Macquarie Asset Management has expanded its municipal bond ETF lineup with the launch of the Macquarie National High-Yield Municipal Bond ETF (HTAX) on the NYSE Arca today.
The fund seeks to maximize returns through an income-driven, risk-controlled approach. This strategy will target securities that are exempt from federal income tax. The prospectus notes that the fund’s portfolio will generally focus more on lower-rated securities, which tend to have higher yields.
“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.
“HTAX is built on our yield-focused philosophy, supported by comprehensive bottom-up research and a dedicated team of analysts,” he added.
See more: Municipal Bonds Favored by Many Advisors
HTAX brings Macquarie’s actively managed fixed income ETF count to two. The first, the Macquarie Tax-Free USA Short Term ETF (STAX), launched in 2023.
“According to VettaFi data, there is strong demand for actively managed municipal bond ETFs among advisors,” added Todd Rosenbluth, head of research at TMX VettaFi. “It’s exciting to see Macquarie bring more of its expertise into the ETF market to meet this demand.”
With approximately $633.7 billion in assets, Macquarie employs a research-driven investment process to guide its strategies. Besides HTAX, its family of U.S.-listed ETFs includes five other actively managed funds.
Additionally, HTAX comes with an expense ratio of 0.49%.
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