Overview
Income focus
Seeks to provide a high level of tax-exempt income through investment in medium- and lower-grade municipal bonds
Research-driven process
Credit analysis is the cornerstone of our bottom-up investment process and drives the potential for excess
returns
Multi-faceted risk management
Rigorous risk management is critical to the team’s goal of delivering strong results over the long term
Daily pricing
as of 05/18/2026
NAV 1-day net change
$0.00
Market price 1-day net change
$0.03
Total net assets
as of
05/18/2026
$55.8 million
Expense ratios are as of the Fund's prospectus available at the time of publication.
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Fund identifiers
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Ticker |
HTAX |
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Cusip
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555927870 |
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Exchange |
NYSE Arca |
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Asset class |
Municipal Fixed Income |
Benchmark
Portfolio
Top 10 holdings as of 04/30/2026
PUERTO RICO SALES TAX FING CO (RST 5% 07/01/2058
1.84
GDB DEBT RECOVERY AUTH OF COMW 7.5% 08/20/2040
1.75
PUBLIC FIN AUTH WIS POOLED CHA 5.75% 07/01/2062
1.44
PUERTO RICO COMWLTH 4% 07/01/2046
1.44
BLACK BELT ENERGY GAS DIST ALA 5% 10/01/2035
1.42
LOUISIANA PUB FACS AUTH REV 5% 09/01/2066
1.29
PUERTO RICO SALES TAX FING COR 4.75% 07/01/2053
1.26
PUERTO RICO COMWLTH 11/01/2043
1.24
PUBLIC FIN AUTH WIS TOLL REV 5.75% 12/31/2065
1.19
BUCKEYE OHIO TOB SETTLEMENT FI 5% 06/01/2055
1.07
Holdings are as of the date indicated and subject to change. List may exclude cash and cash
equivalents.
The values shown for “% of portfolio” (the “calculated values”) are based off of a price provided
by a third-party pricing vendor for the portfolio holding and do not reflect the impact of systematic fair valuation
(“the vendor price”). The vendor price is not necessarily the price at which the Fund values the portfolio holding
for the purposes of determining its net asset value (the “valuation price”). Additionally, where applicable, foreign
currency exchange rates with respect to the portfolio holdings denominated in non-US currencies for the valuation
price will be generally determined as of the close of business on the NASDAQ stock exchange, whereas for the vendor
price will be generally determined as of 4:00pm GMT. The calculated values may have been different if the valuation
price were to have been used to calculate such values. The vendor price is as of the most recent date for which a
price is available and may not necessarily be as of the date shown above.
Managers
Gregory Gizzi
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Head of Fixed Income and Municipal Bonds
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Read bio
Gregory Gizzi
Head of Fixed Income and Municipal Bonds
Greg is Head of Fixed Income and Municipal Bonds of Nomura Asset Management International, a role he assumed in July 2022 at Macquarie Asset Management. He joined Nomura Asset Management as part of Nomura’s acquisition of Macquarie Asset Management’s US and European public investments business in 2025. Greg oversees the US fixed income business, leads the firm’s municipal business, and is team lead on several of the firm’s tax-exempt strategies. Greg also leads the firm’s taxable municipal business, and he is a member of the Nomura Asset Management International Executive Committee.
Previously, he was a Co-Portfolio Manager of Macquarie Asset Management’s municipal bond funds and several client accounts, a role he assumed in November 2011. Before that, he was Head of Municipal Bond Trading at Delaware Investments (which was acquired by Macquarie in 2010). Greg has more than 20 years of trading experience in the municipal securities industry at firms including Lehman Brothers, UBS, Dillon Read, and Kidder Peabody.
He earned his Bachelor of Arts in economics from Harvard University.
Stephen Czepiel
Senior Portfolio Manager
Stephen is a Senior Portfolio Manager for municipal bond funds and accounts at Nomura Asset Management International. He joined Nomura Asset Management as part of Nomura’s acquisition of Macquarie Asset Management’s US and European public investments business in 2025.
Previously, he held the same role at Macquarie Asset Management, and he first assumed portfolio management responsibilities with Delaware Investments (which was acquired by Macquarie in 2010) in 2007. Before that, he was a Senior Bond Trader at Delaware Investments and a Vice President at both Mesirow Financial and Loop Capital Markets. He began his career in the securities industry in 1982 as a Municipal Bond Trader at Kidder Peabody and has more than 40 years of experience in the municipal securities industry.
Stephen earned a Bachelor of Science in finance and economics from Duquesne University.
William Roach
Senior Portfolio Manager
Bill is a Senior Portfolio Manager for municipal bond funds and client accounts at Nomura Asset Management International, a role he assumed in May 2023 at Macquarie Asset Management. He joined Nomura Asset Management as part of Nomura’s acquisition of Macquarie Asset Management’s US and European public investments business in 2025.
Bill joined Macquarie’s Municipal Bond Team in April 2015, and before that, he spent three years as an Internal Sales Consultant in Macquarie’s Client Solutions Group, where he managed relationships across the country and across asset classes. Previously, he worked at Merrill Lynch as an Investment Consultant and Analyst and Creative Financial Group as a Financial Advisor.
He earned a Bachelor of Science with dual concentrations in business administration and political science from Albright College and a Master of Business Administration with a concentration in finance from Villanova University. He holds the Chartered Financial Analyst® and Chartered Market Technician® designations.
Resources
Fact sheets and commentaries
Additional information
Important information
Delaware Management Company is a series of Nomura Investment Management Business Trust (a
Delaware statutory trust).
Nomura ETF Trust exchange-traded funds (ETFs) are actively managed and do not seek to
replicate a specific index. ETF shares are bought and sold through an exchange at the then current market
price, not net asset value (NAV), and are not individually redeemed from the fund. Shares may trade at a
premium or discount to their NAV when traded on an exchange. Brokerage commissions will reduce returns.
There can be no guarantee that an active market for ETFs will develop or be maintained, or that the ETF's
listing will continue or remain unchanged.
Over time, the value of your investment in the Fund will
increase and decrease according to changes in the value of the securities in the Fund’s portfolio. An
investment in the Fund may not be appropriate for all investors.
The Fund’s principal risks include but are not limited to the following:
Market risk is the risk that all or a majority of the securities in a certain market – like the
stock market or bond market – will decline in value because of factors such as adverse political or economic
conditions, future expectations, investor confidence, or heavy institutional selling.
Active management and selection risk is the risk that the securities selected by a fund’s
management will underperform the markets, the relevant indices, or the securities selected by other funds with
similar investment objectives and investment strategies. The securities and sectors selected may vary from the
securities and sectors included in the relevant index.
Fixed income securities can lose value, including the possible loss of principal. Fixed income
securities are subject to credit risk and interest rate risk. Credit risk is the risk that an issuer of a fixed
income security may be unable to make interest payments and/or repay principal in a timely manner. Interest rate risk
is the risk that prices of bonds and other fixed income securities will increase as interest rates fall and decrease
as interest rates rise. Fixed income securities with longer maturities or duration generally are more sensitive to
interest rate changes.
Heightened sensitivity to regional, state, US territories or possessions, and local political and
economic conditions could adversely affect performance.
High yield securities (“junk bonds”) are subject to reduced creditworthiness of issuers, increased
risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to
greater price volatility and risk of loss of income and principal than higher-rated securities.
If a bond issuer prepays a bond during a period of low interest rates, the fund may have to
reinvest that money at lower interest rates.
The fund or strategy is subject to liquidity risk, which is the risk that the fund or strategy’s
investments cannot be readily sold within seven calendar days at approximately the price at which the fund or
strategy has valued them.
Governments or regulatory authorities may take actions that could adversely affect various sectors
of the securities markets and affect performance.
The value of securities in a particular industry or sector will decline because of changing
expectations for the performance of that industry or sector.
Substantially all dividend income derived from tax-free funds is exempt from federal income tax.
Some income may be subject to state or local and/or the federal alternative minimum tax (AMT) that applies to certain
investors. Capital gains, if any, are taxable.
The Funds are actively managed. The Manager applies a Fund's investment strategies and selects
securities for the Fund in seeking to achieve the Fund's investment objective(s). There can be no guarantee that its
decisions will produce the desired results, and securities selected by a Fund may not perform as well as the
securities held by other exchange-traded funds with investment objectives that are similar to the investment
objective(s) of the Fund. In general, investment decisions made by the Manager may not produce the anticipated
returns, may cause a Fund's shares to lose value or may cause a Fund to perform less favorably than other
exchange-traded funds with similar investment objectives.
The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:
“Authorized participants, market makers and liquidity providers concentration risk,” “Secondary Market Trading Risk”
and “Shares may trade at prices other than NAV risk.”
Only authorized participants (“APs”) may engage in creation or redemption transactions directly
with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act
as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace,
and they have no obligation to submit creation or redemption orders. To the extent either of the following events
occur, the Fund’s shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i)
APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step
forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or
significantly reduce their business activities and no other entities step forward to perform their functions. These
events, among others, may lead to the Fund’s shares trading at a premium or discount to NAV. A diminished market for
an ETF's shares substantially increases the risk that a shareholder may pay considerably more or receive
significantly less than the underlying value of the ETF shares bought or sold.
Although the Fund’s shares are listed on a national securities exchange, The New York Stock
Exchange (“Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an
active or liquid trading market for them will develop or be maintained. In addition, trading in the Fund’s shares on
the Exchange may be halted. In addition, an exchange or market may issue trading halts on specific securities or
financial instruments. As a result, the ability to trade certain securities or financial instruments may be
restricted, which may disrupt the Fund’s creation/redemption process or affect the price at which shares trade in the
secondary market.
As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market
prices. The Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value
of the Fund’s holdings, while the trading price of the shares fluctuates continuously throughout trading hours on the
Exchange, based on both the relative market supply of, and demand for, the shares and the underlying value of the
Fund’s holdings. As a result, although it is expected that the market price of the Fund’s shares will approximate the
Fund’s NAV, there may be times when the market price of the Fund’s shares is more than the NAV intra-day (premium) or
less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep
market declines.
Transactions in shares of ETFs will result in brokerage commissions and will generate tax
consequences. All regulated investment companies are obliged to distribute portfolio gains to shareholders.
Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed
from the fund. Any applicable brokerage commissions will reduce returns.
The Fund is a newly organized, diversified management investment company with no operating
history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size,
in which case the Board of Trustees of the Trust (the “Board") may determine to liquidate the Fund.
All third-party marks cited are the property of their respective owners.
Nothing presented should be construed as a recommendation to purchase or sell any security or
follow any investment technique or strategy.
[5282650 - 3/26 | NIMBT-897192]