NomuraUS Stock StylesLarge Cap#597 of 701 by YTD

Nomura Tax-Free USA Short Term ETFSTAX

1D 1M 3M YTD 1Y3Y5YMAX

S&P 500 Bucket avg Compare

$25.18+0.1%

+$0.02 · Nov 6 close

Buy

AUM: $11M
Fee: 0.29%
Yield: 3.2%

Bumpy · 1Y: 0.1×S&P
Volume: 9
NAV: $25.21

What's insideAll 82 →

NEW YORK TRANSN 5% 12/31 2.4%ILLINOIS ST GO 5% 11/31 2.3%ST PAUL MINN HSG 4% 10/30 2.2%CHICAGO ILL WTR 5% 11/26 2.1%

52-week range2% below the high

$24.66$25.75

Returns	1D	1M	3M	YTD	1Y	3Y	5Y	MAX
Total return	+0.1%	+2.2%	+0.2%	+1.5%	+2.1%	—	—	+10.0%
Peer average	+0.2%	−3.8%	−4.4%	+8.6%	+10.0%	+68.2%	+53.7%	—
S&P 500 · VOO	+0.3%	−5.0%	−4.6%	+8.7%	+9.8%	+80.8%	+71.8%	—

STAX in One Breath

STAX Among Large Cap ETFs

YTD

#1NRGUREX Microsectors+172.8%$71.4M

#2MAKXProShares+33.0%$4.9M

#3SMRIBushido+30.3%$698M

#4RSSYReturn Stacked+29.3%$97.1M

#5FLOWGlobal X+26.9%$36.5M

#6LSAFLeader Shares+25.8%$132M

#7CSDInvesco+25.2%$204M

#8IGEiShares+24.3%$807M

#232STAXNomura+1.5%$11.3M

End-of-day Nov 8, 2026 · 263 Large cap ETFs by YTD

$10,000 in STAX

$10,000 in STAX became

$10,996

In the S&P 500 (VOO)

$16,808

Total return, dividends in · Nov 29, 2023 – Nov 6, 2026 · S&P 500 uses VOO

STAX’s Top Holdings

Today

NEW YORK TRANSNew York Transn 5% 12/312.4%ILLINOIS ST 2.3%ST PAUL MINN2.2%CHICAGO ILL 2.1%LOWNDES CNTY2.0%INDIANA FIN 1.9%TOBACCO 5% 01.8%NEW YORK TRA1.8%NEW YORK N Y1.8%JEFFERSON CN1.8%PORT AUTH N 1.8%JEA FLA ELEC1.7%MINNEAPOLIS 1.7%PITTSBURGH P1.7%NATIONAL FIN1.6%ARIZONA INDL1.5%COLORADO EDL1.5%ST PAUL MINN1.4%NEW JERSEY S1.4%SALES TAX 5%1.4%LOS ANGELES 1.4%SALT VERDE 51.4%

Nomura STAX · 82 holdings · top 22 shown · tile size = share of the fund · as of Oct 29, 2026

What STAX Holds

Today

All holdings100.0%

NEW YORK T 2.4 · ILLINOIS S 2.3 · ST PAUL MI 2.2 · CHICAGO IL 2.1 · LOWNDES CN 2.0 · INDIANA FI 1.9 · TOBACCO 5% 1.8

Nomura STAX · share of the fund · as of Oct 29, 2026

New’s Share of STAX

Today

2.4%

$24 of every $1,000 in STAX is New

New held by STAX

$273K

Nomura STAX · each square = $10 of $1,000 · as of Oct 29, 2026

STAX’s Share of Large Cap ETFs

Today

0.0%

of the $833B in 308 Large cap ETFs

STAX$11.3M0.0%

DFAC$85.6B10.3%

IWB$46.6B5.6%

305 others$701B84.1%

Large cap ETF AUM · Nov 8, 2026

STAX Fee per $100 vs Peers

Today

$0.29a year
per $100

$29 a year on $10,000

SCHB$0.03

IWB$0.15

DIA$0.16

DCOR$0.17

DFAC$0.21

STAX$0.29

Expense ratio · Large cap peers · Nov 8, 2026

Inside STAX

82 holdings · as of Oct 29, 2026

STAX

Nomura Tax-Free USA Short Term ETF

Today

All holdings100.0%NEW York T2.4%Illinois S2.3%ST Paul Mi2.2%Chicago IL2.1%Lowndes Cn2.0%Indiana FI1.9%Tobacco 5%1.8%NEW York T1.8%NEW York N1.8%Jefferson 1.8%Port Auth 1.8%JEA FLA El1.7%Minneapoli1.7%Pittsburgh1.7%68 more holdings72.9% of the fund

All holdings100.0%76 more holdings87.0% of the fund

#	Ticker	Company	Weight ▼
1	—	NEW York Transn 5% 12/31	2.40%
2	—	Illinois ST GO 5% 11/31	2.34%
3	—	ST Paul Minn HSG 4% 10/30	2.15%
4	—	Chicago ILL WTR 5% 11/26	2.11%
5	—	Lowndes Cnty VAR 04/37	2.05%
6	—	Indiana FIN VAR 10/59	1.91%
7	—	Tobacco 5% 06/29	1.83%
8	—	NEW York Transn 5% 01/28	1.82%
9	—	NEW York N Y VAR 06/56	1.79%
10	—	Jefferson Cnty 5% 10/30	1.79%

See all 82 holdings ↓

Nomura STAX · current holdings by weight · as of Oct 29, 2026 · each tile is one holding · top 20 = 35.9%

All STAX Holdings

82 holdings · as of Oct 29, 2026

STAX

STAX’s Holdings

Today

#
1	—NEW York Transn 5% 12/31	2.40%	$240.24	255K	$268K
2	—Illinois ST GO 5% 11/31	2.34%	$233.53	250K	$261K
3	—ST Paul Minn HSG 4% 10/30	2.15%	$215.42	240K	$240K
4	—Chicago ILL WTR 5% 11/26	2.11%	$210.70	235K	$235K
5	—Lowndes Cnty VAR 04/37	2.05%	$204.80	230K	$228K
6	—Indiana FIN VAR 10/59	1.91%	$191.32	200K	$213K
7	—Tobacco 5% 06/29	1.83%	$183.30	200K	$204K
8	—NEW York Transn 5% 01/28	1.82%	$182.24	200K	$203K
9	—NEW York N Y VAR 06/56	1.79%	$179.28	200K	$200K
10	—Jefferson Cnty 5% 10/30	1.79%	$178.66	190K	$199K
11	—Port Auth N Y & 5% 09/30	1.75%	$175.19	185K	$195K
12	—JEA FLA Elec SYS 5% 10/31	1.75%	$174.86	180K	$195K
13	—Minneapolis VAR 11/53	1.74%	$174.40	185K	$195K
14	—Pittsburgh PA 5% 09/29	1.68%	$167.94	185K	$187K
15	—National FIN 4% 01/28	1.57%	$157.34	175K	$176K

Nomura STAX · every reported holding · per $10,000 = dollars of each holding in a $10,000 stake · as of Oct 29, 2026

How It Compares

STAX

Nomura Tax-Free USA Short Term ETF’s Peers

Today


DFAC	DimensionalRead Desk	0.21%	+0.2%	+13.8%	$85.6B
IWB	iSharesRead Desk	0.15%	+0.4%	+9.6%	$46.6B
DIA	SPDRRead Desk	0.16%	−0.4%	+9.9%	$45.3B
DCOR	DimensionalRead Desk	0.17%	+0.2%	+13.4%	$43.9B
SCHB	SchwabRead Desk	0.03%	+0.4%	+9.7%	$43.2B
STAX	NomuraThis fundRead Desk	0.29%	+0.1%	+2.1%	$11M

Large cap peers · Today’s and past-year returns · as of Nov 9, 2026 · sorted by AUM

Head to Head

Put STAX head to head with DFAC →

DFAC vs STAX

YTD

DFACDimensional · Large capSTAXNomura · Large cap

Year to date

+11.4%

+1.5%

DFAC wins+9.9 pts

Past year

+13.8%

+2.1%

DFAC wins+11.7 pts

Fee

0.21%

0.29%

DFAC winslower fee

Yield

0.9%

3.2%

STAX wins+2.3 pts

AUM

$85.6B

$11.3M

DFAC7546.6× more

3–1DFAC wins

Dimensional DFAC and Nomura STAX · year-to-date · as of Nov 9, 2026 · AUM not scored

STAX vs VOO

YTD

STAX · Nomura Tax-Free USA Short Term

+1.5%

VOO · S&P 500

+8.7%

Gap

7.2 pts

Nomura STAX and Vanguard VOO · Today total return · as of Nov 9, 2026

STAX vs Its Peer Average

YTD

STAXAvsBPeer average

1D+0.1%+0.2%

1M+2.2%−3.8%

3M+0.2%−4.4%

YTD+1.5%+8.6%

1Y+2.1%+10.0%

3Y[…]+68.2%

5Y[…]+53.7%

2–3Peer average wins

307 Large cap peers · each row scaled to its leader

How Bumpy Is STAX?

View

STAX

How Bumpy

0.1×the S&P 500’s swings

CalmerBumpierS&P 1×STAX

Calmest of 7 large cap fundsSTAX

Other large cap funds0.9× to 1.1×

Nomura STAX · daily swings over the past year vs the S&P 500

STAX

Worst Drop

−2.7%from its Jul 2 high

Still below the high−0.1%

$10,000 at the high is now$9,990

Nomura STAX · fall from the highest close, past year

STAX

On a Bad Day

0.0×the S&P 500’s fall

STAX’s worst day: Tuesday, Aug 11

STAX

−0.4%

S&P 500

−0.3%

Up days41 of every 100

S&P 500 up days52 of every 100

Nomura STAX · average move on days the S&P 500 fell

STAX

Return for the Bumps

1Y#7 of 7 large cap funds

#1DFACDimensional

most for the bumps

#2DCORDimensional

#3DIASPDR

#4SCHBSchwab

#5IWBiShares

#6DYNFiShares

#7STAXNomura

less than cash

Ranked by return above cash for each unit of bumpiness (Sharpe ratio) · cash = 3.8%

STAX

Cost

Today

$29a year per $10,000

SCHB

IWB

$15

DIA

$16

DCOR

$17

DFAC

$21

DYNF

$26

STAX

$29

Expense ratio 0.29%, taken from the fund’s value

STAX

Volatility & Beta

1.8%annual volatility

S&P 500 volatility13.6%

Downside volatility1.2%

Beta vs SPY0.02

Correlation vs SPY0.17

Lowest beta of 7 large cap fundsSTAX

Daily total returns × √252 · past 254 trading days

STAX

Max Drawdown

−2.7%peak to trough

Peak closeJul 2, 2026

Current drawdown−0.1%

Worst day−0.44% · Aug 11

Closing prices, dividends in

STAX

Up / Down Capture

3%down capture vs SPY

Down days

Up days

S&P 500

100%

Up ÷ down capture1.85

Up days41.3% (S&P 52.0%)

Average daily move on SPY up days and down days

STAX

Sharpe & Sortino vs Peers

Fund	Sharpe	Sortino	Volatility	Max DD	Beta	Fee / $10k
DFAC	0.74	1.04	12.9%	−8.5%	0.92	$21
DCOR	0.71	1.00	12.8%	−8.3%	0.90	$17
DIA	0.45	0.66	13.4%	−9.8%	0.82	$16
SCHB	0.36	0.51	13.8%	−8.9%	1.01	$3
IWB	0.36	0.50	13.6%	−8.9%	1.00	$15
DYNF	0.25	0.34	14.5%	−8.7%	1.04	$26
STAX	−0.94	−1.42	1.8%	−2.7%	0.02	$29

Sharpe = (return − 3.8% cash) ÷ volatility · Sortino uses downside volatility only

STAX

Trading

Today

−0.12%below its holdings’ value

Close$25.18

NAV$25.21

Fee per $10,000$29 a year

Avg. volume 30D5K shares

Premium / discount history starts once daily NAV is saved

Close vs net asset value, Nov 6

The Details

STAX

Fund Facts

Today

2023launched Nov 28

Tracks[…]

Exchange · CUSIPAMEX · 555927300

StructureETF

Leverage1x

Cost on $10,000$29 a year

Go deeper

Prospectus & documents Trading & liquidity Fees & costs Distributions

Nomura STAX · fund facts · as of Nov 9, 2026

STAX

Payouts by Year

$0.0795per share, Oct 2026

Distribution yield3.2%

PaidEvery month

Latest ex-date · paidOct 30 · Nov 5, 2026

12 payouts added up$0.81 a share

Nomura STAX · distributions by ex-date · 2024–2026

All Fund FactsDocuments · trading · fees · every payout

Prospectus & Documents

Trading & Liquidity

Net asset value$25.21

Premium / discount[…]

Median spread · 30D[…]

Volume today9

Average volume · 30D5K

Shares outstanding[…]

Options[…]

Fees & Costs

Net expense ratio0.29%

Gross expense ratio[…]

Management fee[…]

Cost on $10,000 a year$29.00

Our risk indicator4/5

Estimated yearly cost excludes trading costs and assumes constant assets.

Distributions

Ex-date	Paid	Per share
Oct 30, 2026	Nov 5, 2026	$0.0795
Sep 30, 2026	Oct 6, 2026	$0.0674
Aug 31, 2026	Sep 4, 2026	$0.0594
Jul 31, 2026	Aug 6, 2026	$0.0607
Jun 30, 2026	Jul 7, 2026	$0.0580
May 29, 2026	Jun 4, 2026	$0.0672
Apr 30, 2026	May 6, 2026	$0.0718
Mar 31, 2026	Apr 7, 2026	$0.0647
Feb 27, 2026	Mar 5, 2026	$0.0713
Jan 30, 2026	Feb 5, 2026	$0.0672
Dec 24, 2025	Dec 31, 2025	$0.0696
Nov 28, 2025	Dec 4, 2025	$0.0683

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