FAQs

Our purpose is to utilize blockchain to enable an inclusive resilient, and frictionless global economy.

USDX is a permissionless yield-bearing stablecoin for payments.

Zero expense ratio
Internet mobility
Can be used for yield-bearing collateral, no need to sell
Fractional shares
No capital gains or income taxes
24/7 trading
Real-time NAV for underlying mutual fund assets

No txn fees
Tax-exempt
Seamless API
Permissionless
Zero counterparty risk
Daily yield distributions
Transparent real-time NAV
Fiat onramps for 200+ countries
Choose from over 8 payment methods
Hybrid share class structure
SEC-regulated, United States domiciled
Backed 1:1 by US government securities

Mutual Funds

Reduce cash drag 15bps
Reduce tracking error
Collateral for redemptions
Zero equitization
Zero fails
Internet mobility
Index return on idle cash balances
Convert MF to ETF no taxes
Convert ETF to MF no taxes

MMF

Boosts AUM + fee income
Reduces cash flow volatility
Increases daily/weekly assets
Allows for greater counterparty diversification

Payment Providers

Reduce prefunding from eight days to four
Reduce FX fees by 20 to 30 bps
Focus on corporate strategy over day-to-day operations
Improved access, reduced cost, faster speed, certainty

Investors

Daily yield on idle cash
Low minimums
Instant + certain settlement with 24/7 minting and redemption
Yield-bearing collateral

Neobanks

Yield on idle cash balances
Low minimum investment
Instant mint and redemption 24/7/365
Frictionless collateral mobility

These benefits arise because idle Visa cash inflows via USDX provide more capital for the fund to invest, improving liquidity and stability. This allows for better risk management, the ability to meet redemptions efficiently, and opportunities to pursue higher yields within established risk limits.

Risk Controls

Customer-Set Order Size Limits
Price Protections
Duplicate Order Check
Messaging Throttles
Net Exposure Pre-Trade Limits
Self-Match Prevention
Cancel on Disconnect
“Cancel All” Messaging

Intra-company payments
Optimize and mobilize your liquidity among connected entities by moving funds domestically or cross-border 24/7/365, including on holidays.

Inter-company payments
Speed up commercial settlement and align treasury processes to the real-time nature of the industry by moving funds domestically or cross-border any day and time of the week including on holidays.

Merchant acquirers and beneficiaries
Pay acquirers 24/7, and settle funds with certainty on-demand, multiple times a day and minimize need for prefunding and credit lines.

Unlock idle working capital and liquidity
Efficiently leverage your existing liquidity by automatically moving funds cross-border in a “follow the sun” model to draw on liquidity as needed.

USD offshore clearing for financial institutions
Instantaneously settle and clear USD minimizing the need to prefund or use of credit lines on nostro accounts for financial institutions at XFT.

Event driven payments
Automated real time treasury through the use of Programmable Payments using an intuitive ‘if-this-then-that’ web interface.

Rebasing, daily.

Managed distributions

A closed-end interval fund structure further allows USDX to maintain its $1 peg through controlled redemptions and issuance:

How it works

When price < $1: Fund buys USDX from market
When price > $1: Fund issues new USDX
Scheduled redemption windows prevent runs on the fund
This creates a stable mechanism for keeping USDX at $1

Regulatory Benefits

1940 Act registered with SEC
Compliant with new dealer rules
Authorized operation in USA

Redemption, tbd

Backed by:
Build America Bonds
Infrastructure (USDX)
SLGS securities
Municipal bonds via closed-end funds trading at a discount to NAV
Revenue bonds
Conduit bonds

Learn more here

No fees. USDX Rewards are accrued daily on a “net” basis. Real time APY can be found on our website.

Fee Events

Subscription
Redemption
Management
Transaction
Deposits
FX conversion

Rebasing, daily. System matches the stETH / wstETH model which is a simple and battle-tested model.

Examples

Rebasing
Price accrual

Right to redeem their tokens subject to the terms of the offering memorandum
Right to receive regular performance reports
Access to portfolio transparency

XFT unfortunately cannot provide legal, financial, or tax advice. Our users and investors should consult their tax advisors for any tax considerations. Tax events:

Yield / dividends

1. Direct distribution of stablecoin to the holder’s wallet.
2. Value accrual to a wrapped vault token, wUSDX, reified upon unwrapping.

Purchase & Redemption

The USDX token issuance and redemption price is determined by the underlying FOBXX price on the stock market. This price is typically very stable at approximately $1 USD per share with minor fluctuations loosely based on dividend timing. We anticipate that holders of USDX will primarily see dividend-based tax implications.

Asset eligibility criteria is publicly available on our Investment Mandate: USDX Reserves - Investment Mandate

No concentration limitations.

Benefits

Faster
Cheaper
Global
Secure

Open and programmable
Globally accessible
Available 24/7/365
Instant settlement at near-zero cost

Other

Internet mobility + distribution
Transparent collateral ownership
Micropayments + granular divisibility
Instant settlement at near-zero cost
No prefunding
No chargeback risk
No credit/debit card or bank account needed

Money Market Funds (MMFs) become more stable if investors can use their MMF shares directly as collateral, instead of selling them for cash. This reduces pressure on MMFs during market stress.

Traditional: Investor sells MMF shares to get cash for margin call, causing fund outflows.
Tokenized: Investor uses MMF shares/tokens directly as collateral, avoiding sale and fund outflows.

Tokenized Money Market Fund:

1. Investor buys tokenized MMF shares
2. Shares held digitally in investor's wallet
3. Investor can use tokens as collateral without selling
4. Yield accrues to tokens (via price increase or rebasing)
5. Investor sells or redeems tokens when needed

Traditional Money Market Fund:

1. Investor purchases MMF shares
2. Shares held in brokerage account
3. To use as collateral, investor must sell shares for cash
4. Yield typically distributed or reinvested
5. Investor redeems shares for cash when needed

ETFs

Economies of scale, lower transaction costs
Capital risk reduction via diversification
Reduced dealing costs
Transparency
Tax efficiency

Money Market Funds

Improved cash utilization, increased yield, liquidity

Reduction in tracking error, slippage

Closed-End Funds

Stable Pricing: Aligns closed-end fund market price with NAV.
Investor Confidence: Guarantees NAV exits, attracting capital.

1. USDX increases the number of tokens daily to reflect yield.
2. This allows for more precise yield distribution, as it can add fractional tokens.
3. wUSDX, on the other hand, increases in price, which may lead to slight rounding differences.

Opportunity to Buy at a Discount
Efficient Portfolio Management
Ability to Control Market Price and Timing
Integration With Brokerage Account
Leverage Potential
Clear Commissions
Lower Expense Ratios
No Minimums

Flows

open customer onboarding flow first + reload

USDX

Event	Action	Supply	Price	Tax	Notes
Deposit	Mint	Increase	$1.00	None	USD in
Withdraw	Burn	Decrease	$1.00	Principal	USD out
Yield	Rebase	Increase	$1.00	Exempt	Daily interest
Wrap	Burn	Decrease	NAV	In-kind	To USDXW

USDXW

Event	Action	Supply	Price	Tax	Notes
Issue	Mint	Fixed	$10.00	None	Initial sale
Tender	Unwrap	Decrease	NAV	In-kind	Redemption
NAV+/-	--	Fixed	Market	--	Price change

TENDER OFFER

Fund announces tender offer window
USDXW holders can submit shares for redemption
Fund accepts shares up to specified limit
Redeems USDXW for underlying USDX at NAV
In-kind distribution maintains tax efficiency
USDXW supply decreases?

USER

Event	Flow	Notes
Deposit	USD → USDX
Withdraw	USDX → USD
Distribution	Muni → USDX	Rebase
Tender	USDXW → USDX	Unwrap, redeem NAV
Wrap	USDX → USDXW	Create NAV

UNWRAPPING:
Tokenized muni basket redemption
Cash redemption NAV
USDX redemption NAV

WRAPPING:
Create USDXW
Deliever muni basket
Deliever cash at NAV
Wrap USDX at NAV

1. Create account via /accounts
2. Initiate KYC via /kyc/generate-link and complete verification
3. Link external account via /external-accounts
4. Fund account (USDC/fiat)
5. Mint USDX via /stablecoin/mint
6. Access and manage wallet via /wallets

Overview

Reward Multiplier

POLICY ENGINE

Participants

Sender
Recipient
Stablecoin issuer
Blockchain network
Wallet providers

Authorization

1. Sender initiates a transfer via their wallet.
2. Transaction is broadcast to the blockchain network.
3. Network verifies sender’s balance and transaction validity.
4. Transaction is approved and added to the blockchain.

Processing

5. Transaction is processed on the blockchain.
6. Smart contracts execute any required conditions.
7. Network nodes confirm the transaction.

Settlement

8. Stablecoin is credited to the recipient’s wallet.
9. Transaction is permanently recorded on the blockchain.

1. Board of directors approves repurchase order
2. Notice of repurchase offer sent to shareholders
3. File notice on Form N-23c-3 with SEC
4. Repurchase request deadline
5. Repurchase pricing date
6. Repurchase payment deadline

Business

Segment	Problem
B2B Payments	Difficult to track High fees Slow Lack transparency
Stablecoins	No yield distribution Lack transparency U.S. regulatory compliance Depegging, USDC reliance
Money Market Funds	Collateral immobility Redemption pressure during market stress Costly and problematic settlement
Cash Management	Idle cash losing value due to inflation High subscription and redemption fees

SEGMENT	USE CASES	BENEFITS
Mutual Funds	Redemption collateral	-15bps cash drag
Insurance	Low-risk float collateral	Tax-free daily yield
Neobanks	Cross-border	-30bps FX fee
Healthcare	Secure payment processors	Prevent $9T breaches
Corporate	Intracompany	Instant 24/7/365 settlement
Unbanked	Mobile banking	Yield + access

Type	Example	Use Case
Neobanks	Brex	Cross-border payments
Corporate Treasuries	Apple	Yield-bearing collateral
Insurance	Prudential	Managing float and reserves with low-risk, yield-bearing collateral
Fintech	Robinhood	Yield on idle cash balances
MMF Managers	FOBXX	Inflows, counterparty diversification, liquidity risk reduction

Customer	Value Proposition
MMFs	Boosts AUM + fee income Reduces cash flow volatility Increases daily/weekly liquid assets Allows for greater counterparty diversification
Investors	Daily yield on idle cash Low minimums Instant settlement + 24/7 minting and redemption Yielding-bearing collateral
Payment Providers	Reduce prefunding from eight days to four Reduce FX fees by 20 to 30 bps Focus on corporate strategy vs. operations Improved access, reduced cost, faster speed, certainty

USDX

XFT retains a small fraction (20%) of the corresponding yield, with the rest distributed to USDX token holders through rebasing. Success is measured via the following KPIs:

1. USDX TVL
2. USDX held on EOAs (as proxy for missionary holders
3. USDX held in DeFi protocols on Arbitrum, broken by usage (Lending, Perp, DEX)
4. Number of USDX holders
5. Volume transacted with USDX

Margins expand with TVL proportionally.

XFT Coin Systems

XFT makes money by capturing the difference (spread) between the buying (bid) and selling (ask) prices of tokenized assets on our platform.

Bid/ask spread
Tokenization
Redemption fee
Arbitrage
Dividend, interest, coupon

UNITED STATES OF AMERICA

INSURANCE

CYBERSECURITY

REGULATION

MARKET

Internet mobility
Low minimums
No slippage
No chargeback risks
Zero counterparty risk
Programmatically banked
Prefunded transactions
No capital gains or income taxes
No management, performance, transaction fees
Instant 24/7/365 bilateral settlement
Quantum resistant cryptography
Daily yield distributions
SEC regulated
Global fiat onramps
Real-time NAV for underlying assets

Tax-exempt in-kind redemption
Yield-bearing collateral
Smart contract collateral
Redemption collateral
Secure payment systems
Tax management
Self-custodied bank account
No management, performance, transaction fees
Outflow reduction
Cash drag reduction
Fractional shares
Cross-border payments
Intra-company payments
Inter-company payments
Event driven payments
Tracking error reduction
Return from low-risk US government securities

Municipal Bonds

High dividends
Tax free
Safe
Rising NAVs

Closed-end funds

Managed distributions
Fixed supply
Compliance
Not required to redeem if outflows

"The one advantage that a closed-end fund or ETF has over an open-end fund is that it cannot be forced to sell stocks because of redemptions. If shareholders in an open-end fund want to redeem more shares than the dividends the fund receives, the fund must sell stock and realize capital gains. In an ETF, shares are redeemed in-kind by institutions, so there is no tax consequence. In a closed-end fund, shareholders cannot have net redemptions; if they want to sell, they must find a buyer on the market."

Total Return (Yield Driven)
Diversification
Professional Management
Leverage Used by Fund
Free Leverage of The Discount
Control: Limit & Stop Orders
Fixed Capitalization: No Redemption Pressures
Capitalize on Market Inefficiencies
Low Active Institutional Ownership / Mostly Retail

Investor gets NAV value vs discount
Tax efficient in-kind transaction
Exits at NAV
Second layer of liquidity for fixed share investment products

USE CASES

Arbitrage
Activist prevention

A Series Trust can house funds with different structures (e.g., ETF, mutual fund, interval fund).

Fixed repurchase frequency = transparency

Interval: fixed schedule
Tender: discretion

Enables an interval or tender offer fund to replenish cash that can be used to satisfy periodic repurchase offers.
Can alleviate the need to sell existing portfolio holdings to generate cash for new investments.
Allows the fund to take in cash to pursue new investment opportunities.

Prospectus

XFT Municipal Income Fund (the “Fund”) is a continuously offered, diversified, closed-end management investment company that intends to operate as an interval fund. As an interval fund, the Fund will offer to make repurchases of between 5% and 25% of its outstanding shares at net asset value (“NAV”), on a quarterly basis, unless such offer is suspended or postponed in accordance with regulatory requirements.

XFT Municipal Money Market Fund’s investment objective is to seek to provide current income that is exempt from federal personal income taxes while maintaining liquidity and a stable share price of $1. As such it is considered one of the most conservative investment options offered by XFT. Although the fund invests in short-term, high-quality securities, the amount of income that a shareholder may receive will be largely dependent on the current interest rate environment and the availability of eligible municipal securities. Investors in a higher tax bracket who have a short-term savings goal and seek a competitive tax-free yield may wish to consider this option.

The Fund seeks to provide current income that is exempt from federal personal income taxes while maintaining liquidity and a stable share price of $1.

Investment Goal

Maintain $1.00 share price
Tax exemption
Yield

Maintain stable $1.00 share price
Tax exemption
Yield

RIC status; avoids US income tax if income and gains are distributed.

OR

Tax exemption via municipal bond portfolio

Frequent flyer miles and reward points

Distribute daily variable dollar amounts to maintain $1 NAV per managed distribution policy.

Methods

Increase distribution if NAV > $1
Distribute income to avoid NAV growth
Return capital to offset premium
Reduce distribution if NAV < $1

The following tables describe the fees and expenses you may pay if you buy, hold, and sell Dollar Shares or DeFi Shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

Shareholder Fees
(Fees paid directly from your investment)


Sales Charge (Load) Imposed on Purchases	None
Purchase Fee	None
Sales Charge (Load) Imposed on Reinvested Dividends	None
Redemption Fee	None
Account Service Fee Per Year (for certain fund account balances below $5,000,000)	$25

Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment)


Management Fees	0.00 %
12b-1 Distribution Fee	None
Other Expenses	0.01 %
Total Annual Fund Operating Expenses	0.01 %

Examples

The following examples are intended to help you compare the cost of investing in the Fund’s Dollar Shares or DeFi Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you were to invest $10,000 in the Fund’s shares. These examples assume that the shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you were to redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	1 Year	3 Years	5 Years	10 Years
Dollar Shares	$17	$55	$96	$217
DeFi Shares	$9	$29	$51	$115

The Fund invests in a variety of high-quality, short-term municipal securities. To be considered high quality, a security must be determined by XFT to present minimal credit risk based in part on a consideration of maturity, portfolio diversification, portfolio liquidity, and credit quality. The Fund invests in securities with effective maturities of 397 days or less, maintains a dollar-weighted average maturity of 60 days or less, and maintains a dollar-weighted average life of 120 days or less.

Principal Risks

The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund’s performance, and the level of risk may vary based on market conditions:

• Income risk , which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund’s monthly income to fluctuate accordingly.

• Interest rate risk , which is the chance that bond prices overall will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.

• Call risk , which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such redemptions and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Call risk is generally low for short-term bond funds.

• Extension risk , which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk is generally low for short-term bond funds.

• Credit risk , which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. In general, credit risk should be relatively low for the Fund because it invests primarily in bonds that are considered to be of high quality.

• Liquidity risk , which is the chance that the Fund may not be able to sell a security, including restricted securities, in a timely manner at a desired price.

• Manager risk , which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Tax risk , which is the chance that all or a portion of the tax-exempt income from municipal bonds held by the Fund will be declared taxable, possibly with retroactive effect, because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state or local tax authorities, or noncompliant conduct of a bond issuer.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.

You may purchase or redeem shares online through our website (xft.finance). The minimum investment amount required to open and maintain a Fund account for Investor Shares or DeFi Shares is $3,000 or $50,000, respectively. The minimum investment amount required to add to an existing Fund account is generally $1. Financial intermediaries, institutional clients, and XFT-advised clients should contact XFT for information on special eligibility rules that may apply to them regarding DeFi Shares. If you are investing through an intermediary, please contact that firm directly for more information regarding your eligibility.

The Fund’s distributions may be taxable as ordinary income or capital gain. A majority of the income dividends that you receive from the Fund are expected to be exempt from federal income taxes. However, a portion of the Fund’s distributions may be subject to federal, state, or local income taxes or the federal alternative minimum tax.

The Fund and its investment advisor do not pay financial intermediaries for sales of Fund shares.

Fund Admin & Custodian	BNY Mellon
Fund Manager	Closed-End Fund Advisors
Auditor	Ernst & Young LLP
Transfer Agent	X Financial Technologies
Prime Brokerage	Goldman Sachs, RBC
Fiat <> Stablecoin	Visa

CIK
Series
Class/Contract	Name	Symbol

0000225997	XFT MUNICIPAL BOND FUNDS
S000002892	XFT High-Yield Tax-Exempt Fund
0x81536233C3FfaEa0198D7B5Ce8dEceDf3C520A66	Dollar Tokens	USDX
C000007950	DeFi Shares	USDXW

Fund Name	XFT Short-Term U.S. Government Securities Fund
Ticker	USDX
Description	Permissionless yield-bearing stablecoin
Use Cases	Cash management, yield-bearing collateral, cross-border payments
Underlying	Short duration government securities
Eligibility	Qualified Purchasers
Liquidity	24/7 via USDC, Daily via USD
Issuer Jurisdiction	Delaware, United States
Structure	1940 Act Closed-End Interval Fund
Minimum Mint	$5,000
Minimum Redemption	$5,000
Fee Schedule	Yield share, network gas fee pass-through
Available Networks	Ethereum, Avalanche, X Ledger, Stacks, Lightning Network

Structure
Non-diversified, closed-end management company registered under the 1940 Act

Distribution Policy
Distributes daily variable dollar amounts per managed distribution policy, benchmarked to CEFA's Municipal Bond Select portfolio.

Tax Treatment
The Company intends to elect to be treated as a regulated investment company (RIC); if qualified, the Company will not be subject to US income tax to the extent income and gains are distributed

Delaware Series Trust

CEFA Municipal Bond Select

                          SECURITIES AND EXCHANGE COMMISSION
                                Washington, D.C. 20549
                
                                       FORM N-8A
                
                      NOTIFICATION OF REGISTRATION FILED PURSUANT
                    TO SECTION 8(A) OF THE INVESTMENT COMPANY ACT OF 1940
        
            The undersigned investment company hereby notifies the Securities
            and Exchange Commission that it registers under and pursuant to the
            provisions of Section 8(a) of the Investment Company Act of 1940 and in
            connection with such notification of registration submits the following
            information:
        
            Name:         XFT Municipal Income Trust
        
            Address of Principal Business Office (No. & Street, City, State, Zip Code):
        
            c/o X Financial Technologies, Inc.
            100 Bellevue Parkway
            Wilmington, Delaware 19809
        
            Telephone Number (including area code):
        
            (888) 825-2257
        
            Name and address of agent for service of process:
        
            Alexander M. Reed
            c/o X Financial Management, Inc.
            345 Park Avenue
            New York, New York 10154
        
            With copies of Notices and Communications to:
        
            Satoshi T. Nakamoto, Esq.
            Satoshi T. Nakamoto, Esq.
            Skadden, Arps, Slate, Meagher & Flom LLP
            Four Times Square
            New York, New York 10026
        
        
        
            Check Appropriate Box:
        
            Registrant is filing a Registration Statement pursuant to
            Section 8(b) of the Investment Company Act of 1940 concurrently with the
            filing of Form N-8A:
        
                 YES    [X]            NO   [ ]
        
        
        
                                       SIGNATURE        
        
            Pursuant to the requirements of the Investment Company Act of 1940,
            the sole trustee of the registrant has caused this notification of
            registration to be duly signed on behalf of the registrant in the city of
            New York and the state of New York on the 3rd day of April, 2001.
        
        
            [SEAL]
        
        
                                                   XFT Municipal Income Trust
                                                   (REGISTRANT)
                        
                        
                                                   By: /s/ Alexander M. Reed
                                                       -------------------------
                                                       Alexander M. Reed
                                                       Sole Trustee
        
        
        
            Attest: /s/ Alexander M. Reed
            ------------------------
            Alexander M. Reed
            Sole Trustee

[BLANK]

[BLANK]

[BLANK]

Education

FUND

REGISTRATION
  Name
  Structure
  Asset Group
  Asset Sub-Group
  Sponsor
  Subadvisor
  Custodian
  Transfer Agency
  Securities Act
  CCO
  Underwriters
  Accountants
  Non-diversified
  Security Lending Authorized
  Fund Lend Securities
  Rules and Exemptions
  Expense Limitation Arrangement
  Expenses Were Waived
  Pricing Services
  Administrators
  Purchases / Sales Aggregate
  Rights Offerings
  Secondary Offerings
  Repurchased Securities
  Default on long term debt
  Dividends in Arrears
  Modified Securities
  N-CEN Date
  Redemption Details
  Investment Objective
  Portfolio Managers
  Suitability
  NAV Frequency
  Hurdle Rate (%)
  Term Date
  SEC Effect Date
  Incentive Fee
  Incentive Type
  Incentive Details
  Incentive - Income Based ($)
  Incentive - Cap Gain Based ($)
FINANCIALS
  Latest Assets Date
  Total Assets / AUM
  Net Assets
  Shareholder Report Date
  Reported Total Assets
  Reported Net Assets
  Reported Investemnts Fair Value
  Leverage Assets
  Leverage Type
  Leverage Expense
  Shares sold / Reinvested - 1Yr ($)
  Shares redeemed - 1 Yr ($)
  Turnover Rate
  UNII
  Maturity
  Duration
PERFORMANCE
  Reported Performance Date
  Reported Performance (1mo)
  Reported Performance (3mo)
  Reported Performance (6mo)
  Reported Performance (1yr)
  Reported Performance (2yr)
  Reported Performance (3yr)
  Net Flow (1mo)
  Net Flow (3mo)
  Net Flow (6mo)
  Net Flow (1yr)
  Net Flow (2yr)
  Net Flow (3yr)
  Inflow 3mo(%)
  Outflow 3mo(%)
  Inflow 6mo(%)
  Outflow 6mo(%)
  Inflow 1yr(%)
  Outflow 1yr(%)
  Weighted Maturity
  Weighted Maturity <1yr
  Weighted Maturity 1-3yr
  Weighted Maturity 3-5yr
  Weighted Maturity 5-10yr
  Weighted Maturity 10-20yr
  Weighted Maturity >20yr
  Avg Coupon
PORTFOLIO
  Companies #
  Holdings #
  Bond #
  Equity #
  Top Companies #1
  Top Companies #1 %
  Top Companies #2
  Top Companies #2 %
  Top Companies #3
  Top Companies #3 %
  Top Companies #4
  Top Companies #4 %
  Top Companies #5
  Top Companies #5 %
  Top Companies #6
  Top Companies #6 %
  Top Companies #7
  Top Companies #7 %
  Top Companies #8
  Top Companies #8 %
  Top Companies #9
  Top Companies #9 %
  Top Companies #10
  Top Companies #10 %
  Top Companies Date
  U.S. Equity
  Non U.S. Equity
  U.S. Bond
  Non U.S. Bond
  Cash
  Asset Alloc #1
  Asset Alloc #1 %
  Asset Alloc #2
  Asset Alloc #2 %
  Asset Alloc #3
  Asset Alloc #3 %
  Small Cap
  Mid Cap
  Big Cap
  Variable Rate Bond
  Fixed Rate Bond
  Payoff Profile: long
  Payoff Profile: short
  Restricted
  Fair Value level 1
  Fair Value level 2
  Fair Value level 3
  Default Bond
  Deferred Bond
  Portfolio List Date
REPURCHASES
  Latest Completed Repurchase Date
  Offered to Repurchase
  Last Completed Repurchase (%)
  Repurchased 1yr (%)

SHARE CLASS

GENERAL
  Fund Name
  Class Ticker
  Class Name
  Structure
  Asset Group
  Asset Sub-Group
  Sponsor
  Inception Date
  Dividend Frequency
  Min Investment
  CUSIP
  Shares Outstanding
DISTRIBUTIONS
  Latest Distribution
  Latest Distribution Date
REPURCHASE
  Latest Repurchase - Start
  Latest Repurchase - End
  To Repurchase (%)
  Current Offering
FEE STRUCTURE
  Max Load
  Early Withdrawal Fee
  Mgmt Fee
  12b-1 Fee
  Other Expenses
  Interest
  Underlying fund fees
  Incentive Fee
  Waivers
  Total Fees
  Total Fees (net of Waivers)
  Gross Exp Ratio
  Net Exp Ratio
PERFORMANCE
  NAV/Share
  NAV Date
  Indicated Yield
  Trailing Yield
  Div Growth (1yr)
  Div Growth (3yr)
  NAV TR (1mo)
  NAV TR (3mo)
  NAV TR (6mo)
  NAV TR (1yr)
  NAV TR (3yr)
  NAV TR Inception
  NAV TR Date

PRINCIPAL TRANSACTIONS

ID
Fund Name
Structure
Asset Group
Asset Sub-Group
Sponsor
Principal
LEI
Purchases / Sales
Txn Date

DIRECTORS

ID
Fund Name
Structure
Asset Group
Asset Sub-Group
Sponsor
Principal
LEI
Purchases / Sales
Date

Investment Advisor
Principal Underwriter
Legal Counsel
Administrator
Transfer Agent
Custodian
Auditor
Fund Officer

Mutual Fund Shares
A, B, C (Retail)
I (Institutional)
R (Retirement)

ETF Shares

Token Shares
Rebasing
Accumulating

NL Shares
BDC
CEF

Closed-End Funds

NAV = (Market Value of All Securities Held by Fund + Cash and Equivalent Holdings – Fund Liabilities) ÷ Total Fund Shares Outstanding

Premium/Discount = (Market Price – NAV) ÷ NAV

Financial Instrument Reference Database (FIRD)

    PRICING DYNAMICS
    
    Market Driven
        ETF
        Closed-end funds
        
    NAV Driven
        Mutual Funds shares
        Rebasing tokens
        Accumulating tokens

ETF

AP
No support for automatic reinvestment and withdrawals

Creation
AP delivers basket of securities/cash to ETF issuer
Issuer provides AP with ETF creation units of equal value
AP sells ETF units to investors on exchange

Redemption
AP accumulates ETF units freom investors
AP exchanges units with issuer
Issuer returns equivalent basket of securities/cash to AP

Mutual Fund

Closed-End

	Interval Funds	Tender Offer Funds
Structure	Closed-end Fund	Closed-end Fund
Exchange Listed	No	No
NAV Calculation	Weekly/Daily	Varies
Redemption Obligation	Mandatory	Optional
Redemption Frequency	Every 3, 6, or 12 Months	Board Discretion
Redemption Threshold	5 – 25% of Shares Outstanding	Board Discretion
Liquidity Requirement	During Redemption Period Only	None
Eligible Investors	All – No Requirement	All – No Requirement
Minimum Investment	$1,000 – $10,000	$1,000 – $50,000
Tax Reporting	1099	1099

Open-End Investment Companies

    MATERIAL
    Summary Prospectus
    Base Prospectus    
    Statement of Additional Information (SAI)    
    
        
    FORM TYPES
    N-8A, Notification of registration
    N-1A, Registration statement
    N-1A/A, Registration statement amendment
        
    485APOS, Rule 485(a)
    485BPOS, Rule 485(b)
    
    497K, Summary prospectus
    497, Base prospectus    
        
    
    TABLE OF CONTENTS
    -----------------    
    FUND SUMMARY
    > INVESTMENT OBJECTIVE
    > FEES AND EXPENSES
    > PRINCIPAL INVESTMENT STRATEGIES
    > USE OF BLOCKCHAIN
    > PRINCIPAL RISKS
    > PERFORMANCE
    > INVESTMENT MANAGER
    > PURCHASE AND SALE OF FUND SHARES
    > TAXES
    
    FUND DETAILS
    > INVESTMENT GOAL
    > PRINCIPAL INVESTMENT POLICIES AND PRACTICES
    > USE OF BLOCKCHAIN
    > PRINCIPAL RISKS
    > MANAGEMENT
    > DISTRIBUTION AND TAXES
    > FINANCIAL HIGHLIGHTS
    
    STATEMENT OF ADDITIONAL INFORMATION
    > GOALS, STRATEGIES AND RISKS
    > OFFICERS AND TRUSTEES
    > PROXY VOTING POLICIES AND PROCEDURES
    > MANAGEMENT AND OTHER SERVICES
    > PORTFOLIO TRANSACTIONS
    > DISTRIBUTION AND TAXES
    > ORGANIZATION, VOTING RIGHTS AND PRINCIPAL HOLDERS
    > BUYING AND SELLING SHARES
    > PRICING SHARES
    > THE UNDERWRITER
    > DESCRIPTION OF RATINGS

Closed-End Investment Companies

    MATERIAL
    Summary Prospectus
    Base Prospectus    
    Statement of Additional Information (SAI) 
    
        
    FORM TYPES
    N-8A, Notification of registration
    N-2, Registration statement
    N-2/A, Registration statement amendment
        
    424B1, Prospectus disclosing omitted info
    424B2, Prospectus for delayed offering with pricing
    424B3, Prospectus with updates to last filing
    424B4, Prospectus combining B1+B3
    424B5, Prospectus combining B2+B3
    
    N-23C-2, Notice of intention to redeem securities
    
        
    TABLE OF CONTENTS
    -----------------   
    N-2
    > PROSPECTUS SUMMARY
    > SUMMARY OF FUND EXPENSES
    > FINANCIAL HIGHLIGHTS
    > USE OF PROCEEDS
    > THE FUND
    > DESCRIPTION OF CAPITAL STOCK
    > THE FUND'S INVESTMENTS
    > LEVERAGE
    > RISKS
    > HOW THE FUND MANAGES RISK
    > MANAGEMENT OF THE FUND
    > NET ASSET VALUE
    > DISTRIBUTIONS
    > DIVIDEND REINVESTMENT PLAN
    > RIGHTS OFFERING
    > TAX MATTERS
    > TAXATION OF HOLDERS RIGHTS
    > CERTAIN PROVISIONS IN THE CHARTER AND BYLAWS
    > CLOSED-END FUND STRUCTURE
    > REPURCHASE OF COMMON SHARES
    > PLAN OF DISTRIBUTION
    > INCORPORATION BY REFERENCE
    > PRIVACY PRINCIPLES OF THE FUND
    
    PROSPECTUS SUMMARY
    > THE FUND
    > THE OFFERING
    > USE OF PROCEEDS
    > INVESTMENT OBJECTIVE AND POLICIES
    > LEVERAGE
    > INVESTMENT ADVISOR
    > DISTRIBUTIONS
    > LISTING
    > CUSTODIAN AND TRANSFER AGENT
    > ADMINISTRATOR
    > MARKET PRICE OF SHARES
    > SPECIAL RISK CONSIDERATIONS

Exhibits

    FORM N-2 REQUIREMENTS
        
    EX-99.A	Charter copies currently in effect
    EX-99.B	Existing bylaws or corresponding instruments
    EX-99.C	Voting trust agreements (>5% of equity securities)
    EX-99.D	Documents defining security holders' rights
    EX-99.E	Dividend reinvestment plan document
    EX-99.F	Instruments defining long-term debt rights for subsidiaries
    EX-99.G	Investment advisory contracts for asset management
    EX-99.H	Underwriting/distribution contracts and agreements
    EX-99.I	Bonus/profit sharing/pension contracts for directors/officers
    EX-99.J	Custodian agreements and depository contracts
    EX-99.K	Other material non-ordinary business contracts
    EX-99.L	Legal opinion on securities registration
    EX-99.M	Non-resident consent to service of process
    EX-99.N	Other opinions/appraisals/rulings and consents
    EX-99.O	Omitted financial statements from Items 8.6 or 24
    EX-99.P	Initial capital agreements and investment assurance
    EX-99.Q	Retirement plan model documents
    EX-99.R	Ethics codes under Rule 17j-1
    EX-99.S	Securities registration information in tabular form

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    TYPE                     DESCRIPTION
    ----------------------------------------------------------------------------------------------    
    EX-99.A                  AGREEMENT AND DECLARATION OF TRUST
    EX-99.B                  BY-LAWS
    EX-99.E                  DIVIDEND REINVESTMENT PLAN
    EX-99.G                  FORM OF INVESTMENT MANAGEMENT AGREEMENT BETWEEN REGISTRANT AND [*]
    EX-99.I                  DEFERRED COMPENSATION PLAN
    EX-99.J                  FORM OF MASTER CUSTODIAN AGREEMENT WITH [*]
    EX-99.K.1                FORM OF TRANSFER AGENCY AGREEMENT
    EX-99.K.2                FORM OF ADMINISTRATION AND FUND ACCOUNTING SERVICES AGREEMENT WITH [*]
    EX-99.K.3                FORM OF SECURITIES LENDING AGREEMENT
    EX-99.K.4                FORM OF EXPENSE REIMBURSEMENT AGREEMENT
    EX-99.2H                 FORM OF UNDERWRITING AGREEMENT
    EX-99.2K.5               FORM OF DTC REPRESENTATIONS LETTER
    EX-99.2L.1               OPINION AND CONSENT OF COUNSEL
    EX-99.2L.2               TAX OPINION OF COUNSEL
    EX-99.N                  CONSENT OF [*]
    EX-99.P                  INITIAL SUBSCRIPTION AGREEMENT
    EX-99.R                  CODE OF ETHICS OF THE REGISTRANT AND THE ADVISOR
    EX-99.S                  POWERS OF ATTORNEY
    EX-FILING FEES           CALCULATION OF FILING FEE TABLE

    INVESTMENT COMPANY STRUCTURE
    
    > Delaware statutory trust (DST)
    > Series = hubs, underlying investment portfolio
    > Classes = spokes
    
    SERIES 
        XFT High-Yield Tax-Exempt Fund
        XFT Intermediate-Term Tax-Exempt Fund
        XFT Limited Term Tax-Exempt Fund
        XFT Long-Term Tax-Exempt Fund
        XFT Ultra-Short-Term Tax-Exempt Fund
        XFT Tax-Exempt Bond Index Fund
        XFT Municipal Money Market Fund
        XFT Intermediate-Term Tax-Exempt Bond ETF
        XFT Core Tax-Exempt Bond ETF
        XFT Short Duration Tax-Exempt Bond ETF
    
    CLASSES
        Mutual Fund Shares
            A, B, C (Retail)
            I (Institutional)
            R (Retirement)
        ETF Shares
        Token Shares

Managed Distribute exact daily earnings to maintain $1 NAV
None No regular distributions, fund accumulates earnings
Level Fixed distribution regardless of earnings
Annual Minimum Distributes minimum amount once per year

Bank Debt
- Credit Facility
- Margin Loans
Preferred
- ARPS (Auction Rate Preferred Shares)
- MRPS (Mandatory Redeemable Preferred Shares)
- VMTP (Variable Rate Municipal Term Preferred)
- VRDP (Variable Rate Demand Preferred)
- RVMTP (Remarketable Variable Rate Municipal Term Preferred)
- VRTP (Variable Rate Term Preferred)
- Private Preferred
- Convertible Preferred
Portfolio
- Repos (Repurchase Agreements)
- TOBs (Tender Option Bonds)
- Swaps
- Securities sold short
- RIBs (Residual Interest Bonds)
- Fwd Contracts
- TBA-MBS
- Collateral on Lending
Notes
- Private Notes

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Proof System

Proof of reserves
Proof of deposits

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