Nomura Tax-Free USA ETF
LTAX
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- Nomura Tax-Free USA ETF (LTAX) is an exchange-traded fund that seeks to provide investment results corresponding to the performance of the Nomura Tax-Free USA Index, focusing on municipal bonds exempt from federal income taxes in the United States. The fund invests primarily in a diversified portfolio of investment-grade municipal securities issued by U.S. states, territories, and local governments, including general obligation bonds, revenue bonds, and pre-refunded bonds; it employs a sampling strategy to replicate the index while minimizing tracking error and transaction costs. Nomura Tax-Free USA ETF targets income-oriented investors seeking tax-efficient fixed income exposure, operating across U.S. domestic markets with holdings spanning various sectors such as education, healthcare, transportation, and utilities. Launched in 2024 and domiciled in the United States under the management of Nomura Asset Management, the ETF is headquartered in New York alongside its sponsor Nomura Holdings, Inc., a global financial services firm. In late 2025, the fund expanded its offerings through a strategic partnership with leading municipal bond underwriters to enhance liquidity and access to newly issued securities; it also completed a seed capital raise exceeding $500 million, enabling a broader asset base and improved market depth. These developments follow a reorganization of Nomura's ETF platform earlier in 2025, which integrated advanced quantitative indexing models to optimize tax efficiency and yield performance amid rising interest rates.