- What does LTAX invest in?
- This actively managed exchange-traded fund focuses on securities providing exemption from federal income tax, including the federal alternative minimum tax (AMT). Its principal holdings are municipal debt instruments, originating from state and local authorities, utilized to finance public endeavors like healthcare facilities, educational institutions, and various infrastructure expenditures. A maximum of 20% of its assets may be directed towards high-yield debt offerings. The fund's strategy involves targeting a dollar-weighted average effective maturity ranging from 5 to 30 years. Distributions of income are subject to fluctuation based on prevailing interest rates and the composition of its underlying portfolio. Should availability be constrained in certain municipal bond sectors, the fund retains the flexibility to concentrate its investments more significantly in others. The diverse categories of municipal debt instruments that the fund may invest in encompass advance refunded bonds, revenue bonds, general obligation bonds, insured municipal bonds, private activity bonds, municipal leases, and certificates of participation.
- What is the expense ratio of LTAX?
- Nomura Tax-Free USA ETF (LTAX) charges an expense ratio of 0.39%. This is the annual fee deducted from fund assets to cover management and operations.
- What is LTAX's dividend yield?
- LTAX's trailing-twelve-month yield is 2.42%, calculated from the sum of dividends over the past year divided by the current price.
- What is the duration of LTAX?
- Effective duration measures LTAX's sensitivity to interest-rate changes — a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. LTAX's current duration is published on the fund's factsheet on the issuer's website.
- What is the credit quality of LTAX?
- LTAX's credit quality breakdown — the share of holdings rated AAA through CCC and below — is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds.
- What is the yield to maturity of LTAX?
- Yield to maturity (YTM) is the total return you'd earn from LTAX if every bond in the portfolio is held to maturity at the current price. LTAX's YTM is published on the fund's factsheet on the issuer's website — it differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid.
