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Launched · SEC filings

Nomura National High-Yield Municipal Bond ETF

HTAXNYSE ArcaNomuraC

$23.56+0.03 (+0.13%)

As of Nov 2, 2026, 3:59 PM ET

C54/ 100

Rank 15 of 19 in High-Yield Municipal Bonds

C54/100Rank 15 of 19inHigh-Yield Municipal Bonds
Intraday session: up, 73 prints from 23.53 to 23.56. Range 23.53 to 23.60. Use the arrow keys to read each point.23.5423.5823.6010 AM12 PM2 PM4 PM
Expense ratio
0.49%
Fund size
$95M
1Y total return
+0.5%
Yield · Last 12 months
5.13%
Holdings
285
Avg volume · 30D
33.2K sh
52W range
low $22.61high $25.08
Launched
Filings
SEC EDGAR

The ETF.net HTAX Grade

C

Score 54 out of 100

Category
High-Yield Municipal Bonds⁠
Rank
15 of 19
Six-pillar profile for HTAX. Scores out of 100: Cost 31, Risk 51, Mission 90, Tradability 43, Holdings 74, Durability 33. Strongest: Mission (90). Weakest: Cost (31). Leans toward Mission.

Score 54 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    D31 out of 100
    Rank 13 of 19

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A90 out of 100
    Rank 8 of 18

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C51 out of 100
    Rank 8 of 19

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C43 out of 100
    Rank 13 of 19

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A74 out of 100
    Rank 5 of 19

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    D33 out of 100
    Rank 15 of 19

Our read on HTAX

ETF.net Research

In short

CMost muni ETFs stick to the safest paper. HTAX heads down the credit ladder on purpose, running Macquarie's flagship high-yield muni playbook in an ETF: active, federally tax-exempt income from medium- and lower-grade bonds, paid monthly.

Stated mandate

The fund seeks a high level of current interest income that is exempt from regular federal income tax, primarily by investing in municipal securities.

Why people hold it

  • Runs the same yield-focused objective and process as Macquarie's flagship high-yield muni mutual fund, managed by the firm's municipal bond team.macquarie.com
  • At least 80% of net assets sits in municipal securities whose income is exempt from federal income tax, tilted toward medium- and lower-grade issuers.sec.gov
  • Pays monthly, and the 0.49% management fee is the whole sticker: no 12b-1 fees, no separate other expenses.sec.gov

Worth knowing

  • At 0.49% it costs well above plain index muni ETFs like VTEB (0.03%) and MUB (0.05%). Active credit work is what you are paying up for.
  • Medium- and lower-grade munis carry more default and liquidity risk than an investment-grade index fund, so prices can swing harder when credit gets nervous.sec.gov
  • A 2025 launch with a short record, and it trades lightly next to the category's giants, which can mean wider bid-ask spreads.

HTAX Performance

Launched Mar 5, 2025

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.Not enough history yet.
HTAX$10,051
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. HTAX $10,051. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025May 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for HTAX. Periods over one year show the average yearly return.
PeriodHTAX
Year to date+0.5%
1 month+2.7%
3 months−2.0%
1 year+0.5%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for HTAX
YearReturn barHTAX
2026 YTD+0.5%
2025+1.4%

History from Mar 6, 2025

HTAX in the news

HTAX Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
5.13%Last 12 months
Payout per share
$1.21Last 12 months
Upcoming payment
$0.09 per share
Pays on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Monthly

Distribution history

2025–2026

One bar per payment. 19 payments from 2025 to 2026 YTD. Apr 30, 2025 $0.09; May 30, 2025 $0.14; Jun 30, 2025 $0.08; Jul 31, 2025 $0.09; Aug 29, 2025 $0.09; Sep 30, 2025 $0.09; Oct 31, 2025 $0.10; Nov 28, 2025 $0.10; Dec 24, 2025 $0.10; Jan 30, 2026 $0.09; Feb 27, 2026 $0.08; Mar 31, 2026 $0.09; Apr 30, 2026 $0.10; May 29, 2026 $0.09; Jun 30, 2026 $0.10; Jul 31, 2026 $0.10; Aug 31, 2026 $0.10; Sep 30, 2026 $0.08; Oct 30, 2026 $0.09. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Oct 30, 2026Pays Nov 5, 2026$0.09
Sep 30, 2026Oct 6, 2026$0.08
Aug 31, 2026Sep 4, 2026$0.10
Jul 31, 2026Aug 6, 2026$0.10
Jun 30, 2026Jul 7, 2026$0.10
May 29, 2026Jun 4, 2026$0.09
Apr 30, 2026May 6, 2026$0.10
Mar 31, 2026Apr 7, 2026$0.09
Feb 27, 2026Mar 5, 2026$0.08
Jan 30, 2026Feb 5, 2026$0.09
Dec 24, 2025Dec 31, 2025$0.10
Nov 28, 2025Dec 4, 2025$0.10

See all 19 payments⁠

$10,000 in HTAX 1 year ago paid $492 in dividends.⁠

HTAX Risk

Risk pillarC51 out of 100Rank 8 of 19 in High-Yield Municipal Bonds
How much the fund’s monthly returns vary, scaled to a year.
7.2%
Annualised · 19 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
−0.30
vs 3-month T-bills · 19 months to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−8.1%
19 months · trough Oct 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.15
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

HTAX Cost

Compare HTAX and FMUB

Overpaying vs FMUB, cheapest in High-Yield Municipal Bonds

$3,643

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • HTAX 0.49%

    $9,792

  • FMUB 0.30% Cheapest

    $6,149

$10,000
30 years

Cost over time

  • HTAX 0.49%
  • FMUB 0.30%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K$10K051015202530HTAX $9,792FMUB $6,149

Year by year

YearHTAXFMUBOverpaying
10$883$545$338
20$3,394$2,113$1,281
30$9,792$6,149$3,643

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