NAS100 29,544 +0.21% S&P 7,719 −0.38% GOLD $4,477 −0.32% BTC $79,689 −1.95% VIX 14.53 +1.47% live tape · as of 23:26 UTC · 4 Sep
Vol. II · No. 248Saturday, 5 September 2026
TTitan Protect
The Screen · Financials

X-Square Municipal Income ETF

ZTAX · USD

Under normal market conditions, the fund invests at least 80% of its assets (defined as net assets plus any borrowing for investment purposes, if any) in tax-exempt municipal securities, the income from which is exempt f…

FAIL · Does not pass the screen
25.16 USD

At the last full screen
2026-06-14

Screened 2026-06-14 · the tape above runs as of 23:26 UTC · 4 Sep · two dates, stated on purpose · verdict and workings shown in full · never trimmed

The Label · The Season, Not the Day

This name holds its markdown label.

X-Square Municipal Income ETF holds its Markdown at $25.16. The statistical read favours the sellers, held for 2 days.

As held on the ledger · 2026-06-14
PhaseMarkdown · caution
Quantitative stateThe statistical read favours the sellers, held for 2 days
Price at the screen$25.16
ValuationN/A trailing · N/A forward price to earnings
Values screenFAIL · score 30.0
The Workings

Five Screens, Shown in Full

Does not pass. Financial sector: Financial

TestFigureLimitWhat it meansStatus
Business activity Excluded Core business clean Financial sector: Financial Fail
Debt load Excluded Below 33% Interest-bearing debt is of its assets, above the one-third ceiling the screen allows. Fail
Interest-bearing cash Excluded Below 33% Interest-bearing cash and securities are of assets, above the one-third limit. Fail
Receivables Excluded Below 49% Money owed to the company is of assets, above the 49% limit. Fail
Revenue purity Excluded Below 5% of revenue comes from non-compliant sources, over the 5% line. Fail

Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.

The Dated Journal · Newest First, Never Edited

Every Entry, As Written

2026-08-19 Accumulation · changed $25.16 +0.0% Entry 4

The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is holding around 0% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 15%. Our forward projection puts the odds of a 10% gain over the next month near 16%.

2026-07-18 Markdown $25.16 +0.0% Entry 3

The framework reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is holding around 0% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 15%. Our forward projection puts the odds of a 10% gain over the next month near 16%.

2026-07-03 Markdown $25.16 +0.0% Entry 2

The framework reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns.

2026-07-02 Markdown $25.16 Entry 1

The framework reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns.

Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.

What Holding Actually Paid · Price Plus Dividends
If $1,000 had been placed · historical, not a promise
PeriodPrice thenPrice returnDivs per share$1,000 becameTotal return
1 month $25.74 +8.0% · $1,080 +8.0%
2 months $25.40 +9.5% · $1,095 +9.5%
3 months $25.93 +7.2% $0.06 $1,074 +7.4%
6 months $23.82 +16.7% $0.57 $1,191 +19.1%
1 year $24.10 +15.4% $1.15 $1,201 +20.1%
2 years $24.19 +14.9% $2.35 $1,246 +24.6%
3 years $23.07 +20.5% $3.54 $1,358 +35.8%

Historical returns from market close data. Past performance does not guarantee future results.

The Ledger's Promise

This entry now belongs to the ledger. Whatever ZTAX does next, these words stay.

X-Square Municipal Income ETF · ZTAX · Markdown · $25.16
Recorded 2026-06-14 · before the outcome · scored mechanically

All of today's entries → See the running score →
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Screening is research, not a fatwa and not financial advice. Figures are drawn from public accounts at the screen date shown. Always manage your risk.

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