Macquarie Expands ETF Lineup With HTAX, Targeting High-Yield Munis

Macquarie Asset Management has introduced the Macquarie National High-Yield Municipal Bond ETF (NYSE:HTAX), an actively managed fund that aims to maximize returns through an income-driven, risk-controlled approach. The fund, launched on March 6, focuses on securities exempt from federal income tax and lower-rated bonds with higher yields.

HTAX has an expense ratio of 0.49%.

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"We believe high-yield municipal bonds offer investors a reliable source of tax-advantaged income, and active management is critical in identifying opportunities within the $4 trillion municipal bond market," said Gregory Gizzi, head of U.S. fixed income and municipal bonds at Macquarie.

Interestingly, investors are increasingly turning to high-yield municipal bonds.

“Despite comprising just 8% of the $4 trillion municipal bond market, high yield municipal bonds attracted 38% of the flows into open-end funds in 2024,” noted Macquarie in its fact sheet, citing a JPMorgan report.

HTAX is Macquarie's second actively managed fixed-income ETF, following the Macquarie Tax-Free USA Short Term ETF (NYSE:STAX), launched in 2023. Macquarie manages $11.8 billion in assets across municipal bond strategies, according to its fact sheet.

Macquarie manages $633.7 billion in assets and employs a research-driven investment strategy. HTAX joins five other actively managed U.S.-listed ETFs under its umbrella.

Barron's Best Fund Families has notably given the top rank to Macquarie Asset Management overall in the Tax-Exempt Bond category twice in the past five years.

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