Nomura Tax-Free USA ETF (LTAX) is an exchange-traded fund in the Muni National Long category. It has $6.33M in assets and an expense ratio of 0.39%. Under normal circumstances, the fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities the income from which is exempt from federal income tax, including the federal alternative minimum tax for certain non-corporate shareholders (the “Federal AMT”). This is a fundamental investment policy that may not be changed without prior shareholder approval.