In this case, it is reporting a tax equivalent yield of 2.53%, with a 7-day SEC yield of 1.26%. There are no footnotes or explanation of how they report this. This brings up a few questions
- What nominal rate do they use to calculate? 7-day SEC yield?
- If yes, basic math says they are using a tax rate of ~50%, which seems to be for the highest California tax bracket (12.3%) + highest tax bracket US Federal (37%). Is this a standard way to report this?