Macquarie National High-Yield Municipal Bond ETF (HTAX) Fund Overview

Macquarie National High-Yield Municipal Bond ETF (HTAX) Financial Services Profile

Macquarie National High-Yield Municipal Bond ETF (HTAX) is an actively managed fund focusing on high-yield municipal bonds, primarily investing in US municipal bonds to generate tax-exempt income. The fund balances high income with capital preservation, adjusting bond maturities and diversifying across various municipal bond types.

What Is the Investment Thesis for HTAX?

HTAX presents a focused investment vehicle for investors seeking tax-exempt income through high-yield municipal bonds. With a beta of 0.07, the fund demonstrates low volatility relative to the broader market, appealing to risk-averse investors. The fund's active management seeks to optimize returns by adjusting bond maturities and diversifying across various municipal bond types. Key value drivers include the fund's ability to generate high current income exempt from federal tax and its focus on capital preservation. The fund's success hinges on its active management team's ability to navigate interest rate fluctuations and identify attractive investment opportunities within the municipal bond market. However, potential risks include credit risk associated with high-yield bonds and interest rate sensitivity. The fund's concentration in the municipal bond market could also limit diversification benefits.

Based on FMP financials and quantitative analysis

HTAX Key Highlights

HTAX's primary objective is to provide high current interest income exempt from federal income tax.

• The fund invests primarily in US high-yield municipal bonds.
• The portfolio holds municipal bonds of various maturities, with a dollar-weighted average effective maturity between 5 and 30 years.
• The fund's beta is 0.07, indicating low volatility compared to the broader market.
• The fund's market capitalization is $0.03 billion.

Who Are HTAX's Competitors?

HTAX is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.

AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance

What Are HTAX's Key Strengths?

High current interest income exempt from federal tax.

• Actively managed portfolio with experienced investment team.
• Low volatility compared to the broader market (beta of 0.07).
• Focus on capital preservation.

What Are HTAX's Weaknesses?

Concentration in the municipal bond market.

• Sensitivity to interest rate fluctuations.
• Credit risk associated with high-yield bonds.
• Relatively small market capitalization ($0.03 billion).

What Are the Key Risks for HTAX?

Rising interest rates could negatively impact bond prices and fund performance.

• Credit downgrades or defaults in the municipal bond market could lead to losses.
• Changes in tax laws could reduce the attractiveness of municipal bonds and decrease demand.
• Market volatility and economic uncertainty could impact investor sentiment and fund flows.

What Are HTAX's Competitive Advantages?

• Expertise in municipal bond market analysis and selection.
• Active management approach to optimize returns and manage risk.
• Established track record in generating tax-exempt income.
• Brand recognition and distribution network.

What Does HTAX Do?

The Macquarie National High-Yield Municipal Bond ETF (HTAX) is an actively managed fund designed to provide investors with high current interest income that is exempt from federal income tax. The fund achieves this objective by investing primarily in high-yield municipal bonds issued by state and local governments within the United States. These bonds are used to finance a variety of public projects and services, making them an essential component of municipal finance. HTAX's investment strategy involves holding municipal bonds with varying maturities, with the dollar-weighted average effective maturity ranging from 5 to 30 years. This range allows the fund to balance the pursuit of high tax-exempt income with the need for capital preservation. The fund's managers actively adjust the portfolio's bond maturities in response to changing interest rate environments and market conditions. The fund's income can fluctuate based on interest rate movements and the composition of its holdings. HTAX may invest in 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. This diversification helps to mitigate risk and enhance the fund's overall return profile. The fund may concentrate its investments in specific types of bonds or segments of the municipal bond market if deemed beneficial. As of December 1, 2025, Macquarie in the fund's name was replaced with Nomura.

What Products and Services Does HTAX Offer?

• Invests primarily in US high-yield municipal bonds.
• Seeks high current interest income exempt from federal tax.
• Actively manages a portfolio of municipal bonds with varying maturities.
• Adjusts bond maturity to balance income and capital preservation.
• May concentrate investments in certain types of bonds or market segments.
• Replaced Macquarie in the fund's name with Nomura as of December 1, 2025.

How Does HTAX Make Money?

• Generates income through interest payments from municipal bonds.
• Earns management fees based on assets under management (AUM).
• Actively manages the portfolio to optimize returns and manage risk.

What Industry Does HTAX Operate In?

HTAX operates within the asset management industry, specifically focusing on municipal bond funds. The municipal bond market is influenced by factors such as interest rates, credit quality, and tax policies. Demand for municipal bonds is driven by investors seeking tax-exempt income, particularly those in high tax brackets. The competitive landscape includes other municipal bond funds with varying investment strategies and risk profiles. HTAX differentiates itself through its active management approach and focus on high-yield municipal bonds.

Who Are HTAX's Key Customers?

• Individual investors seeking tax-exempt income.
• Financial advisors seeking investment options for their clients.
• Institutional investors seeking exposure to the municipal bond market.

HTAX Financials

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HTAX Analyst Consensus

HTAX MoonshotScore

Macquarie National High-Yield Municipal Bond ETF Financials Stock: Key Questions Answered

Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.

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