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FUND MANAGERS

Robert W. Thompson, CFA

Co-Manager

BIO

Heidi J. Lynch

Fixed Income Trader & Assistant Portfolio Manager

BIO

Brent S. Miller, CFA

Lead Manager

BIO

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 09/30/2022

Fund inception was 3/12/2021. Since inception is not annualized. 

FUND/INDEXMOYTD 1 YR SINCE INCEPTION
Mairs & Power Minnesota Municipal Bond ETF (NAV)1 -4.96-16.99-16.15-15.92
Mairs & Power Minnesota Municipal Bond (Market Price)1 -4.71-16.84-16.01-15.74
Bloomberg Minnesota Municipal TR Index2 -3.45-10.88-10.38-9.93

Quarterly Returns (%)

As of 09/30/2022
FUND/INDEXQTRYTD 1 YR SINCE INCEPTION
Mairs & Power Minnesota Municipal Bond ETF (NAV)1 -4.90-16.99-16.15-10.54
Mairs & Power Minnesota Municipal Bond (Market Price)1 -4.55-16.84-16.01-10.42
Bloomberg Minnesota Municipal TR Index2 -2.98-10.88-10.38-6.50
ETF PRICE AS OF 10/06/2022
Minnesota Municipal Bond ETF MINN
NAV Closing Market Price Premium/
Discount %3
30 Day Median
Spread %4
$20.95$20.95-0.020.79
Expense ratio annualized per the current Prospectus
0.39%

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 9/30/2022:
TickerMINN
Fund Type Active
Primary Exchange5 Cboe
Inception Date 3/12/2021
Style Fixed Inc./Muni
Expense Ratio 0.39%
NAV / Price6 $20.70
Premium / Discount3 0.21%
Holdings92
30-Day SEC Yield7 2.97%
Wtd. Average Maturity8 9.9 yrs
Net Yield to Worst at NAV9 3.60%
Duration to Worst10 7.1 yrs
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

FULL PORTFOLIO AS OF 10/07/2022 CUSIPSHARES $ MARKET VALUE % PORTFOLIO
MINNESOTA ST 5% 08/01/2040 60412ATT05450005965333.56%
MINNESOTA ST 5% 08/01/2039 60412ATS24850005319353.17%
MINNEAPOLIS MINN SPL SCH DIST GO LONG TERM FACS MAINTE 2020C 4% 02/01/2036 603790SA55000004868282.90%
ANOKA-HENNEPIN MINN INDPT SCH GO BLDG BDS 3% 02/01/2043 0363034R35000004032392.41%
ELK RIVER MINN ELEC REV 3% 08/01/2032 287423EM53650003391082.02%
MINNESOTA ST 5% 08/01/2027 60412AHE63050003257301.94%
ELK RIVER MINN 3% 02/01/2031 2874075B23250003096831.85%
NORTH ST PAUL MAPLEWOOD MINN GO FAC MAINTENANCE BDS 2019 B 3% 02/01/2035 662152FV43500003033221.81%
MINNESOTA ST 5% 08/01/2034 60412ARA32750003020611.80%
MINNESOTA ST HIGHER ED FACS AU BDS 3% 10/01/2041 60416JCZ14000002990641.78%
HENNEPIN CNTY MINN 5% 12/15/2023 425507HC72750002812241.68%
HIBBING MINN INDPT SCH DIST NO CTFS PARTN 3% 03/01/2033 428599AM63000002759931.65%
SPRINGFIELD MINN INDPT SCH DIS GO BLDG BDS 3% 02/01/2031 850867CS92750002630741.57%
ROSEMOUNT MINN INDPT SCH DIST CTFS PARTN 5% 04/01/2025 777596CU92500002600091.55%
ST LOUIS CNTY MINN 2% 12/01/2035 791230XW03500002586401.54%
ZUMBRO ED DIST BYRON MINN CTFS COPS 4% 02/01/2038 989781BA62750002496351.49%
ST PAUL MINN HSG & REDEV AUTH REF BDS 4% 10/01/2037 85236DBJ62500002392331.43%
WRIGHT CNTY MINN CTFS PARTN 3% 12/01/2038 982276AU12950002394021.43%
APPLE VY MINN SR HSG REV 4% 09/01/2041 03800RBE52900002377931.42%
ST PAUL MINN 2% 05/01/2033 792882EB43000002373931.42%
HUTCHINSON MINN 2% 02/01/2034 448285QY53000002293211.37%
NORTH MANKATO MINN 4% 12/01/2025 660751NZ72200002247911.34%
NORTH MANKATO MINN 4% 02/01/2030 660751NL82150002223551.33%
NEW ULM MINN 4% 12/01/2028 64903ABF72100002198381.31%
MINNEAPOLIS & ST PAUL MINN MET SUB REF BDS 5% 01/01/2030 603827B392000002169031.29%
NORTH BRANCH MINN INDPT SCH DI GO SCH BLDG BDS 5% 02/01/2028 657781LW82000002153161.28%
WILLMAR MINN 5% 02/01/2027 970856GP92000002140601.28%
SPRING LAKE PARK MINN INDPT SC GO SCH BLDG REF BDS 4% 02/01/2026 849832VB32000002023321.21%
RICHFIELD MINN 4% 02/01/2023 763326FH32000002005211.20%
WRIGHT CNTY MINN CTFS PARTN 3% 12/01/2039 982276AV92500002006821.20%
FERGUS FALLS MINN INDPT SCH DI COPS 3% 02/01/2037 314802AT62250001939691.16%
SOUTHERN PLAINS ED COOP NO 915 COP 3% 02/01/2026 84364CAG22000001951441.16%
CARVER MINN 3% 02/01/2033 147019SM62000001837301.10%
MINNEAPOLIS & ST PAUL MINN MET REV REF BDS 5% 01/01/2032 603827WX01750001842751.10%
ROCHESTER MINN INDPT SCH DIST GO BLDG BDS 2.5% 02/01/2039 771614TH72500001832271.09%
CARVER MINN 3% 02/01/2032 147019SL81950001817391.08%
ST PAUL MINN INDPT SCH DIST NO COPS 3% 02/01/2033 792897JY72000001818021.08%
FRIDLEY MINN 4% 02/01/2028 358370K371750001797801.07%
HENNEPIN CNTY MINN 5% 12/15/2033 425507LA61600001769731.06%
MINNEAPOLIS MINN 2% 12/01/2030 60375BGX82000001742601.04%
NORTH ST PAUL MAPLEWOOD MINN GO BLDG REF BDS 2% 02/01/2031 662152GY72000001716901.02%
HENNEPIN CNTY MINN 5% 12/15/2030 425507KX71500001677301.00%
HOPKINS MINN 2% 02/01/2030 4398667X61850001624540.97%
MINNEAPOLIS MINN HEALTH CARE S BDS 4% 11/15/2040 60374VEV11750001625130.97%
PINE CITY MINN INDPT SCH DIST CTFS OF PARTN 2% 04/01/2032 722514AL02000001633420.97%
MINNESOTA ST HIGHER ED FACS AU REF BDS 3% 10/01/2036 60416JEL02000001584370.95%
ST CLOUD MINN 2% 02/01/2034 78916CAM42000001532650.91%
REDWOOD CNTY MINN 5% 04/01/2023 757895LJ41400001412930.84%
DULUTH MINN INDPT SCH DIST NO GO CAP APPRECIATION BDS 2021 C 0% 02/01/2031 264471LL52000001397240.83%
CENTER CITY MINN HEALTH CARE F REF BDS 4% 11/01/2027 151452BW81350001358580.81%
ST CLOUD MINN HSG & REDEV AUTH GO GOVERNMENTAL HSG PROJ 2021A 2% 02/01/2033 789163AX01600001326550.79%
FARIBAULT MINN 4% 12/15/2028 3075497C31250001301720.78%
MINNEAPOLIS MINN SPL SCH DIST GO BLDG BDS 5% 02/01/2025 603790SW71250001301030.78%
MINNETONKA MINN INDPT SCH DIST CTFS PARTN 3% 07/01/2036 604204XY81500001306240.78%
MINNESOTA ST HIGHER ED FACS AU REF BDS 4% 03/01/2037 60416JDT41300001293130.77%
MINNEAPOLIS & ST PAUL MINN MET SENIOR AND SUBORDINATE A 2016 C 5% 01/01/2029 603827YQ31200001278990.76%
MINNEAPOLIS MINN HEALTH CARE S BDS 5% 11/15/2033 60374VDY61200001236690.74%
MINNEAPOLIS & ST PAUL MINN MET SUB REF BDS 5% 01/01/2035 603827B881150001217500.73%
FARIBAULT MINN 3% 12/15/2029 3075497D11250001214990.72%
ROSEMOUNT MINN INDPT SCH DIST CTFS PARTN 1.3% 04/01/2030 777596CQ81500001207010.72%
APPLE VALLEY MINN 3% 12/15/2029 03788PTC01200001190620.71%
ST PAUL MINN HSG & REDEV AUTH REV BDS 3.5% 09/01/2026 852297BV11250001184430.71%
SPRING LAKE PARK MINN INDPT SC GO REF BDS 4% 02/01/2025 849832VP21150001170290.70%
ZUMBRO ED DIST BYRON MINN CTFS COPS 4% 02/01/2034 989781AY51250001180960.70%
CANNON FALLS MINN 4% 02/01/2028 137699A871100001140100.68%
ROCORI AREA SCHS MINN INDPT SC GO FAC MAINTENANCE AND T 2019 A 4% 02/01/2030 774836GH71100001138370.68%
ST CLOUD MINN HSG & REDEV AUTH GO GOVERNMENTAL HSG PROJ 2021A 2% 02/01/2031 789163AV41300001128570.67%
SHAKOPEE MINN INDPT SCH DIST N GO SCH BLDG BDS 3.5% 02/01/2034 819190TV11100001102050.66%
CHASKA MINN ELEC REV 5% 10/01/2025 161670EW01000001051100.63%
WESTERN MINN MUN PWR AGY MINN BDS 5% 01/01/2049 958697KL71000001054060.63%
MINNESOTA ST HIGHER ED FACS AU REV BDS 5% 12/01/2024 60416HK291000001032350.62%
UNIVERSITY MINN 5% 04/01/2036 914460PH71000001039380.62%
MINNESOTA ST MUN PWR AGY ELEC ELEC REV BDS 5% 10/01/2023 60412PFG01000001017600.61%
RICHFIELD MINN 4% 02/01/2027 763326HP31000001026370.61%
WAYZATA MINN 3% 12/01/2027 946796WS4100000993180.59%
ST PAUL MINN HSG & REDEV AUTH SYS BDS 3.125% 11/15/2032 792909FE8110000970850.58%
MINNESOTA ST HIGHER ED FACS AU REF BDS 3% 03/01/2043 60416JDW7125000949170.57%
APPLE VALLEY MINN 3% 12/15/2028 03788PTB295000944430.56%
MADELIA MINN 2% 02/01/2033 556394JQ8115000943230.56%
ST PAUL MINN PUB LIBR AGY 3% 10/01/2032 793075BR2100000936770.56%
HANOVER MINN 3.3% 02/01/2037 411026DY0100000886130.53%
COON RAPIDS MINN 2.5% 02/01/2036 21657ARX9100000799850.48%
PENNINGTON CNTY MINN 2.375% 02/01/2035 708288JR7100000808140.48%
ST PAUL MINN INDPT SCH DIST NO CTFS PARTN 2.25% 02/01/2035 792897NY2100000769540.46%
ST PAUL MINN HSG & REDEV AUTH REF BDS 4% 10/01/2032 85236DAM075000758110.45%
DAKOTA CNTY MINN CMNTY DEV AGY UNLTD TAX GO REF BDS 2% 01/01/2032 23410NCX165000542740.32%
PELICAN RAPIDS MINN INDPT SCH GO FACS MAINTENANCE BDS 2016 A 2.15% 02/01/2031 705863GU650000444570.27%
Cash & Other Cash&Other8933958933955.33%

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
1/20/20221/21/20221/24/20221/31/2022 $0.01439 Ordinary Dividends
2/16/20222/17/20222/18/20222/28/2022 $0.01835 Ordinary Dividends
3/22/20223/23/20223/24/20223/31/2022 $0.02912 Ordinary Dividends
4/20/20224/21/20224/22/20224/29/2022 $0.02022 Ordinary Dividends
5/18/20225/19/20225/20/20225/31/2022$0.02184 Ordinary Dividends
6/21/20226/22/20226/23/20226/30/2022$0.02429 Ordinary Dividends
7/20/20227/21/20227/22/20227/29/2022$0.02501 Ordinary Dividends
8/22/20228/23/20228/24/20228/31/2022$0.02681 Ordinary Dividends
9/21/20229/22/20229/23/20229/30/2022$0.02460 Ordinary Dividends
10/20/202210/21/202210/24/202210/31/2022- Ordinary Dividends
11/17/202211/18/202211/21/202211/30/2022- Ordinary Dividends
12/15/202212/16/202212/19/202212/28/2022- 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
Mr. Joseph C. Neuberger, 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).

CREDIT QUALITY* AS OF 9/30/2022
MATURITY AS OF 9/30/2022
SECTORS AS OF 9/30/2022 % PORTFOLIO
Local53.2
Lease14.3
State10.5
Education6.0
Utilities5.8
Transportation3.9
Health Care 3.5
Housing1.4
IDR & PCR (Industrial Development Revenue & Pollution Control Revenue) -
Special Tax -
Other-
Total98.7

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.

 

*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.