# Nomura Tax-Free USA ETF (LTAX): ETF Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/ltax for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: Nomura · Asset class: Municipal Fixed Income - Strategy: Actively Managed · Inception: 2026-01-12 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. Distrib... ## Key Facts | Metric | Value | |---|---| | Price | $23.90 | | Expense Ratio | 0.39% | | Assets Under Management | $7.2M | | NAV | $23.88 | | Holdings Count | 0 | | Distribution Yield (TTM) | 2.84% | | Annual Distribution (TTM) | $0.68 /share | | Distribution Frequency | Monthly | | 52-Week Range | $23.06 – $25.47 | | Beta | 0.16 | ## Latest Distribution - Amount: $0.0945 /share - Ex-date: 2026-09-30 - Pay date: 2026-10-06 ## Frequently Asked Questions ### 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 2.84%, 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. ### Does LTAX pay a dividend? Yes, Nomura Tax-Free USA ETF (LTAX) distributes dividends to shareholders. The trailing-twelve-month yield is 2.84%. Full dividend history is on this page. ### How often does LTAX pay dividends? Nomura Tax-Free USA ETF pays dividends Monthly. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### When is LTAX's next ex-dividend date? The most recently announced ex-dividend date for LTAX was 2026-09-30. The next ex-date typically follows Monthly; once announced it appears at the top of the dividend history table on this page. ### How much will LTAX's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.39% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does LTAX charge its expense ratio? The expense ratio is deducted in tiny daily slices from LTAX's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does LTAX cost more than a fund like VOO? LTAX is actively managed (current expense ratio 0.39%). Active funds charge more than passive index trackers in exchange for the manager's discretion to over- or under-weight positions. The Cost Verdict card above tells you whether LTAX's fee is competitive for the active-management cohort. ### Are there cheaper alternatives to LTAX? The Lower-Fee Alternatives card above lists ETFs following the same investment strategy as LTAX (0.39%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/ltax - Distribution history: https://www.dividenddata.com/funds/ltax/dividend - Holdings & diversification: https://www.dividenddata.com/funds/ltax/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/ltax/expenses - Peer comparison: https://www.dividenddata.com/funds/ltax/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.