Nomura National High-Yield Municipal Bond ETF (HTAX)

The Nomura National High-Yield Municipal Bond ETF (HTAX) invests primarily in municipal bonds issued by U.S. states, cities and other local government entities across the country, with an emphasis on lower-rated and unrated high-yield issues.

Interest from these bonds is generally exempt from regular federal income tax, which is the core appeal of municipal debt. The fund is managed by Nomura's asset management arm in the United States, which took over the former Macquarie Asset Management public investment business.