The bar chart and table below provide some indication of the risks of investing in the Fund by showing the Fund’s performance for the 2024 and 2025 calendar years and by showing how the Fund’s average annual total returns for the 1-year and lifetime periods compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. You may obtain the Fund’s most recently available month-end performance by calling 844-469-9911 or by visiting the Fund’s website at global.nomuraassetmanagement.com/investments/etf.The bar chart and table below provide some indication of the risks of investing in the Fund by showing the Fund’s performance for the 2024 and 2025 calendar years and by showing how the Fund’s average annual total returns for the 1-year and lifetime periods compare with those of a broad measure of market performance.

global.nomuraassetmanagement.com/investments/etf

During the period illustrated in this bar chart, the Fund’s highest quarterly return was 14.80% for the quarter ended September 30, 2024, and its lowest quarterly return was -11.20% for the quarter ended December 31, 2024.

Actual after-tax returns depend on the investor’s individual tax situation and may differ from the returns shown. After-tax returns are not relevant for shares held in tax-advantaged investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (IRAs). The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes.

The bar chart and table below provide some indication of the risks of investing in the Fund by showing the Fund’s performance for the 2024 and 2025 calendar years and by showing how the Fund’s average annual total returns for the 1-year and lifetime periods compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. You may obtain the Fund’s most recently available month-end performance by calling 844-469-9911 or by visiting the Fund’s website at global.nomuraassetmanagement.com/investments/etf.The bar chart and table below provide some indication of the risks of investing in the Fund by showing the Fund’s performance for the 2024 and 2025 calendar years and by showing how the Fund’s average annual total returns for the 1-year and lifetime periods compare with those of a broad measure of market performance.

global.nomuraassetmanagement.com/investments/etf

During the period illustrated in this bar chart, the Fund’s highest quarterly return was 14.76% for the quarter ended September 30, 2025, and its lowest quarterly return was -8.67% for the quarter ended December 31, 2024.September 30, 2025

Actual after-tax returns depend on the investor’s individual tax situation and may differ from the returns shown. After-tax returns are not relevant for shares held in tax-advantaged investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (IRAs). The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes.

The bar chart and table below provide some indication of the risks of investing in the Fund by showing the Fund’s performance for the 2025 calendar year and by showing how the Fund’s average annual total returns for the 1-year and lifetime periods compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. You may obtain the Fund’s most recently available month-end performance by calling 844-469-9911 or by visiting the Fund’s website at global.nomuraassetmanagement.com/investments/etf.

The bar chart and table below provide some indication of the risks of investing in the Fund by showing the Fund’s performance for the 2025 calendar year and by showing how the Fund’s average annual total returns for the 1-year and lifetime periods compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.

During the period illustrated in this bar chart, the Fund’s highest quarterly return was 9.64% for the quarter ended June 30, 2025, and its lowest quarterly return was -5.02% for the quarter ended March 31, 2025.

Actual after-tax returns depend on the investor’s individual tax situation and may differ from the returns shown. After-tax returns are not relevant for shares held in tax-advantaged investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (IRAs). The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes.

Because the Fund is new, it has no performance history. Once the Fund has commenced operations, you can obtain updated performance information at global.nomuraassetmanagement.com/investments/etf or by calling 844-469-9911. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

global.nomuraassetmanagement.com/investments/etf

The Fund does not have performance history for a full calendar year. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund’s returns and comparing the Fund’s performance to a broad measure of market

performance. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.

Current performance information is available on the Fund’s website at global.nomuraassetmanagement.com/investments/etf or by calling 844-469-9911.

global.nomuraassetmanagement.com/investments/etf

The bar chart and table below provide some indication of the risks of investing in the Fund by showing the Fund’s performance for the 2025 calendar year and by showing how the Fund’s average annual total returns for the 1-year and lifetime periods compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. You may obtain the Fund’s most recently available month-end performance by calling 844-469-9911 or by visiting the Fund’s website at global.nomuraassetmanagement.com/investments/etf.The bar chart and table below provide some indication of the risks of investing in the Fund by showing the Fund’s performance for the 2025 calendar year and by showing how the Fund’s average annual total returns for the 1-year and lifetime periods compare with those of a broad measure of market performance. 

global.nomuraassetmanagement.com/investments/etf

The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.

During the period illustrated in this bar chart, the Fund’s highest quarterly return was 21.58% for the quarter ended June 30, 2025, and its lowest quarterly return was 4.01% for the quarter ended March 31, 2025.

Actual after-tax returns depend on the investor’s individual tax situation and may differ from the returns shown. After-tax returns are not relevant for shares held in tax-advantaged investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (IRAs). The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes.

The Fund does not have performance history for a full calendar year. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund’s returns and comparing the Fund’s performance to a broad measure of market performance. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.

global.nomuraassetmanagement.com/investments/etf

Current performance information is available on the Fund’s website at global.nomuraassetmanagement.com/investments/etf or by calling 844-469-9911.

The following information provides some indication of the risks of investing in the Fund.

The Fund commenced investment operations on January 12, 2026, after the conversion of a separately managed account (the “Predecessor Account”) into shares of the Fund. The Predecessor Account commenced operations on 11/30/2018. The Manager was the investment adviser for the Predecessor Account for the entire performance period shown. The Predecessor Account will transfer all its portfolio securities to the Fund.

The bar chart and the performance table below are for the Predecessor Account prior to the commencement of the Fund’s operations. The Fund’s objectives, policies, guidelines and restrictions are, in all material respects, equivalent to those of the Predecessor Account. The Predecessor Account has been managed in substantially the same way as the Manager will manage the Fund. The returns for the Predecessor Account reflect its performance prior to the conversion into the Fund. In addition, the Predecessor Account’s performance shown below has been recalculated using the management fee that applies to the Fund, which has the effect of reducing the Predecessor Account’s performance. The Predecessor Account was not registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and therefore was not subject to certain restrictions imposed by the 1940 Act on registered investment companies and by the Internal Revenue Code of 1986, as amended (the “Code”) on regulated investment companies (“RICs”). If the Predecessor Account had been registered under the 1940 Act, the Predecessor Account’s performance may have been adversely affected. Past performance before and after taxes does not necessarily indicate how the Fund will perform in the future.

The performance of the Predecessor Account was calculated using standardized SEC calculation methodologies.

This bar chart shows the performance of the Predecessor Account for calendar years ended December 31. The table shows how the Predecessor Account’s average annual returns for 1-year, 5-year and since inception periods compare with those of a broad measure of market performance. Updated performance information will be available by calling 844-469-9911 or by visiting the Fund’s website at global.nomuraassetmanagement.com/investments/etf.

During the period illustrated in this bar chart, the Predecessor Account’s highest quarterly return was 34.66% for the quarter ended 6/30/20, and its lowest quarterly return was (26.19)% for the quarter ended 6/30/22.

This table shows the Predecessor Account’s average annual total returns for the periods ending December 31, 2025. The table also shows how the Predecessor Account’s performance compares with the returns on an index comprised of companies similar to those held by the Predecessor Account and by the Fund. The Fund will use the same benchmark for measuring its performance.