91.37 | $91,372.53 | 0.56% | |
| 57584XUU3 | MASSACHUSETTS ST DEV FIN AGY REV REV BDS 2016 | 90,000 | 100.22 | $90,202.32 | 0.55% | |
| 412003AD7 | HARDIN CNTY OHIO ECONOMIC DEV FACS REV REF IMPT | 100,000 | 88.60 | $88,602.00 | 0.54% | |
| 73535ELE8 | PORT ST LUCIE FLA SPL ASSMT REV REF BDS 2016 | 110,000 | 78.47 | $86,321.25 | 0.52% | |
| 167593WR9 | CHICAGO ILL O HARE INTL ARPT REV SR LIEN REV BDS D | 85,000 | 100.14 | $85,116.89 | 0.52% | |
| 703346BJ4 | PATRICK HENRY OHIO LOC SCH DIST CTFS PARTN COPS | 100,000 | 81.40 | $81,398.58 | 0.49% | |
| 34683EGE6 | FORT BEND CNTY TEX MUN UTIL DIST NO 194 ULTD TAX | 100,000 | 79.39 | $79,392.33 | 0.48% | |
| 413844ED9 | HARRIS-BRAZORIA CNTYS TEX MUN UTIL DIST NO 509 | 100,000 | 78.59 | $78,593.70 | 0.48% | |
| 97712DUF1 | WISCONSIN ST HEALTH & EDL FACS AUTH REV BDS 2016 A | 90,000 | 85.17 | $76,657.41 | 0.47% | |
| 45204EHX9 | ILLINOIS FIN AUTH REV REV REF BDS 2016 A | 90,000 | 84.63 | $76,168.14 | 0.46% | |
| 880397BW3 | TENNERGY CORP TENN GAS REV SUPPLY BDS 2021 A | 75,000 | 101.03 | $75,773.33 | 0.46% | |
| 64972GNC4 | NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS | 75,000 | 100.20 | $75,152.75 | 0.46% | |
| 914391T56 | UNIVERSITY LOUISVILLE KY REVS GEN RECEIPTS BDS | 100,000 | 75.12 | $75,124.79 | 0.46% | |
| 88213AFR1 | TEXAS A & M UNIV REV REV FINANCING SYS BDS 2016 C | 75,000 | 100.06 | $75,045.49 | 0.46% | |
| 57584YLS6 | MASSACHUSETTS ST DEV FIN AGY REV BDS 2018 L | 75,000 | 99.97 | $74,977.30 | 0.46% | |
| 733590PS6 | PORT BEAUMONT TEX NAV DIST GO BDS 2018 15/JUL/2018 | 80,000 | 93.11 | $74,490.44 | 0.45% | |
| 955190GS6 | WEST PARK MUN UTIL DIST TEX ULTD TAX BDS 2016 | 90,000 | 82.06 | $73,856.80 | 0.45% | |
| 491309EK2 | KENTUCKY HSG CORP SINGLE FAMILY MTG REV BDS 2024A | 75,000 | 98.35 | $73,758.80 | 0.45% | |
| 62947YAE1 | NEW YORK CNTYS TOB TR IV PASS THROUGH BDS 2005 A | 100,000 | 72.59 | $72,591.89 | 0.44% | |
| 41423TEW5 | HARRIS CNTY TEX MUN UTIL DIST NO 171 CONTRACT REV | 100,000 | 71.86 | $71,856.55 | 0.44% | |
| 613903DZ3 | MONTGOMERY CNTY TEX MUN UTIL DIST NO 42 WTRWKS SWR | 100,000 | 71.76 | $71,755.96 | 0.44% | |
| 54714CAT4 | LOVE FIELD ARPT MODERNIZATION CORP TEX GEN ARPT | 65,000 | 100.19 | $65,125.63 | 0.40% | |
| 45506DEN1 | INDIANA ST FIN AUTH REV REV AND REF BDS 2013A | 75,000 | 83.65 | $62,733.75 | 0.38% | |
| 59333FSU5 | MIAMI-DADE CNTY FLA GO REF BDS 2016 A 11/MAY/2016 | 60,000 | 100.60 | $60,362.87 | 0.37% | |
| 723203AX3 | PINELLAS CNTY FLA SCH BRD CTFS PARTN COPS 2017A | 60,000 | 100.56 | $60,335.60 | 0.37% | |
| 45506DA54 | INDIANA ST FIN AUTH REV REV BDS 2016 01/DEC/2016 | 60,000 | 100.18 | $60,110.83 | 0.37% | |
| 56042RFJ6 | MAINE HEALTH & HIGHER EDL FACS AUTH REV REV BDS | 65,000 | 92.37 | $60,040.48 | 0.36% | |
| 59259N3K7 | METROPOLITAN TRANSN AUTH N Y DEDICATED TAX FD | 55,000 | 100.32 | $55,178.66 | 0.34% | |
| 48504NBC2 | KANSAS CITY MO INDL DEV AUTH ARPT SPL OBLIG BDS | 55,000 | 100.10 | $55,052.40 | 0.33% | |
| 795576KB2 | SALT LAKE CITY UTAH ARPT REV INTL BDS 2021 A | 50,000 | 101.07 | $50,535.63 | 0.31% | |
| 746507AV4 | PUTNAM CNTY FLA DEV AUTH POLLUTN CTL REV REF BDS | 50,000 | 100.83 | $50,415.10 | 0.31% | |
| 875301FP3 | TAMPA-HILLSBOROUGH CNTY FLA EXP WY AUTH REV REV | 50,000 | 100.50 | $50,251.20 | 0.31% | |
| 161036NE4 | CHARLOTTE N C ARPT REV AIRPORT REV BDS B | 50,000 | 100.41 | $50,206.60 | 0.31% | |
| 452650JA3 | IMPERIAL CALIF IRR DIST ELEC REV REF REV BDS | 50,000 | 100.25 | $50,123.19 | 0.30% | |
| 052430PR0 | AUSTIN TEX INDPT SCH DIST ULTD TAX SCH BLDG AND | 50,000 | 100.10 | $50,051.69 | 0.30% | |
| 83715BDG9 | SOUTH CAROLINA ST PUB SVC AUTH REV REF OBLIGS 2016 | 50,000 | 100.06 | $50,032.44 | 0.30% | |
| 24917DAT0 | DENVER COLO CITY & CNTY DEDICATED TAX REV REF AND | 50,000 | 100.06 | $50,030.44 | 0.30% | |
| 392275DM2 | GREATER ORLANDO AVIATION AUTH ORLANDO FLA ARPT | 50,000 | 100.06 | $50,029.94 | 0.30% | |
| 231237G69 | CUPERTINO CALIF UN SCH DIST GO BDS C 09/MAR/2016 | 50,000 | 100.06 | $50,028.86 | 0.30% | |
| 59334KJP4 | MIAMI-DADE CNTY FLA EXPWY AUTH TOLL SYS REV BDS | 50,000 | 100.03 | $50,015.97 | 0.30% | |
| 67920QLF3 | OKLAHOMA ST WTR RES BRD ST LN PROGRAM REV REV BDS | 50,000 | 100.01 | $50,006.89 | 0.30% | |
| 64966MFH7 | NEW YORK N Y GO BDS 2017 A SUB A-1 18/AUG/2016 | 40,000 | 100.11 | $40,044.20 | 0.24% | |
| 084538GV3 | BERKS CNTY PA MUN AUTH REV REV BDS 2012 A | 50,000 | 76.22 | $38,107.65 | 0.23% | |
| 084538GW1 | BERKS CNTY PA MUN AUTH REV REV BDS 2012 A | 55,000 | 68.72 | $37,794.22 | 0.23% | |
| 45506DF42 | INDIANA ST FIN AUTH REV REV BDS 2017 12/JUL/2017 | 40,000 | 90.48 | $36,192.36 | 0.22% | |
| 837031UZ4 | SOUTH CAROLINA JOBS-ECONOMIC DEV AUTH ECONOMIC DEV | 35,000 | 100.11 | $35,039.22 | 0.21% | |
| 646066Z78 | NEW JERSEY ST EDL FACS AUTH REV BDS 2017 F | 40,000 | 78.15 | $31,261.76 | 0.19% | |
| 60534TLM5 | MISSISSIPPI DEV BK SPL OBLIG SPL OBLIG BDS 2013A | 30,000 | 97.14 | $29,141.31 | 0.18% | |
| 60637AJY9 | MISSOURI ST HEALTH & EDL FACS AUTH HEALTH FACS REV | 25,000 | 100.09 | $25,021.90 | 0.15% | |
| 87172NBC1 | SYRACUSE N Y INDL DEV AGY PILOT REV REF PILOT REV | 30,000 | 81.63 | $24,489.95 | 0.15% | |
| 47325RAT6 | JEFFERSON CNTY N Y CIVIC FAC DEV CORP REV BDS | 30,000 | 73.63 | $22,088.15 | 0.13% | |
| 304286BC0 | FAIRFIELD CNTY OHIO HOSP FACS REV REF BDS 2013 | 20,000 | 98.40 | $19,680.92 | 0.12% |
Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities. Based on total fair value of investment and cash/cash equivalents. Not a guarantee of future portfolio composition. Current and future portfolio holdings are subject to risk.
Percentages may not sum to 100% due to rounding.
Management
Fund Management
-
-
John Miller
Head and Chief Investment Officer of Municipal Credit TeamIndustry start:1993Year joined:2024
Investment Process
The Core Municipal ETF emphasizes a fundamental bottom-up research approach that drives the identification of investment opportunities in all market environments. The three phases of the process are:
- 01Bottom Up Fundamental Analysis
Team to screen for issuers that meets the investment team's fundamental tests of creditworthiness
Team favors those issuers with attractive return potential from a combination of price improvement and yield through solid coverage of debt service and a priority lien on hard assets, dedicated revenue streams or tax resources
Strategic inputs include:
- Credit analysis
- Security structure
- Sector analysis
- Yield curve positioning
- 02Portfolio Construction
Team seeks to invest in a large number of sectors, states and specific issuers in order to help create a diversified portfolio and help mitigate the portfolio from events that may affect any individual industry, geographic location or credit
Team seeks to limit exposure to individual credits, mitigate interest rate risk, and maximize overall call protection
Portfolio assessment:
- Position sizing
- Performance and attribution analysis
- Duration management
- Leverage analysis
- 03Risk Management and Sell Discipline
Team may sell a security if, among other factors, it:
- Determines a security is overvalued
- Detects credit deterioration
- Modifies its portfolio strategy, such as sector or state allocation
Team may also sell a security when it exceeds the portfolio’s diversification targets
Disclosures
As with all ETFs, Shares may be bought and sold in the secondary market at market prices.
Investments involve risk. Principal loss is possible.
Definitions
30-day SEC Yield is a standard yield calculation developed by the Securities and Exchange Commission (SEC) that allows for fairer comparisons of bond funds. It is based on the most recent 30-day period covered by the fund’s filings with the SEC. The yield figure reflects the dividends and interest earned during the period, after the deduction of the fund’s expenses. This is also referred to as the “standardized yield.” The number is then annualized. This yield does not necessarily reflect income actually earned and distributed by the Fund, and therefore may not be correlated with dividends and distributions paid. Had fees not been waived and or/expenses reimbursed, the SEC Yield would have been lower.
The Subsidized 30-Day SEC Yield includes contractual expense reimbursements and it would be lower without those reimbursements.
The Unsubsidized 30-Day SEC Yield excludes contractual expense reimbursements.
Alternative Minimum Tax (AMT) is a tax on items not normally taxed that are imposed by the federal government for individuals who exceed specific income thresholds.
Yield to worst is a measure of the lowest possible yield that can be received on a bond that operates within the terms of its contract without defaulting.
Average coupon is the average interest rate of a portfolios of bonds based on their relative weightings within the portfolio.
Weighted average duration is the average duration—i.e., sensitivity to changes in interest rates—of a portfolio of bonds based on their relative weightings within the portfolio.
Weighted average maturity is the average maturity date of a portfolio of bonds based on their relative weightings within the portfolio.
The investment process may change over time. The information set forth above is intended as a general illustration of some of the criteria the investment team considers in selecting securities. Not all investments will meet such criteria. Diversification does not guarantee investment returns and does not eliminate the risk of loss.
These are among factors to be considered when deciding whether to sell, this is not a comprehensive list.
A debt instrument’s “duration’’ is a way of measuring a debt instrument’s sensitivity to a potential change in interest rates.
Diversification does not guarantee investment returns and does not eliminate the risk of loss.
Fees & Minimums
Expense Ratio as of June 30, 2026
Annual Fund Operating Expenses (%)
| Management Fees | 0.40% |
| Distribution (12b-1) Fees | 0.00 |
| Other Expenses1 | 0.00 |
| Total Annual Fund Operating Expenses | 0.40% |
| Fee Waiver and/or Expense Reimbursement2 | -0.15% |
| Net Annual Operating Expenses After Fee Waiver and/or Expense Reimbursements | 0.25% |
1 “Other Expenses” are estimated for the current fiscal year.
2 First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/or reimburse certain fees and expenses so that the total annual fund operating expenses (excluding Acquired Fund Fees and Expenses (“AFFE”), brokerage commissions, extraordinary items, interest or taxes) (“annual operating expenses”) is limited to 0.25% of the Fund’s average daily net assets. These contractual limitations are in effect until June 30, 2027, and may not be terminated prior to that date without the approval of the Board of Trustees (the “Board”) of First Eagle ETF Trust (the“Trust”)
Disclosures
As with all ETFs, Shares may be bought and sold in the secondary market at market prices.
Investments involve risk. Principal loss is possible.
Definitions
30-day SEC Yield is a standard yield calculation developed by the Securities and Exchange Commission (SEC) that allows for fairer comparisons of bond funds. It is based on the most recent 30-day period covered by the fund’s filings with the SEC. The yield figure reflects the dividends and interest earned during the period, after the deduction of the fund’s expenses. This is also referred to as the “standardized yield.” The number is then annualized. This yield does not necessarily reflect income actually earned and distributed by the Fund, and therefore may not be correlated with dividends and distributions paid. Had fees not been waived and or/expenses reimbursed, the SEC Yield would have been lower.
The Subsidized 30-Day SEC Yield includes contractual expense reimbursements and it would be lower without those reimbursements.
The Unsubsidized 30-Day SEC Yield excludes contractual expense reimbursements.
Alternative Minimum Tax (AMT) is a tax on items not normally taxed that are imposed by the federal government for individuals who exceed specific income thresholds.
Yield to worst is a measure of the lowest possible yield that can be received on a bond that operates within the terms of its contract without defaulting.
Average coupon is the average interest rate of a portfolios of bonds based on their relative weightings within the portfolio.
Weighted average duration is the average duration—i.e., sensitivity to changes in interest rates—of a portfolio of bonds based on their relative weightings within the portfolio.
Weighted average maturity is the average maturity date of a portfolio of bonds based on their relative weightings within the portfolio.
The investment process may change over time. The information set forth above is intended as a general illustration of some of the criteria the investment team considers in selecting securities. Not all investments will meet such criteria. Diversification does not guarantee investment returns and does not eliminate the risk of loss.
These are among factors to be considered when deciding whether to sell, this is not a comprehensive list.
A debt instrument’s “duration’’ is a way of measuring a debt instrument’s sensitivity to a potential change in interest rates.
Diversification does not guarantee investment returns and does not eliminate the risk of loss.
Distributions
Dividend Payments
| Record Date | Frequency | Ex Date | Reinvest Date | Payable Date | Dividend ($) | Reinvested at |
|---|---|---|---|---|---|---|
| 08/04/2026 | Monthly | 08/04/2026 | 08/06/2026 | 08/07/2026 | $0.079 | $24.77 |
Documents
The prospectus and summary prospectus may be viewed online or by calling us at 844-422-3367. Please read our prospectus carefully before investing. Investments are not FDIC insured or bank guaranteed and may lose value.
Disclosures
As with all ETFs, Shares may be bought and sold in the secondary market at market prices.
Investments involve risk. Principal loss is possible.
Definitions
30-day SEC Yield is a standard yield calculation developed by the Securities and Exchange Commission (SEC) that allows for fairer comparisons of bond funds. It is based on the most recent 30-day period covered by the fund’s filings with the SEC. The yield figure reflects the dividends and interest earned during the period, after the deduction of the fund’s expenses. This is also referred to as the “standardized yield.” The number is then annualized. This yield does not necessarily reflect income actually earned and distributed by the Fund, and therefore may not be correlated with dividends and distributions paid. Had fees not been waived and or/expenses reimbursed, the SEC Yield would have been lower.
The Subsidized 30-Day SEC Yield includes contractual expense reimbursements and it would be lower without those reimbursements.
The Unsubsidized 30-Day SEC Yield excludes contractual expense reimbursements.
Alternative Minimum Tax (AMT) is a tax on items not normally taxed that are imposed by the federal government for individuals who exceed specific income thresholds.
Yield to worst is a measure of the lowest possible yield that can be received on a bond that operates within the terms of its contract without defaulting.
Average coupon is the average interest rate of a portfolios of bonds based on their relative weightings within the portfolio.
Weighted average duration is the average duration—i.e., sensitivity to changes in interest rates—of a portfolio of bonds based on their relative weightings within the portfolio.
Weighted average maturity is the average maturity date of a portfolio of bonds based on their relative weightings within the portfolio.
The investment process may change over time. The information set forth above is intended as a general illustration of some of the criteria the investment team considers in selecting securities. Not all investments will meet such criteria. Diversification does not guarantee investment returns and does not eliminate the risk of loss.
These are among factors to be considered when deciding whether to sell, this is not a comprehensive list.
A debt instrument’s “duration’’ is a way of measuring a debt instrument’s sensitivity to a potential change in interest rates.
Diversification does not guarantee investment returns and does not eliminate the risk of loss.
Risk Disclosures
The First Eagle Core Municipal ETF is new and may not be successful under all future market conditions. The Fund may not attract sufficient assets to achieve investment, trading or other efficiencies.
All investments involve the risk of loss of principal.
Funds that invest in bonds are subject to interest-rate risk and can lose principal value when interest rates rise, while they typically increase their principal values when interest rates decline. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner, or that negative perception of the issuer's ability to make such payments may cause the price of that bond to decline.
Municipal bonds are subject to credit risk, interest rate risk, liquidity risk, and call risk. However, the obligations of some municipal issuers may not be enforceable through the exercise of traditional creditors' rights. The reorganization under federal bankruptcy laws of a municipal bond issuer may result in the bonds being cancelled without payment or repaid only in part, or in delays in collecting principal and interest.
The Fund invests in high yield, fixed income securities that, at the time of purchase, are non-investment grade. High yield, lower rated securities involve greater price volatility and present greater risks than high rated fixed income securities. High yield securities are rated lower than investment-grade securities because there is a greater possibility that the issuer may be unable to make interest and principal payments on those securities. High yield securities involve greater risk than higher rated securities and portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not.