---
ticker: "STAX"
name: "Nomura Tax-Free USA Short Term ETF"
url: "https://etf.net/etf/STAX"
grade: "C"
score: 46
graded_at: "2026-10-12"
category: "Short-Duration Municipal Bonds"
category_rank: "26 of 28"
methodology: "https://etf.net/methodology"
---

# STAX: Nomura Tax-Free USA Short Term ETF

Grade **C**, Score 46 of 100. Rank 26 of 28 in Short-Duration Municipal Bonds.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 26 | 20 of 28 |
| Mission | 100 | 1 of 27 |
| Risk | 35 | 26 of 27 |
| Tradability | 26 | 24 of 28 |
| Holdings | 36 | 21 of 28 |
| Durability | 29 | 23 of 28 |

## Top holdings

The fund holds 82 positions. These are the largest 30, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | — | New York Transn 5% 12/31 | 2.38% |
| 2 | — | Illinois St Go 5% 11/31 | 2.32% |
| 3 | — | St Paul Minn Hsg 4% 10/30 | 2.14% |
| 4 | — | Chicago Ill Wtr 5% 11/26 | 2.13% |
| 5 | — | Lowndes Cnty Var 04/37 | 2.07% |
| 6 | — | Indiana Fin Var 10/59 | 1.89% |
| 7 | — | Tobacco 5% 06/29 | 1.85% |
| 8 | — | New York Transn 5% 01/28 | 1.83% |
| 9 | — | New York N Y Var 06/56 | 1.81% |
| 10 | — | Jefferson Cnty 5% 10/30 | 1.78% |
| 11 | — | Port Auth N Y & 5% 09/30 | 1.74% |
| 12 | — | Minneapolis Var 11/53 | 1.74% |
| 13 | — | Jea Fla Elec Sys 5% 10/31 | 1.73% |
| 14 | — | Pittsburgh Pa 5% 09/29 | 1.69% |
| 15 | — | National Fin 4% 01/28 | 1.58% |
| 16 | — | Arizona Indl Dev 5% 11/28 | 1.49% |
| 17 | — | Colorado Edl & 4.5% 11/29 | 1.46% |
| 18 | — | St Paul Minn Hsg 5% 07/32 | 1.42% |
| 19 | — | New Jersey St 5% 06/32 | 1.42% |
| 20 | — | Los Angeles 5% 05/30 | 1.41% |
| 21 | — | Chaska Minn Elec 5% 10/28 | 1.41% |
| 22 | — | Salt Verde 5.5% 12/29 | 1.41% |
| 23 | — | Sales Tax 5% 01/33 | 1.40% |
| 24 | — | New Jersey St 5% 06/30 | 1.39% |
| 25 | — | Kentucky Inc Ky Var 04/54 | 1.38% |
| 26 | — | Commonwealth 5% 06/31 | 1.38% |
| 27 | — | Main Str Nat Var 12/52 | 1.38% |
| 28 | — | Chicago Ill Brd 5% 12/30 | 1.37% |
| 29 | — | Main Str Nat Var 05/54 | 1.37% |
| 30 | — | Colorado Health 5% 05/27 | 1.37% |

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