Company Announcements

Provides ETF investors with access to the firm’s award-winning¹ national high yield municipal bond strategy

NEW YORK--(BUSINESS WIRE)--Mar. 6, 2025-- Today, Macquarie Asset Management expanded its active exchange-traded fund (ETF) platform with the launch of Macquarie National High-Yield Municipal Bond ETF (HTAX). Managed by our Municipal Bond Team, HTAX shares the same yield-focused investment objective and process as our flagship high yield municipal bond mutual fund.

This new ETF aims to maximize return with an income-driven, risk-controlled approach and a research-driven investment process. HTAX leverages the award-winning expertise of Macquarie Asset Management’s Municipal Bond Team, with $US11.8 billion in assets under management,² providing clients with tax-advantaged income, competitive risk-adjusted return potential, and lower volatility compared with dividend-paying stocks and other fixed income sectors. Across Macquarie Asset Management’s municipal bond platform, 11 of our funds, including our flagship national strategies, are rated 5 stars by Morningstar.³

“We believe high yield municipal bonds can provide investors with a reliable source of tax-advantaged income, and active management is essential to finding opportunities in the over $US4 trillion⁴ municipal bond market,” said Gregory Gizzi, Head of US Fixed Income and Head of Municipal Bonds at Macquarie Asset Management. “HTAX leverages our yield-focused philosophy, which is grounded in deep, bottom-up research and backed by a dedicated team of research analysts.”

“Today’s launch marks an exciting expansion of our active ETF lineup,” said Anthony Caruso, Head of ETF Strategy at Macquarie Asset Management. “Offering investors access to our flagship high yield municipal bond strategy within the convenience of an ETF underscores our commitment to delivering exceptional service to our clients.”

HTAX is Macquarie Asset Management’s second actively managed municipal bond ETF, after Macquarie Tax-Free USA Short Term ETF (STAX). Since November 2023, Macquarie Asset Management has launched more than a dozen active ETFs in the US and Australia.

To learn more about Macquarie Asset Management’s global ETF platform, click here.

About Macquarie Asset Management

Macquarie Asset Management is a global asset manager, integrated across public and private markets. Trusted by institutions, governments, foundations and individuals to manage approximately $US633.7 billion in assets, we provide a diverse range of investment solutions including real assets, real estate, credit and equities & multi-asset.

Macquarie Asset Management is part of Macquarie Group, a diversified financial group providing clients with asset management, finance, banking, advisory, and risk and capital solutions across debt, equity and commodities. Founded in 1969, Macquarie Group employs over 20,600 people in 34 markets and is listed on the Australian Securities Exchange.

All figures as at 30 September 2024.

¹ Barron’s Best Fund Families ranked Macquarie Asset Management #1 in the tax-exempt bond category for 2023 and 2020. The ranking looks at one-year relative performance of fund firms that offer a diversified lineup of actively managed mutual funds and ETFs. The ranking eliminates index funds. Results are based on firms’ skill in active management. Ranking calculates returns before any 12b-1 fees are deducted. Similarly, fund loads, or sales charges are not included in the return calculations. 49 asset managers were included in Barron’s one-year ranking list for the year ending December 31, 2023. 53 asset managers were included in Barron’s one-year ranking list for the year ending December 31, 2020. In 2020, the Macquarie Municipal Bond Team was listed under Delaware Management. This ranking is not based on total return. The ranking is the opinion of Barron’s and not Macquarie Group. No such person creating the ranking is affiliated with Macquarie Group. There can be no assurances that other providers or surveys would reach the same conclusions as this ranking. Macquarie National High-Yield Municipal Bond ETF (HTAX) is not included in the ranking.
² As at 31 December 2024.
³ As at 31 January 2025. Reflects Institutional Class shares, which are only available to certain investors. Morningstar rating is based on Morningstar risk-adjusted return measure that accounts for variation in a managed product's monthly excess performance. Past performance is no guarantee of future results.
In the Morningstar High-Yield Muni category, Macquarie National High-Yield Municipal Bond Fund (DVHIX) rated 4, 5, and 5 stars for the 3-, 5-, and 10-year periods ended 1/31/2025 among 183, 177, and 120 funds, respectively, and 5 stars out of 183 funds in the overall rating. In the Morningstar Muni National Long category, Macquarie Tax-Free USA Fund (DTFIX) rated 3, 5, and 5 stars for the 3-, 5-, and 10-year periods ended 1/31/2025 among 163, 157, and 115 funds, respectively, and 5 stars out of 163 funds in the overall rating. In the Morningstar Muni National Intermediate category, Macquarie Tax-Free USA Intermediate Fund (DUSIX) rated 3, 5, and 5 stars for the 3-, 5-, and 10-year periods ended 1/31/2025 among 260, 241, and 174 funds, respectively, and 5 stars out of 260 funds in the overall rating. In the Morningstar Muni Minnesota category, Macquarie Minnesota High-Yield Municipal Bond Fund (DMHIX) rated 5, 5, and 5 stars for the 3-, 5-, and 10-year periods ended 1/31/2025 among 39, 38, and 32 funds, respectively, and 5 stars out of 39 funds in the overall rating. In the Morningstar Muni California Long category, Macquarie Tax-Free California Fund (DCTIX) rated 4, 5, and 5 stars for the 3-, 5-, and 10-year periods ended 1/31/2025 among 100, 97, and 77 funds, respectively, and 5 stars out of 100 funds in the overall rating. In the Morningstar Muni Single State Long category, Macquarie Tax-Free Colorado Fund (DCOIX) rated 5, 5, and 5 stars for the 3-, 5-, and 10-year periods ended 1/31/2025 among 167, 167, and 119 funds, respectively, and 5 stars out of 167 funds in the overall rating. In the Morningstar Muni Single State Long category, Macquarie Tax-Free Idaho Fund (DTIDX) rated 4, 5, and 5 stars for the 3-, 5-, and 10-year periods ended 1/31/2025 among 167, 167, and 119 funds, respectively, and 5 stars out of 167 funds in the overall rating. In the Morningstar Muni Minnesota category, Macquarie Tax-Free Minnesota Fund (DMNIX) rated 4, 5, and 5 stars for the 3-, 5-, and 10-year periods ended 1/31/2025 among 39, 38, and 32 funds, respectively, and 5 stars out of 39 funds in the overall rating. In the Morningstar Muni New York Long category, Macquarie Tax-Free New York Fund (DTNIX) rated 5, 5, and 5 stars for the 3-, 5-, and 10-year periods ended 1/31/2025 among 80, 76, and 62 funds, respectively, and 5 stars out of 80 funds in the overall rating. In the Morningstar Muni Single State Long category, Macquarie Tax-Free Oregon Fund (FTOTX) rated 5, 5, and 5 stars for the 3-, 5-, and 10-year periods ended 1/31/2025 among 167, 167, and 119 funds, respectively, and 5 stars out of 167 funds in the overall rating. In the Morningstar Muni Pennsylvania category, Macquarie Tax-Free Pennsylvania Fund (DTPIX) rated 5, 5, and 5 stars for the 3-, 5-, and 10-year periods ended 1/31/2025 among 49, 48, and 40 funds, respectively, and 5 stars out of 49 funds in the overall rating.
⁴ As at 31 December 2024.

Carefully consider the Fund’s investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Fund’s prospectus or the summary prospectus. Mutual fund prospectuses may be obtained by visiting macquarie.com/mam/literature or calling 800 523-1918. For ETFs, please visit macquarie.com/mam/etf-literature or call 844 469-9911. Read the prospectus carefully before investing.

The Macquarie ETF Trust Funds are distributed by Foreside Financial Services, LLC. Foreside Financial Services, LLC is not affiliated with any Macquarie entity, including Macquarie Asset Management and Delaware Distributors, L.P. The Macquarie Funds are distributed by Delaware Distributors, L.P., a registered broker/dealer and member of the Financial Industry Regulatory Authority (FINRA) and an affiliate of Macquarie Investment Management Business Trust (MIMBT).

Macquarie ETF Trust exchange-traded funds (ETFs) are actively managed and do not seek to replicate a specific index. ETF shares are bought and sold through an exchange at the then current market price, not net asset value (NAV), and are not individually redeemed from the fund. Shares may trade at a premium or discount to their NAV when traded on an exchange. Brokerage commissions will reduce returns. There can be no guarantee that an active market for ETFs will develop or be maintained, or that the ETF's listing will continue or remain unchanged.

Investing in any exchange-traded fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund’s portfolio. An investment in the Fund may not be appropriate for all investors.

Nothing presented should be construed as a recommendation to purchase or sell any security or follow any investment technique or strategy.

The Fund’s principal risks include but are not limited to the following:

Fixed income securities can lose value, including the possible loss of principal. Fixed income securities are subject to credit risk and interest rate risk. Credit risk is the risk that an issuer of a fixed income security may be unable to make interest payments and/or repay principal in a timely manner. Interest rate risk is the risk that prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes.

High yield securities (“junk bonds”) are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than higher-rated securities.

Governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect fund performance.

Substantially all dividend income derived from tax-free funds is exempt from federal income tax. Some income may be subject to state or local and/or the federal alternative minimum tax (AMT) that applies to certain investors. Capital gains, if any, are taxable.

The ETF is a newly organized, diversified management investment company with limited operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Trustees of the Trust (the “Board") may determine to liquidate the Fund.

The Morningstar Rating^TM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

©2025 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Star ratings are relative to a peer group and do not necessarily mean the fund had high or positive total returns. Morningstar updates its star ratings monthly. Past performance does not guarantee future results

Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities and multi-asset solutions. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide. Macquarie Funds and Macquarie ETF Trust Funds refer to certain investment solutions that MAM distributes, offers, or advises. Investment advisory services are provided to the Macquarie Funds and Macquarie ETF Trust Funds by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a Securities and Exchange Commission (SEC) registered investment adviser.

Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.

© 2025 Macquarie Management Holdings, Inc.

Not FDIC Insured • No Bank Guarantee • May Lose Value

All third-party marks cited are the property of their respective owners.

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Rachel Waxman
rachel.waxman@macquarie.com
+1 310 800 4512

Source: Macquarie Asset Management