Macquarie National High-Yield Municipal Bond ETF

Frequently Asked Questions About HTAX

What does HTAX invest in?

HTAX is an actively managed fund that seeks high current interest income exempt from federal tax by investing primarily in US high-yield municipal bonds. The fund includes debt obligations issued by state and local governments to raise funds for various public purposes. The portfolio holds municipal bonds of various maturities, with a dollar-weighted average effective maturity between 5 and 30 years. The manager adjusts bond maturity to balance the aim of providing high tax-exempt income with capital preservation. The fund's income may vary depending on interest rates and portfolio holdings. It may include various types of municipal bonds, including advance refunded bonds, revenue bonds, general obligation bonds, insured municipal bonds, private activity bonds, municipal leases, and certificates of participation. The fund may concentrate its investments in certain types of bonds or in a certain segment of the municipal bond market as deemed necessary. Effective Dec. 1, 2025, Macquarie in the funds name was replaced with Nomura.

What is the expense ratio of HTAX?

Macquarie National High-Yield Municipal Bond ETF (HTAX) charges an expense ratio of 0.49%. This is the annual fee deducted from fund assets to cover management and operations.

What is HTAX's dividend yield?

HTAX's trailing-twelve-month yield is 4.57%, calculated from the sum of dividends over the past year divided by the current price.

What is the duration of HTAX?

Effective duration measures HTAX's sensitivity to interest-rate changes — a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. HTAX's current duration is published on the fund's factsheet on the issuer's website.

What is the credit quality of HTAX?

HTAX's credit quality breakdown — the share of holdings rated AAA through CCC and below — is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds.

What is the yield to maturity of HTAX?

Yield to maturity (YTM) is the total return you'd earn from HTAX if every bond in the portfolio is held to maturity at the current price. HTAX's YTM is published on the fund's factsheet on the issuer's website — it differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid.