# Portfolio overlap — STAX vs TLMAX Comparing **Nomura Tax-Free USA Short Term ETF** (2026-03-31) and **Thornburg Short Duration Municipal Fund** (2026-03-31). - Shared positions: 1 - Nomura Tax-Free USA Short Term ETF covered by Thornburg Short Duration Municipal Fund: 0.02339546440425793741955001799 - Thornburg Short Duration Municipal Fund covered by Nomura Tax-Free USA Short Term ETF: 0.02339546440425793741955001799 ## Nomura Tax-Free USA Short Term ETF — top positions | Security | Weight | Shared | |----------|--------|--------| | Housing & Redevelopment Authority of The City of St Paul Minnesota, Series 2017A | 0.038466 | | | City of Chicago Waterworks, Series 2004 | 0.037827 | | | State of Texas, Series 2018 | 0.035180 | | | Port Authority of New York & New Jersey, Series 246 | 0.031815 | | | NYC MUNI WTR-AA3-ADJ | 0.031762 | | | Pittsburgh Water & Sewer Authority, Series 2017A | 0.030327 | | | New Hampshire Business Finance Authority, Series 2021 | 0.027983 | | | MONT PA HR ED 5% 9/1/2029 | 0.026907 | | | Arizona Industrial Development Authority, Series 2022A | 0.026711 | | | Colorado Educational & Cultural Facilities Authority, Series 2014 | 0.026059 | | | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE | 0.025667 | ✓ | | New Jersey Transportation Trust Fund Authority, Series 2019BB | 0.025197 | | | MAIN STR NAT GA 5% 12/1/2052 MT | 0.024861 | | | IL CHIEDU 5.25 12/01/2030 | 0.024835 | | | Commonwealth Financing Authority, Tobacco Master Settlement Payment | 0.024750 | | | City of Chaska, Series 2015A | 0.024711 | | | Colorado Health Facilities Authority, Series 2017A | 0.024413 | | | New York Transportation Development Corp., Series 2022 | 0.023939 | | | DENVER CO ARPT 5.25% 11/15/2026 | 0.022570 | | | AUGUSTA GA DEV AUTH R | 0.022308 | | | State of Connecticut, Series 2018E | 0.021877 | | | DETROIT MI REGD B/E 5.00000000 | 0.021304 | | | LOWER AL GAS DIST GAS | 0.020687 | | | OKLAHOMA ST DEV FIN AUTH HLTHSYS REVENUE | 0.020394 | | | COMMONSPIRIT HEALTH OBL | 0.018517 | | | New York City Municipal Water Finance Authority, Series 2026DD | 0.017847 | | | REGL CO TRANSPRTN DIST PRIV ACTIVITY REVENUE | 0.016885 | | | State of Illinois, Series 2019B | 0.016818 | | | RESTRUCTURED-SER A1 | 0.016774 | | | California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2023, RB | 0.016762 | | | ALLENTOWN PA NEIGHBORHOOD IMPT ZONE DEV AUTH TAX REVENUE | 0.016691 | | | WA ST HLTH CARE FACS | 0.016582 | | | New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB | 0.016364 | | | Utility Debt Securitization Authority, Series 2016A | 0.015953 | | | COLORADO ST HLTH FACS | 0.015918 | | | Maricopa County Industrial Development Authority, Series 2020A | 0.015846 | | | BLACK BELT ENERGY GAS VAR | 0.015832 | | | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1 | 0.015148 | | | Texas Department of Housing & Community Affairs, Series 2022B | 0.014854 | | | Virginia Public Building Authority, Series 2021A1 | 0.014780 | | | CA ST MFA REV 5% 7/1/2029 | 0.014548 | | | State of New Jersey, Series 2020A | 0.012801 | | | Cumberland County Municipal Authority, Series 2019 | 0.012286 | | | State of Illinois, Series 2021A | 0.011062 | | | NY MTA TRANSP 5% 11/15/2030 | 0.009931 | | | New York Transportation Development Corp., Series 2018 | 0.009814 | | | Ohio Housing Finance Agency | 0.008759 | | | TX PRIVATE ACTIVITY-A | 0.008409 | | | Tarrant County Cultural Education Facilities Finance Corp., Series 2016 | 0.006279 | | | Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt Univ Medical Center) | 0.003991 | | ## Thornburg Short Duration Municipal Fund — top positions | Security | Weight | Shared | |----------|--------|--------| | PEFA INC VAR | 0.032885 | | | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2025A | 0.026386 | | | TENNERGY CORP TN GAS REVENUE TENNERGY CORP/TN | 0.023412 | | | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE | 0.023395 | ✓ | | Travis County Housing Finance Corp. | 0.023122 | | | Harris County Cultural Education Facilities Finance Corp. | 0.022305 | | | CALIFORNIA CMY 5% 4/1/2031 | 0.020237 | | | Halifax County Industrial Development Authority, Virginia Electric and Power, Series 2010A | 0.017915 | | | MET TRANSPRTN AUTH NY REVENUE MTATRN 11/50 ADJUSTABLE VAR | 0.017221 | | | MAIN STR NAT GA(RCC) 5% 9/1/30MT 53 | 0.017132 | | | GUNSMOKE RANCH APARTMENTS LP (MPT) 5.0% 03-01-58 | 0.016507 | | | NASHVILLE & DAVIDSON | 0.016366 | | | PENNSYLVANIA ST ECON DEV FING PASDEV 08/37 ADJUSTABLE VAR | 0.016361 | | | Chicago O'Hare International Airport | 0.015226 | | | GEORGIA POWER CO (MPT) 3.95% 12-01-32 | 0.014405 | | | City of Chicago, Series 2024 | 0.013844 | | | MONTGOMERY INDL 0% 10/1/2053 MT | 0.013836 | | | NE CENPWR 08/01/2055 | 0.013587 | | | ROCKPORT IN POLL CONTROL REVENUE | 0.013317 | | | NY NY CITY HS(NEW YORK MHSG) 3.25% 2/1/30 MT 65 | 0.013082 | | | MOBILE PCR AL PWR-C | 0.012181 | | | NYC HSG DEV CORP-F-2A | 0.011990 | | | AUSTIN TX ARPT SYS REVENUE | 0.011820 | | | Shelby County Health Educational & Housing Facilities Board | 0.011752 | | | MUNIBOND | 0.011495 | | | TEXAS ST MUNI GAS ACQUISITION& SPLY CORP III GAS SPLY REVEN | 0.011479 | | | California Community Choice Financing Authority, Series B-1 | 0.011406 | | | Oklahoma County Finance Authority, Series 2025 | 0.011319 | | | NM FARPOL 06/01/2040 | 0.011105 | | | State of Illinois, Series 2022B | 0.011102 | | | NORTHWESTERN CORP 3.875% 07-01-28 | 0.011064 | | | California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2022 A-1, RB | 0.011008 | | | Mobile Industrial Development Board, Alabama, Pollution Control Revenue Refunding Bonds, Alabama Power Company Barry Plan, Series 2007A | 0.010998 | | | HOUSTON TX MF 3.65% MT | 0.010993 | | | Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB | 0.010990 | | | WASTE MANAGEMENT PA OBLIGATED GROUP (MPT) 4.25% 07-01-41 | 0.010985 | | | OHIO ST AIR QUALITY DEV AUTH REGD N/C B/E AMT 3.75000000 | 0.010982 | | | SOUTHWARD VILLAGE PHASE 2 LP (MPT) 3.2% 12-01-44 | 0.010965 | | | WASHINGTON ST HSG FIN COMMISSI REGD V/R B/E 5.00000000 | 0.010938 | | | FLORIDA ST HSG FIN CORP MF MTGE REVENUE | 0.010926 | | | TX AHC MF 3.625% MT | 0.010925 | | | LEE FL IDA HLTH 4.375% 11/15/2029 | 0.010924 | | | MAIN STREET MARKET SQUARE REDEVELOPMENT AUTHORITY | 0.010917 | | | MAIKER HSG PARTNERS CO MF HSG REV | 0.010912 | | | Development Authority of Burke County (The), Series 4 | 0.010908 | | | WASTE MANAGEMENT INC (MPT) 3.45% 12-01-44 | 0.010905 | | | MIAMI-DADE MFH MT 4/1/2041 | 0.010903 | | | NY ST HSG FIN AGY | 0.010901 | | | Knox Warren Etc Counties Community College District No. 518, Series 2025 | 0.010900 | | | MS BUS FIN-G-CHEVRON | 0.010900 | | ## Sources - N-PORT (fund A) — accession `0002071691-26-012297` (as of 2026-03-31) - N-PORT (fund B) — accession `0001410368-26-051187` (as of 2026-03-31) --- _Informational only — not investment advice. 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