Schedule
of
investments
Nomura
Energy
Transition
ETF
June
30,
2026
(Unaudited)
NQ-ET002J
(0626)
0826
(5790269)
Number
of
shares
Value
(US
$)
Common
Stocks
—
97
.45
%
Aluminum
-
4
.01
%
Alcoa
Corp.
8,754
$
456,434
456,434
Coal
&
Consumable
Fuels
-
2
.07
%
Cameco
Corp.
2,316
235,908
235,908
Commodity
Chemicals
-
1
.51
%
Methanex
Corp.
3,730
172,139
172,139
Construction
&
Engineering
-
4
.49
%
Arcosa,
Inc.
3,518
511,130
511,130
Copper
-
5
.01
%
ERO
Copper
Corp.
†
21,354
570,193
570,193
Diversified
Metals
&
Mining
-
12
.87
%
Anglo
American
plc
6,754
331,209
Hudbay
Minerals,
Inc.
27,307
644,817
MP
Materials
Corp.
†
1,924
107,763
Teck
Resources
Ltd.,
Class
B
6,399
381,120
1,464,909
Electric
Utilities
-
0
.63
%
Constellation
Energy
Corp.
288
71,531
71,531
Electrical
Components
&
Equipment
-
6
.45
%
Generac
Holdings,
Inc.
†
1,752
513,003
Nexans
SA
1,330
220,806
733,809
Gold
-
4
.87
%
Coeur
Mining,
Inc.
11,854
193,457
Wheaton
Precious
Metals
Corp.
3,206
360,098
553,555
Heavy
Electrical
Equipment
-
3
.49
%
GE
Vernova,
Inc.
338
397,103
397,103
Independent
Power
Producers
&
Energy
Traders
-
1
.30
%
Vistra
Corp.
935
148,319
148,319
Integrated
Oil
&
Gas
-
3
.35
%
Shell
plc
ADR
4,921
381,574
381,574
Schedule
of
investments
Nomura
Energy
Transition
ETF
NQ-ET002J
(0626)
0826
(5790269)
Number
of
shares
Value
(US
$)
Common
Stocks
(continued)
Oil
&
Gas
Equipment
&
Services
-
2
.88
%
Baker
Hughes
Co.,
Class
A
5,911
$
328,060
328,060
Oil
&
Gas
Exploration
&
Production
-
18
.58
%
Chord
Energy
Corp.
2,311
264,147
ConocoPhillips
4,141
430,499
EOG
Resources,
Inc.
3,247
421,233
EQT
Corp.
6,823
362,779
Expand
Energy
Corp.
3,493
318,527
Permian
Resources
Corp.,
Class
A
17,227
317,149
2,114,334
Oil
&
Gas
Refining
&
Marketing
-
8
.90
%
HF
Sinclair
Corp.
6,550
456,208
Valero
Energy
Corp.
2,135
556,039
1,012,247
Precious
Metals
&
Minerals
-
2
.63
%
Valterra
Platinum
Ltd.
4,448
299,132
299,132
Semiconductors
-
4
.53
%
First
Solar,
Inc.
†
2,186
515,809
515,809
Specialty
Chemicals
-
1
.26
%
Johnson
Matthey
plc
5,704
143,150
143,150
Steel
-
8
.62
%
Metallus,
Inc.
†
13,431
251,026
Steel
Dynamics,
Inc.
3,181
729,912
980,938
Total
Common
Stocks
(cost
$8,138,380)
11,090,274
NQ-ET002J
(0626)
0826
(5790269)
Number
of
shares
Value
(US
$)
Short-Term
Investments
—
2
.54
%
Money
Market
Mutual
Funds
-
2
.54
%
Invesco
Government
&
Agency
Portfolio
-
Institutional
Class
(seven-day
effective
yield
3.57%)
288,999
$
288,999
Total
Short-Term
Investments
(cost
$288,999)
288,999
Total
Value
of
Securities
—
99.99%
(cost
$8,427,379)
11,379,273
Receivables
and
Other
Assets
Net
of
Liabilities
—
0.01%
639
Net
Assets
Applicable
to
279,000
Shares
Outstanding
—
100.00%
$
11,379,912
†
Non-income
producing
security.
Summary
of
abbreviations
:
ADR
–
American
Depositary
Receipt
Schedule
of
investments
Nomura
Focused
Emerging
Markets
Equity
ETF
June
30,
2026
(Unaudited)
NQ-ET005J
(0626)
0826
(5790269)
Number
of
shares
Value
(US
$)
Common
Stocks
—
91
.31
%
Δ
Argentina
-
0
.82
%
Grupo
Financiero
Galicia
SA
ADR
110,860
$
5,546,326
5,546,326
Brazil
-
2
.88
%
Ambev
SA
ADR
1,369,015
4,298,707
Petroleo
Brasileiro
SA
-
Petrobras
ADR
707,614
11,435,042
Vale
SA
ADR,
Class
B
239,997
3,609,555
19,343,304
China
-
8
.38
%
Alibaba
Group
Holding
Ltd.
ADR
115,888
11,122,930
Baidu,
Inc.
ADR
†
42,768
4,887,955
BYD
Co.
Ltd.,
Class
H
495,385
4,576,225
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
106,100
6,145,306
Meituan,
Class
B
144A
#,†
265,511
2,318,992
PDD
Holdings,
Inc.
ADR
†
44,089
3,363,109
Tencent
Holdings
Ltd.
345,330
18,924,604
Tencent
Music
Entertainment
Group
ADR
314,777
2,628,388
Trip.com
Group
Ltd.
ADR
†
28,879
1,150,539
ZTO
Express
Cayman,
Inc.
ADR
53,016
1,186,498
56,304,546
Hong
Kong
-
0
.94
%
Hong
Kong
Exchanges
&
Clearing
Ltd.
136,540
6,319,644
6,319,644
India
-
6
.16
%
Dr
Reddy's
Laboratories
Ltd.
ADR
136,250
1,974,263
HDFC
Bank
Ltd.
ADR
230,587
5,956,062
ICICI
Bank
Ltd.
ADR
226,110
6,563,973
Reliance
Industries
Ltd.
GDR
144A
#
486,008
26,924,843
41,419,141
Indonesia
-
0
.96
%
Astra
International
Tbk.
PT
8,312,734
2,101,429
Bank
Central
Asia
Tbk.
PT
10,164,296
3,155,025
Unilever
Indonesia
Tbk.
PT
11,707,310
1,181,862
6,438,316
Malaysia
-
1
.49
%
Malayan
Banking
Bhd.
1,524,200
4,029,645
Public
Bank
Bhd.
5,068,900
5,967,068
9,996,713
NQ-ET005J
(0626)
0826
(5790269)
Number
of
shares
Value
(US
$)
Common
Stocks
(continued)
Mexico
-
4
.22
%
America
Movil
SAB
de
CV
ADR
242,497
$
6,302,497
Cemex
SAB
de
CV
ADR
323,913
3,886,956
Coca-Cola
Femsa
SAB
de
CV
ADR
47,413
5,037,631
Fomento
Economico
Mexicano
SAB
de
CV
ADR
26,895
3,439,871
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
595,441
6,284,520
Wal-Mart
de
Mexico
SAB
de
CV
1,152,770
3,386,293
28,337,768
Peru
-
0
.92
%
Credicorp
Ltd.
15,878
6,185,751
6,185,751
Saudi
Arabia
-
0
.40
%
Saudi
Arabian
Oil
Co.
144A
#
386,263
2,685,295
2,685,295
South
Africa
-
1
.10
%
Naspers
Ltd.,
Class
N
147,262
7,377,664
7,377,664
South
Korea
-
43
.72
%
Hyundai
Motor
Co.
30,522
9,751,753
Samsung
C&T
Corp.
99,906
30,211,038
Samsung
Electronics
Co.
Ltd.
298,061
64,256,357
Samsung
Life
Insurance
Co.
Ltd.
42,256
10,936,976
SK
hynix,
Inc.
**
39,255
67,143,710
SK
Square
Co.
Ltd.
**
100,197
109,749,118
SK
Telecom
Co.
Ltd.
32,094
1,831,220
293,880,172
Taiwan
-
16
.59
%
Delta
Electronics,
Inc.
106,991
6,549,133
FIT
Hon
Teng
Ltd.
144A
#,†
2,736,544
2,480,836
Hon
Hai
Precision
Industry
Co.
Ltd.
1,657,028
13,055,861
MediaTek,
Inc.
163,113
21,735,429
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
894,889
67,699,919
111,521,178
Thailand
-
1
.03
%
Bangkok
Bank
PCL
355,300
1,919,789
PTT
Exploration
&
Production
PCL
888,800
3,571,735
Schedule
of
investments
Nomura
Focused
Emerging
Markets
Equity
ETF
NQ-ET005J
(0626)
0826
(5790269)
Number
of
shares
Value
(US
$)
Common
Stocks
(continued)
Thailand
(continued)
PTT
PCL
1,353,000
$
1,445,839
6,937,363
Turkiye
-
1
.09
%
Akbank
TAS
2,865,348
4,729,893
Turkcell
Iletisim
Hizmetleri
A/S
ADR
445,737
2,620,934
7,350,827
United
States
of
America
-
0
.61
%
BeOne
Medicines
Ltd.
ADR
†
14,328
4,083,050
4,083,050
Total
Common
Stocks
(cost
$421,822,986)
613,727,058
Preferred
Stocks
—
4
.24
%
Δ
Brazil
-
1
.47
%
Banco
Bradesco
SA
1,155,406
4,009,259
Itau
Unibanco
Holding
SA
715,194
5,843,135
9,852,394
South
Korea
-
2
.77
%
LG
Chem
Ltd.
30,332
2,682,169
Samsung
Electronics
Co.
Ltd.
116,721
15,971,633
18,653,802
Total
Preferred
Stocks
(cost
$24,383,313)
28,506,196
Short-Term
Investments
—
4
.61
%
Money
Market
Mutual
Funds
-
4
.61
%
Invesco
Government
&
Agency
Portfolio
-
Institutional
Class
(seven-day
effective
yield
3.57%)
30,986,905
30,986,905
Total
Short-Term
Investments
(cost
$30,986,905)
30,986,905
Total
Value
of
Securities
—
100.16%
(cost
$477,193,204)
673,220,159
Liabilities
Net
of
Receivables
and
Other
Assets
—
(0.16)%
(
1,062,879
)
Net
Assets
Applicable
to
9,400,000
Shares
Outstanding
—
100.00%
$
672,157,280
NQ-ET005J
(0626)
0826
(5790269)
Δ
Securities
have
been
classified
by
country
of
risk.
†
Non-income
producing
security.
#
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
At
June
30,
2026,
the
aggregate
value
of
Rule
144A
securities
was
$34,409,966,
which
represents
5.12%
of
the
Fund's
net
assets.
**
Because
SK
Square
invests
most
of
its
assets
in
SK
hynix,
these
two
holdings
are
likely
to
perform
similarly.
Summary
of
abbreviations
:
ADR
–
American
Depositary
Receipt
GDR
–
Global
Depositary
Receipt
Schedule
of
investments
Nomura
Focused
International
Core
ETF
June
30,
2026
(Unaudited)
NQ-ET010J
(0626)
0826
(5790269)
Number
of
shares
Value
(US
$)
Common
Stocks
—
97
.03
%
Δ
Brazil
-
6
.56
%
Banco
do
Brasil
SA
423,327
$
1,632,691
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
426,473
2,448,649
Embraer
SA
ADR
13,437
857,281
MercadoLibre,
Inc.
†
768
1,303,595
6,242,216
Canada
-
4
.04
%
Alimentation
Couche-Tard,
Inc.
31,519
2,009,038
TFI
International,
Inc.
12,759
1,836,594
3,845,632
China
-
4
.31
%
Lenovo
Group
Ltd.
708,000
2,078,091
WuXi
AppTec
Co.
Ltd.,
Class
H
144A
#
102,942
2,017,403
4,095,494
Denmark
-
2
.21
%
Ascendis
Pharma
A/S
†
7,874
2,100,153
2,100,153
France
-
3
.03
%
Airbus
SE
12,946
2,877,655
2,877,655
Germany
-
5
.51
%
adidas
AG
14,023
2,874,469
Siemens
Energy
AG
12,483
2,364,818
5,239,287
Hong
Kong
-
1
.36
%
Henderson
Land
Development
Co.
Ltd.
409,311
1,294,289
1,294,289
India
-
2
.47
%
HDFC
Bank
Ltd.
ADR
90,976
2,349,910
2,349,910
Japan
-
13
.12
%
Daikin
Industries
Ltd.
20,700
3,142,652
Hoya
Corp.
10,700
1,707,710
Mitsubishi
UFJ
Financial
Group,
Inc.
143,800
2,836,290
SMC
Corp.
6,800
2,981,051
Sompo
Holdings,
Inc.
47,300
1,814,677
12,482,380
Mexico
-
2
.33
%
Cemex
SAB
de
CV
ADR
184,695
2,216,340
2,216,340
NQ-ET010J
(0626)
0826
(5790269)
Number
of
shares
Value
(US
$)
Common
Stocks
(continued)
Netherlands
-
12
.06
%
Adyen
NV
144A
#,†
887
$
831,464
Argenx
SE
ADR
†
2,961
2,747,127
ASML
Holding
NV
2,188
4,303,515
ING
Groep
NV
113,445
3,586,648
11,468,754
Singapore
-
5
.44
%
Grab
Holdings
Ltd.,
Class
A
†
228,028
859,666
Sea
Ltd.
ADR
†
15,755
1,509,802
Singapore
Telecommunications
Ltd.
ADR
53,134
1,820,902
STMicroelectronics
NV
ADR
13,079
979,486
5,169,856
South
Korea
-
7
.71
%
Samsung
Electronics
Co.
Ltd.
11,064
2,385,191
SK
hynix,
Inc.
2,892
4,946,621
7,331,812
Spain
-
3
.32
%
Banco
Bilbao
Vizcaya
Argentaria
SA
126,272
3,155,368
3,155,368
Switzerland
-
1
.00
%
Nestle
SA
9,250
951,101
951,101
Taiwan
-
7
.60
%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
95,503
7,224,969
7,224,969
United
Kingdom
-
5
.28
%
3i
Group
plc
31,127
1,026,430
Barclays
plc
418,484
2,812,127
Compass
Group
plc
36,635
1,183,310
5,021,867
United
States
of
America
-
9
.68
%
Booking
Holdings,
Inc.
7,646
1,362,823
CNH
Industrial
NV
86,713
973,787
Experian
plc
21,097
711,636
James
Hardie
Industries
plc
ADR
†
89,619
2,346,225
SLB
Ltd.
51,999
2,417,434
Spotify
Technology
SA
†
3,040
1,395,755
9,207,660
Total
Common
Stocks
(cost
$81,466,951)
92,274,743
Schedule
of
investments
Nomura
Focused
International
Core
ETF
NQ-ET010J
(0626)
0826
(5790269)
Number
of
shares
Value
(US
$)
Preferred
Stocks
—
1
.65
%
Δ
Germany
-
1
.65
%
Henkel
AG
&
Co.
KGaA
18,666
$
1,568,444
Total
Preferred
Stocks
(cost
$1,735,005)
1,568,444
Short-Term
Investments
—
1
.41
%
Money
Market
Mutual
Funds
-
1
.41
%
Invesco
Government
&
Agency
Portfolio
-
Institutional
Class
(seven-day
effective
yield
3.57%)
1,343,401
1,343,401
Total
Short-Term
Investments
(cost
$1,343,401)
1,343,401
Total
Value
of
Securities
—
100.09%
(cost
$84,545,357)
95,186,588
Liabilities
Net
of
Receivables
and
Other
Assets
—
(0.09)%
(
88,957
)
Net
Assets
Applicable
to
3,350,000
Shares
Outstanding
—
100.00%
$
95,097,631
Δ
Securities
have
been
classified
by
country
of
risk.
†
Non-income
producing
security.
#
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
At
June
30,
2026,
the
aggregate
value
of
Rule
144A
securities
was
$2,848,867,
which
represents
3.00%
of
the
Fund's
net
assets.
Summary
of
abbreviations
:
ADR
–
American
Depositary
Receipt
AG
–
Aktiengesellschaft
Schedule
of
investments
Nomura
Focused
Large
Growth
ETF
June
30,
2026
(Unaudited)
NQ-ET004J
(0626)
0826
(5790269)
Number
of
shares
Value
(US
$)
Common
Stocks
—
98
.83
%
^
Communication
Services
-
6
.85
%
Alphabet,
Inc.,
Class
C
52,761
$
18,642,044
18,642,044
Consumer
Discretionary
-
7
.80
%
Amazon.com,
Inc.
†
65,007
15,493,768
Ferrari
NV
15,452
5,752,625
21,246,393
Financials
-
17
.94
%
Intercontinental
Exchange,
Inc.
70,604
8,692,058
Mastercard,
Inc.,
Class
A
18,438
9,469,757
MSCI,
Inc.,
Class
A
12,767
7,150,031
S&P
Global,
Inc.
24,675
10,049,141
Visa,
Inc.,
Class
A
39,294
13,481,378
48,842,365
Healthcare
-
8
.81
%
Danaher
Corp.
60,518
11,527,469
Intuitive
Surgical,
Inc.
†
16,888
6,716,020
Veeva
Systems,
Inc.,
Class
A
†
32,348
5,740,799
23,984,288
Industrials
-
12
.13
%
General
Electric
Co.
26,399
9,866,098
Verisk
Analytics,
Inc.,
Class
A
69,434
12,465,486
Waste
Connections,
Inc.
64,089
10,682,996
33,014,580
Information
Technology
-
45
.30
%
Apple,
Inc.
79,936
23,130,281
Intuit,
Inc.
19,437
5,073,057
Microsoft
Corp.
69,337
25,864,088
Motorola
Solutions,
Inc.
26,634
11,060,834
NVIDIA
Corp.
216,856
43,390,717
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
ADR
31,000
14,804,670
123,323,647
Total
Common
Stocks
(cost
$276,848,165)
269,053,317
Schedule
of
investments
Nomura
Focused
Large
Growth
ETF
NQ-ET004J
(0626)
0826
(5790269)
Number
of
shares
Value
(US
$)
Short-Term
Investments
—
1
.02
%
Money
Market
Mutual
Funds
-
1
.02
%
Invesco
Government
&
Agency
Portfolio
-
Institutional
Class
(seven-day
effective
yield
3.57%)
2,789,091
$
2,789,091
Total
Short-Term
Investments
(cost
$2,789,091)
2,789,091
Total
Value
of
Securities
—
99.85%
(cost
$279,637,256)
271,842,408
Receivables
and
Other
Assets
Net
of
Liabilities
—
0.15%
413,730
Net
Assets
Applicable
to
9,900,000
Shares
Outstanding
—
100.00%
$
272,256,138
^
Categorizations
used
for
financial
reporting
purposes
may
differ
from
categorizations
used
for
regulatory
compliance
and/or
internal
classification
purposes.
†
Non-income
producing
security.
Summary
of
abbreviations
:
ADR
–
American
Depositary
Receipt
MSCI
–
Morgan
Stanley
Capital
International
S&P
–
Standard
&
Poor’s
Financial
Services
LLC
Schedule
of
investments
Nomura
Global
Listed
Infrastructure
ETF
June
30,
2026
(Unaudited)
NQ-ET001J
(0626)
0826
(5790269)
Number
of
shares
Value
(US
$)
Common
Stocks
—
97
.91
%
Δ
Australia
-
1
.99
%
Transurban
Group
14,778
$
147,130
147,130
Canada
-
9
.71
%
Canadian
National
Railway
Co.
667
79,598
Enbridge,
Inc.
8,070
437,626
Gibson
Energy,
Inc.
6,180
125,191
Northland
Power,
Inc.
4,737
74,616
717,031
China
-
2
.16
%
China
Gas
Holdings
Ltd.
81,416
53,773
China
Tower
Corp.
Ltd.,
Class
H
144A
#
93,948
105,533
159,306
France
-
3
.15
%
Aeroports
de
Paris
SA
1,787
232,768
232,768
Greece
-
1
.09
%
Athens
International
Airport
SA
6,522
80,631
80,631
Hong
Kong
-
1
.99
%
CLP
Holdings
Ltd.
15,782
147,299
147,299
Italy
-
4
.65
%
Enav
SpA
144A
#
31,368
186,194
Enel
SpA
8,857
101,747
ERG
SpA
1,385
37,854
Infrastrutture
Wireless
Italiane
SpA
144A
#
2,481
17,462
343,257
Japan
-
0
.52
%
Tokyo
Metro
Co.
Ltd.
4,400
38,467
38,467
Mexico
-
2
.92
%
Grupo
Aeroportuario
del
Sureste
SAB
de
CV
ADR
703
215,610
215,610
Netherlands
-
1
.74
%
Koninklijke
Vopak
NV
2,471
128,858
128,858
New
Zealand
-
3
.26
%
Auckland
International
Airport
Ltd.
50,820
241,008
241,008
Schedule
of
investments
Nomura
Global
Listed
Infrastructure
ETF
NQ-ET001J
(0626)
0826
(5790269)
Number
of
shares
Value
(US
$)
Common
Stocks
(continued)
Spain
-
10
.58
%
Aena
SME
SA
144A
#
4,359
$
132,783
Cellnex
Telecom
SA
144A
#
6,893
205,956
EDP
Renewables
SA
8,903
144,145
Redeia
Corp.
SA
6,536
111,199
Sacyr
SA
35,128
187,682
781,765
Thailand
-
1
.06
%
Airports
of
Thailand
PCL
40,300
77,942
77,942
United
Kingdom
-
12
.83
%
National
Grid
plc
14,630
242,186
Pennon
Group
plc
30,238
186,829
SSE
plc
4,937
159,526
United
Utilities
Group
plc
20,676
359,002
947,543
United
States
of
America
-
40
.26
%
Alliant
Energy
Corp.
527
40,205
American
Electric
Power
Co.,
Inc.
1,643
224,779
Black
Hills
Corp.
2,378
176,923
Cheniere
Energy,
Inc.
1,172
280,120
CMS
Energy
Corp.
2,923
223,609
Crown
Castle,
Inc.
REIT
1,903
144,114
Dominion
Energy,
Inc.
2,759
188,412
Essential
Utilities,
Inc.
5,896
225,876
Exelon
Corp.
3,221
150,163
Kinder
Morgan,
Inc.
4,988
159,466
NextEra
Energy,
Inc.
2,758
242,070
NiSource,
Inc.
1,652
78,553
ONEOK,
Inc.
2,310
200,831
PG&E
Corp.
10,900
183,338
PPL
Corp.
1,073
39,004
Sempra
3,010
279,057
Xcel
Energy,
Inc.
1,713
137,554
2,974,074
Total
Common
Stocks
(cost
$6,679,312)
7,232,689
NQ-ET001J
(0626)
0826
(5790269)
Number
of
shares
Value
(US
$)
Management
Investment
Companies
-
0
.51
%
Renewables
Infrastructure
Group
Ltd.
(The)
38,443
$
37,225
Total
Management
Investment
Companies
(cost
$38,364)
37,225
Short-Term
Investments
—
1
.17
%
Money
Market
Mutual
Funds
-
1
.17
%
Invesco
Government
&
Agency
Portfolio
-
Institutional
Class
(seven-day
effective
yield
3.57%)
86,563
86,563
Total
Short-Term
Investments
(cost
$86,563)
86,563
Total
Value
of
Securities
—
99.59%
(cost
$6,804,239)
7,356,477
Receivables
and
Other
Assets
Net
of
Liabilities
—
0.41%
30,333
Net
Assets
Applicable
to
250,000
Shares
Outstanding
—
100.00%
$
7,386,810
Δ
Securities
have
been
classified
by
country
of
risk.
#
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
At
June
30,
2026,
the
aggregate
value
of
Rule
144A
securities
was
$647,928,
which
represents
8.77%
of
the
Fund's
net
assets.
Summary
of
abbreviations
:
ADR
–
American
Depositary
Receipt
REIT
–
Real
Estate
Investment
Trust
Schedule
of
investments
Nomura
National
High-Yield
Municipal
Bond
ETF
June
30,
2026
(Unaudited)
NQ-ET006J
(0626)
0826
(5790269)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
—
97
.32
%
Education
Revenue
Bonds
-
24
.38
%
Academy
of
Warren
Series
2020A
144A
5.50%
5/1/50
#
250,000
$
234,068
Arizona
Industrial
Development
Authority
(Academies
of
Math
&
Science
Obligated
Group)
Series
2026A
144A
5.50%
7/1/56
#
250,000
247,286
(Odyssey
Preparatory
Academy,
Inc.
(The))
Series
2017A
144A
5.50%
7/1/52
#
50,000
46,310
(Pinecrest
Academy
of
Nevada)
Series
2018A
144A
5.75%
7/15/48
#
250,000
250,025
Build
NYC
Resource
Corp.
(Bold
Charter
School)
Series
2025
144A
6.00%
7/1/60
#
250,000
253,578
(REN
4520
83rd
Street
LLC)
Series
2025A
5.75%
6/15/60
150,000
152,038
(Zeta
Charter
Schools,
Inc.
Obligated
Group)
Series
2025A
144A
5.38%
10/15/61
#
300,000
291,210
Series
2026A
144A
5.75%
6/1/66
#
250,000
252,757
California
Municipal
Finance
Authority
(Palmdale
Aerospace
Academy,
Inc.
(The))
Series
2018A
144A
5.00%
7/1/38
#
300,000
301,717
California
School
Finance
Authority
(Envision
Education
Obligated
Group)
Series
2024A
144A
5.00%
6/1/44
#
250,000
248,007
(Escuela
Popular
Del
Pueblo)
Series
2017
144A
6.50%
7/1/50
#
300,000
267,661
(Integrity
Charter
School)
Series
2024
144A
5.60%
7/1/64
(ST
AID
WITHHLDG)
#
300,000
288,395
(New
Designs
Charter
School)
Series
2024A
144A
5.00%
6/1/64
#
250,000
234,884
(Rex
&
Margaret
Fortune
School
of
Education)
Series
2024A
144A
5.00%
6/1/54
#
250,000
208,944
(STEM
Preparatory
Schools
-
Obligated
Group)
Series
2023A
144A
5.13%
6/1/53
#
175,000
171,613
NQ-ET006J
(0626)
0826
(5790269)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Education
Revenue
Bonds
(continued)
Capital
Projects
Finance
Authority
(PRG
-
UnionWest
Properties
LLC)
Series
2024A-1
144A
5.00%
6/1/58
#
200,000
$
164,303
Capital
Trust
Agency,
Inc.
(Liza
Jackson
Preparatory
School,
Inc.)
Series
2020A
5.00%
8/1/55
100,000
94,960
Capital
Trust
Authority
(Academir
Charter
Schools,
Inc.)
Series
2025A
144A
6.63%
7/1/65
#
100,000
102,935
(Madrone
Florida
Tech
Student
Housing
I
LLC)
Series
2025A
144A
5.38%
7/1/65
#
100,000
98,397
(Mason
Classical
Academy,
Inc.)
Series
2024A
144A
5.00%
6/1/64
#
400,000
373,981
City
of
Bethel
(Spectrum
High
School)
Series
2024
5.00%
7/1/59
375,000
355,600
City
of
Burbank
(Intercultural
Montessori
Foreign
Language
Immersion
School)
Series
2026
144A
6.25%
2/1/51
#
105,000
107,693
Series
2026
144A
6.25%
2/1/56
#
135,000
137,522
City
of
Otsego
(Kaleidoscope
Charter
School)
Series
2014A
5.00%
9/1/44
250,000
229,383
City
of
Woodbury
(Math
&
Science
Academy)
Series
2025
144A
5.50%
6/1/63
#
100,000
93,653
Clifton
Higher
Education
Finance
Corp.
(Valor
Texas
Education
Foundation)
Series
2024A
144A
6.00%
6/15/54
#
125,000
121,841
Colorado
State
University
Research
Foundation
(System)
Series
2025A
144A
5.50%
3/1/65
#
300,000
301,652
County
of
Palm
Beach
(Palm
Beach
Atlantic
University,
Inc.)
Series
2025A
144A
5.50%
10/1/45
#
300,000
315,197
Schedule
of
investments
Nomura
National
High-Yield
Municipal
Bond
ETF
NQ-ET006J
(0626)
0826
(5790269)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Education
Revenue
Bonds
(continued)
Delaware
State
Economic
Development
Authority
(Academia
Antonia
Alonso,
Inc.)
Series
2025A
144A
6.00%
7/1/55
#
200,000
$
205,125
Development
Authority
for
Fulton
County
(Madrone
-
MS
Student
Housing
I
LLC)
Series
2026A
144A
5.75%
7/1/66
#
500,000
503,973
Florida
Development
Finance
Corp.
(Mater
Academy,
Inc.)
Series
2022A
4.00%
6/15/52
250,000
213,296
Florida
Higher
Educational
Facilities
Financing
Authority
(Keiser
University
Obligated
Group)
Series
2025
144A
6.25%
7/1/55
#
200,000
204,161
Florida
Local
Government
Finance
Commission
(Cornerstone
Charter
Academy,
Inc.
Obligated
Group)
Series
2026
5.88%
10/1/61
250,000
250,547
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
(Bsds,
Inc.)
Series
2026
144A
6.25%
6/1/46
#
250,000
251,787
Idaho
Housing
&
Finance
Association
(Compass
Public
Charter
School,
Inc.)
Series
2018A
144A
6.00%
7/1/39
#
270,000
274,942
Indiana
Finance
Authority
(CHF
-
Tippecanoe
LLC)
Series
2023A
5.00%
6/1/53
350,000
345,400
Series
2025
5.75%
7/1/60
150,000
148,344
Industrial
Development
Authority
of
the
City
of
Phoenix
Arizona
(The)
(BASIS
Schools,
Inc.
Obligated
Group)
Series
2015A
144A
5.00%
7/1/45
#
250,000
246,244
(Downtown
Phoenix
Student
Housing
II
LLC)
Series
2019A
5.00%
7/1/59
330,000
323,470
Iowa
Higher
Education
Loan
Authority
Series
2025
6.00%
10/1/55
200,000
210,516
NQ-ET006J
(0626)
0826
(5790269)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Education
Revenue
Bonds
(continued)
Kentucky
Bond
Development
Corp.
(PRG
Wildcats
LLC)
Series
2026A
5.50%
10/31/56
350,000
$
376,395
Louisiana
Public
Facilities
Authority
(Acadiana
Renaissance
Charter
Academy)
Series
2025
144A
6.00%
6/15/59
#
100,000
101,735
(Lafayette
Renaissance
Charter
Academy)
Series
2025
144A
6.50%
6/15/59
#
100,000
102,964
Maricopa
County
Industrial
Development
Authority
(Arizona
Autism
Charter
Schools
Obligated
Group)
Series
2021A
144A
4.00%
7/1/61
#
190,000
144,630
(Choice
Academies,
Inc.)
Series
2022
144A
5.75%
9/1/45
#
195,000
194,218
(Reid
Traditional
Schools
Obligated
Group)
Series
2016
5.00%
7/1/47
385,000
364,813
Massachusetts
Development
Finance
Agency
(President
and
Fellows
of
Harvard
College)
Series
2026A
5.00%
2/15/34
150,000
172,307
Miami-Dade
County
Industrial
Development
Authority
(AcadeMir
Charter
School
Middle
&
Preparatory
Academy
Obligated
Group)
Series
2022A
144A
5.50%
7/1/61
#
250,000
233,005
Monroe
County
Industrial
Development
Corp.
(True
North
Rochester
Prep
Charter
School)
Series
2020A
144A
5.00%
6/1/59
#
175,000
171,806
Newark
Higher
Education
Finance
Corp.
(Village
Tech
Schools)
Series
2017A
5.13%
8/15/47
200,000
192,354
Oregon
State
Facilities
Authority
(Howard
Street
Charter
School)
Series
2019A
144A
5.00%
6/15/49
#
490,000
448,205
Schedule
of
investments
Nomura
National
High-Yield
Municipal
Bond
ETF
NQ-ET006J
(0626)
0826
(5790269)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Education
Revenue
Bonds
(continued)
Philadelphia
Authority
for
Industrial
Development
(St.
Joseph's
University)
Series
2017
5.00%
11/1/47
110,000
$
110,126
Public
Finance
Authority
(Liberty
Classical
Schools
Educational
Services,
Inc.)
Series
2025A
144A
7.00%
6/15/65
#
100,000
101,448
(North
East
Carolina
Preparatory
School,
Inc.)
Series
2024
5.00%
6/15/44
175,000
176,646
(Revolution
Academy)
Series
2026
144A
5.50%
10/1/46
#
200,000
199,764
(Shining
Rock
Classical
Academy,
Inc.)
Series
2022A
6.00%
6/15/52
100,000
88,145
(SLAM
Academy
of
Nevada
Project)
Series
2026A
144A
5.50%
7/15/61
#
350,000
343,330
(Triad
Math
&
Science
Academy
Co.)
Series
2022
5.50%
6/15/62
160,000
157,167
Class
A
Series
2023-1
5.75%
7/1/62
531,262
556,100
Sierra
Vista
Industrial
Development
Authority
(American
Leadership
Academy,
Inc.)
Series
2023
144A
5.75%
6/15/58
#
250,000
244,805
(Fit
Kids,
Inc.)
Series
2026
144A
6.25%
6/15/66
#
400,000
398,530
Washington
State
Housing
Finance
Commission
(Provident
Group
-
SH
II
Properties
LLC)
Series
2025A
144A
5.25%
7/1/64
(BAM)
#
100,000
102,267
Series
2025A
144A
5.75%
7/1/60
#
150,000
154,729
14,258,904
Electric
Revenue
Bonds
-
2
.15
%
Puerto
Rico
Electric
Power
Authority
Series
2012A
5.00%
7/1/29
100,000
76,625
Series
WW
5.00%
7/1/28
325,000
249,031
Series
XX
5.25%
7/1/40
425,000
325,657
Series
XX
5.75%
7/1/36
100,000
76,625
NQ-ET006J
(0626)
0826
(5790269)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Electric
Revenue
Bonds
(continued)
Salt
River
Project
Agricultural
Improvement
&
Power
District
Series
2023B
5.25%
1/1/53
500,000
$
532,523
1,260,461
Healthcare
Revenue
Bonds
-
22
.36
%
Albany
Hospital
Facility
Authority
(Mennonite
Home
of
Albany,
Inc.
Obligated
Group)
Series
2026A
5.38%
5/15/61
250,000
254,781
Arizona
Industrial
Development
Authority
(Great
Lakes
Senior
Living
Communities
LLC)
Series
2025A-2
5.13%
1/1/59
325,000
303,496
(ISF
Ativo
Portfolio
Obligated
Group)
Series
2025A
144A
6.88%
3/1/55
#
100,000
106,327
Berks
County
Industrial
Development
Authority
(Highlands
at
Wyomissing
Obligated
Group)
Series
2017C
5.00%
5/15/47
150,000
150,083
Bexar
County
Health
Facilities
Development
Corp.
(Army
Retirement
Residence
Obligated
Group)
Series
2018
5.00%
7/15/37
100,000
100,794
Build
NYC
Resource
Corp.
(RiverSpring
Health
Senior
Living,
Inc.
Obligated
Group)
Series
2026A
144A
7.00%
12/15/65
#
150,000
152,718
California
Public
Finance
Authority
(P3
Irvine
SL
Holdings
LLC
Obligated
Group)
Series
2024A
144A
6.38%
6/1/59
#
200,000
187,259
Series
2024A
144A
6.50%
6/1/54
#
125,000
120,776
California
Statewide
Communities
Development
Authority
(Loma
Linda
University
Medical
Center
Obligated
Group)
Series
2016A
144A
5.00%
12/1/46
#
400,000
400,093
Schedule
of
investments
Nomura
National
High-Yield
Municipal
Bond
ETF
NQ-ET006J
(0626)
0826
(5790269)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Healthcare
Revenue
Bonds
(continued)
Capital
Projects
Finance
Authority
(Trilogy
Community
Development
Foundation,
Inc.
Obligated
Group)
Series
2025A
144A
7.13%
1/1/65
#
100,000
$
105,331
Capital
Trust
Authority
(AIDS
Healthcare
Foundation
Obligated
Group)
Series
2026A
5.25%
12/1/55
300,000
308,104
City
of
Apple
Valley
(PHS
Apple
Valley
Senior
Housing,
Inc.)
Series
2018
5.00%
9/1/43
300,000
300,100
City
of
Kalispell
(Immanuel
Living
at
Buffalo
Hill
Obligated
Group)
Series
2017A
5.25%
5/15/52
400,000
371,528
Series
2025A
6.00%
5/15/60
200,000
206,012
Clackamas
County
Hospital
Facility
Authority
(Rose
Villa,
Inc.
Obligated
Group)
Series
2020A
5.38%
11/15/55
100,000
100,121
Colorado
Health
Facilities
Authority
(AdventHealth
Obligated
Group)
Series
2018A
4.00%
11/15/48
165,000
148,344
Series
2021A
3.00%
11/15/51
500,000
365,149
Connecticut
State
Health
&
Educational
Facilities
Authority
(Fairview
Issue)
Series
2026A
6.25%
12/15/53
300,000
304,224
County
of
Cuyahoga
(MetroHealth
System
(The))
Series
2017
5.00%
2/15/52
100,000
95,845
Series
2017
5.25%
2/15/47
245,000
245,280
Duluth
Economic
Development
Authority
(Benedictine
Health
System
Obligated
Group)
Series
2021A
4.00%
7/1/41
150,000
134,018
Florida
Development
Finance
Corp.
(Florida
Health
Sciences
Center,
Inc.
Obligated
Group)
Series
2026A
5.25%
8/1/51
450,000
475,465
NQ-ET006J
(0626)
0826
(5790269)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Healthcare
Revenue
Bonds
(continued)
Grand
Rapids
Economic
Development
Corp.
(Michigan
Christian
Home
Obligated
Group)
Series
2025A
6.00%
11/1/50
150,000
$
152,498
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
(Mercy
Health)
Series
2020
4.00%
6/1/53
250,000
223,809
Illinois
Finance
Authority
(Admiral
at
the
Lake
Obligated
Group)
Series
2017
5.25%
5/15/42
200,000
196,699
(Memorial
Health
System)
Series
2026
5.50%
4/1/56
400,000
425,268
Industrial
Development
Authority
of
the
City
of
Phoenix
Arizona
(The)
(Christian
Care
Surprise,
Inc.)
Series
2025A
5.25%
12/1/60
250,000
245,498
Kalamazoo
Economic
Development
Corp.
(Friendship
Village
of
Kalamazoo
Obligated
Group)
Series
2026A
144A
6.25%
8/15/61
#
240,000
248,308
King
County
Public
Hospital
District
No.
4
Series
2025A
7.00%
12/1/60
150,000
153,462
Lakes
Area
Economic
Development
Authority
(Knute
Nelson)
Series
2026A
5.88%
11/1/62
250,000
252,841
Lee
County
Industrial
Development
Authority
(Cypress
Cove
at
Healthpark
Florida
Obligated
Group)
Series
2026
144A
6.00%
10/1/61
#
500,000
514,779
Louisiana
Public
Facilities
Authority
(Ochsner
Clinic
Foundation
Obligated
Group)
Series
2020A
3.00%
5/15/47
250,000
190,248
Maricopa
County
Industrial
Development
Authority
(Bonesta
SE
LLC
Obligated
Group)
Series
2026A-1
7.00%
5/1/66
250,000
259,777
Schedule
of
investments
Nomura
National
High-Yield
Municipal
Bond
ETF
NQ-ET006J
(0626)
0826
(5790269)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Healthcare
Revenue
Bonds
(continued)
Maricopa
County
Industrial
Development
Authority
(continued)
(HonorHealth
Obligated
Group)
Series
2021A
3.00%
9/1/51
310,000
$
226,216
Massachusetts
Development
Finance
Agency
(Care
Communities
LLC
Obligated
Group)
Series
2025A-1
144A
6.50%
7/15/60
#
200,000
206,401
Montgomery
County
Industrial
Development
Authority
(Foulkeways
at
Gwynedd
Obligated
Group)
Series
2016
5.00%
12/1/46
150,000
149,989
New
Hope
Cultural
Education
Facilities
Finance
Corp.
(Bella
Vida
Forefront
Living
Obligated
Group)
Series
2025A
6.50%
10/1/60
125,000
130,410
(Legacy
at
Midtown
Park,
Inc.
Obligated
Group)
Series
2025
7.13%
7/1/56
200,000
211,838
(Sanctuary
LTC
LLC)
Series
2021A-1
5.50%
1/1/57
250,000
241,934
(SLF
CHP
LLC)
Series
2025A
144A
6.25%
7/1/45
#
100,000
106,363
Oklahoma
Development
Finance
Authority
(OU
Medicine
Obligated
Group)
Series
2018B
5.25%
8/15/48
100,000
100,556
Series
2018B
5.50%
8/15/52
400,000
402,373
Series
2018B
5.50%
8/15/57
100,000
100,460
Oregon
Health
&
Science
University
Series
2021A
3.00%
7/1/51
255,000
185,116
Oregon
State
Facilities
Authority
(ISF
Magnolia
Gardens
LLC
Obligated
Group)
Series
2025A-1
144A
7.25%
3/1/60
#
200,000
217,361
Palm
Beach
County
Health
Facilities
Authority
(Lifespace
Communities,
Inc.
Obligated
Group)
Series
2026B
5.63%
5/15/61
350,000
356,582
NQ-ET006J
(0626)
0826
(5790269)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Healthcare
Revenue
Bonds
(continued)
Pennsylvania
Higher
Educational
Facilities
Authority
(University
of
Pennsylvania
Health
System
Obligated
Group
(The))
Series
2025
5.50%
8/15/55
200,000
$
217,893
Philadelphia
Authority
for
Industrial
Development
(Evangelical
Services
for
the
Aging
Obligated
Group)
Series
A
5.00%
7/1/37
205,000
205,330
Seminole
County
Industrial
Development
Authority
(CCRC
Development
Corp.
Obligated
Group)
Series
2019A
5.25%
11/15/39
100,000
100,375
Series
2019A
5.50%
11/15/49
150,000
144,338
Stamford
Housing
Authority
(TJH
Senior
Living
LLC
Obligated
Group)
Series
2025A
6.25%
10/1/60
250,000
256,526
State
of
Ohio
(Cleveland
Clinic
Health
System
Obligated
Group)
Series
2024A
5.00%
1/1/35
235,000
267,764
Washington
State
Housing
Finance
Commission
(Josephine
Caring
Community
Obligated
Group)
Series
2025A
144A
6.38%
7/1/60
#
125,000
127,571
West
Cornwall
Township
Municipal
Authority
(Lebanon
Valley
Brethren
Home
Obligated
Group)
Series
2026A
5.13%
11/15/52
345,000
348,928
West
Virginia
Hospital
Finance
Authority
(West
Virginia
United
Health
System
Obligated
Group)
Series
2025A
5.50%
6/1/50
150,000
160,363
Schedule
of
investments
Nomura
National
High-Yield
Municipal
Bond
ETF
NQ-ET006J
(0626)
0826
(5790269)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Healthcare
Revenue
Bonds
(continued)
Westchester
County
Local
Development
Corp.
(Purchase
Senior
Learning
Community
Obligated
Group)
Series
2021A
144A
5.00%
7/1/46
#
300,000
$
295,104
Wisconsin
Health
&
Educational
Facilities
Authority
(Benevolent
Corp.
Cedar
Community)
Series
2026
5.50%
6/1/61
250,000
253,134
Yamhill
County
Hospital
Authority
(Friendsview
Manor
Obligated
Group)
Series
2021A
5.00%
11/15/56
310,000
268,244
13,080,204
Housing
Revenue
Bonds
-
0
.35
%
County
of
Contra
Costa
(Infrastructure)
12.00%
1/1/65
450,000
—
Pennsylvania
Housing
Finance
Agency
Series
2025-149A
5.20%
4/1/53
200,000
205,582
205,582
Industrial
Development
Revenue
Bonds
-
17
.16
%
Arkansas
Development
Finance
Authority
Series
2026A
144A
4.88%
7/1/56
#,•
250,000
261,689
(United
States
Steel
Corp.)
Series
2022
5.45%
9/1/52
250,000
255,865
Series
2023
5.70%
5/1/53
300,000
311,006
Black
Belt
Energy
Gas
District
(Gas
Project)
Series
2025G
5.00%
10/1/35
500,000
527,492
Buckeye
Tobacco
Settlement
Financing
Authority
Class
2
Series
2020B-2
5.00%
6/1/55
750,000
588,340
California
Community
Choice
Financing
Authority
(California
Community
Choice
Financing
Authority)
Series
2021B-1
4.00%
2/1/52
•
350,000
355,501
NQ-ET006J
(0626)
0826
(5790269)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Industrial
Development
Revenue
Bonds
(continued)
California
Infrastructure
&
Economic
Development
Bank
(Desertxpress
Enterprises
LLC)
Series
2025B
144A
12.00%
1/1/65
#,•
450,000
$
294,750
California
Municipal
Finance
Authority
(Clay
Lacy
Santa
Ana
LLC)
Series
2026
144A
6.00%
1/1/55
#
250,000
264,785
California
Statewide
Communities
Development
Authority
(CORE
700
Hotel
Venture
LLC)
Series
2026A
144A
6.25%
9/2/61
#
100,000
103,528
City
of
Houston
(United
Airlines,
Inc.
Terminal
Improvement
Project)
Series
2025B
5.50%
7/15/37
250,000
267,839
(United
Airlines,
Inc.)
Series
2021B-1
4.00%
7/15/41
350,000
331,020
City
of
Valparaiso
(Pratt
Paper
LLC)
Series
2024
144A
5.00%
1/1/54
#
425,000
427,490
Colorado
Educational
&
Cultural
Facilities
Authority
(Stanley
Partnership
for
Art
Culture
&
Education
LLC)
Series
2025A-1
144A
6.88%
2/1/59
#
250,000
266,303
Florida
Development
Finance
Corp.
(Brightline
Trains
Florida
LLC)
Series
2024
5.25%
7/1/53
(AG)
500,000
495,728
Series
2024
5.50%
7/1/53
60,000
44,100
George
L
Smith
II
Congress
Center
Authority
Series
2021A
4.00%
1/1/54
455,000
389,479
Golden
State
Tobacco
Securitization
Corp.
Series
2021B-2
5.84%
6/1/66
^
3,000,000
310,945
Greater
Orlando
Aviation
Authority
(United
Airlines,
Inc.)
Series
2025
5.25%
11/1/34
250,000
268,031
Schedule
of
investments
Nomura
National
High-Yield
Municipal
Bond
ETF
NQ-ET006J
(0626)
0826
(5790269)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Industrial
Development
Revenue
Bonds
(continued)
Industrial
Development
Board
of
The
City
of
Kingsport
Tennessee
(The)
(Domtar
Paper
Co.
LLC)
Series
2024
144A
5.25%
12/1/54
#,•
250,000
$
230,140
Maricopa
County
Industrial
Development
Authority
(Commercial
Metals
Co.)
Series
2022
144A
4.00%
10/15/47
#
500,000
444,322
Mission
Economic
Development
Corp.
(Graphic
Packaging
International
LLC)
Series
2026
5.00%
12/1/64
•
400,000
415,017
Mobile
County
Industrial
Development
Authority
(AM/NS
Calvert
LLC)
Series
2024A
5.00%
6/1/54
300,000
301,749
Series
2024B
4.75%
12/1/54
440,000
426,877
New
Hampshire
Business
Finance
Authority
Series
2026
144A
6.13%
12/15/33
#
500,000
500,403
New
York
Transportation
Development
Corp.
(Delta
Air
Lines,
Inc.)
Series
2020
4.38%
10/1/45
475,000
459,589
Port
of
Beaumont
Navigation
District
(Jefferson
2020
Bond
Lessee
&
Borrower
LLC
Obligated
Group)
Series
2024A
144A
5.00%
1/1/39
#
200,000
195,698
Public
Finance
Authority
(CFC-SA
LLC)
Series
2022A
5.00%
2/1/62
500,000
497,101
Puerto
Rico
Industrial
Development
Co.
Series
2023
7.00%
1/1/54
•
350,000
339,940
Savannah
Georgia
Convention
Center
Authority
Series
2025B
144A
6.25%
6/1/61
#
250,000
256,945
Tobacco
Settlement
Financing
Corp.
Series
2007B-1
5.00%
6/1/47
250,000
204,841
10,036,513
Leasing
Revenue
Bonds
-
1
.49
%
Denver
Health
&
Hospital
Authority
Series
2018
5.00%
12/1/48
375,000
376,103
NQ-ET006J
(0626)
0826
(5790269)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Leasing
Revenue
Bonds
(continued)
Metropolitan
Pier
&
Exposition
Authority
(State
of
Illinois
McCormick
Place
Expansion
Project
Fund)
Series
2017B
4.83%
12/15/54
(BAM)
^
1,000,000
$
261,379
Series
2017B
4.86%
12/15/56
(AG)
^
1,000,000
235,495
872,977
Local
General
Obligation
Revenue
Bonds
-
3
.82
%
Chicago
Board
of
Education
Series
2012A
5.00%
12/1/42
470,000
457,152
Series
2017H
5.00%
12/1/46
400,000
379,987
Series
2025A
6.25%
12/1/50
150,000
159,323
Series
2025C
5.50%
12/1/45
500,000
510,535
City
of
Chicago
Series
2019A
5.50%
1/1/49
240,000
241,338
Series
2025A
6.00%
1/1/50
150,000
158,121
City
of
New
York
Series
2021F-1
3.00%
3/1/51
335,000
249,799
Humble
Independent
School
District
Series
2020
3.00%
2/15/49
(PSF
Guaranty)
100,000
76,158
2,232,413
Pre-Refunded
Bonds
-
0
.23
%
Philadelphia
Authority
for
Industrial
Development
Series
2017
5.00%
11/1/47
(Pre-refunded
5/1/27)
§
115,000
117,252
State
of
Ohio
(Cleveland
Clinic
Health
System
Obligated
Group)
Series
2024A
5.00%
1/1/35
(Pre-refunded
10/1/34)
§
15,000
17,125
134,377
Special
Tax
Revenue
Bonds
-
14
.56
%
Aerotropolis
Regional
Transportation
Authority
Series
2024
144A
5.50%
12/1/44
#
500,000
515,891
Allentown
Neighborhood
Improvement
Zone
Development
Authority
Series
2018
144A
5.38%
5/1/42
#
300,000
304,326
Schedule
of
investments
Nomura
National
High-Yield
Municipal
Bond
ETF
NQ-ET006J
(0626)
0826
(5790269)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Special
Tax
Revenue
Bonds
(continued)
Atlanta
Development
Authority
(The)
(Westside
Tax
Allocation
District
Gulch
Area)
Series
2024A-2
144A
5.50%
4/1/39
#
300,000
$
308,961
Black
Desert
Public
Infrastructure
District
(Black
Desert
Assessment
Area
No.
1)
Series
2024
144A
5.63%
12/1/53
#
146,147
149,906
City
of
Houston
(Hotel
Occupancy
Tax
&
Special)
Series
2026C
5.50%
9/1/58
495,000
532,428
Commonwealth
of
Puerto
Rico
0.00%
11/1/43
•
1,014,429
730,389
Creekwalk
Marketplace
Business
Improvement
District
Series
2024A
6.00%
12/1/54
100,000
101,233
GDB
Debt
Recovery
Authority
of
Puerto
Rico
7.50%
8/20/40
988,801
970,390
High
Star
Ranch
Infrastructure
Financing
District
(Assessment
Area)
Series
2026
144A
6.25%
12/1/55
#
250,000
255,648
Prairie
Point
Community
Authority
Board
Special
Improvement
District
No.
1
Series
2026
5.38%
12/1/40
220,000
225,337
Public
Finance
Authority
(Southeast
Overtown
Park
West
Community
Redevelopment
Agency)
Series
2024A
144A
5.00%
6/1/41
#
250,000
256,577
Puerto
Rico
Sales
Tax
Financing
Corp.
Series
A-1
4.75%
7/1/53
730,000
722,333
Series
A-1
5.00%
7/1/58
1,050,000
1,050,100
Series
A-1
5.04%
7/1/46
^
1,250,000
467,274
Series
A-1
5.35%
7/1/51
^
1,250,000
339,795
Triborough
Bridge
&
Tunnel
Authority
(Metropolitan
Transportation
Authority
Payroll)
Series
2021C-3
3.00%
5/15/51
325,000
247,022
NQ-ET006J
(0626)
0826
(5790269)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Special
Tax
Revenue
Bonds
(continued)
Utah
City
West
Public
Infrastructure
District
No.
1
(Assessment
Area
No.
1)
Series
2026
144A
5.88%
12/1/55
#
200,000
$
205,551
Village
Community
Development
District
No.
15
(Phase
I
Special
Assessment)
Series
2023
144A
5.25%
5/1/54
#
195,000
197,311
(Special
Assessment)
Series
2024
144A
4.80%
5/1/55
#
495,000
481,322
Virgin
Islands
Hotel
Development
Financing
Corp.
Series
2025A-1
6.00%
12/1/55
200,000
203,297
Wyandotte
County-Kansas
City
Unified
Government
(Northwest
Speedway
Star
Bond
District)
Series
2026
144A
5.50%
3/1/46
#
250,000
253,057
8,518,148
State
General
Obligation
Revenue
Bonds
-
1
.21
%
Commonwealth
of
Puerto
Rico
Series
2022A-1
4.00%
7/1/46
477,000
437,553
State
of
Illinois
Series
2024C
4.00%
10/1/48
300,000
273,121
710,674
Transportation
Revenue
Bonds
-
9
.15
%
California
Municipal
Finance
Authority
(PRG
-
Potrero
Properties
LLC)
Series
2026A
5.00%
9/1/60
35,000
36,623
Series
2026A
5.50%
9/1/60
15,000
16,392
Chicago
O'Hare
International
Airport
Series
2026A
5.25%
1/1/61
500,000
523,172
City
of
Los
Angeles
(Department
of
Airports)
Series
2021D
4.00%
5/15/51
100,000
91,982
Florida
Development
Finance
Corp.
(Brightline
Trains
Florida
LLC)
Series
2024
5.25%
7/1/47
(AMT)
200,000
147,000
Louisiana
Public
Facilities
Authority
(Calcasieu
Bridge
Partners
LLC)
Series
2024
5.00%
9/1/66
750,000
739,088
Schedule
of
investments
Nomura
National
High-Yield
Municipal
Bond
ETF
NQ-ET006J
(0626)
0826
(5790269)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Transportation
Revenue
Bonds
(continued)
New
York
Transportation
Development
Corp.
(JFK
NTO
LLC)
Series
2023
5.38%
6/30/60
250,000
$
251,522
Series
2023
6.00%
6/30/54
250,000
262,156
Series
2024
5.50%
6/30/60
500,000
510,616
Public
Finance
Authority
(SR
400
Peach
Partners
LLC)
Series
2025
5.75%
12/31/65
645,000
676,139
Series
2025
6.50%
12/31/65
500,000
559,773
San
Diego
County
Regional
Airport
Authority
Series
2025B
5.50%
7/1/55
500,000
538,468
Texas
Private
Activity
Bond
Surface
Transportation
Corp.
(NTE
Mobility
Partners
Segments
3
LLC)
Series
2019
5.00%
6/30/58
500,000
494,102
Tulsa
Municipal
Airport
Trust
Trustees
(American
Airlines,
Inc.)
Series
2025
6.25%
12/1/40
240,000
266,489
Virginia
Small
Business
Financing
Authority
(95
Express
Lanes
LLC)
Series
2022
4.00%
1/1/42
245,000
237,153
5,350,675
Water
&
Sewer
Revenue
Bonds
-
0
.46
%
Guam
Government
Waterworks
Authority
(Water
&
Wastewater
System)
Series
2024A
5.00%
1/1/46
125,000
129,644
New
York
City
Municipal
Water
Finance
Authority
(Water
&
Sewer
System)
Series
2022AA-1
3.50%
6/15/48
160,000
138,216
267,860
Total
Municipal
Bonds
(cost
$55,300,178)
56,928,788
NQ-ET006J
(0626)
0826
(5790269)
Number
of
shares
Value
(US
$)
Common
Stocks
—
0
.01
%
Financial
Services
-
0
.01
%
California
Municipal
Finance
Authority
†∞
1,800
$
3,600
Total
Common
Stocks
(cost
$–)
3,600
Principal
amount
Short-Term
Investments
—
2
.93
%
Variable
Rate
Demand
Notes
—
2
.93
%
Arizona
Industrial
Development
Authority
(Phoenix
Children's
Hospital)
Series
2019A
2.90%
2/1/48(LOC
-
TD
Bank
NA)
¤
400,000
400,000
Bay
Area
Toll
Authority
Series
2024D
2.50%
4/1/59(LOC
-
TD
Bank
NA)
¤
500,000
500,000
Oregon
State
Facilities
Authority
(PeaceHealth
Obligated
Group)
Series
2018B
2.90%
8/1/34(LOC
-
TD
Bank
NA)
¤
350,000
350,000
Wisconsin
Health
&
Educational
Facilities
Authority
(The
Medical
College
of
Wisconsin,
Inc.)
Series
2008B
2.90%
12/1/33(LOC
-
TD
Bank
NA)
¤
465,000
465,000
1,715,000
Total
Short-Term
Investments
(cost
$1,715,000)
1,715,000
Total
Value
of
Securities
—
100.26%
(cost
$57,015,178)
58,647,388
Liabilities
Net
of
Receivables
and
Other
Assets
—
(0.26%)
(
153,028
)
Net
Assets
Applicable
to
2,350,000
Shares
Outstanding
—
100.00%
$
58,494,360
°
Principal
amount
shown
is
stated
in
USD
unless
noted
that
the
security
is
denominated
in
another
currency.
#
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
At
June
30,
2026,
the
aggregate
value
of
Rule
144A
securities
was
$18,704,291,
which
represents
31.98%
of
the
Fund's
net
assets.
Schedule
of
investments
Nomura
National
High-Yield
Municipal
Bond
ETF
NQ-ET006J
(0626)
0826
(5790269)
•
Variable
rate
investment.
Rates
reset
periodically.
Rate
shown
reflects
the
rate
in
effect
at
June
30,
2026.
For
securities
based
on
a
published
reference
rate
and
spread,
the
reference
rate
and
spread
are
indicated
in
their
descriptions.
The
reference
rate
descriptions
(i.e.
SOFR01M,
SOFR03M,
etc.)
used
in
this
report
are
identical
for
different
securities,
but
the
underlying
reference
rates
may
differ
due
to
the
timing
of
the
reset
period.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions,
or
for
mortgage-backed
securities,
are
impacted
by
the
individual
mortgages
which
are
paying
off
over
time.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
descriptions.
^
Zero-coupon
security.
The
rate
shown
is
the
effective
yield
at
the
time
of
purchase.
§
Pre-refunded
bonds.
Municipal
bonds
that
are
generally
backed
or
secured
by
US
Treasury
bonds.
For
pre-refunded
bonds,
the
stated
maturity
is
followed
by
the
year
in
which
the
bond
will
be
pre-refunded.
†
Non-income
producing
security.
∞
Fair
value
security
¤
Tax-exempt
obligations
that
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
unpaid
principal
balance
plus
accrued
interest
upon
a
short
notice
period
(generally
up
to
30
days)
prior
to
specified
dates
either
from
the
issuer
or
by
drawing
on
a
bank
letter
of
credit,
a
guarantee,
or
insurance
issued
with
respect
to
such
instrument.
Each
rate
shown
is
as
of
June
30,
2026.
The
maturity
date
shown
is
the
final
maturity.
The
security
has
a
demand
feature
that
allows
the
holder
to
tender
the
security
at
par
on
no
more
than
7
days'
notice.
For
purposes
of
maturity
classification
and
weighted
average
maturity
calculations,
the
demand
date
is
used.
Summary
of
abbreviations
:
AG
–
Assured
Guaranty
AMT
–
Subject
to
Alternative
Minimum
Tax
BAM
–
Insured
by
Build
America
Mutual
Assurance
LOC
–
Letter
of
Credit
PSF
–
Guaranteed
by
Permanent
School
Fund
SOFR01M
–
Secured
Overnight
Financing
Rate
1
Month
SOFR03M
–
Secured
Overnight
Financing
Rate
3
Month
ST
AID
WITHHLDG
–
Insured
by
State
Aid
Withholding
Program
Schedule
of
investments
Nomura
Tax-Free
USA
Short
Term
ETF
June
30,
2026
(Unaudited)
NQ-ET003J
(0626)
0826
(5790269)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
—
100
.22
%
Education
Revenue
Bonds
-
6
.48
%
Arizona
Industrial
Development
Authority
(Equitable
School
Revolving
Fund
LLC
Obligated
Group)
Series
2019A
5.00%
11/1/31
100,000
$
104,327
Series
2022A
5.00%
11/1/28
160,000
167,814
Colorado
Educational
&
Cultural
Facilities
Authority
(Science
Technology
Engineering
&
Math
High
School)
Series
2014
4.50%
11/1/29
165,000
164,756
Florida
State
University
(Parking
Facility)
Series
2021A
5.00%
7/1/26
200,000
200,007
Maricopa
County
Industrial
Development
Authority
(Arizona
Autism
Charter
Schools
Obligated
Group)
Series
2020A
144A
4.00%
7/1/30
#
100,000
100,043
Pennsylvania
Higher
Educational
Facilities
Authority
(Drexel
University)
Series
2017
5.00%
5/1/30
125,000
127,467
864,414
Electric
Revenue
Bonds
-
8
.64
%
American
Municipal
Power,
Inc.
(Greenup
Hydroelectric)
Series
2025A
5.00%
2/15/27
145,000
146,926
City
of
Chaska
(Electric)
Series
2015A
5.00%
10/1/28
155,000
155,594
Housing
&
Redevelopment
Authority
of
The
City
of
St.
Paul
Minnesota
(District
Energy
St
Paul
Obligated
Group)
Series
2017A
4.00%
10/1/30
240,000
242,148
JEA
Electric
System
Series
2021A
5.00%
10/1/31
180,000
198,859
Los
Angeles
Department
of
Water
&
Power
(Power
System)
Series
2019A
5.00%
7/1/32
105,000
109,930
Schedule
of
investments
Nomura
Tax-Free
USA
Short
Term
ETF
NQ-ET003J
(0626)
0826
(5790269)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Electric
Revenue
Bonds
(continued)
Missouri
Joint
Municipal
Electric
Utility
Commission
(Prairie
State
Project)
Series
2017
5.00%
1/1/27
100,000
$
101,053
Municipal
Electric
Authority
of
Georgia
(PowerSouth
Energy
Cooperative)
Series
2019B
5.00%
1/1/31
110,000
114,047
Puerto
Rico
Electric
Power
Authority
Series
2010AAA
5.25%
7/1/28
110,000
84,288
1,152,845
Healthcare
Revenue
Bonds
-
17
.13
%
Augusta
Development
Authority
(WellStar
Health
System
Obligated
Group)
Series
2018
5.00%
7/1/28
135,000
140,683
California
Municipal
Finance
Authority
(Eisenhower
Medical
Center)
Series
2017A
5.00%
7/1/29
90,000
91,367
City
of
Minneapolis
(Allina
Health
Obligated
Group)
Series
2023B
5.00%
11/15/53
•
185,000
198,904
Colorado
Health
Facilities
Authority
(CommonSpirit
Health)
Series
2019A-1
5.00%
8/1/32
100,000
105,087
(CommonSpirit
Health
Obligated
Group)
Series
2019A-1
5.00%
8/1/29
110,000
116,413
(Valley
View
Hospital
Association)
Series
2015
5.00%
5/15/28
100,000
100,233
Series
2017A
5.00%
5/15/27
150,000
152,958
Cumberland
County
Municipal
Authority
(Penn
State
Health
Obligated
Group)
Series
2019
5.00%
11/1/27
75,000
77,080
Housing
&
Redevelopment
Authority
of
The
City
of
St.
Paul
Minnesota
(HealthPartners
Obligated
Group)
Series
2025
5.00%
7/1/32
150,000
165,018
Industrial
Development
Authority
of
the
County
of
Yavapai
(The)
(Yavapai
Regional
Medical
Center)
Series
2019
5.00%
8/1/27
65,000
66,382
NQ-ET003J
(0626)
0826
(5790269)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Healthcare
Revenue
Bonds
(continued)
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facilities
Board
(Vanderbilt
University
Medical
Center
Obligated
Group)
Series
2016A
5.00%
7/1/29
25,000
$
25,000
Michigan
Finance
Authority
(Trinity
Health
Corp.)
Series
2022MI-A
5.00%
12/1/32
125,000
136,804
Montgomery
County
Higher
Education
and
Health
Authority
(Thomas
Jefferson
University
Obligated
Group)
Series
2019
5.00%
9/1/29
160,000
169,100
New
Hampshire
Business
Finance
Authority
(Springpoint
Senior
Living
Obligated
Group)
Series
2021
4.00%
1/1/28
175,000
176,372
Oklahoma
Development
Finance
Authority
(OU
Medicine
Obligated
Group)
Series
2018B
5.00%
8/15/29
125,000
128,367
Oregon
State
Facilities
Authority
(Legacy
Health
Project)
Series
2022B
5.00%
6/1/30
135,000
144,889
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
(Air
Force
Villages,
Inc.
Obligated
Group)
Series
2016
4.00%
5/15/31
50,000
49,957
Virginia
Small
Business
Financing
Authority
(LifeSpire
of
Virginia)
Series
2026A
5.00%
12/1/31
125,000
135,483
Washington
Health
Care
Facilities
Authority
(CommonSpirit
Health
Obligated
Group)
Series
2019A-2
5.00%
8/1/28
100,000
104,238
2,284,335
Housing
Revenue
Bonds
-
1
.11
%
Ohio
Housing
Finance
Agency
Series
2024B
5.50%
3/1/31
(GNMA)
50,000
55,198
Schedule
of
investments
Nomura
Tax-Free
USA
Short
Term
ETF
NQ-ET003J
(0626)
0826
(5790269)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Housing
Revenue
Bonds
(continued)
Texas
Department
of
Housing
&
Community
Affairs
Series
2022B
5.50%
9/1/30
(GNMA)
85,000
$
93,481
148,679
Industrial
Development
Revenue
Bonds
-
18
.18
%
Black
Belt
Energy
Gas
District
(Gas
Project)
Series
2022C-1
5.25%
2/1/53
•
95,000
99,866
Series
2026E
5.00%
7/1/27
150,000
152,655
Buckeye
Tobacco
Settlement
Financing
Authority
Class
1
Series
2020A-2
5.00%
6/1/29
50,000
52,788
California
Community
Choice
Financing
Authority
Series
2023G-1
5.25%
11/1/54
•
100,000
105,776
Commonwealth
Financing
Authority
(Commonwealth
Financing
Authority)
Series
2018
5.00%
6/1/31
150,000
155,358
County
of
Lowndes
(International
Paper
Co.)
Series
2022
2.65%
4/1/37
•
200,000
199,485
Energy
Southeast
A
Cooperative
District
Series
2023B-1
5.75%
4/1/54
•
100,000
110,009
Kentucky
Public
Energy
Authority
Series
2023A-1
5.25%
4/1/54
•
150,000
160,611
Lower
Alabama
Gas
District
(The)
Series
2016A
5.00%
9/1/29
125,000
130,381
Main
Street
Natural
Gas,
Inc.
Series
2022B
5.00%
12/1/52
•
150,000
156,549
Series
2023D
5.00%
5/1/54
•
150,000
158,661
Mission
Economic
Development
Corp.
(Graphic
Packaging
International
LLC)
Series
2026
5.00%
12/1/64
•
100,000
103,754
New
York
Transportation
Development
Corp.
(Delta
Air
Lines,
Inc.)
Series
2018
5.00%
1/1/28
(AMT)
200,000
206,104
Regional
Transportation
District
(Denver
Transit
Partners
LLC)
Series
2020A
5.00%
7/15/30
100,000
106,342
NQ-ET003J
(0626)
0826
(5790269)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Industrial
Development
Revenue
Bonds
(continued)
Salt
Verde
Financial
Corp.
Series
2007-1
5.50%
12/1/29
150,000
$
159,526
Tennessee
Energy
Acquisition
Corp.
Series
2021A
5.00%
5/1/52
•
150,000
158,625
Tobacco
Settlement
Financing
Corp.
Series
2018A
5.00%
6/1/29
200,000
207,885
2,424,375
Leasing
Revenue
Bonds
-
2
.49
%
New
Jersey
Transportation
Trust
Fund
Authority
Series
2019BB
5.00%
6/15/30
150,000
158,048
Virginia
Public
Building
Authority
(Commonwealth
of
Virginia)
Series
2021A-1
5.00%
8/1/30
160,000
174,769
332,817
Local
General
Obligation
Revenue
Bonds
-
5
.85
%
Chicago
Board
of
Education
Series
2018A
5.00%
12/1/30
(AG)
150,000
155,958
Series
2025B
5.25%
12/1/30
150,000
155,879
City
of
Detroit
Series
2018
5.00%
4/1/29
130,000
133,819
City
of
New
York
Series
2021B-1
5.00%
11/1/32
110,000
118,979
City
of
Philadelphia
Series
2017A
5.00%
8/1/26
110,000
110,175
St.
Cloud
Independent
School
District
No.
742
Series
2015A
3.00%
2/1/31
(SD
CRED
PROG)
105,000
104,965
779,775
Special
Tax
Revenue
Bonds
-
1
.56
%
Allentown
Neighborhood
Improvement
Zone
Development
Authority
Series
2022
5.00%
5/1/29
100,000
105,144
New
York
City
Industrial
Development
Agency
(Yankee
Stadium
LLC)
Series
2020A
4.00%
3/1/32
(AG)
100,000
103,039
208,183
State
General
Obligation
Revenue
Bonds
-
12
.27
%
Commonwealth
of
Massachusetts
Series
2026B
5.00%
7/1/32
150,000
168,768
Schedule
of
investments
Nomura
Tax-Free
USA
Short
Term
ETF
NQ-ET003J
(0626)
0826
(5790269)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
State
General
Obligation
Revenue
Bonds
(continued)
Commonwealth
of
Puerto
Rico
Series
2022A-1
5.63%
7/1/29
100,000
$
105,880
State
of
Connecticut
Series
2018E
5.00%
9/15/28
130,000
137,015
State
of
Florida
Series
2017A
3.50%
7/1/43
(Pre-refunded
7/1/27)
§
110,000
111,104
State
of
Georgia
Series
2017A
5.00%
2/1/28
105,000
106,591
State
of
Illinois
Series
2019B
5.00%
11/1/31
250,000
264,951
Series
2021A
5.00%
3/1/30
65,000
69,681
State
of
New
Jersey
Series
2020A
5.00%
6/1/29
200,000
213,836
State
of
Texas
Series
2018
5.00%
8/1/26
(AMT)
220,000
220,398
State
of
Washington
Series
R-2017A
5.00%
8/1/32
110,000
110,208
State
of
Wisconsin
Series
2020A
4.00%
5/1/29
125,000
127,892
1,636,324
Transportation
Revenue
Bonds
-
18
.04
%
City
&
County
of
Denver
(Airport
System)
Series
2022D
5.25%
11/15/26
(AMT)
140,000
141,321
City
of
Charlotte
(Airport)
Series
2019A
5.00%
7/1/26
180,000
180,007
City
of
Los
Angeles
(Department
of
Airports)
Series
2025A
5.00%
5/15/30
(AMT)
150,000
161,563
County
of
Miami-Dade
(Aviation)
Series
2026A
5.00%
10/1/31
125,000
135,577
Delaware
River
Joint
Toll
Bridge
Commission
Series
2026A
5.00%
7/1/27
150,000
153,774
Kansas
City
Industrial
Development
Authority
(Airport)
Series
2020B
5.00%
3/1/31
200,000
214,794
NQ-ET003J
(0626)
0826
(5790269)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Transportation
Revenue
Bonds
(continued)
Metropolitan
Transportation
Authority
Series
2017C-1
5.00%
11/15/31
(BAM)
105,000
$
108,977
Series
2017D
5.00%
11/15/30
190,000
197,599
New
Jersey
Transportation
Trust
Fund
Authority
Series
2006C
2.82%
12/15/27
(BHAC,
NATL)
^
150,000
144,022
Series
2014BB-2
5.00%
6/15/32
150,000
164,638
New
York
Transportation
Development
Corp.
(JFK
International
Air
Terminal
LLC)
Series
2022
5.00%
12/1/31
255,000
274,268
Pennsylvania
Turnpike
Commission
Series
2019A
5.00%
12/1/31
100,000
107,117
Port
Authority
of
New
York
&
New
Jersey
Series
246
5.00%
9/1/30
185,000
199,931
State
of
Hawaii
(Highway
Fund)
Series
A
5.00%
1/1/27
60,000
60,000
Series
B
5.00%
1/1/28
110,000
110,000
Texas
Private
Activity
Bond
Surface
Transportation
Corp.
(NTE
Mobility
Partners
LLC)
Series
2019A
5.00%
12/31/31
50,000
52,950
2,406,538
Water
&
Sewer
Revenue
Bonds
-
8
.47
%
City
of
Chicago
(Waterworks)
Series
2004
5.00%
11/1/26
320,000
322,187
County
of
Jefferson
(Sewer)
Series
2024
5.00%
10/1/30
190,000
205,283
Los
Angeles
Department
of
Water
&
Power
(Water
System)
Series
2022D
5.00%
7/1/33
135,000
149,018
Minnesota
Rural
Water
Finance
Authority,
Inc.
Series
2026
2.88%
1/1/28
150,000
150,067
New
York
City
Municipal
Water
Finance
Authority
(Water
&
Sewer
System)
Series
2026DD
5.00%
6/15/32
100,000
112,793
Schedule
of
investments
Nomura
Tax-Free
USA
Short
Term
ETF
NQ-ET003J
(0626)
0826
(5790269)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Water
&
Sewer
Revenue
Bonds
(continued)
Pittsburgh
Water
&
Sewer
Authority
Series
2017A
5.00%
9/1/29
(AG)
185,000
$
190,058
1,129,406
Total
Municipal
Bonds
(cost
$13,298,919)
13,367,691
Short-Term
Investments
—
0
.75
%
Variable
Rate
Demand
Notes
—
0
.75
%
University
of
Colorado
Hospital
Authority
Series
2018C
2.90%
11/15/39(SPA
-
TD
Bank
NA)
¤
100,000
100,000
Total
Short-Term
Investments
(cost
$100,000)
100,000
Total
Value
of
Securities
—
100.97%
(cost
$13,398,919)
13,467,691
Liabilities
Net
of
Receivables
and
Other
Assets
—
(0.97%)
(
129,891
)
Net
Assets
Applicable
to
525,000
Shares
Outstanding
—
100.00%
$
13,337,800
°
Principal
amount
shown
is
stated
in
USD
unless
noted
that
the
security
is
denominated
in
another
currency.
#
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
At
June
30,
2026,
the
aggregate
value
of
Rule
144A
securities
was
$100,043,
which
represents
0.75%
of
the
Fund's
net
assets.
•
Variable
rate
investment.
Rates
reset
periodically.
Rate
shown
reflects
the
rate
in
effect
at
June
30,
2026.
For
securities
based
on
a
published
reference
rate
and
spread,
the
reference
rate
and
spread
are
indicated
in
their
descriptions.
The
reference
rate
descriptions
(i.e.
SOFR01M,
SOFR03M,
etc.)
used
in
this
report
are
identical
for
different
securities,
but
the
underlying
reference
rates
may
differ
due
to
the
timing
of
the
reset
period.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions,
or
for
mortgage-backed
securities,
are
impacted
by
the
individual
mortgages
which
are
paying
off
over
time.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
descriptions.
§
Pre-refunded
bonds.
Municipal
bonds
that
are
generally
backed
or
secured
by
US
Treasury
bonds.
For
pre-refunded
bonds,
the
stated
maturity
is
followed
by
the
year
in
which
the
bond
will
be
pre-refunded.
^
Zero-coupon
security.
The
rate
shown
is
the
effective
yield
at
the
time
of
purchase.
NQ-ET003J
(0626)
0826
(5790269)
¤
Tax-exempt
obligations
that
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
unpaid
principal
balance
plus
accrued
interest
upon
a
short
notice
period
(generally
up
to
30
days)
prior
to
specified
dates
either
from
the
issuer
or
by
drawing
on
a
bank
letter
of
credit,
a
guarantee,
or
insurance
issued
with
respect
to
such
instrument.
Each
rate
shown
is
as
of
June
30,
2026.
The
maturity
date
shown
is
the
final
maturity.
The
security
has
a
demand
feature
that
allows
the
holder
to
tender
the
security
at
par
on
no
more
than
7
days'
notice.
For
purposes
of
maturity
classification
and
weighted
average
maturity
calculations,
the
demand
date
is
used.
Summary
of
abbreviations
:
AG
–
Assured
Guaranty
AMT
–
Subject
to
Alternative
Minimum
Tax
BAM
–
Insured
by
Build
America
Mutual
Assurance
BHAC
–
Insured
by
Berkshire
Hathaway
Assurance
Corp.
GNMA
– Insured
by
Government
National
Mortgage
Association
NATL
–
Insured
by
National
Reinsurance
Corp.
SD
CRED
PROG
–
Insured
by
School
District
Credit
Enhancement
Program
SOFR01M
–
Secured
Overnight
Financing
Rate
1
Month
SOFR03M
–
Secured
Overnight
Financing
Rate
3
Month
SPA
–
Stand-by
Purchase
Agreement
Schedule
of
investments
Nomura
Tax
Free
USA
ETF
June
30,
2026
(Unaudited)
NQ-ET002J
(0626)
0826
(5790269)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
—
96
.99
%
Education
Revenue
Bonds
-
10
.72
%
Allegheny
County
Higher
Education
Building
Authority
(Duquesne
University
of
the
Holy
Spirit)
Series
2026
5.00%
3/1/44
75,000
$
81,571
Board
of
Regents
of
the
University
of
Texas
System
Series
2024B
4.00%
8/15/54
50,000
46,245
California
Educational
Facilities
Authority
(Leland
Stanford
Junior
University
(The))
Series
V-1
5.00%
5/1/49
75,000
87,139
City
of
Bethel
(Spectrum
High
School)
Series
2024
5.00%
7/1/59
25,000
23,707
City
of
Burbank
(Intercultural
Montessori
Foreign
Language
Immersion
School)
Series
2026
144A
6.25%
2/1/51
#
50,000
51,282
Indiana
Finance
Authority
(CHF
-
Tippecanoe
LLC)
Series
2023A
5.00%
6/1/53
50,000
49,343
Kentucky
Bond
Development
Corp.
(PRG
Wildcats
LLC)
Series
2026A
5.50%
10/31/56
50,000
53,771
Lehigh
County
General
Purpose
Authority
(Muhlenberg
College)
Series
2024
5.25%
2/1/49
50,000
50,093
Maricopa
County
Industrial
Development
Authority
(Reid
Traditional
Schools
Obligated
Group)
Series
2016
5.00%
7/1/47
25,000
23,689
Massachusetts
Development
Finance
Agency
(President
and
Fellows
of
Harvard
College)
Series
2026A
5.00%
2/15/34
100,000
114,871
Public
Finance
Authority
Class
A
Series
2023-1
5.75%
7/1/62
92,554
96,881
678,592
NQ-ET002J
(0626)
0826
(5790269)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Electric
Revenue
Bonds
-
3
.36
%
Salt
River
Project
Agricultural
Improvement
&
Power
District
Series
2023B
5.25%
1/1/53
100,000
$
106,505
South
Carolina
Public
Service
Authority
Series
2022A
5.00%
12/1/44
100,000
105,780
212,285
Healthcare
Revenue
Bonds
-
18
.76
%
California
Health
Facilities
Financing
Authority
(Kaiser
Foundation
Hospitals)
Series
A-2
5.00%
11/1/47
50,000
56,422
City
of
Kalispell
(Immanuel
Living
at
Buffalo
Hill
Obligated
Group)
Series
2017A
5.25%
5/15/52
25,000
23,221
Colorado
Health
Facilities
Authority
(AdventHealth
Obligated
Group)
Series
2021A
3.00%
11/15/51
60,000
43,818
(CommonSpirit
Health
Obligated
Group)
Series
2022A
5.00%
11/1/33
50,000
54,663
Florida
Development
Finance
Corp.
(Florida
Health
Sciences
Center,
Inc.
Obligated
Group)
Series
2026A
5.25%
8/1/51
50,000
52,830
Geisinger
Authority
(Kaiser
Obligated
Group)
Series
2020A
4.00%
4/1/50
70,000
62,047
Hillsborough
County
Industrial
Development
Authority
(BayCare
Obligated
Group)
Series
2024C
5.00%
11/15/40
50,000
55,354
Series
2024C
5.50%
11/15/54
100,000
107,514
Illinois
Finance
Authority
(Memorial
Health
System)
Series
2026
5.50%
4/1/56
100,000
106,317
Maryland
Health
&
Higher
Educational
Facilities
Authority
(MedStar
Health
Obligated
Group)
Series
2026A
5.00%
8/15/41
50,000
55,018
Schedule
of
investments
Nomura
Tax
Free
USA
ETF
NQ-ET002J
(0626)
0826
(5790269)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Healthcare
Revenue
Bonds
(continued)
Massachusetts
Development
Finance
Agency
(Dana-Farber
Cancer
Institute
Obligated
Group)
Series
2026Q
5.50%
12/1/56
50,000
$
53,776
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facilities
Board
(Vanderbilt
University
Medical
Center
Obligated
Group)
Series
2026B
5.00%
7/1/43
40,000
43,493
Michigan
Finance
Authority
(Henry
Ford
Health
System
Obligated
Group)
Series
2019A
4.00%
11/15/50
100,000
88,400
Minnesota
Agricultural
&
Economic
Development
Board
(HealthPartners
Obligated
Group)
Series
2024
5.25%
1/1/54
105,000
108,845
Oklahoma
Development
Finance
Authority
(OU
Medicine
Obligated
Group)
Series
2018B
5.25%
8/15/48
50,000
50,278
Pennsylvania
Economic
Development
Financing
Authority
(UPMC
Obligated
Group)
Series
2026A
5.00%
12/15/46
60,000
63,290
Pennsylvania
Higher
Educational
Facilities
Authority
(Thomas
Jefferson
University
Obligated
Group)
Series
2024B-1
5.25%
11/1/38
50,000
55,159
Yuma
Industrial
Development
Authority
(Yuma
Regional
Medical
Center
Obligated
Group)
Series
2024A
5.25%
8/1/49
100,000
106,673
1,187,118
NQ-ET002J
(0626)
0826
(5790269)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Housing
Revenue
Bonds
-
1
.59
%
Texas
Department
of
Housing
&
Community
Affairs
Series
2026A
4.85%
7/1/56
(GNMA)
100,000
$
100,469
100,469
Industrial
Development
Revenue
Bonds
-
7
.37
%
Black
Belt
Energy
Gas
District
(Gas
Project)
Series
2026E
5.00%
7/1/33
100,000
104,805
California
Community
Choice
Financing
Authority
Series
2026A-1
5.00%
4/1/56
•
50,000
53,800
Florida
Development
Finance
Corp.
(Brightline
Trains
Florida
LLC)
Series
2024
5.25%
7/1/53
(AG)
50,000
49,573
George
L
Smith
II
Congress
Center
Authority
Series
2021A
4.00%
1/1/54
35,000
29,960
Greater
Orlando
Aviation
Authority
(United
Airlines,
Inc.)
Series
2025
5.25%
11/1/34
100,000
107,213
Mobile
County
Industrial
Development
Authority
(AM/NS
Calvert
LLC)
Series
2024B
4.75%
12/1/54
100,000
97,017
New
York
Transportation
Development
Corp.
(Delta
Air
Lines,
Inc.)
Series
2020
4.38%
10/1/45
25,000
24,189
466,557
Leasing
Revenue
Bonds
-
4
.56
%
Denver
Health
&
Hospital
Authority
Series
2018
5.00%
12/1/48
25,000
25,074
New
Jersey
Transportation
Trust
Fund
Authority
(State
of
New
Jersey)
Series
2024AA
5.25%
6/15/41
105,000
117,061
Series
2025AA
5.00%
6/15/55
100,000
103,556
New
York
State
Thruway
Authority
Series
2021A-1
3.00%
3/15/49
55,000
42,710
288,401
Schedule
of
investments
Nomura
Tax
Free
USA
ETF
NQ-ET002J
(0626)
0826
(5790269)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Local
General
Obligation
Revenue
Bonds
-
4
.16
%
Arapahoe
County
School
District
No.
5
(Cherry
Creek)
Series
2024
5.25%
12/15/43
(ST
AID
WITHHLDG)
55,000
$
62,008
Chicago
Board
of
Education
Series
2017H
5.00%
12/1/46
100,000
94,997
City
of
New
York
Series
2025G-1
5.25%
2/1/53
100,000
106,074
263,079
Special
Tax
Revenue
Bonds
-
11
.80
%
City
of
Houston
(Hotel
Occupancy
Tax
&
Special)
Series
2026C
5.50%
9/1/58
50,000
53,781
Commonwealth
of
Puerto
Rico
0.00%
11/1/43
•
163,543
117,751
GDB
Debt
Recovery
Authority
of
Puerto
Rico
7.50%
8/20/40
94,453
92,694
New
York
City
Transitional
Finance
Authority
Series
2026F-1
5.00%
2/1/53
150,000
157,091
New
York
Convention
Center
Development
Corp.
(Hotel
Unit
Fee)
Series
2026A
5.00%
11/15/45
25,000
27,442
Puerto
Rico
Sales
Tax
Financing
Corp.
Series
A-1
4.75%
7/1/53
151,000
149,414
Series
A-1
5.00%
7/1/58
100,000
100,009
Village
Community
Development
District
No.
15
(Special
Assessment)
Series
2024
144A
4.80%
5/1/55
#
50,000
48,618
746,800
State
General
Obligation
Revenue
Bonds
-
7
.72
%
Commonwealth
of
Massachusetts
Series
2024B
5.00%
5/1/54
50,000
52,232
Series
2026D
5.25%
6/1/56
50,000
53,905
Commonwealth
of
Puerto
Rico
Series
2022A-1
4.00%
7/1/46
86,000
78,888
State
of
Illinois
Series
2024C
4.00%
10/1/48
100,000
91,040
Series
2025E
5.00%
9/1/42
50,000
53,236
NQ-ET002J
(0626)
0826
(5790269)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
State
General
Obligation
Revenue
Bonds
(continued)
State
of
Washington
Series
2026C
5.00%
2/1/51
150,000
$
159,370
488,671
Transportation
Revenue
Bonds
-
23
.14
%
Arizona
Department
of
Transportation
(State
Highway
Fund)
Series
2026
5.00%
7/1/40
100,000
113,616
California
Municipal
Finance
Authority
(LAX
Integrated
Express
Solutions
LLC)
Series
2018A
5.00%
12/31/43
25,000
25,386
(PRG
-
Potrero
Properties
LLC)
Series
2026A
5.00%
9/1/60
5,000
5,232
Series
2026A
5.50%
9/1/60
5,000
5,464
Chicago
O'Hare
International
Airport
Series
2025E
5.50%
1/1/48
75,000
80,317
Series
2026A
5.25%
1/1/61
100,000
104,634
City
&
County
of
Denver
(Airport
System)
Series
2018A
4.00%
12/1/48
100,000
91,953
Colorado
Bridge
&
Tunnel
Enterprise
Series
2025A
5.25%
12/1/54
(AGMC)
100,000
106,673
County
of
Miami-Dade
(Aviation)
Series
2025B
5.25%
10/1/55
75,000
78,978
Metropolitan
Nashville
Airport
Authority
(The)
Series
2026B
5.00%
7/1/46
100,000
105,243
New
York
Transportation
Development
Corp.
(JFK
Millennium
Partners
LLC)
Series
2024B
2.18%
12/31/54
(AG)
25,000
17,103
Pennsylvania
Economic
Development
Financing
Authority
(Commonwealth
of
Pennsylvania
Motor
License
Fund)
Series
2022
6.00%
6/30/61
50,000
53,272
Port
Authority
of
New
York
&
New
Jersey
Series
251
5.25%
8/15/56
100,000
108,278
Public
Finance
Authority
(SR
400
Peach
Partners
LLC)
Series
2025
5.75%
12/31/65
125,000
131,035
Schedule
of
investments
Nomura
Tax
Free
USA
ETF
NQ-ET002J
(0626)
0826
(5790269)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Transportation
Revenue
Bonds
(continued)
Regional
Transportation
District
(Denver
Transit
Partners
LLC)
Series
2020A
5.00%
1/15/29
55,000
$
57,368
State
of
Hawaii
Series
2025A
5.50%
7/1/54
60,000
64,440
Texas
Private
Activity
Bond
Surface
Transportation
Corp.
(NTE
Mobility
Partners
Segments
3
LLC)
Series
2019
5.00%
6/30/58
100,000
98,820
Texas
Transportation
Finance
Corp.
Series
2025A
5.50%
10/1/55
100,000
109,015
Washington
Metropolitan
Area
Transit
Authority
Series
2025A
5.25%
7/15/50
100,000
107,032
1,463,859
Water
&
Sewer
Revenue
Bonds
-
3
.81
%
City
of
Chicago
(Waterworks)
Series
2026A
5.50%
11/1/66
25,000
26,641
County
of
Jefferson
(Sewer)
Series
2024
5.50%
10/1/53
50,000
52,672
Great
Lakes
Water
Authority
(Water
Supply
System)
Series
2026B
5.00%
7/1/45
50,000
54,520
New
York
City
Municipal
Water
Finance
Authority
(Water
&
Sewer
System)
Series
2026BB
5.25%
6/15/56
100,000
106,999
240,832
Total
Municipal
Bonds
(cost
$6,046,374)
6,136,663
NQ-ET002J
(0626)
0826
(5790269)
Principal
amount
Value
(US
$)
Short-Term
Investments
—
1
.58
%
Variable
Rate
Demand
Notes
—
1
.58
%
University
of
California
Series
2013AL-4
2.50%
5/15/48
¤
100,000
$
100,000
Total
Short-Term
Investments
(cost
$100,000)
100,000
Total
Value
of
Securities
—
98.57%
(cost
$6,146,374)
6,236,663
Receivables
and
Other
Assets
Net
of
Liabilities
—
1.43%
90,572
Net
Assets
Applicable
to
250,000
Shares
Outstanding
—
100.00%
$
6,327,235
Schedule
of
investments
Nomura
Tax
Free
USA
ETF
NQ-ET002J
(0626)
0826
(5790269)
°
Principal
amount
shown
is
stated
in
USD
unless
noted
that
the
security
is
denominated
in
another
currency.
#
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
At
June
30,
2026,
the
aggregate
value
of
Rule
144A
securities
was
$99,900,
which
represents
1.58%
of
the
Fund's
net
assets.
•
Variable
rate
investment.
Rates
reset
periodically.
Rate
shown
reflects
the
rate
in
effect
at
June
30,
2026.
For
securities
based
on
a
published
reference
rate
and
spread,
the
reference
rate
and
spread
are
indicated
in
their
descriptions.
The
reference
rate
descriptions
(i.e.
SOFR01M,
SOFR03M,
etc.)
used
in
this
report
are
identical
for
different
securities,
but
the
underlying
reference
rates
may
differ
due
to
the
timing
of
the
reset
period.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions,
or
for
mortgage-backed
securities,
are
impacted
by
the
individual
mortgages
which
are
paying
off
over
time.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
descriptions.
¤
Tax-exempt
obligations
that
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
unpaid
principal
balance
plus
accrued
interest
upon
a
short
notice
period
(generally
up
to
30
days)
prior
to
specified
dates
either
from
the
issuer
or
by
drawing
on
a
bank
letter
of
credit,
a
guarantee,
or
insurance
issued
with
respect
to
such
instrument.
Each
rate
shown
is
as
of
June
30,
2026.
The
maturity
date
shown
is
the
final
maturity.
The
security
has
a
demand
feature
that
allows
the
holder
to
tender
the
security
at
par
on
no
more
than
7
days'
notice.
For
purposes
of
maturity
classification
and
weighted
average
maturity
calculations,
the
demand
date
is
used.
Summary
of
abbreviations
:
AG
–
Assured
Guaranty
GNMA
– Insured
by
Government
National
Mortgage
Association
SOFR01M
–
Secured
Overnight
Financing
Rate
1
Month
SOFR03M
–
Secured
Overnight
Financing
Rate
3
Month
ST
AID
WITHHLDG
–
Insured
by
State
Aid
Withholding
Program
Schedule
of
investments
Nomura
Transformational
Technologies
ETF
June
30,
2026
(Unaudited)
NQ-ET002J
(0626)
0826
(5790269)
Number
of
shares
Value
(US
$)
Common
Stocks
—
99
.45
%
^
Communication
Services
-
11
.34
%
Alphabet,
Inc.,
Class
A
25,544
$
9,128,659
Netflix,
Inc.
†
130,341
9,306,348
Space
Exploration
Technologies
Corp.,
Class
A
†
41,520
7,094,107
Spotify
Technology
SA
†
14,784
6,787,778
32,316,892
Consumer
Discretionary
-
10
.46
%
Amazon.com,
Inc.
†
33,611
8,010,846
Booking
Holdings,
Inc.
32,605
5,811,515
DoorDash,
Inc.,
Class
A
†
50,846
9,382,612
MercadoLibre,
Inc.
†
3,885
6,594,360
29,799,333
Industrials
-
2
.45
%
Kratos
Defense
&
Security
Solutions,
Inc.
†
140,122
6,986,483
6,986,483
Information
Technology
-
75
.20
%
Advanced
Micro
Devices,
Inc.
†
38,269
22,230,845
ASML
Holding
NV
ADR
7,256
14,435,377
Broadcom,
Inc.
35,065
13,245,804
Cadence
Design
Systems,
Inc.
†
13,827
5,189,550
Celestica,
Inc.
†
20,934
7,636,723
Lam
Research
Corp.
43,688
18,931,321
Micron
Technology,
Inc.
12,698
14,657,174
Microsoft
Corp.
21,437
7,996,430
NVIDIA
Corp.
115,158
23,041,964
Samsung
Electronics
Co.
Ltd.
54,684
11,788,844
Seagate
Technology
Holdings
plc
22,849
22,049,285
ServiceNow,
Inc.
†
49,982
4,962,213
Shopify,
Inc.,
Class
A
†
48,322
5,517,406
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
ADR
37,599
17,956,154
Texas
Instruments,
Inc.
36,000
10,730,520
Western
Digital
Corp.
21,695
13,857,030
214,226,640
Total
Common
Stocks
(cost
$230,435,111)
283,329,348
Schedule
of
investments
Nomura
Transformational
Technologies
ETF
NQ-ET002J
(0626)
0826
(5790269)
Number
of
shares
Value
(US
$)
Short-Term
Investments
—
0
.40
%
Money
Market
Mutual
Funds
-
0
.40
%
Invesco
Government
&
Agency
Portfolio
-
Institutional
Class
(seven-day
effective
yield
3.57%)
1,140,275
$
1,140,275
Total
Short-Term
Investments
(cost
$1,140,275)
1,140,275
Total
Value
of
Securities
—
99.85%
(cost
$231,575,386)
284,469,623
Receivables
and
Other
Assets
Net
of
Liabilities
—
0.15%
420,906
Net
Assets
Applicable
to
8,452,764
Shares
Outstanding
—
100.00%
$
284,890,529
^
Categorizations
used
for
financial
reporting
purposes
may
differ
from
categorizations
used
for
regulatory
compliance
and/or
internal
classification
purposes.
†
Non-income
producing
security.
Summary
of
abbreviations
:
ADR
–
American
Depositary
Receipt