Nomura Tax-Free USA Short Term ETF

Nomura Tax-Free USA Short Term ETF is an actively managed fixed income exchange-traded fund that seeks to provide current interest income exempt from federal income tax. The fund primarily invests in U.S. municipal bonds, including investment-grade and higher-yield securities, with effective maturities generally between one and five years. Its portfolio is designed to focus on short-duration municipal debt, which may include general obligation bonds, revenue bonds, insured municipal bonds, private activity bonds, municipal leases, and certificates of participation. The ETF is used by market participants looking for tax-advantaged exposure to the U.S. municipal bond market through a diversified basket of short-term obligations. It serves as a portfolio income and cash-management tool within the fixed income segment, with emphasis on municipal credit and short-term rate sensitivity.