LTAXvsBILSETF Comparison
VS
ETF 2
BILS
State Street SPDR Bloomberg 3-12 Month T-Bill ETF
This fund is part of
Money Market Bonds
+0.03%
Nomura Tax-Free USA ETF (LTAX) belongs to the Municipal Bonds segment. State Street SPDR Bloomberg 3-12 Month T-Bill ETF (BILS) is part of the Money Market Bonds segment. LTAX's top 1 sector exposures are Municipal. In contrast, BILS's top sector exposures are Sovereign. LTAX is more expensive with a Total Expense Ratio (TER) of 0.39%, versus 0.1354% for BILS. Run a side-by-side ETF comparison of LTAX and BILS below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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LTAX vs BILS performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | LTAX BILS | -1.14%+0.35% | -5.08%+0.90% | n/a+2.75% | n/a+3.61% | n/a+14.02% | n/a+19.21% |
| Flows | LTAX BILS | +$1M+$40M | +$1M+$65M | -+$44M | -+$40M | -+$1.11B | -+$3.89B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | LTAX BILS | +6.72%+0.19% | n/a+0.18% | n/a+0.22% | n/a+0.27% |
| Max drawdown | LTAX BILS | -7.51%-0.00% | n/a-0.00% | n/a-0.00% | n/a-0.36% |
| Max drawdown duration | LTAX BILS | 92d2d | n/a2d | n/a2d | n/a342d |
Trading data
LTAX | BILS | |
Last sale 10/16/2026 at 1:30 PM | $23.55 | $99.24 |
| Previous close 10/15/2026 | $23.54 | $99.19 |
| Consolidated volume 10/15/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 30, 2026
1-year trailing difference
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LTAX
is actively managed and doesn’t replicate an indexLTAX | BILS | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/16/2026 at 1:30 PM
Live
Closed
LTAX | BILS | |
|---|---|---|
| Last price | $23.55 | $99.24 |
| 1D performance | +0.04% | +0.05% |
| AuM | $7.07 M | $3.90 B |
| E/R | 0.39% | 0.1354% |
Characteristics
LTAX | BILS | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | Nomura | State Street Investment Management |
| Benchmark | - | Bloomberg 3–12 Month U.S. Treasury Bill Index |
| N° of holdings | 57 | 18 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | January 12, 2026 | September 23, 2020 |
| ESG | No | No |
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Exposure
Countries
LTAX
USA
70.75%
Other
29.25%
BILS
USA
74.24%
Other
25.76%
Sectors
LTAX
Municipal
70.75%
Other
29.25%
BILS
Sovereign
74.24%
Other
25.76%
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Diversification
LTAX
Total weight of top 15 holdings out of 15
27.79%
BILS
Total weight of top 15 holdings out of 15
75.05%
Top 15 holdings
Data as of August 31, 2026
LTAX
New York Transitional Finance Authority, 5% 1feb2053, USD (2026)
2.46%
Puerto Rico Sales Tax Financing Corp., 4.75% 1jul2053, USD
2.33%
Wisconsin Public Finance Authority, 5.75% 31dec2065, USD (2025)
2.09%
Puerto Rico, FRN 1nov2043, USD
1.90%
Massachusetts Development Finance Agency, 5% 15feb2034, USD (2026A)
1.83%
New Jersey Transportation Trust Fund Authority, 5.25% 15jun2041, USD (2024)
1.83%
Minnesota Agricultural and Economic Development Board, 5.25% 1jan2054, USD (2024)
1.73%
US876443WT58
1.72%
Greater Orlando Aviation Authority, 5.25% 1nov2034, USD (2025)
1.72%
US43233KAW45
1.71%
Black Belt Energy Gas District, 5% 1jul2033, USD (2026)
1.70%
US59335KFV44
1.69%
US63607YEY23
1.69%
New York Municipal Water Finance Authority, 5.25% 15jun2056, USD (2026)
1.69%
Colorado Bridge and Tunnel Enterprise, 5.25% 1dec2054, USD (2025A)
1.69%
BILS
USA, Bills 0% 21jan2027, USD (364D)
7.28%
USA, Bills 0% 18feb2027, USD (364D)
7.10%
USA, Bills 0% 24dec2026, USD (363D)
7.01%
USA, Bills 0% 7jan2027, USD (182D)
4.60%
USA, Bills 0% 14jan2027, USD (182D)
4.60%
USA, Bills 0% 28jan2027, USD (182D)
4.59%
US912797WB95
4.58%
US912797WC78
4.57%
USA, Bills 0% 3dec2026, USD (182D)
4.49%
USA, Bills 0% 10dec2026, USD (182D)
4.48%
USA, Bills 0% 17dec2026, USD (182D)
4.48%
USA, Bills 0% 4feb2027, USD (182D)
4.43%
USA, Bills 0% 31dec2026, USD (182D)
4.43%
US912797WG82
4.20%
US912797WH65
4.20%
Frequently asked questions about LTAX and BILS
Which ETF is bigger: LTAX or BILS?
As of October 16, 2026, LTAX holds $7.07 M in assets under management (AUM), while BILS manages $3.90 B.
What sectors do the LTAX and BILS ETFs invest in?
LTAX leans toward sectors like Municipal. Meanwhile, BILS focuses on Sovereign.
What are the top holdings of the LTAX ETF and BILS ETF?
LTAX top holdings include New York Transitional Finance Authority, 5% 1feb2053, USD (2026), Puerto Rico Sales Tax Financing Corp., 4.75% 1jul2053, USD and Wisconsin Public Finance Authority, 5.75% 31dec2065, USD (2025). BILS holds in its top three: USA, Bills 0% 21jan2027, USD (364D), USA, Bills 0% 18feb2027, USD (364D) and USA, Bills 0% 24dec2026, USD (363D).
Which ETF is more diversified: LTAX or BILS?
LTAX holds 86 securities with 27.79% of its assets in the top 15. BILS has 23 securities and a top 15 weight of 75.05%.
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Latest news about LTAX & BILS
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