0001969995 2026-08-14 2026-08-14 0001969995 netft:S000106436Member 2026-08-14 2026-08-14 0001969995 netft:S000106436Member netft:HighYieldJunkBondRiskMember 2026-08-14 2026-08-14 0001969995 netft:S000106436Member netft:InterestRatesRiskMember 2026-08-14 2026-08-14 0001969995 netft:S000106436Member netft:CreditRisksMember 2026-08-14 2026-08-14 0001969995 netft:S000106436Member netft:MarketRiskMember 2026-08-14 2026-08-14 0001969995 netft:S000106436Member netft:FixedIncomeMarketRiskMember 2026-08-14 2026-08-14 0001969995 netft:S000106436Member netft:ActiveManagementandSelectionRiskMember 2026-08-14 2026-08-14 0001969995 netft:S000106436Member netft:LiquidityRiskMember 2026-08-14 2026-08-14 0001969995 netft:S000106436Member netft:ETFRiskMember 2026-08-14 2026-08-14 0001969995 netft:S000106436Member netft:BankLoansRiskMember 2026-08-14 2026-08-14 0001969995 netft:S000106436Member netft:ConvertibleSecuritiesandPreferredSecuritiesRiskMember 2026-08-14 2026-08-14 0001969995 netft:S000106436Member netft:DistressedSecuritiesRiskMember 2026-08-14 2026-08-14 0001969995 netft:S000106436Member netft:ForeignCompanyInvestmentRiskMember 2026-08-14 2026-08-14 0001969995 netft:S000106436Member netft:EmergingMarketsRiskMember 2026-08-14 2026-08-14 0001969995 netft:S000106436Member netft:GeographicFocusRiskMember 2026-08-14 2026-08-14 0001969995 netft:S000106436Member netft:PrepaymentandExtensionRiskMember 2026-08-14 2026-08-14 0001969995 netft:S000106436Member netft:NewIssueRiskMember 2026-08-14 2026-08-14 0001969995 netft:S000106436Member netft:ZeroCouponSecuritiesRiskMember 2026-08-14 2026-08-14 0001969995 netft:S000106436Member netft:PayInKindSecuritiesRiskMember 2026-08-14 2026-08-14 0001969995 netft:S000106436Member netft:DeferredPaymentSecuritiesRiskMember 2026-08-14 2026-08-14 0001969995 netft:S000106436Member netft:RestrictedSecuritiesRiskMember 2026-08-14 2026-08-14 0001969995 netft:S000106436Member netft:EquityRiskMember 2026-08-14 2026-08-14 0001969995 netft:S000106436Member netft:SmallandMidMarketCapitalizationCompanyRiskMember 2026-08-14 2026-08-14 0001969995 netft:S000106436Member netft:CallRiskMember 2026-08-14 2026-08-14 0001969995 netft:S000106436Member netft:PortfolioTurnoverRiskMember 2026-08-14 2026-08-14 0001969995 netft:S000106436Member netft:PrincipalLossRiskMember 2026-08-14 2026-08-14 0001969995 netft:S000106436Member netft:RedemptionRiskMember 2026-08-14 2026-08-14 0001969995 netft:S000106436Member netft:NewFundRiskMember 2026-08-14 2026-08-14 0001969995 netft:S000106436Member netft:C000277297Member 2026-08-14 2026-08-14 0001969995 netft:S000106436Member oef:RiskLoseMoneyMember 2026-08-14 2026-08-14 0001969995 netft:S000106436Member oef:RiskMoneyMarketFundPriceFluctuatesMember 2026-08-14 2026-08-14 0001969995 netft:S000106436Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-08-14 2026-08-14 iso4217:USD pure false 485BPOS 0001969995 2026-08-14 N-1A NOMURA ETF TRUST 2026-08-14 NOMURA HIGH YIELD TOTAL RETURN ETF What is the Fund’s investment objective? Nomura High Yield Total Return ETF seeks current yield and capital growth. 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_zfiMeqFiZih3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zztxDBIW4DR9" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="background-color: Gainsboro"> <td style="padding-bottom: 2pt; width: 75%; padding-top: 2pt">Management fees</td> <td id="xdx_980_eoef--ManagementFeesOverAssets_dp_c20260814__20260814__dei--LegalEntityAxis__custom--S000106436Member__oef--ClassAxis__custom--C000277297Member_zqh94S7ho2ag" style="padding-bottom: 2pt; width: 25%; padding-top: 2pt; text-align: right">0.45%</td></tr> <tr style="background-color: White"> <td style="padding-bottom: 2pt; padding-top: 2pt">Distribution and service (12b-1) fees</td> <td id="xdx_982_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260814__20260814__dei--LegalEntityAxis__custom--S000106436Member__oef--ClassAxis__custom--C000277297Member_zmlZ4Qqem0Y2" style="padding-bottom: 2pt; padding-top: 2pt; text-align: right">None</td></tr> <tr style="background-color: Gainsboro"> <td style="padding-bottom: 2pt; padding-top: 2pt">Other expenses1</td> <td id="xdx_986_eoef--OtherExpensesOverAssets_dpn_c20260814__20260814__dei--LegalEntityAxis__custom--S000106436Member__oef--ClassAxis__custom--C000277297Member_fMQ_____ziLzothrJbia" style="padding-bottom: 2pt; padding-top: 2pt; text-align: right">None</td></tr> <tr style="background-color: White"> <td style="padding-bottom: 2pt; padding-top: 2pt">Total annual Fund operating expenses</td> <td id="xdx_985_eoef--ExpensesOverAssets_dp_c20260814__20260814__dei--LegalEntityAxis__custom--S000106436Member__oef--ClassAxis__custom--C000277297Member_zuvYKWUNb08d" style="padding-bottom: 2pt; padding-top: 2pt; text-align: right">0.45%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: top"> <td id="xdx_F07_zFhsky95bbD8" style="width: 0.25in; font-size: 10pt">1</td> <td style="font-size: 10pt">Other expenses are based on estimated amounts for the current fiscal year. </td></tr> </table> 0.0045 0 0 0.0045 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_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_zo8eQeXHq8J"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zio5gAlfDNJd" style="width: 100%; font-family: Arial, Helvetica, Sans-Serif" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_486_eoef--ExpenseExampleYear01_zpre0V43QXwl" style="width: 41%; text-align: center; font-size: 10pt">1 Year</td> <td style="width: 20%; text-align: center; font-size: 10pt"> </td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zkmALG3H1C66" style="width: 39%; text-align: center; font-size: 10pt">3 Years</td></tr> <tr style="background-color: Gainsboro"> <td style="text-align: center; font-size: 10pt">$46</td> <td style="text-align: center; font-size: 10pt"> </td> <td style="text-align: center; font-size: 10pt">$144</td></tr> </table> 46 144 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 a portfolio of high yield bonds (also known as “junk bonds”) rated below investment grade by Moody’s, S&P, or Fitch, or, if unrated, determined to be of comparable quality by NCRAM (“NCRAM” or the “Sub-Adviser”), the Fund’s sub-adviser. The Fund defines high yield bonds to include the following (provided they are rated below investment-grade or unrated but deemed to be of comparable quality by the Sub-Adviser): fixed, variable and floating rate obligations; bank loans in the form of assignments or participations; payment-in-kind securities; deferred payment securities; restricted securities; convertible securities; zero-coupon bonds; and debt obligations. The Fund may invest in new issuances of high yield bonds. The Fund may invest in distressed high yield bonds. Maturity is not a consideration in selecting the Fund’s investments. The Fund may invest in new issuances of debt. The Fund may engage in active and frequent trading in seeking to achieve its investment objective and principal investment strategies. In addition to investing in high yield bonds, NCRAM can invest up to 20% of the Fund’s net assets in a wide range of other securities, including investment grade bonds, bank loans, preferred securities, and money market instruments. Up to 20% of the Fund’s net assets may be invested in securities not denominated in U.S. dollars. The Fund may invest without limit in U.S. dollar-denominated securities of foreign issuers. The Fund’s foreign investments (U.S. dollar or non-U.S. dollar-denominated) may include companies in, or governments of, emerging market countries. The Fund may invest up to 10% of its net assets in convertible bonds. Convertible bonds will be counted toward the Fund’s 80% policy to the extent they have characteristics similar to the securities included within that policy. Convertible bonds generally are debt securities that may be converted into common stock. Convertible bonds typically pay current income as interest. A convertible bond’s value usually reflects both the stream of current income payments and the market value of the underlying stock. The Fund’s bank loan investments, limited to up to 20% of its net assets, may be in loan assignments and participations, each of which may include Senior Loans. Senior Loans are loans that have a right to payment senior to most other debts of the borrower. Senior Loans generally are arranged through private negotiations between a borrower and several financial institutions (the “Lenders”) represented in each case by one or more such Lenders acting as agent (the “Agent”) of the several Lenders. On behalf of the Lenders, the Agent is primarily responsible for negotiating the loan agreement (“Loan Agreement”) that establishes the relative terms and conditions of the Senior Loan and rights of the borrower and the Lenders. The Fund usually will purchase assignments (“Assignments”) of portions of loans from third-parties. Loans often are secured by specific assets of the borrower, although the Fund may invest in loans that are not secured by any collateral. From time to time the Fund may also invest in a loan by buying a participation interest in the corporate loan from a co-lender or a participant (“Participation Interests”). The Fund may invest in loans that pay interest at rates that are fixed, floating or variable. The Fund may invest in zero-coupon securities (“Zeros”), pay-in-kind securities (“PIKs”) and deferred payment securities acquired at a discount. Zeros are fixed income securities that do not make regular interest payments. Instead, Zeros are sold at a discount from their face value. The difference between a Zero’s issue or purchase price and its face value represents the imputed interest an investor will earn if the obligation is held until maturity. PIKs are securities that have interest payable by delivery of additional securities. Upon maturity, the holder is entitled to receive the aggregate par value of the securities. Deferred payment securities are securities that remain Zeros until a predetermined date, at which time the stated coupon rate becomes effective and interest becomes payable at regular intervals. These are all types of high yield bonds on which the holder does not receive periodic cash payments of interest or principal. Even though the Fund will not receive cash periodic coupon payments on these securities, the Fund will be deemed to have received income (“phantom income”) annually. Generally, these securities are subject to greater price volatility and lesser liquidity in the event of adverse market conditions than comparably rated securities paying cash interest at regular intervals. The Fund may also invest in common stock, limited to up to 10% of its net assets, of issuers of any market capitalization that are located anywhere in the world. The Fund will not purchase common stock directly, but may acquire it through restructurings or other corporate actions. The Fund may up to 10% of its net assets invest in distressed securities and distressed high yield bonds, which may be subject to bankruptcy proceedings or may be in default as to the repayment of principal and/or interest at the time of acquisition by the Fund or are rated in the lower rating categories (Ca or lower by Moody’s and CC or lower by S&P or Fitch) or which, if unrated, are in the judgment of NCRAM of equivalent quality. The Fund will generally make such investments only when NCRAM believes it is reasonably likely that the issuer of the distressed security will make an exchange offer or will be the subject of a plan of reorganization pursuant to which the Fund will receive new securities. The Fund’s investment philosophy is based upon NCRAM’s belief that a total return, relative value investment approach driven by credit research is the best way to pursue attractive long-term performance in a high yield market. The Fund’s investment philosophy centers on NCRAM’s proprietary “Strong Horse” approach to credit research, which seeks to identify companies NCRAM believes can carry their debt loads through economic cycles, generate cash, and reduce their debt over time. The characteristics of Strong Horse companies include effective business models; low-cost production facilities; leading market share; superior cash flow generating abilities; experienced management teams with strong track records; well-positioned product lines; and sustainable business practices. NCRAM primarily employs a bottom-up (researching individual issuers) approach to identify Strong Horse companies across the ratings spectrum, carefully weigh business and financial risk, and quickly seize opportunities and avoid losses. NCRAM to a lesser extent also uses a top-down overlay, identifying areas of the high yield market that it believes are undervalued relative to the rest of the market. NCRAM seeks to mitigate the risks associated with high yield bonds, by diversifying the Fund’s holdings by issuer and industry. <p class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_98B_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20260814__20260814__dei--LegalEntityAxis__custom--S000106436Member_zFNqa9djl5M5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Fund’s 80% policy is nonfundamental 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 Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in a portfolio of high yield bonds (also known as “junk bonds”) rated below investment grade by Moody’s, S&P, or Fitch, or, if unrated, determined to be of comparable quality by NCRAM (“NCRAM” or the “Sub-Adviser”), the Fund’s sub-adviser. The Fund’s 80% policy is nonfundamental 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. <p id="xdx_A86_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000106436Member__oef--RiskAxis__custom--HighYieldJunkBondRiskMember_zKXJT94Lonki" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">High yield bond (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. <p id="xdx_A8C_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000106436Member__oef--RiskAxis__custom--InterestRatesRiskMember_zbex1QIsgYV5" 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. 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--S000106436Member__oef--RiskAxis__custom--FixedIncomeMarketRiskMember_zlf2DsOWULsf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Fixed income market risk – The risk that the Fund’s fixed income securities will decline in value in response to economic development, particularly changes in interest rates. <p id="xdx_A8B_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000106436Member__oef--RiskAxis__custom--ActiveManagementandSelectionRiskMember_zn6QWrvFu6ce" 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. 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. 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="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt">•</td> <td style="padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt">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</td></tr> </table> <div></div> <div></div> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: top"> <td> </td> <td style="padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt"> </td> <td style="padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt"> 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> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; width: 0.25in">•</td> <td style="padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt">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> <tr style="vertical-align: top"> <td> </td> <td style="padding-top: 6pt; font-size: 10pt">•</td> <td style="padding-top: 6pt; font-size: 10pt">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> Bank loans risk – The risk that the Fund’s investments in bank loans may expose it to borrower and intermediary credit risk, limited enforcement and collateral rights, illiquidity, valuation challenges, and reduced legal protections, which may impair the Fund’s ability to receive payments or realize the full value of its investment. <p id="xdx_A81_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000106436Member__oef--RiskAxis__custom--ConvertibleSecuritiesandPreferredSecuritiesRiskMember_zI6n0peMUr6d" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Convertible securities and preferred securities risk – Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due. <p id="xdx_A85_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000106436Member__oef--RiskAxis__custom--DistressedSecuritiesRiskMember_zXrVmhhMbEPb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Distressed securities risk – The risk that the Fund may lose its entire investment or be required to accept cash or securities with a value less than its original investment due to the increased risk of default. <p id="xdx_A8A_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000106436Member__oef--RiskAxis__custom--ForeignCompanyInvestmentRiskMember_zNu96LpqE7z9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Foreign company investment risk – The risk that the Fund may experience more rapid or extreme changes in value as compared to a fund that invests solely in securities of U.S. companies because the securities markets of many foreign countries are relatively small and consist of a limited number of companies representing a small number of industries. 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_A82_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000106436Member__oef--RiskAxis__custom--EmergingMarketsRiskMember_zDDK3aULRaP6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Emerging markets risk – The risk of increased price volatility associated with the Fund’s investments in emerging market and countries, which may be magnified by currency fluctuations relative to the U.S. dollar. <p id="xdx_A8F_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000106436Member__oef--RiskAxis__custom--GeographicFocusRiskMember_zFV8sLkGkzb4" 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_A8D_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000106436Member__oef--RiskAxis__custom--PrepaymentandExtensionRiskMember_zHIv866aXnGc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Prepayment and extension risk – The risk that, in declining interest rate environments, fixed income securities with stated interest rates may have the principal paid earlier than expected, which could reduce the Fund’s returns, or in rising interest rates could extend the duration of a fixed income security, typically reducing the security’s value. New issue risk – The risk that, due to the limited markets for new issues, the market value of newly issued securities may fluctuate considerably. <p id="xdx_A82_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000106436Member__oef--RiskAxis__custom--ZeroCouponSecuritiesRiskMember_zGBPl2VtYSD4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Zero-coupon securities risk – The risk that changing market conditions could more radically affect the market value of the Fund’s zero-coupon securities than that of other fixed income securities with similar maturities and credit quality that pay interest periodically. <p id="xdx_A84_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000106436Member__oef--RiskAxis__custom--PayInKindSecuritiesRiskMember_z228vn231Pyh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Pay-in-kind securities risk – The risk that the Fund may have to sell portfolio securities under disadvantageous circumstances to generate sufficient cash to satisfy income distribution requirements. <p id="xdx_A89_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000106436Member__oef--RiskAxis__custom--DeferredPaymentSecuritiesRiskMember_zIeVSs6isSP9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Deferred payment securities risk – The risk that these securities may be subject to greater price fluctuations when interest rates change than securities that currently pay interest. Additionally, during the time that interest payments are not being made on these securities, holders are deemed to receive income (phantom income) annually, even though cash is not received. <p id="xdx_A88_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000106436Member__oef--RiskAxis__custom--RestrictedSecuritiesRiskMember_zuRXOWdsIdPb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Restricted securities risk – The risk, due to the lack of a public trading market and contractual restrictions on resale, the Fund may have difficulty reselling restricted securities at a time when such sale would be desirable and the sale price could be less than those originally paid by the Fund or less than the fair market value. Equity risk – The risk that stock prices may fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate significantly from day-to-day. <p id="xdx_A8A_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000106436Member__oef--RiskAxis__custom--SmallandMidMarketCapitalizationCompanyRiskMember_zMiYMEK9xLO3" 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. 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. <p id="xdx_A88_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000106436Member__oef--RiskAxis__custom--PortfolioTurnoverRiskMember_zfJDbdddKpgd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Portfolio turnover risk – The risk that the Fund’s investment strategy may result in higher transaction costs and additional capital gains tax liabilities, which may in turn affect the Fund’s performance. <p id="xdx_A81_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000106436Member__oef--RiskAxis__custom--PrincipalLossRiskMember_z1OcQ8ibRsy1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Principal loss risk – The risk that, at any given time, your shares may be worth less than the price you paid for them. In other words, it is possible to lose money by investing in the Fund. <p id="xdx_A84_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000106436Member__oef--RiskAxis__custom--RedemptionRiskMember_zEPWIBdFJrp6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Redemption risk – The risk that the Fund may experience periods of heavy redemptions that could cause the Fund to sell assets at inopportune times or at a loss or depressed value, which could hurt the Fund’s performance. Redemption risk is heightened during periods of declining or illiquid markets. 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. How has Nomura High Yield Total Return 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.