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Launched · SEC filings

Nomura Tax-Free USA ETF

LTAXNYSE ArcaNomuraC

$23.96+0.01 (+0.06%)

As of Nov 2, 2026, 3:50 PM ET

C42/ 100

Rank 55 of 63 in Other Municipal Bond

C42/100Rank 55 of 63inOther Municipal Bond
Intraday session: up, 71 prints from 23.95 to 23.96. Range 23.95 to 24.00. Use the arrow keys to read each point.23.9723.9823.9924.0010 AM12 PM2 PM4 PM
Expense ratio
0.39%
Fund size
$7M
1Y total return
No data
Yield · Last 12 months
No data
Holdings
115
Avg volume · 30D
2.01K sh
52W range
low $23.06high $25.47
Launched
Filings
SEC EDGAR

The ETF.net LTAX Grade

C

Score 42 out of 100

Category
Other Municipal Bond⁠
Rank
55 of 63
Six-pillar profile for LTAX. Scores out of 100: Cost 23, Risk 45, Mission 86, Tradability 10, Holdings 55, Durability 4. Strongest: Mission (86). Weakest: Durability (4). Leans toward Mission.

Score 42 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F23 out of 100
    Rank 47 of 63

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A86 out of 100
    Rank 40 of 59

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C45 out of 100
    Rank 31 of 63

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    F10 out of 100
    Rank 62 of 63

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B55 out of 100
    Rank 32 of 63

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    F4 out of 100
    Rank 63 of 63

Our read on LTAX

ETF.net Research

In short

CNomura'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

  • The mandate is specific: current income exempt from federal income tax, paid as exempt-interest dividends, with preservation of capital named in the objective itself.
  • A 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.
  • Nomura 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

  • At 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.
  • It 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.
  • The 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 Performance

Launched Jan 12, 2026

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

Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.
LTAX$9,778
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,141
Jul 31, 2026 to Oct 30, 2026. LTAX $9,778. SPY $10,141. Use the arrow keys to read each point.$9,500$10,000$10,500Jul 2026Sep 2026Oct 2026

Jul 31, 2026 – Oct 30, 2026

Returns run to the Oct 30, 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 yearNo data
1 month+3.4%
3 months−2.2%
1 yearFund is under 1 year oldNo data
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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−1.4%

History from Jan 13, 2026

LTAX in the news

LTAX Dividends

Upcoming payment
$0.09 per share
Pays 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. 10 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; Sep 30, 2026 $0.09; Oct 30, 2026 $0.09. Use the arrow keys to read each point.2026YTD
Ex-datePay dateAmount per share
Oct 30, 2026Pays Nov 5, 2026$0.09
Sep 30, 2026Oct 6, 2026$0.09
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

Risk pillarC45 out of 100Rank 31 of 63 in Other Municipal Bond
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.

FMP measures it over up to five years of monthly returns.

LTAX Cost

Compare LTAX and VTEB

Overpaying vs VTEB, tied cheapest in Other Municipal Bond

$7,260

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • LTAX 0.39%

    $7,898

  • VTEB 0.03% Tied cheapest

    $638

$10,000
30 years

Cost over time

  • LTAX 0.39%
  • VTEB 0.03%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K051015202530LTAX $7,898VTEB $638

Year by year

YearLTAXVTEBOverpaying
10$705$55$650
20$2,725$216$2,509
30$7,898$638$7,260

Other funds in Other Municipal Bond

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