Key Highlights

  • The fund holds 1,031 positions across high Yield and investment-grade municipal bonds.
  • Net asset value stands at $47.56, with net Assets of roughly $2.91 billion.
  • The net expense ratio is 0.39% after fee waivers, against a gross expense ratio of 0.40%.
  • Distributions are paid monthly, and the 30-day SEC yield is 5.26%.

Investors looking for federal tax-exempt income have a range of municipal bond options, and the iShares High Yield Muni Active ETF (CBOE:HIMU) offers one built on active management. Figures in this article are current to November 9, 2026. The fund gives exposure to a diversified mix of high yield and investment-grade Municipal Bonds and seeks income along with total return through flexible Credit research rather than tracking a fixed index. Its shares trade on Cboe BZX and have been listed since February 2025, following the conversion of a Mutual fund that had operated since 2006.

Fund Fact

Detail

Exchange and ticker

Cboe BZX: HIMU

Fund inception

February 7, 2025

Net assets

$2.91 billion

Net asset value

$47.56

Daily NAV change

+$0.02 (+0.03%)

Expense ratio (gross / net)

0.40% / 0.39%

30-day SEC yield

5.26%

Distribution frequency

Monthly

Number of holdings

1,031

How the Portfolio Is Built

Rather than mirroring a benchmark, the Portfolio Management team at BlackRock selects municipal bonds across the market and adjusts holdings as credit conditions change. This gives the managers room to move between issuers, sectors and maturities, which is central to the active approach.

The holdings list shows a notable presence of Puerto Rico-related issuers, including Commonwealth general obligation bonds and Sales Tax financing bonds, alongside a municipal cash fund. The weighted average Maturity of 16.40 years and effective duration of 10.66 years indicate meaningful sensitivity to changes in interest rates.

Income and Distribution Profile

The fund pays distributions monthly, and recent payments have ranged from roughly $0.197 to $0.243 per share. The most recent distribution had a Record Date of November 2, 2026. The 12-month trailing yield of 5.33% and the 30-day SEC yield of 5.26% describe the income picture, though yields shift with portfolio changes and market movements.

The tax-equivalent SEC yield is listed at 8.88%, a figure that depends on an investor’s federal tax bracket. Some income may be subject to the federal alternative minimum tax, and capital gains distributions, where they occur, are taxable.

Fees and Risk Considerations

The gross expense ratio of 0.40% is made up mainly of a management fee of 0.39%, with a fee Waiver bringing the net figure to 0.39%. Costs of this kind compound over time, making them an important element for any investor to understand.

The fund carries Interest Rate and credit risk, and municipal markets can be less liquid than taxable bond markets. Its use of Derivatives introduces counterparty risk, and portfolio turnover may be higher than in index-based funds.

Final Word

The iShares High Yield Muni Active ETF pairs a high yield municipal mandate with active security selection, giving it a distinct profile among fixed income ETFs. Its monthly distributions, long duration and reliance on credit selection will suit some investors and raise questions for others. Any decision about the fund rests on individual income needs, tax circumstances and tolerance for credit risk.