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FUND MANAGERS

Brent S. Miller, CFA

Lead Manager

Heidi J. Lynch

Senior Fixed Income Trader & Assistant Portfolio Manager

BIO

Robert W. Thompson, CFA

Co-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
INVEST WITH US

Resources

Explore the Minnesota Municipal Bond ETF

PERFORMANCE & PRICE

Monthly Returns (%)

As of 03/31/2025

Inception 3/12/2021

FUND/INDEXMOYTD 1 YR 3 YR SINCE INCEPTION
Mairs & Power Minnesota Municipal Bond ETF (NAV)1 -2.04-0.580.520.19-1.67
Mairs & Power Minnesota Municipal Bond (Market Price)1 -1.540.350.900.48-1.46
Bloomberg Minnesota Municipal TR Index2 -1.600.001.251.30-0.23

Quarterly Returns (%)

As of 03/31/2025
FUND/INDEXQTRYTD 1 YR 3 YR SINCE INCEPTION
Mairs & Power Minnesota Municipal Bond ETF (NAV)1 -0.58-0.580.520.19-1.67
Mairs & Power Minnesota Municipal Bond (Market Price)1 0.350.350.900.48-1.46
Bloomberg Minnesota Municipal TR Index2 0.000.001.251.30-0.23

Calendar Year Returns (%)

FUND/INDEX202420232022
Mairs & Power Municipal Bond ETF2 0.38%5.26%-12.20%
Composite Index3 0.72%5.08%-7.36%
ETF PRICE AS OF 04/23/2025
Minnesota Municipal Bond ETF MINN
NAV Closing Market Price Premium/
Discount %3
30 Day Median
Spread %4
$21.33$21.450.581.00
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.

Index Definitions

FUND FACTS

As of 3/31/2025:
TickerMINN
Fund Type Active
Primary Exchange5 Cboe
Inception Date 3/12/2021
Style Fixed Inc./Muni
Expense Ratio 0.25%
NAV / Price6 $21.75
Premium / Discount3 0.88%
Holdings119
30-Day SEC Yield7 3.33%
Wtd. Average Maturity8 10.1
Net Yield to Worst at NAV9 3.45%
Duration to Worst10 6.03
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
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HOLDINGS

CREDIT QUALITY*

as of 3/31/2025
AAA and Higher 29.0%
AA 49.8%
A 12.7%
BBB and Lower 3.2%
Unrated 1.6%

MATURITY

as of 3/31/2025
0-5 years 19.0%
6-10 years 25.3%
11-20 years 52.0%
Greater than 20 years 0.0%
SECTORS AS OF 3/31/2025 % PORTFOLIO
Local56.5
Lease8.6
State10.8
Education9.1
Utilities2.5
Health Care 4.4
Transportation1.6
Housing2.8
Special Tax -
IDR & PCR (Industrial Development Revenue & Pollution Control Revenue) -
Other-
Total96.3
FULL PORTFOLIO AS OF 04/24/2025 CUSIP SHARES $ MARKET VALUE % PORTFOLIO
Forest Lake Independent School District No 831 4% 02/01/2039 345874VT5 500,000 490,553 1.98%
State of Minnesota 5% 08/01/2043 60412AH55 400,000 421,963 1.71%
City of Northfield MN 5% 02/01/2041 666179GW0 385,000 402,550 1.63%
Redwood Area Schools Independent School District No 2897 4% 02/01/2039 757763DL8 360,000 353,939 1.43%
University of Minnesota 5% 04/01/2033 914460PE4 350,000 353,094 1.43%
City of Chaska MN 4% 02/01/2040 161664QP5 350,000 325,470 1.32%
County of Ramsey MN 5% 02/01/2038 751622ZT1 300,000 326,300 1.32%
Alden-Conger Independent School District No 242 3% 02/01/2027 014083CK3 330,000 325,172 1.31%
Anoka-Hennepin Independent School District No 11 4% 02/01/2032 0363034E2 320,000 324,536 1.31%
County of Koochiching MN 5% 02/01/2035 500494FQ7 300,000 322,927 1.31%
City of New Prague MN 4% 02/01/2037 648159F63 315,000 313,196 1.27%
State of Minnesota 5% 08/01/2025 60412AC68 310,000 311,291 1.26%
Otsego Economic Development Authority 4% 02/01/2044 689152AT3 350,000 310,953 1.26%
Rocori Area Schools Independent School District No 750 4% 02/01/2038 774836HB9 300,000 287,771 1.16%
International Falls Independent School District No 361 4% 02/01/2041 459488GD8 300,000 285,024 1.15%
Rosemount-Apple Valley-Eagan Independent School District No 196 4% 02/01/2043 777594ZX3 300,000 282,332 1.14%
City of Hermantown MN 4% 02/01/2043 427500VU4 300,000 278,987 1.13%
Hibbing Independent School District No 701 3% 03/01/2033 428599AM6 300,000 278,162 1.12%
Robbinsdale Independent School District No 281 5% 02/01/2034 770265LD6 250,000 273,507 1.11%
Truman Independent School District No 458 4% 02/01/2044 898014DF9 300,000 274,277 1.11%
Minnesota Higher Education Facilities Authority 5% 10/01/2034 60416JBY5 260,000 268,634 1.09%
Minnesota Higher Education Facilities Authority 5% 10/01/2029 60416JEV8 255,000 270,531 1.09%
City of Albert Lea MN 5% 02/01/2038 012788K20 250,000 268,253 1.08%
Crookston Independent School District No 593 5% 02/01/2029 227237PS7 250,000 264,793 1.07%
City of Delano MN 5% 02/01/2038 245667TT7 250,000 263,717 1.07%
Minneapolis-St Paul Metropolitan Airports Commission 5% 01/01/2032 603827B54 250,000 263,641 1.07%
City of Rosemount MN 5% 02/01/2037 7775773L9 250,000 265,580 1.07%
County of Carlton MN 5% 02/01/2042 142879MT9 250,000 261,991 1.06%
State of Minnesota 5% 08/01/2034 60412APJ6 250,000 261,847 1.06%
County of St Louis MN 2% 12/01/2035 791230XW0 350,000 262,197 1.06%
County of Hennepin MN 5% 12/15/2037 425507HS2 250,000 259,898 1.05%
Stillwater Independent School District No 834 5% 02/01/2040 860758TA9 250,000 260,174 1.05%
State of Minnesota 5% 08/01/2026 60412AQS5 250,000 256,133 1.04%
City of St Cloud MN 5% 05/01/2043 78916VER7 250,000 256,779 1.04%
Minnesota Agricultural & Economic Development Board 5% 01/01/2042 6049202Z0 250,000 254,882 1.03%
City of Duluth MN 5% 02/01/2030 264438X72 250,000 253,333 1.02%
City of Grand Rapids MN 4% 02/01/2038 386335HF3 250,000 252,132 1.02%
County of Hubbard MN 4% 02/01/2036 443348ET0 250,000 251,922 1.02%
Eastern Carver County Schools Independent School District No 112 4% 02/01/2035 161681UU3 250,000 250,149 1.01%
Elk River Independent School District No 728 4% 02/01/2037 287425T28 250,000 246,726 1.00%
City of Apple Valley MN 4% 09/01/2041 03800RBE5 290,000 245,102 0.99%
Zumbro Education District 4% 02/01/2038 989781BA6 275,000 243,673 0.99%
State of Minnesota Department of Iron Range Resources & Rehabilitation 5% 10/01/2035 20261DCE1 220,000 238,784 0.97%
Housing & Redevelopment Authority of The City of St Paul Minnesota 4% 10/01/2037 85236DBJ6 250,000 239,516 0.97%
County of Beltrami MN 4% 12/01/2042 081131HC1 250,000 235,453 0.95%
City of Hutchinson MN 2% 02/01/2034 448285QY5 300,000 235,423 0.95%
City of Victoria MN 4% 02/01/2042 926278XH0 250,000 235,915 0.95%
Minnesota Higher Education Facilities Authority 3% 10/01/2041 60416JCZ1 300,000 233,509 0.94%
St Cloud Independent School District No 742/MN 5% 02/01/2041 789177SP8 225,000 230,669 0.93%
Waterville-Elysian-Morristown Independent School District No 2143/MN 4% 02/01/2045 94222RBY0 250,000 228,107 0.92%
University of Minnesota 5% 10/01/2026 914460TB6 220,000 225,854 0.91%
South Washington County Independent School District No 833/MN 5% 04/01/2031 840611DL8 200,000 214,857 0.87%
Burnsville-Eagan-Savage Independent School District No 191 4% 02/01/2031 122475XM3 210,000 210,108 0.85%
State of Minnesota 5% 08/01/2044 60412AN58 200,000 210,027 0.85%
St Paul Independent School District No 625 5% 02/01/2042 792897SK7 200,000 209,869 0.85%
Bold Independent School District No 2534 5% 02/01/2044 090808BY1 200,000 208,038 0.84%
Minnesota Higher Education Facilities Authority 4% 03/01/2036 60416H3N2 215,000 207,198 0.84%
County of Wright MN 3% 12/01/2039 982276AV9 250,000 207,259 0.84%
County of Hennepin MN 5% 12/01/2030 425507GN4 195,000 203,484 0.82%
Rochester Independent School District No 535 4% 02/01/2031 771614SZ8 200,000 202,196 0.82%
Minnesota State Colleges And Universities Foundation 4% 10/01/2029 60414FMU1 200,000 200,010 0.81%
State of Minnesota 5% 08/01/2035 60412ATN3 185,000 197,704 0.80%
City of Winona MN 5% 02/01/2032 975230A78 180,000 196,609 0.79%
State of Minnesota 5% 08/01/2029 60412AD26 180,000 193,070 0.78%
County of Itasca MN 4% 02/01/2044 465452NN6 200,000 185,004 0.75%
Rochester Independent School District No 535 2.5% 02/01/2039 771614TH7 250,000 185,636 0.75%
St Paul Independent School District No 625 3% 02/01/2033 792897JY7 200,000 186,500 0.75%
City of Northfield MN 4% 02/01/2044 666179GZ3 200,000 183,614 0.74%
City of Hastings MN 5% 02/01/2027 418509MY8 175,000 181,023 0.73%
State of Minnesota 5% 08/01/2025 60412AEB5 180,000 180,750 0.73%
Pine City Independent School District No 578 2% 04/01/2032 722514AL0 200,000 169,193 0.68%
County of Hennepin MN 5% 12/01/2042 425507QD5 155,000 165,229 0.67%
State of Minnesota 5% 08/01/2028 60412ARQ8 155,000 163,751 0.66%
City of Rochester MN 5% 02/01/2040 771588VY3 150,000 159,617 0.65%
St Louis Park Independent School District No 283 5% 04/01/2032 791759AG8 150,000 160,232 0.65%
County of Hennepin MN 5% 12/01/2043 425507PL8 150,000 157,487 0.64%
City of Apple Valley MN 4% 09/01/2030 03800RBB1 160,000 154,701 0.63%
Metropolitan Council 4% 03/01/2030 591852F29 155,000 156,599 0.63%
City of St Cloud MN 2% 02/01/2034 78916CAM4 200,000 156,949 0.63%
Waconia Independent School District No 110 5% 02/01/2038 930047QU2 150,000 157,026 0.63%
City of Minneapolis MN 5% 11/15/2036 60374VEB5 150,000 152,175 0.62%
Minneapolis-St Paul Metropolitan Airports Commission 5% 01/01/2031 603827WW2 150,000 153,031 0.62%
Owatonna Independent School District No 761/MN 4% 02/01/2028 690564RK7 150,000 153,216 0.62%
University of Minnesota 5% 04/01/2040 914460SR2 150,000 154,287 0.62%
Duluth Independent School District No 709 0% 02/01/2031 264471LL5 200,000 150,313 0.61%
State of Minnesota 4% 08/01/2037 60412AQ22 150,000 148,332 0.60%
Minnesota Housing Finance Agency 3.1% 02/01/2027 60416URC1 150,000 148,426 0.60%
City of Minnetrista MN 4% 02/01/2031 604229RU0 145,000 149,119 0.60%
St Francis Independent School District No 15 4% 02/01/2036 789466TQ2 150,000 148,247 0.60%
Alexandria Lake Area Sanitation District 4% 02/01/2036 015091DF5 150,000 147,096 0.59%
City of Chaska MN Electric Revenue 5% 10/01/2025 161670EW0 140,000 140,933 0.57%
City of Cold Spring MN 4% 02/01/2044 193000XP6 150,000 135,460 0.55%
Dakota County Community Development Agency 4.2% 05/01/2043 23409VFP0 150,000 135,617 0.55%
City of Jordan MN 4% 02/01/2033 480700R96 135,000 137,110 0.55%
City of Minneapolis MN 5% 11/15/2052 60374VEW9 130,000 135,109 0.55%
City of Center City MN 4% 11/01/2027 151452BW8 135,000 134,561 0.54%
City of Elk River MN Electric Revenue 3% 08/01/2032 287423EM5 140,000 130,244 0.53%
St Cloud Housing & Redevelopment Authority 2% 02/01/2033 789163AX0 160,000 132,312 0.53%
Elk River Independent School District No 728 4% 02/01/2026 287425M33 125,000 125,605 0.51%
City of Greenfield MN 5% 12/15/2030 395108EB5 115,000 123,775 0.50%
Stillwater Independent School District No 834 4% 02/01/2041 860758TB7 130,000 123,816 0.50%
Zumbro Education District 4% 02/01/2034 989781AY5 125,000 116,392 0.47%
St Cloud Housing & Redevelopment Authority 2% 02/01/2031 789163AV4 130,000 114,100 0.46%
Cleveland Independent School District No 391 4% 02/01/2026 186216EG8 105,000 105,429 0.43%
Fergus Falls Independent School District No 544 5% 02/01/2034 314801LU3 100,000 106,823 0.43%
Metropolitan Council 5% 12/01/2028 591852Z76 100,000 106,323 0.43%
Princeton Public Utilities Commission 5% 04/01/2031 742271BG3 100,000 106,002 0.43%
Metropolitan Council 5% 03/01/2026 591852A99 100,000 101,635 0.41%
Housing & Redevelopment Authority of The City of St Paul Minnesota 3.125% 11/15/2032 792909FE8 110,000 98,320 0.40%
Minnesota Higher Education Facilities Authority 3% 03/01/2043 60416JDW7 125,000 97,304 0.39%
Waconia Independent School District No 110 3% 02/01/2028 930047LZ6 100,000 97,347 0.39%
City of Wayzata MN 3% 12/01/2027 946796WS4 100,000 97,560 0.39%
City of Madelia MN 2% 02/01/2033 556394JQ8 115,000 95,099 0.38%
Westonka Independent School District No 277 4% 02/01/2041 960906GD1 100,000 94,320 0.38%
City of Minneapolis MN 4% 11/15/2040 60374VEV1 100,000 92,302 0.37%
City of Coon Rapids MN 2.5% 02/01/2036 21657ARX9 100,000 80,887 0.33%
County of Pennington MN 2.375% 02/01/2035 708288JR7 100,000 80,625 0.33%
St Paul Independent School District No 625 2.25% 02/01/2035 792897NY2 100,000 80,444 0.33%
Housing & Redevelopment Authority of The City of St Paul Minnesota 3.5% 09/01/2026 852297BV1 65,000 63,913 0.26%
Cash & Other Cash&Other 356,341 356,341 1.44%

 

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
1/23/20251/24/20251/24/20251/31/2025 $0.03962 Ordinary Dividends
2/20/20252/21/20252/21/20252/28/2025 $0.04762 Ordinary Dividends
3/21/20253/24/20253/24/20253/31/2025 $0.05649 Ordinary Dividends
4/22/20254/23/20254/23/20254/30/2025 $0.05772 Ordinary Dividends
5/21/20255/22/20255/22/20255/30/2025- Ordinary Dividends
6/20/20256/23/20256/23/20256/30/2025- Ordinary Dividends
7/23/20257/24/20257/24/20257/31/2025- Ordinary Dividends
8/21/20258/22/20258/22/20258/29/2025- Ordinary Dividends
9/22/20259/23/20259/23/20259/30/2025- Ordinary Dividends
10/23/202510/24/202510/24/202510/31/2025- Ordinary Dividends
11/18/202511/19/202511/19/202511/26/2025- Ordinary Dividends
12/17/202512/18/202512/18/202512/19/2025- Ordinary Dividends

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

REPORTS

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. 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.

*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.