Macquarie National High-Yield Municipal Bond ETF

HTAX
ETF Ticker

-3.42%

-2.35%

NYSE Arca Exchange

Fixed Income

United States

Municipal

The Macquarie National High-Yield Municipal Bond ETF, HTAX_US, is an actively managed strategy providing exposure to United States, Municipal Fixed Income. It is listed on the NYSE Arca Exchange and has assets under management of $60.1m (as of Aug 31, 2026). The ETF trades in USD and was listed on the exchange on Mar 5, 2025. It has a net expense ratio of 49bps. (All data in USD as of Oct 9, 2026 unless stated.)

The investment approach informing the actively managed Macquarie National High-Yield Municipal Bond ETF pursues federally tax-exempt income by emphasizing below-investment-grade and unrated municipal issuers nationwide, with opportunistic use of higher-quality bonds for liquidity and risk balancing. Research is bottom-up and credit-centric, underwriting revenue stability, legal covenants, security pledges, call structures, and event risk across sectors (e.g., healthcare, education, transportation, special tax). Portfolio construction diversifies by state, sector, obligor, coupon, and call date, manages curve exposure to targeted duration bands, and sizes positions to reflect conviction, trading liquidity, and downgrade/default probabilities. Exposure to AMT-subject private-activity bonds may be used when compensated. The team employs active trading around new issues, tender/call calendars, and dislocations; derivatives may manage interest-rate risk. Sell and trim decisions reflect credit impairment signals, unfavorable restructurings, compressed spreads versus fundamentals, or better risk-adjusted income elsewhere.

ETF Details

Key Facts

Issuer:
Macquarie
AUM:
$60.1m (as of Aug 31, 2026)
Net Expense Ratio:
49 bps
Inception Date:
Mar 5, 2025
Index:
Actively managed strategy
Dividend Frequency:
Monthly

Trading

Ticker:
HTAX
Exchange:
NYSE Arca Exchange
ISIN:
US5559278701
Trading Currency:
USD
Domicile:
United States

Classification & Risk

Asset Class:
Fixed Income
Asset Region:
United States
Theme:
Municipal
Economic Development:
Developed Markets
1 Year Volatility:
5.14%
3 Year Volatility:
N/A
5 Year Volatility:
N/A

Performance

TTM Dividend Yield:
4.24% (verify with issuer)
1 Month Performance:
-4.27%
3 Month Performance:
-7.42%
6 Month Performance:
-5.25%
1 Year Performance:
-2.35%
3 Year Performance:
N/A
5 Year Performance:
N/A
Investment Proposition

Macquarie National High-Yield Municipal Bond ETF (HTAX) presents actively managed exposure to below-investment-grade and unrated U.S. municipal bonds across a diversified national opportunity set, targeting tax-efficient income and total return through credit selection and risk-aware portfolio construction. The approach emphasizes thorough underwriting of issuers and structures, diversified sector and state exposure, and ongoing surveillance of covenant and call features, with turnover guided by relative-value and liquidity conditions. Typical characteristics include elevated credit and call risk versus investment-grade munis, potential yield premium, and sensitivity to spread cycles and interest-rate moves; outcomes can depend on issuer fundamentals, revenue stability, and market technicals. Likely roles include income sleeve for tax-aware investors, satellite credit exposure within fixed income, and a tactical allocator for spread opportunities. Suitable profiles include high-tax-bracket investors seeking after-tax income and multi-asset managers adding diversified, tax-advantaged credit risk. Regimes with steady growth, supportive technicals, and benign default trends tend to favor the fund; tightening liquidity or broad risk-off episodes can be challenging. Key risk to monitor: callable structures and credit downgrades that may affect realized income and reinvestment dynamics.

ETF Analytics

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