LTAX Fees and Costs — Nomura Tax-Free USA ETF
Data updated: 2026-08-26
The net expense ratio is 0.39%. There are no sales loads or redemption fees. Portfolio turnover was 17%.
LTAX Fees and Expenses
Annual operating expenses and sales charges of LTAX. Prospectus, as of July 29, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.39% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.39% |
| Fee waiver | — |
| Net expense ratio | 0.39% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
LTAX Costs Over Time
On $10,000 invested in LTAX, assuming 5% a year before costs, total costs come to $247 over 5 years, cutting the return by 0.41% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.39%) | $41 | $129 | $224 |
| Lost growth on money paid in costs | $0 | $6 | $23 |
| Total costs | $41 | $135 | $247 |
| Value after costs | $10,459 | $11,441 | $12,516 |
| Impact on return, per year | 0.41% | 0.41% | 0.41% |
LTAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $10.7M
- Portfolio turnover (prospectus): 17%
- Securities lending: none during the year
LTAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Pershing LLC | $4.0M | 44.35% |
| J.P. Morgan Securities LLC | $1.1M | 12.16% |
| Morgan Stanley & Co. LLC | $1.1M | 11.83% |
| BofA Securities, Inc. | $826K | 9.18% |
| Wells Fargo Securities, LLC | $694K | 7.71% |
| RBC Capital Markets, LLC | $398K | 4.43% |
| Raymond James & Associates, Inc. | $346K | 3.85% |
| StoneX Financial, Inc | $320K | 3.56% |
| Siebert Williams Shank & Co., LLC | $264K | 2.93% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.