Image

FUND MANAGERS

Robert W. Thompson, CFA

Co-Manager

Heidi J. Lynch

Fixed Income Trader & Assistant Portfolio Manager

Brent S. Miller, CFA

Lead Manager

Inception 2021: MINN

Mairs & Power
Minnesota Municipal Bond Exchange Traded Fund (ETF)

  • Invests primarily in Minnesota municipal bonds
  • Monthly income distribution exempt from Minnesota and federal tax for many investors
  • Access to a diversified portfolio of municipal bonds
  • Low expense ratio
  • Can be bought through a brokerage account

Resources

Explore the Minnesota Municipal Bond ETF

PERFORMANCE & PRICE

Monthly Returns (%)

As of 03/31/2024

Inception 3/12/2021

FUND/INDEXMOYTD 1 YR 3 YR SINCE INCEPTION
Mairs & Power Minnesota Municipal Bond ETF (NAV)1 -0.23-0.721.90-2.45-2.37
Mairs & Power Minnesota Municipal Bond (Market Price)1 -0.20-0.332.45-2.32-2.21
Bloomberg Minnesota Municipal TR Index2 -0.17-0.521.90-0.61-0.71

Quarterly Returns (%)

As of 03/31/2024
FUND/INDEXQTRYTD 1 YR 3 YR SINCE INCEPTION
Mairs & Power Minnesota Municipal Bond ETF (NAV)1 -0.72-0.721.90-2.45-2.37
Mairs & Power Minnesota Municipal Bond (Market Price)1 -0.33-0.332.45-2.32-2.21
Bloomberg Minnesota Municipal TR Index2 -0.52-0.521.90-0.61-0.71
ETF PRICE AS OF 04/12/2024
Minnesota Municipal Bond ETF MINN
NAV Closing Market Price Premium/
Discount %3
30 Day Median
Spread %4
$22.04$22.080.180.45
Expense ratio annualized per the current Prospectus
0.25%

Returns are average annualized total returns, except those for periods of less than one year, which are cumulative.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted.

1Performance shown includes the reinvestment of dividend and capital gain distributions, but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

FUND FACTS

As of 3/31/2024:
TickerMINN
Fund Type Active
Primary Exchange5 Cboe
Inception Date 3/12/2021
Style Fixed Inc./Muni
Expense Ratio 0.25%
NAV / Price6 $22.24
Premium / Discount3 0.50%
Holdings102
30-Day SEC Yield7 3.00%
Wtd. Average Maturity8 10.1
Net Yield to Worst at NAV9 3.27%
Duration to Worst10 6
Sales Charge11 None
Income Distributions Monthly
Capital Gains Annual

OBJECTIVE & STRATEGY

Seeks current income that is exempt from federal and Minnesota state income tax consistent with the preservation of capital.

  • Seeks current double tax exempt income for Minnesota residents and to preserve capital
  • May invest in school districts, cities, counties, state entities, universities, charter schools, and various other not-for-profit, community building entities
  • Seeks to keep assets fully invested to maximize income stream
  • Perform credit work to assess entities currently in and considered for addition to portfolio
Image

HOLDINGS

CREDIT QUALITY*

as of 3/31/2024
AAA and Higher 23.7%
AA 52.1%
A 16.8%
BBB and Lower 5.0%
Unrated 1.4%

MATURITY

as of 3/31/2024
0-5 years 25.2%
6-10 years 24.3%
11-20 years 48.4%
Greater than 20 years 1.1%
SECTORS AS OF 3/31/2024 % PORTFOLIO
Local47.4
Lease14.4
State12.1
Education8.3
Utilities6.5
Transportation3.6
Health Care 4.9
Housing1.4
Special Tax -
IDR & PCR (Industrial Development Revenue & Pollution Control Revenue) -
Other0.5
Total99.0
FULL PORTFOLIO AS OF 04/15/2024 CUSIP SHARES $ MARKET VALUE % PORTFOLIO
Forest Lake Independent School District No 831 4% 02/01/2039 345874VT5 500,000 512,214 2.61%
State of Minnesota 5% 08/01/2043 60412AH55 400,000 446,231 2.28%
Anoka-Hennepin Independent School District No 11 3% 02/01/2043 0363034R3 500,000 414,070 2.11%
City of Elk River MN Electric Revenue 3% 08/01/2032 287423EM5 365,000 353,367 1.80%
Anoka-Hennepin Independent School District No 11 4% 02/01/2032 0363034E2 320,000 332,592 1.70%
North St Paul-Maplewood-Oakdale Independent School District No 622 3% 02/01/2035 662152FV4 350,000 333,572 1.70%
Minnesota Higher Education Facilities Authority 3% 10/01/2041 60416JCZ1 400,000 331,445 1.69%
Alden-Conger Independent School District No 242 3% 02/01/2027 014083CK3 330,000 320,926 1.64%
State of Minnesota 5% 08/01/2040 60412ATT0 295,000 322,242 1.64%
State of Minnesota 5% 08/01/2027 60412AHE6 305,000 317,213 1.62%
Hibbing Independent School District No 701 3% 03/01/2033 428599AM6 300,000 296,132 1.51%
City of Rosemount MN 5% 02/01/2037 7775773L9 250,000 281,487 1.44%
County of St Louis MN 2% 12/01/2035 791230XW0 350,000 280,165 1.43%
County of Carlton MN 5% 02/01/2042 142879MT9 250,000 278,135 1.42%
Stillwater Independent School District No 834 5% 02/01/2040 860758TA9 250,000 276,429 1.41%
City of Delano MN 5% 02/01/2038 245667TT7 250,000 274,449 1.40%
Minnesota Agricultural & Economic Development Board 5% 01/01/2042 6049202Z0 250,000 275,290 1.40%
State of Minnesota 5% 08/01/2034 60412APJ6 250,000 272,436 1.39%
State of Minnesota 5% 08/01/2024 60412AEV1 265,000 265,959 1.36%
Eastern Carver County Schools Independent School District No 112 4% 02/01/2035 161681UU3 250,000 262,683 1.34%
City of Apple Valley MN 4% 09/01/2041 03800RBE5 290,000 258,440 1.32%
Zumbro Education District 4% 02/01/2038 989781BA6 275,000 256,633 1.31%
County of Wright MN 3% 12/01/2038 982276AU1 295,000 255,830 1.30%
Rosemount-Apple Valley-Eagan Independent School District No 196 5% 04/01/2025 777596CU9 250,000 253,123 1.29%
City of St Paul MN 2% 05/01/2033 792882EB4 300,000 252,031 1.28%
Housing & Redevelopment Authority of The City of St Paul Minnesota 4% 10/01/2037 85236DBJ6 250,000 250,769 1.28%
City of Hutchinson MN 2% 02/01/2034 448285QY5 300,000 248,517 1.27%
County of Beltrami MN 4% 12/01/2042 081131HC1 250,000 247,463 1.26%
St Cloud Independent School District No 742/MN 5% 02/01/2041 789177SP8 225,000 242,163 1.23%
State of Minnesota 5% 10/01/2028 60412AKC6 220,000 235,968 1.20%
Northfield Independent School District No 659 5% 02/01/2025 666195QE5 230,000 232,705 1.19%
Minneapolis-St Paul Metropolitan Airports Commission 5% 01/01/2029 603827YQ3 220,000 230,733 1.18%
University of Minnesota 5% 10/01/2026 914460TB6 220,000 229,669 1.17%
St Paul Independent School District No 625 5% 02/01/2042 792897SK7 200,000 222,260 1.13%
Bold Independent School District No 2534 5% 02/01/2044 090808BY1 200,000 219,111 1.12%
Minneapolis-St Paul Metropolitan Airports Commission 5% 01/01/2030 603827B39 200,000 219,143 1.12%
County of Wright MN 3% 12/01/2039 982276AV9 250,000 215,569 1.10%
City of Willmar MN 5% 02/01/2027 970856GP9 200,000 209,395 1.07%
Mankato Independent School District No 77 5% 02/01/2026 563690QX7 200,000 206,344 1.05%
County of Itasca MN 4% 02/01/2044 465452NN6 200,000 200,225 1.02%
Minnesota State Colleges And Universities Foundation 4% 10/01/2029 60414FMU1 200,000 200,103 1.02%
Fergus Falls Independent School District No 544 3% 02/01/2037 314802AT6 225,000 196,739 1.00%
Rochester Independent School District No 535 2.5% 02/01/2039 771614TH7 250,000 195,940 1.00%
St Paul Independent School District No 625 3% 02/01/2033 792897JY7 200,000 196,055 1.00%
Southern Plains Education Cooperative No 915 3% 02/01/2026 84364CAG2 200,000 196,696 1.00%
State of Minnesota 5% 08/01/2027 6041294L7 190,000 190,799 0.97%
City of Carver MN 3% 02/01/2032 147019SL8 195,000 188,277 0.96%
Minnesota Higher Education Facilities Authority 3% 10/01/2036 60416JEL0 200,000 180,696 0.92%
City of Minneapolis MN 2% 12/01/2030 60375BGX8 200,000 176,820 0.90%
North St Paul-Maplewood-Oakdale Independent School District No 622 2% 02/01/2031 662152GY7 200,000 175,396 0.89%
Pine City Independent School District No 578 2% 04/01/2032 722514AL0 200,000 175,035 0.89%
City of Minneapolis MN 4% 11/15/2040 60374VEV1 175,000 171,732 0.88%
City of Hopkins MN 2% 02/01/2030 4398667X6 185,000 168,470 0.86%
State of Minnesota 5% 08/01/2028 60412ARQ8 155,000 168,592 0.86%
City of Rochester MN 5% 02/01/2040 771588VY3 150,000 168,671 0.86%
City of St Cloud MN 2% 02/01/2034 78916CAM4 200,000 165,678 0.84%
Minneapolis Special School District No 1 5% 02/01/2025 603790SW7 160,000 161,919 0.83%
St Francis Independent School District No 15 4% 02/01/2036 789466TQ2 150,000 159,977 0.82%
University of Minnesota 5% 04/01/2040 914460SR2 150,000 160,109 0.82%
Alexandria Lake Area Sanitation District 4% 02/01/2036 015091DF5 150,000 154,224 0.79%
City of Minneapolis MN 5% 11/15/2036 60374VEB5 150,000 154,972 0.79%
Owatonna Independent School District No 761/MN 4% 02/01/2028 690564RK7 150,000 155,057 0.79%
Duluth Independent School District No 709 0% 02/01/2031 264471LL5 200,000 147,709 0.75%
Metropolitan Council 4% 03/01/2030 591852F29 140,000 144,294 0.74%
City of Chaska MN Electric Revenue 5% 10/01/2025 161670EW0 140,000 143,462 0.73%
Minnetonka Independent School District No 276 3% 07/01/2036 604204XY8 150,000 141,950 0.72%
St Cloud Housing & Redevelopment Authority 2% 02/01/2033 789163AX0 160,000 138,317 0.71%
City of Center City MN 4% 11/01/2027 151452BW8 135,000 134,954 0.69%
Minneapolis-St Paul Metropolitan Airports Commission 5% 01/01/2035 603827B88 120,000 130,929 0.67%
Rosemount-Apple Valley-Eagan Independent School District No 196 1.3% 04/01/2030 777596CQ8 150,000 129,414 0.66%
Elk River Independent School District No 728 4% 02/01/2026 287425M33 125,000 126,871 0.65%
Western Minnesota Municipal Power Agency 5% 01/01/2025 958697KF0 120,000 121,257 0.62%
Zumbro Education District 4% 02/01/2034 989781AY5 125,000 122,070 0.62%
St Cloud Housing & Redevelopment Authority 2% 02/01/2031 789163AV4 130,000 116,806 0.60%
Spring Lake Park Independent School District No 16 4% 02/01/2025 849832VP2 115,000 115,463 0.59%
Metropolitan Council 5% 12/01/2028 591852Z76 100,000 109,652 0.56%
Princeton Public Utilities Commission 5% 04/01/2031 742271BG3 100,000 110,145 0.56%
Metropolitan Council 5% 03/01/2026 591852A99 100,000 103,168 0.53%
State of Minnesota 5% 08/01/2025 60412APV9 100,000 102,220 0.52%
Minnesota Higher Education Facilities Authority 3% 03/01/2043 60416JDW7 125,000 101,517 0.52%
City of Richfield MN 4% 02/01/2027 763326HP3 100,000 102,345 0.52%
Housing & Redevelopment Authority of The City of St Paul Minnesota 3.125% 11/15/2032 792909FE8 110,000 102,323 0.52%
University of Minnesota 5% 04/01/2036 914460PH7 100,000 102,809 0.52%
Western Minnesota Municipal Power Agency 5% 01/01/2049 958697KL7 100,000 102,881 0.52%
City of Center City MN 4.5% 11/01/2034 151452BK4 100,000 100,078 0.51%
City of Madelia MN 2% 02/01/2033 556394JQ8 115,000 99,415 0.51%
Minnesota Higher Education Facilities Authority 5% 12/01/2024 60416HK29 100,000 100,835 0.51%
City of St Paul MN Sales & Use Tax Revenue 5% 11/01/2026 79307TBZ2 100,000 100,771 0.51%
Westonka Independent School District No 277 4% 02/01/2041 960906GD1 100,000 100,743 0.51%
Waconia Independent School District No 110 3% 02/01/2028 930047LZ6 100,000 97,672 0.50%
City of Wayzata MN 3% 12/01/2027 946796WS4 100,000 98,033 0.50%
City of Hanover MN 3.3% 02/01/2037 411026DY0 100,000 92,646 0.47%
Housing & Redevelopment Authority of The City of St Paul Minnesota 3.5% 09/01/2026 852297BV1 95,000 92,421 0.47%
University of Minnesota 5% 12/01/2024 914460QU7 90,000 90,874 0.46%
City of Coon Rapids MN 2.5% 02/01/2036 21657ARX9 100,000 85,884 0.44%
Minnesota Municipal Power Agency 5% 10/01/2047 60412PFX3 85,000 85,943 0.44%
County of Pennington MN 2.375% 02/01/2035 708288JR7 100,000 86,100 0.44%
St Paul Independent School District No 625 2.25% 02/01/2035 792897NY2 100,000 84,170 0.43%
Minneapolis-St Paul Metropolitan Airports Commission 5% 01/01/2032 603827WX0 75,000 78,729 0.40%
Housing & Redevelopment Authority of The City of St Paul Minnesota 4% 10/01/2032 85236DAM0 75,000 76,377 0.39%
Dakota County Community Development Agency 2% 01/01/2032 23410NCX1 65,000 56,662 0.29%
Minneapolis-St Paul Metropolitan Airports Commission 5% 01/01/2029 603827WU6 50,000 52,439 0.27%
Pelican Rapids Independent School District No 548 2.15% 02/01/2031 705863GU6 50,000 46,970 0.24%
Minneapolis-St Paul Metropolitan Airports Commission 5% 01/01/2052 603827H66 25,000 26,459 0.13%
Cash & Other Cash&Other 316,864 316,864 1.62%

 

Full holdings
Fund holdings and allocations are subject to change and are not recommendations to buy or sell any security. Current and future portfolio holdings are subject to risk.

DISTRIBUTION HISTORY

The Mairs & Power Minnesota Municipal Bond ETF declares and pays dividend income monthly. If any capital gains are realized during the year, the Fund will distribute the net gains in December toward the end of the month.

 
DECLARATIONEX-DATE RECORD DATE PAYMENT DATE AMOUNT DISTRIBUTION TYPE
1/24/20241/25/20241/26/20241/31/2024 $0.03324 Ordinary Dividends
2/22/20242/23/20242/26/20242/29/2024 $0.04222 Ordinary Dividends
3/22/20243/25/20243/26/20243/28/2024 $0.04466 Ordinary Dividends
4/24/20244/25/20244/26/20244/30/2024- Ordinary Dividends
5/23/20245/24/20245/28/20245/31/2024- Ordinary Dividends
6/21/20246/24/20246/24/20246/28/2024- Ordinary Dividends
7/20/20237/21/20237/24/20237/31/2023$0.03103 Ordinary Dividends
8/22/20238/23/20238/24/20238/31/2023$0.03444 Ordinary Dividends
9/20/20239/21/20239/22/20239/29/2023$0.03328 Ordinary Dividends
10/20/202310/23/202310/24/202310/31/2023$0.04067 Ordinary Dividends
11/17/202311/20/202311/21/202311/30/2023$0.03545 Ordinary Dividends
12/15/202312/18/202312/19/202312/27/2023 $0.06366 Ordinary Dividends and Cap Gain Distribution

ADDITIONAL RESOURCES

How to Invest

Shares of the Mairs & Power Minnesota Municipal Bond ETF can be purchased through your financial advisor or are available through online brokerage firms. These firms may charge commissions and sales charges.

QUESTIONS?

We’re here to help you with all your account servicing questions.

Please call 855-839-2800

FUND DOCUMENTS

RESOURCES

Minnesota Municipal Bond ETF

REPORTS

Prospectus

BOARD LEADERSHIP STRUCTURE

The Board has structured itself in a manner that it believes allows it to effectively perform its oversight function.

The Board of Trustees is composed of six Independent Trustees and one Trustee who is an “interested person” of the Trust (the “Interested Trustee”).

Dr. Michael D. Akers
Mr. Gary A. Drska
Vincent P. Lyles
Erik K. Olstein
Lisa Zúñiga Ramírez
Gregory M. Wesley
John P. Buckel, Interested Trustee

Accordingly, 85% of the members of the Board are Independent Trustees, Trustees who are not affiliated with the Adviser or its affiliates, or any other investment adviser or other service provider to the Trust or any underlying fund. The Board of Trustees has established three standing committees, an Audit Committee, a Nominating Committee and a Valuation Committee. Each of the Audit Committee and the Nominating Committee is comprised entirely of Independent Trustees. The Independent Trustees have engaged their own independent counsel to advise them on matters relating to their responsibilities in connection with the Trust. More information is available in the Statement of Additional Information (SAI).

IMPORTANT RISKS

Investments involve risk. The Fund is designed for long-term investors. Principal loss is possible.

Mairs & Power Minnesota Municipal Bond ETF has the same risks as the underlying securities traded on the exchange throughout the day. Redemptions are limited and often commissions are charged on every trade.

The Fund may trade at a premium or discount to NAV. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares, because shares are bought and sold at current market prices. The data presented represents past performance and cannot be used to predict future results.

Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment by the Fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. Because the Fund invests substantially in Minnesota municipal instruments, it is more exposed to the impact of negative political, economic and legislative factors within Minnesota than a fund that invests more widely. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. The Fund is also subject to risks associated with investments in the municipal bond market, municipal mortgage backed securities, and other investment companies. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors have a limited track record on which to base their investment decision. There is also a risk that the Fund will not grow to or maintain an economically viable size, in which case it could ultimately liquidate without shareholder approval.

Some of the Fund investments may be subject to AMT. Although the Fund is exempt from federal tax, you may owe taxes on any capital gains realized through the fund's trading or through your own redemption of shares.For some investors, a portion of the fund's income may be subject to state and local taxes.

Monthly income distributions are not guaranteed.

Show More

*Mairs & Power uses lower of the S&P or Moody's ratings and chooses to display credit ratings using S&P’s rating convention, although the rating itself might be sourced from another Nationally Recognized Statistical Rating Agency. The ratings apply to the credit worthiness of the issuers of the underlying securities and not to the fund itself. Ratings are expressed as letters ranging from ‘AAA’, which is the highest grade, to ‘D’, which is the lowest grade. In limited situations when the rating agency has not issued a formal rating, the rating agency will classify the security as unrated.

3Premium/Discount If the price of the ETF is trading above its NAV, the ETF is said to be trading at a "premium." Conversely, if the price of the ETF is trading below its NAV, the ETF is said to be trading at a "discount." In relatively calm markets, ETF prices and NAV generally stay close.

430 Day Median Spread % a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

5Cboe Global Markets

6NAV/Price The ETF market price is the price at which shares in the ETF can be bought or sold on the exchanges during trading hours. The net asset value (NAV) of an ETF represents the value of each share's portion of the fund's underlying assets and cash at the end of the trading day.

730-Day SEC Yield A fund's 30-Day SEC Yield is a calculation based on the 30 days ending on the last day of the previous month. The yield figure reflects the dividends and interest earned during the period, after the deduction of the fund's expenses.

8Wtd. Average Maturity The average time it takes for securities in a portfolio to mature, weighted in proportion to the dollar amount that is invested in the portfolio. Weighted average maturity measures the sensitivity of fixed-income portfolios to interest rate changes.

9Net Yield to Worst at NAV is the yield to expected payout of principal given current market pricing, net of current management fees.

10Duration to Worst is a measure of weighted average expected cash flows based on expected maturity of bonds. This measure can indicate interest rate sensitivity as a higher duration to worst indicates greater sensitivity to moves in interest rates and a lower duration to worst indicates relatively lower sensitivity to a move in interest rates.

11Sales Charge: Shares of the Mairs & Power Minnesota Municipal Bond ETF can be purchased through financial advisors or are available through online brokerage firms. These firms may charge commissions and sales charges.