Report of Independent Registered Public Accounting Firm

 
To the Board of Trustees of Nomura ETF Trust and
Shareholders of each of the nine funds listed in
Appendix A


In planning and performing our audits of the financial
statements of the funds listed in Appendix A as of and
for the periods ended March 31, 2026 (nine of the
funds constituting Nomura ETF Trust, hereafter collectively
referred to as the "Funds"), in accordance with the standards
of the Public Company Accounting Oversight Board (United States)
(PCAOB), we considered the Funds' internal control over financial
reporting, including controls over safeguarding securities, as a 
basis for designing our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply 
with the requirements of Form N-CEN, but not for the purpose of 
expressing an opinion on the effectiveness of the Funds' internal 
control over financial reporting. Accordingly, we do not express 
an opinion on the effectiveness of the Funds' internal control over 
financial reporting.

 
The management of the Funds is responsible for establishing and
maintaining effective internal control over financial reporting. 
In fulfilling this responsibility, estimates and judgments by 
management are required to assess the expected benefits and related
costs of controls. A company's internal control over financial reporting
is a process designed to provide reasonable assurance regarding the 
reliability of financial reporting and the preparation of financial 
statements for external purposes in accordance with generally accepted 
accounting principles. A company's internal control over financial 
reporting includes those policies and procedures that (1) pertain to 
the maintenance of records that, in reasonable detail, accurately and 
fairly reflect the transactions and dispositions of the assets of the 
company; (2) provide reasonable assurance that transactions are recorded 
as necessary to permit preparation of financial statements in accordance 
with generally accepted accounting principles, and that receipts and 
expenditures of the company are being made only in accordance with 
authorizations of management and trustees of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of 
unauthorized acquisition, use or disposition of a company's assets that 
could have a material effect on the financial statements.


Because of its inherent limitations, internal control over financial 
reporting may not prevent or detect misstatements. Also, projections 
of any evaluation of effectiveness to future periods are subject to 
the risk that controls may become inadequate because of changes in 
conditions, or that the degree of compliance with the policies or 
procedures may deteriorate.

 
A deficiency in internal control over financial reporting exists 
when the design or operation of a control does not allow management 
or employees, in the normal course of performing their assigned 
functions, to prevent or detect misstatements on a timely basis. 
A material weakness is a deficiency, or a combination of deficiencies, 
in internal control over financial reporting, such that there is a 
reasonable possibility that a material misstatement of the company's 
annual or interim financial statements will not be prevented or
detected on a timely basis. 
 
Our consideration of the Funds' internal control over financial 
reporting was for the limited purpose described in the first 
paragraph and would not necessarily disclose all deficiencies 
in internal control over financial reporting that might be material 
weaknesses under standards established by the PCAOB. However, we 
noted no deficiencies in the Funds' internal control over financial 
reporting and its operation, including controls over safeguarding 
securities, that we consider to be a material weakness as defined 
above as of March 31, 2026.

 
This report is intended solely for the information and use of the 
Board of Trustees of Nomura ETF Trust and the Securities and Exchange 
Commission and is not intended to be and should not be used by anyone 
other than these specified parties.


 
/s/PricewaterhouseCoopers LLP 
Philadelphia, Pennsylvania

May 29, 2026



Appendix A


Nomura ETF Trust
Nomura Energy Transition ETF
Nomura Focused Emerging Markets Equity ETF
Nomura Focused International Core ETF (1)
Nomura Focused Large Growth ETF
Nomura Global Listed Infrastructure ETF
Nomura National High-Yield Municipal Bond ETF
Nomura Tax-Free USA ETF (2)
Nomura Tax-Free USA Short Term ETF
Nomura Transformational Technologies ETF (2)


(1) June 17, 2025 (commencement of operations) through March 31, 2026

(2) January 12, 2026 (commencement of operations) through March 31, 2026