LTAX Nomura Tax-Free USA ETF

ETF

ETF quote, holdings, sector allocation, technicals, and options analytics. Fibonacci levels

Market data may be delayed, incomplete, or inaccurate. Not a recommendation to buy, sell, or hold any security. Verify quotes with your broker before trading. See Terms §17.

LTAX — —
Key stats
About

Nomura Tax-Free USA ETF (LTAX) ETF

No description available.

Exchange
ARCX
Inception
2026-01-12
Has Options
No
Fund profile
holdings as of Jun 30, 2026SEC filingthrough Jun 2026flows, SEC filings
Expense ratio
0.39%
prospectus, filed Jul 29, 2025
Assets
$6.3M
SEC filing, Jun 30, 2026
Trailing yield
2.92%
paid monthly
Average daily volume
$94K
30 sessions
Holdings
84
top 10 are 20.2%
Listed
Jan 12, 2026
NYSE Arca
Closure risk, 12 months
9.8%
low: trading volume, age · model
FrenzyCap ETF score
23
how it is built
Cost17
Liquidity0
Scale0
Diversification88

Moves with. Long Treasuries (30% of its variance, beta 0.29); US large-cap stocks (10% of its variance, beta 0.11). These factors explain 45% of its daily moves over the last year.

Stated objective. Macquarie Tax-Free USA ETF seeks as high a level of current interest income exempt from federal income tax as is available from municipal obligations and as is consistent with prudent investment management and preservation of capital. (from the fund's prospectus)

All 84 holdingsFlow historyOverlap toolAll National Muni ETFs

Fund flows
through Jun 2026SEC filings
Jun 2026
$0
latest reported month
Latest 3 months
+$620K
+9.8% of assets
Latest 12 months
—
Jan 2026: +$5.0M+$5.0MJanFeb 2026: +$626KFebMar 2026: $0MarApr 2026: +$620KAprMay 2026: $0MayJun 2026: $0Jun
View as a table
Net flows of LTAX by month, Jan 2026 to Jun 2026
MonthNet flow
Jun 2026$0
May 2026$0
Apr 2026+$620K
Mar 2026$0
Feb 2026+$626K
Jan 2026+$5.0M

Net creations and redemptions from the fund's SEC filings, which become public about 60 days after each quarter. Every month since 6 months ago

Similar funds
FundOverlapFeeAssets1Y
MUBiShares National Muni Bond ETF—0.05%$48.9B−5.1%compare
VTEBVanguard Tax-Exempt Bond Index Fund—0.03%$44.4B−5.5%compare
JMUBJPMorgan Municipal ETF—0.18%$8.3B−5.6%compare
CGMUCapital Group Municipal Income ETF—0.27%$6.8B−4.5%compare
PZAInvesco National AMT-Free Municipal Bond ETF—0.28%$4.0B−8.0%compare

The largest other funds in the National Muni category.

Under the hood
fiscal year to Mar 31, 2026SEC census
Authorized participants
2 active
of 6 with agreements; top 3 did 100%
Created · redeemed
$5.6M · $0
over the fiscal year
Redemptions in kind
0%
creations 0% in kind
Creation unit
25,000
shares
Securities lending
authorized, none lent

From the fund's annual census filing with the SEC. In-kind redemptions are what let an ETF shed appreciated securities without realising gains.

ETF Profile
holdings as of 2027-03-31
Holdings
84
AUM
$6.2M
Provider
Nport
Inception
2026-01-12
Exchange
ARCX
Data As Of
2027-03-31
Expense Ratio
0.39%
Dividend Yield
2.92%
Distribution
Monthly
Recent distributions
Ex-Date Pay Date Amount Type
2026-09-30 2026-10-06 $0.0945 CD
2026-08-31 2026-09-04 $0.0822 CD
2026-07-31 2026-08-06 $0.0831 CD
2026-06-30 2026-07-07 $0.0826 CD
2026-05-29 2026-06-04 $0.0790 CD
2026-04-30 2026-05-06 $0.0799 CD
Asset Allocation
Top Holdings
top 50 of 84 holdings
Symbol Name Weight % Asset Class Country
— State of Washington 2.52% Debt US
— New York City Transitional Finance Authority 2.48% Debt US
— Puerto Rico Sales Tax Financing Corp. 2.36% Debt PR
— Public Finance Authority 2.07% Debt US
— Commonwealth of Puerto Rico 1.86% Debt PR
— New Jersey Transportation Trust Fund Authority 1.85% Debt US
— Massachusetts Development Finance Agency 1.82% Debt US
— Arizona Department of Transportation State Highway Fund Revenue 1.80% Debt US
— Texas Transportation Finance Corp. 1.72% Debt US
— Minnesota Agricultural & Economic Development Board 1.72% Debt US
— Port Authority of New York & New Jersey 1.71% Debt US
— Hillsborough County Industrial Development Authority 1.70% Debt US
— Greater Orlando Aviation Authority 1.69% Debt US
— Washington Metropolitan Area Transit Authority 1.69% Debt US
— New York City Municipal Water Finance Authority 1.69% Debt US
— Colorado Bridge & Tunnel Enterprise 1.69% Debt US
— Yuma Industrial Development Authority 1.69% Debt US
— Salt River Project Agricultural Improvement & Power District 1.68% Debt US
— Illinois Finance Authority 1.68% Debt US
— City of New York 1.68% Debt US
— South Carolina Public Service Authority 1.67% Debt US
— Metropolitan Nashville Airport Authority (The) 1.66% Debt US
— Black Belt Energy Gas District 1.66% Debt US
— Chicago O'Hare International Airport 1.65% Debt US
— New Jersey Transportation Trust Fund Authority 1.64% Debt US
— Texas Department of Housing & Community Affairs 1.59% Debt US
— Puerto Rico Sales Tax Financing Corp. 1.58% Debt PR
— University of California 1.58% Debt US
— Texas Private Activity Bond Surface Transportation Corp. 1.56% Debt US
— Mobile County Industrial Development Authority 1.53% Debt US
— Public Finance Authority 1.53% Debt US
— Chicago Board of Education 1.50% Debt US
— GDB Debt Recovery Authority of Puerto Rico 1.47% Debt PR
— City & County of Denver 1.45% Debt US
— State of Illinois 1.44% Debt US
— Michigan Finance Authority 1.40% Debt US
— California Educational Facilities Authority 1.38% Debt US
— Allegheny County Higher Education Building Authority 1.29% Debt US
— Chicago O'Hare International Airport 1.27% Debt US
— County of Miami-Dade 1.25% Debt US
— Commonwealth of Puerto Rico 1.25% Debt PR
— State of Hawaii 1.02% Debt US
— Pennsylvania Economic Development Financing Authority 1.00% Debt US
— Geisinger Authority 0.98% Debt US
— Arapahoe County School District No. 5 0.98% Debt US
— Regional Transportation District 0.91% Debt US
— California Health Facilities Financing Authority 0.89% Debt US
— Hillsborough County Industrial Development Authority 0.87% Debt US
— Pennsylvania Higher Educational Facilities Authority 0.87% Debt US
— Maryland Health & Higher Educational Facilities Authority 0.87% Debt US
Non-Equity Breakdown
Nomura Tax-Free USA ETF · NPORT-P period 2026-06-30 (filed 2026-08-26)
Net assets: $6M · 84 total positions · equity 0.00% · non-equity 98.57%
Non-equity holdings — 84 positions, 98.57% of NAV
Category Weight Value Positions
Municipal 98.57% $6.2M 84
Chart
Seasonality
Month'26Avg
Jan-0.01%-0.01%
Feb0.99%0.99%
Mar-2.03%-2.03%
Apr0.76%0.76%
May0.35%0.35%
Jun0.93%0.93%
Jul-2.45%-2.45%
Aug-0.91%-0.91%
Sep-4.70%-4.70%
Oct-0.62%*-0.62%
Nov----
Dec----
Total-7.57%-7.57%
* Only 1 year(s) of data available.
Technical Indicators

Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.

Trend Indicators
  • SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
  • EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
  • MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
  • ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
  • +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
  • RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
  • Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
  • Williams %R — inverted scale: <−80 oversold, >−20 overbought.

Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.

Volume & Volatility
  • Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
  • OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
  • Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
  • ATR / True Range — average daily $ move; sizing and stop-loss reference.
  • HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.

Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →

Trend Indicators

SMA 20: $23.57
SMA 50: $24.21
SMA 200: —
Current: $23.25
EMA 12: $23.35
EMA 26: $23.67
MACD: -0.3176 | Signal: -0.0031
BEARISH
ADX (14): 36.17
TREND
+DI: 27.05
−DI: 44.39

Momentum Oscillators

RSI (14): 33.49
NEUTRAL
Stoch %K: 8.83
Stoch %D: 8.79
Williams %R: -79.78

Volume & Volatility

BB Upper: $24.31
BB Lower: $22.84
NEUTRAL
OBV: 53,093
Vol SMA 20: 5,821
Vol ROC: 213.98%
ATR: $0.15
True Range: $0.13
HV 20: 7.8%
HV 30: 7.8%
HV 60: 6.6%

Data Summary

Data Points: 186
Last Updated:
Date Range: 2026-01-13T00:00:00 – 2026-10-09T00:00:00
AI Analysis

Click Frenzy-Pro™ for an AI analysis of this ticker.

Analysis includes technical indicators, news sentiment, risk assessment, and specific price levels to watch.

LTAX Options Activity & IV Rank

Loading options activity...
Spread Scanner GPU

Each spread is ranked by a composite score built in three stages. Full documentation →

Stage 1 — Base Score (GPU scanner)

score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.

Stage 2 — Skew Adjustment (±25% cap)

RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.

Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
  • RSI <40 bullish / >60 bearish
  • MACD crossover + histogram trend
  • Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
  • Stochastic %K <20 / >80
  • Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
  • Blended ATR + straddle expected-move penalty
  • Bollinger Band signal (+ counter-trend penalty)
  • BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
  • IV rank ≥ 75 → strong boost for credit spreads
  • IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
  • Min open interest across all legs
  • OI < 100 → −0.10 · OI < 500 → −0.05

score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →

Enter a ticker to scan for optimal spread opportunities.

Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.

Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Metric:
Wing vs ATM
IV(put wing) − IV(ATM), in vol points

How much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.

  • Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
  • Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
  • Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
  • Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each side

Which side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.

  • Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
  • Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
  • Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
  • Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together

Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:

  • High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
  • Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
  • Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d —
— pts EXTREME
ATM — / Wing —
30 DTE / 10d —
— pts EXTREME
ATM — / Wing —

Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.

Volatility Surface

Enter a ticker to render the implied volatility surface.

Volatility Smile

Enter a ticker to render the implied volatility smile.

IV Rank (7 DTE)
IV Rank (30 DTE)
Straddle Price (30 DTE)
Beta Analysis

Risk Metrics

Beta: 0.1724
Alpha: -13.13%
Correlation: 0.3825
R-Squared: 14.6%
Stock Volatility: 6.0%
Market Volatility: 13.3%

Analysis Details

Benchmark: SPY
Data Points: 185
Period: 252 trading days
Interpretation:
Low volatility - stock moves less than market
Beta & Alpha Over Time

LTAX Institutional Ownership (13F)

Latest filings — 2026-06-30

Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.

  • Shares — long equity positions in this name, aggregated across share classes.
  • Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
  • % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
  • Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.

Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.

7 filers268,784 shares$6.57M value
# Filer Shares Value % of Total % of Float Period
1 NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 195,000 $4.93M 75.09% — 2026-06-30
2 Royal Bank of Canada Custodian 23,712 $601.00K 9.15% — 2026-06-30
3 Jane Street Group, LLC Custodian 16,837 $426.78K 6.49% — 2026-06-30
4 TRUIST FINANCIAL CORP Custodian 8,844 $224.59K 3.42% — 2026-06-30
5 Envestnet Asset Management, Inc. 8,844 $224.18K 3.41% — 2026-06-30
6 Financial Gravity Companies, Inc. 7,810 $81.54K 1.24% — 2026-06-30
7 Financial Gravity Asset Management, Inc. 7,737 $78.76K 1.20% — 2026-03-31
# Filer Notional Value % of Total Period
# Filer Notional Value % of Total Period
Constituent Performance

Click any bar to view the full quote for that stock.

Constituents
Symbol Name Weight % Price 1 Day 1 Week 1 Month