---
ticker: "LTAX"
name: "Nomura Tax-Free USA ETF"
url: "https://etf.net/etf/LTAX"
grade: "D"
score: 40
graded_at: "2026-10-12"
category: "Other Municipal Bond"
category_rank: "54 of 63"
methodology: "https://etf.net/methodology"
---

# LTAX: Nomura Tax-Free USA ETF

Grade **D**, Score 40 of 100. Rank 54 of 63 in Other Municipal Bond.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 26 | 44 of 63 |
| Mission | 76 | 48 of 59 |
| Risk | 46 | 35 of 63 |
| Tradability | 9 | 60 of 63 |
| Holdings | 48 | 43 of 63 |
| Durability | 5 | 63 of 63 |

## Top holdings

The fund holds 110 positions. These are the largest 30, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | — | Us Dollar | 5.94% |
| 2 | — | Maryland St Var 06/48 | 2.83% |
| 3 | — | New York N Y 5% 02/53 | 2.04% |
| 4 | — | Puerto Rico 4.75% 07/53 | 1.89% |
| 5 | — | Public Fin 5.75% 06/60 | 1.67% |
| 6 | — | Puerto Rico Var 11/43 | 1.61% |
| 7 | — | Massachusetts St 5% 02/34 | 1.53% |
| 8 | — | New Jersey St 5.25% 06/41 | 1.52% |
| 9 | — | Mobile Cnty 4.75% 12/54 | 1.50% |
| 10 | — | Tarrant Regl Wtr 5% 03/41 | 1.44% |
| 11 | — | Black Belt 5% 07/33 | 1.43% |
| 12 | — | Greater 5.25% 11/34 | 1.42% |
| 13 | — | Minnesota 5.25% 01/54 | 1.42% |
| 14 | — | Hillsborough 5.5% 11/54 | 1.42% |
| 15 | — | Washington D 5.25% 07/50 | 1.42% |
| 16 | — | Ohio St Higher Var 01/39 | 1.42% |
| 17 | — | National Fin 5.5% 08/51 | 1.40% |
| 18 | — | South Carolina 5% 12/44 | 1.39% |
| 19 | — | Illinois Fin 5.5% 04/56 | 1.39% |
| 20 | — | New York N Y 5.25% 02/53 | 1.38% |
| 21 | — | Miami-Dade 5.5% 10/56 | 1.38% |
| 22 | — | Yuma Ariz 5.25% 08/49 | 1.36% |
| 23 | — | Chicago Ill O 5.25% 01/61 | 1.36% |
| 24 | — | Metropolitan 5% 07/46 | 1.36% |
| 25 | — | New Jersey St 5% 06/50 | 1.36% |
| 26 | — | Texas St Dept 4.85% 07/56 | 1.30% |
| 27 | — | Puerto Rico 5% 07/58 | 1.27% |
| 28 | — | Public Fin 5.75% 07/62 | 1.26% |
| 29 | — | Texas Private 5% 06/58 | 1.24% |
| 30 | — | Minnesota St Go 5% 08/43 | 1.22% |

Source: etf.net, https://etf.net/etf/LTAX. Please cite the page URL.