Nomura National High-Yield Municipal Bond ETF

Frequently Asked Questions About HTAX

What does HTAX invest in?

HTAX is an actively managed Exchange Traded Fund (ETF) designed to generate substantial current income that is exempt from federal taxation. It primarily achieves this by investing in high-yield municipal bonds issued by U.S. state and local governments, which finance diverse public projects. The fund's portfolio encompasses a range of municipal bond maturities, with its dollar-weighted average effective maturity typically falling between 5 and 30 years. The portfolio manager strategically adjusts these maturities to strike a balance between maximizing tax-exempt income and preserving capital. Prospective income from the fund is subject to fluctuations, influenced by prevailing interest rates and the specific composition of its holdings. The fund retains the flexibility to invest in a broad spectrum of municipal bond types, including, but not limited to, advance refunded bonds, revenue bonds, general obligation bonds, insured municipal bonds, private activity bonds, municipal leases, and certificates of participation. Should market conditions dictate, the manager may concentrate investments in particular bond categories or specific segments of the municipal bond market. Please note that effective December 1, 2025, the "Macquarie" portion of the fund's name will be replaced by "Nomura."

What is the expense ratio of HTAX?

Nomura 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 4.74%, 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.