- ISIN
- US5559278883
- CUSIP
- 555927888
- Issuer
- Nomura
- Inception Date
- Jan 12, 2026
- Region
- North America (United States)
- Category
- Municipal Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $5M
Share Price Chart
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Performance
LTAX Performance Chart
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Returns By Period
Nomura Tax-Free USA ETF
- 1D
- -0.01%
- 1M
- 2.01%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
LTAX Monthly Returns History
Based on dividend-adjusted daily data since Jan 13, 2026, LTAX's average daily return is +0.02%, while the average monthly return is +0.35%. At this rate, an investment would double in approximately 16.5 years.
Historically, 67% of months were positive and 33% were negative. The best month was Apr 2026 with a return of +1.7%, while the worst month was Mar 2026 at -2.1%. The longest winning streak lasted 3 consecutive months, and the longest losing streak was 1 months.
On a daily basis, LTAX closed higher 57% of trading days. The best single day was Mar 23, 2026 with a return of +0.9%, while the worst single day was Mar 24, 2026 at -1.5%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -0.05% | 1.29% | -2.06% | 1.65% | 0.57% | 0.71% | 2.07% |
Benchmark Metrics
Nomura Tax-Free USA ETF has an annualized alpha of 2.10%, beta of 0.17, and R2 of 0.18 versus S&P 500 Index. Calculated based on daily prices since January 13, 2026.
- This ETF participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (9.74%) than losses (2.09%) - typical of diversified or defensive assets.
- Beta of 0.17 may look defensive, but with R2 of 0.18 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.18 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 2.10%
- Beta
- 0.17
- R²
- 0.18
- Upside Capture
- 9.74%
- Downside Capture
- 2.09%
Expense Ratio
LTAX has an expense ratio of 0.39%, placing it in the medium range.
Return for Risk
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Nomura Tax-Free USA ETF (LTAX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| LTAX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.37 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.78 | — |
| Martin ratioReturn relative to average drawdown | — | 12.44 | — |
Dividends
Dividend History
Nomura Tax-Free USA ETF provided a 1.33% dividend yield over the last twelve months, with an annual payout of $0.34 per share.
| Period | TTM |
|---|---|
| Dividend | $0.34 |
Dividend yield | 1.33% |
Monthly Dividends
The table displays the monthly dividend distributions for Nomura Tax-Free USA ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.02 | $0.08 | $0.08 | $0.08 | $0.08 | $0.00 | $0.34 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Nomura Tax-Free USA ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Nomura Tax-Free USA ETF was 3.18%, occurring on Mar 24, 2026. Recovery took 46 trading sessions.
The current Nomura Tax-Free USA ETF drawdown is 0.01%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 pullback2026 | -3.18%Mar 2026 | 25d | 2mo 6d | 3mo 1dFeb 2026 - May 2026 |
2026 pullback2026 | -0.80%Jan 2026 | 7d | 16d | 23dJan 2026 - Feb 2026 |
2026 pullback2026 | -0.51%Jun 2026 | 5d | 5d | 10dJun 2026 - Jun 2026 |
2026 pullback2026 | -0.31%Jun 2026 | 0s | 1d | 1dJun 2026 - Jun 2026 |
2026 pullback2026 | -0.27%Feb 2026 | 0s | 1d | 1dFeb 2026 - Feb 2026 |
Drawdown Indicators
| LTAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.18% | -56.78% | +53.60% |
Max Drawdown (1Y)Largest decline over 1 year | — | -9.10% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.01% | -1.80% | +1.79% |
Average DrawdownAverage peak-to-trough decline | -0.65% | -10.71% | +10.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.03% | — |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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