---
ticker: "HTAX"
name: "Nomura National High-Yield Municipal Bond ETF"
url: "https://etf.net/etf/HTAX"
grade: "C"
score: 49
graded_at: "2026-10-12"
category: "High-Yield Municipal Bonds"
category_rank: "15 of 19"
methodology: "https://etf.net/methodology"
---

# HTAX: Nomura National High-Yield Municipal Bond ETF

Grade **C**, Score 49 of 100. Rank 15 of 19 in High-Yield Municipal Bonds.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 22 | 13 of 19 |
| Mission | 88 | 9 of 18 |
| Risk | 49 | 7 of 19 |
| Tradability | 41 | 13 of 19 |
| Holdings | 53 | 13 of 19 |
| Durability | 32 | 16 of 19 |

## Top holdings

The fund holds 269 positions. These are the largest 30, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | — | Us Dollar | 6.21% |
| 2 | — | Oklahoma Cap Imp 5% 07/37 | 1.15% |
| 3 | — | Virginia Var 07/37 | 1.14% |
| 4 | — | Bay Area Toll Var 04/59 | 1.14% |
| 5 | — | Gdb Debt 7.5% 08/40 | 1.12% |
| 6 | — | Houston Tex 5.5% 09/58 | 1.12% |
| 7 | — | Pennsylvania 6% 06/61 | 1.08% |
| 8 | — | Puerto Rico 5% 07/58 | 1.07% |
| 9 | — | Arizona Indl Var 02/48 | 1.06% |
| 10 | — | Jefferson 5.25% 10/49 | 1.04% |
| 11 | — | Alabama Toll Rd 5% 01/56 | 1.02% |
| 12 | — | Puerto Rico 4.75% 07/53 | 0.99% |
| 13 | — | Liberty N Y 5.25% 10/35 | 0.95% |
| 14 | — | Pennsylvania St 5% 12/42 | 0.90% |
| 15 | — | Puerto Rico Zero 07/46 | 0.88% |
| 16 | — | Pennsylvania 5.5% 12/54 | 0.86% |
| 17 | — | Puerto Rico Zero 07/51 | 0.84% |
| 18 | — | Ohio St Air 4.5% 01/48 | 0.83% |
| 19 | — | Clackamas Cnty 5.5% 11/51 | 0.82% |
| 20 | — | Puerto Rico Var 11/43 | 0.81% |
| 21 | — | Mobile Cnty 4.75% 12/54 | 0.79% |
| 22 | — | Virginia Small 5% 12/56 | 0.76% |
| 23 | — | Louisiana Pub 5% 09/66 | 0.75% |
| 24 | — | Mobile Cnty Ala 5% 06/54 | 0.73% |
| 25 | — | California Var 01/65 | 0.70% |
| 26 | — | Public Fin 5.75% 06/60 | 0.70% |
| 27 | — | National Fin 5.5% 08/51 | 0.62% |
| 28 | — | Fairfax Cnty Va 5% 10/36 | 0.61% |
| 29 | — | Louisiana Pub 5.75% 09/64 | 0.61% |
| 30 | — | University Colo 6% 06/51 | 0.61% |

Source: etf.net, https://etf.net/etf/HTAX. Please cite the page URL.