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LTAX

GradeFNew York Stock Exchange Arca

Nomura Tax-Free USA ETF

Municipal Bond · Nomura · Inception 2026-01-12 · SEC filings

$24.01+0.00 (+0.00%)

As of Sep 23, 2026, 9:46 AM EDT

Market opens at 9:30 AM ET.History starts Jan 13, 2026.History starts Jan 13, 2026.
Intraday session: down, 5 prints from 24.10 to 24.01. Range 24.01 to 24.10. Use the arrow keys to read each point.$24.04$24.08Sep 17Sep 18Sep 22Sep 23
Expense ratio
0.39%
Fund size
$6M
1Y return
—
Yield · Last 12 months
Data unavailable
Volume · 30D
0M sh
NAV per share
$23.98
52W range
low $23.91high $25.47

The ETF.net LTAX Grade

F

22/ 100

Rank 60 of 63 in Other Municipal Bond⁠

Confidence Medium

Six-pillar profile for LTAX. Scores out of 100: Cost 21, Risk 39, Mission not scored, Tradability 0, Holdings 49, Durability 3. Strongest: Holdings (49). Weakest: Tradability (0). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 22 of 100 sits in the F band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 21
    Category rank50/63 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 39
    Category rank51/62 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    FScore 0
    Category rank63/63 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    CScore 49
    Category rank43/63 · mid-pack

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    FScore 3
    Category rank63/63 · bottom quartile

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on LTAX

ETF.net Research

FNomura's first swing at US municipal bonds: a 2026 launch chasing federally tax-free income with preservation of capital written into the mandate. New and small, at 0.39% in a category where the index giants charge pennies.

Stated mandate

The Fund seeks a high level of current interest income exempt from federal income tax, subject to what municipal obligations can provide, prudent investment management, and preservation of capital.

Why people hold it

  1. 01The mandate is specific: current income exempt from federal income tax, paid as exempt-interest dividends, with preservation of capital named in the objective itself.
  2. 02A 2026 launch means a clean sheet: the portfolio gets built out of today's muni market rather than inheriting bonds bought in an older rate regime.
  3. 03Nomura is a global asset manager planting a flag in US munis, a corner of the market long dominated by a handful of domestic index shops.

Worth knowing

  1. 01At 0.39% a year it costs more than the category's index anchors (VTEB at 0.03%, MUB at 0.05%). That gap is the bar its portfolio choices have to clear.
  2. 02It launched in 2026 and hasn't built the scale or daily trading of the muni giants, which can show up as wider spreads at the moment you trade.
  3. 03The filing doesn't commit to a set payout schedule, so income timing is less predictable here than at muni funds that state a monthly cadence.

LTAX Holdings

As of Sep 21, 2026, 4:04 AM
Asset class
Bonds
Holdings
—
Top-10 weight
19%
Largest holding
NEW YORK N Y 5% 02/532.4%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 6.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—NEW YORK N Y 5% 02/532.44%150,000$148K3
002—PUERTO RICO 4.75% 07/532.28%151,000$139K5
003—PUBLIC FIN 5.75% 12/652.07%125,000$126K8
004—PUERTO RICO VAR 11/431.89%163,543$115K7
005—MASSACHUSETTS ST 5% 02/341.79%100,000$109K3
006—NEW JERSEY ST 5.25% 06/411.79%105,000$109K3
007—MINNESOTA 5.25% 01/541.72%105,000$104K2
008—US DOLLAR1.70%103,233$103K231
009—TARRANT REGL WTR 5% 03/411.70%100,000$103K1
010—HILLSBOROUGH 5.5% 11/541.68%100,000$102K3
011—BLACK BELT 5% 07/331.68%100,000$102K15
012—GREATER 5.25% 11/341.67%100,000$102K8
013—COLORADO BRDG 5.25% 12/541.67%100,000$102K3
014—WASHINGTON D 5.25% 07/501.67%100,000$102K1
015—NATIONAL FIN 5.5% 08/511.67%100,000$102K2

Showing 1–15 of 89 holdings

LTAX Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

LTAX$9,600
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. LTAX $9,600. SPY $10,415. Use the arrow keys to read each point.$9,493$10,007$10,521Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for LTAX. Periods over one year show the average yearly return.
PeriodLTAX
Year to dateFund launched this year—
1 month−2.3%
3 months−4.0%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for LTAX
YearReturn barLTAX
2026 YTD−1.9%

History from Jan 13, 2026

LTAX in the news

ETF.net Research hasn’t filed on LTAX yet — coverage lands here as it’s written.

LTAX Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.08 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Monthly

Distribution data unavailable.

Distribution history

2026

One bar per payment. 8 payments in 2026 YTD. Jan 30, 2026 $0.02; Feb 27, 2026 $0.08; Mar 31, 2026 $0.08; Apr 30, 2026 $0.08; May 29, 2026 $0.08; Jun 30, 2026 $0.08; Jul 31, 2026 $0.08; Aug 31, 2026 $0.08. Use the arrow keys to read each point.2026YTD
Ex-datePay dateAmount per share
Aug 31, 2026Sep 4, 2026$0.08
Jul 31, 2026Aug 6, 2026$0.08
Jun 30, 2026Jul 7, 2026$0.08
May 29, 2026Jun 4, 2026$0.08
Apr 30, 2026May 6, 2026$0.08
Mar 31, 2026Apr 7, 2026$0.08
Feb 27, 2026Mar 5, 2026$0.08
Jan 30, 2026Feb 5, 2026$0.02

LTAX Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Jan 2026; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Jan 2026; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched Jan 2026; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.16
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

LTAX Cost

Expense ratio0.39%
  • The middle half of Other Municipal Bond funds
  • Median 0.30%

46 of the 62 Other Municipal Bond funds charge less.

LTAX costs $39.00 a year on $10,000. The median Other Municipal Bond fund costs $30.00.