Nomura Global Listed Infrastructure ETF: BILD

(Formerly, Macquarie Global Listed Infrastructure ETF)

Principal listing exchange: NYSE Arca

Annual shareholder report — March 31, 2026

This annual shareholder report contains important information about Nomura Global Listed Infrastructure ETF (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund's costs for the last 12 months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
BILD	$55	0.49%

Management's discussion of Fund performance

Performance highlights

Nomura Global Listed Infrastructure ETF returned 25.95% for the 12 months ended March 31, 2026. During the same period, the MSCI World Index (net), the Fund's broad-based securities market index, returned 18.90%, while the S&P Global Infrastructure Index (net), the Fund's narrowly based securities market index (benchmark), returned 25.85%.

Top contributors to performance:

EDP Renovaveis SA, the Portuguese-listed renewable energy company, was a standout contributor to relative performance during the reporting period. The Fund’s overweight position outperformed as the stock was a key beneficiary of the broader recovery in clean energy names.
Airports of Thailand PCL, the operator of Thailand’s major airports including Suvarnabhumi, was a significant contributor. The Fund’s overweight position in the stock captured the strong momentum in Southeast Asian air travel. The company reported a meaningful recovery in passenger traffic, with volumes reaching record levels during the reporting period as tourism inflows into Thailand continued to strengthen.
ENAV SpA, the Italian air navigation services provider, also contributed to performance. The stock delivered a strong absolute return over the reporting period, supported by growing air traffic volumes across European airspace and the company’s operational leverage to increasing flight activity. Financial results were encouraging, with earnings before interest, taxes, depreciation, and amortization (EBITDA) improving meaningfully and the company making progress in reducing its net debt position.

Top detractors from performance:

Crown Castle Inc., the US cell tower operator, was the largest detractor from relative performance during the reporting period. The Fund’s overweight position in the stock proved costly as the company underperformed during a period of significant strategic transition. Additionally, the stock was further weighed down by a broader de-rating across US tower equities as interest rate expectations remained elevated for longer than initially anticipated.
Cellnex Telecom SA, the European tower infrastructure company, was another meaningful detractor. The company reported solid operational performance, including healthy organic revenue growth and improving EBITDA. However, the stock price declined over the reporting period. The share price fell from highs earlier in the period as higher-for-longer interest rate expectations drove a de-rating across the tower and infrastructure sector more broadly. The Fund’s overweight position meant the Fund was disproportionately exposed to this sector-wide headwind.
Redeia Corp. SA, the Spanish electricity transmission system operator, also detracted from performance. The stock declined over the period despite the company delivering solid earnings growth and a record level of capital investment in its transmission infrastructure. Additionally, an unprecedented grid blackout event during the period raised questions about network the company’s resilience and potential operational risk.

TSAR-BILD-0526

Fund performance

The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years (or period) of the Fund for the life of the Fund. It also assumes a $10,000 initial investment at the Fund's inception date in a broad-based securities market index and an additional narrowly based securities market index for the same period.

Growth of $10,000 investment

For the period November 28, 2023 (inception of Fund), through March 31, 2026

Table Summary
	Nomura Global Listed Infrastructure ETF — $13,341	MSCI World Index (net) — $14,594	S&P Global Infrastructure Index (net) — $15,670
11-28-23	10000	10,000	10,000
12-31-23	10430	10,532	10,456
3-31-24	10197	11,468	10,574
6-30-24	9955	11,769	10,820
9-30-24	11428	12,518	12,247
12-31-24	10149	12,499	11,926
3-31-25	10592	12,275	12,452
6-30-25	11504	13,683	13,703
9-30-25	12011	14,678	14,182
12-31-25	12278	15,135	14,494
3-31-26	13341	14,594	15,670

Table Summary
Average annual total returns (as of March 31, 2026)	1 Year	Since Inception (11/28/23)
Nomura Global Listed Infrastructure ETF
Net asset value	25.95%	13.11%
MSCI World Index (net)	18.90%	17.54%
S&P Global Infrastructure Index (net)	25.85%	21.16%

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.

Visit nomuraassetmanagement.com/etf-literature for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All results shown assume reinvestment of distributions.

Fund statistics

(as of March 31, 2026)

Table Summary
Fund net assets	$8,347,669
Total number of portfolio holdings^{Footnote Reference*}	43
Total advisory fees paid (during reporting period)	$30,417
Portfolio turnover rate	34%

Footnote	Description
Footnote^*	Excludes cash and cash equivalents.

TSAR-BILD-0526

Fund holdings

(as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

Table Summary
United States of America	41.23%
United Kingdom	12.21%
Spain	11.08%
Canada	8.68%
Italy	5.67%
New Zealand	3.17%
France	2.99%
Australia	2.71%
Hong Kong	2.26%
China	2.24%

Sector allocation*

Table Summary
Electric Utility	25.12%
Energy Infrastructure	16.25%
Airports	15.08%
Electricity and Gas Distribution	13.24%
Water	8.94%
Communications Infrastructure	6.51%
Toll Roads	5.30%
Electricity Generation	4.07%
Seaports	1.75%
Electricity Transmission	1.40%

Top 10 equity holdings

Table Summary
Enbridge, Inc.	5.94%
National Grid plc	4.13%
NextEra Energy, Inc.	4.06%
United Utilities Group plc	3.96%
Sempra	3.85%
Cheniere Energy, Inc.	3.47%
Exelon Corp.	3.18%
Auckland International Airport Ltd.	3.17%
CMS Energy Corp.	3.12%
American Electric Power Co., Inc.	3.06%

* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classsification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Global Listed Infrastructure ETF.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by August 1, 2026, at nomuraassetmanagement.com/etf-literature or upon request at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

Changes in and disagreements with accountants

On April 15, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund’s March 31, 2026 financial statements. There were no disagreements with PwC during the Fund’s fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

Availability of additional information

You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET, or by contacting your financial intermediary.

TSAR-BILD-0526

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 844 469-9911 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

An image of a QR code that, when scanned, navigates the user to the following URL: https://global.nomuraassetmanagement.com/investments/etf-literature

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/etf-literature.

(5428726)

TSAR-BILD-0526

Nomura Tax-Free USA Short Term ETF: STAX

(Formerly, Macquarie Tax-Free USA Short Term ETF)

Principal listing exchange: NYSE Arca

Annual shareholder report — March 31, 2026

This annual shareholder report contains important information about Nomura Tax-Free USA Short Term ETF (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund's costs for the last 12 months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
STAX	$30	0.29%

Management's discussion of Fund performance

Performance highlights

Nomura Tax-Free USA Short Term ETF returned 3.72% for the 12 months ended March 31, 2026. During the same period, the Bloomberg Municipal Bond Index, the Fund's broad-based securities market index, returned 4.29%, while the Bloomberg Municipal Short (1-5 Year) Index, the Fund's narrowly based securities market index (benchmark), returned 3.52%.

Top contributors to performance:

The 4-5 years maturity segment was the strongest-performing portion in the benchmark. The Fund’s allocation to this segment contributed to performance.
Lower-investment-grade bonds (A- and BBB-rated) and below-investment-grade bonds were the strongest-performing credit tranches. An overweight to A- and BBB-rated bonds and out-of-benchmark below-investment-grade exposure contributed to the Fund’s performance.

Top detractors from performance:

The front end (1-2 years) of the yield curve lagged the longer segments (2-5 years). The Fund’s out-of-benchmark allocation to the 0-1 year segment detracted from performance.
AAA-rated was the weakest-performing investment grade bond segment in the benchmark. The Fund’s AAA-rated exposure, which had a shorter duration profile relative to the benchmark, detracted from performance.

TSAR-STAX-0526

Fund performance

Growth of $10,000 investment

For the period November 28, 2023 (inception of Fund), through March 31, 2026

Table Summary
	Nomura Tax-Free USA Short Term ETF — $10,902	Bloomberg Municipal Bond Index — $10,865	Bloomberg Municipal Short (1-5 Year) Index — $10,814
11-28-23	10000	10,000	10,000
12-31-23	10164	10,332	10,133
3-31-24	10156	10,292	10,114
6-30-24	10184	10,290	10,149
9-30-24	10419	10,569	10,384
12-31-24	10420	10,441	10,343
3-31-25	10512	10,418	10,446
6-30-25	10623	10,405	10,557
9-30-25	10801	10,717	10,718
12-31-25	10854	10,884	10,768
3-31-26	10902	10,865	10,814

Table Summary
Average annual total returns (as of March 31, 2026)	1 Year	Since Inception (11/28/23)
Nomura Tax-Free USA Short Term ETF
Net asset value	3.72%	3.76%
Bloomberg Municipal Bond Index	4.29%	3.61%
Bloomberg Municipal Short (1-5 Year) Index	3.52%	3.40%

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.

Fund statistics

(as of March 31, 2026)

Table Summary
Fund net assets	$6,327,503
Total number of portfolio holdings^{Footnote Reference*}	49
Total advisory fees paid (during reporting period)	$16,254
Portfolio turnover rate	38%

Footnote	Description
Footnote^*	Excludes cash and cash equivalents.

TSAR-STAX-0526

Fund holdings

(as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation

Table Summary
Healthcare Revenue Bonds	20.91%
Transportation Revenue Bonds	13.85%
Industrial Development Revenue Bonds	12.72%
State General Obligation Revenue Bonds	11.40%
Water & Sewer Revenue Bonds	8.56%
Electric Revenue Bonds	7.88%
Education Revenue Bonds	6.83%
Local General Obligation Revenue Bonds	4.59%
Leasing Revenue Bonds	3.98%
Special Tax Revenue Bonds	3.29%
Housing Revenue Bonds	2.35%

State/territory allocation

Table Summary
New York	15.67%
Colorado	12.38%
Pennsylvania	11.04%
Illinois	9.01%
Texas	6.44%
Minnesota	6.29%
California	5.67%
Georgia	4.69%
Arizona	4.24%
New Jersey	3.78%

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Tax-Free USA Short Term ETF.

Changes in and disagreements with accountants

Availability of additional information

TSAR-STAX-0526

Householding

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/etf-literature.

(5415250)

TSAR-STAX-0526

Nomura Energy Transition ETF: PWER

(Formerly, Macquarie Energy Transition ETF)

Principal listing exchange: NYSE Arca

Annual shareholder report — March 31, 2026

This annual shareholder report contains important information about Nomura Energy Transition ETF (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund's costs for the last 12 months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PWER	$103	0.79%

Management's discussion of Fund performance

Performance highlights

Nomura Energy Transition ETF returned 61.51% for the 12 months ended March 31, 2026. During the same period, the MSCI ACWI (All Country World Index) Index (net), the Fund's broad-based securities market index, returned 20.01%, while the S&P 1500 Energy Sector Index, the Fund's narrowly based securities market index (benchmark), returned 37.16%.

Top contributors to performance:

Copper mining equities were the leading contributor to performance over the period, namely Hudbay Minerals Inc. and Ero Copper. A series of acute supply disruptions removed hundreds of thousands of tons of production from the market, tightening an already constrained supply picture. Against this backdrop, investors increasingly recognized copper's critical and irreplaceable role in the data center buildout, the onshoring of manufacturing, and the broader electrification of the economy.
Alcoa Corp., a vertically integrated aluminum producer, benefited from strong demand tied to electrification, decarbonization, and data center growth. Geopolitical tensions in the Middle East tightened supply, shifting the market from surplus to deficit, while higher US tariffs on aluminum imports provided additional pricing support for domestic producers.

Top detractors from performance:

Companies with heavy natural gas exposure, SLB NV and Tourmaline Oil Corp., detracted from performance as natural gas prices plunged during the period due to disruptions to global energy markets caused by conflicts in the Middle East. In recent months, the effective blockade of the Strait of Hormuz removed significant liquefied natural gas capacity almost overnight.
Spruce Power Holding Corp., a residential solar energy company, faced renewable energy headwinds including ongoing tariff and policy uncertainty. This was in addition to stock-specific financial challenges including insufficient revenue growth and lackluster performance relative to industry peers, suppressing valuation.

TSAR-PWER-0526

Fund performance

Growth of $10,000 investment

For the period November 28, 2023 (inception of Fund), through March 31, 2026

Table Summary
	Nomura Energy Transition ETF — $16,541	MSCI ACWI Index (net) — $14,635	S&P 1500 Energy Sector Index — $15,770
11-28-23	10000	10,000	10,000
12-31-23	10986	10,519	9,986
3-31-24	10961	11,381	11,352
6-30-24	11176	11,708	11,050
9-30-24	11598	12,482	10,717
12-31-24	10593	12,359	10,583
3-31-25	10241	12,195	11,497
6-30-25	11673	13,601	10,561
9-30-25	13396	14,638	11,214
12-31-25	14307	15,119	11,397
3-31-26	16541	14,635	15,770

Table Summary
Average annual total returns (as of March 31, 2026)	1 Year	Since Inception (11/28/23)
Nomura Energy Transition ETF
Net asset value	61.51%	24.00%
MSCI ACWI Index (net)	20.01%	17.68%
S&P 1500 Energy Sector Index	37.16%	21.49%

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.

Fund statistics

(as of March 31, 2026)

Table Summary
Fund net assets	$11,242,137
Total number of portfolio holdings^{Footnote Reference*}	32
Total advisory fees paid (during reporting period)	$61,713
Portfolio turnover rate	31%

Footnote	Description
Footnote^*	Excludes cash and cash equivalents.

TSAR-PWER-0526

Fund holdings

(as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation*

Table Summary
Oil & Gas Exploration & Production	25.14%
Diversified Metals & Mining	11.05%
Oil & Gas Refining & Marketing	7.88%
Steel	6.94%
Gold	5.41%
Aluminum	5.16%
Copper	5.06%
Electrical Components & Equipment	4.37%
Integrated Oil & Gas	3.85%
Semiconductors	3.84%

Top 10 equity holdings

Table Summary
Alcoa Corp.	5.16%
Steel Dynamics, Inc.	5.09%
Hudbay Minerals, Inc.	5.09%
ERO Copper Corp.	5.06%
ConocoPhillips	4.60%
Valero Energy Corp.	4.44%
EOG Resources, Inc.	3.95%
Shell plc ADR	3.85%
ARC Resources Ltd.	3.84%
First Solar, Inc.	3.84%

* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classsification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Energy Transition ETF.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

Changes in and disagreements with accountants

Availability of additional information

TSAR-PWER-0526

Householding

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/etf-literature.

(5427070)

TSAR-PWER-0526

Nomura Focused Emerging Markets Equity ETF: EMEQ

(Formerly, Macquarie Focused Emerging Markets Equity ETF)

Principal listing exchange: NASDAQ

Annual shareholder report — March 31, 2026

This annual shareholder report contains important information about Nomura Focused Emerging Markets Equity ETF (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund's costs for the last 12 months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
EMEQ	$116	0.85%

Management's discussion of Fund performance

Performance highlights

Nomura Focused Emerging Markets Equity ETF returned 73.87% for the 12 months ended March 31, 2026. During the same period, the MSCI Emerging Markets Index (net), the Fund's broad-based securities market index, returned 29.55%.

Top contributors to performance:

Exposure to South Korean IT companies SK Hynix Inc. and Samsung Electronics Co. Ltd. contributed to relative performance. Strong demand for memory semiconductors used in AI and computing servers, coupled with constrained supply, contributed to stronger pricing and profitability.
In the industrial sector, shares of SK Square Co. Ltd. also outperformed the benchmark. The company’s net asset value (NAV) increased due to the rising value of its investment in SK Hynix Inc. In addition, the company’s improved shareholder return policy contributed to a narrowing of the discount to its NAV.

Top detractors from performance:

Stock selection was unfavorable in the energy sector as shares of Reliance Industries in India trailed its peers with greater upstream exposure to higher energy prices.
An underweight to the materials sector notably precious metal miners also weighed negatively on performance, along with exposure to select consumer tech platforms including Pinduoduo (PDD Holdings Inc.) and Naspers Ltd. which underperformed, weighed by weak macro data in China.

TSAR-EMEQ-0526

Fund performance

Growth of $10,000 investment

For the period September 4, 2024 (inception of Fund), through March 31, 2026

Table Summary
	Nomura Focused Emerging Markets Equity ETF — $17,839	MSCI Emerging Markets Index (net) — $13,404
9-4-24	10000	10,000
9-30-24	10852	10,927
12-31-24	9865	10,052
3-31-25	10260	10,346
6-30-25	12474	11,586
9-30-25	14232	12,820
12-31-25	16711	13,426
3-31-26	17839	13,404

Table Summary
Average annual total returns (as of March 31, 2026)	1 Year	Since Inception (9/4/24)
Nomura Focused Emerging Markets Equity ETF
Net asset value	73.87%	44.58%
MSCI Emerging Markets Index (net)	29.55%	20.52%

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.

Fund statistics

(as of March 31, 2026)

Table Summary
Fund net assets	$281,728,926
Total number of portfolio holdings^{Footnote Reference*}	49
Total advisory fees paid (during reporting period)	$844,727
Portfolio turnover rate	36%

Footnote	Description
Footnote^*	Excludes cash and cash equivalents.

TSAR-EMEQ-0526

Fund holdings

(as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

Table Summary
South Korea	40.73%
Taiwan	19.41%
China	10.26%
India	6.82%
Mexico	5.92%
Brazil	5.16%
Indonesia	1.91%
South Africa	1.58%
Hong Kong	1.58%
Malaysia	1.30%

Sector allocation*

Table Summary
Information Technology	40.79%
Financials	13.12%
Industrials	15.96%
Consumer Discretionary	8.72%
Energy	7.83%
Communication Services	6.76%
Consumer Staples	3.56%
Materials	1.36%
Healthcare	1.30%

Top 10 equity holdings

Table Summary
Taiwan Semiconductor Manufacturing Co. Ltd.	13.91%
Samsung Electronics Co. Ltd.	10.28%
SK Square Co. Ltd.	10.37%
SK hynix, Inc.	8.84%
Reliance Industries Ltd. GDR 144A	4.79%
Samsung C&T Corp.	4.52%
Tencent Holdings Ltd.	3.55%
Alibaba Group Holding Ltd. ADR	3.07%
Petroleo Brasileiro SA - Petrobras ADR	2.16%
MediaTek, Inc.	2.15%

* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classsification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Focused Emerging Markets Equity ETF.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

Changes in and disagreements with accountants

Availability of additional information

TSAR-EMEQ-0526

Householding

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/etf-literature.

(5428746)

TSAR-EMEQ-0526

Nomura Focused International Core ETF: EXUS

(Formerly, Macquarie Focused International Core ETF)

Principal listing exchange: NASDAQ

Annual shareholder report — March 31, 2026

This annual shareholder report contains important information about Nomura Focused International Core ETF (Fund) for the period of June 17, 2025 (inception of Fund), to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund's costs for June 17, 2025 (inception of Fund) through March 31, 2026?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference^}
EXUS	$45	0.59%

Footnote	Description
Footnote^*	Amount shown reflects the expenses of the Fund from inception date through March 31, 2026. Expenses would be higher if the Fund had been in operation for the last 12 months.
Footnote^{^}	Annualized.

Management's discussion of Fund performance

Performance highlights

Nomura Focused International Core ETF returned -4.77% for the period from its inception on June 17, 2025, to March 31, 2026. During the same period, the MSCI ACWI ex USA Index (net), the Fund's broad-based securities market index, returned 13.70%.

Top contributors to performance:

Stocks within communication services contributed the most to performance during the reporting period, driven by holdings in Singapore Telecommunications Ltd. and exposure to Nintendo Co. Ltd.
Similarly, stock selection within utilities also contributed to performance, driven by holdings in Cia de Saneamento Basico do Estado de Sao Paulo (SABESP), Brazil’s largest water and sanitation utility.
At the country level, North Asia technology hubs (specifically, South Korea and Taiwan) along with Spain contributed most to performance.

Top detractors from performance:

Stock selection within consumer discretionary detracted the most from performance for the reporting period, driven by holdings in Flutter Entertainment PLC and Sea Ltd.
Stocks within healthcare also detracted from performance, as shares of Haleon PLC and Siemens Healthineers AG underperformed.
At the country level, the UK, the US, and Germany detracted the most.

TSAR-EXUS-0526

Fund performance

Growth of $10,000 investment

For the period June 17, 2025 (inception of Fund), through March 31, 2026

Table Summary
	Nomura Focused International Core ETF — $9,523	MSCI ACWI ex USA Index (net) — $11,370
6-17-25	10000	10,000
6-30-25	10376	10,198
9-30-25	10340	10,900
12-31-25	10416	11,451
3-31-26	9523	11,370

Table Summary
Average annual total returns (as of March 31, 2026)	Since Inception (6/17/25)
Nomura Focused International Core ETF
Net asset value	-4.77%
MSCI ACWI ex USA Index (net)	13.70%

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.

Fund statistics

(as of March 31, 2026)

Table Summary
Fund net assets	$60,695,553
Total number of portfolio holdings^{Footnote Reference*}	42
Total advisory fees paid (during reporting period)	$161,063
Portfolio turnover rate	133%

Footnote	Description
Footnote^*	Excludes cash and cash equivalents.

TSAR-EXUS-0526

Fund holdings

(as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

Table Summary
United States of America	12.52%
Netherlands	12.01%
Japan	9.90%
Brazil	9.48%
Taiwan	6.58%
United Kingdom	6.09%
Hong Kong	5.45%
Singapore	5.41%
Germany	4.78%
South Korea	4.25%

Sector allocation*

Table Summary
Financials	20.68%
Industrials	20.33%
Information Technology	16.14%
Consumer Discretionary	10.44%
Communication Services	6.55%
Healthcare	6.54%
Materials	3.47%
Energy	3.35%
Utilities	3.24%
Real Estate	2.80%

Top 10 equity holdings

Table Summary
Taiwan Semiconductor Manufacturing Co. Ltd.	6.58%
SK hynix, Inc.	4.25%
ING Groep NV	3.64%
ASML Holding NV	3.57%
SLB Ltd.	3.35%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP	3.24%
SMC Corp.	3.23%
Mitsubishi UFJ Financial Group, Inc.	2.97%
Henderson Land Development Co. Ltd.	2.80%
Banco Bilbao Vizcaya Argentaria SA	2.79%

* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classsification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Focused International Core ETF.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

Changes in and disagreements with accountants

On April 15, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund’s March 31, 2026 financial statements. There were no disagreements with PwC during the period June 17, 2025 (commencement of operations) through March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

Availability of additional information

TSAR-EXUS-0526

Householding

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/etf-literature.

(5422288)

TSAR-EXUS-0526

Nomura Focused Large Growth ETF: LRGG

(Formerly, Macquarie Focused Large Growth ETF)

Principal listing exchange: NYSE Arca

Annual shareholder report — March 31, 2026

This annual shareholder report contains important information about Nomura Focused Large Growth ETF (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund's costs for the last 12 months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
LRGG	$44	0.44%

Management's discussion of Fund performance

Performance highlights

Nomura Focused Large Growth ETF returned -1.72% for the 12 months ended March 31, 2026. During the same period, the Russell 1000^{^®}Index, the Fund's broad-based securities market index, returned 17.74%, while the Russell 1000^{^®} Growth Index, the Fund's narrowly based securities market index (benchmark), returned 18.81%.

Top contributors to performance:

Stock selection in the communication services sector and an underweight allocation to the consumer discretionary sector contributed the most to the Fund’s performance during the reporting period.
At an individual stock level, the Fund’s relative performance was primarily driven by not owning shares in several stocks that have large weightings in the benchmark. This includes Meta Platforms Inc., Adobe Inc., and ServiceNow Inc.

Top detractors from performance:

Stock selection in the information technology, healthcare and industrials sectors detracted the most from performance during the reporting period. An overweight allocation to the financials sector also hurt relative performance.
At a stock level, UnitedHealth Group Inc., Costar Group Inc., and an underweight allocation to Broadcom Inc. detracted the most. Generally, holdings within software and business services weighed on returns.
At a high level, the portfolio’s quality tilt was a headwind for returns as quality was not in favor by the market.

TSAR-LRGG-0526

Fund performance

Growth of $10,000 investment

For the period May 14, 2024 (inception of Fund), through March 31, 2026

Table Summary
	Nomura Focused Large Growth ETF — $10,285	Russell 1000 Index — $12,713	Russell 1000 Growth Index — $12,737
5-14-24	10000	10,000	10,000
6-30-24	10544	10,372	10,777
9-30-24	10840	11,002	11,121
12-31-24	11018	11,305	11,907
3-31-25	10465	10,797	10,720
6-30-25	11475	11,996	12,633
9-30-25	12031	12,955	13,960
12-31-25	11865	13,268	14,117
3-31-26	10285	12,713	12,737

Table Summary
Average annual total returns (as of March 31, 2026)	1 Year	Since Inception (5/14/24)
Nomura Focused Large Growth ETF
Net asset value	-1.72%	1.51%
Russell 1000 Growth Index	18.81%	13.74%
Russell 1000 Index	17.74%	13.62%

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company.

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.

Fund statistics

(as of March 31, 2026)

Table Summary
Fund net assets	$241,024,636
Total number of portfolio holdings^{Footnote Reference*}	21
Total advisory fees paid (during reporting period)	$1,364,173
Portfolio turnover rate	20%

Footnote	Description
Footnote^*	Excludes cash and cash equivalents.

TSAR-LRGG-0526

Fund holdings

(as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation*

Table Summary
Information Technology	47.76%
Financials	18.92%
Consumer Discretionary	8.83%
Industrials	8.23%
Healthcare	7.10%
Communication Services	5.26%
Consumer Staples	1.75%
Real Estate	1.74%

Top 10 equity holdings

Table Summary
NVIDIA Corp.	15.09%
Microsoft Corp.	11.72%
Apple, Inc.	8.75%
Amazon.com, Inc.	5.64%
Alphabet, Inc., Class C	5.26%
Visa, Inc., Class A	4.71%
Danaher Corp.	4.67%
Verisk Analytics, Inc., Class A	4.55%
Intercontinental Exchange, Inc.	4.49%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR	4.15%

* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classsification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Focused Large Growth ETF.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

Changes in and disagreements with accountants

Availability of additional information

TSAR-LRGG-0526

Householding

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/etf-literature.

(5422238)

TSAR-LRGG-0526

Nomura National High-Yield Municipal Bond ETF: HTAX

(Formerly, Macquarie National High-Yield Municipal Bond ETF)

Principal listing exchange: NYSE Arca

Annual shareholder report — March 31, 2026

This annual shareholder report contains important information about Nomura National High-Yield Municipal Bond ETF (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund's costs for the last 12 months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
HTAX	$50	0.49%

Management's discussion of Fund performance

Performance highlights

Nomura National High-Yield Municipal Bond ETF returned 2.60% for the 12 months ended March 31, 2026. During the same period, the Bloomberg Municipal Bond Index, the Fund's broad-based securities market index (benchmark), returned 4.29%.

Top contributors to performance:

The 12-22 year segment of the yield curve outperformed the overall benchmark. The Fund was modestly underweight this segment relative to the benchmark but had a longer duration profile, contributing to performance.
The BBB-rated bond credit tranche was additive. An overweight and longer duration profile in BBBs relative to the benchmark contributed to the Fund’s performance.

Top detractors from performance:

The long end (22+ years) of the yield curve lagged the overall benchmark return for the fiscal period. The Fund’s overweight positioning to the long end relative to the benchmark detracted from performance.
Below-investment-grade bonds underperformed investment grade bonds. The Fund’s approximately 55% exposure to out-of-benchmark below-investment-grade bonds, which primarily reside on the longer end of the curve, detracted from performance.

TSAR-HTAX-0526

Fund performance

Growth of $10,000 investment

For the period March 5, 2025 (inception of Fund), through March 31, 2026

Table Summary
	Nomura National High-Yield Municipal Bond ETF — $10,133	Bloomberg Municipal Bond Index — $10,255
3-5-25	10000	10,000
3-31-25	9876	9,833
6-30-25	9684	9,821
9-30-25	9964	10,115
12-31-25	10080	10,273
3-31-26	10133	10,255

Table Summary
Average annual total returns (as of March 31, 2026)	1 Year	Since Inception (3/5/25)
Nomura National High-Yield Municipal Bond ETF
Net asset value	2.60%	1.24%
Bloomberg Municipal Bond Index	4.29%	2.38%

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.

Fund statistics

(as of March 31, 2026)

Table Summary
Fund net assets	$54,940,074
Total number of portfolio holdings^{Footnote Reference*}	194
Total advisory fees paid (during reporting period)	$134,267
Portfolio turnover rate	50%

Footnote	Description
Footnote^*	Excludes cash and cash equivalents.

TSAR-HTAX-0526

Fund holdings

(as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation

Table Summary
Education Revenue Bonds	20.83%
Healthcare Revenue Bonds	19.92%
Industrial Development Revenue Bonds	15.30%
Special Tax Revenue Bonds	14.83%
Transportation Revenue Bonds	11.86%
Local General Obligation Revenue Bonds	3.95%
State General Obligation Revenue Bonds	2.21%
Leasing Revenue Bonds	2.14%
Electric Revenue Bonds	1.86%
Water & Sewer Revenue Bonds	1.40%

State/territory allocation

Table Summary
Puerto Rico	10.40%
Florida	9.10%
California	8.94%
Illinois	8.09%
New York	6.72%
Wisconsin	6.33%
Arizona	6.10%
Texas	4.60%
Colorado	3.70%
Minnesota	3.34%

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura National High-Yield Municipal Bond ETF.

Changes in and disagreements with accountants

On April 15, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund’s March 31, 2026 financial statements. There were no disagreements with PwC during the period March 5, 2025 (commencement of operations) through March 31, 2025 and the year ended March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

Availability of additional information

TSAR-HTAX-0526

Householding

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/etf-literature.

(5415290)

TSAR-HTAX-0526

Nomura Tax-Free USA ETF: LTAX

Principal listing exchange: NYSE Arca

Annual shareholder report — March 31, 2026

This annual shareholder report contains important information about Nomura Tax-Free USA ETF (Fund) for the period of January 12, 2026 (inception of Fund), to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

What were the Fund's costs for January 12, 2026 (inception of Fund) through March 31, 2026?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference^}
LTAX	$8	0.39%

Footnote	Description
Footnote^*	Amount shown reflects the expenses of the Fund from inception date through March 31, 2026. Expenses would be higher if the Fund had been in operation for the last 12 months.
Footnote^{^}	Annualized.

Management's discussion of Fund performance

Performance highlights

Nomura Tax-Free USA ETF returned -0.58% for the period from its inception on January 12, 2026, to March 31, 2026. During the same period, the Bloomberg Municipal Bond Index, the Fund's broad-based securities market index, returned -0.92%.

Fund statistics

(as of March 31, 2026)

Table Summary
Fund net assets	$5,552,933
Total number of portfolio holdings^{Footnote Reference*}	69
Total advisory fees paid (during reporting period)	$4,537
Portfolio turnover rate	17%

Footnote	Description
Footnote^*	Excludes cash and cash equivalents.

TSAR-LTAX-0526

Fund holdings

(as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation

Table Summary
Transportation Revenue Bonds	25.17%
Healthcare Revenue Bonds	19.00%
Special Tax Revenue Bonds	10.75%
Education Revenue Bonds	9.76%
Industrial Development Revenue Bonds	7.77%
State General Obligation Revenue Bonds	7.56%
Local General Obligation Revenue Bonds	4.80%
Electric Revenue Bonds	3.75%
Leasing Revenue Bonds	3.01%
Water & Sewer Revenue Bonds	1.89%
Housing Revenue Bonds	1.80%

State/territory allocation

Table Summary
New York	9.47%
Florida	8.79%
Colorado	8.70%
Illinois	8.55%
Texas	8.46%
California	7.49%
Puerto Rico	7.33%
Arizona	5.74%
Pennsylvania	5.33%
Wisconsin	3.55%

Changes in and disagreements with accountants

On April 15, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund’s March 31, 2026 financial statements. There were no disagreements with PwC during the period January 12, 2026 (commencement of operations) through March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

Availability of additional information

Householding

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/etf-literature.

(5415271)

TSAR-LTAX-0526

Nomura Transformational Technologies ETF: FRWD

Principal listing exchange: NASDAQ

Annual shareholder report — March 31, 2026

This annual shareholder report contains important information about Nomura Transformational Technologies ETF (Fund) for the period of January 12, 2026 (inception of Fund), to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

What were the Fund's costs for January 12, 2026 (inception of Fund) through March 31, 2026?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference^}
FRWD	$13	0.65%

Footnote	Description
Footnote^*	Amount shown reflects the expenses of the Fund from inception date through March 31, 2026. Expenses would be higher if the Fund had been in operation for the last 12 months.
Footnote^{^}	Annualized.

Management's discussion of Fund performance

Performance highlights

Nomura Transformational Technologies ETF returned -9.48% for the period from its inception on January 12, 2026, to March 31, 2026. During the same period, the MSCI ACWI (All Country World Index) Index (net), the Fund's broad-based securities market index, returned -5.41%, while the MSCI World Information Technology Index (net), the Fund's narrowly based securities market index, returned -9.87%.

Fund statistics

(as of March 31, 2026)

Table Summary
Fund net assets	$87,170,381
Total number of portfolio holdings^{Footnote Reference*}	24
Total advisory fees paid (during reporting period)	$47,286
Portfolio turnover rate	11%

Footnote	Description
Footnote^*	Excludes cash and cash equivalents.

TSAR-FRWD-0526

Fund holdings

(as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation*

Table Summary
Information Technology	66.38%
Communication Services	17.01%
Consumer Discretionary	10.90%
Industrials	2.96%

Top 10 equity holdings

Table Summary
NVIDIA Corp.	9.22%
Seagate Technology Holdings plc	7.61%
Meta Platforms, Inc., Class A	6.55%
Advanced Micro Devices, Inc.	6.39%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR	6.04%
Lam Research Corp.	5.47%
Broadcom, Inc.	4.74%
ASML Holding NV ADR	4.67%
Microsoft Corp.	4.48%
Amazon.com, Inc.	4.02%

* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classsification purposes.

Changes in and disagreements with accountants

On April 15, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund’s March 31, 2026 financial statements. There were no disagreements with PwC during the period January 12, 2026 (commencement of operations) through March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

Availability of additional information

Householding

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/etf-literature.

(5427101)

TSAR-FRWD-0526

Investment Company Act file number:	811-23890

Exact name of registrant as specified in charter:	Nomura ETF Trust

Address of principal executive offices:	610 Market Street Philadelphia, PA 19106

Name and address of agent for service:	David F. Connor, Esq. 610 Market Street Philadelphia, PA 19106

Registrant’s telephone number, including area code:	(800) 523-1918

Date of fiscal year end:	March 31

Date of reporting period:	March 31, 2026

Service	Range of Fees
Audit Services
Statutory audits or financial audits for new Funds	up to $50,000 per Fund
Services associated with SEC registration statements (e.g., Form N-1A, Form N-14, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., comfort letters for closed-end Fund offerings, consents), and assistance in responding to SEC comment letters	up to $10,000 per Fund
Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered “audit-related services” rather than “audit services”)	up to $25,000 in the aggregate
Audit-Related Services
Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and /or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered “audit services” rather than “audit-related services”)	up to $25,000 in the aggregate
Tax Services
U.S. federal, state and local and international tax planning and advice (e.g., consulting on statutory, regulatory or administrative developments, evaluation of Funds’ tax compliance function, etc.)	up to $25,000 in the aggregate
U.S. federal, state and local tax compliance (e.g., excise distribution reviews, etc.)	up to $5,000 per Fund
Review of federal, state, local and international income, franchise and other tax returns	up to $5,000 per Fund

Service	Range of Fees
Non-Audit Services
Services associated with periodic reports and other documents filed with the SEC and assistance in responding to SEC comment letters	up to $10,000 in the aggregate

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

Nomura Global Listed Infrastructure ETF: BILD

What were the Fund's costs for the last 12 months?

Management's discussion of Fund performance

Fund performance

Growth of $10,000 investment

Fund statistics

Nomura Tax-Free USA Short Term ETF: STAX

What were the Fund's costs for the last 12 months?

Management's discussion of Fund performance

Fund performance

Growth of $10,000 investment

Fund statistics

Nomura Energy Transition ETF: PWER

What were the Fund's costs for the last 12 months?

Management's discussion of Fund performance

Fund performance

Growth of $10,000 investment

Fund statistics

Nomura Focused Emerging Markets Equity ETF: EMEQ

What were the Fund's costs for the last 12 months?

Management's discussion of Fund performance

Fund performance

Growth of $10,000 investment

Fund statistics

Nomura Focused International Core ETF: EXUS

What were the Fund's costs for June 17, 2025 (inception of Fund) through March 31, 2026?

Management's discussion of Fund performance

Fund performance

Growth of $10,000 investment

Fund statistics

Nomura Focused Large Growth ETF: LRGG

What were the Fund's costs for the last 12 months?

Management's discussion of Fund performance

Fund performance

Growth of $10,000 investment

Fund statistics

Nomura National High-Yield Municipal Bond ETF: HTAX

What were the Fund's costs for the last 12 months?

Management's discussion of Fund performance

Fund performance

Growth of $10,000 investment

Fund statistics

Nomura Tax-Free USA ETF: LTAX

What were the Fund's costs for January 12, 2026 (inception of Fund) through March 31, 2026?

Management's discussion of Fund performance

Fund statistics

Nomura Transformational Technologies ETF: FRWD

What were the Fund's costs for January 12, 2026 (inception of Fund) through March 31, 2026?

Management's discussion of Fund performance

Fund statistics

Item 19. Exhibits.

SIGNATURES