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2025-01-01 2025-12-31 0001969995 netft:C000268417Member netft:MSCIACWIAllCountryWorldIndexNetMember 2021-01-01 2025-12-31 0001969995 netft:C000268417Member netft:MSCIACWIAllCountryWorldIndexNetMember 2018-11-30 2025-12-31 0001969995 netft:C000268417Member netft:MSCIWorldInformationTechnologyIndexNetMember 2025-01-01 2025-12-31 0001969995 netft:C000268417Member netft:MSCIWorldInformationTechnologyIndexNetMember 2021-01-01 2025-12-31 0001969995 netft:C000268417Member netft:MSCIWorldInformationTechnologyIndexNetMember 2018-11-30 2025-12-31 iso4217:USD pure false 485BPOS 0001969995 2026-07-29 N-1A NOMURA ETF TRUST 2026-07-29 NOMURA GLOBAL LISTED INFRASTRUCTURE ETF What is the Fund’s investment objective? Nomura Global Listed Infrastructure ETF seeks to deliver total return that consists of both capital growth and income by investing in infrastructure companies. What are the Fund’s fees and expenses? The following table describes the fees and expenses that you will incur if you buy, hold, and sell shares of the Fund. You may also incur other fees, such as usual and customary brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_z5uVldtSqOE4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zs5ZPkVw3gn" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; width: 85%; padding-bottom: 2pt">Management fees</td> <td id="xdx_982_eoef--ManagementFeesOverAssets_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000082262Member__oef--ClassAxis__custom--C000245546Member_zCXH1kB1Z23f" style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; width: 15%; text-align: right; padding-bottom: 2pt" title="Management fees">0.49%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt">Distribution and service (12b-1) fees</td> <td id="xdx_981_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260729__20260729__dei--LegalEntityAxis__custom--S000082262Member__oef--ClassAxis__custom--C000245546Member_zc0ifGdhl4Gh" style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 2pt" title="Distribution and service (12b-1) fees">None</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt">Other expenses</td> <td id="xdx_982_eoef--OtherExpensesOverAssets_dpn_c20260729__20260729__dei--LegalEntityAxis__custom--S000082262Member__oef--ClassAxis__custom--C000245546Member_zZH75l8XnR76" style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 2pt" title="Other expenses">None</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; background-color: White"> <td style="padding-top: 3pt; font-family: Arial, Helvetica, Sans-Serif">Total annual Fund operating expenses</td> <td id="xdx_98F_eoef--ExpensesOverAssets_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000082262Member__oef--ClassAxis__custom--C000245546Member_zdWpU8taROV7" style="padding-top: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right" title="Total annual Fund operating expenses">0.49%</td></tr> </table> 0.0049 0 0 0.0049 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zes4ELTrUms5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zP4RHmcM3nwi" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="font-family: Arial, Helvetica, Sans-Serif; background-color: White"> <td id="xdx_48D_eoef--ExpenseExampleYear01_zzcuG9n9erxh" style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; width: 22%; text-align: center; padding-bottom: 2pt">1 Year</td> <td id="xdx_489_eoef--ExpenseExampleYear03_zTJ3vUGIDYA2" style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; width: 28%; text-align: center; padding-bottom: 2pt">3 Years</td> <td id="xdx_484_eoef--ExpenseExampleYear05_zud1EbYDwhk7" style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 25%; text-align: center; padding-bottom: 2pt">5 Years</td> <td id="xdx_48B_eoef--ExpenseExampleYear10_zShxJ6E2vkfc" style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 25%; text-align: center; padding-bottom: 2pt">10 Years</td></tr> <tr id="xdx_413_20260729__20260729__dei--LegalEntityAxis__custom--S000082262Member__oef--ClassAxis__custom--C000245546Member_zZ1FFq3WAh4c" style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 2pt">$50</td> <td style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 2pt">$157</td> <td style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center; padding-bottom: 2pt">$274</td> <td style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center; padding-bottom: 2pt">$616</td></tr> </table> 50 157 274 616 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s performance. For the fiscal year ended March 31, 2026, the Fund’s portfolio turnover rate was 34% of the average value of its portfolio. 0.34 What are the Fund’s principal investment strategies? Under normal circumstances, the Nomura Global Listed Infrastructure ETF will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in listed infrastructure companies (80% policy). For purposes of the 80% policy, the Fund defines listed infrastructure companies as publicly traded companies engaged in the development, operation, and/or management of infrastructure assets. Infrastructure assets include, but are not limited to, networks, systems and physical structures relating to utilities (e.g., electric, gas, water and sewage), transportation (e.g., airports, highways, railways, and marine ports), energy (e.g., renewable energy generation, oil, gas and/or refined product pipeline operators), and communications (e.g., cell phone tower operators, data centers, satellites, and other providers of communication services). A company is engaged in the development, operation, and/or management of infrastructure assets if, in the opinion of Delaware Management Company, the Fund’s investment adviser (“Manager”), the company (i) derives at least 50% of its revenue or profits, either directly or indirectly, from infrastructure assets, or (ii) commits at least 50% of its assets to activities related to infrastructure assets.Under normal circumstances, the Nomura Global Listed Infrastructure ETF will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in listed infrastructure companies (80% policy). The Fund will invest principally in exchange-listed equity securities of companies that are located throughout the world, including the United States. Under normal circumstances, the Fund invests at least 40% (or, if the portfolio manager deems it warranted by market conditions, at least 30%) of its total assets in non-U.S. securities. The Fund will rely on the country where the issuer is incorporated, is headquartered or has its principal place of business in determining the location of an issuer. The Fund may also invest in exchange-listed equity securities of non-U.S. companies located in emerging market countries. Emerging market countries include those currently considered to be developing by the World Bank, the United Nations, or the countries’ governments. When investing in emerging markets, the Fund will primarily invest in securities of companies located in emerging market countries included in the MSCI Emerging Markets Index. The Fund may invest in companies of any size; however, the Manager may exclude companies below a market capitalization of $2 billion that it deems not sufficiently liquid and may exclude large capitalization companies that the Manager believes have limited free float (i.e., shares of the company available to the public). The Manager uses a research-oriented, bottom-up (researching individual issuers) investment approach to seek to identify attractive global listed infrastructure companies. The Manager considers a number of factors in selecting individual investments for the Fund’s portfolio, including proprietary valuation analysis, company management due diligence and a risk assessment of each potential investment. Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses when buying securities to determine whether the security continues to be a desired investment for the Fund, including consideration of the security’s current valuation. Additionally, the Manager may sell a security to reduce the Fund’s holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash. <p class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_988_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000082262Member_z2l6cjnDFXCl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Fund’s 80% policy is non-fundamental and may be changed without shareholder approval. However, Fund shareholders would be given at least 60 days’ notice prior to any such change. Under normal circumstances, the Nomura Global Listed Infrastructure ETF will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in listed infrastructure companies (80% policy). The Fund’s 80% policy is non-fundamental and may be changed without shareholder approval. However, Fund shareholders would be given at least 60 days’ notice prior to any such change. Investing in any exchange-traded fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund’s portfolio. An investment in the Fund may not be appropriate for all investors. Unlike many ETFs, the Fund is actively managed and does not seek to replicate the performance of a specified index. The Fund’s principal risks include: Investing in any exchange-traded fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund’s portfolio. An investment in the Fund may not be appropriate for all investors. Market risk — The risk that all or a majority of the securities in a certain market - such as the stock or bond market - will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling. <p id="xdx_A83_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000082262Member__oef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zTeVFDYJQi9k" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Large-capitalization company risk — Large-capitalization companies tend to be less volatile than companies with smaller market capitalizations. This potentially lower risk means that the Fund’s share price may not rise as much as the share prices of funds that focus on smaller-capitalization companies. <p id="xdx_A87_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000082262Member__oef--RiskAxis__custom--ActiveManagementAndSelectionRiskMember_zILLwG27gKM2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index. <p id="xdx_A83_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000082262Member__oef--RiskAxis__custom--CompanySizeRiskMember_zPsQmLk1rwA3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Company size risk — The risk that investments in small- and/or medium-sized companies may be more volatile than those of larger companies because of limited financial resources or dependence on narrow product lines. <p id="xdx_A8C_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000082262Member__oef--RiskAxis__custom--InfrastructureIndustryRiskMember_zBhSKP6zLGQ6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Infrastructure industry risk — Companies in the infrastructure industry may be subject to a variety of factors that could adversely affect their business or operations, including high interest costs in connection with capital construction programs, high degrees of leverage, costs associated with governmental, environmental and other regulations, the level of government spending on infrastructure projects, and other factors. <p id="xdx_A80_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000082262Member__oef--RiskAxis__custom--ForeignAndEmergingMarketsRiskMember_z2v7ycrrtbEl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Foreign and emerging markets risk — The risk that investments in foreign securities (particularly those of issuers in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; the imposition of economic or trade sanctions; or inadequate or different regulatory and accounting standards. Securities of issuers in emerging markets may be subject to greater risks than securities of issuers in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments. In addition, there often is substantially less publicly available information about issuers and such information tends to be of a lesser quality. Economic markets and structures tend to be less mature and diverse and the securities markets may also be smaller, less liquid, and subject to greater price volatility. In addition, where all or a portion of the Fund’s underlying securities trade in a market that is closed when the market in which the Fund’s shares are listed and trading is open, there may be differences between the last quote from the security’s closed foreign market and the value of the security during the Fund’s domestic trading day. This in turn could lead to differences between the market price of the Fund’s shares and the underlying value of those shares. Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them. <p id="xdx_A8D_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000082262Member__oef--RiskAxis__custom--IndustryAndSectorRiskMember_zae8I5vqZbOb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Industry and sector risk — The risk that the value of securities in a particular industry or sector (such as the infrastructure industry) will decline because of changing expectations for the performance of that industry or sector. <p id="xdx_A8F_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000082262Member__oef--RiskAxis__custom--GovernmentAndRegulatoryRiskMember_zI7aLNRV3eB4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Government and regulatory risk — The risk that governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect fund performance. ETF risk — The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: “Authorized participants, market makers and liquidity providers concentration risk,” “Secondary market trading risk” and “Shares may trade at prices other than NAV risk.” <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 12pt">•</td><td style="font-family: Arial, Helvetica, Sans-Serif">Authorized participants, market makers and liquidity providers concentration risk — Only authorized participants (“APs”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace, and they have no obligation to submit creation or redemption orders. To the extent either of the following events occur, the Fund’s shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Fund’s shares trading at a premium or discount to NAV. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 12pt">•</td><td style="font-family: Arial, Helvetica, Sans-Serif">Secondary market trading risk — Although the Fund’s shares are listed on a national securities exchange, NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in the Fund’s shares on the Exchange may be halted. An exchange or market may also issue trading halts on specific securities or financial instruments. As a result, the ability to trade certain securities or financial instruments may be restricted, which may disrupt the Fund’s creation/redemption process or affect the price at which shares trade in the secondary market.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 12pt">•</td><td style="font-family: Arial, Helvetica, Sans-Serif">Shares may trade at prices other than NAV risk — As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings, while the trading price of the shares fluctuates continuously throughout trading hours on the Exchange, based on both the relative market supply of, and demand for, the shares and the underlying value of the Fund’s holdings. As a result, although it is expected that the market price of the Fund’s shares will approximate the Fund’s NAV, there may be times when the market price of the Fund’s shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</td></tr></table> How has Nomura Global Listed Infrastructure ETF performed? 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 <div style="display: none"></div> The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. 844-469-9911 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 Calendar year-by-year total return <img alt="" src="netft4653881-pro1x6x1.jpg" style="height: 167px; width: 90px"/> <div></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A58_dU_zhIi95co9Cmi" style="display: none; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border: Black 0.5pt solid; font: 11pt Aptos Narrow; text-align: center; width: 35%">Year</td> <td style="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 11pt Aptos Narrow; text-align: center; border-left-color: Black; border-left-width: 0.5pt; width: 65%">Percentage</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; font: 11pt Aptos Narrow; border-top-color: Black; border-top-width: 0.5pt; text-align: right">2024</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20240101__20241231__dei--LegalEntityAxis__custom--S000082262Member__oef--ClassAxis__custom--C000245546Member_z1S3OQGXQGW5" style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 11pt Aptos Narrow; text-align: right; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">-2.70%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; font: 11pt Aptos Narrow; border-top-color: Black; border-top-width: 0.5pt; text-align: right">2025</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20250101__20251231__dei--LegalEntityAxis__custom--S000082262Member__oef--ClassAxis__custom--C000245546Member_zDiLzb6UNDmi" style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 11pt Aptos Narrow; text-align: right; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">20.98%</td></tr> </table> -0.0270 0.2098 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. highest quarterly return 0.1480 2024-09-30 lowest quarterly return -0.1120 2024-12-31 The performance information shown above is based on a calendar year. The Fund’s performance from January 1, 2026 to June 30, 2026 was 8.79%. 0.0879 Average annual total returns for periods ended December 31, 2025 <div id="xdx_A8F_eoef--PerformanceTableTextBlock_zVP40VfKZH4a"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zG0ReD3cz5i9" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; width: 75%"> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; width: 13%; text-align: center">1 year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; width: 12%; text-align: center">Lifetime</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: Gainsboro"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif">Returns before taxes (lifetime: 11/28/23-12/31/25)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">20.98%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">10.31%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif">Returns after taxes on distributions (lifetime: 11/28/23-12/31/25)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">19.41%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">8.79%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: Gainsboro"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif">Returns after taxes on distributions and sale of Fund shares (lifetime: 11/28/23-12/31/25)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">12.36%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">7.44%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif">MSCI World Index (Net) (lifetime: 11/28/23-12/31/25)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">21.09%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">21.90%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: Gainsboro"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif">S&P Global Infrastructure Index (Net) (lifetime: 11/28/23-12/31/25)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">21.54%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">19.40%</td></tr> </table> 2023-11-28 0.2098 0.1031 2023-11-28 0.1941 0.0879 2023-11-28 0.1236 0.0744 2023-11-28 0.2109 0.2190 2023-11-28 0.2154 0.1940 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. 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. NOMURA ENERGY TRANSITION ETF What is the Fund’s investment objective? Nomura Energy Transition ETF seeks to provide long-term growth of capital. What are the Fund’s fees and expenses? The following table describes the fees and expenses that you will incur if you buy, hold, and sell shares of the Fund. You may also incur other fees, such as usual and customary brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zzi3k9ffEjl2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zRmLQlW9r2Cb" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; width: 75%; padding-bottom: 2pt">Management fees</td> <td id="xdx_982_eoef--ManagementFeesOverAssets_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000082263Member__oef--ClassAxis__custom--C000245547Member_z5yrJI7MeI39" style="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; width: 25%; text-align: right; padding-bottom: 2pt">0.79%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 2pt">Distribution and service (12b-1) fees</td> <td id="xdx_983_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260729__20260729__dei--LegalEntityAxis__custom--S000082263Member__oef--ClassAxis__custom--C000245547Member_zMq7MAQqm3w7" style="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 2pt">None</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-bottom: 2pt">Other expenses</td> <td id="xdx_98D_eoef--OtherExpensesOverAssets_dpn_c20260729__20260729__dei--LegalEntityAxis__custom--S000082263Member__oef--ClassAxis__custom--C000245547Member_z5HpCxJXLeM2" style="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right; padding-bottom: 2pt">None</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt">Total annual Fund operating expenses</td> <td id="xdx_98A_eoef--ExpensesOverAssets_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000082263Member__oef--ClassAxis__custom--C000245547Member_zcnIOnunftMd" style="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right">0.79%</td></tr> </table> 0.0079 0 0 0.0079 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_z8Zzt7Ii5Wq8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_z2OsujRDguCi" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td id="xdx_484_eoef--ExpenseExampleYear01_z62xM7H4FIn1" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; width: 22%; padding-top: 2pt; text-align: center">1 Year</td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zZD6tmGXCIi6" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; width: 28%; padding-top: 2pt; text-align: center">3 Years</td> <td id="xdx_481_eoef--ExpenseExampleYear05_ze8p6UvKNlq7" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; vertical-align: top; width: 25%; padding-top: 2pt; text-align: center">5 Years</td> <td id="xdx_48A_eoef--ExpenseExampleYear10_zq0mRgGZdUP5" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; vertical-align: top; width: 25%; padding-top: 2pt; text-align: center">10 Years</td></tr> <tr id="xdx_41B_20260729__20260729__dei--LegalEntityAxis__custom--S000082263Member__oef--ClassAxis__custom--C000245547Member_zhLEeY4AVlgj" style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt; text-align: center">$81</td> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt; text-align: center">$252</td> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt; text-align: center">$439</td> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt; text-align: center">$978</td></tr> </table> 81 252 439 978 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s performance. For the fiscal year ended March 31, 2026, the Fund’s portfolio turnover rate was 31% of the average value of its portfolio. 0.31 What are the Fund’s principal investment strategies? The Nomura Energy Transition ETF seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in a diversified portfolio of securities in the energy, materials, industrial, renewable energy, and utilities sectors that meet the Fund’s energy transition investment criteria (80% policy). For purposes of the Fund’s 80% policy, energy transition investment criteria includes companies that the Manager defines as “transition enablers” or “responsible producers.” “Transition enablers” are companies facilitating the transition to lower carbon energy sources, electrification, or providing materials and services required for the energy transition, as further described below. “Responsible producers” are traditional energy and materials companies actively transitioning to lower emission production through reducing, displacing, or sequestering greenhouse gas emissions, as further described below. The Fund’s strategy seeks to realize inefficiencies in the global transition to cleaner, lower carbon energy in a world of increasing energy demand and uncertain energy supply. The Fund may invest in companies of any size and located across the world; however, the Fund generally will focus its investments on companies domiciled in North America. The Nomura Energy Transition ETF seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in a diversified portfolio of securities in the energy, materials, industrial, renewable energy, and utilities sectors that meet the Fund’s energy transition investment criteria (80% policy). The Fund seeks to invest its assets primarily in two types of companies. The first group of companies are ones that Delaware Management Company, the Fund’s investment adviser (Manager) believes are facilitating the transition to new, lower carbon energy sources, such as solar or wind energy, as well as the increasing electrification of areas that have traditionally relied on fossil fuels, such as transportation. The Manager considers these companies to be “transition enablers” that have a portion of their business committed to actively developing and/or exposed to products and services designed to produce lower-emitting alternatives to fossil fuels, or providers of services or materials required for the energy transition or low greenhouse gas energy production. In seeking to identify “transition enablers,” the Manager uses proprietary and third-party research to determine what technologies have the greatest likelihood of succeeding and profiting from the energy transition. The Manager then uses this macro view to determine the individual components and services that will be required to fully deploy these technologies. For example, the Manager believes the deployment of solar, wind power and electric vehicles are likely to witness an increase in demand from the energy transition, while basic materials essential to the production and implementation of such technologies (e.g., copper or aluminum), will also serve as catalysts for an energy transition. The second category of companies, “responsible producers,” includes traditional energy exploration and production companies with the potential to transition to lower emission power production, as well as providers of materials needed to augment low greenhouse gas (GHG) energy production. To be classified in this category the companies must be producers that are actively working toward reducing, displacing and/or sequestering their GHG emissions, potentially including companies that currently have a high level of absolute GHG emissions. Companies in this category also need to produce in a responsible manner by limiting/controlling water usage/discharge and spills and operate in a socially responsible manner (for example no use of child labor) while ensuring proper governance especially when operating in higher risk jurisdictions. “Higher risk jurisdictions” are those that may have corruption, poverty, and violence, in addition to looser safety regulations, child labor risks, modern slavery risks, and bribery. The Manager carefully analyzes each company, utilizing company disclosures, third party research and proprietary analysis, to determine whether a company is properly identifying, monitoring and addressing these social and governance issues and risks, particularly when such companies operate in jurisdictions exhibiting these high-risk characteristics. To be considered a “responsible producer,” companies must have a significant portion of its business committed to responsible production, which might include low carbon production, limited methane, responsible water usage, careful reclamation, or limited flaring in oil and gas production. Importantly, the proportion of energy or mining such companies produce responsibly is expected to increase or at least remain constant. Companies are required to remain focused on the cleanest approaches to production, rather than a full transition to significantly lower emission power production. Nuclear energy is included in this category on the basis it provides a low emission source of base load power, complementing the low emission but intermittent power provided by renewables. The Manager conducts an initial screening of the universe of “transition enablers and “responsible producers” using its proprietary environmental framework for companies that leverages the Manager’s own views, in-house knowledge base and best practices, along with external resources like Sustainalytics and Bloomberg. The Manager then analyzes each investable opportunity that fits the criteria of a “transition enabler” or “responsible producer.” While the Fund will invest in both companies that the Manager considers to be “transition enablers” and companies it considers “responsible producers”, the Manager expects that “transition enabler” companies will gradually take an increasing share of the portfolio over the long-term. Also, investments can be made in securities that may score poorly on a particular ESG metric if the risk is properly disclosed and is being monitored and addressed and the company otherwise passes the Manager’s screen of “transition enablers” and “responsible producers.” The Manager’s proprietary fundamental process analyzes the environmental attributes of portfolio companies involved in oil and gas and materials extraction, refining or fabrication. For companies involved in renewable energies or lower carbon technologies, the environmental and sustainability attributes are analyzed using third party research. Investments can be made in securities that may have been identified as having heightened environmental, social or governance risks if those risks are properly disclosed and are being monitored and addressed. The Manager then uses a proprietary fundamental process to analyze each investable opportunity. The Manager evaluates these “responsible producers” as well as “transition enablers” on various financial measures to determine which companies present an attractive risk/reward. Financial measures include 1) sector and company growth profile; 2) relative financial multiples; 3) net asset value; 4) balance sheet and cash flow analysis; and 5) various other financial measures depending on the industry and opportunity. Position sizing is determined based on numerous risk factors such as 1) security domicile; 2) company asset domicile; 3) financial risk; 4) security liquidity; and 5) sub-sector exposures. The portfolio is constantly monitored to maximize returns while reducing risk. Positions presenting a more favorable risk/return profile will typically be larger positions within the Fund’s portfolio. The Manager’s proprietary fundamental process analyzes the environmental attributes of portfolio companies involved in oil and gas and materials extraction, refining or fabrication. Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses when buying securities to determine whether the security continues to be a desired investment for the Fund, including consideration of the security’s current valuation. Additionally, the Manager may sell a security to reduce the Fund’s holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash. Positions will be exited if the Manager believes they no longer are favorably valued or they no longer meet the Manager’s criteria as a “responsible producer” or “transition enabler” based on new information that becomes available to the Manager. <p class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_987_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000082263Member_zOdVnYDDCGa9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Fund’s 80% policy is non-fundamental and may be changed without shareholder approval. However, Fund shareholders would be given at least 60 days’ notice prior to any such change. The Nomura Energy Transition ETF seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in a diversified portfolio of securities in the energy, materials, industrial, renewable energy, and utilities sectors that meet the Fund’s energy transition investment criteria (80% policy). The Fund’s 80% policy is non-fundamental and may be changed without shareholder approval. However, Fund shareholders would be given at least 60 days’ notice prior to any such change. Investing in any exchange-traded fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund’s portfolio. An investment in the Fund may not be appropriate for all investors. Unlike many ETFs, the Fund is actively managed and does not seek to replicate the performance of a specified index. The Fund’s principal risks include: Investing in any exchange-traded fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund’s portfolio. An investment in the Fund may not be appropriate for all investors. Market risk — The risk that all or a majority of the securities in a certain market - such as the stock or bond market - will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling. <p id="xdx_A85_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000082263Member__oef--RiskAxis__custom--SustainabilityRiskMember_zbaYN2xjGyBg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Sustainability risk — Investing with a focus on companies that exhibit a commitment to sustainable practices may result in the Fund investing in certain types of companies, industries or sectors that the market may not favor. The securities of such companies may underperform the stock market as a whole and the criteria used to select companies for investment may result in the Fund investing in securities that underperform securities of companies that do not exhibit such a commitment to sustainability. Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them. <p id="xdx_A8A_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000082263Member__oef--RiskAxis__custom--GovernmentAndRegulatoryRiskMember_zMumqjtVNTQk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Government and regulatory risk — The risk that governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect fund performance. <p id="xdx_A84_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000082263Member__oef--RiskAxis__custom--IndustryAndSectorRiskMember_zJrtuaIftJd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Industry and sector risk — The risk that the value of securities in a particular industry or sector (such as energy, materials or utilities) will decline because of changing expectations for the performance of that industry or sector. <p id="xdx_A82_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000082263Member__oef--RiskAxis__custom--EnergySectorRiskMember_zUzsdqUJcwB6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Energy sector risk — Companies engaged in the transportation, storage, processing, refining, marketing, exploration, production, and mining of minerals and natural resources are subject to many risks that can negatively impact the revenues and viability of companies in this sector. These risks include, but are not limited to, commodity price volatility risk, supply and demand risk, reserve and depletion risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. For example, the price of energy securities may fluctuate due to real and perceived inflationary trends and the (often rapid) changes in supply of, or demand for, various natural resources; both domestic and international political and economic developments; the cost required to comply with environmental safety regulations; changes in methods for conserving energy; environmental incidents; and the uncertain success rates for exploration projects. To the extent the Fund focuses its investments in the energy sector, the Fund will be more susceptible to the risks, events and other factors affecting companies in this sector. <p id="xdx_A82_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000082263Member__oef--RiskAxis__custom--MaterialsSectorRiskMember_zxvl0FvO43J4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Materials sector risk — Companies engaged in the production and distribution of materials may be adversely affected by changes in world events, political and economic conditions, energy conservation, environmental policies, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources and labor relations. To the extent the Fund focuses its investments in the materials sector, the Fund will be more susceptible to the risks, events and other factors affecting companies in this sector. <p id="xdx_A8C_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000082263Member__oef--RiskAxis__custom--IndustrialSectorRiskMember_zmH65TTKmD88" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Industrial sector risk — The value of securities issued by companies in the industrial sector may be adversely affected by supply and demand changes related to their specific products or services and industrial sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Global events, trade disputes and changes in government regulations, economic conditions and exchange rates may adversely affect the performance of companies in the industrial sector. Companies in this sector may be adversely affected by product liability claims. The sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. To the extent the Fund focuses its investments in the industrial sector, the Fund will be more susceptible to the risks, events and other factors affecting companies in this sector. <p id="xdx_A8F_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000082263Member__oef--RiskAxis__custom--RenewableEnergySectorRiskMember_z64XqSlYxMZ4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Renewable energy sector risk — Securities of companies in the renewable energy sector are subject to swift price and supply fluctuations caused by events relating to international events, taxes and other governmental regulatory policies. Weak demand for renewable energy products and services in general may adversely affect companies in this sector. Obsolescence of existing technology, short product cycles, falling prices, competition from new market entrants and general economic conditions can significantly affect the renewable energy sector. To the extent the Fund focuses its investments in the renewable energy sector, the Fund will be more susceptible to the risks, events and other factors affecting companies in this sector. <p id="xdx_A81_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000082263Member__oef--RiskAxis__custom--UtilitiesSectorRiskMember_zLvB1ZNIx6f8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Utilities sector risk — Companies in the utilities sector are subject to certain risks, including risks associated with government regulation, interest rate changes, financing difficulties, supply and demand for services or products, intense competition, natural resource conservation and commodity price fluctuations. To the extent the Fund focuses its investments in the utilities sector, the Fund will be more susceptible to the risks, events and other factors affecting companies in this sector. ETF risk — The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: “Authorized participants, market makers and liquidity providers concentration risk,” “Secondary market trading risk” and “Shares may trade at prices other than NAV risk.” <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 12pt">•</td><td style="font-family: Arial, Helvetica, Sans-Serif">Authorized participants, market makers and liquidity providers concentration risk — Only authorized participants (“APs”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace, and they have no obligation to submit creation or redemption orders. To the extent either of the following events occur, the Fund’s shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Fund’s shares trading at a premium or discount to NAV. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 12pt">•</td><td style="font-family: Arial, Helvetica, Sans-Serif">Secondary market trading risk — Although the Fund’s shares are listed on a national securities exchange, NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in the Fund’s shares on the Exchange may be halted. An exchange or market may also issue trading halts on specific securities or financial instruments. As a result, the ability to trade certain securities or financial instruments may be restricted, which may disrupt the Fund’s creation/redemption process or affect the price at which shares trade in the secondary market.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 12pt">•</td><td style="font-family: Arial, Helvetica, Sans-Serif">Shares may trade at prices other than NAV risk — As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings, while the trading price of the shares fluctuates continuously throughout trading hours on the Exchange, based on both the relative market supply of, and demand for, the shares and the underlying value of the Fund’s holdings. As a result, although it is expected that the market price of the Fund’s shares will approximate the Fund’s NAV, there may be times when the market price of the Fund’s shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</td></tr></table> <p id="xdx_A86_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000082263Member__oef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zIFiR7HFzkZ9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Large-capitalization company risk — Large-capitalization companies tend to be less volatile than companies with smaller market capitalizations. This potentially lower risk means that the Fund’s share price may not rise as much as the share prices of funds that focus on smaller-capitalization companies. <p id="xdx_A8E_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000082263Member__oef--RiskAxis__custom--CompanySizeRiskMember_z4DsApBDYQ1g" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Company size risk — The risk that investments in small- and/or medium-sized companies may be more volatile than those of larger companies because of limited financial resources or dependence on narrow product lines. <p id="xdx_A8F_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000082263Member__oef--RiskAxis__custom--ForeignAndEmergingMarketsRiskMember_zX1lywbLkEag" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Foreign and emerging markets risk — The risk that investments in foreign securities (particularly those of issuers in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; the imposition of economic or trade sanctions; or inadequate or different regulatory and accounting standards. Securities of issuers in emerging markets may be subject to greater risks than securities of issuers in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments. In addition, there often is substantially less publicly available information about issuers and such information tends to be of a lesser quality. Economic markets and structures tend to be less mature and diverse and the securities markets may also be smaller, less liquid, and subject to greater price volatility. In addition, where all or a portion of the Fund’s underlying securities trade in a market that is closed when the market in which the Fund’s shares are listed and trading is open, there may be differences between the last quote from the security’s closed foreign market and the value of the security during the Fund’s domestic trading day. This in turn could lead to differences between the market price of the Fund’s shares and the underlying value of those shares. <p id="xdx_A8A_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000082263Member__oef--RiskAxis__custom--ActiveManagementAndSelectionRiskMember_zvbekd2bk9I4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index. <p id="xdx_A85_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000082263Member__oef--RiskAxis__custom--ThirdPartyDataProviderRiskMember_z9pQJUp9wqlj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Third party data provider risk — In evaluating issuers, the Manager may rely upon information and data, including from third party data providers and companies. The data obtained from third-party data providers or companies may be limited, incomplete, inaccurate, or unavailable, or may present conflicting information and data with respect to an issuer, which in each case could cause the Manager to incorrectly assess an issuer’s business practices as they relate to the Fund’s investment criteria. In addition, such third-party data may include quantitative and/or qualitative measures, and consideration of this data may be subjective. Different methodologies may be used by such providers and may lack standardization, consistency, and transparency. As a result, there exists a risk that the Manager may incorrectly assess a security or company, resulting in the incorrect inclusion or exclusion of a security in the Fund’s portfolio, or that the Fund may underperform funds that do not screen or score companies based on similar investment criteria or funds that use different third-party data providers. How has Nomura Energy Transition ETF performed? 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 The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. 844-469-9911 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 Calendar year-by-year total return <img alt="" src="netft4653881-pro1x12x1.jpg" style="height: 166px; width: 90px"/> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A56_zjFdKCkVe9k7" style="display: none; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border: Black 0.5pt solid; font: 11pt Aptos Narrow; text-align: center; width: 31%">Year</td> <td style="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 11pt Aptos Narrow; text-align: center; border-left-color: Black; border-left-width: 0.5pt; width: 69%">Percentage</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; font: 11pt Aptos Narrow; border-top-color: Black; border-top-width: 0.5pt; text-align: right">2024</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20240101__20241231__dei--LegalEntityAxis__custom--S000082263Member__oef--ClassAxis__custom--C000245547Member_zBC2p1XvwHqd" style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 11pt Aptos Narrow; text-align: right; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">-3.58%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; font: 11pt Aptos Narrow; border-top-color: Black; border-top-width: 0.5pt; text-align: right">2025</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20250101__20251231__dei--LegalEntityAxis__custom--S000082263Member__oef--ClassAxis__custom--C000245547Member_zuyF5FNvxCB" style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 11pt Aptos Narrow; text-align: right; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">35.06%</td></tr> </table> -0.0358 0.3506 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 highest quarterly return 0.1476 lowest quarterly return -0.0867 2024-12-31 2025-09-30 The performance information shown above is based on a calendar year. The Fund’s performance from January 1, 2026 to June 30, 2026 was 17.21%. 0.1721 Average annual total returns for periods ended December 31, 2025 <div id="xdx_A80_eoef--PerformanceTableTextBlock_zxeTB0gNmGni"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zq6iroSQmv2j" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; width: 75%"> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; width: 13%; text-align: center">1 year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; width: 12%; text-align: center">Lifetime</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: Gainsboro"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif">Returns before taxes (lifetime: 11/28/23-12/31/25)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">35.06%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">18.69%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif">Returns after taxes on distributions (lifetime: 11/28/23-12/31/25)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">34.22%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">18.19%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: Gainsboro"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif">Returns after taxes on distributions and sale of Fund shares (lifetime: 11/28/23-12/31/25)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">20.71%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">14.34%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif">MSCI ACWI Index (Net) (lifetime: 11/28/23-12/31/25)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">22.34%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">21.84%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: Gainsboro"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif">S&P 1500 Energy Sector Index (lifetime: 11/28/23-12/31/25)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">7.69%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">6.45%</td></tr> </table> 2023-11-28 0.3506 0.1869 2023-11-28 0.3422 0.1819 2023-11-28 0.2071 0.1434 2023-11-28 0.2234 0.2184 2023-11-28 0.0769 0.0645 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. 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). 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. NOMURA FOCUSED LARGE GROWTH ETF What is the Fund’s investment objective? Nomura Focused Large Growth ETF seeks to provide growth of capital. What are the Fund’s fees and expenses? The following table describes the fees and expenses that you will incur if you buy, hold, and sell shares of the Fund. You may also incur other fees, such as usual and customary brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zxyYmP32w1oi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zaU7xOX4UrTk" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; width: 75%; padding-top: 2pt">Management fees</td> <td id="xdx_98D_eoef--ManagementFeesOverAssets_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000084942Member__oef--ClassAxis__custom--C000249711Member_zbg4UIrXri6a" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; width: 25%; padding-top: 2pt; text-align: right">0.44%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt">Distribution and service (12b-1) fees</td> <td id="xdx_982_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260729__20260729__dei--LegalEntityAxis__custom--S000084942Member__oef--ClassAxis__custom--C000249711Member_z91Pweoaa616" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt; text-align: right">None</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt">Other expenses</td> <td id="xdx_987_eoef--OtherExpensesOverAssets_dpn_c20260729__20260729__dei--LegalEntityAxis__custom--S000084942Member__oef--ClassAxis__custom--C000249711Member_z30dUefvr6p1" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt; text-align: right">None</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; background-color: White"> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt">Total annual Fund operating expenses</td> <td id="xdx_984_eoef--ExpensesOverAssets_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000084942Member__oef--ClassAxis__custom--C000249711Member_zpva5c19QQX" style="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right">0.44%</td></tr> </table> 0.0044 0 0 0.0044 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zVr9MCGtj0u6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zCVklN7GE6A5" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td id="xdx_487_eoef--ExpenseExampleYear01_ztUoalhhS2fk" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; width: 22%; padding-top: 2pt; text-align: center">1 Year</td> <td id="xdx_482_eoef--ExpenseExampleYear03_zS2YZSNAtY4l" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; width: 28%; padding-top: 2pt; text-align: center">3 Years</td> <td id="xdx_48A_eoef--ExpenseExampleYear05_z6Ii7onaT6bj" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; vertical-align: top; width: 25%; padding-top: 2pt; text-align: center">5 Years</td> <td id="xdx_48D_eoef--ExpenseExampleYear10_zE8Uo4Zt2Ysh" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; vertical-align: top; width: 25%; padding-top: 2pt; text-align: center">10 Years</td></tr> <tr id="xdx_412_20260729__20260729__dei--LegalEntityAxis__custom--S000084942Member__oef--ClassAxis__custom--C000249711Member_zLPADq0A0Yoe" style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt; text-align: center">$45</td> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt; text-align: center">$141</td> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt; text-align: center">$246</td> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt; text-align: center">$555</td></tr> </table> 45 141 246 555 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s performance. For the fiscal year ended March 31, 2026, the Fund’s portfolio turnover rate was 20% of the average value of its portfolio. 0.20 What are the Fund’s principal investment strategies? Under normal circumstances, the Nomura Focused Large Growth ETF (the “Fund”) will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of large capitalization, growth-oriented companies (80% policy). The Fund is non-diversified, meaning that it may invest a significant portion of its assets in a limited number of issuers. For purposes of the 80% policy, “large capitalization companies” are those that have market capitalizations within the range of market capitalizations of companies appearing in the Russell 1000® Growth Index. While the market capitalizations of companies in the Russell 1000® Growth Index ranged from approximately $3.5 billion to $4.8 trillion as of June 30, 2026, the Fund normally will invest in common stocks of companies with market capitalizations of at least $10 billion at the time of purchase. For purposes of the 80% policy, “growth-oriented companies” are those companies included in the Russell 1000 Growth Index or companies that exhibit characteristics similar to those companies included in the Russell 1000® Growth Index, including but not limited to relatively higher price-to-book ratio or relatively higher earnings growth. Under normal circumstances, the Nomura Focused Large Growth ETF (the “Fund”) will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of large capitalization, growth-oriented companies (80% policy). Delaware Management Company, the Fund’s investment adviser (“Manager”) will primarily invest in equity securities of growth-oriented companies that the Manager believes operate in a highly attractive industry, have durable competitive advantages, and sustainable growth potential. The Manager constructs the Fund’s portfolio using a two-sided quality analysis process that includes a qualitative quality analysis and a quantitative quality analysis. As part of its qualitative analysis, the Manager uses a research-oriented, bottom-up (researching individual issuers) investment approach, assessing the current and forecasted investment opportunities and conditions, as well as diversification and risk considerations, to seek to identify companies that, in the Manager’s view, have durable competitive advantages. A competitively advantaged business model can be defined by such factors as brand loyalty, proprietary technology, cost structure, scale, exclusive access to data, or distribution advantages. Other factors considered include strength of management; level of competitive intensity; return of capital; strong balance sheets and cash flows; the threat of substitute products; and the interaction and bargaining power between a company, its customers, suppliers, and competitors. From a quantitative standpoint, the Manager concentrates on the level and consistency of profitability, capital intensity, cash flow, efficient growth and capital allocation. The intent of the quantitative assessment is to provide an objective assessment of the Manager’s fundamental (subjective) assessment regarding the company, but the final decision is grounded in fundamental decision making. The Manager’s fundamental research effort tries to identify those companies that it believes possess a sustainable competitive advantage, an important characteristic which typically enables a company to generate above-average levels of profitability and the ability to sustain growth over the long term. Through the qualitative and quantitative framework described above, the Manager arrives at a narrowed universe that it refers to as the “Franchise Growth Universe” which typically consists of approximately 100 companies. Companies in the Franchise Growth Universe compete for inclusion in the Fund’s focused portfolio based on business durability, risk/reward and other portfolio construction considerations such as a proprietary 3-to-5-year IRR (internal rate of return) assessment. The Manager believes that portfolio focus is paramount to capturing the benefits of successful quality-first stock selection, and accordingly the Fund will typically own a limited number of stocks (generally 15 to 25 companies). Generally, the Fund’s Manager employs a consistent, rigorous analysis for determining whether to sell a security that is similar to the analysis employed when buying a security. This analysis centers on aligning each investment with the Fund’s objectives and ensuring it remains an optimal choice for achieving the Fund’s goals. The Manager may sell a security for various reasons, including: (i) industry deterioration: a weakening in industry structure, such as new competition or irrational competitors, may prompt us to exit an investment due to increased risk; (ii) loss of competitive edge: a change in a company’s competitive advantage can have negative ramifications on forward stability, profitability and growth and may be cause for an exit; (iii) ineffective management: if management performance falls short of expectations or harms the company’s prospects, we may divest the holding; and/or (iv) limited upside potential: we may sell a security if its future appreciation potential appears limited, allowing us to allocate resources towards more promising opportunities. The Manager also may sell a security to reduce the Fund’s holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash. The Fund may invest in foreign securities through the use of American depositary receipts (ADRs), which are receipts issued by a depositary (usually a US bank) and represent the bank’s holdings of a stated number of shares of a foreign corporation. Generally, an ADR entitles the holder to all payments of interest, dividends, and capital gains earned by the underlying foreign shares. ADRs are generally denominated in US dollars and are bought and sold on a US stock exchange in the same manner as US securities. <p class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_98B_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000084942Member_z5X40A2N4Az7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Fund’s 80% policy is non-fundamental and may be changed without shareholder approval. However, Fund shareholders would be given at least 60 days’ notice prior to any such change. Under normal circumstances, the Nomura Focused Large Growth ETF (the “Fund”) will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of large capitalization, growth-oriented companies (80% policy). The Fund’s 80% policy is non-fundamental and may be changed without shareholder approval. However, Fund shareholders would be given at least 60 days’ notice prior to any such change. Investing in any exchange-traded fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund’s portfolio. An investment in the Fund may not be appropriate for all investors. Unlike many ETFs, the Fund is actively managed and does not seek to replicate the performance of a specified index. The Fund’s principal risks include: Investing in any exchange-traded fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund’s portfolio. An investment in the Fund may not be appropriate for all investors. Market risk — The risk that all or a majority of the securities in a certain market - such as the stock or bond market - will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling. <p id="xdx_A82_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000084942Member__oef--RiskAxis__custom--GrowthStockRiskMember_zP7QfjBeGyNe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Growth stock risk — Growth stocks reflect projections of future earnings and revenue. These prices may rise or fall dramatically depending on whether those projections are met. These companies’ stock prices may be more volatile, particularly over the short term. <p id="xdx_A8E_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000084942Member__oef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zyI7RLqqLy8e" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Large-capitalization company risk — Large-capitalization companies tend to be less volatile than companies with smaller market capitalizations. This potentially lower risk means that the Fund’s share price may not rise as much as the share prices of funds that focus on smaller-capitalization companies. <p id="xdx_A8D_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000084942Member__oef--RiskAxis__custom--LimitedNumberofSecuritiesRiskMember_zzo3efLkZCN5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Limited number of securities risk — The possibility that a single security’s increase or decrease in value may have a greater impact on a fund’s value and total return because the fund may hold larger positions in fewer securities than other funds. In addition, a fund that holds a limited number of securities may be more volatile than those funds that hold a greater number of securities. <p id="xdx_A8E_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000084942Member__oef--RiskAxis__custom--NonDiversificationRiskMember_zm81y0jjvFtg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Non-diversification risk — A non-diversified fund has the flexibility to invest as much as 50% of its assets in as few as two issuers with no single issuer accounting for more than 25% of the fund. The remaining 50% of its assets must be diversified so that no more than 5% of its assets are invested in the securities of a single issuer. Because a non-diversified fund may invest its assets in fewer issuers, the value of its shares may increase or decrease more rapidly than if it were fully diversified. <p id="xdx_A88_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000084942Member__oef--RiskAxis__custom--ActiveManagementandSelectionRiskMember_zBtbIRnVKgsh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index. Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them. <p id="xdx_A85_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000084942Member__oef--RiskAxis__custom--InformationTechnologySectorRiskMember_z4UOvX1cYFH1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Information technology sector risk — Investment risks associated with the Fund’s investments in the information technology sector, in addition to other risks, include the intense competition to which information technology companies may be subject; the dramatic and often unpredictable changes in growth rates and competition for qualified personnel among information technology companies; effects on profitability from being heavily dependent on patent and intellectual property rights and the loss or impairment of those rights; obsolescence of existing technology; general economic conditions; and government regulation. To the extent the Fund focuses its investments in the information technology sector, the Fund will be more susceptible to the risks, events and other factors affecting companies in this sector. <p id="xdx_A82_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000084942Member__oef--RiskAxis__custom--IndustryAndSectorRiskMember_z7P9kJ6kkmPb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Industry and sector risk — The risk that the value of securities in a particular industry or sector (such as the infrastructure industry) will decline because of changing expectations for the performance of that industry or sector. <p id="xdx_A88_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000084942Member__oef--RiskAxis__custom--GovernmentAndRegulatoryRiskMember_zyPe3gn6speg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Government and regulatory risk — The risk that governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect fund performance. <p id="xdx_A88_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000084942Member__oef--RiskAxis__custom--ForeignAndEmergingMarketsRiskMember_zDuzpxCIN6Xk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Foreign and emerging markets risk — The risk that investments in foreign securities (particularly those of issuers in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; the imposition of economic or trade sanctions; or inadequate or different regulatory and accounting standards. Securities of issuers in emerging markets may be subject to greater risks than securities of issuers in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments. In addition, there often is substantially less publicly available information about issuers and such information tends to be of a lesser quality. Economic markets and structures tend to be less mature and diverse and the securities markets may also be smaller, less liquid, and subject to greater price volatility. In addition, where all or a portion of the Fund’s underlying securities trade in a market that is closed when the market in which the Fund’s shares are listed and trading is open, there may be differences between the last quote from the security’s closed foreign market and the value of the security during the Fund’s domestic trading day. This in turn could lead to differences between the market price of the Fund’s shares and the underlying value of those shares. ETF risk — The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: “Authorized participants, market makers and liquidity providers concentration risk,” “Secondary market trading risk” and “Shares may trade at prices other than NAV risk.” <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.15in">•</td><td style="font-family: Arial, Helvetica, Sans-Serif">Authorized participants, market makers and liquidity providers concentration risk — Only authorized participants (“APs”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace, and they have no obligation to submit creation or redemption orders. To the extent either of the following events occur, the Fund’s shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Fund’s shares trading at a premium or discount to NAV. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.15in">•</td><td style="font-family: Arial, Helvetica, Sans-Serif">Secondary market trading risk — Although the Fund’s shares are listed on a national securities exchange, NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in the Fund’s shares on the Exchange may be halted. An exchange or market may also issue trading halts on specific securities or financial instruments. As a result, the ability to trade certain securities or financial instruments may be restricted, which may disrupt the Fund’s creation/redemption process or affect the price at which shares trade in the secondary market.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.15in">•</td><td style="font-family: Arial, Helvetica, Sans-Serif">Shares may trade at prices other than NAV risk — As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings, while the trading price of the shares fluctuates continuously throughout trading hours on the Exchange, based on both the relative market supply of, and demand for, the shares and the underlying value of the Fund’s holdings. As a result, although it is expected that the market price of the Fund’s shares will approximate the Fund’s NAV, there may be times when the market price of the Fund’s shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</td></tr></table> How has Nomura Focused Large Growth ETF performed? 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. 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. Calendar year-by-year total return <img alt="" src="netft4653881-pro1x17x1.jpg" style="height: 183px; width: 60px"/> <div></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dU_zMU4TzmL1iNk" style="display: none; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border: Black 0.5pt solid; font: 11pt Aptos Narrow; text-align: center; width: 31%">Year</td> <td style="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 11pt Aptos Narrow; text-align: center; border-left-color: Black; border-left-width: 0.5pt; width: 69%">Percentage</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; font: 11pt Aptos Narrow; border-top-color: Black; border-top-width: 0.5pt; text-align: right">2025</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20250101__20251231__dei--LegalEntityAxis__custom--S000084942Member__oef--ClassAxis__custom--C000249711Member_zVOhqXsm2sK5" style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 11pt Aptos Narrow; text-align: right; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">7.69%</td></tr> </table> 0.0769 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. highest quarterly return 0.0964 2025-06-30 lowest quarterly return -0.0502 2025-03-31 The performance information shown above is based on a calendar year. The Fund’s performance from January 1, 2026 to June 30, 2026 was -7.03%. -0.0703 Average annual total returns for periods ended December 31, 2025 <div id="xdx_A88_eoef--PerformanceTableTextBlock_zOjuL4T6pgB8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_z4LfLRVA0fuj" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; width: 75%"> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; width: 13%">1 year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif; width: 12%">Lifetime</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: Gainsboro"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif">Returns before taxes (lifetime: 5/14/24-12/31/25)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif">7.69%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif">11.04%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif">Returns after taxes on distributions (lifetime: 5/14/24-12/31/25)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif">7.62%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif">10.98%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: Gainsboro"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif">Returns after taxes on distributions and sale of Fund shares (lifetime: 5/14/24-12/31/25)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif">4.55%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif">8.46%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif">Russell 1000® Growth Index (lifetime: 5/14/24-12/31/25)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif">18.56%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif">23.51%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: Gainsboro"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif">Russell 1000® Index (lifetime: 5/14/24-12/31/25)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif">17.37%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif">18.91%</td></tr> </table> 2024-05-14 0.0769 0.1104 2024-05-14 0.0762 0.1098 2024-05-14 0.0455 0.0846 2024-05-14 0.1856 0.2351 2024-05-14 0.1737 0.1891 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. 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. NOMURA FOCUSED SMID CAP CORE ETF What is the Fund’s investment objective? Nomura Focused SMID Cap Core ETF seeks to provide capital appreciation. What are the Fund’s fees and expenses? The following table describes the fees and expenses that you will incur if you buy, hold, and sell shares of the Fund. You may also incur other fees, such as usual and customary brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zQXV5DpT8a64"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zrOayQnYlS8c" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt">Management fees</td> <td id="xdx_985_eoef--ManagementFeesOverAssets_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000090014Member__oef--ClassAxis__custom--C000256890Member_zLqmTgjrW2vj" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt; text-align: right">0.69%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt">Distribution and service (12b-1) fees</td> <td id="xdx_986_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260729__20260729__dei--LegalEntityAxis__custom--S000090014Member__oef--ClassAxis__custom--C000256890Member_z0In5Czgr1S9" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt; text-align: right">None</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt">Other expenses1</td> <td id="xdx_981_eoef--OtherExpensesOverAssets_dpn_c20260729__20260729__dei--LegalEntityAxis__custom--S000090014Member__oef--ClassAxis__custom--C000256890Member_fMQ_____zjIHxMZr80Ci" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt; text-align: right">None</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt">Total annual Fund operating expenses</td> <td id="xdx_984_eoef--ExpensesOverAssets_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000090014Member__oef--ClassAxis__custom--C000256890Member_zuI2qe0UQQrd" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt; text-align: right">0.69%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; width: 0.25in">1</td> <td id="xdx_F18_z9DWZlZ59Zme" style="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt">Other expenses are based on estimated amounts for the current fiscal year. </td> <td style="padding-top: 3pt; width: 0.5in"> </td></tr> </table> 0.0069 0 0 0.0069 Other expenses are based on estimated amounts for the current fiscal year. Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zjazdXoZTyJ1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zoHz2VIScl1f" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 100%; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td id="xdx_487_eoef--ExpenseExampleYear01_zeFRpLEDILJ8" style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; width: 50%; text-align: center; padding-bottom: 2pt">1 Year</td> <td id="xdx_485_eoef--ExpenseExampleYear03_zSBiZ47RKG24" style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; width: 50%; text-align: center; padding-bottom: 2pt">3 Years</td></tr> <tr id="xdx_41E_20260729__20260729__dei--LegalEntityAxis__custom--S000090014Member__oef--ClassAxis__custom--C000256890Member_zPFZbpeGnoig" style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 2pt">$70</td> <td style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 2pt">$221</td></tr> </table> 70 221 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and portfolio turnover data therefore is not available. What are the Fund’s principal investment strategies? Under normal circumstances, at least 80% of the Fund’s net assets will be invested, at the time of purchase, in common stocks of small-and mid-capitalization companies. For purposes of the Fund’s 80% policy, small-capitalization companies are companies with market capitalizations similar to those of issuers included in the Russell 2500TM Index at the time of purchase, and mid-capitalization companies are those within the market capitalization range of the Russell Midcap® Index at the time of purchase. Delaware Management Company, the Fund’s investment adviser (“Manager”) researches individual companies and analyzes economic and market conditions, seeking to identify the securities or market sectors that it believes are the best investments for the Fund. The Manager uses a bottom up (stock-by-stock) security selection process that utilizes quantitative screens, fundamental research, and risk control to evaluate stocks based on both growth and value characteristics. The goal of the process is to identify stocks of small to mid-sized companies that in the Manager’s view offer above-average opportunities for long-term price appreciation based on: (1) attractive valuations, (2) growth prospects, and (3) strong cash flow. The Manager typically uses a quantitative screen that ranks the attractiveness of an investment based on a combination of valuation measures, earnings expectations, cash flow, and balance-sheet quality. In further evaluating the attractiveness of an investment, the Manager considers factors such as business conditions in the company’s industry and its competitive position in that industry. The Manager conducts fundamental research on investments, which often includes reviewing US Securities and Exchange Commission (SEC) filings, examining financial statements, and meeting with top-level company executives. When constructing the portfolio, the Manager applies controls to ensure the portfolio has risk characteristics that it deems acceptable. These characteristics include, but are not limited to, size, valuation, growth, yield, and earnings consistency. This risk profile is then compared to the benchmark index to ensure the portfolio does not have any unintended risk exposure. The Fund may focus its investments in one or more sectors. Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses in buying securities. Securities could be sold for the following reasons: target price achieved, market capitalization exceeds the high-end of the Russell Midcap Index, negative changes in the company’s fundamental outlook, better opportunities identified, or the need to raise cash. <p class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_984_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000090014Member_z5JdZkGj7Zb8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Fund’s 80% policy is non-fundamental and may be changed without shareholder approval. However, Fund shareholders would be given at least 60 days’ notice prior to any such change. Under normal circumstances, at least 80% of the Fund’s net assets will be invested, at the time of purchase, in common stocks of small-and mid-capitalization companies. The Fund’s 80% policy is non-fundamental and may be changed without shareholder approval. However, Fund shareholders would be given at least 60 days’ notice prior to any such change. Investing in any exchange-traded fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund’s portfolio. An investment in the Fund may not be appropriate for all investors. Unlike many ETFs, the Fund is actively managed and does not seek to replicate the performance of a specified index. The Fund’s principal risks include: Investing in any exchange-traded fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund’s portfolio. An investment in the Fund may not be appropriate for all investors. Market risk — The risk that all or a majority of the securities in a certain market - such as the stock or bond market - will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling. <p id="xdx_A8D_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090014Member__oef--RiskAxis__custom--ActiveManagementAndSelectionRiskMember_zfLPfn5W64Eg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index. Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them. <p id="xdx_A8A_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090014Member__oef--RiskAxis__custom--CompanySizeRiskMember_zTjgIgMwBHod" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Company size risk — The risk that investments in small- and/or medium-sized companies may be more volatile than those of larger companies because of limited financial resources or dependence on narrow product lines. <p id="xdx_A87_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090014Member__oef--RiskAxis__custom--InformationTechnologySectorRiskMember_zavJJ4DvUZTi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Information technology sector risk — The risk that investment risks associated with investing in the information technology sector, in addition to other risks, include the intense competition to which information technology companies may be subject; the dramatic and often unpredictable changes in growth rates and competition for qualified personnel among information technology companies; effects on profitability from being heavily dependent on patent and intellectual property rights and the loss or impairment of those rights; obsolescence of existing technology; general economic conditions; and government regulation. <p id="xdx_A8A_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090014Member__oef--RiskAxis__custom--HealthcareSectorRiskMember_znxUQJdKIZb7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Healthcare sector risk — The risk that the value of a fund’s shares will be affected by factors particular to the healthcare and related sectors (such as government regulation) and may fluctuate more widely than that of a fund that invests in a broad range of sectors. <p id="xdx_A8B_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090014Member__oef--RiskAxis__custom--FinancialsSectorRiskMember_zM4UiZFhigO7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Financials sector Risk — This sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt, the availability and cost of capital, and fallout from the housing and sub-prime mortgage crisis. Insurance companies, in particular, may be significantly affected by changes in interest rates, catastrophic events, price and market competition, the imposition of premium rate caps, or other changes in government regulation or tax law and/or rate regulation, which may have an adverse impact on their profitability. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. In recent years, cyber attacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses. <p id="xdx_A81_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090014Member__oef--RiskAxis__custom--IndustrialsSectorRiskMember_zOdLn3kuiSP8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Industrials sector risk — The risk that the value of a fund’s shares will be affected by factors particular to the industrials and related sectors (such as government regulation) and may fluctuate more widely than that of a fund that invests in a broad range of sectors. <p id="xdx_A8A_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090014Member__oef--RiskAxis__custom--IndustryAndSectorRiskMember_zne0Cfkzwke7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Industry and sector risk — The risk that the value of securities in a particular industry or sector will decline because of changing expectations for the performance of that industry or sector. <p id="xdx_A86_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090014Member__oef--RiskAxis__custom--GovernmentAndRegulatoryRiskMember_zvvWUHbqXCH1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Government and regulatory risk — The risk that governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect fund performance. ETF risk — The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: “Authorized participants, market makers and liquidity providers concentration risk,” “Secondary market trading risk” and “Shares may trade at prices other than NAV risk.” <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 12pt">•</td><td style="font-family: Arial, Helvetica, Sans-Serif">Authorized participants, market makers and liquidity providers concentration risk — Only authorized participants (“APs”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace, and they have no obligation to submit creation or redemption orders. To the extent either of the following events occur, the Fund’s shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Fund’s shares trading at a premium or discount to NAV. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 12pt">•</td><td style="font-family: Arial, Helvetica, Sans-Serif">Secondary market trading risk — Although the Fund’s shares are listed on a national securities exchange, NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in the Fund’s shares on the Exchange may be halted. An exchange or market may also issue trading halts on specific securities or financial instruments. As a result, the ability to trade certain securities or financial instruments may be restricted, which may disrupt the Fund’s creation/redemption process or affect the price at which shares trade in the secondary market.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 12.25pt">•</td><td style="font-family: Arial, Helvetica, Sans-Serif">Shares may trade at prices other than NAV risk — As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings, while the trading price of the shares fluctuates continuously throughout trading hours on the Exchange, based on both the relative market supply of, and demand for, the shares and the underlying value of the Fund’s holdings. As a result, although it is expected that the market price of the Fund’s shares will approximate the Fund’s NAV, there may be times when the market price of the Fund’s shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</td></tr></table> <p id="xdx_A88_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090014Member__oef--RiskAxis__custom--NewFundRiskMember_z1gpbfhlM66c" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">New fund risk — The Fund is a newly organized, diversified management investment company with no operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Trustees of the Trust (the “Board”) may determine to liquidate the Fund. How has Nomura Focused SMID Cap Core ETF performed? 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 Fund is new, it has no performance history. 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 NOMURA FOCUSED INTERNATIONAL CORE ETF What is the Fund’s investment objective? Nomura Focused International Core ETF seeks to provide capital growth and appreciation. What are the Fund’s fees and expenses? The following table describes the fees and expenses that you will incur if you buy, hold, and sell shares of the Fund. You may also incur other fees, such as usual and customary brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zCk3KgYhG6oa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zK7cA7LROBe7" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; width: 85%; padding-top: 2pt">Management fees</td> <td id="xdx_98B_eoef--ManagementFeesOverAssets_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000090013Member__oef--ClassAxis__custom--C000256889Member_zDExGW4lVSX4" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; width: 15%; padding-top: 2pt; text-align: right">0.59%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt">Distribution and service (12b-1) fees</td> <td id="xdx_98C_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260729__20260729__dei--LegalEntityAxis__custom--S000090013Member__oef--ClassAxis__custom--C000256889Member_zy5f2jUyVAZ7" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt; text-align: right">None</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt">Other expenses</td> <td id="xdx_985_eoef--OtherExpensesOverAssets_dpn_c20260729__20260729__dei--LegalEntityAxis__custom--S000090013Member__oef--ClassAxis__custom--C000256889Member_zmNRojsbZC4k" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt; text-align: right">None</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt">Total annual Fund operating expenses</td> <td id="xdx_981_eoef--ExpensesOverAssets_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000090013Member__oef--ClassAxis__custom--C000256889Member_zyzRLam6icH4" style="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right">0.59%</td></tr> </table> 0.0059 0 0 0.0059 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zyvJXtKWuX8e"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_z0ctDrN23yId" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td id="xdx_481_eoef--ExpenseExampleYear01_zmVjA3aCsare" style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; width: 22%; text-align: center; padding-bottom: 2pt">1 Year</td> <td id="xdx_48B_eoef--ExpenseExampleYear03_z18QgcdC1Ub8" style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; width: 28%; text-align: center; padding-bottom: 2pt">3 Years</td> <td id="xdx_481_eoef--ExpenseExampleYear05_zj4vi4rZELPl" style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 25%; text-align: center; padding-bottom: 2pt">5 Years</td> <td id="xdx_489_eoef--ExpenseExampleYear10_zdLgoeBxtMSd" style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 25%; text-align: center; padding-bottom: 2pt">10 Years</td></tr> <tr id="xdx_41A_20260729__20260729__dei--LegalEntityAxis__custom--S000090013Member__oef--ClassAxis__custom--C000256889Member_zNPA3vELIHAj" style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 2pt">$60</td> <td style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 2pt">$189</td> <td style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 2pt">$329</td> <td style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 2pt">$738</td></tr> </table> 60 189 329 738 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s performance. For the fiscal period from June 17, 2025 (commencement of Fund operations) through March 31, 2026, the Fund’s portfolio turnover rate was 133% of the average value of its portfolio. 1.33 What are the Fund’s principal investment strategies? Under normal circumstances, the Nomura Focused International Core ETF will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity companies. The Fund is non-diversified, meaning that it may invest a significant portion of its assets in a limited number of issuers. Under normal circumstances, the Nomura Focused International Core ETF will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity companies. The Fund will invest primarily in common stocks of non-U.S. companies located or operating in both developed markets and emerging markets. The Fund’s investment in emerging market companies will not exceed the greater of (a) 35% of the Fund’s net assets or (b) the weight of emerging markets in the Fund’s benchmark index, the MSCI ACWI ex USA Index. The Fund may invest in selective U.S. domiciled companies with significant exposure to international markets. The Fund also may invest in depositary receipts of foreign issuers. The Fund considers developed and emerging markets countries to be those countries defined as such by the MSCI Market Classification Framework. Delaware Management Company, the Fund’s investment adviser (“Manager”) begins its investment process through bottom-up fundamental analysis with a global perspective which is built by assessing developments in the global landscape, business and product cycles, relative valuations and an awareness of politics around the world. The investment process seeks opportunities across the global spectrum that revolves around identifying companies within three investment categories: (i) quality cyclicals (meaning cyclical companies (i.e., companies whose performance is closely tied to the specific industry or the overall economic cycle) that are market leaders at attractive points in the cycle with compelling valuations); (ii) growth compounders (meaning companies with durable business models at reasonable valuation points and that have long runways for growth, persistent revenue and earnings trajectories); and (iii) unrecognized opportunities (meaning companies whose valuations may be misaligned relative to accelerating or improving rates of change in underlying fundamental factors). The Manager follows a bottom-up approach to its stock selection and evaluates individual companies based on various factors, including: free cash flow, sales growth, financial leverage, and return on invested capital along with various valuation metrics. The Manager uses various data and screening services as part of its stock-selection process, primarily to assess return on invested capital and relative valuation. Although the Fund primarily invests in securities issued by large-capitalization companies, it may invest in securities issued by companies of any size. The Fund may invest up to 100% of its total assets in non-U.S. securities. In an effort to manage foreign currency exposure, the Fund may use forward contracts to either increase or decrease exposure to a given currency. The Fund may from time to time invest a significant portion of its assets in the securities of companies in one or more countries, geographic regions or economic sectors. There are no prescribed limits on the sector allocation of the Fund’s investments, however, and from time to time, the Fund may focus its investments in one or more sectors. Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses in buying securities of that type. For example, the Manager may sell a security if it believes the security no longer offers significant return potential, if there exists political or economic instability in the issuer’s country, if it believes the security is showing signs of deteriorating fundamentals, if there is weak cash flow to support shareholder returns, and/or if there is a change in the Manager’s macroeconomic perspective. The Manager also may sell a security to reduce the Fund’s holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash. <p class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_986_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000090013Member_zTJUXlOnaDy8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Fund’s 80% policy is non-fundamental and may be changed without shareholder approval. However, Fund shareholders would be given at least 60 days’ notice prior to any such change. Under normal circumstances, the Nomura Focused International Core ETF will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity companies. The Fund’s 80% policy is non-fundamental and may be changed without shareholder approval. However, Fund shareholders would be given at least 60 days’ notice prior to any such change. Investing in any exchange-traded fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund’s portfolio. An investment in the Fund may not be appropriate for all investors. Unlike many ETFs, the Fund is actively managed and does not seek to replicate the performance of a specified index. The Fund’s principal risks include: Investing in any exchange-traded fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund’s portfolio. An investment in the Fund may not be appropriate for all investors. Market risk — The risk that all or a majority of the securities in a certain market - such as the stock or bond market - will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling. <p id="xdx_A89_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090013Member__oef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zYc5nVjpMuZf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Large-capitalization company risk — Large-capitalization companies tend to be less volatile than companies with smaller market capitalizations. This potentially lower risk means that the Fund’s share price may not rise as much as the share prices of funds that focus on smaller-capitalization companies. <p id="xdx_A81_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090013Member__oef--RiskAxis__custom--ActiveManagementAndSelectionRiskMember_zfSnhtaN2ewj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index. <p id="xdx_A82_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090013Member__oef--RiskAxis__custom--ForeignAndEmergingMarketsRiskMember_zU8INJjS47Nl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Foreign and emerging markets risk — The risk that investments in foreign securities (particularly those of issuers in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; the imposition of economic or trade sanctions; or inadequate or different regulatory and accounting standards. Securities of issuers in emerging markets may be subject to greater risks than securities of issuers in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments. In addition, there often is substantially less publicly available information about issuers and such information tends to be of a lesser quality. Economic markets and structures tend to be less mature and diverse and the securities markets may also be smaller, less liquid, and subject to greater price volatility. In addition, where all or a portion of the Fund’s underlying securities trade in a market that is closed when the market in which the Fund’s shares are listed and trading is open, there may be differences between the last quote from the security’s closed foreign market and the value of the security during the Fund’s domestic trading day. This in turn could lead to differences between the market price of the Fund’s shares and the underlying value of those shares. Currency risk — The risk that fluctuations in exchange rates between the US dollar and foreign currencies and between various foreign currencies may cause the value of an investment to decline. <p id="xdx_A89_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090013Member__oef--RiskAxis__custom--GeographicFocusRiskMember_zZ9WnjIXyHca" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Geographic focus risk — The risk that local political and economic conditions could adversely affect the performance of a fund investing a substantial amount of assets in securities of issuers located in a single country or a limited number of countries. <p id="xdx_A8B_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090013Member__oef--RiskAxis__custom--DepositaryReceiptsRiskMember_zSUqu8ImF1D7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Depositary receipts risk — Depositary receipts, such as ADRs, GDRs and EDRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory and tax environments. <p id="xdx_A8B_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090013Member__oef--RiskAxis__custom--ValueStockRiskMember_ziSN5U1s7tNk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Value stock risk — The risk that the value of a security believed by the Manager to be undervalued may never reach what is believed to be its full value; such security’s value may decrease or such security may be appropriately priced. Value stocks are stocks of companies that may have experienced adverse business or industry developments or may be subject to special risks that have caused the stocks to be out of favor and, in the opinion of the Manager, undervalued. <p id="xdx_A8B_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090013Member__oef--RiskAxis__custom--GrowthStockRiskMember_ztdGz367vATc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Growth stock risk — Growth stocks reflect projections of future earnings and revenue. These prices may rise or fall dramatically depending on whether those projections are met. These companies’ stock prices may be more volatile, particularly over the short term. <p id="xdx_A80_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090013Member__oef--RiskAxis__custom--ForeignCurrencyExchangeTransactionsAndForwardForeignCurrencyContractsRiskMember_zn7TDElUsHHk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Foreign currency exchange transactions and forward foreign currency contracts risk — The risk that a fund’s use of foreign currency exchange transactions and forward foreign currency contracts to hedge certain market risks (such as interest rates, currency exchange rates and broad or specific market movement) may increase the possibility of default by the counterparty to the transaction and, to the extent the Manager’s judgment as to certain market movements is incorrect, the risk of losses that are greater than if the investment technique had not been used. Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them. <p id="xdx_A8E_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090013Member__oef--RiskAxis__custom--DerivativesRiskMember_zretCH27K2d8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Derivatives risk — Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the Manager anticipated. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a fund may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization). <p id="xdx_A8F_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090013Member__oef--RiskAxis__custom--ConsumerSectorsRiskMember_zEBx1oETShoh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Consumer sectors Risk — The success of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies, interest rates, exchange rates, competition, consumer confidence, changes in demographics and consumer preferences. Companies in the consumer staples sector, such as companies that produce or sell food, beverage, and drug retail or other household items, may be adversely impacted by changes in global and economic conditions, rising energy prices, and changes in the supply or price of commodities. Companies in the consumer discretionary sector, such as automobile, textile, retail, and media companies, depend heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability. <p id="xdx_A87_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090013Member__oef--RiskAxis__custom--FinancialsSectorRiskMember_zfIPF7DVoI99" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Financials sector risk — This sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt, the availability and cost of capital, and fallout from the housing and sub-prime mortgage crisis. Insurance companies, in particular, may be significantly affected by changes in interest rates, catastrophic events, price and market competition, the imposition of premium rate caps, or other changes in government regulation or tax law and/or rate regulation, which may have an adverse impact on their profitability. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. In recent years, cyber attacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses. <p id="xdx_A86_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090013Member__oef--RiskAxis__custom--IndustrialsSectorRiskMember_zljB6gDohEz5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Industrials sector risk — The risk that the value of a fund’s shares will be affected by factors particular to the industrials and related sectors (such as government regulation) and may fluctuate more widely than that of a fund that invests in a broad range of sectors. <p id="xdx_A89_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090013Member__oef--RiskAxis__custom--IndustryAndSectorRiskMember_z8VZbRs8Vi95" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Industry and sector risk — The risk that the value of securities in a particular industry or sector will decline because of changing expectations for the performance of that industry or sector. <p id="xdx_A88_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090013Member__oef--RiskAxis__custom--GovernmentAndRegulatoryRiskMember_z7pDY0Tzfleg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Government and regulatory risk — The risk that governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect fund performance. ETF risk — The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: “Authorized participants, market makers and liquidity providers concentration risk,” “Secondary market trading risk” and “Shares may trade at prices other than NAV risk.” <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 12pt">•</td><td style="font-family: Arial, Helvetica, Sans-Serif">Authorized participants, market makers and liquidity providers concentration risk — Only authorized participants (“APs”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace, and they have no obligation to submit creation or redemption orders. To the extent either of the following events occur, the Fund’s shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Fund’s shares trading at a premium or discount to NAV. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 12pt">•</td><td style="font-family: Arial, Helvetica, Sans-Serif">Secondary market trading risk — Although the Fund’s shares are listed on a national securities exchange, The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in the Fund’s shares on the Exchange may be halted. An exchange or market may also issue trading halts on specific securities or financial instruments. As a result, the ability to trade certain securities or financial instruments may be restricted, which may disrupt the Fund’s creation/redemption process or affect the price at which shares trade in the secondary market.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 12pt">•</td><td style="font-family: Arial, Helvetica, Sans-Serif">Shares may trade at prices other than NAV risk — As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings, while the trading price of the shares fluctuates continuously throughout trading hours on the Exchange, based on both the relative market supply of, and demand for, the shares and the underlying value of the Fund’s holdings. As a result, although it is expected that the market price of the Fund’s shares will approximate the Fund’s NAV, there may be times when the market price of the Fund’s shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</td></tr></table> <p id="xdx_A8B_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090013Member__oef--RiskAxis__custom--NonDiversificationRiskMember_z0UMyVdL83af" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Non-diversification risk — A non-diversified fund has the flexibility to invest as much as 50% of its assets in as few as two issuers with no single issuer accounting for more than 25% of the fund. The remaining 50% of its assets must be diversified so that no more than 5% of its assets are invested in the securities of a single issuer. Because a non-diversified fund may invest its assets in fewer issuers, the value of its shares may increase or decrease more rapidly than if it were fully diversified. New fund risk — The Fund is a newly organized, non-diversified management investment company with limited operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Trustees of the Trust (the “Board”) may determine to liquidate the Fund. How has Nomura Focused International Core ETF performed? 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 Fund does not have performance history for a full calendar year. the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future 844-469-9911 global.nomuraassetmanagement.com/investments/etf NOMURA FOCUSED EMERGING MARKETS EQUITY ETF What is the Fund’s investment objective? Nomura Focused Emerging Markets Equity ETF seeks to provide long-term capital appreciation. What are the Fund’s fees and expenses? The following table describes the fees and expenses that you will incur if you buy, hold, and sell shares of the Fund. You may also incur other fees, such as usual and customary brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_z4aF3rcQ5i25"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zZ2yL1dlOLo6" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; width: 75%; padding-top: 2pt">Management fees</td> <td id="xdx_985_eoef--ManagementFeesOverAssets_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000085746Member__oef--ClassAxis__custom--C000251129Member_zlWhSA2cUQO1" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; width: 25%; padding-top: 2pt; text-align: right">0.85%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt">Distribution and service (12b-1) fees</td> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt; text-align: right">None</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt">Other expenses</td> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt; text-align: right">None</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt">Total annual Fund operating expenses</td> <td id="xdx_983_eoef--ExpensesOverAssets_dpn_c20260729__20260729__dei--LegalEntityAxis__custom--S000085746Member__oef--ClassAxis__custom--C000251129Member_zsY4TxhpLvOc" style="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right">0.85%</td></tr> </table> 0.0085 0 0 0.0085 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_zhwhJID9J38k"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zbxuwPgH9EDl" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td id="xdx_48C_eoef--ExpenseExampleYear01_z194pCiw4DU2" style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; width: 24%; text-align: center; padding-bottom: 2pt">1 Year</td> <td id="xdx_48B_eoef--ExpenseExampleYear03_zPv6dYshaaKf" style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; width: 28%; text-align: center; padding-bottom: 2pt">3 Years</td> <td id="xdx_483_eoef--ExpenseExampleYear05_zFwUV4ztxZHh" style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 25%; text-align: center; padding-bottom: 2pt">5 Years</td> <td id="xdx_48C_eoef--ExpenseExampleYear10_z4O2FX0nJlPf" style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 23%; text-align: center; padding-bottom: 2pt">10 Years</td></tr> <tr id="xdx_415_20260729__20260729__dei--LegalEntityAxis__custom--S000085746Member__oef--ClassAxis__custom--C000251129Member_zE6EgdtQy5D5" style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 2pt">$87</td> <td style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 2pt">$271</td> <td style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center; padding-bottom: 2pt">$471</td> <td style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center; padding-bottom: 2pt">$1,049</td></tr> </table> 87 271 471 1049 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s performance. For the fiscal year ended March 31, 2026, the Fund’s portfolio turnover rate was 36% of the average value of its portfolio. 0.36 What are the Fund’s principal investment strategies? Under normal circumstances, the Nomura Focused Emerging Markets Equity ETF will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of emerging markets issuers (80% policy). The Fund is non-diversified, meaning that it may invest a significant portion of its assets in a limited number of issuers.Under normal circumstances, the Nomura Focused Emerging Markets Equity ETF will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of emerging markets issuers (80% policy). The Fund invests primarily in a broad range of equity securities of companies located in emerging market countries and may invest in companies of any size. Equity or equity-related securities represent an ownership interest, or the right to acquire an ownership interest, in a company. For purposes of the 80% policy, the Fund defines emerging market countries to include those currently considered to be developing by the World Bank, the United Nations, or the countries’ governments. These countries are typically located in the Asia-Pacific region, Eastern Europe, the Middle East, Central America, South America and Africa. The Fund will primarily invest in countries included in the MSCI Emerging Markets Index. The Fund may invest significantly in the Asia-Pacific region, which consists of Hong Kong, the People’s Republic of China, Republic of Korea, Taiwan, and India, among other countries. Although the Fund invests primarily in companies from countries considered to be emerging markets, the Fund may also invest in companies that are not in emerging countries: (1) if the Fund’s investment manager, Delaware Management Company (“Manager”) believes that the performance of a company or its industry will be influenced by opportunities in the emerging markets; (2) to maintain exposure to industry segments where the Manager believes there are not satisfactory investment opportunities in emerging countries; and (3) if the Manager believes there is the potential for significant benefit to the Fund. The Manager’s investment process revolves around identifying durable companies trading at discounts to their intrinsic value through a bottom-up, fundamental analysis of individual companies. The Manager views durability of a company through two lenses: (1) competition, which includes understanding what drives a company’s competitiveness, the quality and uniqueness of its key assets, and how the company compares to its industry peers globally; and (2) evolution, which looks at how the company is positioned and what factors may change in the future that could present opportunities and risks for the company. Combining these two approaches, the Manager seeks to identify companies that it believes are competitively well-placed to capture long-term growth opportunities, while demonstrating resilience during challenging economic and market cycles. The Manager’s assessment of individual companies may result in the Fund investing over 25% of its total assets in the securities of issuers located in the same country or sector (typically, the information technology and/or the financials sector). The Manager assesses the intrinsic value of a company through a variety of valuation methods which may include discounted cash flow, replacement cost (the estimate of present day cost of replaying a company’s asset with similar ones at the existing market price), private market transaction (the value at which someone would pay in an arms-length transaction to purchase a business), and multiples analysis, which is the comparison of financial ratios of market value to various operating metrics in comparison to other publicly traded companies. The Manager also performs scenario analysis, where it estimates changes in the value of a company based on various changing scenarios, to assess a company’s upside and downside potential. From time to time, the Fund may invest a significant amount of its assets in a particular country, such as the People’s Republic of China (“China”). The Fund may invest in A Shares of companies incorporated in China (“China A Shares”) that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange through the Shanghai - Hong Kong and Shenzhen - Hong Kong Stock Connect programs (“Stock Connect”). Stock Connect is a mutual stock market access program designed to, among other things, enable foreign investments in China. <p class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_987_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000085746Member_zId1R2fCjGo7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Fund’s 80% policy is non-fundamental and may be changed without shareholder approval. However, Fund shareholders would be given at least 60 days’ notice prior to any such change. Under normal circumstances, the Nomura Focused Emerging Markets Equity ETF will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of emerging markets issuers (80% policy). The Fund’s 80% policy is non-fundamental and may be changed without shareholder approval. However, Fund shareholders would be given at least 60 days’ notice prior to any such change. Investing in any exchange-traded fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund’s portfolio. An investment in the Fund may not be appropriate for all investors. Unlike many ETFs, the Fund is actively managed and does not seek to replicate the performance of a specified index. The Fund’s principal risks include: Investing in any exchange-traded fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund’s portfolio. An investment in the Fund may not be appropriate for all investors. Market risk — The risk that all or a majority of the securities in a certain market - such as the stock or bond market - will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling. <p id="xdx_A89_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000085746Member__oef--RiskAxis__custom--ActiveManagementAndSelectionRiskMember_zAxvtntQWjhd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index. <p id="xdx_A89_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000085746Member__oef--RiskAxis__custom--ForeignAndEmergingMarketsRiskMember_zyloZweG0Od6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Foreign and emerging markets risk — The risk that investments in foreign securities (particularly those of issuers in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; the imposition of economic or trade sanctions; or inadequate or different regulatory and accounting standards. Securities of issuers in emerging markets may be subject to greater risks than securities of issuers in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments. In addition, there often is substantially less publicly available information about issuers and such information tends to be of a lesser quality. Economic markets and structures tend to be less mature and diverse and the securities markets may also be smaller, less liquid, and subject to greater price volatility. In addition, where all or a portion of the Fund’s underlying securities trade in a market that is closed when the market in which the Fund’s shares are listed and trading is open, there may be differences between the last quote from the security’s closed foreign market and the value of the security during the Fund’s domestic trading day. This in turn could lead to differences between the market price of the Fund’s shares and the underlying value of those shares. <p id="xdx_A86_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000085746Member__oef--RiskAxis__custom--FocusedPortfolioRiskMember_zIaFceCF61nc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Focused portfolio risk — Increases in the value of certain investments made by the Fund may result in the Fund holding a substantial percentage of its assets in a limited number of securities, as is the case as of the date of this prospectus. As a result, the Fund may be exposed to greater risk and volatility than funds with a more diversified portfolio. A decline in the value of any significant holding could have a material adverse effect on the Fund’s net asset value and performance. This risk is further magnified if two or more of the Fund’s large holdings are closely correlated, as is the case as of the date of this prospectus. In such cases, a single negative event or market development could cause simultaneous declines in multiple holdings, leading to greater losses for the Fund and its shareholders. ETF risk — The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: “Authorized participants, market makers and liquidity providers concentration risk,” “Secondary market trading risk” and “Shares may trade at prices other than NAV risk.” <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in">·</td><td style="font-family: Arial, Helvetica, Sans-Serif">Authorized participants, market makers and liquidity providers concentration risk — Only authorized participants (“APs”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace, and they have no obligation to submit creation or redemption orders. To the extent either of the following events occur, the Fund’s shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Fund’s shares trading at a premium or discount to NAV. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in">·</td><td style="font-family: Arial, Helvetica, Sans-Serif">Secondary market trading risk — Although the Fund’s shares are listed on a national securities exchange, The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in the Fund’s shares on the Exchange may be halted. An exchange or market may also issue trading halts on specific securities or financial instruments. As a result, the ability to trade certain securities or financial instruments may be restricted, which may disrupt the Fund’s creation/redemption process or affect the price at which shares trade in the secondary market.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in">·</td><td style="font-family: Arial, Helvetica, Sans-Serif">Shares may trade at prices other than NAV risk — As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings, while the trading price of the shares fluctuates continuously throughout trading hours on the Exchange, based on both the relative market supply of, and demand for, the shares and the underlying value of the Fund’s holdings. As a result, although it is expected that the market price of the Fund’s shares will approximate the Fund’s NAV, there may be times when the market price of the Fund’s shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</td></tr></table> <p id="xdx_A80_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000085746Member__oef--RiskAxis__custom--CompanySizeRiskMember_z3UosdOL2Ri4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Company size risk — The risk that investments in small- and/or medium-sized companies may be more volatile than those of larger companies because of limited financial resources or dependence on narrow product lines. Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them. <p id="xdx_A87_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000085746Member__oef--RiskAxis__custom--IndustryAndSectorRiskMember_zCmwXRtzh6fg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Industry and sector risk — The risk that the value of securities in a particular industry or sector (such as the infrastructure industry) will decline because of changing expectations for the performance of that industry or sector. <p id="xdx_A8C_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000085746Member__oef--RiskAxis__custom--InformationTechnologySectorRiskMember_zS5aFj0yndDf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Information technology sector risk — The risk that the value of a fund’s shares will be affected by factors particular to the information technology and related sectors (such as government regulation) and may fluctuate more widely than that of a fund that invests in a broad range of sectors. <p id="xdx_A8D_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000085746Member__oef--RiskAxis__custom--FinancialsSectorRiskMember_zHgHO1bAQcDc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Financials sector risk — The risk that the value of a fund’s shares will be affected by factors particular to the financials and related sectors (such as government regulation) and may fluctuate more widely than that of a fund that invests in a broad range of sectors. <p id="xdx_A81_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000085746Member__oef--RiskAxis__custom--GovernmentAndRegulatoryRiskMember_zLI1014keLMl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Government and regulatory risk — The risk that governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect fund performance. <p id="xdx_A8C_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000085746Member__oef--RiskAxis__custom--GeographicFocusRiskMember_zfnY5wQk7Ima" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Geographic focus risk — The risk that local political and economic conditions could adversely affect the performance of a fund investing a substantial amount of assets in securities of issuers located in a single country or a limited number of countries. Adverse events in any one country within the Asia-Pacific region may impact the other countries in the region or Asia as a whole. As a result, adverse events in the region will generally have a greater effect on the Fund than if the Fund were more geographically diversified, which could result in greater volatility in the Fund’s net asset value and losses. Markets in the greater China region can experience significant volatility due to social, economic, regulatory, and political uncertainties. Chinese-based operating companies sometimes rely on variable interest entity (VIE) structures (typically offshore entities that enter into contractual arrangements with the China-based company) to raise capital from non-Chinese investors, even though such arrangements are not formally recognized under Chinese law. Under a VIE structure, the Fund will own shares of the offshore entity and typically have little or no ability to influence the China-based operating company through proxy voting or other means because it is not an owner or shareholder of the China-based operating company. There is no guarantee that the Chinese government or a Chinese regulator will not otherwise interfere with the operation of VIE structures, which could adversely affect the Chinese operating company’s performance, the enforceability of the offshore entity’s contractual arrangements with the Chinese operating company and the value of the offshore entity’s shares. <p id="xdx_A80_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000085746Member__oef--RiskAxis__custom--LimitedNumberofSecuritiesRiskMember_zTwQq5oVn7ie" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Limited number of securities risk — The possibility that a single security’s increase or decrease in value may have a greater impact on a fund’s value and total return because the fund may hold larger positions in fewer securities than other funds. In addition, a fund that holds a limited number of securities may be more volatile than those funds that hold a greater number of securities. <p id="xdx_A85_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000085746Member__oef--RiskAxis__custom--GrowthStockRiskMember_z1XMCLX38Bak" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Growth stock risk — Growth stocks reflect projections of future earnings and revenue. These prices may rise or fall dramatically depending on whether those projections are met. These companies’ stock prices may be more volatile, particularly over the short term. <p id="xdx_A89_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000085746Member__oef--RiskAxis__custom--NonDiversificationRiskMember_z4p2kuA4l45a" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Non-diversification risk — A non-diversified fund has the flexibility to invest as much as 50% of its assets in as few as two issuers with no single issuer accounting for more than 25% of the fund. The remaining 50% of its assets must be diversified so that no more than 5% of its assets are invested in the securities of a single issuer. Because a non-diversified fund may invest its assets in fewer issuers, the value of its shares may increase or decrease more rapidly than if it were fully diversified. <div style="display: none"></div> How has Nomura Focused Emerging Markets Equity ETF performed? 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. 844-469-9911 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. Calendar year-by-year total return <img alt="" src="netft4653881-pro1x33x1.jpg" style="height: 172px; width: 60px"/> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zoMVHvHrkT69" style="display: none; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom"> <td style="border: Black 0.5pt solid; font: 11pt Aptos Narrow; display: none; text-align: center; width: 35%">Year</td> <td style="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 11pt Aptos Narrow; display: none; text-align: center; border-left-color: Black; border-left-width: 0.5pt; width: 65%">Percentage</td></tr> <tr style="display: none; vertical-align: bottom"> <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; font: 11pt Aptos Narrow; display: none; border-top-color: Black; border-top-width: 0.5pt; text-align: right">2025</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20250101__20251231__dei--LegalEntityAxis__custom--S000085746Member__oef--ClassAxis__custom--C000251129Member_zgIzqJMr9RZh" style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 11pt Aptos Narrow; display: none; text-align: right; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">69.40%</td></tr> </table> <div style="display: none"></div> 0.6940 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. <div style="display: none"></div> highest quarterly return 0.2158 2025-06-30 lowest quarterly return 0.0401 2025-03-31 The performance information shown above is based on a calendar year. The Fund’s performance from January 1, 2026 to June 30, 2026 was 77.49%. 0.7749 Average annual total returns for periods ended December 31, 2025 <div id="xdx_A82_eoef--PerformanceTableTextBlock_zN9g3oaYUcK2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zB5IX2S6Zf11" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; width: 75%"> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; width: 13%; text-align: center">1 year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; width: 12%; text-align: center">Lifetime</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: Gainsboro"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif">Returns before taxes (lifetime: 9/4/24-12/31/25)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">69.40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">47.41%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif">Returns after taxes on distributions (lifetime: 9/4/24-12/31/25)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">67.49%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">45.87%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: Gainsboro"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif">Returns after taxes on distributions and sale of Fund shares (lifetime: 9/4/24-12/31/25)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">41.05%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">35.94%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif">MSCI Emerging Markets Index (Net) (lifetime: 9/4/24-12/31/25)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">33.57%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">24.94%</td></tr> </table> <div style="display: none"></div> 2024-09-04 0.6940 0.4741 2024-09-04 0.6749 0.4587 2024-09-04 0.4105 0.3594 2024-09-04 0.3357 0.2494 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. 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. NOMURA NATIONAL HIGH-YIELD MUNICIPAL BOND ETF What is the Fund’s investment objective? Nomura National High-Yield Municipal Bond ETF seeks to provide a high a level of current interest income, exempt from federal income tax, primarily through investment in medium- and lower-grade municipal obligations. What are the Fund’s fees and expenses? The following table describes the fees and expenses that you will incur if you buy, hold, and sell shares of the Fund. You may also incur other fees, such as usual and customary brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zPrVaYJw8LE"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zEDTmjXKvZFh" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; width: 85%; padding-top: 2pt">Management fees</td> <td id="xdx_98A_eoef--ManagementFeesOverAssets_dpn_c20260729__20260729__dei--LegalEntityAxis__custom--S000090015Member__oef--ClassAxis__custom--C000256891Member_zQrhVPaA3Wa3" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; width: 15%; padding-top: 2pt; text-align: right">0.49%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt">Distribution and service (12b-1) fees</td> <td id="xdx_988_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260729__20260729__dei--LegalEntityAxis__custom--S000090015Member__oef--ClassAxis__custom--C000256891Member_zzmTjH3geVij" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt; text-align: right">None</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt">Other expenses</td> <td id="xdx_981_eoef--OtherExpensesOverAssets_dpn_c20260729__20260729__dei--LegalEntityAxis__custom--S000090015Member__oef--ClassAxis__custom--C000256891Member_zOmIzjT8hCmk" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt; text-align: right">None</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt">Total annual Fund operating expenses</td> <td id="xdx_980_eoef--ExpensesOverAssets_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000090015Member__oef--ClassAxis__custom--C000256891Member_z7LXU6IMr4Ml" style="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right">0.49%</td></tr> </table> 0.0049 0 0 0.0049 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zLb3LQMtwvCj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zpllRi1ruXf3" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td id="xdx_483_eoef--ExpenseExampleYear01_zfeXDyT3hnV9" style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; width: 22%; text-align: center; padding-bottom: 2pt">1 Year</td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zL5RwYzHx9V" style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; width: 28%; text-align: center; padding-bottom: 2pt">3 Years</td> <td id="xdx_484_eoef--ExpenseExampleYear05_zNPaYjPTdi72" style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 25%; text-align: center; padding-bottom: 2pt">5 Years</td> <td id="xdx_489_eoef--ExpenseExampleYear10_zCPI6dL7v4Ak" style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 25%; text-align: center; padding-bottom: 2pt">10 Years</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td id="xdx_981_eoef--ExpenseExampleYear01_c20260729__20260729__dei--LegalEntityAxis__custom--S000090015Member__oef--ClassAxis__custom--C000256891Member_zkluR4I9vBF3" style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 2pt">$50</td> <td id="xdx_98B_eoef--ExpenseExampleYear03_c20260729__20260729__dei--LegalEntityAxis__custom--S000090015Member__oef--ClassAxis__custom--C000256891Member_zHbcMVRfVkY1" style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 2pt">$157</td> <td id="xdx_98D_eoef--ExpenseExampleYear05_c20260729__20260729__dei--LegalEntityAxis__custom--S000090015Member__oef--ClassAxis__custom--C000256891Member_zQcjXrzPbfCf" style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 2pt">$274</td> <td id="xdx_988_eoef--ExpenseExampleYear10_c20260729__20260729__dei--LegalEntityAxis__custom--S000090015Member__oef--ClassAxis__custom--C000256891Member_zSVtBgPIpSQ2" style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 2pt">$616</td></tr> </table> 50 157 274 616 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s performance. For the fiscal year ended March 31, 2026, the Fund’s portfolio turnover rate was 50% of the average value of its portfolio. 0.50 What are the Fund’s principal investment strategies? Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal securities the income from which is exempt from federal income tax. This is a fundamental investment policy that may not be changed without prior shareholder approval. Municipal securities are issued by state and local governments to raise funds for various public purposes such as hospitals, schools, and general capital expenses. The Fund will invest its assets in securities with maturities of various lengths, depending on market conditions, but will typically have a dollar-weighted average effective maturity between 5 and 30 years. The Manager will adjust the average maturity of the bonds in the portfolio to attempt to provide a high level of tax-exempt income consistent with preservation of capital. The Fund’s income will vary depending on current interest rates and the specific securities in the portfolio. The Fund may concentrate its investments in certain types of bonds or in a certain segment of the municipal bond market when the supply of bonds in other sectors does not suit its investment needs. The types of municipal debt obligations in which the Fund may invest include, but are not limited to, advance refunded bonds, revenue bonds, general obligation bonds, insured municipal bonds, private activity bonds, municipal leases, and certificates of participation. Under normal circumstances, the Fund will invest primarily in lower-rated municipal securities (i.e., high-yield or junk bonds), which typically offer higher income potential and involve greater risk than higher-quality securities. The Fund defines lower-rated municipal securities as those rated less than BBB- by S&P or comparably rated by other Nationally Recognized Statistical Ratings Organizations or if unrated, determined to be of comparable quality by the Manager. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal securities the income from which is exempt from federal income tax. This is a fundamental investment policy that may not be changed without prior shareholder approval. Investing in any exchange-traded fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund’s portfolio. An investment in the Fund may not be appropriate for all investors. Unlike many ETFs, the Fund is actively managed and does not seek to replicate the performance of a specified index. The Fund’s principal risks include: Investing in any exchange-traded fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund’s portfolio. An investment in the Fund may not be appropriate for all investors. Market risk — The risk that all or a majority of the securities in a certain market - such as the stock or bond market - will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling. <p id="xdx_A8F_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090015Member__oef--RiskAxis__custom--InterestRatesRiskMember_znVw96LYU41d" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Interest rate risk — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising. Credit risk — The risk that an issuer of a debt security, including a governmental issuer or an entity that insures a bond, may be unable to make interest payments and/or repay principal in a timely manner. <p id="xdx_A89_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090015Member__oef--RiskAxis__custom--HighYieldJunkBondRiskMember_zhpZTwWv99c7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">High yield (junk bond) risk — The risk that high yield securities, commonly known as “junk bonds,” are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds are sometimes issued by municipalities that have less financial strength and therefore have less ability to make projected debt payments on the bonds. Call risk — The risk that a bond issuer will prepay the bond during periods of low interest rates, forcing a fund to reinvest that money at interest rates that might be lower than rates on the called bond. Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them. <p id="xdx_A8C_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090015Member__oef--RiskAxis__custom--TaxAndFederalAlternativeMinimumTaxRiskMember_zkudFI4knJW2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Tax and federal alternative minimum tax risk — In purchasing municipal securities, the Fund and the Manager will rely on the opinion of an issuer’s bond counsel that the interest paid in the issuer’s securities will not be subject to federal income tax. A tax opinion generally is provided at the time a municipal security is initially issued. However, after the Fund buys a security backed by such an opinion, distributions by the Fund may become taxable to shareholders due to noncompliant conduct by a bond issuer, unfavorable changes in federal or state tax laws, or adverse interpretations of tax laws by the IRS or other authorities or because of other factors. Such adverse interpretations or actions could cause interest from a security to become taxable, possibly retroactively, subjecting shareholders to increased tax liability. In addition, such adverse interpretations or actions could cause the value of a security, and therefore, the value of the Fund’s shares, to decline. In the case of derivative securities, the Fund and the Manager will rely on the opinion of the sponsor’s counsel on the tax-exempt status of interest on municipal bond obligations and payments under tax-exempt derivative securities. Neither the Fund nor its Manager will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities. Certain shareholders subject to the federal alternative minimum tax (the “Federal AMT”) may be required to report the Fund’s exempt interest distributions in determining their Federal AMT. Exempt-interest dividends may affect the federal corporate alternative minimum tax for certain corporations. The Fund may also not be a suitable investment for individual retirement accounts and other tax-deferred arrangements. If the Fund invests in bonds whose income is subject to the alternative minimum tax, that portion of the Fund’s distributions would be taxable for shareholders who are subject to this tax. <p id="xdx_A84_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090015Member__oef--RiskAxis__custom--GovernmentAndRegulatoryRiskMember_z1HX6HhSldq5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Government and regulatory risk — The risk that governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect fund performance. <p id="xdx_A87_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090015Member__oef--RiskAxis__custom--GeographicConcentrationsRiskMember_zja9tAb8dKxe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Geographic concentration risk — The risk that heightened sensitivity to regional, state, US territories or possessions (such as the Commonwealth of Puerto Rico, Guam, or the US Virgin Islands), and local political and economic conditions could adversely affect the holdings in and performance of a fund. There is also the risk that there could be an inadequate supply of municipal bonds in a particular state or US territory or possession. <p id="xdx_A8C_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090015Member__oef--RiskAxis__custom--IndustryAndSectorRiskMember_z5m1DcP9oAja" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Industry and sector risk — The risk that the value of securities in a particular industry or sector will decline because of changing expectations for the performance of that industry or sector. <p id="xdx_A8C_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090015Member__oef--RiskAxis__custom--PrivateActivityBondsRiskMember_zCaFQHF9ahva" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Private activity bonds risk. Municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond and the issuing authority does not pledge its full faith, credit, and taxing power for repayment. The private enterprise can have a substantially different credit profile than the municipality or public authority. The Fund’s investments in private activity bonds may subject certain shareholders to the federal alternative minimum tax (“Federal AMT”). ETF risk — The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: “Authorized participants, market makers and liquidity providers concentration risk,” “Secondary market trading risk” and “Shares may trade at prices other than NAV risk.” <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 12pt">•</td><td style="font-family: Arial, Helvetica, Sans-Serif">Authorized participants, market makers and liquidity providers concentration risk — Only authorized participants (“APs”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace, and they have no obligation to submit creation or redemption orders. To the extent either of the following events occur, the Fund’s shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Fund’s shares trading at a premium or discount to NAV. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 12pt">•</td><td style="font-family: Arial, Helvetica, Sans-Serif">Secondary market trading risk — Although the Fund’s shares are listed on a national securities exchange, NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in the Fund’s shares on the Exchange may be halted. An exchange or market may also issue trading halts on specific securities or financial instruments. As a result, the ability to trade certain securities or financial instruments may be restricted, which may disrupt the Fund’s creation/redemption process or affect the price at which shares trade in the secondary market.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 12pt">•</td><td style="font-family: Arial, Helvetica, Sans-Serif">Shares may trade at prices other than NAV risk — As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings, while the trading price of the shares fluctuates continuously throughout trading hours on the Exchange, based on both the relative market supply of, and demand for, the shares and the underlying value of the Fund’s holdings. As a result, although it is expected that the market price of the Fund’s shares will approximate the Fund’s NAV, there may be times when the market price of the Fund’s shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</td></tr></table> <p id="xdx_A81_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090015Member__oef--RiskAxis__custom--ActiveManagementAndSelectionRiskMember_zMxRYshQBArj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index. <p id="xdx_A87_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090015Member__oef--RiskAxis__custom--MunicipalSecuritiesRiskMember_zaW2PMGbQaUa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Municipal securities risk — The value of the Fund’s investments in municipal securities may be adversely affected by unfavorable legislative or political developments and economic developments that impact the financial condition of municipal issuers. For example, a credit rating downgrade, bond default, or bankruptcy involving an issuer within a particular state or territory could affect the market values and marketability of many or all municipal obligations of that state or territory. Additionally, the relative amount of publicly available information about the financial condition of municipal securities issuers is generally less than that for corporate securities. <p id="xdx_A81_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090015Member__oef--RiskAxis__custom--DerivativesRiskMember_zjoNlS7th4ld" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Derivatives risk – Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the Manager anticipated. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a fund may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization). New fund risk — The Fund is a newly organized, diversified management investment company with limited operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Trustees of the Trust (the “Board”) may determine to liquidate the Fund. How has Nomura National High-Yield Municipal Bond ETF performed? 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 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. 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 844-469-9911 NOMURA TAX-FREE USA SHORT TERM ETF What is the Fund’s investment objective? Nomura Tax-Free USA Short Term ETF seeks to provide a high level of current interest income that is exempt from federal income tax, and attempts to preserve capital by investing in short term municipal obligations. What are the Fund’s fees and expenses? The following table describes the fees and expenses that you will incur if you buy, hold, and sell shares of the Fund. You may also incur other fees, such as usual and customary brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zT23vbrXSbze"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zjdFELm2dL58" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; width: 75%; padding-top: 2pt">Management fees</td> <td id="xdx_984_eoef--ManagementFeesOverAssets_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000082264Member__oef--ClassAxis__custom--C000245548Member_zfCQhWDWWREj" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; width: 25%; padding-top: 2pt; text-align: right">0.29%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt">Distribution and service (12b-1) fees</td> <td id="xdx_98C_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260729__20260729__dei--LegalEntityAxis__custom--S000082264Member__oef--ClassAxis__custom--C000245548Member_zELL89FZsZRc" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt; text-align: right">None</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt">Other expenses</td> <td id="xdx_98F_eoef--OtherExpensesOverAssets_dpn_c20260729__20260729__dei--LegalEntityAxis__custom--S000082264Member__oef--ClassAxis__custom--C000245548Member_zWR76gtAddlf" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt; text-align: right">None</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt">Total annual Fund operating expenses</td> <td id="xdx_980_eoef--ExpensesOverAssets_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000082264Member__oef--ClassAxis__custom--C000245548Member_zNyXdnxSJ4R5" style="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right">0.29%</td></tr> </table> 0.0029 0 0 0.0029 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zmemkAtcHS9k"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zXp8Abpg17J1" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td id="xdx_480_eoef--ExpenseExampleYear01_zBJL2u9DPxbe" style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; width: 24%; text-align: center; padding-bottom: 2pt">1 Year</td> <td id="xdx_48D_eoef--ExpenseExampleYear03_z8ubzvAzAxIc" style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; width: 27%; text-align: center; padding-bottom: 2pt">3 Years</td> <td id="xdx_483_eoef--ExpenseExampleYear05_z7eSnWZiDvw7" style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 24%; text-align: center; padding-bottom: 2pt">5 Years</td> <td id="xdx_484_eoef--ExpenseExampleYear10_zGmiP0xwbdH9" style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 25%; text-align: center; padding-bottom: 2pt">10 Years</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td id="xdx_98C_eoef--ExpenseExampleYear01_c20260729__20260729__dei--LegalEntityAxis__custom--S000082264Member__oef--ClassAxis__custom--C000245548Member_zytEfUl8eRS7" style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 2pt">$30</td> <td id="xdx_98E_eoef--ExpenseExampleYear03_c20260729__20260729__dei--LegalEntityAxis__custom--S000082264Member__oef--ClassAxis__custom--C000245548Member_zcBl2rWTd274" style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 2pt">$93</td> <td id="xdx_98A_eoef--ExpenseExampleYear05_c20260729__20260729__dei--LegalEntityAxis__custom--S000082264Member__oef--ClassAxis__custom--C000245548Member_zjLvxrmSGGT2" style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 2pt">$163</td> <td id="xdx_985_eoef--ExpenseExampleYear10_c20260729__20260729__dei--LegalEntityAxis__custom--S000082264Member__oef--ClassAxis__custom--C000245548Member_zCYa0CtcY8ug" style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 2pt">$368</td></tr> </table> 30 93 163 368 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s performance. For the fiscal year ended March 31, 2026, the Fund’s portfolio turnover rate was 38% of the average value of its portfolio. 0.38 What are the Fund’s principal investment strategies? Under normal circumstances, Nomura Tax-Free USA Short Term ETF will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities the income from which is exempt from federal income tax, including the federal alternative minimum tax. This is a fundamental investment policy that may not be changed without prior shareholder approval. Under normal circumstances, Nomura Tax-Free USA Short Term ETF will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities the income from which is exempt from federal income tax, including the federal alternative minimum tax. This is a fundamental investment policy that may not be changed without prior shareholder approval. The Fund will invest primarily in municipal debt obligations that are issued by state and local governments to raise funds for various public purposes such as hospitals, schools, and general capital expenses. The Fund will invest its assets in securities with short durations until maturity and will typically have a dollar-weighted average effective maturity of between 1 and 5 years. Duration measures a bond’s sensitivity to interest rates by indicating the approximate change in a bond or bond fund’s price given a 1% change in interest rates. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate change. For example, if the Fund holds a portfolio of securities with an effective duration of five years and interest rates rise 1%, the principal value of such securities could be expected to decrease by approximately 5%. Delaware Management Company, the Fund’s investment adviser (Manager) will adjust the average maturity of the bonds in the Fund’s portfolio to attempt to provide a high level of tax-exempt income consistent with preservation of capital. The Manager analyzes economic and market conditions, seeking to identify the securities or market sectors that it thinks are the best investments for the Fund. The following is a general description of the investment strategies used to manage the Fund and a list of securities in which the Fund may invest. The Fund will generally invest in debt obligations issued by state and local governments and their political subdivisions, agencies, authorities, and instrumentalities that are exempt from federal income tax. The Fund may also invest in debt obligations issued by or for the District of Columbia, and the political subdivisions, agencies, authorities, and instrumentalities or territories and possessions (such as the Commonwealth of Puerto Rico, Guam, and the US Virgin Islands) of the United States that are exempt from federal income tax. The types of municipal debt obligations in which the Fund may invest include, but are not limited to, advance refunded bonds, revenue bonds, general obligation bonds, insured municipal bonds, private activity bonds, municipal leases, and certificates of participation. The Fund will generally invest in securities for income rather than seeking capital appreciation through active trading. However, the Manager may sell securities for a variety of reasons such as: to reinvest the proceeds in higher yielding securities; to eliminate investments not consistent with the preservation of capital; to honor redemption requests; or to address a weakening credit situation. As a result, the Fund may realize capital gains that could be taxable to shareholders or they may realize losses. The Fund may invest up to 20% of its net assets in high yield municipal securities (junk bonds), which are rated less than BBB- by S&P or comparably rated by other Nationally Recognized Statistical Ratings Organizations or if unrated, determined to be of comparable quality by the Manager. The Fund’s income level will vary depending on current interest rates and the specific securities in the portfolio. The Fund may invest up to 20% in securities whose income is subject to the Federal AMT. The Fund’s investment objective is non-fundamental. This means that the Fund’s Board of Trustees (the “Board”) may change the objective without obtaining shareholder approval. If the objective were changed, the Fund would notify shareholders at least 60 days before the change became effective. Under normal circumstances, Nomura Tax-Free USA Short Term ETF will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities the income from which is exempt from federal income tax, including the federal alternative minimum tax. This is a fundamental investment policy that may not be changed without prior shareholder approval. Investing in any exchange-traded fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund’s portfolio. An investment in the Fund may not be appropriate for all investors. Unlike many ETFs, the Fund is actively managed and does not seek to replicate the performance of a specified index. The Fund’s principal risks include: Investing in any exchange-traded fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund’s portfolio. An investment in the Fund may not be appropriate for all investors. Market risk — The risk that all or a majority of the securities in a certain market - such as the stock or bond market - will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling. <p id="xdx_A86_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000082264Member__oef--RiskAxis__custom--InterestRatesRiskMember_z1mDfaSYExJ4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Interest rate risk — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising. Credit risk — The risk that an issuer of a debt security, including a governmental issuer or an entity that insures a bond, may be unable to make interest payments and/or repay principal in a timely manner. <p id="xdx_A80_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000082264Member__oef--RiskAxis__custom--HighYieldJunkBondRiskMember_zUUhjluPCVl7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">High yield (junk bond) risk — The risk that high yield securities, commonly known as “junk bonds,” are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds are sometimes issued by municipalities that have less financial strength and therefore have less ability to make projected debt payments on the bonds. Call risk — The risk that a bond issuer will prepay the bond during periods of low interest rates, forcing a fund to reinvest that money at interest rates that might be lower than rates on the called bond. Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them. <p id="xdx_A85_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000082264Member__oef--RiskAxis__custom--TaxAndFederalAlternativeMinimumTaxRiskMember_zn2Gh12uzr6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Tax and federal alternative minimum tax risk — In purchasing municipal securities, the Fund and the Manager will rely on the opinion of an issuer’s bond counsel that the interest paid in the issuer’s securities will not be subject to federal income tax. A tax opinion generally is provided at the time a municipal security is initially issued. However, after the Fund buys a security backed by such an opinion, distributions by the Fund may become taxable to shareholders due to noncompliant conduct by a bond issuer, unfavorable changes in federal or state tax laws, or adverse interpretations of tax laws by the IRS or other authorities or because of other factors. Such adverse interpretations or actions could cause interest from a security to become taxable, possibly retroactively, subjecting shareholders to increased tax liability. In addition, such adverse interpretations or actions could cause the value of a security, and therefore, the value of the Fund’s shares, to decline. In the case of derivative securities, the Fund and the Manager will rely on the opinion of the sponsor’s counsel on the tax-exempt status of interest on municipal bond obligations and payments under tax-exempt derivative securities. Neither the Fund nor its Manager will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities. Certain shareholders subject to the Federal AMT may be required to report the Fund’s exempt interest distributions in determining their Federal AMT. Exempt-interest dividends may affect the federal corporate alternative minimum tax for certain corporations. The Fund may also not be a suitable investment for individual retirement accounts and other tax-deferred arrangements. If the Fund invests in bonds whose income is subject to the alternative minimum tax, that portion of the Fund’s distributions would be taxable for shareholders who are subject to this tax. <p id="xdx_A86_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000082264Member__oef--RiskAxis__custom--GovernmentAndRegulatoryRiskMember_ziTrZpQogF4i" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Government and regulatory risk — The risk that governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect fund performance. For example, a tax-exempt security may be reclassified by the Internal Revenue Service (IRS) or a state tax authority as taxable, and/or future legislative, administrative, or court actions could cause interest from a tax-exempt security to become taxable, possibly retroactively. <p id="xdx_A80_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000082264Member__oef--RiskAxis__custom--GeographicConcentrationsRiskMember_zBP9qz6MbHg8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Geographic concentration risk — The risk that heightened sensitivity to regional, state, US territories or possessions (such as the Commonwealth of Puerto Rico, Guam, or the US Virgin Islands), and local political and economic conditions could adversely affect the holdings in and performance of a fund. There is also the risk that there could be an inadequate supply of municipal bonds in a particular state or US territory or possession. <p id="xdx_A8B_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000082264Member__oef--RiskAxis__custom--IndustryAndSectorRiskMember_zGWmLycZKi67" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Industry and sector risk — The risk that the value of securities in a particular industry or sector will decline because of changing expectations for the performance of that industry or sector. <p id="xdx_A8C_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000082264Member__oef--RiskAxis__custom--PrivateActivityBondsRiskMember_zjSMccQDgER8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Private activity bonds risk — Municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond and the issuing authority does not pledge its full faith, credit, and taxing power for repayment. The private enterprise can have a substantially different credit profile than the municipality or public authority. The Fund’s investments in private activity bonds may subject certain shareholders to the Federal AMT. ETF risk — The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: “Authorized participants, market makers and liquidity providers concentration risk,” “Secondary market trading risk” and “Shares may trade at prices other than NAV risk.” <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 12pt">•</td><td style="font-family: Arial, Helvetica, Sans-Serif">Authorized participants, market makers and liquidity providers concentration risk — Only authorized participants (“APs”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace, and they have no obligation to submit creation or redemption orders. To the extent either of the following events occur, the Fund’s shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Fund’s shares trading at a premium or discount to NAV. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold.</td></tr></table> <div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 12pt">•</td><td style="font-family: Arial, Helvetica, Sans-Serif">Secondary market trading risk — Although the Fund’s shares are listed on a national securities exchange, NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in the Fund’s shares on the Exchange may be halted. An exchange or market may also issue trading halts on specific securities or financial instruments. As a result, the ability to trade certain securities or financial instruments may be restricted, which may disrupt the Fund’s creation/redemption process or affect the price at which shares trade in the secondary market.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 12pt">•</td><td style="font-family: Arial, Helvetica, Sans-Serif">Shares may trade at prices other than NAV risk — As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings, while the trading price of the shares fluctuates continuously throughout trading hours on the Exchange, based on both the relative market supply of, and demand for, the shares and the underlying value of the Fund’s holdings. As a result, although it is expected that the market price of the Fund’s shares will approximate the Fund’s NAV, there may be times when the market price of the Fund’s shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</td></tr></table> <p id="xdx_A80_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000082264Member__oef--RiskAxis__custom--ActiveManagementAndSelectionRiskMember_zKibZ9Kgf95i" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index. <p id="xdx_A84_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000082264Member__oef--RiskAxis__custom--MunicipalSecuritiesRiskMember_zBKvSSSBX4vk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Municipal securities risk — The value of the Fund’s investments in municipal securities may be adversely affected by unfavorable legislative or political developments and economic developments that impact the financial condition of municipal issuers. For example, a credit rating downgrade, bond default, or bankruptcy involving an issuer within a particular state or territory could affect the market values and marketability of many or all municipal obligations of that state or territory. Additionally, the relative amount of publicly available information about the financial condition of municipal securities issuers is generally less than that for corporate securities. How has Nomura Tax-Free USA Short Term ETF performed? 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 The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. 844-469-9911 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 Calendar year-by-year total return <img alt="" src="netft4653881-pro1x44x1.jpg" style="height: 169px; width: 90px"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">Years</td> <td style="display: none; text-align: center; width: 50%">Return</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td style="display: none; text-align: center">2.52%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td style="display: none; text-align: center">4.17%</td></tr> </table> 0.0252 0.0417 During the period illustrated in this bar chart, the Fund’s highest quarterly return was 2.31% for the quarter ended September 30, 2024, and its lowest quarterly return was -0.08% for the quarter ended March 31, 2024. highest quarterly return 0.0231 2024-09-30 lowest quarterly return -0.0008 2024-03-31 The performance information shown above is based on a calendar year. The Fund’s performance from January 1, 2026 to June 30, 2026 was 1.62%. 0.0162 Average annual total returns for periods ended December 31, 2025 <div id="xdx_A88_eoef--PerformanceTableTextBlock_zrBxk7Zb3Sv7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zKUbUMOoHd42" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; width: 75%"> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; width: 13%; text-align: center">1 year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; width: 12%; text-align: center">Lifetime</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: Gainsboro"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif">Returns before taxes (lifetime: 11/28/23-12/31/25)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">4.17%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">4.00%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif">Returns after taxes on distributions (lifetime: 11/28/23-12/31/25)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">2.83%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">3.36%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: Gainsboro"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif">Returns after taxes on distributions and sale of Fund shares (lifetime: 11/28/23-12/31/25)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">2.46%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">3.18%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif">Bloomberg Municipal Bond Index (lifetime: 11/28/23-12/31/25)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">4.25%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">4.13%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: Gainsboro"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif">Bloomberg 1-5 Year (Short) Municipal Bond Index (lifetime: 11/28/23-12/31/25)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">4.11%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center">3.60%</td></tr> </table> 2023-11-28 0.0417 0.0400 2023-11-28 0.0283 0.0336 2023-11-28 0.0246 0.0318 2023-11-28 0.0425 0.0413 2023-11-28 0.0411 0.0360 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. 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. NOMURA TAX-FREE USA INTERMEDIATE ETF What is the Fund’s investment objective? Nomura Tax-Free USA Intermediate ETF seeks as high a level of current interest income exempt from federal income tax as is available from municipal obligations and as is consistent with prudent investment management and preservation of capital. What are the Fund’s fees and expenses? The following table describes the fees and expenses that you will incur if you buy, hold, and sell shares of the Fund. You may also incur other fees, such as usual and customary brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zXTVB88hg2h9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_z4gXoohzhRp8" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif">Management fees</td> <td id="xdx_984_eoef--ManagementFeesOverAssets_dpn_c20260729__20260729__dei--LegalEntityAxis__custom--S000090017Member__oef--ClassAxis__custom--C000256893Member_zTl2LrDjPua1" style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">0.35%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif">Distribution and service (12b-1) fees</td> <td id="xdx_981_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260729__20260729__dei--LegalEntityAxis__custom--S000090017Member__oef--ClassAxis__custom--C000256893Member_za63qfi6uv9k" style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">None</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif">Other expenses1</td> <td id="xdx_98F_eoef--OtherExpensesOverAssets_dpn_c20260729__20260729__dei--LegalEntityAxis__custom--S000090017Member__oef--ClassAxis__custom--C000256893Member_fMQ_____z2M9DotMA6mb" style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">None</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif">Total annual Fund operating expenses</td> <td id="xdx_98E_eoef--ExpensesOverAssets_dpn_c20260729__20260729__dei--LegalEntityAxis__custom--S000090017Member__oef--ClassAxis__custom--C000256893Member_z3ENsJQTLmZb" style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">0.35%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="padding-top: 3pt; font-family: Arial, Helvetica, Sans-Serif; width: 0.25in">1</td> <td id="xdx_F1A_zDL9jQ2jcqDc" style="padding-top: 3pt; font-family: Arial, Helvetica, Sans-Serif">Other expenses are based on estimated amounts for the current fiscal year. </td> <td style="padding-top: 3pt; width: 0.5in"> </td> </tr> </table> 0.0035 0 0 0.0035 Other expenses are based on estimated amounts for the current fiscal year. Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_znsV7YpC4Ry9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_z1ZqkUMAseA4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 100%; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td id="xdx_484_eoef--ExpenseExampleYear01_zbHQwFAfQx77" style="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; width: 50%; padding-top: 2pt; text-align: center">1 Year</td> <td id="xdx_48B_eoef--ExpenseExampleYear03_zaVolerBxJC9" style="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; width: 50%; padding-top: 2pt; text-align: center">3 Years</td></tr> <tr id="xdx_417_20260729__20260729__dei--LegalEntityAxis__custom--S000090017Member__oef--ClassAxis__custom--C000256893Member_zUZdng46fXPb" style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td style="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center">$36</td> <td style="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center">$113</td></tr> </table> 36 113 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and portfolio turnover data therefore is not available. What are the Fund’s principal investment strategies? Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities the income from which is exempt from federal income tax, including the federal alternative minimum tax for certain non-corporate shareholders (the “Federal AMT”). This is a fundamental investment policy that may not be changed without prior shareholder approval. The Fund will invest primarily in municipal debt obligations that are issued by state and local governments to raise funds for various public purposes such as hospitals, schools, and general capital expenses. The Fund may invest up to 20% of its net assets in high yield municipal securities (junk bonds), which are rated less than BBB- by S&P or comparably rated by other Nationally Recognized Statistical Ratings Organizations or if unrated, determined to be of comparable quality by the Manager. The Fund will invest its assets in securities with maturities of various lengths, depending on market conditions, but will typically have a dollar-weighted average effective maturity of between 3 and 10 years. The Manager will adjust the average maturity of the bonds in the portfolio to attempt to provide a high level of tax-exempt income consistent with preservation of capital. The Fund’s income level will vary depending on current interest rates and the specific securities in the portfolio. The Fund may concentrate its investments in certain types of bonds or in a certain segment of the municipal bond market when the supply of bonds in other sectors does not suit its investment needs. The types of municipal debt obligations in which the Fund may invest include, but are not limited to, advance refunded bonds, revenue bonds, general obligation bonds, insured municipal bonds, private activity bonds, municipal leases, and certificates of participation. The Fund may invest up to 20% in securities whose income is subject to the Federal AMT. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities the income from which is exempt from federal income tax, including the federal alternative minimum tax for certain non-corporate shareholders (the “Federal AMT”). This is a fundamental investment policy that may not be changed without prior shareholder approval. Investing in any exchange-traded fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund’s portfolio. An investment in the Fund may not be appropriate for all investors. Unlike many ETFs, the Fund is actively managed and does not seek to replicate the performance of a specified index. The Fund’s principal risks include: Investing in any exchange-traded fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund’s portfolio. An investment in the Fund may not be appropriate for all investors. Market risk — The risk that all or a majority of the securities in a certain market - such as the stock or bond market - will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling. <p id="xdx_A88_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090017Member__oef--RiskAxis__custom--InterestRatesRiskMember_z0FssUhC7Rx1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Interest rate risk — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising. Credit risk — The risk that an issuer of a debt security, including a governmental issuer or an entity that insures a bond, may be unable to make interest payments and/or repay principal in a timely manner. <p id="xdx_A8D_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090017Member__oef--RiskAxis__custom--HighYieldJunkBondRiskMember_zL9ASqtFAno2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">High yield (junk bond) risk — The risk that high yield securities, commonly known as “junk bonds,” are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds are sometimes issued by municipalities that have less financial strength and therefore have less ability to make projected debt payments on the bonds. Call risk — The risk that a bond issuer will prepay the bond during periods of low interest rates, forcing a fund to reinvest that money at interest rates that might be lower than rates on the called bond. Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them. <p id="xdx_A8E_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090017Member__oef--RiskAxis__custom--TaxAndFederalAlternativeMinimumTaxRiskMember_z7wGT5BZmlR" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Tax and federal alternative minimum tax risk — In purchasing municipal securities, the Fund and the Manager will rely on the opinion of an issuer’s bond counsel that the interest paid in the issuer’s securities will not be subject to federal income tax. A tax opinion generally is provided at the time a municipal security is initially issued. However, after the Fund buys a security backed by such an opinion, distributions by the Fund may become taxable to shareholders due to noncompliant conduct by a bond issuer, unfavorable changes in federal or state tax laws, or adverse interpretations of tax laws by the IRS or other authorities or because of other factors. Such adverse interpretations or actions could cause interest from a security to become taxable, possibly retroactively, subjecting shareholders to increased tax liability. In addition, such adverse interpretations or actions could cause the value of a security, and therefore, the value of the Fund’s shares, to decline. In the case of derivative securities, the Fund and the Manager will rely on the opinion of the sponsor’s counsel on the tax-exempt status of interest on municipal bond obligations and payments under tax-exempt derivative securities. Neither the Fund nor its Manager will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities. Certain shareholders subject to the Federal AMT may be required to report the Fund’s exempt interest distributions in determining their Federal AMT. Exempt-interest dividends may affect the federal corporate alternative minimum tax for certain corporations. The Fund may also not be a suitable investment for individual retirement accounts and other tax-deferred arrangements. If the Fund invests in bonds whose income is subject to the alternative minimum tax, that portion of the Fund’s distributions would be taxable for shareholders who are subject to this tax. <p id="xdx_A89_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090017Member__oef--RiskAxis__custom--GovernmentAndRegulatoryRiskMember_zkL5uVoeCNck" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Government and regulatory risk — The risk that governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect fund performance. <p id="xdx_A86_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090017Member__oef--RiskAxis__custom--GeographicConcentrationsRiskMember_zGtRqJSPq43h" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Geographic concentration risk — The risk that heightened sensitivity to regional, state, US territories or possessions (such as the Commonwealth of Puerto Rico, Guam, or the US Virgin Islands), and local political and economic conditions could adversely affect the holdings in and performance of a fund. There is also the risk that there could be an inadequate supply of municipal bonds in a particular state or US territory or possession. <p id="xdx_A89_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090017Member__oef--RiskAxis__custom--IndustryAndSectorRiskMember_znLRcRAs3bbk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Industry and sector risk — The risk that the value of securities in a particular industry or sector will decline because of changing expectations for the performance of that industry or sector. <p id="xdx_A88_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090017Member__oef--RiskAxis__custom--PrivateActivityBondsRiskMember_zO3oIx6uqTn9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Private activity bonds risk — Municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond and the issuing authority does not pledge its full faith, credit, and taxing power for repayment. The private enterprise can have a substantially different credit profile than the municipality or public authority. The Fund’s investments in private activity bonds may subject certain shareholders to the Federal AMT. ETF risk — The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: “Authorized participants, market makers and liquidity providers concentration risk,” “Secondary market trading risk” and “Shares may trade at prices other than NAV risk.” <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 12pt">•</td><td style="font-family: Arial, Helvetica, Sans-Serif">Authorized participants, market makers and liquidity providers concentration risk — Only authorized participants (“APs”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace, and they have no obligation to submit creation or redemption orders. To the extent either of the following events occur, the Fund’s shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Fund’s shares trading at a premium or discount to NAV. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 12pt">•</td><td style="font-family: Arial, Helvetica, Sans-Serif">Secondary market trading risk — Although the Fund’s shares are listed on a national securities exchange, NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in the Fund’s shares on the Exchange may be halted. An exchange or market may also issue trading halts on specific securities or financial instruments. As a result, the ability to trade certain securities or financial instruments may be restricted, which may disrupt the Fund’s creation/redemption process or affect the price at which shares trade in the secondary market.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 12pt">•</td><td style="font-family: Arial, Helvetica, Sans-Serif">Shares may trade at prices other than NAV risk — As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings, while the trading price of the shares fluctuates continuously throughout trading hours on the Exchange, based on both the relative market supply of, and demand for, the shares and the underlying value of the Fund’s holdings. As a result, although it is expected that the market price of the Fund’s shares will approximate the Fund’s NAV, there may be times when the market price of the Fund’s shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</td></tr></table> <p id="xdx_A8D_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090017Member__oef--RiskAxis__custom--ActiveManagementAndSelectionRiskMember_zm0mPD25Wl91" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index. <p id="xdx_A85_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090017Member__oef--RiskAxis__custom--MunicipalSecuritiesRiskMember_zepOZMjJIL1j" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Municipal securities risk — The value of the Fund’s investments in municipal securities may be adversely affected by unfavorable legislative or political developments and economic developments that impact the financial condition of municipal issuers. For example, a credit rating downgrade, bond default, or bankruptcy involving an issuer within a particular state or territory could affect the market values and marketability of many or all municipal obligations of that state or territory. Additionally, the relative amount of publicly available information about the financial condition of municipal securities issuers is generally less than that for corporate securities. <p id="xdx_A83_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090017Member__oef--RiskAxis__custom--DerivativesRiskMember_zpSInxEEugn3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Derivatives risk – Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the Manager anticipated. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a fund may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization). New fund risk — The Fund is a newly organized, diversified management investment company with limited operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Trustees of the Trust (the “Board”) may determine to liquidate the Fund. <div style="display: none"></div> How has Nomura Tax-Free USA Intermediate ETF performed? 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 Fund is new, it has no performance history. 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 NOMURA TAX-FREE USA ETF What is the Fund’s investment objective? Nomura Tax-Free USA ETF seeks as high a level of current interest income exempt from federal income tax as is available from municipal obligations and as is consistent with prudent investment management and preservation of capital. What are the Fund’s fees and expenses? The following table describes the fees and expenses that you will incur if you buy, hold, and sell shares of the Fund. You may also incur other fees, such as usual and customary brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zoQYAWMqOrh2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt">Management fees</td> <td id="xdx_987_eoef--ManagementFeesOverAssets_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000090016Member__oef--ClassAxis__custom--C000256892Member_zu2DP9CRhpF5" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt; text-align: right">0.39%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt">Distribution and service (12b-1) fees</td> <td id="xdx_988_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260729__20260729__dei--LegalEntityAxis__custom--S000090016Member__oef--ClassAxis__custom--C000256892Member_zLlyKHwmUOFd" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt; text-align: right">None</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt">Other expenses1</td> <td id="xdx_986_eoef--OtherExpensesOverAssets_dpn_c20260729__20260729__dei--LegalEntityAxis__custom--S000090016Member__oef--ClassAxis__custom--C000256892Member_fMQ_____zYtwjUM2Ir92" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt; text-align: right">None</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt">Total annual Fund operating expenses</td> <td id="xdx_98E_eoef--ExpensesOverAssets_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000090016Member__oef--ClassAxis__custom--C000256892Member_z6iQtCLETSBc" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt; text-align: right">0.39%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="padding-top: 2pt; font-family: Arial, Helvetica, Sans-Serif; width: 0.25in">1 </td> <td id="xdx_F15_zZyoP8NCL599" style="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt">Other expenses are based on estimated amounts for the current fiscal year.</td> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right; width: 0.5in"> </td></tr> </table> 0.0039 0 0 0.0039 Other expenses are based on estimated amounts for the current fiscal year. Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zgywZe0XsKW5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zIXtBHWqyAhb" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td id="xdx_48B_eoef--ExpenseExampleYear01_zXmHmbYl2vna" style="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; width: 46%; padding-top: 2pt; text-align: center">1 Year</td> <td id="xdx_489_eoef--ExpenseExampleYear03_z7edw3sHq52f" style="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; width: 54%; padding-top: 2pt; text-align: center">3 Years</td> </tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td id="xdx_984_eoef--ExpenseExampleYear01_c20260729__20260729__dei--LegalEntityAxis__custom--S000090016Member__oef--ClassAxis__custom--C000256892Member_zxhZ3UkxF3Vg" style="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center">$40</td> <td id="xdx_98E_eoef--ExpenseExampleYear03_c20260729__20260729__dei--LegalEntityAxis__custom--S000090016Member__oef--ClassAxis__custom--C000256892Member_zRonLmUgf4p" style="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center">$125</td> </tr> </table> 40 125 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s performance. For the fiscal period from January 12, 2026 (commencement of Fund operations) through March 31, 2026, the Fund’s portfolio turnover rate was 17% of the average value of its portfolio. 0.17 What are the Fund’s principal investment strategies? Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities the income from which is exempt from federal income tax, including the federal alternative minimum tax for certain non-corporate shareholders (the “Federal AMT”). This is a fundamental investment policy that may not be changed without prior shareholder approval. The Fund will invest primarily in municipal debt obligations that are issued by state and local governments to raise funds for various public purposes such as hospitals, schools, and general capital expenses. The Fund may invest up to 20% of its net assets in high yield municipal securities (junk bonds), which are rated less than BBB- by S&P or comparably rated by other Nationally Recognized Statistical Ratings Organizations or if unrated, determined to be of comparable quality by the Manager. The Fund will invest its assets in securities with maturities of various lengths, depending on market conditions, but will typically have a dollar-weighted average effective maturity of between 5 and 30 years. The Manager will adjust the average maturity of the bonds in the portfolio to attempt to provide a high level of tax-exempt income consistent with preservation of capital. The Fund’s income level will vary depending on current interest rates and the specific securities in the portfolio. The Fund may concentrate its investments in certain types of bonds or in a certain segment of the municipal bond market when the supply of bonds in other sectors does not suit its investment needs. The types of municipal debt obligations in which the Fund may invest include, but are not limited to, advance refunded bonds, revenue bonds, general obligation bonds, insured municipal bonds, private activity bonds, municipal leases, and certificates of participation. The Fund may invest up to 20% of its assets in securities whose income is subject to the Federal AMT. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities the income from which is exempt from federal income tax, including the federal alternative minimum tax for certain non-corporate shareholders (the “Federal AMT”). This is a fundamental investment policy that may not be changed without prior shareholder approval. Investing in any exchange-traded fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund’s portfolio. An investment in the Fund may not be appropriate for all investors. Unlike many ETFs, the Fund is actively managed and does not seek to replicate the performance of a specified index. The Fund’s principal risks include: Investing in any exchange-traded fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund’s portfolio. An investment in the Fund may not be appropriate for all investors. Market risk — The risk that all or a majority of the securities in a certain market - such as the stock or bond market - will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling. <p id="xdx_A8C_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090016Member__oef--RiskAxis__custom--InterestRatesRiskMember_z1vd6eYkWTyh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Interest rate risk — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising. Credit risk — The risk that an issuer of a debt security, including a governmental issuer or an entity that insures a bond, may be unable to make interest payments and/or repay principal in a timely manner. <p id="xdx_A84_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090016Member__oef--RiskAxis__custom--HighYieldJunkBondRiskMember_zTn8lsN5DR5f" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">High yield (junk bond) risk — The risk that high yield securities, commonly known as “junk bonds,” are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds are sometimes issued by municipalities that have less financial strength and therefore have less ability to make projected debt payments on the bonds. Call risk — The risk that a bond issuer will prepay the bond during periods of low interest rates, forcing a fund to reinvest that money at interest rates that might be lower than rates on the called bond. Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them. <p id="xdx_A81_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090016Member__oef--RiskAxis__custom--TaxAndFederalAlternativeMinimumTaxRiskMember_zpmKkNtmraRk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Tax and federal alternative minimum tax risk — In purchasing municipal securities, the Fund and the Manager will rely on the opinion of an issuer’s bond counsel that the interest paid in the issuer’s securities will not be subject to federal income tax. A tax opinion generally is provided at the time a municipal security is initially issued. However, after the Fund buys a security backed by such an opinion, distributions by the Fund may become taxable to shareholders due to noncompliant conduct by a bond issuer, unfavorable changes in federal or state tax laws, or adverse interpretations of tax laws by the IRS or other authorities or because of other factors. Such adverse interpretations or actions could cause interest from a security to become taxable, possibly retroactively, subjecting shareholders to increased tax liability. In addition, such adverse interpretations or actions could cause the value of a security, and therefore, the value of the Fund’s shares, to decline. In the case of derivative securities, the Fund and the Manager will rely on the opinion of the sponsor’s counsel on the tax-exempt status of interest on municipal bond obligations and payments under tax-exempt derivative securities. Neither the Fund nor its Manager will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities. Certain shareholders subject to the Federal AMT may be required to report the Fund’s exempt interest distributions in determining their Federal AMT. Exempt-interest dividends may affect the federal corporate alternative minimum tax for certain corporations. The Fund may also not be a suitable investment for individual retirement accounts and other tax-deferred arrangements. If the Fund invests in bonds whose income is subject to the alternative minimum tax, that portion of the Fund’s distributions would be taxable for shareholders who are subject to this tax. <p id="xdx_A81_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090016Member__oef--RiskAxis__custom--GovernmentAndRegulatoryRiskMember_zGBX7eUFhhwg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Government and regulatory risk — The risk that governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect fund performance. <p id="xdx_A8C_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090016Member__oef--RiskAxis__custom--GeographicConcentrationsRiskMember_zgYKAsua6BD3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Geographic concentration risk — The risk that heightened sensitivity to regional, state, US territories or possessions (such as the Commonwealth of Puerto Rico, Guam, or the US Virgin Islands), and local political and economic conditions could adversely affect the holdings in and performance of a fund. There is also the risk that there could be an inadequate supply of municipal bonds in a particular state or US territory or possession. <p id="xdx_A82_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090016Member__oef--RiskAxis__custom--IndustryAndSectorRiskMember_zvJaB9FZZMB" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Industry and sector risk — The risk that the value of securities in a particular industry or sector will decline because of changing expectations for the performance of that industry or sector. <p id="xdx_A8E_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090016Member__oef--RiskAxis__custom--PrivateActivityBondsRiskMember_zIut3qeGD1ia" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Private activity bonds risk — Municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond and the issuing authority does not pledge its full faith, credit, and taxing power for repayment. The private enterprise can have a substantially different credit profile than the municipality or public authority. The Fund’s investments in private activity bonds may subject certain shareholders to the Federal AMT. ETF risk — The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: “Authorized participants, market makers and liquidity providers concentration risk,” “Secondary market trading risk” and “Shares may trade at prices other than NAV risk.” <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 12pt">•</td><td style="font-family: Arial, Helvetica, Sans-Serif">Authorized participants, market makers and liquidity providers concentration risk — Only authorized participants (“APs”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace, and they have no obligation to submit creation or redemption orders. To the extent either of the following events occur, the Fund’s shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Fund’s shares trading at a premium or discount to NAV. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 12pt">•</td><td style="font-family: Arial, Helvetica, Sans-Serif">Secondary market trading risk — Although the Fund’s shares are listed on a national securities exchange, NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in the Fund’s shares on the Exchange may be halted. An exchange or market may also issue trading halts on specific securities or financial instruments. As a result, the ability to trade certain securities or financial instruments may be restricted, which may disrupt the Fund’s creation/redemption process or affect the price at which shares trade in the secondary market.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 12pt">•</td><td style="font-family: Arial, Helvetica, Sans-Serif">Shares may trade at prices other than NAV risk — As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings, while the trading price of the shares fluctuates continuously throughout trading hours on the Exchange, based on both the relative market supply of, and demand for, the shares and the underlying value of the Fund’s holdings. As a result, although it is expected that the market price of the Fund’s shares will approximate the Fund’s NAV, there may be times when the market price of the Fund’s shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</td></tr></table> <p id="xdx_A8D_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090016Member__oef--RiskAxis__custom--ActiveManagementAndSelectionRiskMember_zXLZ66Wgpu54" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index. <p id="xdx_A81_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090016Member__oef--RiskAxis__custom--MunicipalSecuritiesRiskMember_zx1kopkLqU3k" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Municipal securities risk — The value of the Fund’s investments in municipal securities may be adversely affected by unfavorable legislative or political developments and economic developments that impact the financial condition of municipal issuers. For example, a credit rating downgrade, bond default, or bankruptcy involving an issuer within a particular state or territory could affect the market values and marketability of many or all municipal obligations of that state or territory. Additionally, the relative amount of publicly available information about the financial condition of municipal securities issuers is generally less than that for corporate securities. <p id="xdx_A86_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000090016Member__oef--RiskAxis__custom--DerivativesRiskMember_zgLsVzqA3pIk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Derivatives risk – Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the Manager anticipated. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a fund may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization). New fund risk — The Fund is a newly organized, diversified management investment company with no operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Trustees of the Trust (the “Board”) may determine to liquidate the Fund. How has Nomura Tax-Free USA ETF performed? 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. 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. 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 844-469-9911 NOMURA TRANSFORMATIONAL TECHNOLOGIES ETF What is the Fund’s investment objective? Nomura Transformational Technologies ETF seeks to provide growth of capital. What are the Fund’s fees and expenses? The following table describes the fees and expenses that you will incur if you buy, hold, and sell shares of the Fund. You may also incur other fees, such as usual and customary brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zN7SUKq4J68c"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zF0csdDmFTPa" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td colspan="2" style="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt">Management fees</td> <td id="xdx_982_eoef--ManagementFeesOverAssets_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000098706Member__oef--ClassAxis__custom--C000268417Member_zWm1DQsHUivf" style="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right">0.65%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td colspan="2" style="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt">Distribution and service (12b-1) fees</td> <td id="xdx_98D_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260729__20260729__dei--LegalEntityAxis__custom--S000098706Member__oef--ClassAxis__custom--C000268417Member_zWVDA74oJGe4" style="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right">None</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td colspan="2" style="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt">Other expenses1</td> <td id="xdx_980_eoef--OtherExpensesOverAssets_dpn_c20260729__20260729__dei--LegalEntityAxis__custom--S000098706Member__oef--ClassAxis__custom--C000268417Member_fMQ_____zUVGr6hf9N8g" style="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right">None</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td colspan="2" style="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt">Total annual Fund operating expenses</td> <td id="xdx_983_eoef--ExpensesOverAssets_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000098706Member__oef--ClassAxis__custom--C000268417Member_zUdQvOi2oQR8" style="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: right">0.65%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; width: 0.25in">1 </td> <td id="xdx_F17_z7SFPAAYKB94" style="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt">Other expenses are based on estimated amounts for the current fiscal year.</td> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right; width: 0.5in"> </td></tr> </table> 0.0065 0 0 0.0065 Other expenses are based on estimated amounts for the current fiscal year. Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div></div> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zieWyCOVDN3j"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zLsvMK9yeiIf" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td id="xdx_482_eoef--ExpenseExampleYear01_zfdqlPPlmt9" style="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; width: 50%; padding-top: 2pt; text-align: center">1 Year</td> <td id="xdx_48B_eoef--ExpenseExampleYear03_z306xwvykW57" style="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 50%; padding-top: 2pt; text-align: center">3 Years</td> </tr> <tr id="xdx_41A_20260729__20260729__dei--LegalEntityAxis__custom--S000098706Member__oef--ClassAxis__custom--C000268417Member_zPh4N0rfCsF2" style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td style="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center">$66</td> <td style="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center">$208</td> </tr> </table> 66 208 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s performance. For the fiscal period from January 12, 2026 (commencement of Fund operations) through March 31, 2026, the Fund’s portfolio turnover rate was 11% of the average value of its portfolio. 0.11 What are the Fund’s principal investment strategies? Under normal circumstances, the Nomura Transformational Technologies ETF invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in transformational technology companies (80% policy). For purposes of the Fund’s 80% policy, the Fund may invest in, but is not limited to, areas such as: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border: #44546A 1pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 51%; padding-right: 6pt; padding-left: 6pt">Technology: ■ semiconductors ■ computer hardware ■ IT services ■ software ■ networking ■ telecommunication services </td> <td style="border-top: #44546A 1pt solid; border-right: #44546A 1pt solid; border-bottom: #44546A 1pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 49%; padding-right: 1pt; padding-left: 6pt">Applied Technology: ■ agriculture ■ financial services ■ consumer discretionary ■ industrials ■ energy ■ transportation </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border: #44546A 1pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 51%; padding-right: 6pt; padding-left: 6pt">■ entertainment ■ content media ■ data processing ■ internet ■ energy efficiency ■ alternative energy ■ defense electronics </td> <td style="border-top: #44546A 1pt solid; border-right: #44546A 1pt solid; border-bottom: #44546A 1pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 49%; padding-right: 1pt; padding-left: 6pt"> ■ retail </td></tr> </table> Such companies may include: (i) companies that derive a competitive advantage by the application of technological developments or discoveries to grow their business or increase their competitive advantage; (ii) companies whose products, processes or services, in the opinion of Delaware Management Company (the “Manager”), are being, or are expected to be, significantly benefited by the use or commercial application of technological developments or discoveries; and (iii) companies that utilize technology as an agent of change to significantly enhance their business opportunities (applied technology companies). The Fund may invest in securities issued by companies of any size, and may invest without limitation in foreign securities, including securities of issuers within emerging markets. The Fund defines emerging market countries to include those currently considered to be developing by the World Bank, the United Nations, or the countries’ governments. The Fund is non-diversified, meaning that it may invest a significant portion of its total assets in a limited number of issuers. The Manager typically emphasizes growth potential in selecting stocks; that is, the Manager seeks companies in which earnings are likely to grow faster than the economy. The Manager aims to identify strong secular trends within industries and then applies a largely bottom-up (researching individual issuers) stock selection process by considering a number of factors in selecting securities for the Fund. These may include but are not limited to a company’s growth potential, earnings potential, quality of management, valuation, financial statements, industry position/market size potential and applicable economic and market conditions, as well as whether a company’s products and services have high barriers to entry. The Fund typically holds a limited number of stocks (generally 20 to 30). The Fund has adopted a policy to concentrate its investments (invest at least 25% of its assets) in the securities of companies in the technology industry. Many of the companies in which the Fund may invest have diverse operations, with products or services in foreign markets. Therefore, the Fund may have indirect exposure to various foreign markets through investments in these companies, even if the Fund is not invested directly in such markets. The Fund may invest in foreign securities through the use of American depositary receipts (ADRs), which are receipts issued by a depositary (usually a US bank) and represent the bank’s holdings of a stated number of shares of a foreign corporation. Generally, an ADR entitles the holder to all payments of interest, dividends, and capital gains earned by the underlying foreign shares. ADRs are generally denominated in US dollars and are bought and sold on a US stock exchange in the same manner as US securities. Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses in buying securities in order to determine whether the security has ceased to offer significant growth potential, has become overvalued and/or whether the company prospects of the issuer have deteriorated due to a change in management, change in strategy and/or a change in its financial characteristics. The Manager also may sell a security to reduce the Fund’s holding in that security, to take advantage of what it believes are more attractive investment opportunities, when a security’s valuation reaches the Manager’s fair value targets, or to raise cash. <p class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_984_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000098706Member_z5NuPjCTm5v1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">The Fund’s 80% policy is non-fundamental and may be changed without shareholder approval, but the Fund will provide shareholders with at least 60 days’ notice before changing this 80% policy. Under normal circumstances, the Nomura Transformational Technologies ETF invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in transformational technology companies (80% policy). The Fund’s 80% policy is non-fundamental and may be changed without shareholder approval, but the Fund will provide shareholders with at least 60 days’ notice before changing this 80% policy. Investing in any exchange-traded fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund’s portfolio. An investment in the Fund may not be appropriate for all investors. Unlike many ETFs, the Fund is actively managed and does not seek to replicate the performance of a specified index. The Fund’s principal risks include: Investing in any exchange-traded fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund’s portfolio. An investment in the Fund may not be appropriate for all investors. Market risk — The risk that all or a majority of the securities in a certain market - such as the stock or bond market - will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling. <p id="xdx_A8B_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000098706Member__oef--RiskAxis__custom--InformationTechnologySectorRiskMember_zA59WKEEFTce" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Information technology sector risk — Investment risks associated with investing in the information technology sector, in addition to other risks, include the intense competition to which information technology companies may be subject; the dramatic and often unpredictable changes in growth rates and competition for qualified personnel among information technology companies; effects on profitability from being heavily dependent on patent and intellectual property rights and the loss or impairment of those rights; obsolescence of existing technology; general economic conditions; and government regulation. <p id="xdx_A8B_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000098706Member__oef--RiskAxis__custom--TechnologyIndustryRiskMember_zkb0GKVFQBRf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Technology industry risk — The risk that investment risks associated with investing in technology securities, in addition to other risks, include: operating in rapidly changing fields, abrupt or erratic market movements, limited product lines, markets or financial resources, management that is dependent on a limited number of people, short product cycles, aggressive pricing of products and services, new market entrants and obsolescence of existing technology. In addition, these securities may be impacted by commodity and energy prices, which can be volatile, and may increase the volatility of these securities. <p id="xdx_A87_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000098706Member__oef--RiskAxis__custom--GrowthStockRiskMember_zw9GuBrn2xSe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Growth stock risk — Growth stocks reflect projections of future earnings and revenue. These prices may rise or fall dramatically depending on whether those projections are met. These companies’ stock prices may be more volatile, particularly over the short term. <p id="xdx_A80_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000098706Member__oef--RiskAxis__custom--NonDiversificationRiskMember_zzBtkQFghKW7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Non-diversification risk — A non-diversified fund has the flexibility to invest as much as 50% of its assets in as few as two issuers with no single issuer accounting for more than 25% of the fund. The remaining 50% of its assets must be diversified so that no more than 5% of its assets are invested in the securities of a single issuer. Because a nondiversified fund may invest its assets in fewer issuers, the value of its shares may increase or decrease more rapidly than if it were fully diversified. <p id="xdx_A85_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000098706Member__oef--RiskAxis__custom--ConcentrationRiskMember_zMf9a975vTM1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Concentration risk — The risk that a concentration in a particular industry will cause a fund to be more exposed to developments affecting that single industry or industry group than a more broadly diversified fund would be. A fund could experience greater volatility or may perform poorly during a downturn in the industry or industry group because it is more susceptible to the economic, regulatory, political, legal and other risks associated with those industries than a fund that invests more broadly. <p id="xdx_A8C_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000098706Member__oef--RiskAxis__custom--LimitedNumberOfSecuritiesRiskMember_zEXLwLucWDxf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Limited number of securities risk — The possibility that a single security’s increase or decrease in value may have a greater impact on a fund’s value and total return because the fund may hold larger positions in fewer securities than other funds. In addition, a fund that holds a limited number of securities may be more volatile than those funds that hold a greater number of securities. <p id="xdx_A8F_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000098706Member__oef--RiskAxis__custom--ForeignanEmergingMarketsRiskMember_z8Ft4mBEzBde" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Foreign and emerging markets risk — The risk that investments in foreign securities (particularly those of issuers in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; the imposition of economic or trade sanctions; or inadequate or different regulatory and accounting standards. Securities of issuers in emerging markets may be subject to greater risks than securities of issuers in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments. In addition, there often is substantially less publicly available information about issuers and such information tends to be of a lesser quality. Economic markets and structures tend to be less mature and diverse and the securities markets may also be smaller, less liquid, and subject to greater price volatility. In addition, where all or a portion of the Fund’s underlying securities trade in a market that is closed when the market in which the Fund’s shares are listed and trading is open, there may be differences between the last quote from the security’s closed foreign market and the value of the security during the Fund’s domestic trading day. This in turn could lead to differences between the market price of the Fund’s shares and the underlying value of those shares. <p id="xdx_A8A_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000098706Member__oef--RiskAxis__custom--DepositaryReceiptsRiskMember_zQDRCkSnxJK4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Depositary receipts risk — Depositary receipts, such as ADRs, GDRs and EDRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory and tax environments. Currency risk — The risk that fluctuations in exchange rates between the US dollar and foreign currencies and between various foreign currencies may cause the value of an investment to decline. <p id="xdx_A8A_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000098706Member__oef--RiskAxis__custom--SmallandMidMarketCapitalizationCompanyRiskMember_zjIQxCWy6LGh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Small- and mid-market capitalization company risk — The risk that investments in small- and/or medium-sized companies may be more volatile than those of larger companies because of limited financial resources or dependence on narrow product lines. <p id="xdx_A85_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000098706Member__oef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zM5Tu0UDx2y9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Large-capitalization company risk — Large-capitalization companies tend to be less volatile than companies with smaller market capitalizations. This potentially lower risk means that the Fund’s share price may not rise as much as the share prices of funds that focus on smaller-capitalization companies. Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them. <p id="xdx_A80_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000098706Member__oef--RiskAxis__custom--GovernmentandRegulatoryRiskMember_zhhjLVVVBCS6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Government and regulatory risk — The risk that governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect fund performance. ETF risk — The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: “Authorized participants, market makers and liquidity providers concentration risk,” “Secondary Market Trading Risk” and “Shares may trade at prices other than NAV risk.” <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 12pt">•</td><td style="font-family: Arial, Helvetica, Sans-Serif">Authorized participants, market makers and liquidity providers concentration risk — Only authorized participants (“APs”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace, and they have no obligation to submit creation or redemption orders. To the extent either of the following events occur, the Fund’s shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Fund’s shares trading at a premium or discount to NAV. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 12pt">•</td><td style="font-family: Arial, Helvetica, Sans-Serif">Secondary market trading risk — Although the Fund’s shares are listed on a national securities exchange, The Nasdaq Stock Market, LLC (“Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in the Fund’s shares on the Exchange may be halted. An exchange or market may also issue trading halts on specific securities or financial instruments. As a result, the ability to trade certain securities or financial instruments may be restricted, which may disrupt the Fund’s creation/redemption process or affect the price at which shares trade in the secondary market.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 12pt">•</td><td style="font-family: Arial, Helvetica, Sans-Serif">Shares may trade at prices other than NAV risk — As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings, while the trading price of the shares fluctuates continuously throughout trading hours on the Exchange, based on both the relative market supply of, and demand for, the shares and the underlying value of the Fund’s holdings. As a result, although it is expected that the market price of the Fund’s shares will approximate the Fund’s NAV, there may be times when the market price of the Fund’s shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</td></tr></table> <p id="xdx_A8E_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000098706Member__oef--RiskAxis__custom--ActiveManagementandSelectionRiskMember_zML0Tmzoe2Z6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index. New fund risk — The Fund is a newly organized, non-diversified management investment company with limited operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board may determine to liquidate the Fund. How has the Nomura Transformational Technologies ETF performed? 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. Past performance before and after taxes does not necessarily indicate how the Fund will perform in the future. 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. 844-469-9911 global.nomuraassetmanagement.com/investments/etf Calendar year-by-year total return <img alt="" src="netft4653881-pro1x61x1.jpg" style="height: 178px; width: 240px"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%; vertical-align: top">Year</td> <td style="display: none; text-align: center; width: 50%; vertical-align: top">Return</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; vertical-align: top">2020</td> <td style="display: none; text-align: center; vertical-align: top">58.42%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; vertical-align: top">2021</td> <td style="display: none; text-align: center; vertical-align: top">21.04%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; vertical-align: top">2022</td> <td style="display: none; text-align: center; vertical-align: top">-36.26%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; vertical-align: top">2023</td> <td style="display: none; text-align: center; vertical-align: top">58.18%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; vertical-align: top">2024</td> <td style="display: none; text-align: center; vertical-align: top">37.18%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; vertical-align: top">2025</td> <td style="display: none; text-align: center; vertical-align: top">38.18%</td></tr> </table> 0.5842 0.2104 -0.3626 0.5818 0.3718 0.3818 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. highest quarterly return 0.3466 2020-06-30 lowest quarterly return -0.2619 2022-06-30 The Fund’s performance from January 12, 2026 (commencement of Fund operations) to June 30, 2026 was 34.80%. 0.3480 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. Average annual total returns for periods ended December 31, 2025 <div id="xdx_A86_eoef--PerformanceTableTextBlock_zVOJSABagmn5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zQV4kvT7Lgjb" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 64%; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; width: 12%; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">1 year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; width: 11%; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">5 years</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; width: 13%; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Lifetime (11/30/2018–12/31/2025)</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: Gainsboro"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Returns before taxes</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">38.18%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">18.26%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">25.35%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Returns after taxes on distributions</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">-N/A</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">-N/A</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">-N/A</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: Gainsboro"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Returns after taxes on distributions and sale of Fund shares</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">-N/A</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">-N/A</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">-N/A</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">MSCI ACWI (All Country World Index) (net) (reflects no deduction for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">22.34%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">11.19%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">12.64%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: Gainsboro"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">MSCI World Information Technology Index (net) (reflects no deduction for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">23.50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">17.71%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">23.27%</td></tr> </table> 2018-11-30 2018-11-30 2018-11-30 2018-11-30 2018-11-30 0.3818 0.1826 0.2535 reflects no deduction for fees, expenses or taxes 0.2234 0.1119 0.1264 reflects no deduction for fees, expenses or taxes 0.2350 0.1771 0.2327 After-tax returns cannot be calculated for periods before the Fund’s registration as an exchange-traded fund and they are, therefore, unavailable. NOMURA FOCUSED MID CAP GROWTH ETF What is the Fund’s investment objective? Nomura Focused Mid Cap Growth ETF seeks to provide growth of capital. What are the Fund’s fees and expenses? The following table describes the fees and expenses that you will incur if you buy, hold, and sell shares of the Fund. You may also incur other fees, such as usual and customary brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zStDtAZH9Ygh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_ze4Uq9rJVqK8" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt">Management fees</td> <td id="xdx_98B_eoef--ManagementFeesOverAssets_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000098707Member__oef--ClassAxis__custom--C000268418Member_zqE9kqtshuuk" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt; text-align: right">0.59%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt">Distribution and service (12b-1) fees</td> <td id="xdx_981_eoef--DistributionAndService12b1FeesOverAssets_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000098707Member__oef--ClassAxis__custom--C000268418Member_zOrLSRHNd5Lc" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt; text-align: right">None</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt">Other expenses1</td> <td id="xdx_982_eoef--OtherExpensesOverAssets_dpn_c20260729__20260729__dei--LegalEntityAxis__custom--S000098707Member__oef--ClassAxis__custom--C000268418Member_fMQ_____zrD3LgkCgP3l" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt; text-align: right">None</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt">Total annual Fund operating expenses</td> <td id="xdx_985_eoef--ExpensesOverAssets_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000098707Member__oef--ClassAxis__custom--C000268418Member_zzL9XEaFNJA4" style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 2pt; padding-top: 2pt; text-align: right">0.59%</td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt; width: 0.25in">1</td> <td id="xdx_F19_zjoNMmPYOYmf" style="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3pt">Other expenses are based on estimated amounts for the current fiscal year. </td> <td style="padding-top: 3pt; width: 0.5in"> </td> </tr> </table> 0.0059 0 0 0.0059 Other expenses are based on estimated amounts for the current fiscal year. Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zGHArZFC49Fb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zS7r0lDnh43h" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 100%; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td id="xdx_483_eoef--ExpenseExampleYear01_zGqBZkV5wIYi" style="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; width: 50%; text-align: center">1 Year</td> <td id="xdx_489_eoef--ExpenseExampleYear03_zlwGP3xmXI88" style="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; width: 50%; text-align: center">3 Years</td></tr> <tr id="xdx_41C_20260729__20260729__dei--LegalEntityAxis__custom--S000098707Member__oef--ClassAxis__custom--C000268418Member_zhfBzKUf8Rx" style="font-family: Arial, Helvetica, Sans-Serif; background-color: Gainsboro"> <td style="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center">$60</td> <td style="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center">$189</td></tr> </table> 60 189 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations, and portfolio turnover data therefore is not available. What are the Fund’s principal investment strategies? Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in the securities of mid-capitalization companies. “Mid-capitalization companies” are those with market capitalizations, at the time of acquisition, within the range of market capitalizations of companies included in the Russell Midcap® Growth Index over the last 13 months. As of June 30, 2026, this range of market capitalizations was between approximately $3.3 billion and $92.6 billion. The Fund will principally invest in common stocks of U.S. mid-capitalization companies, but may also invest a portion of its assets in non-U.S. securities. In selecting securities for the Fund, Delaware Management Company, the Fund’s investment adviser (the “Manager”), primarily emphasizes a bottom-up (researching individual issuers) approach and focuses on companies it believes have the potential for strong growth, increasing profitability, stable and sustainable revenue and earnings streams, attractive valuations and sound capital structures. The Manager may look at a number of factors in its consideration of a company, such as: new or innovative products or services; adaptive or creative management; strong financial and operational capabilities to sustain multi-year growth; stable and consistent revenue, earnings, and cash flow; strong balance sheet; market potential; and profit potential. Part of the Manager’s investment process also includes a review of the macroeconomic environment, with a focus on factors such as interest rates, inflation, consumer confidence and corporate spending. The Manager believes that focusing on high-quality businesses with sustainable growth potential is paramount to capturing the benefits of successful quality-first stock selection, and accordingly the Fund will typically own a limited number of stocks (generally 30 to 40 companies). Generally, in determining whether to sell a security, the Manager considers many factors, including what it believes to be excessive valuation given company growth prospects, deterioration of fundamentals, weak cash flow to support shareholder returns, and unexpected and poorly explained management changes. The Manager also may sell a security to reduce the Fund’s holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash. The Fund may invest in foreign securities through the use of American depositary receipts (ADRs), which are receipts issued by a depositary (usually a US bank) and represent the bank’s holdings of a stated number of shares of a foreign corporation. Generally, an ADR entitles the holder to all payments of interest, dividends, and capital gains earned by the underlying foreign shares. ADRs are generally denominated in US dollars and are bought and sold on a US stock exchange in the same manner as US securities. <p class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_982_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000098707Member_zwy3VX16UGt8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Fund’s 80% policy is non-fundamental and may be changed without shareholder approval. However, Fund shareholders would be given at least 60 days’ notice prior to any such change. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in the securities of mid-capitalization companies. The Fund’s 80% policy is non-fundamental and may be changed without shareholder approval. However, Fund shareholders would be given at least 60 days’ notice prior to any such change. Investing in any exchange-traded fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund’s portfolio. An investment in the Fund may not be appropriate for all investors. Unlike many ETFs, the Fund is actively managed and does not seek to replicate the performance of a specified index. The Fund’s principal risks include: Investing in any exchange-traded fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund’s portfolio. An investment in the Fund may not be appropriate for all investors. Market risk — The risk that all or a majority of the securities in a certain market - such as the stock or bond market - will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling. <p id="xdx_A82_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000098707Member__oef--RiskAxis__custom--GrowthStockRiskMember_zMdPjax2VgJc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Growth stock risk — Growth stocks reflect projections of future earnings and revenue. These prices may rise or fall dramatically depending on whether those projections are met. These companies’ stock prices may be more volatile, particularly over the short term. <p id="xdx_A8D_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000098707Member__oef--RiskAxis__custom--SmallAndMidMarketCapitalizationCompanyRiskMember_zmk0M1WeH9C9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Small- and mid-market capitalization company risk — The risk that investments in small- and/or medium-sized companies may be more volatile than those of larger companies because of limited financial resources or dependence on narrow product lines. <p id="xdx_A8A_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000098707Member__oef--RiskAxis__custom--ActiveManagementAndSelectionRiskMember_zEYJyLP4SsIj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the Fund’s benchmark index. <p id="xdx_A82_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000098707Member__oef--RiskAxis__custom--ForeignAndEmergingMarketsRiskMember_zbfokbXohs26" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Foreign and emerging markets risk — The risk that investments in foreign securities (particularly those of issuers in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; the imposition of economic or trade sanctions; or inadequate or different regulatory and accounting standards. Securities of issuers in emerging markets may be subject to greater risks than securities of issuers in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments. In addition, there often is substantially less publicly available information about issuers and such information tends to be of a lesser quality. Economic markets and structures tend to be less mature and diverse and the securities markets may also be smaller, less liquid, and subject to greater price volatility. In addition, where all or a portion of the Fund’s underlying securities trade in a market that is closed when the market in which the Fund’s shares are listed and trading is open, there may be differences between the last quote from the security’s closed foreign market and the value of the security during the Fund’s domestic trading day. This in turn could lead to differences between the market price of the Fund’s shares and the underlying value of those shares. <p id="xdx_A84_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000098707Member__oef--RiskAxis__custom--DepositaryReceiptsRiskMember_z0y3I4pULz92" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Depositary receipts risk — Depositary receipts, such as ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory and tax environments. Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them. <p id="xdx_A8A_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000098707Member__oef--RiskAxis__custom--GovernmentAndRegulatoryRiskMember_zRseeWiA6y11" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Government and regulatory risk — The risk that governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect fund performance. ETF risk — The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: “Authorized participants, market makers and liquidity providers concentration risk,” “Secondary Market Trading Risk” and “Shares may trade at prices other than NAV risk.” <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 12pt">•</td><td style="font-family: Arial, Helvetica, Sans-Serif">Authorized participants, market makers and liquidity providers concentration risk — Only authorized participants (“APs”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace, and they have no obligation to submit creation or redemption orders. To the extent either of the following events occur, the Fund’s shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Fund’s shares trading at a premium or discount to NAV. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 12pt">•</td><td style="font-family: Arial, Helvetica, Sans-Serif">Secondary market trading risk — Although the Fund’s shares are listed on a national securities exchange, NYSE Arca, Inc. (“Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in the Fund’s shares on the Exchange may be halted. An exchange or market may also issue trading halts on specific securities or financial instruments. As a result, the ability to trade certain securities or financial instruments may be restricted, which may disrupt the Fund’s creation/redemption process or affect the price at which shares trade in the secondary market.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 0"></td><td style="font-family: Arial, Helvetica, Sans-Serif; width: 12.25pt">•</td><td style="font-family: Arial, Helvetica, Sans-Serif">Shares may trade at prices other than NAV risk — As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings, while the trading price of the shares fluctuates continuously throughout trading hours on the Exchange, based on both the relative market supply of, and demand for, the shares and the underlying value of the Fund’s holdings. As a result, although it is expected that the market price of the Fund’s shares will approximate the Fund’s NAV, there may be times when the market price of the Fund’s shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</td></tr></table> New fund risk — The Fund is a newly organized, diversified management investment company with limited operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board may determine to liquidate the Fund. <div style="display: none"></div> How has Nomura Focused Mid Cap Growth ETF performed? 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. Fund is new, it has no performance history. global.nomuraassetmanagement.com/investments/etf 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. Other expenses are based on estimated amounts for the current fiscal year. Other expenses are based on estimated amounts for the current fiscal year. Other expenses are based on estimated amounts for the current fiscal year. Other expenses are based on estimated amounts for the current fiscal year. Other expenses are based on estimated amounts for the current fiscal year.