# EDGAR Filing Document

**Accession Number:** 0001969995
**File Stem:** 0001969995-26-000008
**Filing Date:** 2026-6
**Character Count:** 1088358
**Document Hash:** 59e8797c22d69abc33eb0ed205424e3a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001969995-26-000008.hdr.sgml**: 20260609

**ACCESSION NUMBER**: 0001969995-26-000008

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260609

**DATE AS OF CHANGE**: 20260609

**EFFECTIVENESS DATE**: 20260609

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nomura ETF Trust
- **CENTRAL INDEX KEY:** 0001969995

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23890
- **FILM NUMBER:** 261075096

**BUSINESS ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106
- **BUSINESS PHONE:** (800) 523-1918

**MAIL ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Macquarie ETF Trust
- **DATE OF NAME CHANGE:** 20230317

## Series and Classes Contracts Data

### Nomura Global Listed Infrastructure ETF (Series ID: S000082262)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000245546 | Nomura Global Listed Infrastructure ETF | BILD            |

### Nomura Energy Transition ETF (Series ID: S000082263)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000245547 | Nomura Energy Transition ETF | PWER            |

### Nomura Tax-Free USA Short Term ETF (Series ID: S000082264)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000245548 | Nomura Tax-Free USA Short Term ETF | STAX            |

### Nomura Focused Large Growth ETF (Series ID: S000084942)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000249711 | Nomura Focused Large Growth ETF | LRGG            |

### Nomura Focused Emerging Markets Equity ETF (Series ID: S000085746)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000251129 | Nomura Focused Emerging Markets Equity ETF | EMEQ            |

### Nomura Focused International Core ETF (Series ID: S000090013)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000256889 | Nomura Focused International Core ETF | EXUS            |

### Nomura National High-Yield Municipal Bond ETF (Series ID: S000090015)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000256891 | Nomura National High-Yield Municipal Bond ETF | HTAX            |

### Nomura Tax-Free USA ETF (Series ID: S000090016)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000256892 | Nomura Tax-Free USA ETF | LTAX            |

### Nomura Transformational Technologies ETF (Series ID: S000098706)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000268417 | Nomura Transformational Technologies ETF | FRWD            |

?xml version='1.0' encoding='ASCII'?

# **UNITED STATES SECURITIES AND EXCHANGE COMMISSION** 

## **Washington, D.C. 20549** 

## **FORM N-CSR** 
**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

---

| | |
|:---|:---|
| &nbsp;&nbsp; Investment Company Act file number: | &nbsp;&nbsp; 811-23890 |
| &nbsp;&nbsp; Exact name of registrant as specified in charter: | &nbsp;&nbsp; Nomura ETF Trust |
| &nbsp;&nbsp; Address of principal executive offices: | &nbsp;&nbsp; 610 Market Street<br> Philadelphia, PA 19106 |
| &nbsp;&nbsp; Name and address of agent for service: | &nbsp;&nbsp; David F. Connor, Esq.<br> 610 Market Street<br> Philadelphia, PA 19106 |
| &nbsp;&nbsp; Registrant's telephone number, including area code: | &nbsp;&nbsp; (800) 523-1918 |
| &nbsp;&nbsp; Date of fiscal year end: | &nbsp;&nbsp; March 31 |
| &nbsp;&nbsp; Date of reporting period: | &nbsp;&nbsp; March 31, 2026 |

---

Item 1. Reports to Stockholders.

(a) Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

The Report to Shareholders is attached herewith.

![Image](ib1389327df4858a9914b9903.jpg)

# Nomura Global Listed Infrastructure ETF: BILD
(Formerly, Macquarie Global Listed Infrastructure ETF)

#### Principal listing exchange: NYSE Arca

#### Annual shareholder report — March 31, 2026
This annual shareholder report contains important information about Nomura Global Listed Infrastructure ETF (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

**This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last 12 months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| BILD | $55 | 0.49% |

---

# Management's discussion of Fund performance
**Performance highlights**

Nomura Global Listed Infrastructure ETF returned 25.95% for the 12 months ended March 31, 2026. During the same period, the MSCI World Index (net), the Fund's broad-based securities market index, returned 18.90%, while the S&P Global Infrastructure Index (net), the Fund's narrowly based securities market index (benchmark), returned 25.85%.

**Top contributors to performance:** 

* EDP Renovaveis SA, the Portuguese-listed renewable energy company, was a standout contributor to relative performance during the reporting period. The Fund's overweight position outperformed as the stock was a key beneficiary of the broader recovery in clean energy names. 

* Airports of Thailand PCL, the operator of Thailand's major airports including Suvarnabhumi, was a significant contributor. The Fund's overweight position in the stock captured the strong momentum in Southeast Asian air travel. The company reported a meaningful recovery in passenger traffic, with volumes reaching record levels during the reporting period as tourism inflows into Thailand continued to strengthen.

* ENAV SpA, the Italian air navigation services provider, also contributed to performance. The stock delivered a strong absolute return over the reporting period, supported by growing air traffic volumes across European airspace and the company's operational leverage to increasing flight activity. Financial results were encouraging, with earnings before interest, taxes, depreciation, and amortization (EBITDA) improving meaningfully and the company making progress in reducing its net debt position.

**Top detractors from performance:**

* Crown Castle Inc., the US cell tower operator, was the largest detractor from relative performance during the reporting period. The Fund's overweight position in the stock proved costly as the company underperformed during a period of significant strategic transition. Additionally, the stock was further weighed down by a broader de-rating across US tower equities as interest rate expectations remained elevated for longer than initially anticipated.

* Cellnex Telecom SA, the European tower infrastructure company, was another meaningful detractor. The company reported solid operational performance, including healthy organic revenue growth and improving EBITDA. However, the stock price declined over the reporting period. The share price fell from highs earlier in the period as higher-for-longer interest rate expectations drove a de-rating across the tower and infrastructure sector more broadly. The Fund's overweight position meant the Fund was disproportionately exposed to this sector-wide headwind.

* Redeia Corp. SA, the Spanish electricity transmission system operator, also detracted from performance. The stock declined over the period despite the company delivering solid earnings growth and a record level of capital investment in its transmission infrastructure. Additionally, an unprecedented grid blackout event during the period raised questions about network the company's resilience and potential operational risk.

TSAR-BILD-0526

# **Fund performance** 
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years (or period) of the Fund for the life of the Fund. It also assumes a $10,000 initial investment at the Fund's inception date in a broad-based securities market index and an additional narrowly based securities market index for the same period.

# **Growth of $10,000 investment** 
For the period November 28, 2023 (inception of Fund), through March 31, 2026

![Growth of 10K Chart](ib1c92ee024afe7b290a42e60.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Nomura Global Listed Infrastructure ETF — $13,341** | **MSCI World Index (net) — $14,594** | **S&P Global Infrastructure Index (net) — $15,670** |
| **11-28-23** | 10000 | 10000 | 10000 |
| **12-31-23** | 10430 | 10532 | 10456 |
| **3-31-24** | 10197 | 11468 | 10574 |
| **6-30-24** | 9955 | 11769 | 10820 |
| **9-30-24** | 11428 | 12518 | 12247 |
| **12-31-24** | 10149 | 12499 | 11926 |
| **3-31-25** | 10592 | 12275 | 12452 |
| **6-30-25** | 11504 | 13683 | 13703 |
| **9-30-25** | 12011 | 14678 | 14182 |
| **12-31-25** | 12278 | 15135 | 14494 |
| **3-31-26** | 13341 | 14594 | 15670 |

---

---

| | | |
|:---|:---|:---|
| **Average annual total returns (as of March 31, 2026)** | **1 Year** | **Since Inception (11/28/23)** |
| Nomura Global Listed Infrastructure ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value | 25.95% | 13.11% |
| MSCI World Index (net) | 18.90% | 17.54% |
| S&P Global Infrastructure Index (net) | 25.85% | 21.16% |

---

#### Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.
Visit nomuraassetmanagement.com/etf-literature for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All results shown assume reinvestment of distributions.

# **Fund statistics** 
(as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $8347669 |
| Total number of portfolio holdings<sup>Footnote Reference\*</sup> | 43 |
| Total advisory fees paid (during reporting period) | $30417 |
| Portfolio turnover rate | 34% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Excludes cash and cash equivalents. |

---

TSAR-BILD-0526

#### Fund holdings
(as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

#### Country allocation

---

| | |
|:---|:---|
| United States of America | 41.23% |
| United Kingdom | 12.21% |
| Spain | 11.08% |
| Canada | 8.68% |
| Italy | 5.67% |
| New Zealand | 3.17% |
| France | 2.99% |
| Australia | 2.71% |
| Hong Kong | 2.26% |
| China | 2.24% |

---

#### Sector allocation\*

---

| | |
|:---|:---|
| Electric Utility | 25.12% |
| Energy Infrastructure | 16.25% |
| Airports | 15.08% |
| Electricity and Gas Distribution | 13.24% |
| Water | 8.94% |
| Communications Infrastructure | 6.51% |
| Toll Roads | 5.30% |
| Electricity Generation | 4.07% |
| Seaports | 1.75% |
| Electricity Transmission | 1.40% |

---

#### Top 10 equity holdings

---

| | |
|:---|:---|
| Enbridge, Inc. | 5.94% |
| National Grid plc | 4.13% |
| NextEra Energy, Inc. | 4.06% |
| United Utilities Group plc | 3.96% |
| Sempra | 3.85% |
| Cheniere Energy, Inc. | 3.47% |
| Exelon Corp. | 3.18% |
| Auckland International Airport Ltd. | 3.17% |
| CMS Energy Corp. | 3.12% |
| American Electric Power Co., Inc. | 3.06% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classsification purposes.

#### Material Fund changes
Effective December 1, 2025, the Fund was renamed Nomura Global Listed Infrastructure ETF.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 1, 2026, at nomuraassetmanagement.com/etf-literature or upon request at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

#### Changes in and disagreements with accountants
On April 15, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET, or by contacting your financial intermediary.

TSAR-BILD-0526

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 844 469-9911 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://global.nomuraassetmanagement.com/investments/etf-literature](id90f0b8a0e493b3fb3d90cea.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/etf-literature.

(5428726) TSAR-BILD-0526

![Image](id2d8e146cd7f928978f1decd.jpg)

# Nomura Tax-Free USA Short Term ETF: STAX
(Formerly, Macquarie Tax-Free USA Short Term ETF)

#### Principal listing exchange: NYSE Arca

#### Annual shareholder report — March 31, 2026
This annual shareholder report contains important information about Nomura Tax-Free USA Short Term ETF (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

**This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last 12 months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| STAX | $30 | 0.29% |

---

# Management's discussion of Fund performance
**Performance highlights**

Nomura Tax-Free USA Short Term ETF returned 3.72% for the 12 months ended March 31, 2026. During the same period, the Bloomberg Municipal Bond Index, the Fund's broad-based securities market index, returned 4.29%, while the Bloomberg Municipal Short (1-5 Year) Index, the Fund's narrowly based securities market index (benchmark), returned 3.52%.

**Top contributors to performance:**

* The 4-5 years maturity segment was the strongest-performing portion in the benchmark. The Fund's allocation to this segment contributed to performance. 

* Lower-investment-grade bonds (A- and BBB-rated) and below-investment-grade bonds were the strongest-performing credit tranches. An overweight to A- and BBB-rated bonds and out-of-benchmark below-investment-grade exposure contributed to the Fund's performance.

**Top detractors from performance:**

* The front end (1-2 years) of the yield curve lagged the longer segments (2-5 years). The Fund's out-of-benchmark allocation to the 0-1 year segment detracted from performance.

* AAA-rated was the weakest-performing investment grade bond segment in the benchmark. The Fund's AAA-rated exposure, which had a shorter duration profile relative to the benchmark, detracted from performance.

TSAR-STAX-0526

# **Fund performance** 
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years (or period) of the Fund for the life of the Fund. It also assumes a $10,000 initial investment at the Fund's inception date in a broad-based securities market index and an additional narrowly based securities market index for the same period.

# **Growth of $10,000 investment** 
For the period November 28, 2023 (inception of Fund), through March 31, 2026

![Growth of 10K Chart](i407143dc29e9ce53d4f7e494.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Nomura Tax-Free USA Short Term ETF — $10,902** | **Bloomberg Municipal Bond Index — $10,865** | **Bloomberg Municipal Short (1-5 Year) Index — $10,814** |
| **11-28-23** | 10000 | 10000 | 10000 |
| **12-31-23** | 10164 | 10332 | 10133 |
| **3-31-24** | 10156 | 10292 | 10114 |
| **6-30-24** | 10184 | 10290 | 10149 |
| **9-30-24** | 10419 | 10569 | 10384 |
| **12-31-24** | 10420 | 10441 | 10343 |
| **3-31-25** | 10512 | 10418 | 10446 |
| **6-30-25** | 10623 | 10405 | 10557 |
| **9-30-25** | 10801 | 10717 | 10718 |
| **12-31-25** | 10854 | 10884 | 10768 |
| **3-31-26** | 10902 | 10865 | 10814 |

---

---

| | | |
|:---|:---|:---|
| **Average annual total returns (as of March 31, 2026)** | **1 Year** | **Since Inception (11/28/23)** |
| Nomura Tax-Free USA Short Term ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value | 3.72% | 3.76% |
| Bloomberg Municipal Bond Index | 4.29% | 3.61% |
| Bloomberg Municipal Short (1-5 Year) Index | 3.52% | 3.40% |

---

#### Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.
Visit nomuraassetmanagement.com/etf-literature for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All results shown assume reinvestment of distributions.

# **Fund statistics** 
(as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $6327503 |
| Total number of portfolio holdings<sup>Footnote Reference\*</sup> | 49 |
| Total advisory fees paid (during reporting period) | $16254 |
| Portfolio turnover rate | 38% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Excludes cash and cash equivalents. |

---

TSAR-STAX-0526

#### Fund holdings
(as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

#### Sector allocation

---

| | |
|:---|:---|
| Healthcare Revenue Bonds | 20.91% |
| Transportation Revenue Bonds | 13.85% |
| Industrial Development Revenue Bonds | 12.72% |
| State General Obligation Revenue Bonds | 11.40% |
| Water & Sewer Revenue Bonds | 8.56% |
| Electric Revenue Bonds | 7.88% |
| Education Revenue Bonds | 6.83% |
| Local General Obligation Revenue Bonds | 4.59% |
| Leasing Revenue Bonds | 3.98% |
| Special Tax Revenue Bonds | 3.29% |
| Housing Revenue Bonds | 2.35% |

---

#### State/territory allocation

---

| | |
|:---|:---|
| New York | 15.67% |
| Colorado | 12.38% |
| Pennsylvania | 11.04% |
| Illinois | 9.01% |
| Texas | 6.44% |
| Minnesota | 6.29% |
| California | 5.67% |
| Georgia | 4.69% |
| Arizona | 4.24% |
| New Jersey | 3.78% |

---

#### Material Fund changes
Effective December 1, 2025, the Fund was renamed Nomura Tax-Free USA Short Term ETF.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 1, 2026, at nomuraassetmanagement.com/etf-literature or upon request at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

#### Changes in and disagreements with accountants
On April 15, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET, or by contacting your financial intermediary.

TSAR-STAX-0526

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 844 469-9911 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://global.nomuraassetmanagement.com/investments/etf-literature](id90f0b8a0e493b3fb3d90cea.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/etf-literature.

(5415250) TSAR-STAX-0526

![Image](id2d8e146cd7f928978f1decd.jpg)

# Nomura Energy Transition ETF: PWER
(Formerly, Macquarie Energy Transition ETF)

#### Principal listing exchange: NYSE Arca

#### Annual shareholder report — March 31, 2026
This annual shareholder report contains important information about Nomura Energy Transition ETF (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

**This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last 12 months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PWER | $103 | 0.79% |

---

# Management's discussion of Fund performance
**Performance highlights**

Nomura Energy Transition ETF returned 61.51% for the 12 months ended March 31, 2026. During the same period, the MSCI ACWI (All Country World Index) Index (net), the Fund's broad-based securities market index, returned 20.01%, while the S&P 1500 Energy Sector Index, the Fund's narrowly based securities market index (benchmark),&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; returned 37.16%.

**Top contributors to performance:** 

* Copper mining equities were the leading contributor to performance over the period, namely Hudbay Minerals Inc. and Ero Copper. A series of acute supply disruptions removed hundreds of thousands of tons of production from the market, tightening an already constrained supply picture. Against this backdrop, investors increasingly recognized copper's critical and irreplaceable role in the data center buildout, the onshoring of manufacturing, and the broader electrification of the economy. 

* Alcoa Corp., a vertically integrated aluminum producer, benefited from strong demand tied to electrification, decarbonization, and data center growth. Geopolitical tensions in the Middle East tightened supply, shifting the market from surplus to deficit, while higher US tariffs on aluminum imports provided additional pricing support for domestic producers.

**Top detractors from performance:** 

* Companies with heavy natural gas exposure, SLB NV and Tourmaline Oil Corp., detracted from performance as natural gas prices plunged during the period due to disruptions to global energy markets caused by conflicts in the Middle East. In recent months, the effective blockade of the Strait of Hormuz removed significant liquefied natural gas capacity almost overnight.

* Spruce Power Holding Corp., a residential solar energy company, faced renewable energy headwinds including ongoing tariff and policy uncertainty. This was in addition to stock-specific financial challenges including insufficient revenue growth and lackluster performance relative to industry peers, suppressing valuation.

TSAR-PWER-0526

# **Fund performance** 
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years (or period) of the Fund for the life of the Fund. It also assumes a $10,000 initial investment at the Fund's inception date in a broad-based securities market index and an additional narrowly based securities market index for the same period.

# **Growth of $10,000 investment** 
For the period November 28, 2023 (inception of Fund), through March 31, 2026

![Growth of 10K Chart](if031b09a0bc1bf55a7cf42ba.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Nomura Energy Transition ETF — $16,541** | **MSCI ACWI Index (net) — $14,635** | **S&P 1500 Energy Sector Index — $15,770** |
| **11-28-23** | 10000 | 10000 | 10000 |
| **12-31-23** | 10986 | 10519 | 9986 |
| **3-31-24** | 10961 | 11381 | 11352 |
| **6-30-24** | 11176 | 11708 | 11050 |
| **9-30-24** | 11598 | 12482 | 10717 |
| **12-31-24** | 10593 | 12359 | 10583 |
| **3-31-25** | 10241 | 12195 | 11497 |
| **6-30-25** | 11673 | 13601 | 10561 |
| **9-30-25** | 13396 | 14638 | 11214 |
| **12-31-25** | 14307 | 15119 | 11397 |
| **3-31-26** | 16541 | 14635 | 15770 |

---

---

| | | |
|:---|:---|:---|
| **Average annual total returns (as of March 31, 2026)** | **1 Year** | **Since Inception (11/28/23)** |
| Nomura Energy Transition ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value | 61.51% | 24.00% |
| MSCI ACWI Index (net) | 20.01% | 17.68% |
| S&P 1500 Energy Sector Index | 37.16% | 21.49% |

---

#### Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.
Visit nomuraassetmanagement.com/etf-literature for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All results shown assume reinvestment of distributions.

# **Fund statistics** 
(as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $11242137 |
| Total number of portfolio holdings<sup>Footnote Reference\*</sup> | 32 |
| Total advisory fees paid (during reporting period) | $61713 |
| Portfolio turnover rate | 31% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Excludes cash and cash equivalents. |

---

TSAR-PWER-0526

#### Fund holdings
(as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

#### Sector allocation\*

---

| | |
|:---|:---|
| Oil & Gas Exploration & Production | 25.14% |
| Diversified Metals & Mining | 11.05% |
| Oil & Gas Refining & Marketing | 7.88% |
| Steel | 6.94% |
| Gold | 5.41% |
| Aluminum | 5.16% |
| Copper | 5.06% |
| Electrical Components & Equipment | 4.37% |
| Integrated Oil & Gas | 3.85% |
| Semiconductors | 3.84% |

---

#### Top 10 equity holdings

---

| | |
|:---|:---|
| Alcoa Corp. | 5.16% |
| Steel Dynamics, Inc. | 5.09% |
| Hudbay Minerals, Inc. | 5.09% |
| ERO Copper Corp. | 5.06% |
| ConocoPhillips | 4.60% |
| Valero Energy Corp. | 4.44% |
| EOG Resources, Inc. | 3.95% |
| Shell plc ADR | 3.85% |
| ARC Resources Ltd. | 3.84% |
| First Solar, Inc. | 3.84% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classsification purposes.

#### Material Fund changes
Effective December 1, 2025, the Fund was renamed Nomura Energy Transition ETF.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 1, 2026, at nomuraassetmanagement.com/etf-literature or upon request at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

#### Changes in and disagreements with accountants
On April 15, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET, or by contacting your financial intermediary.

TSAR-PWER-0526

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 844 469-9911 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://global.nomuraassetmanagement.com/investments/etf-literature](id90f0b8a0e493b3fb3d90cea.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/etf-literature.

(5427070) TSAR-PWER-0526

![Image](ib1389327df4858a9914b9903.jpg)

# Nomura Focused Emerging Markets Equity ETF: EMEQ
(Formerly, Macquarie Focused Emerging Markets Equity ETF)

#### Principal listing exchange: NASDAQ

#### Annual shareholder report — March 31, 2026
This annual shareholder report contains important information about Nomura Focused Emerging Markets Equity ETF (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

**This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last 12 months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| EMEQ | $116 | 0.85% |

---

# Management's discussion of Fund performance
**Performance highlights**

Nomura Focused Emerging Markets Equity ETF returned 73.87% for the 12 months ended March 31, 2026. During the same period, the MSCI Emerging Markets Index (net), the Fund's broad-based securities market index, returned 29.55%.

**Top contributors to performance:** 

* Exposure to South Korean IT companies SK Hynix Inc. and Samsung Electronics Co. Ltd. contributed to relative performance. Strong demand for memory semiconductors used in AI and computing servers, coupled with constrained supply, contributed to stronger pricing and profitability.

* In the industrial sector, shares of SK Square Co. Ltd. also outperformed the benchmark. The company's net asset value (NAV) increased due to the rising value of its investment in SK Hynix Inc. In addition, the company's improved shareholder return policy contributed to a narrowing of the discount to its NAV.

**Top detractors from performance:**

* Stock selection was unfavorable in the energy sector as shares of Reliance Industries in India trailed its peers with greater upstream exposure to higher energy prices.

* An underweight to the materials sector notably precious metal miners also weighed negatively on performance, along with exposure to select consumer tech platforms including Pinduoduo (PDD Holdings Inc.) and Naspers Ltd. which underperformed, weighed by weak macro data in China.

TSAR-EMEQ-0526

# **Fund performance** 
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years (or period) of the Fund for the life of the Fund. It also assumes a $10,000 initial investment at the Fund's inception date in a broad-based securities market index for the same period.

# **Growth of $10,000 investment** 
For the period September 4, 2024 (inception of Fund), through March 31, 2026

![Growth of 10K Chart](ib8509ccbd38845f937a8ce44.jpg)

---

| | | |
|:---|:---|:---|
| | **Nomura Focused Emerging Markets Equity ETF — $17,839** | **MSCI Emerging Markets Index (net) — $13,404** |
| **9-4-24** | 10000 | 10000 |
| **9-30-24** | 10852 | 10927 |
| **12-31-24** | 9865 | 10052 |
| **3-31-25** | 10260 | 10346 |
| **6-30-25** | 12474 | 11586 |
| **9-30-25** | 14232 | 12820 |
| **12-31-25** | 16711 | 13426 |
| **3-31-26** | 17839 | 13404 |

---

---

| | | |
|:---|:---|:---|
| **Average annual total returns (as of March 31, 2026)** | **1 Year** | **Since Inception (9/4/24)** |
| Nomura Focused Emerging Markets Equity ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value | 73.87% | 44.58% |
| MSCI Emerging Markets Index (net) | 29.55% | 20.52% |

---

#### Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.
Visit nomuraassetmanagement.com/etf-literature for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All results shown assume reinvestment of distributions.

# **Fund statistics** 
(as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $281728926 |
| Total number of portfolio holdings<sup>Footnote Reference\*</sup> | 49 |
| Total advisory fees paid (during reporting period) | $844727 |
| Portfolio turnover rate | 36% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Excludes cash and cash equivalents. |

---

TSAR-EMEQ-0526

#### Fund holdings
(as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

#### Country allocation

---

| | |
|:---|:---|
| South Korea | 40.73% |
| Taiwan | 19.41% |
| China | 10.26% |
| India | 6.82% |
| Mexico | 5.92% |
| Brazil | 5.16% |
| Indonesia | 1.91% |
| South Africa | 1.58% |
| Hong Kong | 1.58% |
| Malaysia | 1.30% |

---

#### Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 40.79% |
| Financials | 13.12% |
| Industrials | 15.96% |
| Consumer Discretionary | 8.72% |
| Energy | 7.83% |
| Communication Services | 6.76% |
| Consumer Staples | 3.56% |
| Materials | 1.36% |
| Healthcare | 1.30% |

---

#### Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 13.91% |
| Samsung Electronics Co. Ltd. | 10.28% |
| SK Square Co. Ltd. | 10.37% |
| SK hynix, Inc. | 8.84% |
| Reliance Industries Ltd. GDR 144A | 4.79% |
| Samsung C&T Corp. | 4.52% |
| Tencent Holdings Ltd. | 3.55% |
| Alibaba Group Holding Ltd. ADR | 3.07% |
| Petroleo Brasileiro SA - Petrobras ADR | 2.16% |
| MediaTek, Inc. | 2.15% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classsification purposes.

#### Material Fund changes
Effective December 1, 2025, the Fund was renamed Nomura Focused Emerging Markets Equity ETF.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 1, 2026, at nomuraassetmanagement.com/etf-literature or upon request at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

#### Changes in and disagreements with accountants
On April 15, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET, or by contacting your financial intermediary.

TSAR-EMEQ-0526

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 844 469-9911 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://global.nomuraassetmanagement.com/investments/etf-literature](id90f0b8a0e493b3fb3d90cea.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/etf-literature.

(5428746) TSAR-EMEQ-0526

![Image](ib1389327df4858a9914b9903.jpg)

# Nomura Focused International Core ETF: EXUS
(Formerly, Macquarie Focused International Core ETF)

#### Principal listing exchange: NASDAQ

#### Annual shareholder report — March 31, 2026
This annual shareholder report contains important information about Nomura Focused International Core ETF (Fund) for the period of June 17, 2025 (inception of Fund), to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

**This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for June 17, 2025 (inception of Fund) through March 31, 2026?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference^</sup>** |
| EXUS | $45 | 0.59% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount shown reflects the expenses of the Fund from inception date through March 31, 2026. Expenses would be higher if the Fund had been in operation for the last 12 months. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

# Management's discussion of Fund performance
**Performance highlights**

Nomura Focused International Core ETF returned -4.77% for the period from its inception on June 17, 2025, to March 31, 2026. During the same period, the MSCI ACWI ex USA Index (net), the Fund's broad-based securities market index, returned 13.70%.

**Top contributors to performance:** 

* Stocks within communication services contributed the most to performance during the reporting period, driven by holdings in Singapore Telecommunications Ltd. and exposure to Nintendo Co. Ltd.

* Similarly, stock selection within utilities also contributed to performance, driven by holdings in Cia de Saneamento Basico do Estado de Sao Paulo (SABESP), Brazil's largest water and sanitation utility.

* At the country level, North Asia technology hubs (specifically, South Korea and Taiwan) along with Spain contributed most to performance.

**Top detractors from performance:**

* Stock selection within consumer discretionary detracted the most from performance for the reporting period, driven by holdings in Flutter Entertainment PLC and Sea Ltd.

* Stocks within healthcare also detracted from performance, as shares of Haleon PLC and Siemens Healthineers AG underperformed.

* At the country level, the UK, the US, and Germany detracted the most.

TSAR-EXUS-0526

# **Fund performance** 
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years (or period) of the Fund for the life of the Fund. It also assumes a $10,000 initial investment at the Fund's inception date in a broad-based securities market index for the same period.

# **Growth of $10,000 investment** 
For the period June 17, 2025 (inception of Fund), through March 31, 2026

![Growth of 10K Chart](ib2bbdb911d2945b45c440ec0.jpg)

---

| | | |
|:---|:---|:---|
| | **Nomura Focused International Core ETF — $9,523** | **MSCI ACWI ex USA Index (net) — $11,370** |
| **6-17-25** | 10000 | 10000 |
| **6-30-25** | 10376 | 10198 |
| **9-30-25** | 10340 | 10900 |
| **12-31-25** | 10416 | 11451 |
| **3-31-26** | 9523 | 11370 |

---

---

| | |
|:---|:---|
| **Average annual total returns (as of March 31, 2026)** | **Since Inception (6/17/25)** |
| Nomura Focused International Core ETF |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value | -4.77% |
| MSCI ACWI ex USA Index (net) | 13.70% |

---

#### Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.
Visit nomuraassetmanagement.com/etf-literature for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All results shown assume reinvestment of distributions.

# **Fund statistics** 
(as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $60695553 |
| Total number of portfolio holdings<sup>Footnote Reference\*</sup> | 42 |
| Total advisory fees paid (during reporting period) | $161063 |
| Portfolio turnover rate | 133% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Excludes cash and cash equivalents. |

---

TSAR-EXUS-0526

#### Fund holdings
(as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

#### Country allocation

---

| | |
|:---|:---|
| United States of America | 12.52% |
| Netherlands | 12.01% |
| Japan | 9.90% |
| Brazil | 9.48% |
| Taiwan | 6.58% |
| United Kingdom | 6.09% |
| Hong Kong | 5.45% |
| Singapore | 5.41% |
| Germany | 4.78% |
| South Korea | 4.25% |

---

#### Sector allocation\*

---

| | |
|:---|:---|
| Financials | 20.68% |
| Industrials | 20.33% |
| Information Technology | 16.14% |
| Consumer Discretionary | 10.44% |
| Communication Services | 6.55% |
| Healthcare | 6.54% |
| Materials | 3.47% |
| Energy | 3.35% |
| Utilities | 3.24% |
| Real Estate | 2.80% |

---

#### Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6.58% |
| SK hynix, Inc. | 4.25% |
| ING Groep NV | 3.64% |
| ASML Holding NV | 3.57% |
| SLB Ltd. | 3.35% |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 3.24% |
| SMC Corp. | 3.23% |
| Mitsubishi UFJ Financial Group, Inc. | 2.97% |
| Henderson Land Development Co. Ltd. | 2.80% |
| Banco Bilbao Vizcaya Argentaria SA | 2.79% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classsification purposes.

#### Material Fund changes
Effective December 1, 2025, the Fund was renamed Nomura Focused International Core ETF.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 1, 2026, at nomuraassetmanagement.com/etf-literature or upon request at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

#### Changes in and disagreements with accountants
On April 15, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the period June 17, 2025 (commencement of operations) through March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET, or by contacting your financial intermediary.

TSAR-EXUS-0526

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 844 469-9911 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://global.nomuraassetmanagement.com/investments/etf-literature](id90f0b8a0e493b3fb3d90cea.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/etf-literature.

(5422288) TSAR-EXUS-0526

![Image](id2d8e146cd7f928978f1decd.jpg)

# Nomura Focused Large Growth ETF: LRGG
(Formerly, Macquarie Focused Large Growth ETF)

#### Principal listing exchange: NYSE Arca

#### Annual shareholder report — March 31, 2026
This annual shareholder report contains important information about Nomura Focused Large Growth ETF (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

**This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last 12 months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| LRGG | $44 | 0.44% |

---

# Management's discussion of Fund performance
**Performance highlights**

Nomura Focused Large Growth ETF returned -1.72% for the 12 months ended March 31, 2026. During the same period, the Russell 1000<sup><sup>®</sup></sup>Index, the Fund's broad-based securities market index, returned 17.74%, while the Russell 1000<sup><sup>®</sup></sup> Growth Index, the Fund's narrowly based securities market index (benchmark), returned 18.81%.

**Top contributors to performance:** 

* Stock selection in the communication services sector and an underweight allocation to the consumer discretionary sector contributed the most to the Fund's performance during the reporting period.

* At an individual stock level, the Fund's relative performance was primarily driven by not owning shares in several stocks that have large weightings in the benchmark. This includes Meta Platforms Inc., Adobe Inc., and ServiceNow Inc.

**Top detractors from performance:**

* Stock selection in the information technology, healthcare and industrials sectors detracted the most from performance during the reporting period. An overweight allocation to the financials sector also hurt relative performance. 

* At a stock level, UnitedHealth Group Inc., Costar Group Inc., and an underweight allocation to Broadcom Inc. detracted the most. Generally, holdings within software and business services weighed on returns.

* At a high level, the portfolio's quality tilt was a headwind for returns as quality was not in favor by the market.

TSAR-LRGG-0526

# **Fund performance** 
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years (or period) of the Fund for the life of the Fund. It also assumes a $10,000 initial investment at the Fund's inception date in a broad-based securities market index and an additional narrowly based securities market index for the same period.

# **Growth of $10,000 investment** 
For the period May 14, 2024 (inception of Fund), through March 31, 2026

![Growth of 10K Chart](if50bc5da58955d62ee0a279b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Nomura Focused Large Growth ETF — $10,285** | **Russell 1000 Index — $12,713** | **Russell 1000 Growth Index — $12,737** |
| **5-14-24** | 10000 | 10000 | 10000 |
| **6-30-24** | 10544 | 10372 | 10777 |
| **9-30-24** | 10840 | 11002 | 11121 |
| **12-31-24** | 11018 | 11305 | 11907 |
| **3-31-25** | 10465 | 10797 | 10720 |
| **6-30-25** | 11475 | 11996 | 12633 |
| **9-30-25** | 12031 | 12955 | 13960 |
| **12-31-25** | 11865 | 13268 | 14117 |
| **3-31-26** | 10285 | 12713 | 12737 |

---

---

| | | |
|:---|:---|:---|
| **Average annual total returns (as of March 31, 2026)** | **1 Year** | **Since Inception (5/14/24)** |
| Nomura Focused Large Growth ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value | -1.72% | 1.51% |
| Russell 1000 Growth Index | 18.81% | 13.74% |
| Russell 1000 Index | 17.74% | 13.62% |

---

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.
Visit nomuraassetmanagement.com/etf-literature for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All results shown assume reinvestment of distributions.

# **Fund statistics** 
(as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $241024636 |
| Total number of portfolio holdings<sup>Footnote Reference\*</sup> | 21 |
| Total advisory fees paid (during reporting period) | $1364173 |
| Portfolio turnover rate | 20% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Excludes cash and cash equivalents. |

---

TSAR-LRGG-0526

#### Fund holdings
(as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

#### Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 47.76% |
| Financials | 18.92% |
| Consumer Discretionary | 8.83% |
| Industrials | 8.23% |
| Healthcare | 7.10% |
| Communication Services | 5.26% |
| Consumer Staples | 1.75% |
| Real Estate | 1.74% |

---

#### Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 15.09% |
| Microsoft Corp. | 11.72% |
| Apple, Inc. | 8.75% |
| Amazon.com, Inc. | 5.64% |
| Alphabet, Inc., Class C | 5.26% |
| Visa, Inc., Class A | 4.71% |
| Danaher Corp. | 4.67% |
| Verisk Analytics, Inc., Class A | 4.55% |
| Intercontinental Exchange, Inc. | 4.49% |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 4.15% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classsification purposes.

#### Material Fund changes
Effective December 1, 2025, the Fund was renamed Nomura Focused Large Growth ETF.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 1, 2026, at nomuraassetmanagement.com/etf-literature or upon request at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

#### Changes in and disagreements with accountants
On April 15, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET, or by contacting your financial intermediary.

TSAR-LRGG-0526

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 844 469-9911 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://global.nomuraassetmanagement.com/investments/etf-literature](id90f0b8a0e493b3fb3d90cea.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/etf-literature.

(5422238) TSAR-LRGG-0526

![Image](id2d8e146cd7f928978f1decd.jpg)

# Nomura National High-Yield Municipal Bond ETF: HTAX
(Formerly, Macquarie National High-Yield Municipal Bond ETF)

#### Principal listing exchange: NYSE Arca

#### Annual shareholder report — March 31, 2026
This annual shareholder report contains important information about Nomura National High-Yield Municipal Bond ETF (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

**This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last 12 months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| HTAX | $50 | 0.49% |

---

# Management's discussion of Fund performance
**Performance highlights**

Nomura National High-Yield Municipal Bond ETF returned 2.60% for the 12 months ended March 31, 2026. During the same period, the Bloomberg Municipal Bond Index, the Fund's broad-based securities market index (benchmark), returned 4.29%.

**Top contributors to performance:** 

* The 12-22 year segment of the yield curve outperformed the overall benchmark. The Fund was modestly underweight this segment relative to the benchmark but had a longer duration profile, contributing to performance. 

* The BBB-rated bond credit tranche was additive. An overweight and longer duration profile in BBBs relative to the benchmark contributed to the Fund's performance.

**Top detractors from performance:**

* The long end (22+ years) of the yield curve lagged the overall benchmark return for the fiscal period. The Fund's overweight positioning to the long end relative to the benchmark detracted from performance. 

* Below-investment-grade bonds underperformed investment grade bonds. The Fund's approximately 55% exposure to out-of-benchmark below-investment-grade bonds, which primarily reside on the longer end of the curve, detracted from performance.

TSAR-HTAX-0526

# **Fund performance** 
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years (or period) of the Fund for the life of the Fund. It also assumes a $10,000 initial investment at the Fund's inception date in a broad-based securities market index for the same period.

# **Growth of $10,000 investment** 
For the period March 5, 2025 (inception of Fund), through March 31, 2026

![Growth of 10K Chart](i95c1aaa80b7ccd2991369ede.jpg)

---

| | | |
|:---|:---|:---|
| | **Nomura National High-Yield Municipal Bond ETF — $10,133** | **Bloomberg Municipal Bond Index — $10,255** |
| **3-5-25** | 10000 | 10000 |
| **3-31-25** | 9876 | 9833 |
| **6-30-25** | 9684 | 9821 |
| **9-30-25** | 9964 | 10115 |
| **12-31-25** | 10080 | 10273 |
| **3-31-26** | 10133 | 10255 |

---

---

| | | |
|:---|:---|:---|
| **Average annual total returns (as of March 31, 2026)** | **1 Year** | **Since Inception (3/5/25)** |
| Nomura National High-Yield Municipal Bond ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value | 2.60% | 1.24% |
| Bloomberg Municipal Bond Index | 4.29% | 2.38% |

---

#### Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.
Visit nomuraassetmanagement.com/etf-literature for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All results shown assume reinvestment of distributions.

# **Fund statistics** 
(as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $54940074 |
| Total number of portfolio holdings<sup>Footnote Reference\*</sup> | 194 |
| Total advisory fees paid (during reporting period) | $134267 |
| Portfolio turnover rate | 50% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Excludes cash and cash equivalents. |

---

TSAR-HTAX-0526

#### Fund holdings
(as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

#### Sector allocation

---

| | |
|:---|:---|
| Education Revenue Bonds | 20.83% |
| Healthcare Revenue Bonds | 19.92% |
| Industrial Development Revenue Bonds | 15.30% |
| Special Tax Revenue Bonds | 14.83% |
| Transportation Revenue Bonds | 11.86% |
| Local General Obligation Revenue Bonds | 3.95% |
| State General Obligation Revenue Bonds | 2.21% |
| Leasing Revenue Bonds | 2.14% |
| Electric Revenue Bonds | 1.86% |
| Water & Sewer Revenue Bonds | 1.40% |

---

#### State/territory allocation

---

| | |
|:---|:---|
| Puerto Rico | 10.40% |
| Florida | 9.10% |
| California | 8.94% |
| Illinois | 8.09% |
| New York | 6.72% |
| Wisconsin | 6.33% |
| Arizona | 6.10% |
| Texas | 4.60% |
| Colorado | 3.70% |
| Minnesota | 3.34% |

---

#### Material Fund changes
Effective December 1, 2025, the Fund was renamed Nomura National High-Yield Municipal Bond ETF.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 1, 2026, at nomuraassetmanagement.com/etf-literature or upon request at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

#### Changes in and disagreements with accountants
On April 15, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the period March 5, 2025 (commencement of operations) through March 31, 2025 and the year ended March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET, or by contacting your financial intermediary.

TSAR-HTAX-0526

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 844 469-9911 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://global.nomuraassetmanagement.com/investments/etf-literature](id90f0b8a0e493b3fb3d90cea.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/etf-literature.

(5415290) TSAR-HTAX-0526

![Image](i626801852f1b5ece4c3eb629.jpg)

# Nomura Tax-Free USA ETF: LTAX

#### Principal listing exchange: NYSE Arca

#### Annual shareholder report — March 31, 2026
This annual shareholder report contains important information about Nomura Tax-Free USA ETF (Fund) for the period of January 12, 2026 (inception of Fund), to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

# What were the Fund's costs for January 12, 2026 (inception of Fund) through March 31, 2026?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference^</sup>** |
| LTAX | $8 | 0.39% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount shown reflects the expenses of the Fund from inception date through March 31, 2026. Expenses would be higher if the Fund had been in operation for the last 12 months. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

# Management's discussion of Fund performance
**Performance highlights**

Nomura Tax-Free USA ETF returned -0.58% for the period from its inception on January 12, 2026, to March 31, 2026. During the same period, the Bloomberg Municipal Bond Index, the Fund's broad-based securities market index,&nbsp;&nbsp;&nbsp;&nbsp; returned -0.92%.

# **Fund statistics** 
(as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $5552933 |
| Total number of portfolio holdings<sup>Footnote Reference\*</sup> | 69 |
| Total advisory fees paid (during reporting period) | $4537 |
| Portfolio turnover rate | 17% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Excludes cash and cash equivalents. |

---

TSAR-LTAX-0526

#### Fund holdings
(as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

#### Sector allocation

---

| | |
|:---|:---|
| Transportation Revenue Bonds | 25.17% |
| Healthcare Revenue Bonds | 19.00% |
| Special Tax Revenue Bonds | 10.75% |
| Education Revenue Bonds | 9.76% |
| Industrial Development Revenue Bonds | 7.77% |
| State General Obligation Revenue Bonds | 7.56% |
| Local General Obligation Revenue Bonds | 4.80% |
| Electric Revenue Bonds | 3.75% |
| Leasing Revenue Bonds | 3.01% |
| Water & Sewer Revenue Bonds | 1.89% |
| Housing Revenue Bonds | 1.80% |

---

#### State/territory allocation

---

| | |
|:---|:---|
| New York | 9.47% |
| Florida | 8.79% |
| Colorado | 8.70% |
| Illinois | 8.55% |
| Texas | 8.46% |
| California | 7.49% |
| Puerto Rico | 7.33% |
| Arizona | 5.74% |
| Pennsylvania | 5.33% |
| Wisconsin | 3.55% |

---

#### Changes in and disagreements with accountants
On April 15, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the period January 12, 2026 (commencement of operations) through March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 844 469-9911 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/etf-literature.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://global.nomuraassetmanagement.com/investments/etf-literature](id90f0b8a0e493b3fb3d90cea.jpg)

(5415271) 2

TSAR-LTAX-0526

![Image](i626801852f1b5ece4c3eb629.jpg)

# Nomura Transformational Technologies ETF: FRWD

#### Principal listing exchange: NASDAQ

#### Annual shareholder report — March 31, 2026
This annual shareholder report contains important information about Nomura Transformational Technologies ETF (Fund) for the period of January 12, 2026 (inception of Fund), to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

# What were the Fund's costs for January 12, 2026 (inception of Fund) through March 31, 2026?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference^</sup>** |
| FRWD | $13 | 0.65% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount shown reflects the expenses of the Fund from inception date through March 31, 2026. Expenses would be higher if the Fund had been in operation for the last 12 months. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

# Management's discussion of Fund performance
**Performance highlights**

Nomura Transformational Technologies ETF returned -9.48% for the period from its inception on January 12, 2026, to March 31, 2026. During the same period, the MSCI ACWI (All Country World Index) Index (net), the Fund's broad-based securities market index, returned -5.41%, while the MSCI World Information Technology Index (net), the Fund's narrowly based securities market index, returned -9.87%.

# **Fund statistics** 
(as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $87170381 |
| Total number of portfolio holdings<sup>Footnote Reference\*</sup> | 24 |
| Total advisory fees paid (during reporting period) | $47286 |
| Portfolio turnover rate | 11% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Excludes cash and cash equivalents. |

---

TSAR-FRWD-0526

#### Fund holdings
(as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

#### Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 66.38% |
| Communication Services | 17.01% |
| Consumer Discretionary | 10.90% |
| Industrials | 2.96% |

---

#### Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.22% |
| Seagate Technology Holdings plc | 7.61% |
| Meta Platforms, Inc., Class A | 6.55% |
| Advanced Micro Devices, Inc. | 6.39% |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 6.04% |
| Lam Research Corp. | 5.47% |
| Broadcom, Inc. | 4.74% |
| ASML Holding NV ADR | 4.67% |
| Microsoft Corp. | 4.48% |
| Amazon.com, Inc. | 4.02% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classsification purposes.

#### Changes in and disagreements with accountants
On April 15, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the period January 12, 2026 (commencement of operations) through March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 844 469-9911 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/etf-literature.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://global.nomuraassetmanagement.com/investments/etf-literature](id90f0b8a0e493b3fb3d90cea.jpg)

(5427101) 2

TSAR-FRWD-0526

&nbsp;&nbsp;&nbsp;&nbsp; (b) Not applicable

**Item 2. Code of Ethics.**

(a) The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. A copy of the registrant's Code of Business Ethics has been posted on the Nomura ETF Trust Internet Web site at <u>https://global.nomuraassetmanagement.com/about/business-ethics</u>. Any amendments to the Code of Business Ethics, and information on any waiver from its provisions granted by the registrant, will also be posted on this Web site within five business days of such amendment or waiver and will remain on the Web site for at least 12 months.

**Item 3. Audit Committee Financial Expert.**

The registrant's Board of Trustees has determined that certain members of the registrant's Audit Committee are audit committee financial experts, as defined below. For purposes of this item, an "audit committee financial expert" is a person who has the following attributes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An understanding of generally accepted accounting principles and financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The ability to assess the general application of such principles in connection with the accounting for estimates, accruals, and reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Experience preparing, auditing, analyzing, or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant's financial statements, or experience actively supervising one or more persons engaged in such activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An understanding of internal controls and procedures for financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An understanding of audit committee functions.

An "audit committee financial expert" shall have acquired such attributes through:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Education and experience as a principal financial officer, principal accounting officer, controller, public accountant, or auditor or experience in one or more positions that involve the performance of similar functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor, or person performing similar functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing, or evaluation of financial statements; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other relevant experience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's Board of Trustees has also determined that each member of the registrant's Audit Committee is independent. In order to be "independent" for purposes of this item, the Audit Committee member may not, other than in his or her capacity as a member of the Board of Trustees or any committee thereof, (i) accept directly or indirectly any consulting, advisory or other compensatory fee from the issuer; or (ii) be an "interested person" of the registrant as defined in Section 2(a)(19) of the Investment Company Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The names of the audit committee financial experts on the registrant's Audit Committee are set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brian A. Swain, Chair

**Item 4. Principal Accountant Fees and Services.**

<u>Audit Fees</u>

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $337,342 for 2026 and $181,000 for 2025.

<u>Audit-Related Fees</u>

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $1,686,500 for 2026 and $1,374,878 for 2025. These audit-related services were as follows: year end audit procedures; group reporting and subsidiary statutory audits.

<u>Tax Fees</u>

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $0 for 2026 and $0 for 2025.

<u>All Other Fees</u>

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2026 and $0 for 2025.

(e)(1) The registrant's Audit Committee has established pre-approval policies and procedures as permitted by Rule 2-01(c)(7)(i)(B) of Regulation S-X (the "Pre-Approval Policy") with respect to services provided by the registrant's independent auditors. Pursuant to the Pre-Approval Policy, the Audit Committee has pre-approved the services set forth in the table below with respect to the registrant up to the specified fee limits.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Service** | &nbsp;&nbsp; **Range of Fees** |
| &nbsp;&nbsp; **Audit Services** |  |
| &nbsp;&nbsp; Statutory audits or financial audits for new Funds | &nbsp;&nbsp; up to $50,000 per Fund |
| &nbsp;&nbsp; Services associated with SEC registration statements (e.g., Form N-1A, Form N-14, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., comfort letters for closed-end Fund offerings, consents), and assistance in responding to SEC comment letters | &nbsp;&nbsp; <br> up to $10,000 per Fund |
| &nbsp;&nbsp; Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered "audit-related services" rather than "audit services") | &nbsp;&nbsp; <br>up to $25,000 in the aggregate |
| &nbsp;&nbsp; **Audit-Related Services** |  |
| &nbsp;&nbsp; Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and /or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered "audit services" rather than "audit-related services") | &nbsp;&nbsp; <br>up to $25,000 in the aggregate |
| &nbsp;&nbsp; **Tax Services** |  |
| &nbsp;&nbsp; U.S. federal, state and local and international tax planning and advice (e.g., consulting on statutory, regulatory or administrative developments, evaluation of Funds' tax compliance function, etc.) | &nbsp;&nbsp; <br> up to $25,000 in the aggregate |
| &nbsp;&nbsp; U.S. federal, state and local tax compliance (e.g., excise distribution reviews, etc.) | &nbsp;&nbsp; up to $5,000 per Fund |
| &nbsp;&nbsp; Review of federal, state, local and international income, franchise and other tax returns | &nbsp;&nbsp; up to $5,000 per Fund |

---

Fs

Under the Pre-Approval Policy, the Audit Committee has also pre-approved the services set forth in the table below with respect to the registrant's investment adviser and other entities controlling, controlled by or under common control with the investment adviser that provide ongoing services to the registrant (the "Control Affiliates") up to the specified fee limit. This fee limit is based on aggregate fees to the investment adviser and its Control Affiliates.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Service** | &nbsp;&nbsp; **Range of Fees** |
| &nbsp;&nbsp; **Non-Audit Services** |  |
| &nbsp;&nbsp; Services associated with periodic reports and other documents filed with the SEC and assistance in responding to SEC comment letters | &nbsp;&nbsp; up to $10,000 in the aggregate |

---

The Pre-Approval Policy requires the registrant's independent auditors to report to the Audit Committee at each of its regular meetings regarding all services initiated since the last such report was rendered, including those services authorized by the Pre-Approval Policy.

(e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) 0%

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $2,194,368 for 2026 and $16,391,075 for 2025.

(h) The audit committee of the registrant's board of trustees **has** considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

The independent board members are acting as the registrant's audit committee as specified in Section 3(a)(58)(B) of the Securities Exchange Act of 1934. The Audit Committee consists of the following Board members: Brian A. Swain and Ann D. Borowiec.

**Item 6. Investments.**

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the Financial Statements filed under Item 7 of this form.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual or semi-annual financial statements required, and for the periods specified, by Regulation S-X.

The annual financial statements are attached herewith.

(b) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file the information required by Item 13 of Form N-1A.

The Financial Highlights are attached herewith.

Nomura

Global

Listed

Infrastructure

ETF

(Formerly,

Macquarie

Global

Listed

Infrastructure

ETF)

Financial

statements

and

other

information

For

the

year

ended

March

31,

2026

#### Table

#### of

#### contents
Schedule

of

investments

#### 1
Statement

of

assets

and

liabilities

#### 4
Statement

of

operations

#### 5
Statements

of

changes

in

net

assets

#### 6
Financial

highlights

#### 7
Notes

to

financial

statements

#### 9
Report

of

independent

registered

public

accounting

firm

#### 19
Other

Fund

information

#### 20
This

report

and

the

financial

statements

contained

herein

are

submitted

for

the

general

information

of

the

shareholders

of

the

Fund.

This

report

is

not

authorized

for

distribution

to

prospective

investors

in

the

Fund

unless

preceded

or

accompanied

by

an

effective

prospectus.

#### Form

#### N-PORT

#### and

#### proxy

#### voting

#### information
The

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

on

Form

N-PORT.

The

Fund's

Form

N-PORT,

as

well

as

a

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

(if

any)

relating

to

portfolio

securities,

is

available

without

charge

(i) upon

request,

by

calling

844

469-9911;

and

(ii) on

the

SEC's

website

at

sec.gov.

In

addition,

a

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

(if

any)

relating

to

portfolio

securities

and

the

Schedule

of

Investments

included

in

the

Fund's

most

recent

Form

N-PORT

are

available

without

charge

on

the

Fund's

website

at

nomuraassetmanagement.com/etf-literature.

Information

(if

any)

regarding

how

the

Fund

voted

proxies

relating

to

portfolio

securities

during

the

most

recently

disclosed

12-month

period

ended

June

is

available

without

charge

(i) through

the

Fund's

website

at

nomuraassetmanagement.com/etf-literature;

and

(ii) on

the

SEC's

website

at

sec.gov.

#### Schedule

#### of

#### investments
Nomura

Global

Listed

Infrastructure

ETF

March

31,

2026

Number

of

shares

Value

(US

$)

#### Common

#### Stocks

#### —

#### 98

#### .66

#### %
Δ

Australia

-

.71

%

Atlas

Arteria

Ltd.

29,354

$

86,682

Transurban

Group

14,464

139,812

226,494

Canada

-

.68

%

Canadian

National

Railway

Co.

814

83,782

Enbridge,

Inc.

9,143

495,632

Gibson

Energy,

Inc.

6,798

145,040

724,454

China

-

.24

%

China

Gas

Holdings

Ltd.

68,657

62,605

China

Tower

Corp.

Ltd.,

Class

H

144A

#

91,116

124,103

186,708

France

-

.99

%

Aeroports

de

Paris

SA

2,063

249,421

249,421

Greece

-

.95

%

Athens

International

Airport

SA

6,522

79,154

79,154

Hong

Kong

-

.26

%

CLP

Holdings

Ltd.

20,110

188,502

188,502

Italy

-

.67

%

Enav

SpA

144A

#

40,290

240,763

Enel

SpA

10,485

113,616

ERG

SpA

4,115

104,449

Infrastrutture

Wireless

Italiane

SpA

144A

#

1,830

14,500

473,328

Mexico

-

.17

%

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

ADR

540

181,510

181,510

Netherlands

-

.75

%

Koninklijke

Vopak

NV

2,697

146,203

146,203

New

Zealand

-

.17

%

Auckland

International

Airport

Ltd.

57,822

264,822

264,822

Spain

-

.08

%

Aena

SME

SA

144A

#

3,848

113,506

Cellnex

Telecom

SA

144A

#

7,582

243,016

EDP

Renovaveis

SA

14,850

234,980

#### Schedule

#### of

#### investments
Nomura

Global

Listed

Infrastructure

ETF

Number

of

shares

Value

(US

$)

#### Common

#### Stocks
(continued)

Spain

(continued)

Redeia

Corp.

SA

6,969

$

117,283

Sacyr

SA

44,464

215,956

924,741

Thailand

-

.55

%

Airports

of

Thailand

PCL

82,000

129,290

129,290

United

Kingdom

-

.21

%

National

Grid

plc

20,542

345,169

Pennon

Group

plc

23,480

164,559

SSE

plc

5,221

179,328

United

Utilities

Group

plc

18,978

330,318

1,019,374

United

States

of

America

-

.23

%

American

Electric

Power

Co.,

Inc.

1,949

255,475

Black

Hills

Corp.

2,362

163,946

Cheniere

Energy,

Inc.

1,021

289,719

CMS

Energy

Corp.

3,361

260,746

Crown

Castle,

Inc.

REIT

1,988

161,644

Dominion

Energy,

Inc.

3,261

201,595

Essential

Utilities,

Inc.

6,244

251,446

Exelon

Corp.

5,409

265,149

Kinder

Morgan,

Inc.

5,486

183,946

NextEra

Energy,

Inc.

3,651

339,105

NiSource,

Inc.

1,817

84,781

ONEOK,

Inc.

2,678

242,065

PG&E

Corp.

12,942

227,391

Sempra

3,311

321,730

Spire,

Inc.

43,188

Xcel

Energy,

Inc.

1,884

149,665

3,441,591

#### Total

#### Common

#### Stocks
(cost

$7,289,694)

#### 8,235,592

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Number

of

shares

Value

(US

$)

#### Short-Term

#### Investments

#### —

#### 2

#### .47

#### %
Money

Market

Mutual

Funds

-

.47

%

Invesco

Government

&

Agency

Portfolio

-

Institutional

Class

(seven-day

effective

yield

3.58%)

206,138

$

206,138

#### Total

#### Short-Term

#### Investments
(cost

$206,138)

#### 206,138

#### Total

#### Value

#### of

#### Securities

#### —

#### 101.13%
&nbsp;&nbsp;&nbsp;&nbsp; (cost

$7,495,832)

#### 8,441,730

#### Liabilities

#### Net

#### of

#### Receivables

#### and

#### Other

#### Assets

#### —

#### (1.13)%

#### (#### 94,061

####)

#### Net

#### Assets

#### Applicable

#### to

#### 275,000

#### Shares

#### Outstanding

#### —

#### 100.00%

#### $

#### 8,347,669
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

March

31,

2026,

the

aggregate

value

of

Rule

144A

securities

was

$735,888,

which

represents

8.82%

of

the

Fund's

net

assets.

See

Note

in

"Notes

to

financial

statements."

#### Summary

#### of

#### abbreviations

#### :
ADR

–

American

Depositary

Receipt

REIT

–

Real

Estate

Investment

Trust

#### Statement

#### of

#### assets

#### and

#### liabilities
Nomura

Global

Listed

Infrastructure

ETF

March

31,

2026

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

#### Assets:
Investments

at

value\*

$

8,441,730

Foreign

currency,

at

value\*\*

Cash

Receivable

for

securities

sold

Dividends

receivable

14,512

Total

Assets

8,456,498

#### Liabilities:
Payable

for

securities

purchased

105,325

Management

fees

payable

to

affiliates

3,504

Total

Liabilities

108,829

#### Total

#### Net

#### Assets
$

8,347,669

#### Net

#### Assets

#### Consist

#### of:
Paid-in-capital

$

7,217,471

Total

distributable

earnings

(loss)

1,130,198

#### Total

#### Net

#### Assets
$

8,347,669

Shares

outstanding

(unlimited

amount

authorized,

no

par

value)

275,000

Net

asset

value

per

share

$

30.36 \*Investments,

at

cost

$

7,495,832

\*\*Foreign

currency,

at

cost

#### Statement

#### of

#### operations
Nomura

Global

Listed

Infrastructure

ETF

Year

ended

March

31,

2026

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

#### Investment

#### Income:
Dividends

$

246,400

Foreign

tax

withheld

(16,600)

229,800

#### Expenses:
Management

fees

30,417

Total

operating

expenses

30,417

#### Net

#### Investment

#### Income
(Loss)

199,383

#### Net

#### Realized

#### and

#### Unrealized

#### Gain

#### (Loss):
Net

realized

gain

(loss)

on:

Investments

\*

321,364

Foreign

currencies

542

Net

realized

gain

(loss)

321,906

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

827,288

Foreign

currencies

Net

change

in

unrealized

appreciation

(depreciation)

827,396

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

1,149,302

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations
$

1,348,685

\*

Includes

$(3,508)

capital

gains

taxes

paid.

#### Statements

#### of

#### changes

#### in

#### net

#### assets
Nomura

Global

Listed

Infrastructure

ETF

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Year

ended

March

31,

2026

Year

ended

March

31,

2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations:
Net

investment

income

(loss)

$

199,383

$

163,299

Net

realized

gain

(loss)

321,906

(54,014)

Net

change

in

unrealized

appreciation

(depreciation)

827,396

81,302

Net

increase

(decrease)

in

net

assets

resulting

from

operations

1,348,685

190,587

#### Dividends

#### and

#### Distributions

#### to

#### Shareholders

#### from:
Distributable

earnings

(192,194)

(272,435)

(192,194)

(272,435)

#### Capital

#### Share

#### Transactions:

#### 1
Proceeds

from

shares

sold

2,217,471

–

Increase

in

net

assets

derived

from

capital

share

transactions

2,217,471

–

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets
3,373,962

(81,848)

#### Net

#### Assets:
Beginning

of

year

4,973,707

5,055,555

End

of

year

$

8,347,669

$

4,973,707

#### Capital

#### Share

#### Transactions:
Beginning

of

year

200,000

200,000

Shares

sold

in-kind

75,000

–

Shares

outstanding,

end

of

year

275,000

200,000

Capital

share

transactions

may

include

transaction

fees

associated

with

Creation

and

Redemption

transactions

which

occurred

during

the

period.

See

Note

in

"Notes

to

financial

statements."

#### Financial

#### highlights
Nomura

Global

Listed

Infrastructure

ETF

Selected

data

for

each

share

of

the

Fund

outstanding

throughout

each

period

were

as

follows:

Year

ended

March

31,

2026

Year

ended

March

31,

2025

For

the

period

November

28,

2023

to

March

31,

2024

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

.87

$

.28

$

.00

#### Income
(loss)

#### from

#### investment

#### operations:
—

—

—

Net

investment

income

.89

.82

.24

Net

realized

and

unrealized

gain

....

.46

.13

.25

Total

from

investment

operations

.......

6.35 0.95 0.49 #### Less

#### dividends

#### and

#### distributions

#### from:
—

—

—

Net

investment

income

(0

.86)

(0

.81)

(0

.21)

Net

realized

gain

....

—

(0

.55)

—

Total

dividends

and

distrib

u

tions

......

(0.86)

(1.36)

(0.21)

#### Net

#### asset

#### value,

#### end

#### of

#### period

#### .........
$

30.36 $

24.87 $

25.28 #### Total

#### return

#### 3
......

25.95%

3.88%

1.97%

#### Ratios

#### and

#### supplemental

#### data:
$8,348

$4,974

$5,056

Net

assets,

end

of

period

(000

omitted)

$

8,348

$

4,974

$

5,056

Ratio

of

expenses

to

average

net

assets

0.49%

0.49%

0.49%

Ratio

of

net

investment

income

to

average

net

assets

.......

3.21%

3.20%

2.75%

Portfolio

turnover

...

34%

75%

11%

#### Financial

#### highlights
Nomura

Global

Listed

Infrastructure

ETF

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Date

of

commencement

of

operations.

Ratios

have

been

annualized;

total

return

and

portfolio

turnover

have

not

been

annualized.

Calculated

using

average

shares

outstanding.

Total

return

is

based

on

the

change

in

net

asset

value

of

a

share

during

the

period

and

assumes

reinvestment

of

dividends

and

distributions

at

net

asset

value.

Expense

ratios

do

not

include

expenses

of

any

investment

companies

in

which

the

Fund

invests.

Excludes

the

value

of

portfolio

securities

received

or

delivered

as

a

result

of

in-kind

purchases

or

redemptions

of

the

Fund's

capital

shares.

#### Notes

#### to

#### financial

#### statements
Nomura

Global

Listed

Infrastructure

ETF

March

31,

2026

Nomura ETF

Trust

(Trust)

is

organized

as

a

Delaware

statutory

trust

effective

February

22,

2023

and

is

an

open-end

management

investment

company

registered

with

the

U.S.

Securities

and

Exchange

Commission.

As

of

the

date

of

this

report,

the

Trust

offers

nine series.

These

financial

statements

and

the

related

notes

pertain

to

Nomura

Global

Listed

Infrastructure

ETF (formerly,

Macquarie

Global

Listed

Infrastructure

ETF

through

November

30,

2025)

(Fund).

The

Fund

is

considered

diversified

under

the

Investment

Company

Act

of

1940,

as

amended

(1940

Act).

1. #### Significant

#### Accounting

#### Policies
The

Fund

follows

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

—

Investment

Companies.

The

following

accounting

policies

are

in

accordance

with

US

generally

accepted

accounting

principles

(US

GAAP)

and

are

consistently

followed

by

the

Fund.

#### Security

#### Valuation
—

Equity

securities,

except

those

traded

on

the

Nasdaq

Stock

Market

LLC

(Nasdaq),

are

valued

at

the

last

quoted

sales

price

as

of

the

time

of

the

regular

close

of

the

New

York

Stock

Exchange

(NYSE) on

the

valuation

date.

Equity

securities

traded

on

the

Nasdaq

are

valued

in

accordance

with

the

Nasdaq

Official

Closing

Price,

which

may

not

be

the

last

sales

price.

If,

on

a

particular

day,

an

equity

security

does

not

trade,

the

mean

between

the

bid

and

the

ask

prices

will

be

used,

which

approximates

fair

value.

Equity

securities

listed

on

a

foreign

exchange

are

normally

valued

at

the

last

quoted

sales

price

on

the

valuation

date.

Open-end

investment

companies

are

valued

at

their

published

net

asset

value

(NAV). Investments

for

which

market

quotations

are

not

readily

available

are

valued

at

fair

value

as

determined

in

good

faith

pursuant

to

Rule

2a-

under

the

1940

Act

(Rule

2a-5).

As

a

general

principle,

the

fair

value

of

a

security

or

other

asset

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Pursuant

to

Rule

2a-5,

the

Board

of

Trustees

(Board)

has

designated

Delaware

Management

Company

(DMC

or

the

Manager)

as

part

of

its

duties

as

the

Fund's

valuation

designee

(Valuation

Designee)

to

perform

the

fair

value

determination

relating

to

all

applicable

Fund

investments.

DMC

has

established

a

pricing

committee

(Pricing

Committee)

to

assist

with

its

designated

responsibilities

as

Valuation

Designee,

and

DMC

may

carry

out

its

designated

responsibilities

as

Valuation

Designee

through

the

Pricing

Committee

and

other

teams

and

committees,

which

operate

under

policies

and

procedures

approved

by

the

Board

and

subject

to

the

Board's

oversight. Fair

value

pricing

may

be

used

more

frequently

for

securities

traded

primarily

in

non-US

markets.

If

a

foreign

(non-US)

equity

security's

value

has

materially

changed

after

the

close

of

the

security's

primary

exchange

or

principal

market

but

before

the

close

of

the

NYSE,

the

security

may

be

valued

at

fair

value.

With

respect

to

foreign

(non-US)

equity

securities,

the

Fund

may

determine

the

fair

value

of

investments

based

on

information

provided

by

the

Valuation

Designee,

which

may

recommend

fair

value

as

determined

in

good

faith

pursuant

to

Rule

2a-5.

In

considering

whether

fair

valuation

is

required

and

in

determining

fair

values,

the

Valuation

Designee

may,

among

other

things,

consider

significant

events

(which

may

be

considered

to

include

changes

in

the

value

of

US

securities

or

#### Notes

#### to

#### financial

#### statements
Nomura

Global

Listed

Infrastructure

ETF

securities

indexes)

that

occur

after

the

close

of

the

relevant

market

and

before

the

close

of

the

NYSE.

The

Valuation

Designee

may

utilize

modeling

tools

provided

by

third-party

vendors

to

determine

fair

values

of

non-US

securities.

#### Federal

#### Income

#### Taxes
—

No

provision

for

federal

income

taxes

has

been

made

as the

Fund

intends

to

continue

to

qualify

for

federal

income

tax

purposes

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended,

and

make

the

requisite

distributions

to

shareholders.

The

Fund

evaluates

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

the

Fund's

tax

returns

to

determine

whether

the

tax

positions

are

"more-

likely-than-not"

of

being

sustained

by

the

applicable

tax

authority.

Tax

positions

not

deemed

to

meet

the

"more-likely-than-not"

threshold

are

recorded

as

a

tax

benefit

or

expense

in

the

current

period.

Management

has

analyzed the

Fund's

tax

positions

taken

or

expected

to

be

taken

on the

Fund's

federal

income

tax

returns

through

the year ended March

31,

2026

and

for all

open

tax

years (years

ended

March

31,

2024–March

31,

2025),

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund's

financial

statements.

If

applicable,

the

Fund

recognizes

interest

and

tax

penalties

on

unrecognized

tax

benefits

in

"Interest

and

tax

penalties"

on

the "Statement

of

operations."

During

the

year ended March

31,

2026,

the

Fund

did

not

incur

any

interest

or

tax

penalties.

#### Foreign

#### Currency

#### Transactions
—

Transactions

denominated

in

foreign

currencies

are

recorded

at

the

prevailing

exchange

rates

on

the

valuation

date.

The

value

of

all

assets

and

liabilities

denominated

in

foreign

currencies

is

translated

daily

into

US

dollars

at

the

exchange

rate

of

such

currencies

against

the

US

dollar.

Transaction

gains

or

losses

resulting

from

changes

in

exchange

rates

during

the

reporting

period

or

upon

settlement

of

the

foreign

currency

transaction

are

reported

in

operations

for

the

current

period.

The

Fund

generally

does

not

bifurcate

that

portion

of

realized

gains

and

losses

on

investments

which

is

due

to

changes

in

foreign

exchange

rates

from

that

which

is

due

to

changes

in

market

prices.

These

realized

gains

and

losses

are

included

on

the

"Statement

of

operations"

under

"Net

realized

gain

(loss)

on

investments."

The

Fund

reports

certain

foreign

currency

related

transactions

as

components

of

realized

gains

(losses)

for

financial

reporting

purposes,

whereas

such

components

are

treated

as

ordinary

income

(loss)

for

federal

income

tax

purposes.

#### In-Kind

#### Redemptions
—

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Fund.

Because

such

gains

or

losses

are

not

taxable

to

the

Fund

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Fund's

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

NAV

per

share.

#### Use

#### of

#### Estimates
—

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

fair

value

of

investments,

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

1. #### Significant

#### Accounting

#### Policies
(continued)

the

date

of

the

financial

statements,

and

the

reported

amounts

of

revenues

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates

and

the

differences

could

be

material.

#### Other
—

Security

transactions

are

recorded

on

the

date

the

securities

are

purchased

or

sold

(trade

date)

for

financial

reporting

purposes.

Costs

used

in

calculating

realized

gains

and

losses

on

the

sale

of

investment

securities

are

those

of

the

specific

securities

sold.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Foreign

dividends

are

also

recorded

on

the

ex-dividend

date

or

as

soon

after

the

ex-dividend

date

that

the

Fund

is

aware

of

such

dividends,

net

of

all

tax

withholdings,

a

portion

of

which

may

be

reclaimable.

Withholding

taxes

and

reclaims

on

foreign

dividends

have

been

recorded

in

accordance

with

the

Fund's

understanding

of

the

applicable

country's

tax

rules

and

rates.

The

Fund

files

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Fund

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction's

applicable

laws,

payment

history

and

market

convention.

The

"Statement

of

operations"

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes. Income

and

capital

gain

distributions

from

any

investment

companies

(Underlying

Funds)

in

which

the

Fund

invests

are

recorded

on

the

ex-dividend

date.

The

Fund

declares

and

pays

dividends

from

net

investment

income

quarterly

and

distributions

from

net

realized

gain

on

investments,

if

any,

at

least

annually.

The

Fund

may

distribute

more

frequently,

if

necessary

for

tax

purposes.

Dividends

and

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

#### Segment Reporting
—

In

November

2023,

FASB

issued

Accounting

Standards

Update

2023-

07,

Segment

Reporting

(Topic

280):

Improvements

to

Reportable

Segment

Disclosures,

with

the

intent

of

improving

reportable

segment

disclosure

requirements,

primarily

through

enhanced

disclosures

about

significant

segment

expenses,

allowing

financial

statement

users

to

better

understand

the

components

of

a

segment's

profit

or

loss

and

assess

potential

future

cash

flows

for

each

reportable

segment

and

the

entity

as

a

whole

thereby

enabling

better

understanding

of

how

an

entity's

segments

impact

overall

performance.

The

Fund's

Chief

Executive

Officer

and

Chief

Financial

Officer

act

as

the

Fund's

chief

operating

decision

maker

(CODM),

assessing

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

the

Fund

has

a

single

operating segment

since

the

Fund

has

a

single

investment

strategy

disclosed

in

the

prospectus

against

which

the

CODM

assesses

performance.

When

assessing

segment

performance

and

making

decisions

about

segment

resources,

the

CODM

relies

on

the

Fund's

portfolio

composition,

total

returns,

expense

ratios

and

changes

in

net

assets

which

are

consistent

with

the

information

contained

in

the

Fund's

financial

statements.

#### Recent

#### Accounting

#### Standard
—

The

Fund

adopted

FASB

Accounting

Standards

Update

(ASU),

ASU

2023-09,

Income

Taxes

(Topic

740)

—

Improvements

to

Income

Taxes

Disclosures

as

of

March

31,

2026. ASU

2023-09

requires

public

business

entities,

on

an

annual

basis,

to

provide

disclosure

of

specific

categories

in

the

rate

reconciliation,

as

well

as

disclosure

of

income

taxes

1. #### Significant

#### Accounting

#### Policies
(continued)

#### Notes

#### to

#### financial

#### statements
Nomura

Global

Listed

Infrastructure

ETF

paid

disaggregated

by

jurisdiction.

During

the

year

ended

March

31,

2026,

the

Fund

did

not

pay

a

material

amount

of

foreign

or

US

federal,

state

or

local

income

taxes

and

therefore

did

not

include

any

additional

disclosures

in

these

financial

statements.

2. #### Investment

#### Management,

#### Administration

#### Agreements,

#### and

#### Other

#### Transactions

#### with

#### Affiliates
In

accordance

with

the

terms

of

its

investment

management

agreement,

the

Fund

pays

DMC,

a

series

of Nomura

Investment

Management

Business

Trust

(NIMBT)

and

the

investment

manager,

an

annual

unitary

management

fee

which

is

calculated

daily

and

paid

monthly

at

the

rate

of

0.49%

on

the

Fund's

average

daily

net

assets.

Prior

to

December

1,

2025

(Closing

Date),

NIMBT

was

named

Macquarie

Investment

Management

Business

Trust

(MIMBT).

As

of

the

Closing

Date,

Nomura

Holding

America

Inc.

completed

the

acquisition

of

Macquarie

Asset

Management's

US

and

European

public

investments

business.

The

closing

of

this

transaction

resulted

in

the

automatic

termination

of

the

Fund's

investment

advisory

agreement

with

DMC

and

any

sub-advisory

agreement,

as

applicable.

At

a

special

shareholder

meeting

held

on

September

10,

2025,

Fund

shareholders

approved

a

new

investment

advisory

agreement

for

the

Fund.

On

the

Closing

Date,

the

new

investment

advisory

agreement

and

the

Fund's

name

change

to

Nomura

Global

Listed

Infrastructure

ETF

went

effective.

From

the

unitary

management

fee,

DMC

pays

most

of

the

expenses

of

the

Fund,

including

the

cost

of

sub-advisory

fees

to

any

investment

sub-adviser,

if

any, transfer

agency,

custody,

fund

administration,

legal,

audit

and

other

services.

However,

under

the

investment

management

agreement,

DMC

is

not

responsible

for

(i) interest

expenses;

(ii) taxes

(including,

but

not

limited

to,

income,

excise,

transfer

and

withholding

taxes);

(iii) expenses

of

a

Fund

incurred

with

respect

to

the

acquisition

and

disposition

of

portfolio

securities,

instruments

or

other

investments

and

the

execution

of

portfolio

transactions,

including

brokerage

commissions;

(iv) expenses

incurred

in

connection

with

any

distribution

plan

adopted

by

the

Trust

in

compliance

with

Rule

12b-1

under

the

1940

Act,

including

distribution

fees;

(v) litigation

expenses;

(vi) the

investment

advisory

fee

payable

to

the

Manager;

(vii) non-routine

or

extraordinary

expenses

(including,

without

limitation,

the

expense

associated

with

proxy

solicitations

and

fund

reorganizations);

and

(viii) acquired

fund

fees

and

expenses.

Prior

to

the

Closing

Date,

DMC

had

entered

into

a

Sub-Advisory

Agreement

on

behalf

of

the

Fund

with

Macquarie

Investment

Management

Global

Limited,

which

was

an

affiliate

of

DMC

(Prior

Affiliated

Sub-Advisor).

Pursuant

to

the

terms

of

the

Sub-Advisory

Agreement,

the

investment

sub-advisory

fee

was

paid

by

DMC

to

the

Prior

Affiliated

Sub-Advisor

based

on

the

extent

to

which

the

Prior

Affiliated

Sub-Advisor

provided

services

to

the

Fund.

As

of

the

Closing

Date,

the

Prior

Affiliated

Sub-Advisor

no

longer

serves

as

a

sub-advisor

to

the

Fund.

At

March

31,

2026,

Nomura

Holding

America,

Inc.

directly

owned

65.45%

of

the

Fund's

shares

outstanding.

1. #### Significant

#### Accounting

#### Policies
(continued)

In

addition

to

the

management

fees

and

other

expenses

of the

Fund, the

Fund

indirectly

bears

the

investment

management

fees

and

other

expenses

of

any

Underlying

Funds,

in

which

it

invests.

The

amount

of

these

fees

and

expenses

incurred

indirectly

by the

Fund

will

vary

based

upon

the

expense

and

fee

levels

of

any

Underlying

Funds

and

the

number

of

shares

that

are

owned

of

any

Underlying

Funds

at

different

times.

3. #### Investments
For

the year

ended

March

31,

2026

,

the

Fund

made

purchases

and

sales

of

investment

securities

other

than

short-term

investments

and

US

government

securities as

follows:

For

the year ended

March

31,

2026,

in-kind

transactions,

which

are

not

included

in

the

table

above, associated

with

purchase

or

redemption

of

Creation

Units

were

as

follows:

The

tax

cost

of

investments

includes

adjustments

to

net

unrealized

appreciation

(depreciation)

which

may

not

necessarily

be

the

final

tax

cost

basis

adjustments

but

which

approximate

the

tax

basis

unrealized

gains

and

losses

that

may

be

realized

and

distributed

to

shareholders.

At

March

31,

2026

,

the

cost

and

unrealized

appreciation

(depreciation)

of

investments

for

federal

income

tax

purposes

for

the

Fund

were

as

follows:

US

GAAP

defines

fair

value

as

the

price

that

the

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

under

current

market

conditions.

A

three-level

hierarchy

for

fair

value

measurements

has

been

established

based

upon

the

transparency

of

inputs

to

the

valuation

of

an

asset

or

liability.

Inputs

may

be

observable

or

unobservable

and

refer

broadly

to

the

assumptions

that

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

the

reporting

entity's

own

assumptions

about

the

assumptions

that

market

participants

would

use

in

pricing

the

asset

or

Purchases

$

2,213,715

Sales

2,092,261

Purchases

$

2,052,158

Sales

—

Cost

of

investments

$

7,507,187

Aggregate

unrealized

appreciation

of

investments

$

1,058,426

Aggregate

unrealized

depreciation

of

investments

(123,883)

Net

unrealized

appreciation

of

investments

$

934,543

2. #### Investment

#### Management,

#### Administration

#### Agreements,

#### and

#### Other

#### Transactions

#### with

#### Affiliates
(continued)

#### Notes

#### to

#### financial

#### statements
Nomura

Global

Listed

Infrastructure

ETF

liability

based

on

the

best

information

available

under

the

circumstances.

The

Fund's

investment

in

its

entirety

is

assigned

a

level

based

upon

the

observability

of

the

inputs

which

are

significant

to

the

overall

valuation.

The

three-level

hierarchy

of

inputs

is

summarized

as

follows:

Level

—

Inputs

are

quoted

prices

in

active

markets

for

identical

investments.

(Examples:

equity

securities,

open-end

investment

companies,

futures

contracts,

and

exchange-traded

options

contracts)

Level

2 —

Other

observable

inputs,

including,

but

not

limited

to:

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

and

default

rates)

or

other

market-corroborated

inputs.

(Examples:

debt

securities,

government

securities,

swap

contracts,

forward

foreign currency

exchange

contracts,

foreign

securities

utilizing

international

fair

value

pricing,

broker-quoted

securities,

and

fair

valued

securities)

Level

3 — Significant

unobservable

inputs,

including

the

Fund's

own

assumptions

used

to

determine

the

fair

value

of

investments.

(Examples:

broker-quoted

securities

and

fair

valued

securities)

Level

investments

are

valued

using

significant

unobservable

inputs.

The

Fund

may

also

use

an

income-based

valuation

approach

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Valuations

may

also

be

based

upon

current

market

prices

of

securities

that

are

comparable

in

coupon,

rating,

maturity,

and

industry.

The

derived

value

of

a

Level

investment

may

not

represent

the

value

which

is

received

upon

disposition

and

this

could

impact

the

results

of

operations.

The

following

table

summarizes

the

valuation

of

the

Fund's

investments

by

fair

value

hierarchy

levels

as

of

March

31,

2026

:

During

the year ended

March

31,

2026

,

there

were

no

transfers

into

or

out

of

Level

investments.

The

Fund's

policy

is

to

recognize

transfers

into

or

out

of

Level

investments

based

on

fair

value

at

the

beginning

of

the

reporting

year.

Level

Level

Level

Total

Securities

Assets:

Common

Stocks

$

8,235,592

$

–

$

–

$

8,235,592

Short-Term

Investments

206,138

–

–

206,138

Total

Value

of

Securities

$

8,441,730

$

–

$

–

$

8,441,730

3. #### Investments
(continued)

A

reconciliation

of

Level

investments

is

presented

when

the

Fund

has

a

significant

amount

of

Level

investments

at

the

beginning

or

end

of

the

year

in

relation

to

the

Fund's

net

assets.

As

of

March

31,

2026

,

there

were

no

Level

investments.

4. #### Dividend

#### and

#### Distribution

#### Information
Income

and

long-term

capital

gain

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

US

GAAP. Additionally,

distributions

from

net

gains

on

foreign

currency

transactions

and

net

short-term

gains

on

sales

of

investment

securities

are

treated

as

ordinary

income

for

federal

income

tax

purposes.

The

tax

character

of

dividends

and

distributions

paid

during

the years

ended

March

31,

2026

and

2025

were

as

follows:

5. #### Components

#### of

#### Net

#### Assets

#### on

#### a

#### Tax

#### Basis
As

of

March

31,

2026,

the

components

of

net

assets

on

a

tax

basis

were

as

follows:

Differences

between

components

of

net

assets

unrealized

and

tax

cost

unrealized

may

arise

due

to

unrealized

appreciation/depreciation

on

foreign

currencies.

The

differences

between

book

basis

and

tax

basis

components

of

net

assets

are

primarily

attributable

to

tax

deferral

of

losses

on

wash

sales.

For

financial

reporting

purposes,

capital

accounts

are

adjusted

to

reflect

the

tax

character

of

permanent

book/tax

differences.

Results

of

operations

and

net

assets

were

not

affected

by

these

reclassifications.

For

the

year

ended

March

31,

2026,

the

Fund

had

no

reclassifications.

Year

ended

3/31/26

Year

ended

3/31/25

Ordinary

income

$

192,194

$

272,435

Shares

of

beneficial

interest

$

7,217,471

Undistributed

ordinary

income

152,335

Undistributed

capital

gains

43,286

Unrealized

appreciation

(depreciation)

of

investments

and

foreign

currencies

934,577

Net

assets

$

8,347,669

3. #### Investments
(continued)

#### Notes

#### to

#### financial

#### statements
Nomura

Global

Listed

Infrastructure

ETF

6. #### Issuance

#### and

#### Redemption

#### of

#### Fund

#### Shares
The

Fund

is

an

exchange-traded

fund

or

ETF.

Individual

Fund

shares

may

only

be

purchased

and

sold

on

a

national

securities

exchange

through

a

broker-dealer

and

investors

may

pay

a

commission

to

such

broker-dealers

in

connection

with

their

purchase

or

sale.

The

price

of

Fund

shares

is

based

on

market

price,

and

because

ETF

shares

trade

at

market

prices

rather

than

NAV,

shares

may

trade

at

a

price

greater

than

NAV

(a

premium)

or

less

than

NAV

(a

discount).

The

Fund

will

only

issue

or

redeem

shares

aggregated

into

blocks

of

25,000 shares

or

multiples

thereof

("Creation

Units") to

Authorized

Participants

who

have

entered

into

agreements

with

the

Fund's

Distributor.

An

Authorized

Participant

is

either

(1) a

"Participating

Party,"

(i.e.,

a

broker-

dealer

or

other

participant

in

the

clearing

process

of

the

Continuous

Net

Settlement

System

of

the

National

Securities

Clearing

Corporation)

("Clearing

Process"),

or

(2) a

participant

of

Depository

Trust

Company

("DTC

Participant"),

and,

in

each

case,

must

have

executed

an

agreement

("Participation

Agreement")

with

the

Distributor

with

respect

to

creations

and

redemptions

of

Creation

Units.

The

Fund

will

issue

or

redeem

Creation

Units

in

return

for

a

basket

of

assets

that

the

Fund

specifies

each

day.

Shares

are

listed

on

the

NYSE

Arca,

Inc.

(the

"Exchange") and

are

publicly

traded.

If

an

investor

buys

or

sells

Fund

shares

on

the

secondary

market,

the

investor

will

pay

or

receive

the

market

price,

which

may

be

higher

or

lower

than

NAV.

The

investor's

transaction

will

be

priced

at

NAV

if

the

investor

purchases

or

redeems

Fund

shares

in

Creation

Units.

Authorized

Participants

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

the

Fund's

Administrator

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Additionally,

a

portion

of

the

transaction

fee

is

used

to

offset

transactional

costs

typically

accrued

in

the

Fund's

custody

expenses

directly

related

to

the

issuance

and

redemption

of

Creation

Units.

An

additional

variable

fee

may

be

charged

for

certain

transactions.

Such

fees

would

be

included

in

the

receivable

for

capital

shares

sold

on

the

"Statement

of

assets

and

liabilities"

if

they

are

outstanding

as

of period-end.

Transaction

fees

assessed

during

the

period

are

included

in

the

proceeds

from

shares

sold

on

the

"Statements

of

changes

in

net

assets."

7. #### Certain

#### Principal

#### Risks

#### of

#### the

#### Fund
Company

size

risk

—

The

risk

that

investments

in

small-

and/or

medium-sized

companies

may

be

more

volatile

than

those

of

larger

companies

because

of

limited

financial

resources

or

dependence

on

narrow

product

lines.

Infrastructure

industry

risk

—

Companies

in

the

infrastructure

industry

may

be

subject

to

a

variety

of

factors

that

could

adversely

affect

their

business

or

operations,

including

high

interest

costs

in

connection

with

capital

construction

programs,

high

degrees

of

leverage,

costs

associated

with

governmental,

environmental

and

other

regulations,

the

level

of

government

spending

on

infrastructure

projects,

and

other

factors.

Foreign

and

emerging

markets

risk

—

The

risk

that

international

investing

(particularly

in

emerging

markets)

may

be

adversely

affected

by

political

instability;

changes

in

currency

exchange

rates;

inefficient

markets

and

higher

transaction

costs;

foreign

economic

conditions;

the

imposition

of

economic

or

trade

sanctions;

or

inadequate

or

different

regulatory

and

accounting

standards.

The

risk

associated

with

international

investing

will

be

greater

in

emerging

markets

than

in

more

developed

foreign

markets

because,

among

other

things,

emerging

markets

may

have

less

stable

political

and

economic

environments.

In

addition,

there

often

is

substantially

less

publicly

available

information

about

issuers

and

such

information

tends

to

be

of

a

lesser

quality.

Economic

markets

and

structures

tend

to

be

less

mature

and

diverse

and

the

securities

markets

may

also

be

smaller,

less

liquid,

and

subject

to

greater

price

volatility.

Rule

144A

securities

— The

Fund

also

may

invest

in

securities

that

normally

are

purchased

or

resold

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

(Rule

144A

securities).

Rule

144A

is

designed

to

facilitate

efficient

trading

among

institutional

investors

by

permitting

the

sale

of

certain

unregistered

securities.

Rule

144A

securities

may

be

resold

only

to

qualified

institutional

buyers,

provided

that

certain

other

conditions

for

resale

are

met.

To

the

extent

privately

placed

securities

held

by

a

Fund

qualify

under

Rule

144A

and

an

institutional

market

develops

for

those

securities,

a

Fund

likely

will

be

able

to

dispose

of

the

securities

without

registering

them

under

the

Securities

Act

of

1933. ETF

structure

risks

–

The

Fund

is

structured

as

an

ETF

and

as

a

result

is

subject

to

special

risks.

Shares

are

not

individually

redeemable

and

may

be

redeemed

by

the

Fund

at

NAV

only

in

large

blocks

known

as

"Creation

Units."

Trading

in

shares

on

the

Exchange

may

be

halted

due

to

market

conditions

or

for

reasons

that,

in

the

view

of

the

Exchange,

make

trading

in

Shares

inadvisable,

such

as

extraordinary

market

volatility.

There

can

be

no

assurance

that

Shares

will

continue

to

meet

the

listing

requirements

of

the

Exchange.

An

active

trading

market

for

the

Fund's

shares

may

not

be

developed

or

maintained.

If

the

Fund's

shares

are

traded

outside

a

collateralized

settlement

system,

the

number

of

financial

institutions

that

can

act

as

authorized

participants

that

can

post

collateral

on

an

agency

basis

is

limited,

which

may

limit

the

market

for

the

Fund's

shares.

The

market

prices

of

Shares

will

fluctuate

in

response

to

changes

in

NAV

and

supply

and

demand

for

shares

and

will

include

a

"bid-ask

spread"

charged

by

the

exchange

specialists,

market

makers

or

other

participants

that

trade

the

particular

security.

There

may

be

times

when

the

market

price

and

the

NAV

vary

significantly

particularly

during

times

of

market

stress,

with

the

result

that

investors

may

pay

significantly

more

or

significantly

less

for

Fund

shares

than

the

Fund's

NAV,

which

is

reflected

in

the

bid

and

ask

price

for

Fund

shares

or

in

the

closing

price.

If

a

shareholder

purchases

shares

at

a

time

when

the

market

price

is

at

a

premium

to

the

NAV

or

sells

shares

at

a

time

when

the

market

price

is

at

a

discount

to

NAV,

the

shareholder

may

sustain

losses

if

the

shares

are

sold

at

a

price

that

is

less

than

the

price

paid

by

the

shareholder

for

the

shares.

When

all

or

a

portion

of

an

ETFs

underlying

securities

trade

in

a

market

that

is

closed

when

the

market

for

the

Fund's

shares

is

open,

there

may

be

changes

from

the

last

quote

of

the

closed

market

and

the

quote

from

the

Fund's

domestic

trading

day,

which

could

lead

to

differences

between

the

market

value

of

the

Fund's

shares

and

the

Fund's

NAV.

In

7. #### Certain

#### Principal

#### Risks

#### of

#### the

#### Fund
(continued)

#### Notes

#### to

#### financial

#### statements
Nomura

Global

Listed

Infrastructure

ETF

stressed

market

conditions,

the

market

for

the

Fund's

shares

may

become

less

liquid

in

response

to

the

deteriorating

liquidity

of

the

Fund's

portfolio.

This

adverse

effect

on

the

liquidity

of

the

Fund's

shares

may,

in

turn,

lead

to

differences

between

the

market

value

of

the

Fund's

shares

and

the

Fund's

NAV.

8. #### Contractual

#### Obligations
The

Fund

enters

into

contracts

in

the

normal

course

of

business

that

contain

a

variety

of

indemnifications.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown.

However,

the

Fund

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts.

Management

has

reviewed

the

Fund's

existing

contracts

and

expects

the

risk

of

loss

to

be

remote.

9. #### Subsequent

#### Events
Management

has

determined

that

no

material

events

or

transactions

occurred

subsequent

to

March

31,

2026,

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements.

7. #### Certain

#### Principal

#### Risks

#### of

#### the

#### Fund
(continued)

#### Report

#### of

#### independent

#### registered

#### public

#### accounting

#### firm

To

the

Board

of

Trustees

of Nomura

ETF

Trust and

Shareholders

of

Nomura

Global

Listed

Infrastructure

ETF

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Nomura

Global

Listed

Infrastructure

ETF

(one

of

the

funds

constituting

Nomura

ETF

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

March

31,

2026,

the

related

statement

of

operations

for

the

year

ended

March

31,

2026,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

March

31,

2026,

including

the

related

notes,

and

the

financial

highlights

for

the

years

ended

March

31,

2026

and

2025,

and

for

the

period

November

28,

2023

(commencement

of

operations)

through

March

31,

2024

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

March

31,

2026,

the

results

of

its

operations

for

the

year

ended

March

31,

2026,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

March

31,

2026

and

the

financial

highlights

for

the

years

ended

March

31,

2026

and

2025,

and

for

the

period

November

28,

2023

(commencement

of

operations)

through

March

31,

2024

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2026

by

correspondence

with

the

custodian,

transfer

agents

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

May

29,

2026

We

have

served

as

the

auditor

of

one

or

more

Nomura

investment

companies

since

2010. #### Other

#### Fund

#### information
(Unaudited)

Nomura

Global

Listed

Infrastructure

ETF

#### Tax

#### Information
The

information

set

forth

below

is

for

the

Fund's

fiscal

year

as

required

by

federal

income

tax

laws.

Shareholders,

however,

must

report

distributions

on

a

calendar

year

basis

for

income

tax

purposes,

which

may

include

distributions

for

portions

of

two

fiscal

years

of

the

Fund.

Accordingly,

the

information

needed

by

shareholders

for

income

tax

purposes

will

be

sent

to

them

in

January

of

each

year.

Please

consult

your

tax

advisor

for

proper

treatment

of

this

information.

All

disclosures

are

based

on

financial

information

available

as

of

the

date

of

this

annual

report

and,

accordingly,

are

subject

to

change.

For

any

and

all

items

requiring

reporting,

it

is

the

intention

of

the

Fund

to

report

the

maximum

amount

permitted

under

the

Internal

Revenue

Code

and

the

regulations

thereunder.

For

the

year ended

March

31,

2026,

the

Fund

reports

distributions

paid

during

the

year

as

follows:

The

Fund

intends

to

pass

through

foreign

tax

credits

in

the

maximum

amount

of

$15,442.

The

gross

foreign

source

income

earned

during

the

fiscal

year ended

March

31,

2026 by

the

Fund

was

$167,204.

#### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies

#### Change

#### in

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
At

a

meeting

held

on

April

15,

2026,

the

Board

of

Trustees

(Board),

upon

recommendation

of

the

Audit

Committee,

approved

the

dismissal

of

PricewaterhouseCoopers

LLP

(PwC)

upon

completion

of

services

currently

being

performed

by

PwC

related

to

the

audit

of

the

Nomura

Global

Listed

Infrastructure

ETF

(formerly,

Macquarie

Global

Listed

Infrastructure

ETF)

(the

"Fund")'s

March

31,

2026

financial

statements,

and

approved

the

appointment

of

Ernst

&

Young

LLP

(E&Y)

to

serve

as

the

independent

registered

public

accounting

firm

for

the

Fund,

beginning

with

the

fiscal

year

ending

March

31,

2027. PwC's

reports

on

the

financial

statements

for

the

fiscal

years

ended

March

31,

2025

and

March

31,

2026

did

not

contain

any

adverse

opinion

or

disclaimer

of

opinion,

nor

were

they

qualified

or

modified

as

to

uncertainty,

audit

scope,

or

accounting

principles.

(A) Ordinary

Income

Distributions

(Tax

Basis)

\*

100.00%

(B) Qualified

Dividends

36.15%

(A) is

based

on

a

percentage

of

the

Fund's

total

distributions.

(B) is

based

on

the

Fund's

ordinary

income

distributions.

Qualified

dividends

represent

dividends

which

qualify

for

the

corporate

dividends

received

deduction.

\*

For

the

fiscal

year

ended

March

31,

2026,

certain

dividends

paid

by

the

Fund

may

be

subject

to

a

maximum

tax

rate

of

20%.

The

percentage

of

dividends

paid

by

the

Fund

from

ordinary

income

reported

as

qualified

income

is

100.00%.

Complete

information

will

be

computed

and

reported

in

conjunction

with

your

2026

Form

1099-DIV,

as

applicable.

#### Tax

#### Information
The

information

set

forth

below

is

for

the

Fund's

fiscal

year

as

required

by

federal

income

tax

laws.

Shareholders,

however,

must

report

distributions

on

a

calendar

year

basis

for

income

tax

purposes,

which

may

include

distributions

for

portions

of

two

fiscal

years

of

the

Fund.

Accordingly,

the

information

needed

by

shareholders

for

income

tax

purposes

will

be

sent

to

them

in

January

of

each

year.

Please

consult

your

tax

advisor

for

proper

treatment

of

this

information.

All

disclosures

are

based

on

financial

information

available

as

of

the

date

of

this

annual

report

and,

accordingly,

are

subject

to

change.

For

any

and

all

items

requiring

reporting,

it

is

the

intention

of

the

Fund

to

report

the

maximum

amount

permitted

under

the

Internal

Revenue

Code

and

the

regulations

thereunder.

For

the

year ended

March

31,

2026,

the

Fund

reports

distributions

paid

during

the

year

as

follows:

The

Fund

intends

to

pass

through

foreign

tax

credits

in

the

maximum

amount

of

$15,442.

The

gross

foreign

source

income

earned

during

the

fiscal

year ended

March

31,

2026 by

the

Fund

was

$167,204.

#### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies

#### Change

#### in

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
At

a

meeting

held

on

April

15,

2026,

the

Board

of

Trustees

(Board),

upon

recommendation

of

the

Audit

Committee,

approved

the

dismissal

of

PricewaterhouseCoopers

LLP

(PwC)

upon

completion

of

services

currently

being

performed

by

PwC

related

to

the

audit

of

the

Nomura

Global

Listed

Infrastructure

ETF

(formerly,

Macquarie

Global

Listed

Infrastructure

ETF)

(the

"Fund")'s

March

31,

2026

financial

statements,

and

approved

the

appointment

of

Ernst

&

Young

LLP

(E&Y)

to

serve

as

the

independent

registered

public

accounting

firm

for

the

Fund,

beginning

with

the

fiscal

year

ending

March

31,

2027. PwC's

reports

on

the

financial

statements

for

the

fiscal

years

ended

March

31,

2025

and

March

31,

2026

did

not

contain

any

adverse

opinion

or

disclaimer

of

opinion,

nor

were

they

qualified

or

modified

as

to

uncertainty,

audit

scope,

or

accounting

principles.

(A) Ordinary

Income

Distributions

(Tax

Basis)

\*

100.00%

(B) Qualified

Dividends

36.15%

(A) is

based

on

a

percentage

of

the

Fund's

total

distributions.

(B) is

based

on

the

Fund's

ordinary

income

distributions.

Qualified

dividends

represent

dividends

which

qualify

for

the

corporate

dividends

received

deduction.

\*

For

the

fiscal

year

ended

March

31,

2026,

certain

dividends

paid

by

the

Fund

may

be

subject

to

a

maximum

tax

rate

of

20%.

The

percentage

of

dividends

paid

by

the

Fund

from

ordinary

income

reported

as

qualified

income

is

100.00%.

Complete

information

will

be

computed

and

reported

in

conjunction

with

your

2026

Form

1099-DIV,

as

applicable.

In

addition,

during

the

fiscal

years

ended

March

31,

2025

and

March

31,

2026

and

during

the

subsequent

interim

period

through

May

29,

2026,

(i) there

were

no

disagreements

between

the

Fund

and

PwC

on

accounting

principles,

financial

statement

disclosures

or

audit

scope,

which,

if

not

resolved

to

the

satisfaction

of

PwC,

would

have

caused

them

to

make

reference

to

the

disagreement

in

their

reports;

and

(ii) there

were

no

reportable

events

described

in

Item

304(a)

(1) (v) of

Regulation

S-K

under

the

Securities

Exchange

Act

of

1934,

as

amended.

During

the

fiscal

years

ended

March

31,

2025

and

March

31,

2026

and

during

the

subsequent

interim

period

through

May

29,

2026,

neither

the

Board

nor

anyone

on

its

behalf

has

consulted

with

E&Y

at

any

time

prior

to

their

selection

with

respect

to

(i) the

application

of

accounting

principles

to

a

specified

transaction,

either

completed

or

proposed

or

the

type

of

audit

opinion

that

might

be

rendered

on

the

Fund's

financial

statements;

or

(ii) the

subject

of

a

disagreement

(as

defined

in

paragraph

(a) (1) (iv) of

Item

of

Regulation

S-K)

or

reportable

events

(as

described

in

paragraph

(a) (1) (v) of

said

Item

304).

The

Fund

has

provided

PwC

with

a

copy

of

this

Form

N-CSR

and

requested

that

PwC

furnish

the

Fund

with

a

letter

stating

whether

or

not

it

agrees

with

the

statements

made

herein.

A

copy

of

PwC's

letter,

dated

June

8,

2026,

is

attached

as

Exhibit

to

this

N-CSR.

#### Proxy

#### Disclosures

#### for

#### Open-End

#### Management

#### Investment

#### Companies
Not

Applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers,

#### and

#### Others

#### of

#### Open-End

#### Management

#### Investment

#### Companies
Please

refer

to

the

disclosure

within

the

financial

statements.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
At

an

in-person

meeting

on

June

12,

2025

Meeting

("June

2025

Meeting"),

the

Board,

including

its

Independent

Trustees,

considered

and

unanimously

approved

proposed

new

investment

advisory

agreements

(together,

the

"New

Investment

Advisory

Agreements")

for

each

of

the

Macquarie

Global

Listed

Infrastructure

ETF,

Macquarie

Energy

Transition

ETF,

Macquarie

Tax-Free

USA

Short

Term

ETF,

Macquarie

Focused

Large

Growth

ETF,

Macquarie

Focused

Emerging

Markets

Equity

ETF,

Macquarie

National

High-Yield

Municipal

Bond

ETF,

and

Macquarie

Focused

International

Core

ETF

(each,

a

"Fund"

and

together,

the

"Funds")

between

the

Trust,

on

behalf

of

each

Fund,

and

DMC

(as

defined

below).

The

Board

also

approved

interim

advisory

agreements

(together,

the

"Interim

Advisory

Agreements"

and

together

with

the

New

Investment

Advisory

Agreements,

the

"Proposed

Advisory

Agreements").

The

Board

also

determined

to

recommend

that

Fund

shareholders

approve

the

proposed

New

Investment

Advisory

Agreements.

As

part

of

their

evaluation,

the

Board's

Independent

Trustees

reviewed

material

supporting

the

approval

#### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies
(continued)

#### Change

#### in

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Global

Listed

Infrastructure

ETF

of

the

Proposed

Advisory

Agreements

in

executive

sessions

with

its

independent

legal

counsel

both

with

and

without

representatives

of

management.

Such

material

included

responses

provided

by

DMC

and

Nomura

Holdings

America

Inc.

(together

with

its

parent

company,

Nomura

Holdings,

Inc.,

hereinafter

referred

to

as

"Nomura")

to

an

extensive

initial

questionnaire

and

a

subsequent

memorandum

with

questions

relating

to

the

Transaction

(as

defined

below)

and

the

impact

on

the

Funds,

as

well

as

governance,

compliance,

investment

and

operational

matters.

On

April

21,

2025,

Nomura

and

Macquarie

Group

Limited

announced

that

they

had

entered

into

a

definitive

stock

purchase

agreement

(the

"Purchase

Agreement")

pursuant

to

which

Nomura

agreed

to

acquire

the

equity

interests

of

Macquarie

Asset

Management's

US

and

European

public

investments

business

(collectively,

the

"MAM

Business"),

including

the

Funds'

investment

adviser,

Delaware

Management

Company

("DMC"),

which

is

a

series

of

Macquarie

Investment

Management

Business

Trust

(the

"Transaction").

#### Background

#### for

#### the

#### Board

#### Approvals.
At

a

meeting

on

May

16,

2025

and

at

the

June

2025

Meeting,

representatives

of

DMC

met

with

the

Board

to

discuss

the

Transaction.

The

Independent

Trustees

were

advised

that

the

Transaction,

if

completed,

would

constitute

a

Change

of

Control

Event

and

result

in

the

termination

of

the

existing

investment

advisory

agreements

with

DMC

(the

"Current

Investment

Advisory

Agreements").

Pursuant

to

Section

15(a)(4)

of

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

any

investment

advisory

agreement,

including

any

sub-advisory

agreement,

on

behalf

of

a

registered

investment

company

must

terminate

automatically

upon

its

"assignment."

As

used

in

the

1940

Act,

the

term

"assignment"

includes

any

transfer

of

a

controlling

interest

in

an

investment

adviser.

Such

a

transfer

is

often

referred

to

as

a

"Change

of

Control

Event."

The

Independent

Trustees

were

also

advised

that

it

was

proposed

that

DMC

would

continue

to

serve

as

the

investment

adviser

to

each

Fund

after

the

closing

of

the

Transaction

on

or

about

October

31,

2025

(the

"Closing")

and

that

the

Board

would

be

asked

to

consider

approval

of

the

terms

and

conditions

of

the

proposed

New

Investment

Advisory

Agreements

with

DMC

and

thereafter

to

submit

the

proposed

New

Investment

Advisory

Agreements

to

the

Funds'

shareholders

for

approval.

At

the

June

2025

Meeting,

the

Board,

including

a

majority

of

the

Independent

Trustees,

reviewed

and

approved

the

Proposed

Advisory

Agreements.

The

New

Investment

Advisory

Agreements,

were

subject

to

shareholder

approval.

The

Board

considered

the

information

provided

to

it

about

the

Funds

together

and

with

respect

to

each

Fund

separately

as

the

Board

deemed

appropriate.

Prior

to

and

at

the

June

2025

Meeting,

the

Board,

together

with

independent

legal

counsel

to

the

Independent

Trustees

and

Fund

counsel,

met

with

representatives

of

DMC

and

Nomura

to

discuss

the

Transaction.

At

these

meetings,

the

Transaction

and

future

plans

for

DMC

and

the

Funds

were

discussed

at

length.

Finally,

the

Independent

Trustees

consulted

with

their

independent

legal

counsel

in

executive

sessions

during

the

time

period

covered

by

the

negotiation

of

the

Transaction

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

and

discussed,

among

other

things,

the

legal

standards

applicable

to

their

review

of

the

Proposed

Advisory

Agreements

and

certain

other

contracts

and

considerations

relevant

to

their

deliberations

on

whether

to

approve

the

Proposed

Advisory

Agreements.

At

in-person

and

virtual

meetings

with

DMC

management

and

with

key

Nomura

representatives,

the

Trustees

discussed

the

Transaction

and

the

Board

had

an

opportunity

to

ask

further

questions

and

seek

clarification

of

written

responses.

The

meetings

included

discussions

of

the

strategic

rationale

for

the

Transaction

and

Nomura's

general

plans

and

intentions

regarding

the

Funds

and

DMC. On

these

occasions,

representatives

of

DMC

and

Nomura

made

presentations

to,

and

responded

to

questions

from,

the

Trustees.

The

Board

also

inquired

about

the

plans

for,

and

anticipated

roles

and

responsibilities

of,

key

employees

and

officers

of

DMC

in

connection

with

the

Transaction.

In

connection

with

the

Trustees'

review

of

the

Proposed

Advisory

Agreements,

DMC

and/or

Nomura

emphasized

that:

—

They

expected

that

there

will

be

no

adverse

changes

as

a

result

of

the

Transaction

in

the

nature,

quality,

or

extent

of

services

currently

provided

to

the

Funds

and

their

shareholders,

including

investment

management,

distribution,

or

other

shareholder

services;

—

No

material

changes

in

personnel

or

operations

are

currently

contemplated

in

the

operation

of

DMC

under

Nomura

as

a

result

of

the

Transaction;

—

Nomura

has

no

present

intention

to

cause

DMC

to

alter

the

investment

advisory

fees

paid

to

DMC

by

a

Fund

and

the

expenses

DMC

has

agreed

to

pay

on

behalf

of

a

Fund;

and

—

Under

the

Purchase

Agreement,

Nomura

has

agreed

to,

and

to

cause

its

affiliates

to,

use

commercially

reasonable

efforts

after

Closing

to

conduct

their

respective

businesses

in

compliance

with

the

conditions

of

Section

15(f)

of

the

1940

Act

with

respect

to

the

Funds,

including

maintaining

Board

composition

of

at

least

75%

of

the

Board

members

qualifying

as

Independent

Trustees

and

not

imposing

any

"unfair

burden"

on

the

Funds

for

at

least

two

years

from

the

Closing.

The

Board

considered

that

management

proposed

that

the

Board

approve

the

Proposed

Advisory

Agreements

because,

upon

the

Closing

of

the

Transaction,

the

Current

Investment

Advisory

Agreements

and

the

current

sub-advisory

agreements

(the

"Current

Sub-Advisory

Agreements")

would

automatically

terminate

in

accordance

with

their

terms

and

applicable

regulations.

The

Board

further

considered

that

management

proposed

that

the

Board

approve

the

Interim

Advisory

Agreements

so

that,

if

the

Transaction

closes

before

a

Fund

receives

the

requisite

shareholder

approval

of

its

New

Investment

Advisory

Agreement,

an

Interim

Advisory

Agreement

would

permit

continuity

of

the

management

of

the

Fund

while

it

continued

to

solicit

the

requisite

shareholder

approval

of

the

New

Investment

Advisory

Agreement.

The

Board

reviewed

and

also

considered

the

forms

of

the

Proposed

Advisory

Agreements,

noting

that

the

terms

and

conditions

of

each

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Global

Listed

Infrastructure

ETF

such

agreement

were

substantially

identical

to

the

terms

and

conditions

of

the

Current

Investment

Advisory

Agreements,

except

for

the

effective

dates,

duration

and,

with

respect

to

the

Interim

Advisory

Agreements,

escrow

provisions

required

by

applicable

law.

The

Board

noted

that

the

New

Investment

Advisory

Agreements

would

have

an

initial

two-year

term

and

that

the

Interim

Advisory

Agreements

would

be

effective

on

an

interim

basis,

as

necessary

upon

the

Closing

of

the

Transaction,

from

its

effective

date

until

the

earlier

of

(i) 150

calendar

days

from

the

effective

date

or

such

later

date

as

may

be

consistent

with

the

1940

Act,

rules

and

regulations

thereunder

or

exemptive

relief

or

interpretative

position

of

the

staff

of

the

SEC;

or

(ii) the

effective

date

of

the

applicable

New

Investment

Advisory

Agreement

("Interim

Period").

The

Interim

Advisory

Agreements

may

also

be

terminated

on

days'

written

notice

by

the

Board.

The

Board

further

noted

management's

representation

that

the

approval

of

the

Proposed

Advisory

Agreements

would

not

result

in

any

changes

to

the

Funds'

investment

objectives

or

strategies.

Further,

the

DMC

portfolio

managers

currently

responsible

for

the

day-to-day

management

of

the

Funds

are

expected

to

continue

to

provide

investment

advisory

services

to

the

Funds.

In

addition,

with

respect

to

the

Macquarie

Global

Listed

Infrastructure

ETF,

Macquarie

Energy

Transition

ETF,

Macquarie

Focused

Large

Growth

ETF,

Macquarie

Focused

Emerging

Markets

Equity

ETF,

and

Macquarie

Focused

International

Core

ETF

(the

"Sub-Advised

Funds"),

the

Board

noted

that

DMC

may

rely

on

participating

affiliate

arrangements

between

DMC

and

certain

non-US

Nomura

asset

management

entities

to

provide

continuity

of

portfolio

management

services

to

the

Sub-Advised

Funds,

including

services

provided

by

previous

sub-advisor

employees.

In

approving

each

Proposed

Advisory

Agreement,

the

Board

reviewed

and

considered

information

provided

in

its

meetings

with

DMC

and

Nomura,

as

well

as

DMC's

and

Nomura's

responses

to

a

detailed

set

of

requests

for

information

submitted

to

DMC

and

Nomura

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

Transaction.

In

addition,

prior

to

the

June

2025

Meeting,

the

Independent

Trustees

held

a

virtual

meeting

at

which

the

Independent

Trustees

conferred

amongst

themselves

and

Independent

Trustee

counsel

regarding

the

Proposed

Advisory

Agreement

and

the

information

submitted

by

DMC

and

Nomura,

then

requested

additional

information

that

the

Independent

Trustees

also

considered

prior

to

and

at

the

June

2025

Meeting.

The

Board,

including

a

majority

of

the

Independent

Trustees,

determined,

through

the

exercise

of

its

reasonable

business

judgment,

that

the

terms

of

each

Proposed

Advisory

Agreement

are

fair

and

reasonable

and

that

the

approval

of

such

Proposed

Advisory

Agreement

is

in

the

best

interests

of

the

applicable

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board's

determination.

#### Nature,

#### Extent,

#### and

#### Quality

#### of

#### Service.
The

Trustees

considered

the

services

historically

provided

by

DMC

to

the

Funds

and

their

shareholders.

In

reviewing

the

nature,

extent,

and

quality

of

services,

the

Boards

considered

that

the

New

Investment

Advisory

Agreements

will

be

substantially

similar

to

the

Current

Investment

Advisory

Agreements,

and

they

therefore

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

considered

the

many

reports

furnished

to

them

throughout

2024

and

2025

at

regular

Board

meetings

covering

matters

such

as

the

relative

performance

of

the

Funds;

the

compliance

of

portfolio

managers

with

the

investment

policies,

strategies,

and

restrictions

for

the

Funds;

the

compliance

of

management

personnel

with

the

Code

of

Ethics

adopted

throughout

the

Macquarie

Funds

complex;

and

the

adherence

to

fair

value

pricing

procedures

as

established

by

DMC

and

overseen

by

the

Board.

Further,

and

consistent

with

its

continued

oversight

of

these

matters,

the

Board

discussed

with

DMC

and

Nomura

the

impact

of

the

Transaction

on

the

remediation

efforts

and

actions

and

specific

initiatives

being

undertaken

to

enhance

DMC's

compliance,

risk,

operational

and

portfolio

management

functions

arising

out

of

DMC's

previously

announced

settlement

agreement

with

the

U.S.

Securities

and

Exchange

Commission

in

September

2024. The

Board

relied

on

commitments

by

DMC

and

Nomura

that

these

remediation

efforts

and

actions

and

specific

initiatives

would

not

be

negatively

affected

by

the

Transaction

and

would

continue

through

and

following

Closing.

Based

on

the

information

provided

by

DMC

and

Nomura,

including

that

Nomura

and

DMC

currently

expected

no

material

changes

as

a

result

of

the

Transaction

in

(i) personnel

or

operations

of

DMC

or

(ii) third

party

service

providers

to

the

Funds,

the

Board

concluded

that

the

satisfactory

nature,

extent,

and

quality

of

services

currently

provided

to

the

Funds

and

their

shareholders

were

very

likely

to

continue

under

the

New

Investment

Advisory

Agreements.

Moreover,

the

Board

concluded

that

the

Funds

would

probably

benefit

from

the

expanded

distribution

resources

that

would

become

available

to

DMC

following

the

Transaction.

The

Board

also

concluded

that

it

was

very

unlikely

that

any

"unfair

burden"

would

be

imposed

on

any

of

the

Funds

for

the

first

two

years

following

the

Closing

as

a

result

of

the

Transaction.

Consequently,

the

Board

concluded

that

they

did

not

expect

the

Transaction

to

result

in

any

adverse

changes

in

the

nature,

quality,

or

extent

of

services

(including

investment

management,

distribution,

or

other

shareholder

services)

currently

provided

to

the

Funds

and

their

shareholders.

#### Investment

#### Performance
.

The

Board

considered

the

overall

investment

performance

of

DMC

and

the

Funds

since

each

Fund's

commencement

date.

In

its

evaluation

of

investment

performance

of

a

Fund,

the

Board

took

into

account

such

Fund's

short

performance

period,

weighing

the

fact

that

the

Macquarie

Global

Listed

Infrastructure

ETF,

the

Macquarie

Energy

Transition

ETF,

and

the

Macquarie

Tax-Free

USA

Short

Term

ETF

commenced

operations

on

November

28,

2023,

the

Focused

Large

Growth

ETF

commenced

operations

on

May

14,

2024,

the

Macquarie

Focused

Emerging

Markets

Equity

ETF

commenced

operations

on

September

4,

2024,

and

the

Macquarie

National

High-Yield

Municipal

Bond

ETF

commenced

operations

on

March

5,

2025. The

Macquarie

Focused

International

Core

ETF

was

not

active

prior

to

the

time

of

the

June

2025

Meeting.

As

a

result,

the

Board

did

not

consider

the

investment

performance

of

the

Macquarie

Focused

International

Core

ETF

at

the

June

2025

Meeting.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Global

Listed

Infrastructure

ETF

The

Board

considered

performance

reports

and

discussions

with

portfolio

managers

at

Board

meetings

throughout

the

year

for

the

Funds

that

were

active

during

the

time

period.

These

performance

reports

showed

a

Fund's

investment

performance

compared

to

a

group

of

funds

selected

by

DMC

as

being

similar

to

the

Fund

(the

"Performance

Universe").

Annualized

investment

performance

for

each

Fund

was

shown

for

the

past

1-year

period

and

since

inception

or,

if

shorter,

only

since

inception,

compared

to

that

of

the

Performance

Universe.

At

its

June

2025

Meeting,

the

Board,

including

the

Independent

Trustees

in

consultation

with

their

independent

legal

counsel,

reviewed

updated

investment

performance

information

for

each

of

the

active

Funds.

The

Board

compared

the

performance

of

each

active

Fund

to

that

of

its

respective

Performance

Universe

for

the

past

1-year

period

and

since

inception

or,

if

shorter,

only

since

inception.

The

Board

concluded

that

the

investment

performance

of

each

active

Fund

was

satisfactory.

Based

on

information

provided

by

DMC

and

Nomura,

the

Board

concluded

that

neither

the

Transaction

nor

the

New

Investment

Advisory

Agreements

would

likely

have

an

adverse

effect

on

the

investment

performance

of

any

Fund

because

(i) DMC

and

Nomura

did

not

currently

expect

the

Transaction

to

cause

any

material

change

to

the

Funds'

portfolio

management

teams

responsible

for

investment

performance,

which

the

Boards

found

to

be

satisfactory,

(ii) as

discussed

in

more

detail

below,

the

Funds'

expenses

were

not

expected

to

increase

as

a

result

of

the

Transaction,

(iii) the

Funds

would

not

bear

any

Transaction-related

expenses,

and

(iv) there

was

not

expected

to

be

any

"unfair

burden"

imposed

on

the

Funds

as

a

result

of

the

Transaction.

#### Comparative

#### Expenses;

#### Management

#### Profitability.
The

Board

also

evaluated

expense

comparison

data

for

the

Funds

and

management

profitability

previously

considered

at

each

Fund's

initial

contract

approval

Board

meeting.

At

a

Fund's

initial

contract

approval

Board

meeting,

the

Board

compared

both

the

services

to

be

rendered

and

the

proposed

fees

to

be

paid

to

DMC

by

the

Fund

with

the

fees

that

DMC

receives

pursuant

to

its

other

advisory

agreements,

as

well

as

the

fees

paid

to

other

investment

advisers

with

respect

to

similar

funds.

In

particular,

the

Board

compared

the

Fund's

proposed

advisory

fee

and

total

expense

ratio

to

other

investment

companies

considered

to

be

in

that

Fund's

peer

group.

The

Board

also

received

and

considered

information

about

the

fee

rates

charged

to

other

accounts

and

clients

managed

by

DMC,

including

information

about

the

differences

in

services

provided

to

the

non-registered

investment

company

clients,

as

applicable.

The

Board

also

discussed

the

anticipated

costs

and

projected

profitability

of

DMC

in

connection

with

its

service

as

investment

adviser

to

the

Fund,

including

operational

costs.

Further,

the

Board

considered

DMC's

assumption

of

business,

entrepreneurial,

overall

managerial

and

other

risks

by

sponsoring

and

advising

the

Fund.

At

the

Fund's

initial

contract

approval

Board

meeting,

DMC

responded

to

questions

from

the

Board,

explaining

that

the

nature

of

the

Fund

and

its

anticipated

investments

warranted

the

proposed

advisory

fees

for

the

Fund.

At

a

Fund's

initial

contract

approval

Board

meeting,

the

Board

concluded,

within

the

context

of

its

full

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

deliberations,

that

the

level

of

fees

proposed

to

be

paid

to

DMC

with

respect

to

the

Fund

was

fair

and

reasonable

in

light

of

the

nature,

extent

and

quality

of

the

services

proposed

to

be

provided

by

DMC

and

the

costs

it

expected

to

incur

in

rendering

those

services.

Based

on

information

provided

by

DMC

and

Nomura,

the

Board

concluded

at

the

June

2025

Meeting

that

neither

the

Transaction

nor

the

New

Investment

Advisory

Agreements

would

likely

have

an

adverse

effect

on

the

Funds'

expenses

because

(i) each

Fund's

contractual

fee

rates

under

the

New

Investment

Advisory

Agreements

would

remain

the

same,

(ii) the

Board

was

assured

by

DMC

that

they

had

no

current

intention

to

change

the

expenses

that

DMC

has

agreed

to

pay

on

behalf

of

a

Fund

as

a

result

of

the

Transaction,

(iii) under

the

Purchase

Agreement,

Nomura

and

Macquarie

would

pay

all

reasonable

costs

related

to

the

related

proxy

solicitation,

and

(iv) consistent

with

Section

15(f)

of

the

1940

Act,

no

"unfair

burden"

would

be

imposed

on

the

Funds

for

the

first

two

years

after

the

Closing.

At

the

June

2025

Meeting,

DMC

advised

the

Board

that

DMC

did

not

expect

the

Transaction

to

affect

materially

the

profitability

of

DMC

compared

to

the

level

of

projected

profitability

considered

by

the

Board

at

a

Fund's

initial

contract

approval

Board

meeting

when

the

Board

approved

the

Current

Investment

Advisory

Agreement

for

each

Fund.

Moreover,

the

Board

also

requested

and

reviewed

financial

statements

provided

by

Nomura

for

Nomura

Holdings,

Inc.,

the

parent

of

Nomura,

for

the

purpose

of

evaluating

Nomura's

ability

to

financially

support

DMC's

advisory

business

after

the

Closing

and

to

seek

to

ensure

that

DMC

can

continue

services

of

a

similar

nature,

extent,

and

quality

to

the

Funds

following

Closing

as

it

has

under

the

Current

Investment

Advisory

Agreements.

Based

on

information

provided

by

DMC

and

Nomura,

the

Board

concluded

that

DMC

would

have

sufficient

financial

resources

following

the

Transaction

to

continue

to

provide

the

same

level

and

quality

of

services

to

the

Funds

under

the

New

Investment

Advisory

Agreements

as

is

the

case

under

the

Current

Investment

Advisory

Agreements.

The

Board

also

concluded

that

Nomura

had

sufficient

financial

strength

and

resources,

as

well

as

an

ongoing

commitment

to

a

global

asset

management

business,

to

continue

investing

in

DMC

to

the

extent

that

Nomura

determined

it

was

appropriate.

Accordingly,

the

Board

concluded

that

the

fees

charged

under

the

New

Investment

Advisory

Agreements

would

be

reasonable

in

light

of

the

services

to

be

provided

and

the

expected

profitability

of

DMC

because

Nomura

advised

the

Board

that

the

methodology

followed

in

allocating

costs

for

the

purpose

of

determining

profitability

will

remain

substantially

the

same

following

the

Closing,

and

because

services

and

costs

were

expected

to

be

substantially

the

same.

#### Economies

#### of

#### Scale.
The

Board

considered

whether

economies

of

scale

would

be

realized

by

DMC

as

each

Fund's

assets

increase

and

the

extent

to

which

any

economies

of

scale

would

be

reflected

in

the

management

fees

charged.

The

Board

took

into

account

DMC's

practice

of

maintaining

the

competitive

nature

of

management

fees

based

on

its

analysis

of

fees

charged

by

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Global

Listed

Infrastructure

ETF

comparable

funds.

The

Board

also

acknowledged

Nomura's

statement

that

the

Transaction

would

not

by

itself

immediately

provide

additional

economies

of

scale

given

Nomura's

limited

presence

in

the

US

mutual

fund

market.

Nonetheless,

the

Board

concluded

that

additional

economies

of

scale

could

potentially

be

achieved

in

the

future

if

DMC

were

owned

by

Nomura

as

a

result

of

Nomura's

willingness

to

invest

additional

amounts

in

DMC

if

appropriate

opportunities

arise.

The

Board

further

concluded

that

potential

economies

of

scale

could

be

achieved

as

a

result

of

DMC's

potentially

expanded

distribution

capabilities

arising

from

the

Transaction,

as

well

as

opportunities

that

might

arise

from

Nomura's

commitment

to

a

global

asset

management

business.

#### Fall-Out

#### Benefits.
The

Board

acknowledged

that

DMC

would

continue

to

benefit

from

soft

dollar

arrangements

using

portfolio

brokerage

of

each

Fund

that

invests

in

equity

securities.

The

Board

also

considered

that

Nomura

and

DMC

may

derive

reputational,

strategic,

and

other

benefits

from

their

association

with

the

Funds,

including

service

relationships

with

DMC,

and

evaluated

the

extent

to

which

DMC

might

derive

ancillary

benefits

from

Fund

operations,

including

the

potential

for

procuring

additional

business

as

a

result

of

the

prestige

and

visibility

associated

with

its

role

as

service

provider

to

the

Funds

and

the

benefits

from

allocation

of

Fund

brokerage

to

improve

trading

efficiencies.

However,

the

Board

concluded

that

(i) any

such

benefits

under

the

New

Investment

Advisory

Agreements

would

not

be

dissimilar

from

those

existing

under

the

Current

Investment

Advisory

Agreements,

(ii) such

benefits

did

not

impose

a

cost

or

burden

on

the

Funds

or

their

shareholders,

and

(iii) such

benefits

would

probably

have

an

indirectly

beneficial

effect

on

the

Funds

and

their

shareholders

because

of

the

added

importance

that

DMC

and

Nomura

might

attach

to

the

Funds

as

a

result

of

the

fall-out

benefits

that

the

Funds

conveyed.

#### The

#### Purchase

#### Agreement.
The

Board

considered

the

terms

of

the

Purchase

Agreement,

including

those

related

to

Section

15(f)

of

the

1940

Act

and

that

Macquarie

and

Nomura

will

bear

the

expenses

related

to

the

Funds'

proxy

solicitation.

At

the

June

2025

Meeting,

the

Board

discussed

the

conditions

to

the

Closing,

including

the

requirements

for

obtaining

consents

to

the

change

in

control

from

DMC's

advisory

clients,

such

as

the

Funds.

#### Board

#### Review

#### of

#### Nomura.
The

Board

reviewed

detailed

information

supplied

by

Nomura

about

its

operations.

As

previously

noted,

to

consider

DMC's

ability

to

continue

to

provide

the

same

level

and

quality

of

services

to

the

Funds,

the

Board

requested,

received

and

reviewed

information

from

Nomura

concerning

its

financial

condition

to

demonstrate

its

ability

to

support

DMC's

advisory

business

after

the

Closing.

Based

on

this

review,

the

Board

concluded

that

DMC

would

continue

to

have

the

financial

ability

to

maintain

the

high

quality

of

services

required

by

the

Funds.

Nomura

described

its

proposed

changes

to

DMC's

corporate

governance,

primarily

through

the

anticipated

addition

of

certain

Nomura

officers

to

DMC's

parent

company.

The

Board

considered

favorably

Nomura's

statement

that

it

had

no

current

intention

to

change

the

executive,

administrative,

investment,

or

support

staff

of

DMC

in

any

significant

way

as

a

result

of

the

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

Transaction.

Nomura

described

the

proposed

harmonization

of

the

compensation

system

in

use

at

DMC

with

the

compensation

plan

used

by

Nomura,

including

short-term

and

long-term

incentive

compensation

and

equity

interests

for

executive

officers

and

investment

personnel.

The

Board

also

considered

Nomura's

current

strategic

plans

to

increase

its

asset

management

activities,

one

of

its

core

businesses,

particularly

in

North

America,

and

its

statement

that

its

acquisition

of

DMC

is

an

important

component

of

this

strategic

growth

and

the

establishment

of

a

significant

presence

in

the

United

States.

Based

in

part

on

the

information

provided

by

DMC

and

Nomura,

the

Board

concluded

that

Nomura's

acquisition

of

DMC

could

potentially

enhance

the

nature,

quality,

and

extent

of

services

provided

to

the

Funds

and

their

shareholders.

The

Board

noted

that

Nomura

has

a

broker/dealer

affiliate

that

executes

brokerage

transactions

and

certain

other

Nomura

affiliates

participate

as

underwriters

for

securities

offerings

outside

of

the

United

States.

Consequently,

the

Board

determined

to

have

DMC

report

to

them

regularly

to

monitor

any

brokerage

transactions

with

Nomura

affiliates

for

compliance

with

the

requirements

of

Section

15(f)

and

Section

17(e)

of

the

1940

Act,

and

to

ensure

compliance

with

the

Funds'

procedures

under

Rule

10f-3

under

the

1940

Act

for

offerings

in

which

a

Nomura

affiliate

is

a

member

of

the

underwriting

syndicate.

#### Conclusion.
The

Independent

Trustees

of

the

Trust

deliberated

in

executive

session;

the

entire

Board

of

each

Fund,

including

the

Independent

Trustees,

then

approved

the

Proposed

Advisory

Agreements.

The

Board

concluded

that

the

advisory

fee

rates

under

each

New

Investment

Advisory

Agreement

are

reasonable

in

relation

to

the

services

provided

and

that

execution

of

the

New

Investment

Advisory

Agreements

is

in

the

best

interests

of

the

shareholders.

For

each

Fund,

the

Board

noted

that

they

had

concluded

in

their

considerations

of

the

initial

approval

of

each

Fund's

advisory

agreement

at

the

Fund's

initial

contract

approval

Board

meeting

that

the

management

fees

and

total

expense

ratios

were

at

reasonable

levels

in

light

of

the

quality

of

services

provided

to

the

Fund

and

in

comparison

to

those

of

the

Fund's

respective

peer

groups;

that

the

advisory

fee

schedule

would

not

be

increased

and

would

stay

the

same

for

each

Fund;

that

the

total

expense

ratio

had

not

changed

materially

since

that

determination;

and

that

DMC

had

represented

that

the

overall

expenses

for

each

Fund

were

not

expected

to

be

adversely

affected

by

the

Transaction.

On

that

basis,

the

Board

concluded

that

each

of

the

total

expense

ratio

and

proposed

advisory

fee

for

the

Funds

anticipated

to

result

from

the

Transaction

was

reasonable.

In

reaching

its

determination

regarding

the

approval

of

the

Proposed

Advisory

Agreements,

the

Board,

including

all

of

the

Independent

Trustees,

considered

the

factors,

conclusions

and

information

they

believed

relevant

in

the

exercise

of

their

reasonable

judgment,

including,

but

not

limited

to,

the

factors,

conclusions

and

information

discussed

above.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Global

Listed

Infrastructure

ETF

Further,

in

their

deliberations,

the

Board

members

did

not

identify

any

particular

factor

(or

conclusion

with

respect

thereto)

or

information

that

was

all

important

or

controlling,

and

each

Board

member

may

have

attributed

different

weights

to

the

various

factors

(and

conclusions

with

respect

thereto)

and

information.

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
At

a

meeting

held

on

October

15,

2025

(the

"Contract

Renewal

Meeting"),

the

Board

of

Trustees

(the

"Board"),

including

a

majority

of

Trustees

who

are

not

"interested

persons"

as

defined

under

the

Investment

Company

Act

of

1940

(the

"Independent

Trustees"),

approved

the

annual

renewal

of

the

Investment

Management

Agreement

with

Delaware

Management

Company

("DMC"

or

the

"Adviser")

on

behalf

of

the

below

series

of

the

Trust

(each,

a

"Fund"

and

together,

the

"Funds")

and

the

Sub-Advisory

Agreement

with

Macquarie

Investment

Management

Global

Limited

("MIMGL")

on

behalf

of

the

below

series

of

the

Trust

(each,

a

"Sub-Advised

Fund"

and

together,

the

"Sub-Advised

Funds"):

Prior

to

the

Contract

Renewal

Meeting,

the

Independent

Trustees

were

assisted

in

their

evaluation

of

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement

by

independent

legal

counsel,

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

In

providing

information

to

the

Board,

DMC

was

guided

by

a

detailed

set

of

requests

for

information

submitted

to

them

by

independent

legal

counsel

on

behalf

of

the

Independent

Trustees

prior

to

the

Contract

Renewal

Meeting.

Prior

to

the

Contract

Renewal

Meeting,

and

in

response

to

the

requests,

the

Board

received

and

reviewed

materials

specifically

relating

to

the

renewal

of

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement.

The

Board

also

considered

presentations

made

by,

information

provided

by

and

discussions

held

with,

representatives

of

DMC

at

the

Contract

Renewal

Meeting

and

at

prior

Board

meetings.

At

#### Investment

#### Management

#### Agreement

#### Sub-Advisory

#### Agreement
Macquarie

Global

Listed

Infrastructure

ETF

Macquarie

Global

Listed

Infrastructure

ETF

Macquarie

Energy

Transition

ETF

Macquarie

Energy

Transition

ETF

Macquarie

Focused

Large

Growth

ETF

Macquarie

Focused

Large

Growth

ETF

Macquarie

Focused

SMID

Cap

Core

ETF

Macquarie

Focused

SMID

Cap

Core

ETF

Macquarie

Focused

International

Core

ETF

Macquarie

Focused

International

Core

ETF

Macquarie

Focused

Emerging

Markets

Equity

ETF

Macquarie

Focused

Emerging

Markets

Equity

ETF

Macquarie

National

High-Yield

Municipal

Bond

ETF

.

Macquarie

Tax-Free

USA

Short

Term

ETF

.

Macquarie

Tax-Free

USA

Intermediate

ETF

.

Macquarie

Tax-Free

USA

ETF

.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

these

meetings,

representatives

of

DMC

furnished

reports

and

other

information

to

the

Board,

and

engaged

in

discussions

with

the

Board,

regarding,

among

other

things,

the

performance

of

the

Funds,

the

services

provided

to

the

Funds

by

the

Adviser

and

MIMGL

(as

applicable),

the

Funds'

distribution

arrangements,

and

compliance,

risk

management

and

operational

matters

related

to

the

Funds,

the

Adviser

and

MIMGL.

The

Board

also

received

information

comparing

the

advisory

fees

and

expenses

of

each

Fund

to

those

from

a

peer

group

of

funds

comparable

to

each

Fund.

The

Board's

decision

to

approve

the

renewal

of

the

Investment

Management

Agreement

and

Sub-Advisory

Agreement

was

based

on

a

comprehensive

consideration

of

all

information

provided

to

the

Board

throughout

the

year

and

specifically

in

connection

with

the

Contract

Renewal

Meeting,

as

well

as

the

knowledge

gained

over

time

through

previous

interactions

with

DMC

and

management.

In

considering

and

approving

the

renewal

of

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement,

the

Trustees

considered

the

information

they

believed

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

In

its

deliberations,

the

Board

did

not

identify

any

absence

of

information

as

material

to

its

decision,

or

any

particular

factor

(or

conclusion

with

respect

thereto)

or

single

piece

of

information

that

was

all-important,

controlling

or

determinative

of

its

decision,

but

considered

all

of

the

factors

together,

and

each

Trustee

may

have

attributed

different

weights

to

the

various

factors

(and

conclusions

with

respect

thereto)

and

information.

After

its

deliberations,

the

Board,

including

the

Independent

Trustees,

unanimously

approved

the

continuance

of

the

Investment

Management

Agreement

for

the

Funds

and

the

Sub-Advisory

Agreement

for

the

Sub-Advised

Funds

for

an

additional

year.

The

following

summarizes

a

number

of

important,

but

not

necessarily

all,

factors

considered

by

the

Board

in

support

of

its

approval.

(a) *The* 

*nature,* 

*extent* 

*and* 

*quality* 

*of* 

*services* 

*provided* 

*by* 

*the* 

*Adviser* 

*and* 

*MIMGL.*

The

Board

reviewed

the

services

that

the

Adviser

and

MIMGL

provided

to

the

Funds

(as

applicable).

In

connection

with

the

investment

advisory

services

provided,

the

Board

noted

the

responsibilities

of

the

Adviser

as

investment

adviser,

including:

the

overall

responsibility

for

the

general

management

and

investment

of

each

Fund's

securities

portfolio;

responsibility

for

the

investment

performance

and

processes

and

compliance

with

the

Funds'

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

deposit

securities

and

cash

components;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

Fund

shares

conducted

on

a

cash-in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Funds.

To

the

extent

any

such

activities

or

services

are

performed

by

MIMGL,

the

Board

considered

the

Adviser's

oversight

of

such

activities

and

services.

The

Board

considered

the

Adviser's

ability

to

attract

and

retain

qualified

personnel

to

service

the

Funds

and

the

experience

and

skills

of

key

management

and

investment

personnel

of

the

Adviser.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Global

Listed

Infrastructure

ETF

The

Board

also

noted

the

compliance

program

and

compliance

experience

of

the

Adviser

and

MIMGL.

The

Board

considered

the

Adviser's

day-to-day

oversight

of

each

Fund's

compliance

with

applicable

laws

and

regulations,

noting

that

regulatory

and

other

developments

had

over

time

led

to

an

increase

in

the

scope

of

the

Adviser's

oversight

responsibilities

in

this

regard.

The

Board

also

took

into

account

the

Adviser's

oversight

of

the

Funds'

operations

and

the

Funds'

other

service

providers.

The

Board

reviewed

the

Adviser's

and

MIMGL's

experience,

resources,

financial

condition,

and

strengths

in

managing

the

Funds,

including

the

personnel

of

each.

The

Board

also

evaluated

information

about

the

nature

and

extent

of

responsibilities

retained

and

risks

assumed

by

the

Adviser,

including

the

Adviser's

assumption

of

business,

entrepreneurial,

overall

managerial

and

other

risks

by

sponsoring

and

advising

the

Funds.

Based

on

these

considerations,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

Adviser

and

MIMGL

are

capable

of

continuing

to

provide

services

of

the

nature,

extent

and

quality

contemplated

by

the

terms

of

the

Investment

Management

Agreement

and

the

Sub-

Advisory

Agreement.

(b) *Fees* 

*and* 

*expenses*

.

The

Board

compared

both

the

services

rendered

and

the

fees

paid

to

the

Adviser

with

the

fees

that

the

Adviser

receives

pursuant

to

its

other

advisory

agreements,

as

well

as

the

fees

paid

to

other

investment

advisers

with

respect

to

similar

funds.

In

particular,

the

Board

compared

each

Fund's

advisory

fee

and

total

net

expense

ratio

to

other

investment

companies

considered

to

be

in

that

Fund's

Morningstar

category

and

peer

group

of

funds.

To

the

extent

relevant,

the

Board

reviewed

information

provided

by

the

Adviser

about

differences,

including

strategy

implementation

and

the

amount

of

assets

being

managed,

between

a

Fund

and

its

peer

funds.

While

the

Board

recognized

that

comparisons

between

a

Fund

and

its

peer

group

may

be

imprecise,

the

comparative

information

assisted

the

Board

in

evaluating

the

reasonableness

of

the

Funds'

advisory

fees

and

total

net

expenses.

The

Board

took

into

account

that

MIMGL

does

not

receive

a

separate

fee

for

its

services

as

sub-adviser

to

the

Sub-Advised

Funds.

After

comparing

each

Fund's

fees

and

total

expense

ratios

with

those

of

other

funds

in

each

Fund's

peer

group,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

MIMGL,

as

applicable,

and

the

costs

they

incur

in

rendering

those

services,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

level

of

fees

paid

to

the

Adviser

with

respect

to

each

Fund

was

fair

and

reasonable

in

light

of

the

nature,

extent

and

quality

of

the

services

provided

by

the

Adviser

and

MIMGL,

as

applicable.

(c) *Profitability* 

*and* 

*Fall* 

*out* 

*Benefits.*

The

Board

reviewed

the

costs

of

services

provided

by

and

the

profits

realized

by

the

Adviser

from

its

relationship

with

the

Macquarie

Global

Listed

Infrastructure

ETF,

Macquarie

Energy

Transition

ETF

and

Macquarie

Tax-Free

USA

Short

Term

ETF,

including

operational

costs

and

both

direct

benefits

and

indirect

benefits

accruing

to

the

Adviser

and

its

affiliates.

The

Trustees

noted

that

each

of

these

three

Funds

had

completed

at

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

least

one

year

of

investment

operations

as

of

the

fiscal

year

ended

March

31,

2025. The

Trustees

considered

how

the

Adviser's

profitability

was

affected

by

factors

such

as

its

organizational

structure

and

method

for

allocating

expenses.

The

Board

also

considered

that

the

Adviser

had

entered

into

unitary

fee

arrangements

with

the

Funds

under

which

the

Adviser

reimbursed

the

Funds

for

expenses

over

the

applicable

unitary

fee

rate.

With

respect

to

the

Funds

with

less

than

one

year

of

operations

as

of

the

fiscal

year

ended

March

31,

2025,

the

Board

did

not

consider

the

profitability

of

the

Adviser

to

be

a

material

factor

in

their

determination,

but

did

take

into

account

prior

profitability

estimates

provided

by

the

Adviser

to

the

Board

in

connection

with

the

launch

of

the

Funds.

The

Board

further

noted

that,

with

respect

to

the

Funds

with

shorter

operational

histories,

profitability

reports

with

respect

to

such

Funds

would

be

considered

during

subsequent

renewals

of

the

Investment

Management

Agreement.

The

Board

also

considered

that

the

Adviser

and

its

affiliates

may

experience

reputational

"fall-out"

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

Based

on

these

considerations,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

Adviser's

profitability

from

its

relationship

with

each

of

the

Funds,

if

any,

after

taking

into

account

a

reasonable

allocation

of

costs,

was

not

unreasonable.

(d) *Economies* 

*of* 

*scale.*

The

Board

considered

whether

the

Adviser

would

realize

economies

of

scale

with

respect

to

its

management

of

each

Fund

as

each

Fund

grew

and

whether

fee

levels

reflected

these

economies.

The

Trustees

considered

the

Adviser's

views

relating

to

economies

of

scale

in

connection

with

the

Funds

and

the

extent

to

which

the

benefits

of

any

such

economies

of

scale

are

shared

with

the

Funds

and

Fund

shareholders.

The

Trustees

recognized

that

economies

of

scale

are

difficult

to

identify

and

quantify

and

are

rarely

identifiable

on

a

fund-by-fund

basis.

Based

on

this

evaluation,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

advisory

fees

were

reasonable

in

light

of

the

information

that

was

provided

to

the

Trustees

by

the

Adviser

with

respect

to

economies

of

scale.

The

Board

noted

that

it

would

revisit

whether

economies

of

scale

exist

in

the

future

during

subsequent

renewals

of

the

Investment

Management

Agreement

and

once

a

Fund

achieved

sufficient

scale.

(e) *Investment* 

*Performance* 

*of* 

*the* 

*Funds* 

*and* 

*the* 

*Adviser.*

The

Board

considered

the

overall

investment

performance

of

the

Adviser

and

the

Funds

since

each

Fund's

commencement

date.

In

its

evaluation

of

investment

performance

of

a

Fund,

the

Board

took

into

account

such

Fund's

short

performance

period,

weighing

the

fact

that

the

Macquarie

Global

Listed

Infrastructure

ETF,

the

Macquarie

Energy

Transition

ETF,

and

the

Macquarie

Tax-Free

USA

Short

Term

ETF

commenced

operations

on

November

28,

2023,

the

Macquarie

Focused

Large

Growth

ETF

commenced

operations

on

May

14,

2024,

the

Macquarie

Focused

Emerging

Markets

Equity

ETF

commenced

operations

on

September

4,

2024,

the

Macquarie

National

High-Yield

Municipal

Bond

ETF

commenced

operations

on

March

5,

2025

and

the

Macquarie

Focused

International

Core

ETF

commenced

operations

on

June

18,

2025. The

Macquarie

Tax-Free

USA

Intermediate

ETF,

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Global

Listed

Infrastructure

ETF

Macquarie

Tax-Free

USA

ETF

and

Macquarie

Focused

SMID

Core

ETF

were

not

active

prior

to

the

time

of

the

Meeting.

As

a

result,

the

Board

did

not

consider

the

investment

performance

of

the

Macquarie

Tax-Free

USA

Intermediate

ETF,

Macquarie

Tax-Free

USA

ETF

and

Macquarie

Focused

SMID

Core

ETF

at

the

Meeting.

The

Board

considered

performance

reports

and

discussions

with

portfolio

managers

at

Board

meetings

throughout

the

year

for

the

Funds

that

were

active

during

the

time

period.

These

performance

reports

showed

a

Fund's

absolute

investment

performance

and

investment

performance

compared

to

a

broad

based

benchmark

index,

a

more

narrowly

tailored

index

selected

by

the

Adviser

as

being

representative

of

a

Fund's

investment

strategy

and

Morningstar

Category

peer

funds

identified

by

the

Adviser

as

being

similar

to

the

Fund.

They

further

considered

the

Adviser's

explanation

of

the

relevance

of

the

selected

peer

group

to

each

Fund.

Investment

performance

for

each

Fund,

as

of

June

30,

2025,

was

shown

for

the

past

1-year

period

and

since

inception

or,

if

shorter,

only

since

inception,

compared

to

that

of

the

peer

group

and

benchmarks.

The

Board

noted

that,

while

it

found

the

comparative

peer

data

generally

useful,

it

recognized

the

data's

limitations,

including

in

particular

that

the

data

may

vary

depending

on

the

end

date

selected

and

that

the

results

of

the

performance

comparisons

vary

depending

on

the

funds

in

the

peer

group.

The

Board

also

considered

that

it

received

detailed

information

on

the

performance

of

each

active

Fund

from

the

Adviser

in

connection

with

each

of

its

regular

quarterly

meetings

throughout

the

year.

At

these

meetings,

the

Adviser

reviewed

with

the

Board

factors

contributing

to

Fund

performance

and

the

Adviser's

evaluation

of

such

performance

in

light

of

the

Funds'

design

objectives.

Representatives

from

the

Adviser

provided

information

regarding

and

led

discussions

of

factors

impacting

the

performance

of

the

Funds,

outlining

current

market

conditions

and

explaining

their

expectations

and

strategies

for

the

future.

The

Board

evaluated

the

explanations

for

any

relative

underperformance

of

a

Fund

during

the

relevant

periods,

as

well

as

to

investment

decisions

and

global

economic

and

other

factors

that

affected

the

Fund's

investment

performance

and

whether

each

Fund

had

performed

as

expected

over

time,

as

well

as

any

plans

to

address

underperformance,

if

applicable.

The

Board

took

into

account

that

each

Fund

was

being

managed

in

accordance

with

its

investment

objective

and

strategies.

Based

on

this

information,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

investment

results

that

the

Adviser

and

MIMGL,

as

applicable,

had

been

able

to

achieve

for

the

Funds

during

their

relatively

limited

performance

history

were

satisfactory

and

support

renewal

of

the

Investment

Management

Agreement

and

Sub-Advisory

Agreement

for

an

additional

one

year

period.

In

doing

so,

the

Board

reflected

that

the

reports

provided

at

quarterly

Board

meetings

provide

an

opportunity

for

ongoing

oversight

as

the

Funds

mature

and

reach

scale.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant

in

the

exercise

of

its

reasonable

business

judgment,

the

Board

concluded

that

the

advisory

fees

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

and

MIMGL

to

each

Fund,

as

applicable,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

and

MIMGL,

as

applicable,

in

providing

such

services.

As

a

result,

the

Board

concluded

that

the

renewal

of

the

Investment

Management

Agreement

and

Sub-Advisory

Agreement

was

in

the

best

interests

of

each

Fund,

as

applicable.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

This

page

is

not

part

of

the

financial

statements

and

other

information.

AR-BILD-TRST-0526

(5428726) #### Contact

#### information

#### Shareholder

#### assistance

#### by

#### phone
844

469-9911,

weekdays

from

9:00am

to

5:00pm

ET

#### Regular

#### mail
Nomura ETF

Trust

c/o

Foreside

Financial

Services

Three

Canal

Plaza,

Suite

Portland,

ME

04101

Nomura Asset

Management

• 610

Market

Street

• Philadelphia,

PA

19106-2354

#### Nomura

#### Asset

#### Management

#### is

#### part

#### of

#### the

#### Investment

#### Management

#### Division

#### of

#### the

#### Nomura

#### Group,

#### providing

#### integrated

#### public

#### and

#### private

#### market

#### asset

#### management

#### services

#### across

#### equities,

#### fixed

#### income,

#### private

#### credit

#### and

#### multi-asset

#### solutions

#### to

#### intermediary

#### and

#### institutional

#### clients.

#### Nomura

#### Asset

#### Management

#### primarily

#### operates

#### through

#### several

#### distinct

#### investment

#### managers,

#### which

#### includes

#### Nomura

#### Investment

#### Management

#### Business

#### Trust

#### (NIMBT),

#### a

#### Securities

#### and

#### Exchange

#### Commission
(SEC)

#### registered

#### investment

#### adviser.

#### Investment

#### advisory

#### services

#### are

#### provided

#### to

#### the

#### Nomura

#### ETF

#### Trust

#### Funds

#### by

#### Delaware

#### Management

#### Company,

#### a

#### series

#### of

#### NIMBT.
The

Fund

is distributed

by

#### Foreside

#### Financial

#### Services
LLC. Nomura

Energy

Transition

ETF

(Formerly,

Macquarie

Energy

Transition

ETF)

Financial

statements

and

other

information

For

the

year

ended

March

31,

2026

#### Table

#### of

#### contents
Schedule

of

investments

#### 1
Statement

of

assets

and

liabilities

#### 4
Statement

of

operations

#### 5
Statements

of

changes

in

net

assets

#### 6
Financial

highlights

#### 7
Notes

to

financial

statements

#### 9
Report

of

independent

registered

public

accounting

firm

#### 20
Other

Fund

information

#### 21
This

report

and

the

financial

statements

contained

herein

are

submitted

for

the

general

information

of

the

shareholders

of

the

Fund.

This

report

is

not

authorized

for

distribution

to

prospective

investors

in

the

Fund

unless

preceded

or

accompanied

by

an

effective

prospectus.

#### Form

#### N-PORT

#### and

#### proxy

#### voting

#### information
The

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

on

Form

N-PORT.

The

Fund's

Form

N-PORT,

as

well

as

a

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

(if

any)

relating

to

portfolio

securities,

is

available

without

charge

(i) upon

request,

by

calling

844

469-9911;

and

(ii) on

the

SEC's

website

at

sec.gov.

In

addition,

a

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

(if

any)

relating

to

portfolio

securities

and

the

Schedule

of

Investments

included

in

the

Fund's

most

recent

Form

N-PORT

are

available

without

charge

on

the

Fund's

website

at

nomuraassetmanagement.com/etf-literature.

Information

(if

any)

regarding

how

the

Fund

voted

proxies

relating

to

portfolio

securities

during

the

most

recently

disclosed

12-month

period

ended

June

is

available

without

charge

(i) through

the

Fund's

website

at

nomuraassetmanagement.com/etf-literature;

and

(ii) on

the

SEC's

website

at

sec.gov.

#### Schedule

#### of

#### investments
Nomura

Energy

Transition

ETF

March

31,

2026

Number

of

shares

Value

(US

$)

#### Common

#### Stocks

#### —

#### 97

#### .47

#### %
Aluminum

-

.16

%

Alcoa

Corp.

8,754

$

580,653

580,653

Coal

&

Consumable

Fuels

-

.12

%

Cameco

Corp.

2,192

238,073

238,073

Commodity

Chemicals

-

.87

%

Methanex

Corp.

3,530

210,176

210,176

Construction

&

Engineering

-

.14

%

Arcosa,

Inc.

3,329

353,340

353,340

Copper

-

.06

%

ERO

Copper

Corp.

†

21,354

569,041

569,041

Diversified

Metals

&

Mining

-

.05

%

Anglo

American

plc

6,375

268,242

Hudbay

Minerals,

Inc.

27,307

571,816

MP

Materials

Corp.

†

1,821

87,882

Teck

Resources

Ltd.,

Class

B

6,056

313,879

1,241,819

Electric

Utilities

-

.68

%

Constellation

Energy

Corp.

76,235

76,235

Electrical

Components

&

Equipment

-

.37

%

Generac

Holdings,

Inc.

†

1,658

323,857

Nexans

SA

1,259

167,204

491,061

Gold

-

.41

%

Coeur

Mining,

Inc.

†

11,219

210,581

Wheaton

Precious

Metals

Corp.

3,034

397,484

608,065

Heavy

Electrical

Equipment

-

.48

%

GE

Vernova,

Inc.

279,328

279,328

Independent

Power

Producers

&

Energy

Traders

-

.18

%

Vistra

Corp.

885

133,042

133,042

Integrated

Oil

&

Gas

-

.85

%

Shell

plc

ADR

4,657

433,101

433,101

#### Schedule

#### of

#### investments
Nomura

Energy

Transition

ETF

Number

of

shares

Value

(US

$)

#### Common

#### Stocks
(continued)

Oil

&

Gas

Equipment

&

Services

-

.04

%

Baker

Hughes

Co.,

Class

A

5,594

$

341,514

341,514

Oil

&

Gas

Exploration

&

Production

-

.14

%

ARC

Resources

Ltd.

20,772

432,283

Chord

Energy

Corp.

2,187

310,948

ConocoPhillips

3,919

517,308

EOG

Resources,

Inc.

3,073

444,264

EQT

Corp.

6,457

410,923

Expand

Energy

Corp.

3,306

362,933

Permian

Resources

Corp.,

Class

A

16,302

347,559

2,826,218

Oil

&

Gas

Refining

&

Marketing

-

.88

%

HF

Sinclair

Corp.

6,199

386,755

Valero

Energy

Corp.

2,021

499,349

886,104

Precious

Metals

&

Minerals

-

.05

%

Valterra

Platinum

Ltd.

4,210

343,257

343,257

Semiconductors

-

.84

%

First

Solar,

Inc.

†

2,186

431,210

431,210

Specialty

Chemicals

-

.21

%

Johnson

Matthey

plc

5,398

135,537

135,537

Steel

-

.94

%

Metallus,

Inc.

†

12,711

207,698

Steel

Dynamics,

Inc.

3,181

572,580

780,278

#### Total

#### Common

#### Stocks
(cost

$8,043,910)

#### 10,958,052

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Number

of

shares

Value

(US

$)

#### Short-Term

#### Investments

#### —

#### 2

#### .44

#### %
Money

Market

Mutual

Funds

-

.44

%

Invesco

Government

&

Agency

Portfolio

-

Institutional

Class

(seven-day

effective

yield

3.58%)

274,455

$

274,455

#### Total

#### Short-Term

#### Investments
(cost

$274,455)

#### 274,455

#### Total

#### Value

#### of

#### Securities

#### —

#### 99.91%
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost

$8,318,365)

#### 11,232,507

#### Receivables

#### and

#### Other

#### Assets

#### Net

#### of

#### Liabilities

#### —

#### 0.09%

#### 9,630

#### Net

#### Assets

#### Applicable

#### to

#### 279,000

#### Shares

#### Outstanding

#### —

#### 100.00%

#### $

#### 11,242,137
†

Non-income

producing

security.

#### Summary

#### of

#### abbreviations

#### :
ADR

–

American

Depositary

Receipt

#### Statement

#### of

#### assets

#### and

#### liabilities
Nomura

Energy

Transition

ETF

March

31,

2026

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

#### Assets:
Investments

at

value\*

$

11,232,507

Foreign

currency,

at

value\*\*

Dividends

receivable

15,165

Foreign

tax

reclaims

receivable

1,461

Total

Assets

11,249,142

#### Liabilities:
Management

fees

payable

to

affiliates

7,003

Due

to

custodian

Total

Liabilities

7,005

#### Total

#### Net

#### Assets
$

11,242,137

#### Net

#### Assets

#### Consist

#### of:
Paid-in-capital

$

8,211,905

Total

distributable

earnings

(loss)

3,030,232

#### Total

#### Net

#### Assets
$

11,242,137

Shares

outstanding

(unlimited

amount

authorized,

no

par

value)

279,000

Net

asset

value

per

share

$

40.29 \*Investments,

at

cost

$

8,318,365

\*\*Foreign

currency,

at

cost

#### Statement

#### of

#### operations
Nomura

Energy

Transition

ETF

Year

ended

March

31,

2026

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

#### Investment

#### Income:
Dividends

$

141,289

Foreign

tax

withheld

(4,852)

136,437

#### Expenses:
Management

fees

61,713

Total

operating

expenses

61,713

#### Net

#### Investment

#### Income
(Loss)

74,724

#### Net

#### Realized

#### and

#### Unrealized

#### Gain

#### (Loss):
Net

realized

gain

(loss)

on:

Investments

482,199

Investments

in-kind

441,764

Foreign

currencies

(362)

Net

realized

gain

(loss)

923,601

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

2,768,342

Foreign

currencies

Net

change

in

unrealized

appreciation

(depreciation)

2,768,513

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

3,692,114

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations
$

3,766,838

#### Statements

#### of

#### changes

#### in

#### net

#### assets
Nomura

Energy

Transition

ETF

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Year

ended

March

31,

2026

Year

ended

March

31,

2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations:
Net

investment

income

(loss)

$

74,724

$

58,187

Net

realized

gain

(loss)

923,601

(278,783)

Net

change

in

unrealized

appreciation

(depreciation)

2,768,513

(339,991)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

3,766,838

(560,587)

#### Dividends

#### and

#### Distributions

#### to

#### Shareholders

#### from:
Distributable

earnings

(115,400)

(61,846)

(115,400)

(61,846)

#### Capital

#### Share

#### Transactions:

#### 1
Proceeds

from

shares

sold

2,750,642

1,474,543

Cost

of

shares

redeemed

(1,593,871)

–

Increase

in

net

assets

derived

from

capital

share

transactions

1,156,771

1,474,543

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets
4,808,209

852,110

#### Net

#### Assets:
Beginning

of

year

6,433,928

5,581,818

End

of

year

$

11,242,137

$

6,433,928

#### Capital

#### Share

#### Transactions:
Beginning

of

year

254,000

204,000

Shares

sold

in-kind

75,000

50,000

Shares

redeemed

in-kind

(50,000)

–

Shares

outstanding,

end

of

year

279,000

254,000

Capital

share

transactions

may

include

transaction

fees

associated

with

Creation

and

Redemption

transactions

which

occurred

during

the

period.

See

Note

in

"Notes

to

financial

statements."

#### Financial

#### highlights
Nomura

Energy

Transition

ETF

Selected

data

for

each

share

of

the

Fund

outstanding

throughout

each

period

were

as

follows:

Year

ended

March

31,

2026

Year

ended

March

31,

2025

For

the

period

November

28,

2023

to

March

31,

2024

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

.33

$

.36

$

.00

#### Income
(loss)

#### from

#### investment

#### operations:
—

—

—

Net

investment

income

.31

.24

.06

Net

realized

and

unrealized

gain

(loss)

.13

(2

.02)

.34

Total

from

investment

operations

.......

15.44 (1.78)

2.40 #### Less

#### dividends

#### and

#### distributions

#### from:
—

—

—

Net

investment

income

(0

.48)

(0

.25)

(0

.04)

Total

dividends

and

distrib

u

tions

......

(0.48)

(0.25)

(0.04)

#### Net

#### asset

#### value,

#### end

#### of

#### period

#### .........
$

40.29 $

25.33 $

27.36 #### Total

#### return

#### 3
......

61.51%

(6.57%)

9.61%

#### Ratios

#### and

#### supplemental

#### data:
$11,242

$6,434

$5,582

Net

assets,

end

of

period

(000

omitted)

$

11,242

$

6,434

$

5,582

Ratio

of

expenses

to

average

net

assets

0.79%

0.79%

0.79%

Ratio

of

net

investment

income

to

average

net

assets

.......

0.96%

0.86%

0.69%

Portfolio

turnover

...

31%

55%

15%

#### Financial

#### highlights
Nomura

Energy

Transition

ETF

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Date

of

commencement

of

operations.

Ratios

have

been

annualized;

total

return

and

portfolio

turnover

have

not

been

annualized.

Calculated

using

average

shares

outstanding.

Total

return

is

based

on

the

change

in

net

asset

value

of

a

share

during

the

period

and

assumes

reinvestment

of

dividends

and

distributions

at

net

asset

value.

Expense

ratios

do

not

include

expenses

of

any

investment

companies

in

which

the

Fund

invests.

Excludes

the

value

of

portfolio

securities

received

or

delivered

as

a

result

of

in-kind

purchases

or

redemptions

of

the

Fund's

capital

shares.

#### Notes

#### to

#### financial

#### statements
Nomura

Energy

Transition

ETF

March

31,

2026

Nomura ETF

Trust

(Trust)

is

organized

as

a

Delaware

statutory

trust

effective

February

22,

2023

and

is

an

open-end

management

investment

company

registered

with

the

U.S.

Securities

and

Exchange

Commission.

As

of

the

date

of

this

report,

the

Trust

offers

nine series.

These

financial

statements

and

the

related

notes

pertain

to

Nomura

Energy

Transition

ETF (formerly,

Macquarie

Energy

Transition

ETF

through

November

30,

2025)

(Fund).

The

Fund

is

considered

diversified

under

the

Investment

Company

Act

of

1940,

as

amended

(1940

Act).

1. #### Significant

#### Accounting

#### Policies
The

Fund

follows

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

—

Investment

Companies.

The

following

accounting

policies

are

in

accordance

with

US

generally

accepted

accounting

principles

(US

GAAP)

and

are

consistently

followed

by

the

Fund.

#### Security

#### Valuation
—

Equity

securities,

except

those

traded

on

the

Nasdaq

Stock

Market

LLC

(Nasdaq),

are

valued

at

the

last

quoted

sales

price

as

of

the

time

of

the

regular

close

of

the

New

York

Stock

Exchange

(NYSE) on

the

valuation

date.

Equity

securities

traded

on

the

Nasdaq

are

valued

in

accordance

with

the

Nasdaq

Official

Closing

Price,

which

may

not

be

the

last

sales

price.

If,

on

a

particular

day,

an

equity

security

does

not

trade,

the

mean

between

the

bid

and

the

ask

prices

will

be

used,

which

approximates

fair

value.

Equity

securities

listed

on

a

foreign

exchange

are

normally

valued

at

the

last

quoted

sales

price

on

the

valuation

date.

Open-end

investment

companies

are

valued

at

their

published

net

asset

value

(NAV). Investments

for

which

market

quotations

are

not

readily

available

are

valued

at

fair

value

as

determined

in

good

faith

pursuant

to

Rule

2a-

under

the

1940

Act

(Rule

2a-5).

As

a

general

principle,

the

fair

value

of

a

security

or

other

asset

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Pursuant

to

Rule

2a-5,

the

Board

of

Trustees

(Board)

has

designated

Delaware

Management

Company

(DMC

or

the

Manager)

as

part

of

its

duties

as

the

Fund's

valuation

designee

(Valuation

Designee)

to

perform

the

fair

value

determination

relating

to

all

applicable

Fund

investments.

DMC

has

established

a

pricing

committee

(Pricing

Committee)

to

assist

with

its

designated

responsibilities

as

Valuation

Designee,

and

DMC

may

carry

out

its

designated

responsibilities

as

Valuation

Designee

through

the

Pricing

Committee

and

other

teams

and

committees,

which

operate

under

policies

and

procedures

approved

by

the

Board

and

subject

to

the

Board's

oversight. Fair

value

pricing

may

be

used

more

frequently

for

securities

traded

primarily

in

non-US

markets.

If

a

foreign

(non-US)

equity

security's

value

has

materially

changed

after

the

close

of

the

security's

primary

exchange

or

principal

market

but

before

the

close

of

the

NYSE,

the

security

may

be

valued

at

fair

value.

With

respect

to

foreign

(non-US)

equity

securities,

the

Fund

may

determine

the

fair

value

of

investments

based

on

information

provided

by

the

Valuation

Designee,

which

may

recommend

fair

value

as

determined

in

good

faith

pursuant

to

Rule

2a-5.

In

considering

whether

fair

valuation

is

required

and

in

determining

fair

values,

the

Valuation

Designee

may,

among

other

things,

consider

significant

events

(which

may

be

considered

to

include

changes

in

the

value

of

US

securities

or

#### Notes

#### to

#### financial

#### statements
Nomura

Energy

Transition

ETF

securities

indexes)

that

occur

after

the

close

of

the

relevant

market

and

before

the

close

of

the

NYSE.

The

Valuation

Designee

may

utilize

modeling

tools

provided

by

third-party

vendors

to

determine

fair

values

of

non-US

securities.

#### Federal

#### Income

#### Taxes
—

No

provision

for

federal

income

taxes

has

been

made

as the

Fund

intends

to

continue

to

qualify

for

federal

income

tax

purposes

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended,

and

make

the

requisite

distributions

to

shareholders.

The

Fund

evaluates

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

the

Fund's

tax

returns

to

determine

whether

the

tax

positions

are

"more-

likely-than-not"

of

being

sustained

by

the

applicable

tax

authority.

Tax

positions

not

deemed

to

meet

the

"more-likely-than-not"

threshold

are

recorded

as

a

tax

benefit

or

expense

in

the

current

period.

Management

has

analyzed the

Fund's

tax

positions

taken

or

expected

to

be

taken

on the

Fund's

federal

income

tax

returns

through

the year ended March

31,

2026

and

for all

open

tax

years (years

ended

March

31,

2024–March

31,

2025),

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund's

financial

statements.

If

applicable,

the

Fund

recognizes

interest

and

tax

penalties

on

unrecognized

tax

benefits

in

"Interest

and

tax

penalties"

on

the "Statement

of

operations."

During

the

year ended March

31,

2026,

the

Fund

did

not

incur

any

interest

or

tax

penalties.

#### Foreign

#### Currency

#### Transactions
—

Transactions

denominated

in

foreign

currencies

are

recorded

at

the

prevailing

exchange

rates

on

the

valuation

date.

The

value

of

all

assets

and

liabilities

denominated

in

foreign

currencies

is

translated

daily

into

US

dollars

at

the

exchange

rate

of

such

currencies

against

the

US

dollar.

Transaction

gains

or

losses

resulting

from

changes

in

exchange

rates

during

the

reporting

period

or

upon

settlement

of

the

foreign

currency

transaction

are

reported

in

operations

for

the

current

period.

The

Fund

generally

does

not

bifurcate

that

portion

of

realized

gains

and

losses

on

investments

which

is

due

to

changes

in

foreign

exchange

rates

from

that

which

is

due

to

changes

in

market

prices.

These

realized

gains

and

losses

are

included

on

the

"Statement

of

operations"

under

"Net

realized

gain

(loss)

on

investments."

The

Fund

reports

certain

foreign

currency

related

transactions

as

components

of

realized

gains

(losses)

for

financial

reporting

purposes,

whereas

such

components

are

treated

as

ordinary

income

(loss)

for

federal

income

tax

purposes.

#### In-Kind

#### Redemptions
—

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Fund.

Because

such

gains

or

losses

are

not

taxable

to

the

Fund

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Fund's

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

NAV

per

share.

#### Use

#### of

#### Estimates
—

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

fair

value

of

investments,

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

1. #### Significant

#### Accounting

#### Policies
(continued)

the

date

of

the

financial

statements,

and

the

reported

amounts

of

revenues

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates

and

the

differences

could

be

material.

#### Other
—

Security

transactions

are

recorded

on

the

date

the

securities

are

purchased

or

sold

(trade

date)

for

financial

reporting

purposes.

Costs

used

in

calculating

realized

gains

and

losses

on

the

sale

of

investment

securities

are

those

of

the

specific

securities

sold.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Foreign

dividends

are

also

recorded

on

the

ex-dividend

date

or

as

soon

after

the

ex-dividend

date

that

the

Fund

is

aware

of

such

dividends,

net

of

all

tax

withholdings,

a

portion

of

which

may

be

reclaimable.

Withholding

taxes

and

reclaims

on

foreign

dividends

have

been

recorded

in

accordance

with

the

Fund's

understanding

of

the

applicable

country's

tax

rules

and

rates.

The

Fund

files

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Fund

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction's

applicable

laws,

payment

history

and

market

convention.

The

"Statement

of

operations"

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes. Income

and

capital

gain

distributions

from

any

investment

companies

(Underlying

Funds)

in

which

the

Fund

invests

are

recorded

on

the

ex-dividend

date.

The

Fund

declares

and

pays

dividends

from

net

investment

income

quarterly

and

distributions

from

net

realized

gain

on

investments,

if

any,

at

least

annually.

The

Fund

may

distribute

more

frequently,

if

necessary

for

tax

purposes.

Dividends

and

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

#### Segment Reporting
—

In

November

2023,

FASB

issued

Accounting

Standards

Update

2023-

07,

Segment

Reporting

(Topic

280):

Improvements

to

Reportable

Segment

Disclosures,

with

the

intent

of

improving

reportable

segment

disclosure

requirements,

primarily

through

enhanced

disclosures

about

significant

segment

expenses,

allowing

financial

statement

users

to

better

understand

the

components

of

a

segment's

profit

or

loss

and

assess

potential

future

cash

flows

for

each

reportable

segment

and

the

entity

as

a

whole

thereby

enabling

better

understanding

of

how

an

entity's

segments

impact

overall

performance.

The

Fund's

Chief

Executive

Officer

and

Chief

Financial

Officer

act

as

the

Fund's

chief

operating

decision

maker

(CODM),

assessing

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

the

Fund

has

a

single

operating segment

since

the

Fund

has

a

single

investment

strategy

disclosed

in

the

prospectus

against

which

the

CODM

assesses

performance.

When

assessing

segment

performance

and

making

decisions

about

segment

resources,

the

CODM

relies

on

the

Fund's

portfolio

composition,

total

returns,

expense

ratios

and

changes

in

net

assets

which

are

consistent

with

the

information

contained

in

the

Fund's

financial

statements.

#### Recent

#### Accounting

#### Standard
—

The

Fund

adopted

FASB

Accounting

Standards

Update

(ASU),

ASU

2023-09,

Income

Taxes

(Topic

740)

—

Improvements

to

Income

Taxes

Disclosures

as

of

March

31,

2026. ASU

2023-09

requires

public

business

entities,

on

an

annual

basis,

to

provide

disclosure

of

specific

categories

in

the

rate

reconciliation,

as

well

as

disclosure

of

income

taxes

1. #### Significant

#### Accounting

#### Policies
(continued)

#### Notes

#### to

#### financial

#### statements
Nomura

Energy

Transition

ETF

paid

disaggregated

by

jurisdiction.

During

the

year

ended

March

31,

2026,

the

Fund

did

not

pay

a

material

amount

of

foreign

or

US

federal,

state

or

local

income

taxes

and

therefore

did

not

include

any

additional

disclosures

in

these

financial

statements.

2. #### Investment

#### Management,

#### Administration

#### Agreements,

#### and

#### Other

#### Transactions

#### with

#### Affiliates
In

accordance

with

the

terms

of

its

investment

management

agreement,

the

Fund

pays

DMC,

a

series

of Nomura

Investment

Management Business

Trust

(NIMBT)

and

the

investment

manager,

an

annual

unitary

management fee

which

is

calculated

daily

and

paid

monthly

at

the

rate

of

0.79%

on

the

Fund's

average

daily

net

assets.

Prior

to

December

1,

2025

(Closing

Date),

NIMBT

was

named

Macquarie

Investment

Management

Business

Trust

(MIMBT).

As

of

the

Closing

Date,

Nomura

Holding

America

Inc.

completed

the

acquisition

of

Macquarie

Asset

Management's

US

and

European

public

investments

business.

The

closing

of

this

transaction

resulted

in

the

automatic

termination

of

the

Fund's

investment

advisory

agreement

with

DMC

and

any

sub-advisory

agreement,

as

applicable.

At

a

special

shareholder

meeting

held

on

September

10,

2025,

Fund

shareholders

approved

a

new

investment

advisory

agreement

for

the

Fund.

On

the

Closing

Date,

the

new

investment

advisory

agreement

and

the

Fund's

name

change

to

Nomura

Energy

Transition

ETF

went

effective.

From

the

unitary

management

fee,

DMC

pays

most

of

the

expenses

of

the

Fund,

including

the

cost

of

sub-advisory

fees

to

any

investment

sub-adviser,

if

any, transfer

agency,

custody,

fund

administration,

legal,

audit

and

other

services.

However,

under

the

investment

management

agreement,

DMC

is

not

responsible

for

(i) interest

expenses;

(ii) taxes

(including,

but

not

limited

to,

income,

excise,

transfer

and

withholding

taxes);

(iii) expenses

of

a

Fund

incurred

with

respect

to

the

acquisition

and

disposition

of

portfolio

securities,

instruments

or

other

investments

and

the

execution

of

portfolio

transactions,

including

brokerage

commissions;

(iv) expenses

incurred

in

connection

with

any

distribution

plan

adopted

by

the

Trust

in

compliance

with

Rule

12b-1

under

the

1940

Act,

including

distribution

fees;

(v) litigation

expenses;

(vi) the

investment

advisory

fee

payable

to

the

Manager;

(vii) non-routine

or

extraordinary

expenses

(including,

without

limitation,

the

expense

associated

with

proxy

solicitations

and

fund

reorganizations);

and

(viii) acquired

fund

fees

and

expenses.

Prior

to

the

Closing

Date,

DMC

had

entered

into

a

Sub-Advisory

Agreement

on

behalf

of

the

Fund

with

Macquarie

Investment

Management

Global

Limited,

which

was

an

affiliate

of

DMC

(Prior

Affiliated

Sub-Advisor).

Pursuant

to

the

terms

of

the

Sub-Advisory

Agreement,

the

investment

sub-advisory

fee

was

paid

by

DMC

to

the

Prior

Affiliated

Sub-Advisor

based

on

the

extent

to

which

the

Prior

Affiliated

Sub-Advisor

provided

services

to

the

Fund.

As

of

the

Closing

Date,

the

Prior

Affiliated

Sub-Advisor

no

longer

serves

as

a

sub-advisor

to

the

Fund.

At

March

31,

2026, Nomura

Holding

America,

Inc.

directly

owned

67.74%

of

the

Fund's

shares

outstanding.

1. #### Significant

#### Accounting

#### Policies
(continued)

In

addition

to

the

management

fees

and

other

expenses

of the

Fund, the

Fund

indirectly

bears

the

investment

management

fees

and

other

expenses

of

any

Underlying

Funds,

in

which

it

invests.

The

amount

of

these

fees

and

expenses

incurred

indirectly

by the

Fund

will

vary

based

upon

the

expense

and

fee

levels

of

any

Underlying

Funds

and

the

number

of

shares

that

are

owned

of

any

Underlying

Funds

at

different

times.

3. #### Investments
For

the year

ended

March

31,

2026

,

the

Fund

made

purchases

and

sales

of

investment

securities

other

than

short-term

investments

and

US

government

securities as

follows:

For

the year ended

March

31,

2026,

in-kind

transactions,

which

are

not

included

in

the

table

above, associated

with

purchase

or

redemption

of

Creation

Units

were

as

follows:

The

tax

cost

of

investments

includes

adjustments

to

net

unrealized

appreciation

(depreciation)

which

may

not

necessarily

be

the

final

tax

cost

basis

adjustments

but

which

approximate

the

tax

basis

unrealized

gains

and

losses

that

may

be

realized

and

distributed

to

shareholders.

At

March

31,

2026

,

the

cost

and

unrealized

appreciation

(depreciation)

of

investments

for

federal

income

tax

purposes

for

the

Fund

were

as

follows:

US

GAAP

defines

fair

value

as

the

price

that

the

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

under

current

market

conditions.

A

three-level

hierarchy

for

fair

value

measurements

has

been

established

based

upon

the

transparency

of

inputs

to

the

valuation

of

an

asset

or

liability.

Inputs

may

be

observable

or

unobservable

and

refer

broadly

to

the

assumptions

that

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

the

reporting

entity's

own

assumptions

about

the

assumptions

that

market

participants

would

use

in

pricing

the

asset

or

Purchases

$

2,415,359

Sales

2,418,972

Purchases

$

2,419,673

Sales

1,535,659

Cost

of

investments

$

8,323,612

Aggregate

unrealized

appreciation

of

investments

$

2,965,052

Aggregate

unrealized

depreciation

of

investments

(56,157)

Net

unrealized

appreciation

of

investments

$

2,908,895

2. #### Investment

#### Management,

#### Administration

#### Agreements,

#### and

#### Other

#### Transactions

#### with

#### Affiliates
(continued)

#### Notes

#### to

#### financial

#### statements
Nomura

Energy

Transition

ETF

liability

based

on

the

best

information

available

under

the

circumstances.

The

Fund's

investment

in

its

entirety

is

assigned

a

level

based

upon

the

observability

of

the

inputs

which

are

significant

to

the

overall

valuation.

The

three-level

hierarchy

of

inputs

is

summarized

as

follows:

Level

—

Inputs

are

quoted

prices

in

active

markets

for

identical

investments.

(Examples:

equity

securities,

open-end

investment

companies,

futures

contracts,

and

exchange-traded

options

contracts)

Level

2 —

Other

observable

inputs,

including,

but

not

limited

to:

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

and

default

rates)

or

other

market-corroborated

inputs.

(Examples:

debt

securities,

government

securities,

swap

contracts,

forward

foreign currency

exchange

contracts,

foreign

securities

utilizing

international

fair

value

pricing,

broker-quoted

securities,

and

fair

valued

securities)

Level

3 — Significant

unobservable

inputs,

including

the

Fund's

own

assumptions

used

to

determine

the

fair

value

of

investments.

(Examples:

broker-quoted

securities

and

fair

valued

securities)

Level

investments

are

valued

using

significant

unobservable

inputs.

The

Fund

may

also

use

an

income-based

valuation

approach

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Valuations

may

also

be

based

upon

current

market

prices

of

securities

that

are

comparable

in

coupon,

rating,

maturity,

and

industry.

The

derived

value

of

a

Level

investment

may

not

represent

the

value

which

is

received

upon

disposition

and

this

could

impact

the

results

of

operations.

The

following

table

summarizes

the

valuation

of

the

Fund's

investments

by

fair

value

hierarchy

levels

as

of

March

31,

2026

:

Level

Level

Level

Total

Securities

Assets:

Common

Stocks

$

10,958,052

$

–

$

–

$

10,958,052

Short-Term

Investments

274,455

–

–

274,455

Total

Value

of

Securities

$

11,232,507

$

–

$

–

$

11,232,507

3. #### Investments
(continued)

During

the year ended

March

31,

2026

,

there

were

no

transfers

into

or

out

of

Level

investments.

The

Fund's

policy

is

to

recognize

transfers

into

or

out

of

Level

investments

based

on

fair

value

at

the

beginning

of

the

reporting

year.

A

reconciliation

of

Level

investments

is

presented

when

the

Fund

has

a

significant

amount

of

Level

investments

at

the

beginning

or

end

of

the

year

in

relation

to

the

Fund's

net

assets.

As

of

March

31,

2026

,

there

were

no

Level

investments.

4. #### Dividend

#### and

#### Distribution

#### Information
Income

and

long-term

capital

gain

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

US

GAAP. Additionally,

distributions

from

net

gains

on

foreign

currency

transactions

and

net

short-term

gains

on

sales

of

investment

securities

are

treated

as

ordinary

income

for

federal

income

tax

purposes.

The

tax

character

of

dividends

and

distributions

paid

during

the years

ended

March

31,

2026

and

2025

were

as

follows:

5. #### Components

#### of

#### Net

#### Assets

#### on

#### a

#### Tax

#### Basis
As

of

March

31,

2026,

the

components

of

net

assets

on

a

tax

basis

were

as

follows:

Differences

between

components

of

net

assets

unrealized

and

tax

cost

unrealized

may

arise

due

to

unrealized

appreciation/depreciation

on

foreign

currencies.

The

differences

between

book

basis

and

tax

basis

components

of

net

assets

are

primarily

attributable

to

tax

deferral

of

losses

on

wash

sales.

Year

ended

3/31/26

Year

ended

3/31/25

Ordinary

income

$

115,400

$

61,846

Shares

of

beneficial

interest

$

8,211,905

Undistributed

ordinary

income

981

Undistributed

capital

gains

120,191

Unrealized

appreciation

(depreciation)

of

investments

and

foreign

currencies

2,909,060

Net

assets

$

11,242,137

3. #### Investments
(continued)

#### Notes

#### to

#### financial

#### statements
Nomura

Energy

Transition

ETF

For

financial

reporting

purposes,

capital

accounts

are

adjusted

to

reflect

the

tax

character

of

permanent

book/tax

differences.

Results

of

operations

and

net

assets

were

not

affected

by

these

reclassifications.

Reclassifications

are

primarily

due

to

tax

treatment

of

earnings

and

profits

distributed

to

shareholders

on

the

redemption

of

shares.

For

the

year

ended

March

31,

2026,

the

Fund

recorded

the

following

reclassifications:

For

federal

income

tax

purposes,

capital

loss

carryforwards

may

be

carried

forward

and

applied

against

future

capital

gains.

At March

31,

2026,

the

Fund

has

capital

loss

carryforwards

utilized

in

the

amount

of

$284,423.

6. #### Issuance

#### and

#### Redemption

#### of

#### Fund

#### Shares
The

Fund

is

an

exchange-traded

fund

or

ETF.

Individual

Fund

shares

may

only

be

purchased

and

sold

on

a

national

securities

exchange

through

a

broker-dealer

and

investors

may

pay

a

commission

to

such

broker-dealers

in

connection

with

their

purchase

or

sale.

The

price

of

Fund

shares

is

based

on

market

price,

and

because

ETF

shares

trade

at

market

prices

rather

than

NAV,

shares

may

trade

at

a

price

greater

than

NAV

(a

premium)

or

less

than

NAV

(a

discount).

The

Fund

will

only

issue

or

redeem

shares

aggregated

into

blocks

of

25,000 shares

or

multiples

thereof

("Creation

Units") to

Authorized

Participants

who

have

entered

into

agreements

with

the

Fund's

Distributor.

An

Authorized

Participant

is

either

(1) a

"Participating

Party,"

(i.e.,

a

broker-

dealer

or

other

participant

in

the

clearing

process

of

the

Continuous

Net

Settlement

System

of

the

National

Securities

Clearing

Corporation)

("Clearing

Process"),

or

(2) a

participant

of

Depository

Trust

Company

("DTC

Participant"),

and,

in

each

case,

must

have

executed

an

agreement

("Participation

Agreement")

with

the

Distributor

with

respect

to

creations

and

redemptions

of

Creation

Units.

The

Fund

will

issue

or

redeem

Creation

Units

in

return

for

a

basket

of

assets

that

the

Fund

specifies

each

day.

Shares

are

listed

on

the

NYSE

Arca,

Inc.

(the

"Exchange") and

are

publicly

traded.

If

an

investor

buys

or

sells

Fund

shares

on

the

secondary

market,

the

investor

will

pay

or

receive

the

market

price,

which

may

be

higher

or

lower

than

NAV.

The

investor's

transaction

will

be

priced

at

NAV

if

the

investor

purchases

or

redeems

Fund

shares

in

Creation

Units.

Authorized

Participants

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

the

Fund's

Administrator

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Additionally,

a

portion

of

the

transaction

fee

is

used

to

offset

transactional

costs

typically

accrued

in

the

Fund's

custody

expenses

directly

related

to

the

issuance

and

redemption

of

Creation

Units.

An

additional

variable

fee

may

be

charged

for

certain

transactions.

Paid-in

capital

$

480,591

Total

distributable

earnings

(loss)

(480,591)

5. #### Components

#### of

#### Net

#### Assets

#### on

#### a

#### Tax

#### Basis
(continued)

Such

fees

would

be

included

in

the

receivable

for

capital

shares

sold

on

the

"Statement

of

assets

and

liabilities"

if

they

are

outstanding

as

of period-end.

Transaction

fees

assessed

during

the

period

are

included

in

the

proceeds

from

shares

sold

on

the

"Statements

of

changes

in

net

assets."

7. #### Certain

#### Principal

#### Risks

#### of

#### the

#### Fund
Sustainability

risk

—

Investing

with

a

focus

on

companies

that

exhibit

a

commitment

to

sustainable

practices

may

result

in

the

Fund

investing

in

certain

types

of

companies,

industries

or

sectors

that

the

market

may

not

favor.

The

securities

of

such

companies

may

underperform

the

stock

market

as

a

whole

and

the

criteria

used

to

select

companies

for

investment

may

result

in

the

Fund

investing

in

securities

that

underperform

securities

of

companies

that

do

not

exhibit

such

a

commitment

to

sustainability.

Energy

sector

risk

—

Companies

engaged

in

the

transportation,

storage,

processing,

refining,

marketing,

exploration,

production,

and

mining

of

minerals

and

natural

resources

are

subject

to

many

risks

that

can

negatively

impact

the

revenues

and

viability

of

companies

in

this

sector.

These

risks

include,

but

are

not

limited

to,

commodity

price

volatility

risk,

supply

and

demand

risk,

reserve

and

depletion

risk,

operations

risk,

regulatory

risk,

environmental

risk,

terrorism

risk

and

the

risk

of

natural

disasters.

For

example,

the

price

of

energy

securities

may

fluctuate

due

to

real

and

perceived

inflationary

trends

and

the

(often

rapid)

changes

in

supply

of,

or

demand

for,

various

natural

resources;

both

domestic

and

international

political

and

economic

developments;

the

cost

required

to

comply

with

environmental

safety

regulations;

changes

in

methods

for

conserving

energy;

environmental

incidents;

and

the

uncertain

success

rates

for

exploration

projects.

Materials

sector

risk

—

Companies

engaged

in

the

production

and

distribution

of

materials

may

be

adversely

affected

by

changes

in

world

events,

political

and

economic

conditions,

energy

conservation,

environmental

policies,

commodity

price

volatility,

changes

in

exchange

rates,

imposition

of

import

controls,

increased

competition,

depletion

of

resources

and

labor

relations.

Industrial

sector

risk

—

The

value

of

securities

issued

by

companies

in

the

industrial

sector

may

be

adversely

affected

by

supply

and

demand

changes

related

to

their

specific

products

or

services

and

industrial

sector

products

in

general.

The

products

of

manufacturing

companies

may

face

obsolescence

due

to

rapid

technological

developments

and

frequent

new

product

introduction.

Global

events,

trade

disputes

and

changes

in

government

regulations,

economic

conditions

and

exchange

rates

may

adversely

affect

the

performance

of

companies

in

the

industrial

sector.

Companies

in

this

sector

may

be

adversely

affected

by

product

liability

claims.

The

sector

may

also

be

adversely

affected

by

changes

or

trends

in

commodity

prices,

which

may

be

influenced

by

unpredictable

factors.

Renewable

energy

sector

risk

—

Securities

of

companies

in

the

renewable

energy

sector

are

subject

to

swift

price

and

supply

fluctuations

caused

by

events

relating

to

international

events,

taxes

and

other

governmental

regulatory

policies.

Weak

demand

for

renewable

energy

products

6. #### Issuance

#### and

#### Redemption

#### of

#### Fund

#### Shares
(continued)

#### Notes

#### to

#### financial

#### statements
Nomura

Energy

Transition

ETF

and

services

in

general

may

adversely

affect

companies

in

this

sector.

Obsolescence

of

existing

technology,

short

product

cycles,

falling

prices,

competition

from

new

market

entrants

and

general

economic

conditions

can

significantly

affect

the

renewable

energy

sector.

Utilities

sector

risk

— Companies

in

the

utilities

sector

are

subject

to

certain

risks,

including

risks

associated

with

government

regulation,

interest

rate

changes,

financing

difficulties,

supply

and

demand

for

services

or

products,

intense

competition,

natural

resource

conservation

and

commodity

price

fluctuations.

ETF

structure

risks

–

The

Fund

is

structured

as

an

ETF

and

as

a

result

is

subject

to

special

risks.

Shares

are

not

individually

redeemable

and

may

be

redeemed

by

the

Fund

at

NAV

only

in

large

blocks

known

as

"Creation

Units."

Trading

in

shares

on

the

Exchange

may

be

halted

due

to

market

conditions

or

for

reasons

that,

in

the

view

of

the

Exchange,

make

trading

in

Shares

inadvisable,

such

as

extraordinary

market

volatility.

There

can

be

no

assurance

that

Shares

will

continue

to

meet

the

listing

requirements

of

the

Exchange.

An

active

trading

market

for

the

Fund's

shares

may

not

be

developed

or

maintained.

If

the

Fund's

shares

are

traded

outside

a

collateralized

settlement

system,

the

number

of

financial

institutions

that

can

act

as

authorized

participants

that

can

post

collateral

on

an

agency

basis

is

limited,

which

may

limit

the

market

for

the

Fund's

shares.

The

market

prices

of

Shares

will

fluctuate

in

response

to

changes

in

NAV

and

supply

and

demand

for

shares

and

will

include

a

"bid-ask

spread"

charged

by

the

exchange

specialists,

market

makers

or

other

participants

that

trade

the

particular

security.

There

may

be

times

when

the

market

price

and

the

NAV

vary

significantly

particularly

during

times

of

market

stress,

with

the

result

that

investors

may

pay

significantly

more

or

significantly

less

for

Fund

shares

than

the

Fund's

NAV,

which

is

reflected

in

the

bid

and

ask

price

for

Fund

shares

or

in

the

closing

price.

If

a

shareholder

purchases

shares

at

a

time

when

the

market

price

is

at

a

premium

to

the

NAV

or

sells

shares

at

a

time

when

the

market

price

is

at

a

discount

to

NAV,

the

shareholder

may

sustain

losses

if

the

shares

are

sold

at

a

price

that

is

less

than

the

price

paid

by

the

shareholder

for

the

shares.

When

all

or

a

portion

of

an

ETFs

underlying

securities

trade

in

a

market

that

is

closed

when

the

market

for

the

Fund's

shares

is

open,

there

may

be

changes

from

the

last

quote

of

the

closed

market

and

the

quote

from

the

Fund's

domestic

trading

day,

which

could

lead

to

differences

between

the

market

value

of

the

Fund's

shares

and

the

Fund's

NAV.

In

stressed

market

conditions,

the

market

for

the

Fund's

shares

may

become

less

liquid

in

response

to

the

deteriorating

liquidity

of

the

Fund's

portfolio.

This

adverse

effect

on

the

liquidity

of

the

Fund's

shares

may,

in

turn,

lead

to

differences

between

the

market

value

of

the

Fund's

shares

and

the

Fund's

NAV.

Risk

is

increased

in

a

concentrated

portfolio

since

it

holds

a

limited

number

of

securities

with

each

investment

having

a

greater

effect

on

the

overall

performance.

7. #### Certain

#### Principal

#### Risks

#### of

#### the

#### Fund
(continued)

8. #### Contractual

#### Obligations
The

Fund

enters

into

contracts

in

the

normal

course

of

business

that

contain

a

variety

of

indemnifications.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown.

However,

the

Fund

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts.

Management

has

reviewed

the

Fund's

existing

contracts

and

expects

the

risk

of

loss

to

be

remote.

9. #### Subsequent

#### Events
Management

has

determined

that

no

material

events

or

transactions

occurred

subsequent

to

March

31,

2026,

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements.

#### Report

#### of

#### independent

#### registered

#### public

#### accounting

#### firm

To

the

Board

of

Trustees

of Nomura

ETF

Trust and

Shareholders

of

Nomura

Energy

Transition

ETF

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Nomura

Energy

Transition

ETF

(one

of

the

funds

constituting

Nomura

ETF

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

March

31,

2026,

the

related

statement

of

operations

for

the

year

ended

March

31,

2026,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

March

31,

2026,

including

the

related

notes,

and

the

financial

highlights

for

the

years

ended

March

31,

2026

and

2025,

and

for

the

period

November

28,

2023

(commencement

of

operations)

through

March

31,

2024

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

March

31,

2026,

the

results

of

its

operations

for

the

year

ended

March

31,

2026,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

March

31,

2026

and

the

financial

highlights

for

the

years

ended

March

31,

2026

and

2025,

and

for

the

period

November

28,

2023

(commencement

of

operations)

through

March

31,

2024

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2026

by

correspondence

with

the

custodian

and

transfer

agents.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

May

29,

2026

We

have

served

as

the

auditor

of

one

or

more

Nomura

investment

companies

since

2010. #### Other

#### Fund

#### information
(Unaudited)

Nomura

Energy

Transition

ETF

#### Tax

#### Information
The

information

set

forth

below

is

for

the

Fund's

fiscal

year

as

required

by

federal

income

tax

laws.

Shareholders,

however,

must

report

distributions

on

a

calendar

year

basis

for

income

tax

purposes,

which

may

include

distributions

for

portions

of

two

fiscal

years

of

the

Fund.

Accordingly,

the

information

needed

by

shareholders

for

income

tax

purposes

will

be

sent

to

them

in

January

of

each

year.

Please

consult

your

tax

advisor

for

proper

treatment

of

this

information.

All

disclosures

are

based

on

financial

information

available

as

of

the

date

of

this

annual

report

and,

accordingly,

are

subject

to

change.

For

any

and

all

items

requiring

reporting,

it

is

the

intention

of

the

Fund

to

report

the

maximum

amount

permitted

under

the

Internal

Revenue

Code

and

the

regulations

thereunder.

For

the

year ended

March

31,

2026,

the

Fund

reports

distributions

paid

during

the

year

as

follows:

#### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies

#### Change

#### in

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
At

a

meeting

held

on

April

15,

2026,

the

Board

of

Trustees

(Board),

upon

recommendation

of

the

Audit

Committee,

approved

the

dismissal

of

PricewaterhouseCoopers

LLP

(PwC)

upon

completion

of

services

currently

being

performed

by

PwC

related

to

the

audit

of

the

Nomura

Energy

Transition

ETF

(formerly,

Macquarie

Energy

Transition

ETF)

(the

"Fund")'s

March

31,

2026

financial

statements,

and

approved

the

appointment

of

Ernst

&

Young

LLP

(E&Y)

to

serve

as

the

independent

registered

public

accounting

firm

for

the

Fund,

beginning

with

the

fiscal

year

ending

March

31,

2027. PwC's

reports

on

the

financial

statements

for

the

fiscal

years

ended

March

31,

2025

and

March

31,

2026

did

not

contain

any

adverse

opinion

or

disclaimer

of

opinion,

nor

were

they

qualified

or

modified

as

to

uncertainty,

audit

scope,

or

accounting

principles.

In

addition,

during

the

fiscal

years

ended

March

31,

2025

and

March

31,

2026

and

during

the

subsequent

interim

period

through

May

29,

2026,

(i) there

were

no

disagreements

between

the

Fund

and

PwC

on

accounting

principles,

financial

statement

disclosures

or

audit

scope,

which,

(A) Ordinary

Income

Distributions

(Tax

Basis)

\*

100.00%

(B) Qualified

Dividends

75.26%

(A) is

based

on

a

percentage

of

the

Fund's

total

distributions.

(B) is

based

on

the

Fund's

ordinary

income

distributions.

Qualified

dividends

represent

dividends

which

qualify

for

the

corporate

dividends

received

deduction.

\*

For

the

fiscal

year

ended

March

31,

2026,

certain

dividends

paid

by

the

Fund

may

be

subject

to

a

maximum

tax

rate

of

20%.

The

percentage

of

dividends

paid

by

the

Fund

from

ordinary

income

reported

as

qualified

income

is

100.00%.

Complete

information

will

be

computed

and

reported

in

conjunction

with

your

2026

Form

1099-DIV,

as

applicable.

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Energy

Transition

ETF

if

not

resolved

to

the

satisfaction

of

PwC,

would

have

caused

them

to

make

reference

to

the

disagreement

in

their

reports;

and

(ii) there

were

no

reportable

events

described

in

Item

304(a)

(1) (v) of

Regulation

S-K

under

the

Securities

Exchange

Act

of

1934,

as

amended.

During

the

fiscal

years

ended

March

31,

2025

and

March

31,

2026

and

during

the

subsequent

interim

period

through

May

29,

2026,

neither

the

Board

nor

anyone

on

its

behalf

has

consulted

with

E&Y

at

any

time

prior

to

their

selection

with

respect

to

(i) the

application

of

accounting

principles

to

a

specified

transaction,

either

completed

or

proposed

or

the

type

of

audit

opinion

that

might

be

rendered

on

the

Fund's

financial

statements;

or

(ii) the

subject

of

a

disagreement

(as

defined

in

paragraph

(a) (1) (iv) of

Item

of

Regulation

S-K)

or

reportable

events

(as

described

in

paragraph

(a) (1) (v) of

said

Item

304).

The

Fund

has

provided

PwC

with

a

copy

of

this

Form

N-CSR

and

requested

that

PwC

furnish

the

Fund

with

a

letter

stating

whether

or

not

it

agrees

with

the

statements

made

herein.

A

copy

of

PwC's

letter,

dated

June

8,

2026,

is

attached

as

Exhibit

to

this

N-CSR.

#### Proxy

#### Disclosures

#### for

#### Open-End

#### Management

#### Investment

#### Companies
Not

Applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers,

#### and

#### Others

#### of

#### Open-End

#### Management

#### Investment

#### Companies
Please

refer

to

the

disclosure

within

the

financial

statements.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
At

an

in-person

meeting

on

June

12,

2025

Meeting

("June

2025

Meeting"),

the

Board,

including

its

Independent

Trustees,

considered

and

unanimously

approved

proposed

new

investment

advisory

agreements

(together,

the

"New

Investment

Advisory

Agreements")

for

each

of

the

Macquarie

Global

Listed

Infrastructure

ETF,

Macquarie

Energy

Transition

ETF,

Macquarie

Tax-Free

USA

Short

Term

ETF,

Macquarie

Focused

Large

Growth

ETF,

Macquarie

Focused

Emerging

Markets

Equity

ETF,

Macquarie

National

High-Yield

Municipal

Bond

ETF,

and

Macquarie

Focused

International

Core

ETF

(each,

a

"Fund"

and

together,

the

"Funds")

between

the

Trust,

on

behalf

of

each

Fund,

and

DMC

(as

defined

below).

The

Board

also

approved

interim

advisory

agreements

(together,

the

"Interim

Advisory

Agreements"

and

together

with

the

New

Investment

Advisory

Agreements,

the

"Proposed

Advisory

Agreements").

The

Board

also

determined

to

recommend

that

Fund

shareholders

approve

the

proposed

New

Investment

Advisory

Agreements.

As

part

of

their

evaluation,

the

Board's

Independent

Trustees

reviewed

material

supporting

the

approval

of

the

Proposed

Advisory

Agreements

in

executive

sessions

with

its

independent

legal

counsel

both

with

and

without

representatives

of

management.

Such

material

included

responses

provided

by

DMC

and

Nomura

Holdings

America

Inc.

(together

with

its

parent

company,

Nomura

#### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies
(continued)

#### Change

#### in

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
(continued)

Holdings,

Inc.,

hereinafter

referred

to

as

"Nomura")

to

an

extensive

initial

questionnaire

and

a

subsequent

memorandum

with

questions

relating

to

the

Transaction

(as

defined

below)

and

the

impact

on

the

Funds,

as

well

as

governance,

compliance,

investment

and

operational

matters.

On

April

21,

2025,

Nomura

and

Macquarie

Group

Limited

announced

that

they

had

entered

into

a

definitive

stock

purchase

agreement

(the

"Purchase

Agreement")

pursuant

to

which

Nomura

agreed

to

acquire

the

equity

interests

of

Macquarie

Asset

Management's

US

and

European

public

investments

business

(collectively,

the

"MAM

Business"),

including

the

Funds'

investment

adviser,

Delaware

Management

Company

("DMC"),

which

is

a

series

of

Macquarie

Investment

Management

Business

Trust

(the

"Transaction").

#### Background

#### for

#### the

#### Board

#### Approvals.
At

a

meeting

on

May

16,

2025

and

at

the

June

2025

Meeting,

representatives

of

DMC

met

with

the

Board

to

discuss

the

Transaction.

The

Independent

Trustees

were

advised

that

the

Transaction,

if

completed,

would

constitute

a

Change

of

Control

Event

and

result

in

the

termination

of

the

existing

investment

advisory

agreements

with

DMC

(the

"Current

Investment

Advisory

Agreements").

Pursuant

to

Section

15(a)(4)

of

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

any

investment

advisory

agreement,

including

any

sub-advisory

agreement,

on

behalf

of

a

registered

investment

company

must

terminate

automatically

upon

its

"assignment."

As

used

in

the

1940

Act,

the

term

"assignment"

includes

any

transfer

of

a

controlling

interest

in

an

investment

adviser.

Such

a

transfer

is

often

referred

to

as

a

"Change

of

Control

Event."

The

Independent

Trustees

were

also

advised

that

it

was

proposed

that

DMC

would

continue

to

serve

as

the

investment

adviser

to

each

Fund

after

the

closing

of

the

Transaction

on

or

about

October

31,

2025

(the

"Closing")

and

that

the

Board

would

be

asked

to

consider

approval

of

the

terms

and

conditions

of

the

proposed

New

Investment

Advisory

Agreements

with

DMC

and

thereafter

to

submit

the

proposed

New

Investment

Advisory

Agreements

to

the

Funds'

shareholders

for

approval.

At

the

June

2025

Meeting,

the

Board,

including

a

majority

of

the

Independent

Trustees,

reviewed

and

approved

the

Proposed

Advisory

Agreements.

The

New

Investment

Advisory

Agreements,

were

subject

to

shareholder

approval.

The

Board

considered

the

information

provided

to

it

about

the

Funds

together

and

with

respect

to

each

Fund

separately

as

the

Board

deemed

appropriate.

Prior

to

and

at

the

June

2025

Meeting,

the

Board,

together

with

independent

legal

counsel

to

the

Independent

Trustees

and

Fund

counsel,

met

with

representatives

of

DMC

and

Nomura

to

discuss

the

Transaction.

At

these

meetings,

the

Transaction

and

future

plans

for

DMC

and

the

Funds

were

discussed

at

length.

Finally,

the

Independent

Trustees

consulted

with

their

independent

legal

counsel

in

executive

sessions

during

the

time

period

covered

by

the

negotiation

of

the

Transaction

and

discussed,

among

other

things,

the

legal

standards

applicable

to

their

review

of

the

Proposed

Advisory

Agreements

and

certain

other

contracts

and

considerations

relevant

to

their

deliberations

on

whether

to

approve

the

Proposed

Advisory

Agreements.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Energy

Transition

ETF

At

in-person

and

virtual

meetings

with

DMC

management

and

with

key

Nomura

representatives,

the

Trustees

discussed

the

Transaction

and

the

Board

had

an

opportunity

to

ask

further

questions

and

seek

clarification

of

written

responses.

The

meetings

included

discussions

of

the

strategic

rationale

for

the

Transaction

and

Nomura's

general

plans

and

intentions

regarding

the

Funds

and

DMC. On

these

occasions,

representatives

of

DMC

and

Nomura

made

presentations

to,

and

responded

to

questions

from,

the

Trustees.

The

Board

also

inquired

about

the

plans

for,

and

anticipated

roles

and

responsibilities

of,

key

employees

and

officers

of

DMC

in

connection

with

the

Transaction.

In

connection

with

the

Trustees'

review

of

the

Proposed

Advisory

Agreements,

DMC

and/or

Nomura

emphasized

that:

—

They

expected

that

there

will

be

no

adverse

changes

as

a

result

of

the

Transaction

in

the

nature,

quality,

or

extent

of

services

currently

provided

to

the

Funds

and

their

shareholders,

including

investment

management,

distribution,

or

other

shareholder

services;

—

No

material

changes

in

personnel

or

operations

are

currently

contemplated

in

the

operation

of

DMC

under

Nomura

as

a

result

of

the

Transaction;

—

Nomura

has

no

present

intention

to

cause

DMC

to

alter

the

investment

advisory

fees

paid

to

DMC

by

a

Fund

and

the

expenses

DMC

has

agreed

to

pay

on

behalf

of

a

Fund;

and

—

Under

the

Purchase

Agreement,

Nomura

has

agreed

to,

and

to

cause

its

affiliates

to,

use

commercially

reasonable

efforts

after

Closing

to

conduct

their

respective

businesses

in

compliance

with

the

conditions

of

Section

15(f)

of

the

1940

Act

with

respect

to

the

Funds,

including

maintaining

Board

composition

of

at

least

75%

of

the

Board

members

qualifying

as

Independent

Trustees

and

not

imposing

any

"unfair

burden"

on

the

Funds

for

at

least

two

years

from

the

Closing.

The

Board

considered

that

management

proposed

that

the

Board

approve

the

Proposed

Advisory

Agreements

because,

upon

the

Closing

of

the

Transaction,

the

Current

Investment

Advisory

Agreements

and

the

current

sub-advisory

agreements

(the

"Current

Sub-Advisory

Agreements")

would

automatically

terminate

in

accordance

with

their

terms

and

applicable

regulations.

The

Board

further

considered

that

management

proposed

that

the

Board

approve

the

Interim

Advisory

Agreements

so

that,

if

the

Transaction

closes

before

a

Fund

receives

the

requisite

shareholder

approval

of

its

New

Investment

Advisory

Agreement,

an

Interim

Advisory

Agreement

would

permit

continuity

of

the

management

of

the

Fund

while

it

continued

to

solicit

the

requisite

shareholder

approval

of

the

New

Investment

Advisory

Agreement.

The

Board

reviewed

and

also

considered

the

forms

of

the

Proposed

Advisory

Agreements,

noting

that

the

terms

and

conditions

of

each

such

agreement

were

substantially

identical

to

the

terms

and

conditions

of

the

Current

Investment

Advisory

Agreements,

except

for

the

effective

dates,

duration

and,

with

respect

to

the

Interim

Advisory

Agreements,

escrow

provisions

required

by

applicable

law.

The

Board

noted

that

the

New

Investment

Advisory

Agreements

would

have

an

initial

two-year

term

and

that

the

Interim

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

Advisory

Agreements

would

be

effective

on

an

interim

basis,

as

necessary

upon

the

Closing

of

the

Transaction,

from

its

effective

date

until

the

earlier

of

(i) 150

calendar

days

from

the

effective

date

or

such

later

date

as

may

be

consistent

with

the

1940

Act,

rules

and

regulations

thereunder

or

exemptive

relief

or

interpretative

position

of

the

staff

of

the

SEC;

or

(ii) the

effective

date

of

the

applicable

New

Investment

Advisory

Agreement

("Interim

Period").

The

Interim

Advisory

Agreements

may

also

be

terminated

on

days'

written

notice

by

the

Board.

The

Board

further

noted

management's

representation

that

the

approval

of

the

Proposed

Advisory

Agreements

would

not

result

in

any

changes

to

the

Funds'

investment

objectives

or

strategies.

Further,

the

DMC

portfolio

managers

currently

responsible

for

the

day-to-day

management

of

the

Funds

are

expected

to

continue

to

provide

investment

advisory

services

to

the

Funds.

In

addition,

with

respect

to

the

Macquarie

Global

Listed

Infrastructure

ETF,

Macquarie

Energy

Transition

ETF,

Macquarie

Focused

Large

Growth

ETF,

Macquarie

Focused

Emerging

Markets

Equity

ETF,

and

Macquarie

Focused

International

Core

ETF

(the

"Sub-Advised

Funds"),

the

Board

noted

that

DMC

may

rely

on

participating

affiliate

arrangements

between

DMC

and

certain

non-US

Nomura

asset

management

entities

to

provide

continuity

of

portfolio

management

services

to

the

Sub-Advised

Funds,

including

services

provided

by

previous

sub-advisor

employees.

In

approving

each

Proposed

Advisory

Agreement,

the

Board

reviewed

and

considered

information

provided

in

its

meetings

with

DMC

and

Nomura,

as

well

as

DMC's

and

Nomura's

responses

to

a

detailed

set

of

requests

for

information

submitted

to

DMC

and

Nomura

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

Transaction.

In

addition,

prior

to

the

June

2025

Meeting,

the

Independent

Trustees

held

a

virtual

meeting

at

which

the

Independent

Trustees

conferred

amongst

themselves

and

Independent

Trustee

counsel

regarding

the

Proposed

Advisory

Agreement

and

the

information

submitted

by

DMC

and

Nomura,

then

requested

additional

information

that

the

Independent

Trustees

also

considered

prior

to

and

at

the

June

2025

Meeting.

The

Board,

including

a

majority

of

the

Independent

Trustees,

determined,

through

the

exercise

of

its

reasonable

business

judgment,

that

the

terms

of

each

Proposed

Advisory

Agreement

are

fair

and

reasonable

and

that

the

approval

of

such

Proposed

Advisory

Agreement

is

in

the

best

interests

of

the

applicable

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board's

determination.

#### Nature,

#### Extent,

#### and

#### Quality

#### of

#### Service.
The

Trustees

considered

the

services

historically

provided

by

DMC

to

the

Funds

and

their

shareholders.

In

reviewing

the

nature,

extent,

and

quality

of

services,

the

Boards

considered

that

the

New

Investment

Advisory

Agreements

will

be

substantially

similar

to

the

Current

Investment

Advisory

Agreements,

and

they

therefore

considered

the

many

reports

furnished

to

them

throughout

2024

and

2025

at

regular

Board

meetings

covering

matters

such

as

the

relative

performance

of

the

Funds;

the

compliance

of

portfolio

managers

with

the

investment

policies,

strategies,

and

restrictions

for

the

Funds;

the

compliance

of

management

personnel

with

the

Code

of

Ethics

adopted

throughout

the

Macquarie

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Energy

Transition

ETF

Funds

complex;

and

the

adherence

to

fair

value

pricing

procedures

as

established

by

DMC

and

overseen

by

the

Board.

Further,

and

consistent

with

its

continued

oversight

of

these

matters,

the

Board

discussed

with

DMC

and

Nomura

the

impact

of

the

Transaction

on

the

remediation

efforts

and

actions

and

specific

initiatives

being

undertaken

to

enhance

DMC's

compliance,

risk,

operational

and

portfolio

management

functions

arising

out

of

DMC's

previously

announced

settlement

agreement

with

the

U.S.

Securities

and

Exchange

Commission

in

September

2024. The

Board

relied

on

commitments

by

DMC

and

Nomura

that

these

remediation

efforts

and

actions

and

specific

initiatives

would

not

be

negatively

affected

by

the

Transaction

and

would

continue

through

and

following

Closing.

Based

on

the

information

provided

by

DMC

and

Nomura,

including

that

Nomura

and

DMC

currently

expected

no

material

changes

as

a

result

of

the

Transaction

in

(i) personnel

or

operations

of

DMC

or

(ii) third

party

service

providers

to

the

Funds,

the

Board

concluded

that

the

satisfactory

nature,

extent,

and

quality

of

services

currently

provided

to

the

Funds

and

their

shareholders

were

very

likely

to

continue

under

the

New

Investment

Advisory

Agreements.

Moreover,

the

Board

concluded

that

the

Funds

would

probably

benefit

from

the

expanded

distribution

resources

that

would

become

available

to

DMC

following

the

Transaction.

The

Board

also

concluded

that

it

was

very

unlikely

that

any

"unfair

burden"

would

be

imposed

on

any

of

the

Funds

for

the

first

two

years

following

the

Closing

as

a

result

of

the

Transaction.

Consequently,

the

Board

concluded

that

they

did

not

expect

the

Transaction

to

result

in

any

adverse

changes

in

the

nature,

quality,

or

extent

of

services

(including

investment

management,

distribution,

or

other

shareholder

services)

currently

provided

to

the

Funds

and

their

shareholders.

#### Investment

#### Performance
.

The

Board

considered

the

overall

investment

performance

of

DMC

and

the

Funds

since

each

Fund's

commencement

date.

In

its

evaluation

of

investment

performance

of

a

Fund,

the

Board

took

into

account

such

Fund's

short

performance

period,

weighing

the

fact

that

the

Macquarie

Global

Listed

Infrastructure

ETF,

the

Macquarie

Energy

Transition

ETF,

and

the

Macquarie

Tax-Free

USA

Short

Term

ETF

commenced

operations

on

November

28,

2023,

the

Focused

Large

Growth

ETF

commenced

operations

on

May

14,

2024,

the

Macquarie

Focused

Emerging

Markets

Equity

ETF

commenced

operations

on

September

4,

2024,

and

the

Macquarie

National

High-Yield

Municipal

Bond

ETF

commenced

operations

on

March

5,

2025. The

Macquarie

Focused

International

Core

ETF

was

not

active

prior

to

the

time

of

the

June

2025

Meeting.

As

a

result,

the

Board

did

not

consider

the

investment

performance

of

the

Macquarie

Focused

International

Core

ETF

at

the

June

2025

Meeting.

The

Board

considered

performance

reports

and

discussions

with

portfolio

managers

at

Board

meetings

throughout

the

year

for

the

Funds

that

were

active

during

the

time

period.

These

performance

reports

showed

a

Fund's

investment

performance

compared

to

a

group

of

funds

selected

by

DMC

as

being

similar

to

the

Fund

(the

"Performance

Universe").

Annualized

investment

performance

for

each

Fund

was

shown

for

the

past

1-year

period

and

since

inception

or,

if

shorter,

only

since

inception,

compared

to

that

of

the

Performance

Universe.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

At

its

June

2025

Meeting,

the

Board,

including

the

Independent

Trustees

in

consultation

with

their

independent

legal

counsel,

reviewed

updated

investment

performance

information

for

each

of

the

active

Funds.

The

Board

compared

the

performance

of

each

active

Fund

to

that

of

its

respective

Performance

Universe

for

the

past

1-year

period

and

since

inception

or,

if

shorter,

only

since

inception.

The

Board

concluded

that

the

investment

performance

of

each

active

Fund

was

satisfactory.

Based

on

information

provided

by

DMC

and

Nomura,

the

Board

concluded

that

neither

the

Transaction

nor

the

New

Investment

Advisory

Agreements

would

likely

have

an

adverse

effect

on

the

investment

performance

of

any

Fund

because

(i) DMC

and

Nomura

did

not

currently

expect

the

Transaction

to

cause

any

material

change

to

the

Funds'

portfolio

management

teams

responsible

for

investment

performance,

which

the

Boards

found

to

be

satisfactory,

(ii) as

discussed

in

more

detail

below,

the

Funds'

expenses

were

not

expected

to

increase

as

a

result

of

the

Transaction,

(iii) the

Funds

would

not

bear

any

Transaction-related

expenses,

and

(iv) there

was

not

expected

to

be

any

"unfair

burden"

imposed

on

the

Funds

as

a

result

of

the

Transaction.

#### Comparative

#### Expenses;

#### Management

#### Profitability.
The

Board

also

evaluated

expense

comparison

data

for

the

Funds

and

management

profitability

previously

considered

at

each

Fund's

initial

contract

approval

Board

meeting.

At

a

Fund's

initial

contract

approval

Board

meeting,

the

Board

compared

both

the

services

to

be

rendered

and

the

proposed

fees

to

be

paid

to

DMC

by

the

Fund

with

the

fees

that

DMC

receives

pursuant

to

its

other

advisory

agreements,

as

well

as

the

fees

paid

to

other

investment

advisers

with

respect

to

similar

funds.

In

particular,

the

Board

compared

the

Fund's

proposed

advisory

fee

and

total

expense

ratio

to

other

investment

companies

considered

to

be

in

that

Fund's

peer

group.

The

Board

also

received

and

considered

information

about

the

fee

rates

charged

to

other

accounts

and

clients

managed

by

DMC,

including

information

about

the

differences

in

services

provided

to

the

non-registered

investment

company

clients,

as

applicable.

The

Board

also

discussed

the

anticipated

costs

and

projected

profitability

of

DMC

in

connection

with

its

service

as

investment

adviser

to

the

Fund,

including

operational

costs.

Further,

the

Board

considered

DMC's

assumption

of

business,

entrepreneurial,

overall

managerial

and

other

risks

by

sponsoring

and

advising

the

Fund.

At

the

Fund's

initial

contract

approval

Board

meeting,

DMC

responded

to

questions

from

the

Board,

explaining

that

the

nature

of

the

Fund

and

its

anticipated

investments

warranted

the

proposed

advisory

fees

for

the

Fund.

At

a

Fund's

initial

contract

approval

Board

meeting,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

level

of

fees

proposed

to

be

paid

to

DMC

with

respect

to

the

Fund

was

fair

and

reasonable

in

light

of

the

nature,

extent

and

quality

of

the

services

proposed

to

be

provided

by

DMC

and

the

costs

it

expected

to

incur

in

rendering

those

services.

Based

on

information

provided

by

DMC

and

Nomura,

the

Board

concluded

at

the

June

2025

Meeting

that

neither

the

Transaction

nor

the

New

Investment

Advisory

Agreements

would

likely

have

an

adverse

effect

on

the

Funds'

expenses

because

(i) each

Fund's

contractual

fee

rates

under

the

New

Investment

Advisory

Agreements

would

remain

the

same,

(ii) the

Board

was

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Energy

Transition

ETF

assured

by

DMC

that

they

had

no

current

intention

to

change

the

expenses

that

DMC

has

agreed

to

pay

on

behalf

of

a

Fund

as

a

result

of

the

Transaction,

(iii) under

the

Purchase

Agreement,

Nomura

and

Macquarie

would

pay

all

reasonable

costs

related

to

the

related

proxy

solicitation,

and

(iv) consistent

with

Section

15(f)

of

the

1940

Act,

no

"unfair

burden"

would

be

imposed

on

the

Funds

for

the

first

two

years

after

the

Closing.

At

the

June

2025

Meeting,

DMC

advised

the

Board

that

DMC

did

not

expect

the

Transaction

to

affect

materially

the

profitability

of

DMC

compared

to

the

level

of

projected

profitability

considered

by

the

Board

at

a

Fund's

initial

contract

approval

Board

meeting

when

the

Board

approved

the

Current

Investment

Advisory

Agreement

for

each

Fund.

Moreover,

the

Board

also

requested

and

reviewed

financial

statements

provided

by

Nomura

for

Nomura

Holdings,

Inc.,

the

parent

of

Nomura,

for

the

purpose

of

evaluating

Nomura's

ability

to

financially

support

DMC's

advisory

business

after

the

Closing

and

to

seek

to

ensure

that

DMC

can

continue

services

of

a

similar

nature,

extent,

and

quality

to

the

Funds

following

Closing

as

it

has

under

the

Current

Investment

Advisory

Agreements.

Based

on

information

provided

by

DMC

and

Nomura,

the

Board

concluded

that

DMC

would

have

sufficient

financial

resources

following

the

Transaction

to

continue

to

provide

the

same

level

and

quality

of

services

to

the

Funds

under

the

New

Investment

Advisory

Agreements

as

is

the

case

under

the

Current

Investment

Advisory

Agreements.

The

Board

also

concluded

that

Nomura

had

sufficient

financial

strength

and

resources,

as

well

as

an

ongoing

commitment

to

a

global

asset

management

business,

to

continue

investing

in

DMC

to

the

extent

that

Nomura

determined

it

was

appropriate.

Accordingly,

the

Board

concluded

that

the

fees

charged

under

the

New

Investment

Advisory

Agreements

would

be

reasonable

in

light

of

the

services

to

be

provided

and

the

expected

profitability

of

DMC

because

Nomura

advised

the

Board

that

the

methodology

followed

in

allocating

costs

for

the

purpose

of

determining

profitability

will

remain

substantially

the

same

following

the

Closing,

and

because

services

and

costs

were

expected

to

be

substantially

the

same.

#### Economies

#### of

#### Scale.
The

Board

considered

whether

economies

of

scale

would

be

realized

by

DMC

as

each

Fund's

assets

increase

and

the

extent

to

which

any

economies

of

scale

would

be

reflected

in

the

management

fees

charged.

The

Board

took

into

account

DMC's

practice

of

maintaining

the

competitive

nature

of

management

fees

based

on

its

analysis

of

fees

charged

by

comparable

funds.

The

Board

also

acknowledged

Nomura's

statement

that

the

Transaction

would

not

by

itself

immediately

provide

additional

economies

of

scale

given

Nomura's

limited

presence

in

the

US

mutual

fund

market.

Nonetheless,

the

Board

concluded

that

additional

economies

of

scale

could

potentially

be

achieved

in

the

future

if

DMC

were

owned

by

Nomura

as

a

result

of

Nomura's

willingness

to

invest

additional

amounts

in

DMC

if

appropriate

opportunities

arise.

The

Board

further

concluded

that

potential

economies

of

scale

could

be

achieved

as

a

result

of

DMC's

potentially

expanded

distribution

capabilities

arising

from

the

Transaction,

as

well

as

opportunities

that

might

arise

from

Nomura's

commitment

to

a

global

asset

management

business.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

#### Fall-Out

#### Benefits.
The

Board

acknowledged

that

DMC

would

continue

to

benefit

from

soft

dollar

arrangements

using

portfolio

brokerage

of

each

Fund

that

invests

in

equity

securities.

The

Board

also

considered

that

Nomura

and

DMC

may

derive

reputational,

strategic,

and

other

benefits

from

their

association

with

the

Funds,

including

service

relationships

with

DMC,

and

evaluated

the

extent

to

which

DMC

might

derive

ancillary

benefits

from

Fund

operations,

including

the

potential

for

procuring

additional

business

as

a

result

of

the

prestige

and

visibility

associated

with

its

role

as

service

provider

to

the

Funds

and

the

benefits

from

allocation

of

Fund

brokerage

to

improve

trading

efficiencies.

However,

the

Board

concluded

that

(i) any

such

benefits

under

the

New

Investment

Advisory

Agreements

would

not

be

dissimilar

from

those

existing

under

the

Current

Investment

Advisory

Agreements,

(ii) such

benefits

did

not

impose

a

cost

or

burden

on

the

Funds

or

their

shareholders,

and

(iii) such

benefits

would

probably

have

an

indirectly

beneficial

effect

on

the

Funds

and

their

shareholders

because

of

the

added

importance

that

DMC

and

Nomura

might

attach

to

the

Funds

as

a

result

of

the

fall-out

benefits

that

the

Funds

conveyed.

#### The

#### Purchase

#### Agreement.
The

Board

considered

the

terms

of

the

Purchase

Agreement,

including

those

related

to

Section

15(f)

of

the

1940

Act

and

that

Macquarie

and

Nomura

will

bear

the

expenses

related

to

the

Funds'

proxy

solicitation.

At

the

June

2025

Meeting,

the

Board

discussed

the

conditions

to

the

Closing,

including

the

requirements

for

obtaining

consents

to

the

change

in

control

from

DMC's

advisory

clients,

such

as

the

Funds.

#### Board

#### Review

#### of

#### Nomura.
The

Board

reviewed

detailed

information

supplied

by

Nomura

about

its

operations.

As

previously

noted,

to

consider

DMC's

ability

to

continue

to

provide

the

same

level

and

quality

of

services

to

the

Funds,

the

Board

requested,

received

and

reviewed

information

from

Nomura

concerning

its

financial

condition

to

demonstrate

its

ability

to

support

DMC's

advisory

business

after

the

Closing.

Based

on

this

review,

the

Board

concluded

that

DMC

would

continue

to

have

the

financial

ability

to

maintain

the

high

quality

of

services

required

by

the

Funds.

Nomura

described

its

proposed

changes

to

DMC's

corporate

governance,

primarily

through

the

anticipated

addition

of

certain

Nomura

officers

to

DMC's

parent

company.

The

Board

considered

favorably

Nomura's

statement

that

it

had

no

current

intention

to

change

the

executive,

administrative,

investment,

or

support

staff

of

DMC

in

any

significant

way

as

a

result

of

the

Transaction.

Nomura

described

the

proposed

harmonization

of

the

compensation

system

in

use

at

DMC

with

the

compensation

plan

used

by

Nomura,

including

short-term

and

long-term

incentive

compensation

and

equity

interests

for

executive

officers

and

investment

personnel.

The

Board

also

considered

Nomura's

current

strategic

plans

to

increase

its

asset

management

activities,

one

of

its

core

businesses,

particularly

in

North

America,

and

its

statement

that

its

acquisition

of

DMC

is

an

important

component

of

this

strategic

growth

and

the

establishment

of

a

significant

presence

in

the

United

States.

Based

in

part

on

the

information

provided

by

DMC

and

Nomura,

the

Board

concluded

that

Nomura's

acquisition

of

DMC

could

potentially

enhance

the

nature,

quality,

and

extent

of

services

provided

to

the

Funds

and

their

shareholders.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Energy

Transition

ETF

The

Board

noted

that

Nomura

has

a

broker/dealer

affiliate

that

executes

brokerage

transactions

and

certain

other

Nomura

affiliates

participate

as

underwriters

for

securities

offerings

outside

of

the

United

States.

Consequently,

the

Board

determined

to

have

DMC

report

to

them

regularly

to

monitor

any

brokerage

transactions

with

Nomura

affiliates

for

compliance

with

the

requirements

of

Section

15(f)

and

Section

17(e)

of

the

1940

Act,

and

to

ensure

compliance

with

the

Funds'

procedures

under

Rule

10f-3

under

the

1940

Act

for

offerings

in

which

a

Nomura

affiliate

is

a

member

of

the

underwriting

syndicate.

#### Conclusion.
The

Independent

Trustees

of

the

Trust

deliberated

in

executive

session;

the

entire

Board

of

each

Fund,

including

the

Independent

Trustees,

then

approved

the

Proposed

Advisory

Agreements.

The

Board

concluded

that

the

advisory

fee

rates

under

each

New

Investment

Advisory

Agreement

are

reasonable

in

relation

to

the

services

provided

and

that

execution

of

the

New

Investment

Advisory

Agreements

is

in

the

best

interests

of

the

shareholders.

For

each

Fund,

the

Board

noted

that

they

had

concluded

in

their

considerations

of

the

initial

approval

of

each

Fund's

advisory

agreement

at

the

Fund's

initial

contract

approval

Board

meeting

that

the

management

fees

and

total

expense

ratios

were

at

reasonable

levels

in

light

of

the

quality

of

services

provided

to

the

Fund

and

in

comparison

to

those

of

the

Fund's

respective

peer

groups;

that

the

advisory

fee

schedule

would

not

be

increased

and

would

stay

the

same

for

each

Fund;

that

the

total

expense

ratio

had

not

changed

materially

since

that

determination;

and

that

DMC

had

represented

that

the

overall

expenses

for

each

Fund

were

not

expected

to

be

adversely

affected

by

the

Transaction.

On

that

basis,

the

Board

concluded

that

each

of

the

total

expense

ratio

and

proposed

advisory

fee

for

the

Funds

anticipated

to

result

from

the

Transaction

was

reasonable.

In

reaching

its

determination

regarding

the

approval

of

the

Proposed

Advisory

Agreements,

the

Board,

including

all

of

the

Independent

Trustees,

considered

the

factors,

conclusions

and

information

they

believed

relevant

in

the

exercise

of

their

reasonable

judgment,

including,

but

not

limited

to,

the

factors,

conclusions

and

information

discussed

above.

Further,

in

their

deliberations,

the

Board

members

did

not

identify

any

particular

factor

(or

conclusion

with

respect

thereto)

or

information

that

was

all

important

or

controlling,

and

each

Board

member

may

have

attributed

different

weights

to

the

various

factors

(and

conclusions

with

respect

thereto)

and

information.

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
At

a

meeting

held

on

October

15,

2025

(the

"Contract

Renewal

Meeting"),

the

Board

of

Trustees

(the

"Board"),

including

a

majority

of

Trustees

who

are

not

"interested

persons"

as

defined

under

the

Investment

Company

Act

of

1940

(the

"Independent

Trustees"),

approved

the

annual

renewal

of

the

Investment

Management

Agreement

with

Delaware

Management

Company

("DMC"

or

the

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

"Adviser")

on

behalf

of

the

below

series

of

the

Trust

(each,

a

"Fund"

and

together,

the

"Funds")

and

the

Sub-Advisory

Agreement

with

Macquarie

Investment

Management

Global

Limited

("MIMGL")

on

behalf

of

the

below

series

of

the

Trust

(each,

a

"Sub-Advised

Fund"

and

together,

the

"Sub-Advised

Funds"):

Prior

to

the

Contract

Renewal

Meeting,

the

Independent

Trustees

were

assisted

in

their

evaluation

of

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement

by

independent

legal

counsel,

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

In

providing

information

to

the

Board,

DMC

was

guided

by

a

detailed

set

of

requests

for

information

submitted

to

them

by

independent

legal

counsel

on

behalf

of

the

Independent

Trustees

prior

to

the

Contract

Renewal

Meeting.

Prior

to

the

Contract

Renewal

Meeting,

and

in

response

to

the

requests,

the

Board

received

and

reviewed

materials

specifically

relating

to

the

renewal

of

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement.

The

Board

also

considered

presentations

made

by,

information

provided

by

and

discussions

held

with,

representatives

of

DMC

at

the

Contract

Renewal

Meeting

and

at

prior

Board

meetings.

At

these

meetings,

representatives

of

DMC

furnished

reports

and

other

information

to

the

Board,

and

engaged

in

discussions

with

the

Board,

regarding,

among

other

things,

the

performance

of

the

Funds,

the

services

provided

to

the

Funds

by

the

Adviser

and

MIMGL

(as

applicable),

the

Funds'

distribution

arrangements,

and

compliance,

risk

management

and

operational

matters

related

to

the

Funds,

the

Adviser

and

MIMGL.

The

Board

also

received

information

comparing

the

advisory

fees

and

expenses

of

each

Fund

to

those

from

a

peer

group

of

funds

comparable

to

each

Fund.

The

Board's

decision

to

approve

the

renewal

of

the

Investment

Management

Agreement

and

Sub-Advisory

Agreement

was

based

on

a

comprehensive

consideration

of

all

information

provided

to

the

Board

throughout

the

year

and

specifically

in

connection

with

the

Contract

Renewal

Meeting,

as

well

as

the

knowledge

gained

over

time

through

previous

interactions

with

DMC

#### Investment

#### Management

#### Agreement

#### Sub-Advisory

#### Agreement
Macquarie

Global

Listed

Infrastructure

ETF

Macquarie

Global

Listed

Infrastructure

ETF

Macquarie

Energy

Transition

ETF

Macquarie

Energy

Transition

ETF

Macquarie

Focused

Large

Growth

ETF

Macquarie

Focused

Large

Growth

ETF

Macquarie

Focused

SMID

Cap

Core

ETF

Macquarie

Focused

SMID

Cap

Core

ETF

Macquarie

Focused

International

Core

ETF

Macquarie

Focused

International

Core

ETF

Macquarie

Focused

Emerging

Markets

Equity

ETF

Macquarie

Focused

Emerging

Markets

Equity

ETF

Macquarie

National

High-Yield

Municipal

Bond

ETF

.

Macquarie

Tax-Free

USA

Short

Term

ETF

.

Macquarie

Tax-Free

USA

Intermediate

ETF

.

Macquarie

Tax-Free

USA

ETF

.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Energy

Transition

ETF

and

management.

In

considering

and

approving

the

renewal

of

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement,

the

Trustees

considered

the

information

they

believed

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

In

its

deliberations,

the

Board

did

not

identify

any

absence

of

information

as

material

to

its

decision,

or

any

particular

factor

(or

conclusion

with

respect

thereto)

or

single

piece

of

information

that

was

all-important,

controlling

or

determinative

of

its

decision,

but

considered

all

of

the

factors

together,

and

each

Trustee

may

have

attributed

different

weights

to

the

various

factors

(and

conclusions

with

respect

thereto)

and

information.

After

its

deliberations,

the

Board,

including

the

Independent

Trustees,

unanimously

approved

the

continuance

of

the

Investment

Management

Agreement

for

the

Funds

and

the

Sub-Advisory

Agreement

for

the

Sub-Advised

Funds

for

an

additional

year.

The

following

summarizes

a

number

of

important,

but

not

necessarily

all,

factors

considered

by

the

Board

in

support

of

its

approval.

(a) *The* 

*nature,* 

*extent* 

*and* 

*quality* 

*of* 

*services* 

*provided* 

*by* 

*the* 

*Adviser* 

*and* 

*MIMGL.*

The

Board

reviewed

the

services

that

the

Adviser

and

MIMGL

provided

to

the

Funds

(as

applicable).

In

connection

with

the

investment

advisory

services

provided,

the

Board

noted

the

responsibilities

of

the

Adviser

as

investment

adviser,

including:

the

overall

responsibility

for

the

general

management

and

investment

of

each

Fund's

securities

portfolio;

responsibility

for

the

investment

performance

and

processes

and

compliance

with

the

Funds'

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

deposit

securities

and

cash

components;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

Fund

shares

conducted

on

a

cash-in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Funds.

To

the

extent

any

such

activities

or

services

are

performed

by

MIMGL,

the

Board

considered

the

Adviser's

oversight

of

such

activities

and

services.

The

Board

considered

the

Adviser's

ability

to

attract

and

retain

qualified

personnel

to

service

the

Funds

and

the

experience

and

skills

of

key

management

and

investment

personnel

of

the

Adviser.

The

Board

also

noted

the

compliance

program

and

compliance

experience

of

the

Adviser

and

MIMGL.

The

Board

considered

the

Adviser's

day-to-day

oversight

of

each

Fund's

compliance

with

applicable

laws

and

regulations,

noting

that

regulatory

and

other

developments

had

over

time

led

to

an

increase

in

the

scope

of

the

Adviser's

oversight

responsibilities

in

this

regard.

The

Board

also

took

into

account

the

Adviser's

oversight

of

the

Funds'

operations

and

the

Funds'

other

service

providers.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

The

Board

reviewed

the

Adviser's

and

MIMGL's

experience,

resources,

financial

condition,

and

strengths

in

managing

the

Funds,

including

the

personnel

of

each.

The

Board

also

evaluated

information

about

the

nature

and

extent

of

responsibilities

retained

and

risks

assumed

by

the

Adviser,

including

the

Adviser's

assumption

of

business,

entrepreneurial,

overall

managerial

and

other

risks

by

sponsoring

and

advising

the

Funds.

Based

on

these

considerations,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

Adviser

and

MIMGL

are

capable

of

continuing

to

provide

services

of

the

nature,

extent

and

quality

contemplated

by

the

terms

of

the

Investment

Management

Agreement

and

the

Sub-

Advisory

Agreement.

(b) *Fees* 

*and* 

*expenses*

.

The

Board

compared

both

the

services

rendered

and

the

fees

paid

to

the

Adviser

with

the

fees

that

the

Adviser

receives

pursuant

to

its

other

advisory

agreements,

as

well

as

the

fees

paid

to

other

investment

advisers

with

respect

to

similar

funds.

In

particular,

the

Board

compared

each

Fund's

advisory

fee

and

total

net

expense

ratio

to

other

investment

companies

considered

to

be

in

that

Fund's

Morningstar

category

and

peer

group

of

funds.

To

the

extent

relevant,

the

Board

reviewed

information

provided

by

the

Adviser

about

differences,

including

strategy

implementation

and

the

amount

of

assets

being

managed,

between

a

Fund

and

its

peer

funds.

While

the

Board

recognized

that

comparisons

between

a

Fund

and

its

peer

group

may

be

imprecise,

the

comparative

information

assisted

the

Board

in

evaluating

the

reasonableness

of

the

Funds'

advisory

fees

and

total

net

expenses.

The

Board

took

into

account

that

MIMGL

does

not

receive

a

separate

fee

for

its

services

as

sub-adviser

to

the

Sub-Advised

Funds.

After

comparing

each

Fund's

fees

and

total

expense

ratios

with

those

of

other

funds

in

each

Fund's

peer

group,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

MIMGL,

as

applicable,

and

the

costs

they

incur

in

rendering

those

services,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

level

of

fees

paid

to

the

Adviser

with

respect

to

each

Fund

was

fair

and

reasonable

in

light

of

the

nature,

extent

and

quality

of

the

services

provided

by

the

Adviser

and

MIMGL,

as

applicable.

(c) *Profitability* 

*and* 

*Fall* 

*out* 

*Benefits.*

The

Board

reviewed

the

costs

of

services

provided

by

and

the

profits

realized

by

the

Adviser

from

its

relationship

with

the

Macquarie

Global

Listed

Infrastructure

ETF,

Macquarie

Energy

Transition

ETF

and

Macquarie

Tax-Free

USA

Short

Term

ETF,

including

operational

costs

and

both

direct

benefits

and

indirect

benefits

accruing

to

the

Adviser

and

its

affiliates.

The

Trustees

noted

that

each

of

these

three

Funds

had

completed

at

least

one

year

of

investment

operations

as

of

the

fiscal

year

ended

March

31,

2025. The

Trustees

considered

how

the

Adviser's

profitability

was

affected

by

factors

such

as

its

organizational

structure

and

method

for

allocating

expenses.

The

Board

also

considered

that

the

Adviser

had

entered

into

unitary

fee

arrangements

with

the

Funds

under

which

the

Adviser

reimbursed

the

Funds

for

expenses

over

the

applicable

unitary

fee

rate.

With

respect

to

the

Funds

with

less

than

one

year

of

operations

as

of

the

fiscal

year

ended

March

31,

2025,

the

Board

did

not

consider

the

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Energy

Transition

ETF

profitability

of

the

Adviser

to

be

a

material

factor

in

their

determination,

but

did

take

into

account

prior

profitability

estimates

provided

by

the

Adviser

to

the

Board

in

connection

with

the

launch

of

the

Funds.

The

Board

further

noted

that,

with

respect

to

the

Funds

with

shorter

operational

histories,

profitability

reports

with

respect

to

such

Funds

would

be

considered

during

subsequent

renewals

of

the

Investment

Management

Agreement.

The

Board

also

considered

that

the

Adviser

and

its

affiliates

may

experience

reputational

"fall-out"

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

Based

on

these

considerations,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

Adviser's

profitability

from

its

relationship

with

each

of

the

Funds,

if

any,

after

taking

into

account

a

reasonable

allocation

of

costs,

was

not

unreasonable.

(d) *Economies* 

*of* 

*scale.*

The

Board

considered

whether

the

Adviser

would

realize

economies

of

scale

with

respect

to

its

management

of

each

Fund

as

each

Fund

grew

and

whether

fee

levels

reflected

these

economies.

The

Trustees

considered

the

Adviser's

views

relating

to

economies

of

scale

in

connection

with

the

Funds

and

the

extent

to

which

the

benefits

of

any

such

economies

of

scale

are

shared

with

the

Funds

and

Fund

shareholders.

The

Trustees

recognized

that

economies

of

scale

are

difficult

to

identify

and

quantify

and

are

rarely

identifiable

on

a

fund-by-fund

basis.

Based

on

this

evaluation,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

advisory

fees

were

reasonable

in

light

of

the

information

that

was

provided

to

the

Trustees

by

the

Adviser

with

respect

to

economies

of

scale.

The

Board

noted

that

it

would

revisit

whether

economies

of

scale

exist

in

the

future

during

subsequent

renewals

of

the

Investment

Management

Agreement

and

once

a

Fund

achieved

sufficient

scale.

(e) *Investment* 

*Performance* 

*of* 

*the* 

*Funds* 

*and* 

*the* 

*Adviser.*

The

Board

considered

the

overall

investment

performance

of

the

Adviser

and

the

Funds

since

each

Fund's

commencement

date.

In

its

evaluation

of

investment

performance

of

a

Fund,

the

Board

took

into

account

such

Fund's

short

performance

period,

weighing

the

fact

that

the

Macquarie

Global

Listed

Infrastructure

ETF,

the

Macquarie

Energy

Transition

ETF,

and

the

Macquarie

Tax-Free

USA

Short

Term

ETF

commenced

operations

on

November

28,

2023,

the

Macquarie

Focused

Large

Growth

ETF

commenced

operations

on

May

14,

2024,

the

Macquarie

Focused

Emerging

Markets

Equity

ETF

commenced

operations

on

September

4,

2024,

the

Macquarie

National

High-Yield

Municipal

Bond

ETF

commenced

operations

on

March

5,

2025

and

the

Macquarie

Focused

International

Core

ETF

commenced

operations

on

June

18,

2025. The

Macquarie

Tax-Free

USA

Intermediate

ETF,

Macquarie

Tax-Free

USA

ETF

and

Macquarie

Focused

SMID

Core

ETF

were

not

active

prior

to

the

time

of

the

Meeting.

As

a

result,

the

Board

did

not

consider

the

investment

performance

of

the

Macquarie

Tax-Free

USA

Intermediate

ETF,

Macquarie

Tax-Free

USA

ETF

and

Macquarie

Focused

SMID

Core

ETF

at

the

Meeting.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

The

Board

considered

performance

reports

and

discussions

with

portfolio

managers

at

Board

meetings

throughout

the

year

for

the

Funds

that

were

active

during

the

time

period.

These

performance

reports

showed

a

Fund's

absolute

investment

performance

and

investment

performance

compared

to

a

broad

based

benchmark

index,

a

more

narrowly

tailored

index

selected

by

the

Adviser

as

being

representative

of

a

Fund's

investment

strategy

and

Morningstar

Category

peer

funds

identified

by

the

Adviser

as

being

similar

to

the

Fund.

They

further

considered

the

Adviser's

explanation

of

the

relevance

of

the

selected

peer

group

to

each

Fund.

Investment

performance

for

each

Fund,

as

of

June

30,

2025,

was

shown

for

the

past

1-year

period

and

since

inception

or,

if

shorter,

only

since

inception,

compared

to

that

of

the

peer

group

and

benchmarks.

The

Board

noted

that,

while

it

found

the

comparative

peer

data

generally

useful,

it

recognized

the

data's

limitations,

including

in

particular

that

the

data

may

vary

depending

on

the

end

date

selected

and

that

the

results

of

the

performance

comparisons

vary

depending

on

the

funds

in

the

peer

group.

The

Board

also

considered

that

it

received

detailed

information

on

the

performance

of

each

active

Fund

from

the

Adviser

in

connection

with

each

of

its

regular

quarterly

meetings

throughout

the

year.

At

these

meetings,

the

Adviser

reviewed

with

the

Board

factors

contributing

to

Fund

performance

and

the

Adviser's

evaluation

of

such

performance

in

light

of

the

Funds'

design

objectives.

Representatives

from

the

Adviser

provided

information

regarding

and

led

discussions

of

factors

impacting

the

performance

of

the

Funds,

outlining

current

market

conditions

and

explaining

their

expectations

and

strategies

for

the

future.

The

Board

evaluated

the

explanations

for

any

relative

underperformance

of

a

Fund

during

the

relevant

periods,

as

well

as

to

investment

decisions

and

global

economic

and

other

factors

that

affected

the

Fund's

investment

performance

and

whether

each

Fund

had

performed

as

expected

over

time,

as

well

as

any

plans

to

address

underperformance,

if

applicable.

The

Board

took

into

account

that

each

Fund

was

being

managed

in

accordance

with

its

investment

objective

and

strategies.

Based

on

this

information,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

investment

results

that

the

Adviser

and

MIMGL,

as

applicable,

had

been

able

to

achieve

for

the

Funds

during

their

relatively

limited

performance

history

were

satisfactory

and

support

renewal

of

the

Investment

Management

Agreement

and

Sub-Advisory

Agreement

for

an

additional

one

year

period.

In

doing

so,

the

Board

reflected

that

the

reports

provided

at

quarterly

Board

meetings

provide

an

opportunity

for

ongoing

oversight

as

the

Funds

mature

and

reach

scale.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant

in

the

exercise

of

its

reasonable

business

judgment,

the

Board

concluded

that

the

advisory

fees

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

and

MIMGL

to

each

Fund,

as

applicable,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

and

MIMGL,

as

applicable,

in

providing

such

services.

As

a

result,

the

Board

concluded

that

the

renewal

of

the

Investment

Management

Agreement

and

Sub-Advisory

Agreement

was

in

the

best

interests

of

each

Fund,

as

applicable.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

This

page

is

not

part

of

the

financial

statements

and

other

information.

AR-PWER-TRST-0526

(5427070) #### Contact

#### information

#### Shareholder

#### assistance

#### by

#### phone
844

469-9911,

weekdays

from

9:00am

to

5:00pm

ET

#### Regular

#### mail
Nomura ETF

Trust

c/o

Foreside

Financial

Services

Three

Canal

Plaza,

Suite

Portland,

ME

04101

Nomura Asset

Management

• 610

Market

Street

• Philadelphia,

PA

19106-2354

#### Nomura

#### Asset

#### Management

#### is

#### part

#### of

#### the

#### Investment

#### Management

#### Division

#### of

#### the

#### Nomura

#### Group,

#### providing

#### integrated

#### public

#### and

#### private

#### market

#### asset

#### management

#### services

#### across

#### equities,

#### fixed

#### income,

#### private

#### credit

#### and

#### multi-asset

#### solutions

#### to

#### intermediary

#### and

#### institutional

#### clients.

#### Nomura

#### Asset

#### Management

#### primarily

#### operates

#### through

#### several

#### distinct

#### investment

#### managers,

#### which

#### includes

#### Nomura

#### Investment

#### Management

#### Business

#### Trust

#### (NIMBT),

#### a

#### Securities

#### and

#### Exchange

#### Commission
(SEC)

#### registered

#### investment

#### adviser.

#### Investment

#### advisory

#### services

#### are

#### provided

#### to

#### the

#### Nomura

#### ETF

#### Trust

#### Funds

#### by

#### Delaware

#### Management

#### Company,

#### a

#### series

#### of

#### NIMBT.
The

Fund

is distributed

by

#### Foreside

#### Financial

#### Services
LLC. Nomura

Tax-Free

USA

Short

Term

ETF

(Formerly,

Macquarie

Tax-Free

USA

Short

Term

ETF)

Financial

statements

and

other

information

For

the

year

ended

March

31,

2026

#### Table

#### of

#### contents
Schedule

of

investments

#### 1
Statement

of

assets

and

liabilities

#### 7
Statement

of

operations

#### 8
Statements

of

changes

in

net

assets

#### 9
Financial

highlights

#### 10
Notes

to

financial

statements

#### 12
Report

of

independent

registered

public

accounting

firm

#### 21
Other

Fund

information

#### 22
This

report

and

the

financial

statements

contained

herein

are

submitted

for

the

general

information

of

the

shareholders

of

the

Fund.

This

report

is

not

authorized

for

distribution

to

prospective

investors

in

the

Fund

unless

preceded

or

accompanied

by

an

effective

prospectus.

#### Form

#### N-PORT

#### and

#### proxy

#### voting

#### information
The

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

on

Form

N-PORT.

The

Fund's

Form

N-PORT,

as

well

as

a

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

(if

any)

relating

to

portfolio

securities,

is

available

without

charge

(i) upon

request,

by

calling

844

469-9911;

and

(ii) on

the

SEC's

website

at

sec.gov.

In

addition,

a

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

(if

any)

relating

to

portfolio

securities

and

the

Schedule

of

Investments

included

in

the

Fund's

most

recent

Form

N-PORT

are

available

without

charge

on

the

Fund's

website

at

nomuraassetmanagement.com/etf-literature.

Information

(if

any)

regarding

how

the

Fund

voted

proxies

relating

to

portfolio

securities

during

the

most

recently

disclosed

12-month

period

ended

June

is

available

without

charge

(i) through

the

Fund's

website

at

nomuraassetmanagement.com/etf-literature;

and

(ii) on

the

SEC's

website

at

sec.gov.

#### Schedule

#### of

#### investments
Nomura

Tax-Free

USA

Short

Term

ETF

March

31,

2026

Principal

amount

°

Value

(US

$)

#### Municipal

#### Bonds

#### &nbsp;&nbsp;&nbsp;&nbsp; —

#### 96.36%
Education

Revenue

Bonds

-

6.83%

Arizona

Industrial

Development

Authority

(Equitable

School

Revolving

Fund

LLC

Obligated

Group)

Series

2022A

5.00%

11/1/28

160,000

$

168,193

Colorado

Educational

&

Cultural

Facilities

Authority

(Science

Technology

Engineering

&

Math

High

School)

Series

2014

4.50%

11/1/29

165,000

164,090

Maricopa

County

Industrial

Development

Authority

(Arizona

Autism

Charter

Schools

Obligated

Group)

Series

2020A

144A

4.00%

7/1/30

#

100,000

99,777

432,060

Electric

Revenue

Bonds

-

7.88%

City

of

Chaska

(Electric)

Series

2015A

5.00%

10/1/28

155,000

155,605

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

242,212

Utility

Debt

Securitization

Authority

Series

2016A

5.00%

6/15/28

100,000

100,455

498,272

Healthcare

Revenue

Bonds

-

20.91%

Augusta

Development

Authority

(WellStar

Health

System

Obligated

Group)

Series

2018

5.00%

7/1/28

135,000

140,468

California

Municipal

Finance

Authority

(Eisenhower

Medical

Center)

Series

2017A

5.00%

7/1/29

90,000

91,606

Colorado

Health

Facilities

Authority

(CommonSpirit

Health

Obligated

Group)

Series

2019A-1

5.00%

8/1/29

110,000

116,602

(Valley

View

Hospital

Association)

Series

2015

5.00%

5/15/28

100,000

100,234

Series

2017A

5.00%

5/15/27

150,000

153,724

#### Schedule

#### of

#### investments
Nomura

Tax-Free

USA

Short

Term

ETF

Principal

amount

°

Value

(US

$)

#### Municipal

#### Bonds
(continued)

Healthcare

Revenue

Bonds

(continued)

Cumberland

County

Municipal

Authority

(Penn

State

Health

Obligated

Group)

Series

2019

5.00%

11/1/27

75,000

$

77,363

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

(Vanderbilt

University

Medical

Center

Obligated

Group)

Series

2016A

5.00%

7/1/29

25,000

25,128

Montgomery

County

Higher

Education

and

Health

Authority

(Thomas

Jefferson

University

Obligated

Group)

Series

2019

5.00%

9/1/29

160,000

169,428

New

Hampshire

Business

Finance

Authority

(Springpoint

Senior

Living

Obligated

Group)

Series

2021

4.00%

1/1/28

175,000

176,202

Oklahoma

Development

Finance

Authority

(OU

Medicine

Obligated

Group)

Series

2018B

5.00%

8/15/29

125,000

128,416

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

(Air

Force

Villages,

Inc.

Obligated

Group)

Series

2016

4.00%

5/15/31

40,000

39,539

Washington

Health

Care

Facilities

Authority

(CommonSpirit

Health

Obligated

Group)

Series

2019A-2

5.00%

8/1/28

100,000

104,416

1,323,126

Housing

Revenue

Bonds

-

2.35%

Ohio

Housing

Finance

Agency

Series

2024B

5.50%

3/1/31

(GNMA)

50,000

55,157

Texas

Department

of

Housing

&

Community

Affairs

Series

2022B

5.50%

9/1/30

(GNMA)

85,000

93,532

148,689

Industrial

Development

Revenue

Bonds

-

12.72%

Black

Belt

Energy

Gas

District

Series

2022C-1

5.25%

2/1/53

• 95,000

99,690

Principal

amount

°

Value

(US

$)

#### Municipal

#### Bonds
(continued)

Industrial

Development

Revenue

Bonds

(continued)

Buckeye

Tobacco

Settlement

Financing

Authority

Class

Series

2020A-2

5.00%

6/1/29

90,000

$

95,386

California

Community

Choice

Financing

Authority

Series

2023G-1

5.25%

11/1/54

• 100,000

105,549

Commonwealth

Financing

Authority

(Commonwealth

Financing

Authority)

Series

2018

5.00%

6/1/31

150,000

155,850

Lower

Alabama

Gas

District

(The)

Series

2016A

5.00%

9/1/29

125,000

130,265

Main

Street

Natural

Gas,

Inc.

Series

2022B

5.00%

12/1/52

• 150,000

156,547

New

York

Transportation

Development

Corp.

(Delta

Air

Lines,

Inc.)

Series

2018

5.00%

1/1/28

(AMT)

60,000

61,794

805,081

Leasing

Revenue

Bonds

-

3.98%

New

Jersey

Transportation

Trust

Fund

Authority

(State

of

New

Jersey)

Series

2019BB

5.00%

6/15/30

150,000

158,663

Virginia

Public

Building

Authority

(Commonwealth

of

Virginia)

Series

2021A-1

5.00%

8/1/30

85,000

93,066

251,729

Local

General

Obligation

Revenue

Bonds

-

4.59%

Chicago

Board

of

Education

Series

2025B

5.25%

12/1/30

150,000

156,385

City

of

Detroit

Series

2018

5.00%

4/1/29

130,000

134,151

290,536

Special

Tax

Revenue

Bonds

-

3.29%

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Series

2022

5.00%

5/1/29

100,000

105,100

New

York

City

Industrial

Development

Agency

(Yankee

Stadium

LLC)

Series

2020A

4.00%

3/1/32

(AG)

100,000

103,042

208,142

#### Schedule

#### of

#### investments
Nomura

Tax-Free

USA

Short

Term

ETF

Principal

amount

°

Value

(US

$)

#### Municipal

#### Bonds
(continued)

State

General

Obligation

Revenue

Bonds

-

11.40%

Commonwealth

of

Puerto

Rico

Series

2022A-1

5.63%

7/1/29

100,000

$

105,620

State

of

Connecticut

Series

2018E

5.00%

9/15/28

130,000

137,757

State

of

Illinois

Series

2019B

5.00%

11/1/31

100,000

105,898

Series

2021A

5.00%

3/1/30

65,000

69,654

State

of

New

Jersey

Series

2020A

5.00%

6/1/29

75,000

80,606

State

of

Texas

Series

2018

5.00%

8/1/26

(AMT)

220,000

221,524

721,059

Transportation

Revenue

Bonds

-

13.85%

City

&

County

of

Denver

(Airport

System)

Series

2022D

5.25%

11/15/26

(AMT)

140,000

142,118

City

of

Los

Angeles

(Department

of

Airports)

Series

2025A

5.00%

5/15/30

(AMT)

150,000

161,618

Metropolitan

Transportation

Authority

Series

2017D

5.00%

11/15/30

60,000

62,535

New

York

Transportation

Development

Corp.

(JFK

International

Air

Terminal

LLC)

Series

2022

5.00%

12/1/31

140,000

150,742

Port

Authority

of

New

York

&

New

Jersey

Series

5.00%

9/1/30

185,000

200,332

Regional

Transportation

District

(Denver

Transit

Partners

LLC)

Series

2020A

5.00%

7/15/30

100,000

106,322

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

(NTE

Mobility

Partners

LLC)

Series

2019A

5.00%

12/31/31

50,000

52,952

876,619

Water

&

Sewer

Revenue

Bonds

-

8.56%

City

of

Chicago

(Waterworks)

Series

2004

5.00%

11/1/26

235,000

238,192

Principal

amount

°

Value

(US

$)

#### Municipal

#### Bonds
(continued)

Water

&

Sewer

Revenue

Bonds

(continued)

New

York

City

Municipal

Water

Finance

Authority

(Water

&

Sewer

System)

Series

2026DD

5.00%

6/15/32

100,000

$

112,379

Pittsburgh

Water

&

Sewer

Authority

Series

2017A

5.00%

9/1/29

(AG)

185,000

190,964

541,535

#### Total

#### Municipal

#### Bonds
(cost

$6,054,639)

#### 6,096,848

#### Short-Term

#### Investments

#### —

#### 3.16%
Variable

Rate

Demand

Notes

&nbsp;&nbsp;&nbsp;&nbsp;—

3.16%

New

York

City

Municipal

Water

Finance

Authority

(Water

&

Sewer

System)

Series

2014AA-3

2.70%

6/15/49

(SPA

-

TD

Bank

NA)

¤

200,000

200,000

#### Total

#### Short-Term

#### Investments
&nbsp;&nbsp;&nbsp;&nbsp; (cost

$200,000)

#### 200,000

#### Total

#### Value

#### of

#### Securities

#### —

#### 99.52%
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost

$6,254,639)

#### 6,296,848

#### Receivables

#### and

#### Other

#### Assets

#### Net

#### of

#### Liabilities

#### —

#### 0.48%

#### 30,655

#### Net

#### Assets

#### Applicable

#### to

#### 250,000

#### Shares

#### Outstanding

#### —

#### 100.00%

#### $

#### 6,327,503
°

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

March

31,

2026,

the

aggregate

value

of

Rule

144A

securities

was

$99,777,

which

represents

1.58%

of

the

Fund's

net

assets.

See

Note

in

"Notes

to

financial

statements."

• Variable

rate

investment.

Rates

reset

periodically.

Rate

shown

reflects

the

rate

in

effect

at

March

31,

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.

#### Schedule

#### of

#### investments
Nomura

Tax-Free

USA

Short

Term

ETF

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

¤

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

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

March

31,

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

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

SOFR01M

–

Secured

Overnight

Financing

Rate

Month

SOFR03M

–

Secured

Overnight

Financing

Rate

Month

SPA

–

Stand-by

Purchase

Agreement

#### Statement

#### of

#### assets

#### and

#### liabilities
Nomura

Tax-Free

USA

Short

Term

ETF

March

31,

2026

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

#### Assets:
Investments

at

value\*

$

6,296,848

Cash

80,023

Interest

receivable

81,407

Total

Assets

6,458,278

#### Liabilities:
Payable

for

securities

purchased

113,085

Distribution

payable

to

shareholders

16,168

Management

fees

payable

to

affiliates

1,522

Total

Liabilities

130,775

#### Total

#### Net

#### Assets
$

6,327,503

#### Net

#### Assets

#### Consist

#### of:
Paid-in-capital

$

6,295,539

Total

distributable

earnings

(loss)

31,964

#### Total

#### Net

#### Assets
$

6,327,503

Shares

outstanding

(unlimited

amount

authorized,

no

par

value)

250,000

Net

asset

value

per

share

$

25.31 \*Investments,

at

cost

$

6,254,639

#### Statement

#### of

#### operations
Nomura

Tax-Free

USA

Short

Term

ETF

Year

ended

March

31,

2026

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

#### Investment

#### Income:
Interest

$

196,412

196,412

#### Expenses:
Management

fees

16,254

Total

operating

expenses

16,254

#### Net

#### Investment

#### Income
(Loss)

180,158

#### Net

#### Realized

#### and

#### Unrealized

#### Gain

#### (Loss):
Net

realized

gain

(loss)

on

investments

(11,316)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

14,550

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

3,234

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations
$

183,392

#### Statements

#### of

#### changes

#### in

#### net

#### assets
Nomura

Tax-Free

USA

Short

Term

ETF

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Year

ended

March

31,

2026

Year

ended

March

31,

2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations:
Net

investment

income

(loss)

$

180,158

$

175,434

Net

realized

gain

(loss)

(11,316)

1,043

Net

change

in

unrealized

appreciation

(depreciation)

14,550

8,635

Net

increase

(decrease)

in

net

assets

resulting

from

operations

183,392

185,112

#### Dividends

#### and

#### Distributions

#### to

#### Shareholders

#### from:
Distributable

earnings

(180,163)

(175,401)

(180,163)

(175,401)

#### Capital

#### Share

#### Transactions:

#### 1
Proceeds

from

shares

sold

1,275,563

1,264,793

Cost

of

shares

redeemed

(1,252,317)

–

Increase

in

net

assets

derived

from

capital

share

transactions

23,246

1,264,793

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets
26,475

1,274,504

#### Net

#### Assets:
Beginning

of

year

6,301,028

5,026,524

End

of

year

$

6,327,503

$

6,301,028

#### Capital

#### Share

#### Transactions:
Beginning

of

year

250,000

200,000

Shares

sold

50,000

–

Shares

sold

in-kind

–

50,000

Shares

redeemed

(50,000)

–

Shares

outstanding,

end

of

year

250,000

250,000

Capital

share

transactions

may

include

transaction

fees

associated

with

Creation

and

Redemption

transactions

which

occurred

during

the

period.

See

Note

in

"Notes

to

financial

statements."

#### Financial

#### highlights
Nomura

Tax-Free

USA

Short

Term

ETF

Selected

data

for

each

share

of

the

Fund

outstanding

throughout

each

period

were

as

follows:

Year

ended

March

31,

2026

Year

ended

March

31,

2025

For

the

period

November

28,

2023

to

March

31,

2024

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

.20

$

.13

$

.00

#### Income
(loss)

#### from

#### investment

#### operations:
—

—

—

Net

investment

income

.82

.80

.26

Net

realized

and

unrealized

gain

....

.11

.07

.13

Total

from

investment

operations

.......

0.93 0.87 0.39 #### Less

#### dividends

#### and

#### distributions

#### from:
—

—

—

Net

investment

income

(0

.82)

(0

.80)

(0

.26)

Total

dividends

and

distrib

u

tions

......

(0.82)

(0.80)

(0.26)

#### Net

#### asset

#### value,

#### end

#### of

#### period

#### .........
$

25.31 $

25.20 $

25.13 #### Total

#### return

#### 3
......

3.72%

3.50%

1.56%

#### Ratios

#### and

#### supplemental

#### data:
$6,328

$6,301

$5,027

Net

assets,

end

of

period

(000

omitted)

$

6,328

$

6,301

$

5,027

Ratio

of

expenses

to

average

net

assets

.

0.29%

0.29%

0.29%

Ratio

of

net

investment

income

to

average

net

assets

.......

3.21%

3.19%

3.02%

Portfolio

turnover

...

38%

43%

9%

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Date

of

commencement

of

operations.

Ratios

have

been

annualized;

total

return

and

portfolio

turnover

have

not

been

annualized.

Calculated

using

average

shares

outstanding.

Total

return

is

based

on

the

change

in

net

asset

value

of

a

share

during

the

period

and

assumes

reinvestment

of

dividends

and

distributions

at

net

asset

value.

Excludes

the

value

of

portfolio

securities

received

or

delivered

as

a

result

of

in-kind

purchases

or

redemptions

of

the

Fund's

capital

shares.

#### Notes

#### to

#### financial

#### statements
Nomura

Tax-Free

USA

Short

Term

ETF

March

31,

2026

Nomura ETF

Trust

(Trust)

is

organized

as

a

Delaware

statutory

trust

effective

February

22,

2023

and

is

an

open-end

management

investment

company

registered

with

the

U.S.

Securities

and

Exchange

Commission.

As

of

the

date

of

this

report,

the

Trust

offers

nine series.

These

financial

statements

and

the

related

notes

pertain

to

Nomura

Tax-Free

USA

Short

Term

ETF (formerly,

Macquarie

Tax-Free

USA

Short

Term

ETF

through

November

30,

2025)

(Fund).

The

Fund

is

considered

diversified

under

the

Investment

Company

Act

of

1940,

as

amended

(1940

Act).

1. #### Significant

#### Accounting

#### Policies
The

Fund

follows

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

—

Investment

Companies.

The

following

accounting

policies

are

in

accordance

with

US

generally

accepted

accounting

principles

(US

GAAP)

and

are

consistently

followed

by

the

Fund.

#### Security

#### Valuation
—

Fixed

income

securities

are

generally

priced

based

upon

valuations

provided

by

an

independent

pricing

service

or

broker

in

accordance

with

methodologies

included

within

Delaware

Management

Company

(DMC

or

the

Manager)'s

Pricing

Policy

(Policy).

Fixed

income

security

valuations

are

then

reviewed

by

DMC

as

part

of

its

duties

as

the

Fund's

valuation

designee

(Valuation

Designee)

and,

to

the

extent

required

by

the

Policy

and

applicable

regulation,

fair

valued

consistent

with

the

Policy.

To

the

extent

current

market

prices

are

not

available,

the

pricing

service

may

take

into

account

developments

related

to

the

specific

security,

as

well

as

transactions

in

comparable

securities.

Valuations

for

fixed

income

securities

utilize

matrix

systems,

which

reflect

such

factors

as

security

prices,

yields,

maturities,

and

ratings,

and

are

supplemented

by

dealer

and

exchange quotations. Investments

for

which

market

quotations

are

not

readily

available

are

valued

at

fair

value

as

determined

in

good

faith

pursuant

to

Rule

2a-5

under

the

1940

Act

(Rule

2a-5).

As

a

general

principle,

the

fair

value

of

a

security

or

other

asset

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Pursuant

to

Rule

2a-5,

the

Board

of

Trustees

(Board)

has

designated

DMC

to

perform

the

fair

value

determination

relating

to

all

applicable

Fund

investments.

DMC

has

established

a

pricing

committee (Pricing

Committee)

to

assist

with

its

designated

responsibilities

as

Valuation

Designee,

and

DMC

may

carry

out

its

designated

responsibilities

as

Valuation

Designee

through

the

Pricing

Committee

and

other

teams

and

committees,

which

operate

under

policies

and

procedures

approved

by

the

Board

and

subject

to

the

Board's

oversight.

Fair

value

pricing

may

be

used

more

frequently

for

securities

traded

primarily

in

non-US

markets.

In

considering

whether

fair

valuation

is

required

and

in

determining

fair

values,

the

Valuation

Designee

may,

among

other

things,

consider

significant

events

(which

may

be

considered

to

include

changes

in

the

value

of

US

securities

or

securities

indexes)

that

occur

after

the

close

of

the

relevant

market

and

before

the

close

of

the

New

York

Stock

Exchange.

The

Valuation

Designee

may

utilize

modeling

tools

provided

by

third-party

vendors

to

determine

fair

values

of

non-US

securities.

#### Federal

#### Income

#### Taxes
—

No

provision

for

federal

income

taxes

has

been

made

as the

Fund

intends

to

continue

to

qualify

for

federal

income

tax

purposes

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended,

and

make

the

requisite

distributions

to

shareholders.

The

Fund

evaluates

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

the

Fund's

tax

returns

to

determine

whether

the

tax

positions

are

"more-

likely-than-not"

of

being

sustained

by

the

applicable

tax

authority.

Tax

positions

not

deemed

to

meet

the

"more-likely-than-not"

threshold

are

recorded

as

a

tax

benefit

or

expense

in

the

current

period.

Management

has

analyzed the

Fund's

tax

positions

taken

or

expected

to

be

taken

on the

Fund's

federal

income

tax

returns

through

the year ended March

31,

2026

and

for all

open

tax

years (years

ended

March

31,

2024–March

31,

2025),

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund's

financial

statements.

If

applicable,

the

Fund

recognizes

interest

and

tax

penalties

on

unrecognized

tax

benefits

in

"Interest

and

tax

penalties"

on

the "Statement

of

operations."

During

the

year ended March

31,

2026,

the

Fund

did

not

incur

any

interest

or

tax

penalties.

#### In-Kind

#### Redemptions
—

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Fund.

Because

such

gains

or

losses

are

not

taxable

to

the

Fund

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Fund's

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

NAV

per

share.

#### Use

#### of

#### Estimates
—

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

fair

value

of

investments,

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements,

and

the

reported

amounts

of

revenues

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates

and

the

differences

could

be

material.

#### Other
—

Security

transactions

are

recorded

on

the

date

the

securities

are

purchased

or

sold

(trade

date)

for

financial

reporting

purposes.

Costs

used

in

calculating

realized

gains

and

losses

on

the

sale

of

investment

securities

are

those

of

the

specific

securities

sold.

Interest

income

is

recorded

on

an

accrual

basis.

Discounts

and

premiums

on

debt

securities

are

accreted

or

amortized

to

interest

income,

respectively,

over

the

lives

of

the

respective

securities

using

the

effective

interest

method.

Premiums

on

callable

debt

securities

are

amortized

to

interest

income

to

the

earliest

call

date

using

the

effective

interest

method.

The

Fund

declares

and

pays

dividends

from

net

investment

income

monthly

and

distributions

from

net

realized

gain

on

investments,

if

any,

at

least

annually.

The

Fund

may

distribute

more

frequently,

if

necessary

for

tax

purposes.

Dividends

and

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

#### Segment Reporting
—

In

November

2023,

FASB

issued

Accounting

Standards

Update

2023-

07,

Segment

Reporting

(Topic

280):

Improvements

to

Reportable

Segment

Disclosures,

with

the

intent

of

improving

reportable

segment

disclosure

requirements,

primarily

through

enhanced

disclosures

about

significant

segment

expenses,

allowing

financial

statement

users

to

better

understand

the

components

of

a

segment's

profit

or

loss

and

assess

potential

future

cash

flows

for

each

reportable

segment

and

the

entity

as

a

whole

thereby

enabling

better

understanding

of

how

an

entity's

segments

impact

overall

performance.

The

Fund's

Chief

Executive

Officer

and

1. #### Significant

#### Accounting

#### Policies
(continued)

#### Notes

#### to

#### financial

#### statements
Nomura

Tax-Free

USA

Short

Term

ETF

Chief

Financial

Officer

act

as

the

Fund's

chief

operating

decision

maker

(CODM),

assessing

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

the

Fund

has

a

single

operating segment

since

the

Fund

has

a

single

investment

strategy

disclosed

in

the

prospectus

against

which

the

CODM

assesses

performance.

When

assessing

segment

performance

and

making

decisions

about

segment

resources,

the

CODM

relies

on

the

Fund's

portfolio

composition,

total

returns,

expense

ratios

and

changes

in

net

assets

which

are

consistent

with

the

information

contained

in

the

Fund's

financial

statements.

#### Recent

#### Accounting

#### Standard
—

The

Fund

adopted

FASB

Accounting

Standards

Update

(ASU),

ASU

2023-09,

Income

Taxes

(Topic

740)

—

Improvements

to

Income

Taxes

Disclosures

as

of

March

31,

2026. ASU

2023-09

requires

public

business

entities,

on

an

annual

basis,

to

provide

disclosure

of

specific

categories

in

the

rate

reconciliation,

as

well

as

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

During

the

year

ended

March

31,

2026,

the

Fund

did

not

pay

a

material

amount

of

foreign

or

US

federal,

state

or

local

income

taxes

and

therefore

did

not

include

any

additional

disclosures

in

these

financial

statements.

2. #### Investment

#### Management,

#### Administration

#### Agreements,

#### and

#### Other

#### Transactions

#### with

#### Affiliates
In

accordance

with

the

terms

of

its

investment

management

agreement,

the

Fund

pays

DMC,

a

series

of Nomura

Investment

Management

Business

Trust

(NIMBT)

and

the

investment

manager,

an

annual

unitary

management fee

which

is

calculated

daily

and

paid

monthly

at

the

rate

of

0.29%

on

the

Fund's

average

daily

net

assets.

Prior

to

December

1,

2025

(Closing

Date),

NIMBT

was

named

Macquarie

Investment

Management

Business

Trust

(MIMBT).

As

of

the

Closing

Date,

Nomura

Holding

America

Inc.

completed

the

acquisition

of

Macquarie

Asset

Management's

US

and

European

public

investments

business.

The

closing

of

this

transaction

resulted

in

the

automatic

termination

of

the

Fund's

investment

advisory

agreement

with

DMC. At

a

special

shareholder

meeting

held

on

September

10,

2025,

Fund

shareholders

approved

a

new

investment

advisory

agreement

for

the

Fund.

On

the

Closing

Date,

the

new

investment

advisory

agreement

and

the

Fund's

name

change

to

Nomura

Tax-Free

USA

Short

Term

ETF

went

effective.

From

the

unitary

management

fee,

DMC

pays

most

of

the

expenses

of

the

Fund,

including

the

cost

of

sub-advisory

fees

to

any investment

sub-adviser,

if

any, transfer

agency,

custody,

fund

administration,

legal,

audit

and

other

services.

However,

under

the

investment

management

agreement,

DMC

is

not

responsible

for

(i) interest

expenses;

(ii) taxes

(including,

but

not

limited

to,

income,

excise,

transfer

and

withholding

taxes);

(iii) expenses

of

a

Fund

incurred

with

respect

to

the

acquisition

and

disposition

of

portfolio

securities,

instruments

or

other

investments

and

the

execution

of

portfolio

transactions,

including

brokerage

commissions;

(iv) expenses

incurred

in

connection

with

any

distribution

plan

adopted

by

the

Trust

in

compliance

with

Rule

12b-1

under

the

1940

Act,

including

distribution

fees;

(v) litigation

expenses;

(vi) the

investment

advisory

fee

1. #### Significant

#### Accounting

#### Policies
(continued)

payable

to

the

Manager;

(vii) non-routine

or

extraordinary

expenses

(including,

without

limitation,

the

expense

associated

with

proxy

solicitations

and

fund

reorganizations);

and

(viii) acquired

fund

fees

and

expenses.

At

March

31,

2026,

Nomura

Holding

America,

Inc.

directly

owned

76.00%

of

the

Fund's

shares

outstanding.

3. #### Investments
For

the year

ended

March

31,

2026

,

the

Fund

made

purchases

and

sales

of

investment

securities

other

than

short-term

investments

and

US

government

securities as

follows:

There

were

no

investment

transactions

related

to

in-kind

purchases

and

sales

for

the year

ended

March

31,

2026. The

tax

cost

of

investments

includes

adjustments

to

net

unrealized

appreciation

(depreciation)

which

may

not

necessarily

be

the

final

tax

cost

basis

adjustments

but

which

approximate

the

tax

basis

unrealized

gains

and

losses

that

may

be

realized

and

distributed

to

shareholders.

At

March

31,

2026

,

the

cost

and

unrealized

appreciation

(depreciation)

of

investments

for

federal

income

tax

purposes

for

the

Fund

were

as

follows:

US

GAAP

defines

fair

value

as

the

price

that

the

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

under

current

market

conditions.

A

three-level

hierarchy

for

fair

value

measurements

has

been

established

based

upon

the

transparency

of

inputs

to

the

valuation

of

an

asset

or

liability.

Inputs

may

be

observable

or

unobservable

and

refer

broadly

to

the

assumptions

that

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

the

reporting

entity's

own

assumptions

about

the

assumptions

that

market

participants

would

use

in

pricing

the

asset

or

liability

based

on

the

best

information

available

under

the

circumstances.

The

Fund's

investment

in

its

entirety

is

assigned

a

level

based

upon

the

observability

of

the

inputs

which

are

significant

to

the

overall

valuation.

The

three-level

hierarchy

of

inputs

is

summarized

as

follows:

Purchases

$

2,102,258

Sales

2,138,855

Cost

of

investments

$

6,254,639

Aggregate

unrealized

appreciation

of

investments

$

54,144

Aggregate

unrealized

depreciation

of

investments

(11,935)

Net

unrealized

appreciation

of

investments

$

42,209

2. #### Investment

#### Management,

#### Administration

#### Agreements,

#### and

#### Other

#### Transactions

#### with

#### Affiliates
(continued)

#### Notes

#### to

#### financial

#### statements
Nomura

Tax-Free

USA

Short

Term

ETF

Level

—

Inputs

are

quoted

prices

in

active

markets

for

identical

investments.

(Examples:

equity

securities,

open-end

investment

companies,

futures

contracts,

and

exchange-traded

options

contracts)

Level

2 —

Other

observable

inputs,

including,

but

not

limited

to:

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

and

default

rates)

or

other

market-corroborated

inputs.

(Examples:

debt

securities,

government

securities,

swap

contracts,

forward

foreign currency

exchange

contracts,

foreign

securities

utilizing

international

fair

value

pricing,

broker-quoted

securities,

and

fair

valued

securities)

Level

3 — Significant

unobservable

inputs,

including

the

Fund's

own

assumptions

used

to

determine

the

fair

value

of

investments.

(Examples:

broker-quoted

securities

and

fair

valued

securities)

Level

investments

are

valued

using

significant

unobservable

inputs.

The

Fund

may

also

use

an

income-based

valuation

approach

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Valuations

may

also

be

based

upon

current

market

prices

of

securities

that

are

comparable

in

coupon,

rating,

maturity,

and

industry.

The

derived

value

of

a

Level

investment

may

not

represent

the

value

which

is

received

upon

disposition

and

this

could

impact

the

results

of

operations.

The

following

table

summarizes

the

valuation

of

the

Fund's

investments

by

fair

value

hierarchy

levels

as

of

March

31,

2026

:

During

the year ended

March

31,

2026

,

there

were

no

transfers

into

or

out

of

Level

investments.

The

Fund's

policy

is

to

recognize

transfers

into

or

out

of

Level

investments

based

on

fair

value

at

the

beginning

of

the

reporting

year.

Level

Level

Level

Total

Securities

Assets:

Municipal

Bonds

$

–

$

6,096,848

$

–

$

6,096,848

Short-Term

Investments

–

200,000

–

200,000

Total

Value

of

Securities

$

–

$

6,296,848

$

–

$

6,296,848

3. #### Investments
(continued)

A

reconciliation

of

Level

investments

is

presented

when

the

Fund

has

a

significant

amount

of

Level

investments

at

the

beginning

or

end

of

the

year

in

relation

to

the

Fund's

net

assets.

As

of

March

31,

2026

,

there

were

no

Level

investments.

4. #### Dividend

#### and

#### Distribution

#### Information
Income

and

long-term

capital

gain

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

US

GAAP. Additionally,

distributions

from

net

short-term

gains

on

sales

of

investment

securities

are

treated

as

ordinary

income

for

federal

income

tax

purposes.

The

tax

character

of

dividends

and

distributions

paid

during

the

years

ended

March

31,

2026

and

2025

were

as

follows:

5. #### Components

#### of

#### Net

#### Assets

#### on

#### a

#### Tax

#### Basis
As

of

March

31,

2026,

the

components

of

net

assets

on

a

tax

basis

were

as

follows:

For

financial

reporting

purposes,

capital

accounts

are

adjusted

to

reflect

the

tax

character

of

permanent

book/tax

differences.

Results

of

operations

and

net

assets

were

not

affected

by

these

reclassifications.

For

the

year

ended

March

31,

2026,

the

Fund

had

no

reclassifications.

For

federal

income

tax

purposes,

capital

loss

carryforwards

may

be

carried

forward

and

applied

against

future

capital

gains.

At March

31,

2026,

the

Fund

has

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

as

follows:

Year

ended

3/31/26

Year

ended

3/31/25

Tax-exempt

income

$

178,756

$

175,401

Ordinary

income

1,407

—

Total

$

180,163

$

175,401

Shares

of

beneficial

interest

$

6,295,539

Capital

loss

carryforwards

(11,316)

Undistributed

tax-exempt

income

1,071

Unrealized

appreciation

(depreciation)

of

investments

42,209

Net

assets

$

6,327,503

Loss

carryforward

character

Short-term

Long-term

Total

$4,170

$7,146

$11,316

3. #### Investments
(continued)

#### Notes

#### to

#### financial

#### statements
Nomura

Tax-Free

USA

Short

Term

ETF

6. #### Issuance

#### and

#### Redemption

#### of

#### Fund

#### Shares
The

Fund

is

an

exchange-traded

fund

or

ETF.

Individual

Fund

shares

may

only

be

purchased

and

sold

on

a

national

securities

exchange

through

a

broker-dealer

and

investors

may

pay

a

commission

to

such

broker-dealers

in

connection

with

their

purchase

or

sale.

The

price

of

Fund

shares

is

based

on

market

price,

and

because

ETF

shares

trade

at

market

prices

rather

than

NAV,

shares

may

trade

at

a

price

greater

than

NAV

(a

premium)

or

less

than

NAV

(a

discount).

The

Fund

will

only

issue

or

redeem

shares

aggregated

into

blocks

of

25,000

shares

or

multiples

thereof

("Creation

Units") to

Authorized

Participants

who

have

entered

into

agreements

with

the

Fund's

Distributor.

An

Authorized

Participant

is

either

(1) a

"Participating

Party,"

(i.e.,

a

broker-

dealer

or

other

participant

in

the

clearing

process

of

the

Continuous

Net

Settlement

System

of

the

National

Securities

Clearing

Corporation)

("Clearing

Process"),

or

(2) a

participant

of

Depository

Trust

Company

("DTC

Participant"),

and,

in

each

case,

must

have

executed

an

agreement

("Participation

Agreement")

with

the

Distributor

with

respect

to

creations

and

redemptions

of

Creation

Units.

The

Fund

will

issue

or

redeem

Creation

Units

in

return

for

a

basket

of

assets

that

the

Fund

specifies

each

day.

Shares

are

listed

on

the

NYSE

Arca,

Inc.

(the

"Exchange")

and

are

publicly

traded.

If

an

investor

buys

or

sells

Fund

shares

on

the

secondary

market,

the

investor

will

pay

or

receive

the

market

price,

which

may

be

higher

or

lower

than

NAV.

The

investor's

transaction

will

be

priced

at

NAV

if

the

investor

purchases

or

redeems

Fund

shares

in

Creation

Units.

Authorized

Participants

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

the

Fund's

Administrator

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Additionally,

a

portion

of

the

transaction

fee

is

used

to

offset

transactional

costs

typically

accrued

in

the

Fund's

custody

expenses

directly

related

to

the

issuance

and

redemption

of

Creation

Units.

An

additional

variable

fee

may

be

charged

for

certain

transactions.

Such

fees

would

be

included

in

the

receivable

for

capital

shares

sold

on

the

"Statement

of

assets

and

liabilities"

if

they

are

outstanding

as

of

period-end.

Transaction

fees

assessed

during

the

period

are

included

in

the

proceeds

from

shares

sold

on

the

"Statements

of

changes

in

net

assets."

7. #### Certain

#### Principal

#### Risks

#### of

#### the

#### Fund
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.

High

yield

(junk

bond)

risk

—

The

risk

that

high

yield

securities,

commonly

known

as

"junk

bonds,"

are

subject

to

reduced

creditworthiness

of

issuers,

increased

risk

of

default,

and

a

more

limited

and

less

liquid

secondary

market.

High

yield

securities

may

also

be

subject

to

greater

price

volatility

and

risk

of

loss

of

income

and

principal

than

are

higher-rated

securities.

High

yield

bonds

are

sometimes

issued

by

municipalities

that

have

less

financial

strength

and

therefore

have

less

ability

to

make

projected

debt

payments

on

the

bonds.

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.

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.

Alternative

minimum

tax

risk

—

If

a

fund

invests

in

bonds

whose

income

is

subject

to

the

alternative

minimum

tax,

that

portion

of

the

fund's

distributions

would

be

taxable

for

shareholders

who

are

subject

to

this

tax.

Geographic

concentration

risk

—

The

risk

that

heightened

sensitivity

to

regional,

state,

US

territories

or

possessions

(such

as

the

Commonwealth

of

Puerto

Rico,

Guam,

or

the

US

Virgin

Islands),

and

local

political

and

economic

conditions

could

adversely

affect

the

holdings

in

and

performance

of

a

fund.

There

is

also

the

risk

that

there

could

be

an

inadequate

supply

of

municipal

bonds

in

a

particular

state

or

US

territory

or

possession.

ETF

structure

risks

–

The

Fund

is

structured

as

an

ETF

and

as

a

result

is

subject

to

special

risks.

Shares

are

not

individually

redeemable

and

may

be

redeemed

by

the

Fund

at

NAV

only

in

large

blocks

known

as

"Creation

Units."

Trading

in

shares

on

the

Exchange

may

be

halted

due

to

market

conditions

or

for

reasons

that,

in

the

view

of

the

Exchange,

make

trading

in

Shares

inadvisable,

such

as

extraordinary

market

volatility.

There

can

be

no

assurance

that

Shares

will

continue

to

meet

the

listing

requirements

of

the

Exchange.

An

active

trading

market

for

the

Fund's

shares

may

not

be

developed

or

maintained.

If

the

Fund's

shares

are

traded

outside

a

collateralized

settlement

system,

the

number

of

financial

institutions

that

can

act

as

authorized

participants

that

can

post

collateral

on

an

agency

basis

is

limited,

which

may

limit

the

market

for

the

Fund's

shares.

The

market

prices

of

Shares

will

fluctuate

in

response

to

changes

in

NAV

and

supply

and

demand

for

shares

and

will

include

a

"bid-ask

spread"

charged

by

the

exchange

specialists,

market

makers

or

other

participants

that

trade

the

particular

security.

There

may

be

times

when

the

market

price

and

the

NAV

vary

significantly

particularly

during

times

of

market

stress,

with

the

result

that

investors

may

pay

significantly

more

or

significantly

less

for

Fund

shares

than

the

Fund's

NAV,

which

is

reflected

in

the

bid

and

ask

price

for

Fund

shares

or

in

the

closing

price.

If

a

shareholder

purchases

shares

at

a

time

when

the

market

price

is

at

a

premium

to

the

NAV

or

sells

shares

at

a

time

when

the

market

price

is

at

a

discount

to

NAV,

the

shareholder

may

sustain

losses

if

the

shares

are

sold

at

a

price

that

is

less

than

the

price

paid

by

the

shareholder

for

the

shares.

When

all

or

a

portion

of

an

ETFs

underlying

securities

trade

in

a

7. #### Certain

#### Principal

#### Risks

#### of

#### the

#### Fund
(continued)

#### Notes

#### to

#### financial

#### statements
Nomura

Tax-Free

USA

Short

Term

ETF

market

that

is

closed

when

the

market

for

the

Fund's

shares

is

open,

there

may

be

changes

from

the

last

quote

of

the

closed

market

and

the

quote

from

the

Fund's

domestic

trading

day,

which

could

lead

to

differences

between

the

market

value

of

the

Fund's

shares

and

the

Fund's

NAV.

In

stressed

market

conditions,

the

market

for

the

Fund's

shares

may

become

less

liquid

in

response

to

the

deteriorating

liquidity

of

the

Fund's

portfolio.

This

adverse

effect

on

the

liquidity

of

the

Fund's

shares

may,

in

turn,

lead

to

differences

between

the

market

value

of

the

Fund's

shares

and

the

Fund's

NAV.

Rule

144A

securities

— The

Fund

also

may

invest

in

securities

that

normally

are

purchased

or

resold

pursuant

to

Rule

144A

under

the

1933

Act

(Rule

144A

securities).

Rule

144A

is

designed

to

facilitate

efficient

trading

among

institutional

investors

by

permitting

the

sale

of

certain

unregistered

securities.

Rule

144A

securities

may

be

resold

only

to

qualified

institutional

buyers,

provided

that

certain

other

conditions

for

resale

are

met.

To

the

extent

privately

placed

securities

held

by

a

Fund

qualify

under

Rule

144A

and

an

institutional

market

develops

for

those

securities,

a

Fund

likely

will

be

able

to

dispose

of

the

securities

without

registering

them

under

the

1933

Act.

Rule

144A

securities

have

been

identified

on

the

"Schedule

of

investments."

8. #### Contractual

#### Obligations
The

Fund

enters

into

contracts

in

the

normal

course

of

business

that

contain

a

variety

of

indemnifications.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown.

However,

the

Fund

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts.

Management

has

reviewed

the

Fund's

existing

contracts

and

expects

the

risk

of

loss

to

be

remote.

9. #### Subsequent

#### Events
Management

has

determined

that

no

material

events

or

transactions

occurred

subsequent

to

March

31,

2026,

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements.

7. #### Certain

#### Principal

#### Risks

#### of

#### the

#### Fund
(continued)

#### Report

#### of

#### independent

#### registered

#### public

#### accounting

#### firm

To

the

Board

of

Trustees

of Nomura

ETF

Trust and

Shareholders

of

Nomura

Tax-Free

USA

Short

Term

ETF

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Nomura

Tax-Free

USA

Short

Term

ETF

(one

of

the

funds

constituting

Nomura

ETF

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

March

31,

2026,

the

related

statement

of

operations

for

the

year

ended

March

31,

2026,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

March

31,

2026,

including

the

related

notes,

and

the

financial

highlights

for

the

years

ended

March

31,

2026

and

2025,

and

for

the

period

November

28,

2023

(commencement

of

operations)

through

March

31,

2024

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

March

31,

2026,

the

results

of

its

operations

for

the

year

ended

March

31,

2026,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

March

31,

2026

and

the

financial

highlights

for

the

years

ended

March

31,

2026

and

2025,

and

for

the

period

November

28,

2023

(commencement

of

operations)

through

March

31,

2024

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2026

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

May

29,

2026

We

have

served

as

the

auditor

of

one

or

more

Nomura

investment

companies

since

2010. #### Other

#### Fund

#### information
(Unaudited)

Nomura

Tax-Free

USA

Short

Term

ETF

#### Tax

#### Information
The

information

set

forth

below

is

for

the

Fund's

fiscal

year

as

required

by

federal

income

tax

laws.

Shareholders,

however,

must

report

distributions

on

a

calendar

year

basis

for

income

tax

purposes,

which

may

include

distributions

for

portions

of

two

fiscal

years

of

the

Fund.

Accordingly,

the

information

needed

by

shareholders

for

income

tax

purposes

will

be

sent

to

them

in

January

of

each

year.

Please

consult

your

tax

advisor

for

proper

treatment

of

this

information.

All

disclosures

are

based

on

financial

information

available

as

of

the

date

of

this

annual

report

and,

accordingly,

are

subject

to

change.

For

any

and

all

items

requiring

reporting,

it

is

the

intention

of

the

Fund

to

report

the

maximum

amount

permitted

under

the

Internal

Revenue

Code

and

the

regulations

thereunder.

For

the

year ended

March

31,

2026,

the

Fund

reports

distributions

paid

during

the

year

as

follows:

#### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies

#### Change

#### in

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
At

a

meeting

held

on

April

15,

2026,

the

Board

of

Trustees

(Board),

upon

recommendation

of

the

Audit

Committee,

approved

the

dismissal

of

PricewaterhouseCoopers

LLP

(PwC)

upon

completion

of

services

currently

being

performed

by

PwC

related

to

the

audit

of

the

Nomura

Tax-Free

USA

Short

Term

ETF

(formerly,

Macquarie

Tax-Free

USA

Short

Term

ETF)

(the

"Fund")'s

March

31,

2026

financial

statements,

and

approved

the

appointment

of

Ernst

&

Young

LLP

(E&Y)

to

serve

as

the

independent

registered

public

accounting

firm

for

the

Fund,

beginning

with

the

fiscal

year

ending

March

31,

2027. PwC's

reports

on

the

financial

statements

for

the

fiscal

years

ended

March

31,

2025

and

March

31,

2026

did

not

contain

any

adverse

opinion

or

disclaimer

of

opinion,

nor

were

they

qualified

or

modified

as

to

uncertainty,

audit

scope,

or

accounting

principles.

In

addition,

during

the

fiscal

years

ended

March

31,

2025

and

March

31,

2026

and

during

the

subsequent

interim

period

through

May

29,

2026,

(i) there

were

no

disagreements

between

the

Fund

and

PwC

on

accounting

principles,

financial

statement

disclosures

or

audit

scope,

which,

if

not

resolved

to

the

satisfaction

of

PwC,

would

have

caused

them

to

make

reference

to

the

disagreement

in

their

reports;

and

(ii) there

were

no

reportable

events

described

in

Item

304(a)

(1) (v) of

Regulation

S-K

under

the

Securities

Exchange

Act

of

1934,

as

amended.

During

the

fiscal

years

ended

March

31,

2025

and

March

31,

2026

and

during

the

subsequent

interim

period

through

May

29,

2026,

neither

the

Board

nor

anyone

on

its

behalf

has

consulted

with

E&Y

at

any

time

prior

to

their

selection

with

respect

to

(i) the

application

of

accounting

principles

to

a

specified

(A) Ordinary

Income

Distributions

(Tax

Basis)

0.78%

(B) Tax-Exempt

Distributions

(Tax

Basis)

99.22%

&nbsp;&nbsp;&nbsp;&nbsp; Total

100.00%

(A) and

(B) are

based

on

a

percentage

of

the

Fund's

total

distributions.

transaction,

either

completed

or

proposed

or

the

type

of

audit

opinion

that

might

be

rendered

on

the

Fund's

financial

statements;

or

(ii) the

subject

of

a

disagreement

(as

defined

in

paragraph

(a) (1) (iv) of

Item

of

Regulation

S-K)

or

reportable

events

(as

described

in

paragraph

(a) (1) (v) of

said

Item

304).

The

Fund

has

provided

PwC

with

a

copy

of

this

Form

N-CSR

and

requested

that

PwC

furnish

the

Fund

with

a

letter

stating

whether

or

not

it

agrees

with

the

statements

made

herein.

A

copy

of

PwC's

letter,

dated

June

8,

2026,

is

attached

as

Exhibit

to

this

N-CSR.

#### Proxy

#### Disclosures

#### for

#### Open-End

#### Management

#### Investment

#### Companies
Not

Applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers,

#### and

#### Others

#### of

#### Open-End

#### Management

#### Investment

#### Companies
Please

refer

to

the

disclosure

within

the

financial

statements.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
At

an

in-person

meeting

on

June

12,

2025

Meeting

("June

2025

Meeting"),

the

Board,

including

its

Independent

Trustees,

considered

and

unanimously

approved

proposed

new

investment

advisory

agreements

(together,

the

"New

Investment

Advisory

Agreements")

for

each

of

the

Macquarie

Global

Listed

Infrastructure

ETF,

Macquarie

Energy

Transition

ETF,

Macquarie

Tax-Free

USA

Short

Term

ETF,

Macquarie

Focused

Large

Growth

ETF,

Macquarie

Focused

Emerging

Markets

Equity

ETF,

Macquarie

National

High-Yield

Municipal

Bond

ETF,

and

Macquarie

Focused

International

Core

ETF

(each,

a

"Fund"

and

together,

the

"Funds")

between

the

Trust,

on

behalf

of

each

Fund,

and

DMC

(as

defined

below).

The

Board

also

approved

interim

advisory

agreements

(together,

the

"Interim

Advisory

Agreements"

and

together

with

the

New

Investment

Advisory

Agreements,

the

"Proposed

Advisory

Agreements").

The

Board

also

determined

to

recommend

that

Fund

shareholders

approve

the

proposed

New

Investment

Advisory

Agreements.

As

part

of

their

evaluation,

the

Board's

Independent

Trustees

reviewed

material

supporting

the

approval

of

the

Proposed

Advisory

Agreements

in

executive

sessions

with

its

independent

legal

counsel

both

with

and

without

representatives

of

management.

Such

material

included

responses

provided

by

DMC

and

Nomura

Holdings

America

Inc.

(together

with

its

parent

company,

Nomura

Holdings,

Inc.,

hereinafter

referred

to

as

"Nomura")

to

an

extensive

initial

questionnaire

and

a

subsequent

memorandum

with

questions

relating

to

the

Transaction

(as

defined

below)

and

the

#### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies
(continued)

#### Change

#### in

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Tax-Free

USA

Short

Term

ETF

impact

on

the

Funds,

as

well

as

governance,

compliance,

investment

and

operational

matters.

On

April

21,

2025,

Nomura

and

Macquarie

Group

Limited

announced

that

they

had

entered

into

a

definitive

stock

purchase

agreement

(the

"Purchase

Agreement")

pursuant

to

which

Nomura

agreed

to

acquire

the

equity

interests

of

Macquarie

Asset

Management's

US

and

European

public

investments

business

(collectively,

the

"MAM

Business"),

including

the

Funds'

investment

adviser,

Delaware

Management

Company

("DMC"),

which

is

a

series

of

Macquarie

Investment

Management

Business

Trust

(the

"Transaction").

#### Background

#### for

#### the

#### Board

#### Approvals.
At

a

meeting

on

May

16,

2025

and

at

the

June

2025

Meeting,

representatives

of

DMC

met

with

the

Board

to

discuss

the

Transaction.

The

Independent

Trustees

were

advised

that

the

Transaction,

if

completed,

would

constitute

a

Change

of

Control

Event

and

result

in

the

termination

of

the

existing

investment

advisory

agreements

with

DMC

(the

"Current

Investment

Advisory

Agreements").

Pursuant

to

Section

15(a)(4)

of

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

any

investment

advisory

agreement,

including

any

sub-advisory

agreement,

on

behalf

of

a

registered

investment

company

must

terminate

automatically

upon

its

"assignment."

As

used

in

the

1940

Act,

the

term

"assignment"

includes

any

transfer

of

a

controlling

interest

in

an

investment

adviser.

Such

a

transfer

is

often

referred

to

as

a

"Change

of

Control

Event."

The

Independent

Trustees

were

also

advised

that

it

was

proposed

that

DMC

would

continue

to

serve

as

the

investment

adviser

to

each

Fund

after

the

closing

of

the

Transaction

on

or

about

October

31,

2025

(the

"Closing")

and

that

the

Board

would

be

asked

to

consider

approval

of

the

terms

and

conditions

of

the

proposed

New

Investment

Advisory

Agreements

with

DMC

and

thereafter

to

submit

the

proposed

New

Investment

Advisory

Agreements

to

the

Funds'

shareholders

for

approval.

At

the

June

2025

Meeting,

the

Board,

including

a

majority

of

the

Independent

Trustees,

reviewed

and

approved

the

Proposed

Advisory

Agreements.

The

New

Investment

Advisory

Agreements,

were

subject

to

shareholder

approval.

The

Board

considered

the

information

provided

to

it

about

the

Funds

together

and

with

respect

to

each

Fund

separately

as

the

Board

deemed

appropriate.

Prior

to

and

at

the

June

2025

Meeting,

the

Board,

together

with

independent

legal

counsel

to

the

Independent

Trustees

and

Fund

counsel,

met

with

representatives

of

DMC

and

Nomura

to

discuss

the

Transaction.

At

these

meetings,

the

Transaction

and

future

plans

for

DMC

and

the

Funds

were

discussed

at

length.

Finally,

the

Independent

Trustees

consulted

with

their

independent

legal

counsel

in

executive

sessions

during

the

time

period

covered

by

the

negotiation

of

the

Transaction

and

discussed,

among

other

things,

the

legal

standards

applicable

to

their

review

of

the

Proposed

Advisory

Agreements

and

certain

other

contracts

and

considerations

relevant

to

their

deliberations

on

whether

to

approve

the

Proposed

Advisory

Agreements.

At

in-person

and

virtual

meetings

with

DMC

management

and

with

key

Nomura

representatives,

the

Trustees

discussed

the

Transaction

and

the

Board

had

an

opportunity

to

ask

further

questions

and

seek

clarification

of

written

responses.

The

meetings

included

discussions

of

the

strategic

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

rationale

for

the

Transaction

and

Nomura's

general

plans

and

intentions

regarding

the

Funds

and

DMC. On

these

occasions,

representatives

of

DMC

and

Nomura

made

presentations

to,

and

responded

to

questions

from,

the

Trustees.

The

Board

also

inquired

about

the

plans

for,

and

anticipated

roles

and

responsibilities

of,

key

employees

and

officers

of

DMC

in

connection

with

the

Transaction.

In

connection

with

the

Trustees'

review

of

the

Proposed

Advisory

Agreements,

DMC

and/or

Nomura

emphasized

that:

—

They

expected

that

there

will

be

no

adverse

changes

as

a

result

of

the

Transaction

in

the

nature,

quality,

or

extent

of

services

currently

provided

to

the

Funds

and

their

shareholders,

including

investment

management,

distribution,

or

other

shareholder

services;

—

No

material

changes

in

personnel

or

operations

are

currently

contemplated

in

the

operation

of

DMC

under

Nomura

as

a

result

of

the

Transaction;

—

Nomura

has

no

present

intention

to

cause

DMC

to

alter

the

investment

advisory

fees

paid

to

DMC

by

a

Fund

and

the

expenses

DMC

has

agreed

to

pay

on

behalf

of

a

Fund;

and

—

Under

the

Purchase

Agreement,

Nomura

has

agreed

to,

and

to

cause

its

affiliates

to,

use

commercially

reasonable

efforts

after

Closing

to

conduct

their

respective

businesses

in

compliance

with

the

conditions

of

Section

15(f)

of

the

1940

Act

with

respect

to

the

Funds,

including

maintaining

Board

composition

of

at

least

75%

of

the

Board

members

qualifying

as

Independent

Trustees

and

not

imposing

any

"unfair

burden"

on

the

Funds

for

at

least

two

years

from

the

Closing.

The

Board

considered

that

management

proposed

that

the

Board

approve

the

Proposed

Advisory

Agreements

because,

upon

the

Closing

of

the

Transaction,

the

Current

Investment

Advisory

Agreements

and

the

current

sub-advisory

agreements

(the

"Current

Sub-Advisory

Agreements")

would

automatically

terminate

in

accordance

with

their

terms

and

applicable

regulations.

The

Board

further

considered

that

management

proposed

that

the

Board

approve

the

Interim

Advisory

Agreements

so

that,

if

the

Transaction

closes

before

a

Fund

receives

the

requisite

shareholder

approval

of

its

New

Investment

Advisory

Agreement,

an

Interim

Advisory

Agreement

would

permit

continuity

of

the

management

of

the

Fund

while

it

continued

to

solicit

the

requisite

shareholder

approval

of

the

New

Investment

Advisory

Agreement.

The

Board

reviewed

and

also

considered

the

forms

of

the

Proposed

Advisory

Agreements,

noting

that

the

terms

and

conditions

of

each

such

agreement

were

substantially

identical

to

the

terms

and

conditions

of

the

Current

Investment

Advisory

Agreements,

except

for

the

effective

dates,

duration

and,

with

respect

to

the

Interim

Advisory

Agreements,

escrow

provisions

required

by

applicable

law.

The

Board

noted

that

the

New

Investment

Advisory

Agreements

would

have

an

initial

two-year

term

and

that

the

Interim

Advisory

Agreements

would

be

effective

on

an

interim

basis,

as

necessary

upon

the

Closing

of

the

Transaction,

from

its

effective

date

until

the

earlier

of

(i) 150

calendar

days

from

the

effective

date

or

such

later

date

as

may

be

consistent

with

the

1940

Act,

rules

and

regulations

thereunder

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Tax-Free

USA

Short

Term

ETF

or

exemptive

relief

or

interpretative

position

of

the

staff

of

the

SEC;

or

(ii) the

effective

date

of

the

applicable

New

Investment

Advisory

Agreement

("Interim

Period").

The

Interim

Advisory

Agreements

may

also

be

terminated

on

days'

written

notice

by

the

Board.

The

Board

further

noted

management's

representation

that

the

approval

of

the

Proposed

Advisory

Agreements

would

not

result

in

any

changes

to

the

Funds'

investment

objectives

or

strategies.

Further,

the

DMC

portfolio

managers

currently

responsible

for

the

day-to-day

management

of

the

Funds

are

expected

to

continue

to

provide

investment

advisory

services

to

the

Funds.

In

addition,

with

respect

to

the

Macquarie

Global

Listed

Infrastructure

ETF,

Macquarie

Energy

Transition

ETF,

Macquarie

Focused

Large

Growth

ETF,

Macquarie

Focused

Emerging

Markets

Equity

ETF,

and

Macquarie

Focused

International

Core

ETF

(the

"Sub-Advised

Funds"),

the

Board

noted

that

DMC

may

rely

on

participating

affiliate

arrangements

between

DMC

and

certain

non-US

Nomura

asset

management

entities

to

provide

continuity

of

portfolio

management

services

to

the

Sub-Advised

Funds,

including

services

provided

by

previous

sub-advisor

employees.

In

approving

each

Proposed

Advisory

Agreement,

the

Board

reviewed

and

considered

information

provided

in

its

meetings

with

DMC

and

Nomura,

as

well

as

DMC's

and

Nomura's

responses

to

a

detailed

set

of

requests

for

information

submitted

to

DMC

and

Nomura

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

Transaction.

In

addition,

prior

to

the

June

2025

Meeting,

the

Independent

Trustees

held

a

virtual

meeting

at

which

the

Independent

Trustees

conferred

amongst

themselves

and

Independent

Trustee

counsel

regarding

the

Proposed

Advisory

Agreement

and

the

information

submitted

by

DMC

and

Nomura,

then

requested

additional

information

that

the

Independent

Trustees

also

considered

prior

to

and

at

the

June

2025

Meeting.

The

Board,

including

a

majority

of

the

Independent

Trustees,

determined,

through

the

exercise

of

its

reasonable

business

judgment,

that

the

terms

of

each

Proposed

Advisory

Agreement

are

fair

and

reasonable

and

that

the

approval

of

such

Proposed

Advisory

Agreement

is

in

the

best

interests

of

the

applicable

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board's

determination.

#### Nature,

#### Extent,

#### and

#### Quality

#### of

#### Service.
The

Trustees

considered

the

services

historically

provided

by

DMC

to

the

Funds

and

their

shareholders.

In

reviewing

the

nature,

extent,

and

quality

of

services,

the

Boards

considered

that

the

New

Investment

Advisory

Agreements

will

be

substantially

similar

to

the

Current

Investment

Advisory

Agreements,

and

they

therefore

considered

the

many

reports

furnished

to

them

throughout

2024

and

2025

at

regular

Board

meetings

covering

matters

such

as

the

relative

performance

of

the

Funds;

the

compliance

of

portfolio

managers

with

the

investment

policies,

strategies,

and

restrictions

for

the

Funds;

the

compliance

of

management

personnel

with

the

Code

of

Ethics

adopted

throughout

the

Macquarie

Funds

complex;

and

the

adherence

to

fair

value

pricing

procedures

as

established

by

DMC

and

overseen

by

the

Board.

Further,

and

consistent

with

its

continued

oversight

of

these

matters,

the

Board

discussed

with

DMC

and

Nomura

the

impact

of

the

Transaction

on

the

remediation

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

efforts

and

actions

and

specific

initiatives

being

undertaken

to

enhance

DMC's

compliance,

risk,

operational

and

portfolio

management

functions

arising

out

of

DMC's

previously

announced

settlement

agreement

with

the

U.S.

Securities

and

Exchange

Commission

in

September

2024. The

Board

relied

on

commitments

by

DMC

and

Nomura

that

these

remediation

efforts

and

actions

and

specific

initiatives

would

not

be

negatively

affected

by

the

Transaction

and

would

continue

through

and

following

Closing.

Based

on

the

information

provided

by

DMC

and

Nomura,

including

that

Nomura

and

DMC

currently

expected

no

material

changes

as

a

result

of

the

Transaction

in

(i) personnel

or

operations

of

DMC

or

(ii) third

party

service

providers

to

the

Funds,

the

Board

concluded

that

the

satisfactory

nature,

extent,

and

quality

of

services

currently

provided

to

the

Funds

and

their

shareholders

were

very

likely

to

continue

under

the

New

Investment

Advisory

Agreements.

Moreover,

the

Board

concluded

that

the

Funds

would

probably

benefit

from

the

expanded

distribution

resources

that

would

become

available

to

DMC

following

the

Transaction.

The

Board

also

concluded

that

it

was

very

unlikely

that

any

"unfair

burden"

would

be

imposed

on

any

of

the

Funds

for

the

first

two

years

following

the

Closing

as

a

result

of

the

Transaction.

Consequently,

the

Board

concluded

that

they

did

not

expect

the

Transaction

to

result

in

any

adverse

changes

in

the

nature,

quality,

or

extent

of

services

(including

investment

management,

distribution,

or

other

shareholder

services)

currently

provided

to

the

Funds

and

their

shareholders.

#### Investment

#### Performance
.

The

Board

considered

the

overall

investment

performance

of

DMC

and

the

Funds

since

each

Fund's

commencement

date.

In

its

evaluation

of

investment

performance

of

a

Fund,

the

Board

took

into

account

such

Fund's

short

performance

period,

weighing

the

fact

that

the

Macquarie

Global

Listed

Infrastructure

ETF,

the

Macquarie

Energy

Transition

ETF,

and

the

Macquarie

Tax-Free

USA

Short

Term

ETF

commenced

operations

on

November

28,

2023,

the

Focused

Large

Growth

ETF

commenced

operations

on

May

14,

2024,

the

Macquarie

Focused

Emerging

Markets

Equity

ETF

commenced

operations

on

September

4,

2024,

and

the

Macquarie

National

High-Yield

Municipal

Bond

ETF

commenced

operations

on

March

5,

2025. The

Macquarie

Focused

International

Core

ETF

was

not

active

prior

to

the

time

of

the

June

2025

Meeting.

As

a

result,

the

Board

did

not

consider

the

investment

performance

of

the

Macquarie

Focused

International

Core

ETF

at

the

June

2025

Meeting.

The

Board

considered

performance

reports

and

discussions

with

portfolio

managers

at

Board

meetings

throughout

the

year

for

the

Funds

that

were

active

during

the

time

period.

These

performance

reports

showed

a

Fund's

investment

performance

compared

to

a

group

of

funds

selected

by

DMC

as

being

similar

to

the

Fund

(the

"Performance

Universe").

Annualized

investment

performance

for

each

Fund

was

shown

for

the

past

1-year

period

and

since

inception

or,

if

shorter,

only

since

inception,

compared

to

that

of

the

Performance

Universe.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Tax-Free

USA

Short

Term

ETF

At

its

June

2025

Meeting,

the

Board,

including

the

Independent

Trustees

in

consultation

with

their

independent

legal

counsel,

reviewed

updated

investment

performance

information

for

each

of

the

active

Funds.

The

Board

compared

the

performance

of

each

active

Fund

to

that

of

its

respective

Performance

Universe

for

the

past

1-year

period

and

since

inception

or,

if

shorter,

only

since

inception.

The

Board

concluded

that

the

investment

performance

of

each

active

Fund

was

satisfactory.

Based

on

information

provided

by

DMC

and

Nomura,

the

Board

concluded

that

neither

the

Transaction

nor

the

New

Investment

Advisory

Agreements

would

likely

have

an

adverse

effect

on

the

investment

performance

of

any

Fund

because

(i) DMC

and

Nomura

did

not

currently

expect

the

Transaction

to

cause

any

material

change

to

the

Funds'

portfolio

management

teams

responsible

for

investment

performance,

which

the

Boards

found

to

be

satisfactory,

(ii) as

discussed

in

more

detail

below,

the

Funds'

expenses

were

not

expected

to

increase

as

a

result

of

the

Transaction,

(iii) the

Funds

would

not

bear

any

Transaction-related

expenses,

and

(iv) there

was

not

expected

to

be

any

"unfair

burden"

imposed

on

the

Funds

as

a

result

of

the

Transaction.

#### Comparative

#### Expenses;

#### Management

#### Profitability.
The

Board

also

evaluated

expense

comparison

data

for

the

Funds

and

management

profitability

previously

considered

at

each

Fund's

initial

contract

approval

Board

meeting.

At

a

Fund's

initial

contract

approval

Board

meeting,

the

Board

compared

both

the

services

to

be

rendered

and

the

proposed

fees

to

be

paid

to

DMC

by

the

Fund

with

the

fees

that

DMC

receives

pursuant

to

its

other

advisory

agreements,

as

well

as

the

fees

paid

to

other

investment

advisers

with

respect

to

similar

funds.

In

particular,

the

Board

compared

the

Fund's

proposed

advisory

fee

and

total

expense

ratio

to

other

investment

companies

considered

to

be

in

that

Fund's

peer

group.

The

Board

also

received

and

considered

information

about

the

fee

rates

charged

to

other

accounts

and

clients

managed

by

DMC,

including

information

about

the

differences

in

services

provided

to

the

non-registered

investment

company

clients,

as

applicable.

The

Board

also

discussed

the

anticipated

costs

and

projected

profitability

of

DMC

in

connection

with

its

service

as

investment

adviser

to

the

Fund,

including

operational

costs.

Further,

the

Board

considered

DMC's

assumption

of

business,

entrepreneurial,

overall

managerial

and

other

risks

by

sponsoring

and

advising

the

Fund.

At

the

Fund's

initial

contract

approval

Board

meeting,

DMC

responded

to

questions

from

the

Board,

explaining

that

the

nature

of

the

Fund

and

its

anticipated

investments

warranted

the

proposed

advisory

fees

for

the

Fund.

At

a

Fund's

initial

contract

approval

Board

meeting,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

level

of

fees

proposed

to

be

paid

to

DMC

with

respect

to

the

Fund

was

fair

and

reasonable

in

light

of

the

nature,

extent

and

quality

of

the

services

proposed

to

be

provided

by

DMC

and

the

costs

it

expected

to

incur

in

rendering

those

services.

Based

on

information

provided

by

DMC

and

Nomura,

the

Board

concluded

at

the

June

2025

Meeting

that

neither

the

Transaction

nor

the

New

Investment

Advisory

Agreements

would

likely

have

an

adverse

effect

on

the

Funds'

expenses

because

(i) each

Fund's

contractual

fee

rates

under

the

New

Investment

Advisory

Agreements

would

remain

the

same,

(ii) the

Board

was

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

assured

by

DMC

that

they

had

no

current

intention

to

change

the

expenses

that

DMC

has

agreed

to

pay

on

behalf

of

a

Fund

as

a

result

of

the

Transaction,

(iii) under

the

Purchase

Agreement,

Nomura

and

Macquarie

would

pay

all

reasonable

costs

related

to

the

related

proxy

solicitation,

and

(iv) consistent

with

Section

15(f)

of

the

1940

Act,

no

"unfair

burden"

would

be

imposed

on

the

Funds

for

the

first

two

years

after

the

Closing.

At

the

June

2025

Meeting,

DMC

advised

the

Board

that

DMC

did

not

expect

the

Transaction

to

affect

materially

the

profitability

of

DMC

compared

to

the

level

of

projected

profitability

considered

by

the

Board

at

a

Fund's

initial

contract

approval

Board

meeting

when

the

Board

approved

the

Current

Investment

Advisory

Agreement

for

each

Fund.

Moreover,

the

Board

also

requested

and

reviewed

financial

statements

provided

by

Nomura

for

Nomura

Holdings,

Inc.,

the

parent

of

Nomura,

for

the

purpose

of

evaluating

Nomura's

ability

to

financially

support

DMC's

advisory

business

after

the

Closing

and

to

seek

to

ensure

that

DMC

can

continue

services

of

a

similar

nature,

extent,

and

quality

to

the

Funds

following

Closing

as

it

has

under

the

Current

Investment

Advisory

Agreements.

Based

on

information

provided

by

DMC

and

Nomura,

the

Board

concluded

that

DMC

would

have

sufficient

financial

resources

following

the

Transaction

to

continue

to

provide

the

same

level

and

quality

of

services

to

the

Funds

under

the

New

Investment

Advisory

Agreements

as

is

the

case

under

the

Current

Investment

Advisory

Agreements.

The

Board

also

concluded

that

Nomura

had

sufficient

financial

strength

and

resources,

as

well

as

an

ongoing

commitment

to

a

global

asset

management

business,

to

continue

investing

in

DMC

to

the

extent

that

Nomura

determined

it

was

appropriate.

Accordingly,

the

Board

concluded

that

the

fees

charged

under

the

New

Investment

Advisory

Agreements

would

be

reasonable

in

light

of

the

services

to

be

provided

and

the

expected

profitability

of

DMC

because

Nomura

advised

the

Board

that

the

methodology

followed

in

allocating

costs

for

the

purpose

of

determining

profitability

will

remain

substantially

the

same

following

the

Closing,

and

because

services

and

costs

were

expected

to

be

substantially

the

same.

#### Economies

#### of

#### Scale.
The

Board

considered

whether

economies

of

scale

would

be

realized

by

DMC

as

each

Fund's

assets

increase

and

the

extent

to

which

any

economies

of

scale

would

be

reflected

in

the

management

fees

charged.

The

Board

took

into

account

DMC's

practice

of

maintaining

the

competitive

nature

of

management

fees

based

on

its

analysis

of

fees

charged

by

comparable

funds.

The

Board

also

acknowledged

Nomura's

statement

that

the

Transaction

would

not

by

itself

immediately

provide

additional

economies

of

scale

given

Nomura's

limited

presence

in

the

US

mutual

fund

market.

Nonetheless,

the

Board

concluded

that

additional

economies

of

scale

could

potentially

be

achieved

in

the

future

if

DMC

were

owned

by

Nomura

as

a

result

of

Nomura's

willingness

to

invest

additional

amounts

in

DMC

if

appropriate

opportunities

arise.

The

Board

further

concluded

that

potential

economies

of

scale

could

be

achieved

as

a

result

of

DMC's

potentially

expanded

distribution

capabilities

arising

from

the

Transaction,

as

well

as

opportunities

that

might

arise

from

Nomura's

commitment

to

a

global

asset

management

business.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Tax-Free

USA

Short

Term

ETF

#### Fall-Out

#### Benefits.
The

Board

acknowledged

that

DMC

would

continue

to

benefit

from

soft

dollar

arrangements

using

portfolio

brokerage

of

each

Fund

that

invests

in

equity

securities.

The

Board

also

considered

that

Nomura

and

DMC

may

derive

reputational,

strategic,

and

other

benefits

from

their

association

with

the

Funds,

including

service

relationships

with

DMC,

and

evaluated

the

extent

to

which

DMC

might

derive

ancillary

benefits

from

Fund

operations,

including

the

potential

for

procuring

additional

business

as

a

result

of

the

prestige

and

visibility

associated

with

its

role

as

service

provider

to

the

Funds

and

the

benefits

from

allocation

of

Fund

brokerage

to

improve

trading

efficiencies.

However,

the

Board

concluded

that

(i) any

such

benefits

under

the

New

Investment

Advisory

Agreements

would

not

be

dissimilar

from

those

existing

under

the

Current

Investment

Advisory

Agreements,

(ii) such

benefits

did

not

impose

a

cost

or

burden

on

the

Funds

or

their

shareholders,

and

(iii) such

benefits

would

probably

have

an

indirectly

beneficial

effect

on

the

Funds

and

their

shareholders

because

of

the

added

importance

that

DMC

and

Nomura

might

attach

to

the

Funds

as

a

result

of

the

fall-out

benefits

that

the

Funds

conveyed.

#### The

#### Purchase

#### Agreement.
The

Board

considered

the

terms

of

the

Purchase

Agreement,

including

those

related

to

Section

15(f)

of

the

1940

Act

and

that

Macquarie

and

Nomura

will

bear

the

expenses

related

to

the

Funds'

proxy

solicitation.

At

the

June

2025

Meeting,

the

Board

discussed

the

conditions

to

the

Closing,

including

the

requirements

for

obtaining

consents

to

the

change

in

control

from

DMC's

advisory

clients,

such

as

the

Funds.

#### Board

#### Review

#### of

#### Nomura.
The

Board

reviewed

detailed

information

supplied

by

Nomura

about

its

operations.

As

previously

noted,

to

consider

DMC's

ability

to

continue

to

provide

the

same

level

and

quality

of

services

to

the

Funds,

the

Board

requested,

received

and

reviewed

information

from

Nomura

concerning

its

financial

condition

to

demonstrate

its

ability

to

support

DMC's

advisory

business

after

the

Closing.

Based

on

this

review,

the

Board

concluded

that

DMC

would

continue

to

have

the

financial

ability

to

maintain

the

high

quality

of

services

required

by

the

Funds.

Nomura

described

its

proposed

changes

to

DMC's

corporate

governance,

primarily

through

the

anticipated

addition

of

certain

Nomura

officers

to

DMC's

parent

company.

The

Board

considered

favorably

Nomura's

statement

that

it

had

no

current

intention

to

change

the

executive,

administrative,

investment,

or

support

staff

of

DMC

in

any

significant

way

as

a

result

of

the

Transaction.

Nomura

described

the

proposed

harmonization

of

the

compensation

system

in

use

at

DMC

with

the

compensation

plan

used

by

Nomura,

including

short-term

and

long-term

incentive

compensation

and

equity

interests

for

executive

officers

and

investment

personnel.

The

Board

also

considered

Nomura's

current

strategic

plans

to

increase

its

asset

management

activities,

one

of

its

core

businesses,

particularly

in

North

America,

and

its

statement

that

its

acquisition

of

DMC

is

an

important

component

of

this

strategic

growth

and

the

establishment

of

a

significant

presence

in

the

United

States.

Based

in

part

on

the

information

provided

by

DMC

and

Nomura,

the

Board

concluded

that

Nomura's

acquisition

of

DMC

could

potentially

enhance

the

nature,

quality,

and

extent

of

services

provided

to

the

Funds

and

their

shareholders.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

The

Board

noted

that

Nomura

has

a

broker/dealer

affiliate

that

executes

brokerage

transactions

and

certain

other

Nomura

affiliates

participate

as

underwriters

for

securities

offerings

outside

of

the

United

States.

Consequently,

the

Board

determined

to

have

DMC

report

to

them

regularly

to

monitor

any

brokerage

transactions

with

Nomura

affiliates

for

compliance

with

the

requirements

of

Section

15(f)

and

Section

17(e)

of

the

1940

Act,

and

to

ensure

compliance

with

the

Funds'

procedures

under

Rule

10f-3

under

the

1940

Act

for

offerings

in

which

a

Nomura

affiliate

is

a

member

of

the

underwriting

syndicate.

#### Conclusion.
The

Independent

Trustees

of

the

Trust

deliberated

in

executive

session;

the

entire

Board

of

each

Fund,

including

the

Independent

Trustees,

then

approved

the

Proposed

Advisory

Agreements.

The

Board

concluded

that

the

advisory

fee

rates

under

each

New

Investment

Advisory

Agreement

are

reasonable

in

relation

to

the

services

provided

and

that

execution

of

the

New

Investment

Advisory

Agreements

is

in

the

best

interests

of

the

shareholders.

For

each

Fund,

the

Board

noted

that

they

had

concluded

in

their

considerations

of

the

initial

approval

of

each

Fund's

advisory

agreement

at

the

Fund's

initial

contract

approval

Board

meeting

that

the

management

fees

and

total

expense

ratios

were

at

reasonable

levels

in

light

of

the

quality

of

services

provided

to

the

Fund

and

in

comparison

to

those

of

the

Fund's

respective

peer

groups;

that

the

advisory

fee

schedule

would

not

be

increased

and

would

stay

the

same

for

each

Fund;

that

the

total

expense

ratio

had

not

changed

materially

since

that

determination;

and

that

DMC

had

represented

that

the

overall

expenses

for

each

Fund

were

not

expected

to

be

adversely

affected

by

the

Transaction.

On

that

basis,

the

Board

concluded

that

each

of

the

total

expense

ratio

and

proposed

advisory

fee

for

the

Funds

anticipated

to

result

from

the

Transaction

was

reasonable.

In

reaching

its

determination

regarding

the

approval

of

the

Proposed

Advisory

Agreements,

the

Board,

including

all

of

the

Independent

Trustees,

considered

the

factors,

conclusions

and

information

they

believed

relevant

in

the

exercise

of

their

reasonable

judgment,

including,

but

not

limited

to,

the

factors,

conclusions

and

information

discussed

above.

Further,

in

their

deliberations,

the

Board

members

did

not

identify

any

particular

factor

(or

conclusion

with

respect

thereto)

or

information

that

was

all

important

or

controlling,

and

each

Board

member

may

have

attributed

different

weights

to

the

various

factors

(and

conclusions

with

respect

thereto)

and

information.

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
At

a

meeting

held

on

October

15,

2025

(the

"Contract

Renewal

Meeting"),

the

Board

of

Trustees

(the

"Board"),

including

a

majority

of

Trustees

who

are

not

"interested

persons"

as

defined

under

the

Investment

Company

Act

of

1940

(the

"Independent

Trustees"),

approved

the

annual

renewal

of

the

Investment

Management

Agreement

with

Delaware

Management

Company

("DMC"

or

the

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Tax-Free

USA

Short

Term

ETF

"Adviser")

on

behalf

of

the

below

series

of

the

Trust

(each,

a

"Fund"

and

together,

the

"Funds")

and

the

Sub-Advisory

Agreement

with

Macquarie

Investment

Management

Global

Limited

("MIMGL")

on

behalf

of

the

below

series

of

the

Trust

(each,

a

"Sub-Advised

Fund"

and

together,

the

"Sub-Advised

Funds"):

Prior

to

the

Contract

Renewal

Meeting,

the

Independent

Trustees

were

assisted

in

their

evaluation

of

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement

by

independent

legal

counsel,

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

In

providing

information

to

the

Board,

DMC

was

guided

by

a

detailed

set

of

requests

for

information

submitted

to

them

by

independent

legal

counsel

on

behalf

of

the

Independent

Trustees

prior

to

the

Contract

Renewal

Meeting.

Prior

to

the

Contract

Renewal

Meeting,

and

in

response

to

the

requests,

the

Board

received

and

reviewed

materials

specifically

relating

to

the

renewal

of

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement.

The

Board

also

considered

presentations

made

by,

information

provided

by

and

discussions

held

with,

representatives

of

DMC

at

the

Contract

Renewal

Meeting

and

at

prior

Board

meetings.

At

these

meetings,

representatives

of

DMC

furnished

reports

and

other

information

to

the

Board,

and

engaged

in

discussions

with

the

Board,

regarding,

among

other

things,

the

performance

of

the

Funds,

the

services

provided

to

the

Funds

by

the

Adviser

and

MIMGL

(as

applicable),

the

Funds'

distribution

arrangements,

and

compliance,

risk

management

and

operational

matters

related

to

the

Funds,

the

Adviser

and

MIMGL.

The

Board

also

received

information

comparing

the

advisory

fees

and

expenses

of

each

Fund

to

those

from

a

peer

group

of

funds

comparable

to

each

Fund.

The

Board's

decision

to

approve

the

renewal

of

the

Investment

Management

Agreement

and

Sub-Advisory

Agreement

was

based

on

a

comprehensive

consideration

of

all

information

provided

to

the

Board

throughout

the

year

and

specifically

in

connection

with

the

Contract

Renewal

Meeting,

as

well

as

the

knowledge

gained

over

time

through

previous

interactions

with

DMC

#### Investment

#### Management

#### Agreement

#### Sub-Advisory

#### Agreement
Macquarie

Global

Listed

Infrastructure

ETF

Macquarie

Global

Listed

Infrastructure

ETF

Macquarie

Energy

Transition

ETF

Macquarie

Energy

Transition

ETF

Macquarie

Focused

Large

Growth

ETF

Macquarie

Focused

Large

Growth

ETF

Macquarie

Focused

SMID

Cap

Core

ETF

Macquarie

Focused

SMID

Cap

Core

ETF

Macquarie

Focused

International

Core

ETF

Macquarie

Focused

International

Core

ETF

Macquarie

Focused

Emerging

Markets

Equity

ETF

Macquarie

Focused

Emerging

Markets

Equity

ETF

Macquarie

National

High-Yield

Municipal

Bond

ETF

.

Macquarie

Tax-Free

USA

Short

Term

ETF

.

Macquarie

Tax-Free

USA

Intermediate

ETF

.

Macquarie

Tax-Free

USA

ETF

.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

and

management.

In

considering

and

approving

the

renewal

of

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement,

the

Trustees

considered

the

information

they

believed

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

In

its

deliberations,

the

Board

did

not

identify

any

absence

of

information

as

material

to

its

decision,

or

any

particular

factor

(or

conclusion

with

respect

thereto)

or

single

piece

of

information

that

was

all-important,

controlling

or

determinative

of

its

decision,

but

considered

all

of

the

factors

together,

and

each

Trustee

may

have

attributed

different

weights

to

the

various

factors

(and

conclusions

with

respect

thereto)

and

information.

After

its

deliberations,

the

Board,

including

the

Independent

Trustees,

unanimously

approved

the

continuance

of

the

Investment

Management

Agreement

for

the

Funds

and

the

Sub-Advisory

Agreement

for

the

Sub-Advised

Funds

for

an

additional

year.

The

following

summarizes

a

number

of

important,

but

not

necessarily

all,

factors

considered

by

the

Board

in

support

of

its

approval.

(a) *The* 

*nature,* 

*extent* 

*and* 

*quality* 

*of* 

*services* 

*provided* 

*by* 

*the* 

*Adviser* 

*and* 

*MIMGL.*

The

Board

reviewed

the

services

that

the

Adviser

and

MIMGL

provided

to

the

Funds

(as

applicable).

In

connection

with

the

investment

advisory

services

provided,

the

Board

noted

the

responsibilities

of

the

Adviser

as

investment

adviser,

including:

the

overall

responsibility

for

the

general

management

and

investment

of

each

Fund's

securities

portfolio;

responsibility

for

the

investment

performance

and

processes

and

compliance

with

the

Funds'

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

deposit

securities

and

cash

components;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

Fund

shares

conducted

on

a

cash-in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Funds.

To

the

extent

any

such

activities

or

services

are

performed

by

MIMGL,

the

Board

considered

the

Adviser's

oversight

of

such

activities

and

services.

The

Board

considered

the

Adviser's

ability

to

attract

and

retain

qualified

personnel

to

service

the

Funds

and

the

experience

and

skills

of

key

management

and

investment

personnel

of

the

Adviser.

The

Board

also

noted

the

compliance

program

and

compliance

experience

of

the

Adviser

and

MIMGL.

The

Board

considered

the

Adviser's

day-to-day

oversight

of

each

Fund's

compliance

with

applicable

laws

and

regulations,

noting

that

regulatory

and

other

developments

had

over

time

led

to

an

increase

in

the

scope

of

the

Adviser's

oversight

responsibilities

in

this

regard.

The

Board

also

took

into

account

the

Adviser's

oversight

of

the

Funds'

operations

and

the

Funds'

other

service

providers.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Tax-Free

USA

Short

Term

ETF

The

Board

reviewed

the

Adviser's

and

MIMGL's

experience,

resources,

financial

condition,

and

strengths

in

managing

the

Funds,

including

the

personnel

of

each.

The

Board

also

evaluated

information

about

the

nature

and

extent

of

responsibilities

retained

and

risks

assumed

by

the

Adviser,

including

the

Adviser's

assumption

of

business,

entrepreneurial,

overall

managerial

and

other

risks

by

sponsoring

and

advising

the

Funds.

Based

on

these

considerations,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

Adviser

and

MIMGL

are

capable

of

continuing

to

provide

services

of

the

nature,

extent

and

quality

contemplated

by

the

terms

of

the

Investment

Management

Agreement

and

the

Sub-

Advisory

Agreement.

(b) *Fees* 

*and* 

*expenses*

.

The

Board

compared

both

the

services

rendered

and

the

fees

paid

to

the

Adviser

with

the

fees

that

the

Adviser

receives

pursuant

to

its

other

advisory

agreements,

as

well

as

the

fees

paid

to

other

investment

advisers

with

respect

to

similar

funds.

In

particular,

the

Board

compared

each

Fund's

advisory

fee

and

total

net

expense

ratio

to

other

investment

companies

considered

to

be

in

that

Fund's

Morningstar

category

and

peer

group

of

funds.

To

the

extent

relevant,

the

Board

reviewed

information

provided

by

the

Adviser

about

differences,

including

strategy

implementation

and

the

amount

of

assets

being

managed,

between

a

Fund

and

its

peer

funds.

While

the

Board

recognized

that

comparisons

between

a

Fund

and

its

peer

group

may

be

imprecise,

the

comparative

information

assisted

the

Board

in

evaluating

the

reasonableness

of

the

Funds'

advisory

fees

and

total

net

expenses.

The

Board

took

into

account

that

MIMGL

does

not

receive

a

separate

fee

for

its

services

as

sub-adviser

to

the

Sub-Advised

Funds.

After

comparing

each

Fund's

fees

and

total

expense

ratios

with

those

of

other

funds

in

each

Fund's

peer

group,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

MIMGL,

as

applicable,

and

the

costs

they

incur

in

rendering

those

services,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

level

of

fees

paid

to

the

Adviser

with

respect

to

each

Fund

was

fair

and

reasonable

in

light

of

the

nature,

extent

and

quality

of

the

services

provided

by

the

Adviser

and

MIMGL,

as

applicable.

(c) *Profitability* 

*and* 

*Fall* 

*out* 

*Benefits.*

The

Board

reviewed

the

costs

of

services

provided

by

and

the

profits

realized

by

the

Adviser

from

its

relationship

with

the

Macquarie

Global

Listed

Infrastructure

ETF,

Macquarie

Energy

Transition

ETF

and

Macquarie

Tax-Free

USA

Short

Term

ETF,

including

operational

costs

and

both

direct

benefits

and

indirect

benefits

accruing

to

the

Adviser

and

its

affiliates.

The

Trustees

noted

that

each

of

these

three

Funds

had

completed

at

least

one

year

of

investment

operations

as

of

the

fiscal

year

ended

March

31,

2025. The

Trustees

considered

how

the

Adviser's

profitability

was

affected

by

factors

such

as

its

organizational

structure

and

method

for

allocating

expenses.

The

Board

also

considered

that

the

Adviser

had

entered

into

unitary

fee

arrangements

with

the

Funds

under

which

the

Adviser

reimbursed

the

Funds

for

expenses

over

the

applicable

unitary

fee

rate.

With

respect

to

the

Funds

with

less

than

one

year

of

operations

as

of

the

fiscal

year

ended

March

31,

2025,

the

Board

did

not

consider

the

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

profitability

of

the

Adviser

to

be

a

material

factor

in

their

determination,

but

did

take

into

account

prior

profitability

estimates

provided

by

the

Adviser

to

the

Board

in

connection

with

the

launch

of

the

Funds.

The

Board

further

noted

that,

with

respect

to

the

Funds

with

shorter

operational

histories,

profitability

reports

with

respect

to

such

Funds

would

be

considered

during

subsequent

renewals

of

the

Investment

Management

Agreement.

The

Board

also

considered

that

the

Adviser

and

its

affiliates

may

experience

reputational

"fall-out"

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

Based

on

these

considerations,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

Adviser's

profitability

from

its

relationship

with

each

of

the

Funds,

if

any,

after

taking

into

account

a

reasonable

allocation

of

costs,

was

not

unreasonable.

(d) *Economies* 

*of* 

*scale.*

The

Board

considered

whether

the

Adviser

would

realize

economies

of

scale

with

respect

to

its

management

of

each

Fund

as

each

Fund

grew

and

whether

fee

levels

reflected

these

economies.

The

Trustees

considered

the

Adviser's

views

relating

to

economies

of

scale

in

connection

with

the

Funds

and

the

extent

to

which

the

benefits

of

any

such

economies

of

scale

are

shared

with

the

Funds

and

Fund

shareholders.

The

Trustees

recognized

that

economies

of

scale

are

difficult

to

identify

and

quantify

and

are

rarely

identifiable

on

a

fund-by-fund

basis.

Based

on

this

evaluation,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

advisory

fees

were

reasonable

in

light

of

the

information

that

was

provided

to

the

Trustees

by

the

Adviser

with

respect

to

economies

of

scale.

The

Board

noted

that

it

would

revisit

whether

economies

of

scale

exist

in

the

future

during

subsequent

renewals

of

the

Investment

Management

Agreement

and

once

a

Fund

achieved

sufficient

scale.

(e) *Investment* 

*Performance* 

*of* 

*the* 

*Funds* 

*and* 

*the* 

*Adviser.*

The

Board

considered

the

overall

investment

performance

of

the

Adviser

and

the

Funds

since

each

Fund's

commencement

date.

In

its

evaluation

of

investment

performance

of

a

Fund,

the

Board

took

into

account

such

Fund's

short

performance

period,

weighing

the

fact

that

the

Macquarie

Global

Listed

Infrastructure

ETF,

the

Macquarie

Energy

Transition

ETF,

and

the

Macquarie

Tax-Free

USA

Short

Term

ETF

commenced

operations

on

November

28,

2023,

the

Macquarie

Focused

Large

Growth

ETF

commenced

operations

on

May

14,

2024,

the

Macquarie

Focused

Emerging

Markets

Equity

ETF

commenced

operations

on

September

4,

2024,

the

Macquarie

National

High-Yield

Municipal

Bond

ETF

commenced

operations

on

March

5,

2025

and

the

Macquarie

Focused

International

Core

ETF

commenced

operations

on

June

18,

2025. The

Macquarie

Tax-Free

USA

Intermediate

ETF,

Macquarie

Tax-Free

USA

ETF

and

Macquarie

Focused

SMID

Core

ETF

were

not

active

prior

to

the

time

of

the

Meeting.

As

a

result,

the

Board

did

not

consider

the

investment

performance

of

the

Macquarie

Tax-Free

USA

Intermediate

ETF,

Macquarie

Tax-Free

USA

ETF

and

Macquarie

Focused

SMID

Core

ETF

at

the

Meeting.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Tax-Free

USA

Short

Term

ETF

The

Board

considered

performance

reports

and

discussions

with

portfolio

managers

at

Board

meetings

throughout

the

year

for

the

Funds

that

were

active

during

the

time

period.

These

performance

reports

showed

a

Fund's

absolute

investment

performance

and

investment

performance

compared

to

a

broad

based

benchmark

index,

a

more

narrowly

tailored

index

selected

by

the

Adviser

as

being

representative

of

a

Fund's

investment

strategy

and

Morningstar

Category

peer

funds

identified

by

the

Adviser

as

being

similar

to

the

Fund.

They

further

considered

the

Adviser's

explanation

of

the

relevance

of

the

selected

peer

group

to

each

Fund.

Investment

performance

for

each

Fund,

as

of

June

30,

2025,

was

shown

for

the

past

1-year

period

and

since

inception

or,

if

shorter,

only

since

inception,

compared

to

that

of

the

peer

group

and

benchmarks.

The

Board

noted

that,

while

it

found

the

comparative

peer

data

generally

useful,

it

recognized

the

data's

limitations,

including

in

particular

that

the

data

may

vary

depending

on

the

end

date

selected

and

that

the

results

of

the

performance

comparisons

vary

depending

on

the

funds

in

the

peer

group.

The

Board

also

considered

that

it

received

detailed

information

on

the

performance

of

each

active

Fund

from

the

Adviser

in

connection

with

each

of

its

regular

quarterly

meetings

throughout

the

year.

At

these

meetings,

the

Adviser

reviewed

with

the

Board

factors

contributing

to

Fund

performance

and

the

Adviser's

evaluation

of

such

performance

in

light

of

the

Funds'

design

objectives.

Representatives

from

the

Adviser

provided

information

regarding

and

led

discussions

of

factors

impacting

the

performance

of

the

Funds,

outlining

current

market

conditions

and

explaining

their

expectations

and

strategies

for

the

future.

The

Board

evaluated

the

explanations

for

any

relative

underperformance

of

a

Fund

during

the

relevant

periods,

as

well

as

to

investment

decisions

and

global

economic

and

other

factors

that

affected

the

Fund's

investment

performance

and

whether

each

Fund

had

performed

as

expected

over

time,

as

well

as

any

plans

to

address

underperformance,

if

applicable.

The

Board

took

into

account

that

each

Fund

was

being

managed

in

accordance

with

its

investment

objective

and

strategies.

Based

on

this

information,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

investment

results

that

the

Adviser

and

MIMGL,

as

applicable,

had

been

able

to

achieve

for

the

Funds

during

their

relatively

limited

performance

history

were

satisfactory

and

support

renewal

of

the

Investment

Management

Agreement

and

Sub-Advisory

Agreement

for

an

additional

one

year

period.

In

doing

so,

the

Board

reflected

that

the

reports

provided

at

quarterly

Board

meetings

provide

an

opportunity

for

ongoing

oversight

as

the

Funds

mature

and

reach

scale.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant

in

the

exercise

of

its

reasonable

business

judgment,

the

Board

concluded

that

the

advisory

fees

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

and

MIMGL

to

each

Fund,

as

applicable,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

and

MIMGL,

as

applicable,

in

providing

such

services.

As

a

result,

the

Board

concluded

that

the

renewal

of

the

Investment

Management

Agreement

and

Sub-Advisory

Agreement

was

in

the

best

interests

of

each

Fund,

as

applicable.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

This

page

is

not

part

of

the

financial

statements

and

other

information.

AR-STAX-TRST-0526

(5415250) #### Contact

#### information

#### Shareholder

#### assistance

#### by

#### phone
844

469-9911,

weekdays

from

9:00am

to

5:00pm

ET

#### Regular

#### mail
Nomura ETF

Trust

c/o

Foreside

Financial

Services

Three

Canal

Plaza,

Suite

Portland,

ME

04101

Nomura Asset

Management

• 610

Market

Street

• Philadelphia,

PA

19106-2354

#### Nomura

#### Asset

#### Management

#### is

#### part

#### of

#### the

#### Investment

#### Management

#### Division

#### of

#### the

#### Nomura

#### Group,

#### providing

#### integrated

#### public

#### and

#### private

#### market

#### asset

#### management

#### services

#### across

#### equities,

#### fixed

#### income,

#### private

#### credit

#### and

#### multi-asset

#### solutions

#### to

#### intermediary

#### and

#### institutional

#### clients.

#### Nomura

#### Asset

#### Management

#### primarily

#### operates

#### through

#### several

#### distinct

#### investment

#### managers,

#### which

#### includes

#### Nomura

#### Investment

#### Management

#### Business

#### Trust

#### (NIMBT),

#### a

#### Securities

#### and

#### Exchange

#### Commission
(SEC)

#### registered

#### investment

#### adviser.

#### Investment

#### advisory

#### services

#### are

#### provided

#### to

#### the

#### Nomura

#### ETF

#### Trust

#### Funds

#### by

#### Delaware

#### Management

#### Company,

#### a

#### series

#### of

#### NIMBT.
The

Fund

is distributed

by

#### Foreside

#### Financial

#### Services
LLC. Nomura

Focused

Large

Growth

ETF

(Formerly,

Macquarie

Focused

Large

Growth

ETF)

Financial

statements

and

other

information

For

the

year

ended

March

31,

2026

#### Table

#### of

#### contents
Schedule

of

investments

#### 1
Statement

of

assets

and

liabilities

#### 3
Statement

of

operations

#### 4
Statements

of

changes

in

net

assets

#### 5
Financial

highlights

#### 6
Notes

to

financial

statements

#### 7
Report

of

independent

registered

public

accounting

firm

#### 17
Other

Fund

information

#### 18
This

report

and

the

financial

statements

contained

herein

are

submitted

for

the

general

information

of

the

shareholders

of

the

Fund.

This

report

is

not

authorized

for

distribution

to

prospective

investors

in

the

Fund

unless

preceded

or

accompanied

by

an

effective

prospectus.

#### Form

#### N-PORT

#### and

#### proxy

#### voting

#### information
The

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

on

Form

N-PORT.

The

Fund's

Form

N-PORT,

as

well

as

a

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

(if

any)

relating

to

portfolio

securities,

is

available

without

charge

(i) upon

request,

by

calling

844

469-9911;

and

(ii) on

the

SEC's

website

at

sec.gov.

In

addition,

a

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

(if

any)

relating

to

portfolio

securities

and

the

Schedule

of

Investments

included

in

the

Fund's

most

recent

Form

N-PORT

are

available

without

charge

on

the

Fund's

website

at

nomuraassetmanagement.com/etf-literature.

Information

(if

any)

regarding

how

the

Fund

voted

proxies

relating

to

portfolio

securities

during

the

most

recently

disclosed

12-month

period

ended

June

is

available

without

charge

(i) through

the

Fund's

website

at

nomuraassetmanagement.com/etf-literature;

and

(ii) on

the

SEC's

website

at

sec.gov.

#### Schedule

#### of

#### investments
Nomura

Focused

Large

Growth

ETF

March

31,

2026

Number

of

shares

Value

(US

$)

#### Common

#### Stocks

#### —

#### 99.59%
^

Communication

Services

-

5.26%

Alphabet,

Inc.,

Class

C

44,226

$

12,686,670

12,686,670

Consumer

Discretionary

-

8.83%

Amazon.com,

Inc.

†

65,251

13,589,826

Ferrari

NV

22,760

7,703,122

21,292,948

Consumer

Staples

-

1.75%

Coca-Cola

Co.

(The)

55,333

4,208,075

4,208,075

Financials

-

18.92%

Intercontinental

Exchange,

Inc.

68,880

10,833,446

Mastercard,

Inc.,

Class

A

15,742

7,865,648

MSCI,

Inc.,

Class

A

11,521

6,209,934

S&P

Global,

Inc.

21,988

9,352,376

Visa,

Inc.,

Class

A

37,540

11,346,090

45,607,494

Healthcare

-

7.10%

Danaher

Corp.

59,362

11,255,035

Veeva

Systems,

Inc.,

Class

A

†

33,330

5,854,748

17,109,783

Industrials

-

8.23%

Verisk

Analytics,

Inc.,

Class

A

57,823

10,971,914

Waste

Connections,

Inc.

54,499

8,852,818

19,824,732

Information

Technology

-

47.76%

Apple,

Inc.

83,053

21,078,021

Intuit,

Inc.

13,716

5,930,524

Microsoft

Corp.

76,324

28,252,855

Motorola

Solutions,

Inc.

20,165

8,751,005

NVIDIA

Corp.

208,503

36,362,923

Synopsys,

Inc.

†

11,896

4,716,526

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

ADR

29,619

10,009,741

115,101,595

Real

Estate

-

1.74%

CoStar

Group,

Inc.

†

103,869

4,190,075

4,190,075

#### Total

#### Common

#### Stocks
(cost

$266,490,702)

#### 240,021,372

#### Schedule

#### of

#### investments
Nomura

Focused

Large

Growth

ETF

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Number

of

shares

Value

(US

$)

#### Short-Term

#### Investments

#### —

#### 0.42%
Money

Market

Mutual

Funds

-

0.42%

Invesco

Government

&

Agency

Portfolio

-

Institutional

Class

(seven-day

effective

yield

3.58%)

1,023,519

$

1,023,519

#### Total

#### Short-Term

#### Investments
(cost

$1,023,519)

#### 1,023,519

#### Total

#### Value

#### of

#### Securities

#### —

#### 100.01%
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost

$267,514,221)

#### 241,044,891

#### Liabilities

#### Net

#### of

#### Receivables

#### and

#### Other

#### Assets

#### —

#### (0.01%)

#### (20,255)

#### Net

#### Assets

#### Applicable

#### to

#### 9,400,000

#### Shares

#### Outstanding

#### —

#### 100.00%

#### $

#### 241,024,636
^

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

#### Statement

#### of

#### assets

#### and

#### liabilities
Nomura

Focused

Large

Growth

ETF

March

31,

2026

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

#### Assets:
Investments

at

value\*

$

241,044,891

Cash

2,332

Dividends

receivable

113,779

Total

Assets

241,161,002

#### Liabilities:
Management

fees

payable

to

affiliates

105,854

Payable

for

fund

shares

redeemed

30,512

Total

Liabilities

136,366

#### Total

#### Net

#### Assets
$

241,024,636

#### Net

#### Assets

#### Consist

#### of:
Paid-in-capital

$

263,921,779

Total

distributable

earnings

(loss)

(22,897,143)

#### Total

#### Net

#### Assets
$

241,024,636

Shares

outstanding

(unlimited

amount

authorized,

no

par

value)

9,400,000

Net

asset

value

per

share

$

25.64 \*Investments,

at

cost

$

267,514,221

#### Statement

#### of

#### operations
Nomura

Focused

Large

Growth

ETF

Year

ended

March

31,

2026

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

#### Investment

#### Income:
Dividends

$

2,092,044

Foreign

tax

withheld

(52,138)

2,039,906

#### Expenses:
Management

fees

1,364,173

Total

operating

expenses

1,364,173

#### Net

#### Investment

#### Income
(Loss)

675,733

#### Net

#### Realized

#### and

#### Unrealized

#### Gain

#### (Loss):
Net

realized

gain

(loss)

on:

Investments

(11,781,993)

Investments

in-kind

21,410,113

Foreign

currencies

Net

realized

gain

(loss)

9,628,557

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

(24,491,226)

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

(14,862,669)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations
$

(14,186,936)

#### Statements

#### of

#### changes

#### in

#### net

#### assets
Nomura

Focused

Large

Growth

ETF

\*

Date

of

commencement

of

operations.

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Year

ended

March

31,

2026

For

the

period

May

14,

2024

\*

to

March

31,

2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations:
Net

investment

income

(loss)

$

675,733

$

74,347

Net

realized

gain

(loss)

9,628,557

(145,073)

Net

change

in

unrealized

appreciation

(depreciation)

(24,491,226)

(1,978,104)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

(14,186,936)

(2,048,830)

#### Dividends

#### and

#### Distributions

#### to

#### Shareholders

#### from:
Distributable

earnings

(594,356)

(38,199)

(594,356)

(38,199)

#### Capital

#### Share

#### Transactions:

#### 1
Proceeds

from

shares

sold

288,533,861

117,070,319

Cost

of

shares

redeemed

(147,711,223)

–

Increase

in

net

assets

derived

from

capital

share

transactions

140,822,638

117,070,319

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets
126,041,346

114,983,290

#### Net

#### Assets:
Beginning

of

year

114,983,290

–

End

of

year

$

241,024,636

$

114,983,290

#### Capital

#### Share

#### Transactions:
Beginning

of

year

4,400,000

–

Shares

sold

in-kind

10,350,000

4,400,000

Shares

redeemed

in-kind

(5,350,000)

–

Shares

outstanding,

end

of

year

9,400,000

4,400,000

Capital

share

transactions

may

include

transaction

fees

associated

with

Creation

and

Redemption

transactions

which

occurred

during

the

period.

See

Note

in

"Notes

to

financial

statements."

#### Financial

#### highlights
Nomura

Focused

Large

Growth

ETF

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Selected

data

for

each

share

of

the

Fund

outstanding

throughout

each

period

were

as

follows:

Year

ended

March

31,

2026

For

the

period

May

14,

2024

to

March

31,

2025

#### Net

#### asset

#### value,

#### beginning

#### of

#### period

#### ......
$

.13

$

.00

#### Income
(loss)

#### from

#### investment

#### operations:
—

—

Net

investment

income

.................

.06

.07

Net

realized

and

unrealized

gain

(loss)

......

(0

.50)

.10

Total

from

investment

operations

..........................

(0.44)

1.17 #### Less

#### dividends

#### and

#### distributions

#### from:
—

—

Net

investment

income

.................

(0

.05)

(0

.04)

Total

dividends

and

distrib

u

tions

.........................

(0.05)

(0.04)

#### Net

#### asset

#### value,

#### end

#### of

#### period

#### ...........
$

25.64 $

26.13 #### Total

#### return

#### 3
.........................

(1.72%)

4.65%

#### Ratios

#### and

#### supplemental

#### data:
$241,025

$114,983

Net

assets,

end

of

period

(000

omitted)

......

$

241,025

$

114,983

Ratio

of

expenses

to

average

net

assets

....

0.44%

0.44%

Ratio

of

net

investment

income

to

average

net

assets

.............................

0.22%

0.30%

Portfolio

turnover

......................

20%

7%

Date

of

commencement

of

operations.

Ratios

have

been

annualized;

total

return

and

portfolio

turnover

have

not

been

annualized.

Calculated

using

average

shares

outstanding.

Total

return

is

based

on

the

change

in

net

asset

value

of

a

share

during

the

period

and

assumes

reinvestment

of

dividends

and

distributions

at

net

asset

value.

Expense

ratios

do

not

include

expenses

of

any

investment

companies

in

which

the

Fund

invests.

Excludes

the

value

of

portfolio

securities

received

or

delivered

as

a

result

of

in-kind

purchases

or

redemptions

of

the

Fund's

capital

shares.

#### Notes

#### to

#### financial

#### statements
Nomura

Focused

Large

Growth

ETF

March

31,

2026

Nomura ETF

Trust

(Trust)

is

organized

as

a

Delaware

statutory

trust

effective

February

22,

2023

and

is

an

open-end

management

investment

company

registered

with

the

U.S.

Securities

and

Exchange

Commission.

As

of

the

date

of

this

report,

the

Trust

offers

nine series.

These

financial

statements

and

the

related

notes

pertain

to

Nomura

Focused

Large

Growth

ETF (formerly,

Macquarie

Focused

Large

Growth

ETF

through

November

30,

2025)

(Fund).

The

Fund

is

considered

non-diversified

under

the

Investment

Company

Act

of

1940,

as

amended

(1940

Act).

1. #### Significant

#### Accounting

#### Policies
The

Fund

follows

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

—

Investment

Companies.

The

following

accounting

policies

are

in

accordance

with

US

generally

accepted

accounting

principles

(US

GAAP)

and

are

consistently

followed

by

the

Fund.

The

Fund

has

adopted

a

tax

year

end

of

October

(the

"Tax

Year").

As

such,

the

Fund's

tax

basis

capital

gains

and

losses

will

only

be

determined

at

the

end

of

each

Tax

Year.

Accordingly,

tax

basis

distributions

made

during

the

months

ending

March

31,

2025,

but

after

the

tax

year

ended

October

31,

2024

,

will

be

reflected

in

the

financial

statement

footnotes

for

the

fiscal

year

ending

March

31,

2026

.

#### Security

#### Valuation
—

Equity

securities,

except

those

traded

on

the

Nasdaq

Stock

Market

LLC

(Nasdaq),

are

valued

at

the

last

quoted

sales

price

as

of

the

time

of

the

regular

close

of

the

New

York

Stock

Exchange

(NYSE) on

the

valuation

date.

Equity

securities

traded

on

the

Nasdaq

are

valued

in

accordance

with

the

Nasdaq

Official

Closing

Price,

which

may

not

be

the

last

sales

price.

If,

on

a

particular

day,

an

equity

security

does

not

trade,

the

mean

between

the

bid

and

the

ask

prices

will

be

used,

which

approximates

fair

value.

Equity

securities

listed

on

a

foreign

exchange

are

normally

valued

at

the

last

quoted

sales

price

on

the

valuation

date.

Open-end

investment

companies

are

valued

at

their

published

net

asset

value

(NAV). Investments

for

which

market

quotations

are

not

readily

available

are

valued

at

fair

value

as

determined

in

good

faith

pursuant

to

Rule

2a-

under

the

1940

Act

(Rule

2a-5).

As

a

general

principle,

the

fair

value

of

a

security

or

other

asset

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Pursuant

to

Rule

2a-5,

the

Board

of

Trustees

(Board)

has

designated

Delaware

Management

Company

(DMC

or

the

Manager)

as

part

of

its

duties

as

the

Fund's

valuation

designee

(Valuation

Designee)

to

perform

the

fair

value

determination

relating

to

all

applicable

Fund

investments.

DMC

has

established

a

pricing

committee

(Pricing

Committee)

to

assist

with

its

designated

responsibilities

as

Valuation

Designee,

and

DMC

may

carry

out

its

designated

responsibilities

as

Valuation

Designee

through

the

Pricing

Committee

and

other

teams

and

committees,

which

operate

under

policies

and

procedures

approved

by

the

Board

and

subject

to

the

Board's

oversight.

Fair

value

pricing

may

be

used

more

frequently

for

securities

traded

primarily

in

non-US

markets.

If

a

foreign

(non-US)

equity

security's

value

has

materially

changed

after

the

close

of

the

security's

primary

exchange

or

principal

market

but

before

the

close

of

the

NYSE,

the

security

may

be

valued

at

fair

value.

With

respect

to

foreign

(non-US)

equity

securities,

the

Fund

may

determine

the

fair

value

of

investments

based

on

information

provided

by

the

Valuation

Designee,

which

may

#### Notes

#### to

#### financial

#### statements
Nomura

Focused

Large

Growth

ETF

recommend

fair

value

as

determined

in

good

faith

pursuant

to

Rule

2a-5.

In

considering

whether

fair

valuation

is

required

and

in

determining

fair

values,

the

Valuation

Designee

may,

among

other

things,

consider

significant

events

(which

may

be

considered

to

include

changes

in

the

value

of

US

securities

or

securities

indexes)

that

occur

after

the

close

of

the

relevant

market

and

before

the

close

of

the

NYSE.

The

Valuation

Designee

may

utilize

modeling

tools

provided

by

third-party

vendors

to

determine

fair

values

of

non-US

securities.

#### Federal

#### Income

#### Taxes
—

No

provision

for

federal

income

taxes

has

been

made

as the

Fund

intends

to

continue

to

qualify

for

federal

income

tax

purposes

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended,

and

make

the

requisite

distributions

to

shareholders.

The

Fund

evaluates

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

the

Fund's

tax

returns

to

determine

whether

the

tax

positions

are

"more-

likely-than-not"

of

being

sustained

by

the

applicable

tax

authority.

Tax

positions

not

deemed

to

meet

the

"more-likely-than-not"

threshold

are

recorded

as

a

tax

benefit

or

expense

in

the

current

period. Management

has

analyzed

the

Fund's

tax

positions

taken

or

expected

to

be

taken

on

the

Fund's

federal

income

tax

returns

through

the tax

year

ended October

31,

2025

and

for

the

open

tax

year ended

October 31,

2024,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund's

financial

statements.

If

applicable,

the

Fund

recognizes

interest

and

tax

penalties

on

unrecognized

tax

benefits

in

"Interest

and

tax

penalties"

on

the

"Statement

of

operations."

For

the tax

year

ended October

31,

2025,

the

Fund

did

not

incur

any

interest

or

tax

penalties.

#### Foreign

#### Currency

#### Transactions
—

Transactions

denominated

in

foreign

currencies

are

recorded

at

the

prevailing

exchange

rates

on

the

valuation

date.

The

value

of

all

assets

and

liabilities

denominated

in

foreign

currencies

is

translated

daily

into

US

dollars

at

the

exchange

rate

of

such

currencies

against

the

US

dollar.

Transaction

gains

or

losses

resulting

from

changes

in

exchange

rates

during

the

reporting

period

or

upon

settlement

of

the

foreign

currency

transaction

are

reported

in

operations

for

the

current

period.

The

Fund

generally

does

not

bifurcate

that

portion

of

realized

gains

and

losses

on

investments

which

is

due

to

changes

in

foreign

exchange

rates

from

that

which

is

due

to

changes

in

market

prices.

These

realized

gains

and

losses

are

included

on

the

"Statement

of

operations"

under

"Net

realized

gain

(loss)

on

investments."

The

Fund

reports

certain

foreign

currency

related

transactions

as

components

of

realized

gains

(losses)

for

financial

reporting

purposes,

whereas

such

components

are

treated

as

ordinary

income

(loss)

for

federal

income

tax

purposes.

#### In-Kind

#### Redemptions
—

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Fund.

Because

such

gains

or

losses

are

not

taxable

to

the

Fund

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Fund's

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

NAV

per

share.

1. #### Significant

#### Accounting

#### Policies
(continued)

#### Use

#### of

#### Estimates
—

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

fair

value

of

investments,

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements,

and

the

reported

amounts

of

revenues

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates

and

the

differences

could

be

material.

#### Other
—

Security

transactions

are

recorded

on

the

date

the

securities

are

purchased

or

sold

(trade

date)

for

financial

reporting

purposes.

Costs

used

in

calculating

realized

gains

and

losses

on

the

sale

of

investment

securities

are

those

of

the

specific

securities

sold.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Foreign

dividends

are

also

recorded

on

the

ex-dividend

date

or

as

soon

after

the

ex-dividend

date

that

the

Fund

is

aware

of

such

dividends,

net

of

all

tax

withholdings,

a

portion

of

which

may

be

reclaimable.

Withholding

taxes

and

reclaims

on

foreign

dividends

have

been

recorded

in

accordance

with

the

Fund's

understanding

of

the

applicable

country's

tax

rules

and

rates.

The

Fund

files

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Fund

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction's

applicable

laws,

payment

history

and

market

convention.

The

"Statement

of

operations"

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes. Income

and

capital

gain

distributions

from

any

investment

companies

(Underlying

Funds)

in

which

the

Fund

invests

are

recorded

on

the

ex-dividend

date.

The

Fund

declares

and

pays

dividends

from

net

investment

income

and

distributions

from

net

realized

gain

on

investments,

if

any,

at

least

annually.

The

Fund

may

distribute

more

frequently,

if

necessary

for

tax

purposes.

Dividends

and

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

#### Segment Reporting
—

In

November

2023,

FASB

issued

Accounting

Standards

Update

2023-

07,

Segment

Reporting

(Topic

280):

Improvements

to

Reportable

Segment

Disclosures,

with

the

intent

of

improving

reportable

segment

disclosure

requirements,

primarily

through

enhanced

disclosures

about

significant

segment

expenses,

allowing

financial

statement

users

to

better

understand

the

components

of

a

segment's

profit

or

loss

and

assess

potential

future

cash

flows

for

each

reportable

segment

and

the

entity

as

a

whole

thereby

enabling

better

understanding

of

how

an

entity's

segments

impact

overall

performance.

The

Fund's

Chief

Executive

Officer

and

Chief

Financial

Officer

act

as

the

Fund's

chief

operating

decision

maker

(CODM),

assessing

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

the

Fund

has

a

single

operating segment

since

the

Fund

has

a

single

investment

strategy

disclosed

in

the

prospectus

against

which

the

CODM

assesses

performance.

When

assessing

segment

performance

and

making

decisions

about

segment

resources,

the

CODM

relies

on

the

Fund's

portfolio

composition,

total

returns,

expense

ratios

and

changes

in

net

assets

which

are

consistent

with

the

information

contained

in

the

Fund's

financial

statements.

#### Recent

#### Accounting

#### Standard
—

The

Fund

adopted

FASB

Accounting

Standards

Update

(ASU),

ASU

2023-09,

Income

Taxes

(Topic

740)

—

Improvements

to

Income

Taxes

Disclosures

as

of

March

31,

2026. ASU

2023-09

requires

public

business

entities,

on

an

annual

basis,

to

provide

1. #### Significant

#### Accounting

#### Policies
(continued)

#### Notes

#### to

#### financial

#### statements
Nomura

Focused

Large

Growth

ETF

disclosure

of

specific

categories

in

the

rate

reconciliation,

as

well

as

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

During

the

year

ended

March

31,

2026,

the

Fund

did

not

pay

a

material

amount

of

foreign

or

US

federal,

state

or

local

income

taxes

and

therefore

did

not

include

any

additional

disclosures

in

these

financial

statements.

2. #### Investment

#### Management,

#### Administration

#### Agreements,

#### and

#### Other

#### Transactions

#### with

#### Affiliates
In

accordance

with

the

terms

of

its

investment

management

agreement,

the

Fund

pays

DMC,

a

series

of Nomura

Investment

Management

Business

Trust

(NIMBT)

and

the

investment

manager,

an

annual

unitary

management

fee

which

is

calculated

daily

and

paid

monthly

at

the

rate

of

0.44%

on

the

Fund's

average

daily

net

assets.

Prior

to

December

1,

2025

(Closing

Date),

NIMBT

was

named

Macquarie

Investment

Management

Business

Trust

(MIMBT).

As

of

the

Closing

Date,

Nomura

Holding

America

Inc.

completed

the

acquisition

of

Macquarie

Asset

Management's

US

and

European

public

investments

business.

The

closing

of

this

transaction

resulted

in

the

automatic

termination

of

the

Fund's

investment

advisory

agreement

with

DMC

and

any

sub-advisory

agreement,

as

applicable.

At

a

special

shareholder

meeting

held

on

September

10,

2025,

Fund

shareholders

approved

a

new

investment

advisory

agreement

for

the

Fund.

On

the

Closing

Date,

the

new

investment

advisory

agreement

and

the

Fund's

name

change

to

Nomura

Focused

Large

Growth

ETF

went

effective.

From

the

unitary

management

fee,

DMC

pays

most

of

the

expenses

of

the

Fund,

including

the

cost

of

sub-advisory

fees

to

any

investment

sub-adviser,

if

any, transfer

agency,

custody,

fund

administration,

legal,

audit

and

other

services.

However,

under

the

investment

management

agreement,

DMC

is

not

responsible

for

(i) interest

expenses;

(ii) taxes

(including,

but

not

limited

to,

income,

excise,

transfer

and

withholding

taxes);

(iii) expenses

of

a

Fund

incurred

with

respect

to

the

acquisition

and

disposition

of

portfolio

securities,

instruments

or

other

investments

and

the

execution

of

portfolio

transactions,

including

brokerage

commissions;

(iv) expenses

incurred

in

connection

with

any

distribution

plan

adopted

by

the

Trust

in

compliance

with

Rule

12b-1

under

the

1940

Act,

including

distribution

fees;

(v) litigation

expenses;

(vi) the

investment

advisory

fee

payable

to

the

Manager;

(vii) non-routine

or

extraordinary

expenses

(including,

without

limitation,

the

expense

associated

with

proxy

solicitations

and

fund

reorganizations);

and

(viii) acquired

fund

fees

and

expenses.

Prior

to

the

Closing

Date,

DMC

had

entered

into

a

Sub-Advisory

Agreement

on

behalf

of

the

Fund

with

Macquarie

Investment

Management

Global

Limited,

which

was

an

affiliate

of

DMC

(Prior

Affiliated

Sub-Advisor).

Pursuant

to

the

terms

of

the

Sub-Advisory

Agreement,

the

investment

sub-advisory

fee

was

paid

by

DMC

to

the

Prior

Affiliated

Sub-Advisor

based

on

the

extent

to

which

the

Prior

Affiliated

Sub-Advisor

provided

services

to

the

Fund.

As

of

the

Closing

Date,

the

Prior

Affiliated

Sub-Advisor

no

longer

serves

as

a

sub-advisor

to

the

Fund.

1. #### Significant

#### Accounting

#### Policies
(continued)

In

addition

to

the

management

fees

and

other

expenses

of the

Fund, the

Fund

indirectly

bears

the

investment

management

fees

and

other

expenses

of

any

Underlying

Funds,

in

which

it

invests.

The

amount

of

these

fees

and

expenses

incurred

indirectly

by the

Fund

will

vary

based

upon

the

expense

and

fee

levels

of

any

Underlying

Funds

and

the

number

of

shares

that

are

owned

of

any

Underlying

Funds

at

different

times.

3. #### Investments
For

the year ended

March

31,

2026

,

the

Fund

made

purchases

and

sales

of

investment

securities

other

than

short-term

investments

and

US

government

securities as

follows:

For

the year ended

March

31,

2026,

in-kind

transactions,

which

are

not

included

in

the

table

above, associated

with

purchase

or

redemption

of

Creation

Units

were

as

follows:

The

tax

cost

of

investments

includes

adjustments

to

net

unrealized

appreciation

(depreciation)

which

may

not

necessarily

be

the

final

tax

cost

basis

adjustments

but

which

approximate

the

tax

basis

unrealized

gains

and

losses

that

may

be

realized

and

distributed

to

shareholders.

At

March

31,

2026

,

the

cost

and

unrealized

appreciation

(depreciation)

of

investments

for

federal

income

tax

purposes

for

the

Fund

were

as

follows:

US

GAAP

defines

fair

value

as

the

price

that

the

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

under

current

market

conditions.

A

three-level

hierarchy

for

fair

value

measurements

has

been

established

based

upon

the

transparency

of

inputs

to

the

valuation

of

an

asset

or

liability.

Inputs

may

be

observable

or

unobservable

and

refer

broadly

to

the

assumptions

that

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

the

reporting

entity's

own

Purchases

$

62,825,894

Sales

60,103,542

Purchases

$

285,318,709

Sales

146,121,337

Cost

of

investments

$

267,527,750

Aggregate

unrealized

appreciation

of

investments

$

10,325,393

Aggregate

unrealized

depreciation

of

investments

(36,808,252)

Net

unrealized

depreciation

of

investments

$

(26,482,859)

2. #### Investment

#### Management,

#### Administration

#### Agreements,

#### and

#### Other

#### Transactions

#### with

#### Affiliates
(continued)

#### Notes

#### to

#### financial

#### statements
Nomura

Focused

Large

Growth

ETF

assumptions

about

the

assumptions

that

market

participants

would

use

in

pricing

the

asset

or

liability

based

on

the

best

information

available

under

the

circumstances.

The

Fund's

investment

in

its

entirety

is

assigned

a

level

based

upon

the

observability

of

the

inputs

which

are

significant

to

the

overall

valuation.

The

three-level

hierarchy

of

inputs

is

summarized

as

follows:

Level

—

Inputs

are

quoted

prices

in

active

markets

for

identical

investments.

(Examples:

equity

securities,

open-end

investment

companies,

futures

contracts,

and

exchange-traded

options

contracts)

Level

2 —

Other

observable

inputs,

including,

but

not

limited

to:

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

and

default

rates)

or

other

market-corroborated

inputs.

(Examples:

debt

securities,

government

securities,

swap

contracts,

forward

foreign currency

exchange

contracts,

foreign

securities

utilizing

international

fair

value

pricing,

broker-quoted

securities,

and

fair

valued

securities)

Level

3 — Significant

unobservable

inputs,

including

the

Fund's

own

assumptions

used

to

determine

the

fair

value

of

investments.

(Examples:

broker-quoted

securities

and

fair

valued

securities)

Level

investments

are

valued

using

significant

unobservable

inputs.

The

Fund

may

also

use

an

income-based

valuation

approach

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Valuations

may

also

be

based

upon

current

market

prices

of

securities

that

are

comparable

in

coupon,

rating,

maturity,

and

industry.

The

derived

value

of

a

Level

investment

may

not

represent

the

value

which

is

received

upon

disposition

and

this

could

impact

the

results

of

operations.

The

following

table

summarizes

the

valuation

of

the

Fund's

investments

by

fair

value

hierarchy

levels

as

of

March

31,

2026

:

Level

Level

Level

Total

Securities

Assets:

Common

Stocks

$

240,021,372

$

–

$

–

$

240,021,372

Short-Term

Investments

1,023,519

–

–

1,023,519

Total

Value

of

Securities

$

241,044,891

$

–

$

–

$

241,044,891

3. #### Investments
(continued)

During

the year ended

March

31,

2026

,

there

were

no

transfers

into

or

out

of

Level

investments.

The

Fund's

policy

is

to

recognize

transfers

into

or

out

of

Level

investments

based

on

fair

value

at

the

beginning

of

the

reporting

year.

A

reconciliation

of

Level

investments

is

presented

when

the

Fund

has

a

significant

amount

of

Level

investments

at

the

beginning

or

end

of

the

year

in

relation

to

the

Fund's

net

assets.

As

of

March

31,

2026

,

there

were

no

Level

investments.

4. #### Dividend

#### and

#### Distribution

#### Information
Income

and

long-term

capital

gain

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

US

GAAP. Additionally,

distributions

from

net

gains

on

foreign

currency

transactions

and

net

short-term

gains

on

sales

of

investment

securities

are

treated

as

ordinary

income

for

federal

income

tax

purposes.

The

tax

character

of

dividends

and

distributions

paid

during

the tax

year

ended

October

31,

2025

and

period

ended

October

31,

2024

were

as

follows:

\*

Date

of

commencement

of

operations.

5. #### Components

#### of

#### Net

#### Assets

#### on

#### a

#### Tax

#### Basis
At October

31,

2025

(the

Fund's

most

recent

tax

year

end),

the

components

of distributable

earnings/(loss) on

a

tax

basis

were

as

follows:

For

financial

reporting

purposes,

capital

accounts

are

adjusted

to

reflect

the

tax

character

of

permanent

book/tax

differences.

Results

of

operations

and

net

assets

were

not

affected

by

these

reclassifications.

Reclassifications

are

primarily

due

to

tax

treatment

of

earnings

and

profits

distributed

to

shareholders

on

the

redemption

of

shares.

For

the

tax

year

ended October

31,

2025,

the

Fund

recorded

the

following

reclassifications:

Tax

year

ended

10/31/25

5/14/24

\*

to

10/31/24

Ordinary

income

$

38,199

$

—

Capital

loss

carryforwards

$

(1,641,794)

Undistributed

ordinary

income

364,162

Unrealized

appreciation

(depreciation)

of

investments

32,379,886

Total

accumulated

earnings

$

31,102,254

Paid-in

capital

$

6,028,822

Total

distributable

earnings

(loss)

(6,028,822)

3. #### Investments
(continued)

#### Notes

#### to

#### financial

#### statements
Nomura

Focused

Large

Growth

ETF

For

federal

income

tax

purposes,

capital

loss

carryforwards

may

be

carried

forward

and

applied

against

future

capital

gains.

As

of

October

31, 2025

(the

Fund's

most

recent

tax

year

end),

the

Fund

had

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

as

follows:

6. #### Issuance

#### and

#### Redemption

#### of

#### Fund

#### Shares
The

Fund

is

an

exchange-traded

fund

or

ETF.

Individual

Fund

shares

may

only

be

purchased

and

sold

on

a

national

securities

exchange

through

a

broker-dealer

and

investors

may

pay

a

commission

to

such

broker-dealers

in

connection

with

their

purchase

or

sale.

The

price

of

Fund

shares

is

based

on

market

price,

and

because

ETF

shares

trade

at

market

prices

rather

than

NAV,

shares

may

trade

at

a

price

greater

than

NAV

(a

premium)

or

less

than

NAV

(a

discount).

The

Fund

will

only

issue

or

redeem

shares

aggregated

into

blocks

of

25,000 shares

or

multiples

thereof

("Creation

Units") to

Authorized

Participants

who

have

entered

into

agreements

with

the

Fund's

Distributor.

An

Authorized

Participant

is

either

(1) a

"Participating

Party,"

(i.e.,

a

broker-

dealer

or

other

participant

in

the

clearing

process

of

the

Continuous

Net

Settlement

System

of

the

National

Securities

Clearing

Corporation)

("Clearing

Process"),

or

(2) a

participant

of

Depository

Trust

Company

("DTC

Participant"),

and,

in

each

case,

must

have

executed

an

agreement

("Participation

Agreement")

with

the

Distributor

with

respect

to

creations

and

redemptions

of

Creation

Units.

The

Fund

will

issue

or

redeem

Creation

Units

in

return

for

a

basket

of

assets

that

the

Fund

specifies

each

day.

Shares

are

listed

on

the

NYSE

Arca,

Inc.

(the

"Exchange") and

are

publicly

traded.

If

an

investor

buys

or

sells

Fund

shares

on

the

secondary

market,

the

investor

will

pay

or

receive

the

market

price,

which

may

be

higher

or

lower

than

NAV.

The

investor's

transaction

will

be

priced

at

NAV

if

the

investor

purchases

or

redeems

Fund

shares

in

Creation

Units.

Authorized

Participants

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

the

Fund's

Administrator

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Additionally,

a

portion

of

the

transaction

fee

is

used

to

offset

transactional

costs

typically

accrued

in

the

Fund's

custody

expenses

directly

related

to

the

issuance

and

redemption

of

Creation

Units.

An

additional

variable

fee

may

be

charged

for

certain

transactions.

Such

fees

would

be

included

in

the

receivable

for

capital

shares

sold

on

the

"Statement

of

assets

and

liabilities"

if

they

are

outstanding

as

of period-end.

Transaction

fees

assessed

during

the

period

are

included

in

the

proceeds

from

shares

sold

on

the

"Statements

of

changes

in

net

assets."

Loss

carryforward

character

Short-term

Long-term

Total

$1,641,794

$—

$1,641,794

5. #### Components

#### of

#### Net

#### Assets

#### on

#### a

#### Tax

#### Basis
(continued)

7. #### Certain

#### Principal

#### Risks

#### of

#### the

#### Fund
Growth

Stock

Risk —

Growth

stocks

reflect

projections

of

future

earnings

and

revenue.

These

prices

may

rise

or

fall

dramatically

depending

on

whether

those

projections

are

met.

These

companies'

stock

prices

may

be

more

volatile,

particularly

over

the

short

term.

Large-capitalization

company

risk —

Large-capitalization

companies

tend

to

be

less

volatile

than

companies

with

smaller

market

capitalizations.

This

potentially

lower

risk

means

that

the

Fund's

share

price

may

not

rise

as

much

as

the

share

prices

of

funds

that

focus

on

smaller-capitalization

companies.

Liquidity

risk

—

The

possibility

that

investments

cannot

be

readily

sold

within

seven

calendar

days

at

approximately

the

price

at

which

a

fund

has

valued

them.

Information

technology

sector risk —

The

risk

that

investment

risks

associated

with

investing

in

the

information

technology

sector,

in

addition

to

other

risks,

include

the

intense

competition

to

which

information

technology

companies

may

be

subject;

the

dramatic

and

often

unpredictable

changes

in

growth

rates

and

competition

for

qualified

personnel

among

information

technology

companies;

effects

on

profitability

from

being

heavily

dependent

on

patent

and

intellectual

property

rights

and

the

loss

or

impairment

of

those

rights;

obsolescence

of

existing

technology;

general

economic

conditions;

and

government

regulation. To

the

extent

the

Fund

focuses

its

investments

in

the

information

technology

sector,

the

Fund

will

be

more

susceptible

to

the

risks,

events

and

other

factors

affecting

companies

in

this

sector.

Industry

and

sector

risk

—

The

risk

that

the

value

of

securities

in

a

particular

industry

or

sector

(such

as

the

infrastructure

industry)

will

decline

because

of

changing

expectations

for

the

performance

of

that

industry

or

sector.

Government

and

regulatory

risk

—

The

risk

that

governments

or

regulatory

authorities

may

take

actions

that

could

adversely

affect

various

sectors

of

the

securities

markets

and

affect

fund

performance.

Foreign

risk —

The

risk

that

foreign

securities

may

be

adversely

affected

by

political

instability,

changes

in

currency

exchange

rates,

inefficient

markets

and

higher

transaction

costs,

foreign

economic

or

government

conditions,

the

imposition

of

economic

and/or

trade

sanctions,

inadequate

or

different

regulatory

and

accounting

standards,

and

the

possibility

that

significant

events

in

foreign

markets,

including

broad

market

moves,

may

affect

the

value

of

fund

shares.

Nondiversification risk —

A

nondiversified

fund

has

the

flexibility

to

invest

as

much

as

50%

of

its

assets

in

as

few

as

two

issuers

with

no

single

issuer

accounting

for

more

than

25%

of

the

fund.

The

remaining

50%

of

its

assets

must

be

diversified

so

that

no

more

than

5%

of

its

assets

are

invested

in

securities

of

a

single

issuer. Because

a

nondiversified

fund

may

invest

its

assets

in

fewer

issuers,

the

value

of

its

shares

may

increase

or

decrease

more

rapidly

than

if

it

were

fully

diversified.

ETF

structure

risks

–

The

Fund

is

structured

as

an

ETF

and

as

a

result

is

subject

to

special

risks.

Shares

are

not

individually

redeemable

and

may

be

redeemed

by

the

Fund

at

NAV

only

in

large

blocks

known

as

"Creation

Units."

Trading

in

shares

on

the

Exchange

may

be

halted

due

#### Notes

#### to

#### financial

#### statements
Nomura

Focused

Large

Growth

ETF

to

market

conditions

or

for

reasons

that,

in

the

view

of

the

Exchange,

make

trading

in

Shares

inadvisable,

such

as

extraordinary

market

volatility.

There

can

be

no

assurance

that

Shares

will

continue

to

meet

the

listing

requirements

of

the

Exchange.

An

active

trading

market

for

the

Fund's

shares

may

not

be

developed

or

maintained.

If

the

Fund's

shares

are

traded

outside

a

collateralized

settlement

system,

the

number

of

financial

institutions

that

can

act

as

authorized

participants

that

can

post

collateral

on

an

agency

basis

is

limited,

which

may

limit

the

market

for

the

Fund's

shares.

The

market

prices

of

Shares

will

fluctuate

in

response

to

changes

in

NAV

and

supply

and

demand

for

shares

and

will

include

a

"bid-ask

spread"

charged

by

the

exchange

specialists,

market

makers

or

other

participants

that

trade

the

particular

security.

There

may

be

times

when

the

market

price

and

the

NAV

vary

significantly

particularly

during

times

of

market

stress,

with

the

result

that

investors

may

pay

significantly

more

or

significantly

less

for

Fund

shares

than

the

Fund's

NAV,

which

is

reflected

in

the

bid

and

ask

price

for

Fund

shares

or

in

the

closing

price.

If

a

shareholder

purchases

shares

at

a

time

when

the

market

price

is

at

a

premium

to

the

NAV

or

sells

shares

at

a

time

when

the

market

price

is

at

a

discount

to

NAV,

the

shareholder

may

sustain

losses

if

the

shares

are

sold

at

a

price

that

is

less

than

the

price

paid

by

the

shareholder

for

the

shares.

When

all

or

a

portion

of

an

ETFs

underlying

securities

trade

in

a

market

that

is

closed

when

the

market

for

the

Fund's

shares

is

open,

there

may

be

changes

from

the

last

quote

of

the

closed

market

and

the

quote

from

the

Fund's

domestic

trading

day,

which

could

lead

to

differences

between

the

market

value

of

the

Fund's

shares

and

the

Fund's

NAV.

In

stressed

market

conditions,

the

market

for

the

Fund's

shares

may

become

less

liquid

in

response

to

the

deteriorating

liquidity

of

the

Fund's

portfolio.

This

adverse

effect

on

the

liquidity

of

the

Fund's

shares

may,

in

turn,

lead

to

differences

between

the

market

value

of

the

Fund's

shares

and

the

Fund's

NAV.

8. #### Contractual

#### Obligations
The

Fund

enters

into

contracts

in

the

normal

course

of

business

that

contain

a

variety

of

indemnifications.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown.

However,

the

Fund

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts.

Management

has

reviewed

the

Fund's

existing

contracts

and

expects

the

risk

of

loss

to

be

remote.

9. #### Subsequent

#### Events
Management

has

determined

that

no

material

events

or

transactions

occurred

subsequent

to

March

31,

2026,

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements.

7. #### Certain

#### Principal

#### Risks

#### of

#### the

#### Fund
(continued)

#### Report

#### of

#### independent

#### registered

#### public

#### accounting

#### firm

To

the

Board

of

Trustees

of Nomura

ETF

Trust and

Shareholders

of

Nomura

Focused

Large

Growth

ETF

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Nomura

Focused

Large

Growth

ETF

(one

of

the

funds

constituting

Nomura

ETF

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

March

31,

2026,

the

related

statement

of

operations

for

the

year

ended

March

31,

2026

and

the

statement

of

changes

in

net

assets

and

the

financial

highlights

for

the

year

ended

March

31,

2026

and

for

the

period

May

14,

2024

(commencement

of

operations)

through

March

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

March

31,

2026,

the

results

of

its

operations

for

the

year

ended

March

31,

2026,

and

the

changes

in

its

net

assets

and

the

financial

highlights

for

the

year

ended

March

31,

2026

and

for

the

period

May

14,

2024

(commencement

of

operations)

through

March

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2026

by

correspondence

with

the

custodian

and

transfer

agents.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

May

29,

2026

We

have

served

as

the

auditor

of

one

or

more

Nomura

investment

companies

since

2010. #### Other

#### Fund

#### information
(Unaudited)

Nomura

Focused

Large

Growth

ETF

#### Tax

#### Information
The

information

set

forth

below

is

for

the

Fund's

fiscal

year

as

required

by

federal

income

tax

laws.

Shareholders,

however,

must

report

distributions

on

a

calendar

year

basis

for

income

tax

purposes,

which

may

include

distributions

for

portions

of

two

fiscal

years

of

the

Fund.

Accordingly,

the

information

needed

by

shareholders

for

income

tax

purposes

will

be

sent

to

them

in

January

of

each

year.

Please

consult

your

tax

advisor

for

proper

treatment

of

this

information.

All

disclosures

are

based

on

financial

information

available

as

of

the

date

of

this

annual

report

and,

accordingly,

are

subject

to

change.

For

any

and

all

items

requiring

reporting,

it

is

the

intention

of

the

Fund

to

report

the

maximum

amount

permitted

under

the

Internal

Revenue

Code

and

the

regulations

thereunder.

For

the

tax

year

ended October

31,

2025, the

Fund

reports

distributions

paid

during

the

year

as

follows:

#### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies

#### Change

#### in

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
At

a

meeting

held

on

April

15,

2026,

the

Board

of

Trustees

(Board),

upon

recommendation

of

the

Audit

Committee,

approved

the

dismissal

of

PricewaterhouseCoopers

LLP

(PwC)

upon

completion

of

services

currently

being

performed

by

PwC

related

to

the

audit

of

the

Nomura

Focused

Large

Growth

ETF

(formerly,

Macquarie

Focused

Large

Growth

ETF)

(the

"Fund")'s

March

31,

2026

financial

statements,

and

approved

the

appointment

of

Ernst

&

Young

LLP

(E&Y)

to

serve

as

the

independent

registered

public

accounting

firm

for

the

Fund,

beginning

with

the

fiscal

year

ending

March

31,

2027. PwC's

reports

on

the

financial

statements

for

the

period

May

14,

2024

(commencement

of

operations)

through

March

31,

2025

and

the

fiscal

year

ended

March

31,

2026

did

not

contain

any

adverse

opinion

or

disclaimer

of

opinion,

nor

were

they

qualified

or

modified

as

to

uncertainty,

audit

scope,

or

accounting

principles.

In

addition,

during

the

period

May

14,

2024

(commencement

of

operations)

through

March

31,

2025

and

the

fiscal

year

ended

March

31,

2026

and

during

the

subsequent

interim

period

through

May

29,

2026,

(i) there

were

no

disagreements

between

the

Fund

and

PwC

on

accounting

principles,

financial

statement

disclosures

or

audit

scope,

which,

if

not

resolved

to

the

satisfaction

of

PwC,

would

have

caused

them

to

make

reference

to

the

disagreement

in

their

reports;

and

(A) Ordinary

Income

Distributions

(Tax

Basis)

100.00%

(B) Qualified

Dividends

100.00%

(A) is

based

on

a

percentage

of

the

Fund's

total

distributions.

(B) is

based

on

the

Fund's

ordinary

income

distributions.

Qualified

dividends

represent

dividends

which

qualify

for

the

corporate

dividends

received

deduction.

(ii) there

were

no

reportable

events

described

in

Item

304(a)

(1) (v) of

Regulation

S-K

under

the

Securities

Exchange

Act

of

1934,

as

amended.

During

the

period

May

14,

2024

(commencement

of

operations)

through

March

31,

2025

and

the

fiscal

year

ended

March

31,

2026

and

during

the

subsequent

interim

period

through

May

29,

2026,

neither

the

Board

nor

anyone

on

its

behalf

has

consulted

with

E&Y

at

any

time

prior

to

their

selection

with

respect

to

(i) the

application

of

accounting

principles

to

a

specified

transaction,

either

completed

or

proposed

or

the

type

of

audit

opinion

that

might

be

rendered

on

the

Fund's

financial

statements;

or

(ii) the

subject

of

a

disagreement

(as

defined

in

paragraph

(a) (1) (iv) of

Item

of

Regulation

S-K)

or

reportable

events

(as

described

in

paragraph

(a) (1) (v) of

said

Item

304).

The

Fund

has

provided

PwC

with

a

copy

of

this

Form

N-CSR

and

requested

that

PwC

furnish

the

Fund

with

a

letter

stating

whether

or

not

it

agrees

with

the

statements

made

herein.

A

copy

of

PwC's

letter,

dated

June

8,

2026,

is

attached

as

Exhibit

to

this

N-CSR.

#### Proxy

#### Disclosures

#### for

#### Open-End

#### Management

#### Investment

#### Companies
Not

Applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers,

#### and

#### Others

#### of

#### Open-End

#### Management

#### Investment

#### Companies
Please

refer

to

the

disclosure

within

the

financial

statements.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
At

an

in-person

meeting

on

June

12,

2025

Meeting

("June

2025

Meeting"),

the

Board,

including

its

Independent

Trustees,

considered

and

unanimously

approved

proposed

new

investment

advisory

agreements

(together,

the

"New

Investment

Advisory

Agreements")

for

each

of

the

Macquarie

Global

Listed

Infrastructure

ETF,

Macquarie

Energy

Transition

ETF,

Macquarie

Tax-Free

USA

Short

Term

ETF,

Macquarie

Focused

Large

Growth

ETF,

Macquarie

Focused

Emerging

Markets

Equity

ETF,

Macquarie

National

High-Yield

Municipal

Bond

ETF,

and

Macquarie

Focused

International

Core

ETF

(each,

a

"Fund"

and

together,

the

"Funds")

between

the

Trust,

on

behalf

of

each

Fund,

and

DMC

(as

defined

below).

The

Board

also

approved

interim

advisory

agreements

(together,

the

"Interim

Advisory

Agreements"

and

together

with

the

New

Investment

Advisory

Agreements,

the

"Proposed

Advisory

Agreements").

The

Board

also

determined

to

recommend

that

Fund

shareholders

approve

the

proposed

New

Investment

Advisory

Agreements.

As

part

of

their

evaluation,

the

Board's

Independent

Trustees

reviewed

material

supporting

the

approval

#### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies
(continued)

#### Change

#### in

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Focused

Large

Growth

ETF

of

the

Proposed

Advisory

Agreements

in

executive

sessions

with

its

independent

legal

counsel

both

with

and

without

representatives

of

management.

Such

material

included

responses

provided

by

DMC

and

Nomura

Holdings

America

Inc.

(together

with

its

parent

company,

Nomura

Holdings,

Inc.,

hereinafter

referred

to

as

"Nomura")

to

an

extensive

initial

questionnaire

and

a

subsequent

memorandum

with

questions

relating

to

the

Transaction

(as

defined

below)

and

the

impact

on

the

Funds,

as

well

as

governance,

compliance,

investment

and

operational

matters.

On

April

21,

2025,

Nomura

and

Macquarie

Group

Limited

announced

that

they

had

entered

into

a

definitive

stock

purchase

agreement

(the

"Purchase

Agreement")

pursuant

to

which

Nomura

agreed

to

acquire

the

equity

interests

of

Macquarie

Asset

Management's

US

and

European

public

investments

business

(collectively,

the

"MAM

Business"),

including

the

Funds'

investment

adviser,

Delaware

Management

Company

("DMC"),

which

is

a

series

of

Macquarie

Investment

Management

Business

Trust

(the

"Transaction").

#### Background

#### for

#### the

#### Board

#### Approvals.
At

a

meeting

on

May

16,

2025

and

at

the

June

2025

Meeting,

representatives

of

DMC

met

with

the

Board

to

discuss

the

Transaction.

The

Independent

Trustees

were

advised

that

the

Transaction,

if

completed,

would

constitute

a

Change

of

Control

Event

and

result

in

the

termination

of

the

existing

investment

advisory

agreements

with

DMC

(the

"Current

Investment

Advisory

Agreements").

Pursuant

to

Section

15(a)(4)

of

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

any

investment

advisory

agreement,

including

any

sub-advisory

agreement,

on

behalf

of

a

registered

investment

company

must

terminate

automatically

upon

its

"assignment."

As

used

in

the

1940

Act,

the

term

"assignment"

includes

any

transfer

of

a

controlling

interest

in

an

investment

adviser.

Such

a

transfer

is

often

referred

to

as

a

"Change

of

Control

Event."

The

Independent

Trustees

were

also

advised

that

it

was

proposed

that

DMC

would

continue

to

serve

as

the

investment

adviser

to

each

Fund

after

the

closing

of

the

Transaction

on

or

about

October

31,

2025

(the

"Closing")

and

that

the

Board

would

be

asked

to

consider

approval

of

the

terms

and

conditions

of

the

proposed

New

Investment

Advisory

Agreements

with

DMC

and

thereafter

to

submit

the

proposed

New

Investment

Advisory

Agreements

to

the

Funds'

shareholders

for

approval.

At

the

June

2025

Meeting,

the

Board,

including

a

majority

of

the

Independent

Trustees,

reviewed

and

approved

the

Proposed

Advisory

Agreements.

The

New

Investment

Advisory

Agreements,

were

subject

to

shareholder

approval.

The

Board

considered

the

information

provided

to

it

about

the

Funds

together

and

with

respect

to

each

Fund

separately

as

the

Board

deemed

appropriate.

Prior

to

and

at

the

June

2025

Meeting,

the

Board,

together

with

independent

legal

counsel

to

the

Independent

Trustees

and

Fund

counsel,

met

with

representatives

of

DMC

and

Nomura

to

discuss

the

Transaction.

At

these

meetings,

the

Transaction

and

future

plans

for

DMC

and

the

Funds

were

discussed

at

length.

Finally,

the

Independent

Trustees

consulted

with

their

independent

legal

counsel

in

executive

sessions

during

the

time

period

covered

by

the

negotiation

of

the

Transaction

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

and

discussed,

among

other

things,

the

legal

standards

applicable

to

their

review

of

the

Proposed

Advisory

Agreements

and

certain

other

contracts

and

considerations

relevant

to

their

deliberations

on

whether

to

approve

the

Proposed

Advisory

Agreements.

At

in-person

and

virtual

meetings

with

DMC

management

and

with

key

Nomura

representatives,

the

Trustees

discussed

the

Transaction

and

the

Board

had

an

opportunity

to

ask

further

questions

and

seek

clarification

of

written

responses.

The

meetings

included

discussions

of

the

strategic

rationale

for

the

Transaction

and

Nomura's

general

plans

and

intentions

regarding

the

Funds

and

DMC. On

these

occasions,

representatives

of

DMC

and

Nomura

made

presentations

to,

and

responded

to

questions

from,

the

Trustees.

The

Board

also

inquired

about

the

plans

for,

and

anticipated

roles

and

responsibilities

of,

key

employees

and

officers

of

DMC

in

connection

with

the

Transaction.

In

connection

with

the

Trustees'

review

of

the

Proposed

Advisory

Agreements,

DMC

and/or

Nomura

emphasized

that:

—

They

expected

that

there

will

be

no

adverse

changes

as

a

result

of

the

Transaction

in

the

nature,

quality,

or

extent

of

services

currently

provided

to

the

Funds

and

their

shareholders,

including

investment

management,

distribution,

or

other

shareholder

services;

—

No

material

changes

in

personnel

or

operations

are

currently

contemplated

in

the

operation

of

DMC

under

Nomura

as

a

result

of

the

Transaction;

—

Nomura

has

no

present

intention

to

cause

DMC

to

alter

the

investment

advisory

fees

paid

to

DMC

by

a

Fund

and

the

expenses

DMC

has

agreed

to

pay

on

behalf

of

a

Fund;

and

—

Under

the

Purchase

Agreement,

Nomura

has

agreed

to,

and

to

cause

its

affiliates

to,

use

commercially

reasonable

efforts

after

Closing

to

conduct

their

respective

businesses

in

compliance

with

the

conditions

of

Section

15(f)

of

the

1940

Act

with

respect

to

the

Funds,

including

maintaining

Board

composition

of

at

least

75%

of

the

Board

members

qualifying

as

Independent

Trustees

and

not

imposing

any

"unfair

burden"

on

the

Funds

for

at

least

two

years

from

the

Closing.

The

Board

considered

that

management

proposed

that

the

Board

approve

the

Proposed

Advisory

Agreements

because,

upon

the

Closing

of

the

Transaction,

the

Current

Investment

Advisory

Agreements

and

the

current

sub-advisory

agreements

(the

"Current

Sub-Advisory

Agreements")

would

automatically

terminate

in

accordance

with

their

terms

and

applicable

regulations.

The

Board

further

considered

that

management

proposed

that

the

Board

approve

the

Interim

Advisory

Agreements

so

that,

if

the

Transaction

closes

before

a

Fund

receives

the

requisite

shareholder

approval

of

its

New

Investment

Advisory

Agreement,

an

Interim

Advisory

Agreement

would

permit

continuity

of

the

management

of

the

Fund

while

it

continued

to

solicit

the

requisite

shareholder

approval

of

the

New

Investment

Advisory

Agreement.

The

Board

reviewed

and

also

considered

the

forms

of

the

Proposed

Advisory

Agreements,

noting

that

the

terms

and

conditions

of

each

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Focused

Large

Growth

ETF

such

agreement

were

substantially

identical

to

the

terms

and

conditions

of

the

Current

Investment

Advisory

Agreements,

except

for

the

effective

dates,

duration

and,

with

respect

to

the

Interim

Advisory

Agreements,

escrow

provisions

required

by

applicable

law.

The

Board

noted

that

the

New

Investment

Advisory

Agreements

would

have

an

initial

two-year

term

and

that

the

Interim

Advisory

Agreements

would

be

effective

on

an

interim

basis,

as

necessary

upon

the

Closing

of

the

Transaction,

from

its

effective

date

until

the

earlier

of

(i) 150

calendar

days

from

the

effective

date

or

such

later

date

as

may

be

consistent

with

the

1940

Act,

rules

and

regulations

thereunder

or

exemptive

relief

or

interpretative

position

of

the

staff

of

the

SEC;

or

(ii) the

effective

date

of

the

applicable

New

Investment

Advisory

Agreement

("Interim

Period").

The

Interim

Advisory

Agreements

may

also

be

terminated

on

days'

written

notice

by

the

Board.

The

Board

further

noted

management's

representation

that

the

approval

of

the

Proposed

Advisory

Agreements

would

not

result

in

any

changes

to

the

Funds'

investment

objectives

or

strategies.

Further,

the

DMC

portfolio

managers

currently

responsible

for

the

day-to-day

management

of

the

Funds

are

expected

to

continue

to

provide

investment

advisory

services

to

the

Funds.

In

addition,

with

respect

to

the

Macquarie

Global

Listed

Infrastructure

ETF,

Macquarie

Energy

Transition

ETF,

Macquarie

Focused

Large

Growth

ETF,

Macquarie

Focused

Emerging

Markets

Equity

ETF,

and

Macquarie

Focused

International

Core

ETF

(the

"Sub-Advised

Funds"),

the

Board

noted

that

DMC

may

rely

on

participating

affiliate

arrangements

between

DMC

and

certain

non-US

Nomura

asset

management

entities

to

provide

continuity

of

portfolio

management

services

to

the

Sub-Advised

Funds,

including

services

provided

by

previous

sub-advisor

employees.

In

approving

each

Proposed

Advisory

Agreement,

the

Board

reviewed

and

considered

information

provided

in

its

meetings

with

DMC

and

Nomura,

as

well

as

DMC's

and

Nomura's

responses

to

a

detailed

set

of

requests

for

information

submitted

to

DMC

and

Nomura

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

Transaction.

In

addition,

prior

to

the

June

2025

Meeting,

the

Independent

Trustees

held

a

virtual

meeting

at

which

the

Independent

Trustees

conferred

amongst

themselves

and

Independent

Trustee

counsel

regarding

the

Proposed

Advisory

Agreement

and

the

information

submitted

by

DMC

and

Nomura,

then

requested

additional

information

that

the

Independent

Trustees

also

considered

prior

to

and

at

the

June

2025

Meeting.

The

Board,

including

a

majority

of

the

Independent

Trustees,

determined,

through

the

exercise

of

its

reasonable

business

judgment,

that

the

terms

of

each

Proposed

Advisory

Agreement

are

fair

and

reasonable

and

that

the

approval

of

such

Proposed

Advisory

Agreement

is

in

the

best

interests

of

the

applicable

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board's

determination.

#### Nature,

#### Extent,

#### and

#### Quality

#### of

#### Service.
The

Trustees

considered

the

services

historically

provided

by

DMC

to

the

Funds

and

their

shareholders.

In

reviewing

the

nature,

extent,

and

quality

of

services,

the

Boards

considered

that

the

New

Investment

Advisory

Agreements

will

be

substantially

similar

to

the

Current

Investment

Advisory

Agreements,

and

they

therefore

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

considered

the

many

reports

furnished

to

them

throughout

2024

and

2025

at

regular

Board

meetings

covering

matters

such

as

the

relative

performance

of

the

Funds;

the

compliance

of

portfolio

managers

with

the

investment

policies,

strategies,

and

restrictions

for

the

Funds;

the

compliance

of

management

personnel

with

the

Code

of

Ethics

adopted

throughout

the

Macquarie

Funds

complex;

and

the

adherence

to

fair

value

pricing

procedures

as

established

by

DMC

and

overseen

by

the

Board.

Further,

and

consistent

with

its

continued

oversight

of

these

matters,

the

Board

discussed

with

DMC

and

Nomura

the

impact

of

the

Transaction

on

the

remediation

efforts

and

actions

and

specific

initiatives

being

undertaken

to

enhance

DMC's

compliance,

risk,

operational

and

portfolio

management

functions

arising

out

of

DMC's

previously

announced

settlement

agreement

with

the

U.S.

Securities

and

Exchange

Commission

in

September

2024. The

Board

relied

on

commitments

by

DMC

and

Nomura

that

these

remediation

efforts

and

actions

and

specific

initiatives

would

not

be

negatively

affected

by

the

Transaction

and

would

continue

through

and

following

Closing.

Based

on

the

information

provided

by

DMC

and

Nomura,

including

that

Nomura

and

DMC

currently

expected

no

material

changes

as

a

result

of

the

Transaction

in

(i) personnel

or

operations

of

DMC

or

(ii) third

party

service

providers

to

the

Funds,

the

Board

concluded

that

the

satisfactory

nature,

extent,

and

quality

of

services

currently

provided

to

the

Funds

and

their

shareholders

were

very

likely

to

continue

under

the

New

Investment

Advisory

Agreements.

Moreover,

the

Board

concluded

that

the

Funds

would

probably

benefit

from

the

expanded

distribution

resources

that

would

become

available

to

DMC

following

the

Transaction.

The

Board

also

concluded

that

it

was

very

unlikely

that

any

"unfair

burden"

would

be

imposed

on

any

of

the

Funds

for

the

first

two

years

following

the

Closing

as

a

result

of

the

Transaction.

Consequently,

the

Board

concluded

that

they

did

not

expect

the

Transaction

to

result

in

any

adverse

changes

in

the

nature,

quality,

or

extent

of

services

(including

investment

management,

distribution,

or

other

shareholder

services)

currently

provided

to

the

Funds

and

their

shareholders.

#### Investment

#### Performance
.

The

Board

considered

the

overall

investment

performance

of

DMC

and

the

Funds

since

each

Fund's

commencement

date.

In

its

evaluation

of

investment

performance

of

a

Fund,

the

Board

took

into

account

such

Fund's

short

performance

period,

weighing

the

fact

that

the

Macquarie

Global

Listed

Infrastructure

ETF,

the

Macquarie

Energy

Transition

ETF,

and

the

Macquarie

Tax-Free

USA

Short

Term

ETF

commenced

operations

on

November

28,

2023,

the

Focused

Large

Growth

ETF

commenced

operations

on

May

14,

2024,

the

Macquarie

Focused

Emerging

Markets

Equity

ETF

commenced

operations

on

September

4,

2024,

and

the

Macquarie

National

High-Yield

Municipal

Bond

ETF

commenced

operations

on

March

5,

2025. The

Macquarie

Focused

International

Core

ETF

was

not

active

prior

to

the

time

of

the

June

2025

Meeting.

As

a

result,

the

Board

did

not

consider

the

investment

performance

of

the

Macquarie

Focused

International

Core

ETF

at

the

June

2025

Meeting.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Focused

Large

Growth

ETF

The

Board

considered

performance

reports

and

discussions

with

portfolio

managers

at

Board

meetings

throughout

the

year

for

the

Funds

that

were

active

during

the

time

period.

These

performance

reports

showed

a

Fund's

investment

performance

compared

to

a

group

of

funds

selected

by

DMC

as

being

similar

to

the

Fund

(the

"Performance

Universe").

Annualized

investment

performance

for

each

Fund

was

shown

for

the

past

1-year

period

and

since

inception

or,

if

shorter,

only

since

inception,

compared

to

that

of

the

Performance

Universe.

At

its

June

2025

Meeting,

the

Board,

including

the

Independent

Trustees

in

consultation

with

their

independent

legal

counsel,

reviewed

updated

investment

performance

information

for

each

of

the

active

Funds.

The

Board

compared

the

performance

of

each

active

Fund

to

that

of

its

respective

Performance

Universe

for

the

past

1-year

period

and

since

inception

or,

if

shorter,

only

since

inception.

The

Board

concluded

that

the

investment

performance

of

each

active

Fund

was

satisfactory.

Based

on

information

provided

by

DMC

and

Nomura,

the

Board

concluded

that

neither

the

Transaction

nor

the

New

Investment

Advisory

Agreements

would

likely

have

an

adverse

effect

on

the

investment

performance

of

any

Fund

because

(i) DMC

and

Nomura

did

not

currently

expect

the

Transaction

to

cause

any

material

change

to

the

Funds'

portfolio

management

teams

responsible

for

investment

performance,

which

the

Boards

found

to

be

satisfactory,

(ii) as

discussed

in

more

detail

below,

the

Funds'

expenses

were

not

expected

to

increase

as

a

result

of

the

Transaction,

(iii) the

Funds

would

not

bear

any

Transaction-related

expenses,

and

(iv) there

was

not

expected

to

be

any

"unfair

burden"

imposed

on

the

Funds

as

a

result

of

the

Transaction.

#### Comparative

#### Expenses;

#### Management

#### Profitability.
The

Board

also

evaluated

expense

comparison

data

for

the

Funds

and

management

profitability

previously

considered

at

each

Fund's

initial

contract

approval

Board

meeting.

At

a

Fund's

initial

contract

approval

Board

meeting,

the

Board

compared

both

the

services

to

be

rendered

and

the

proposed

fees

to

be

paid

to

DMC

by

the

Fund

with

the

fees

that

DMC

receives

pursuant

to

its

other

advisory

agreements,

as

well

as

the

fees

paid

to

other

investment

advisers

with

respect

to

similar

funds.

In

particular,

the

Board

compared

the

Fund's

proposed

advisory

fee

and

total

expense

ratio

to

other

investment

companies

considered

to

be

in

that

Fund's

peer

group.

The

Board

also

received

and

considered

information

about

the

fee

rates

charged

to

other

accounts

and

clients

managed

by

DMC,

including

information

about

the

differences

in

services

provided

to

the

non-registered

investment

company

clients,

as

applicable.

The

Board

also

discussed

the

anticipated

costs

and

projected

profitability

of

DMC

in

connection

with

its

service

as

investment

adviser

to

the

Fund,

including

operational

costs.

Further,

the

Board

considered

DMC's

assumption

of

business,

entrepreneurial,

overall

managerial

and

other

risks

by

sponsoring

and

advising

the

Fund.

At

the

Fund's

initial

contract

approval

Board

meeting,

DMC

responded

to

questions

from

the

Board,

explaining

that

the

nature

of

the

Fund

and

its

anticipated

investments

warranted

the

proposed

advisory

fees

for

the

Fund.

At

a

Fund's

initial

contract

approval

Board

meeting,

the

Board

concluded,

within

the

context

of

its

full

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

deliberations,

that

the

level

of

fees

proposed

to

be

paid

to

DMC

with

respect

to

the

Fund

was

fair

and

reasonable

in

light

of

the

nature,

extent

and

quality

of

the

services

proposed

to

be

provided

by

DMC

and

the

costs

it

expected

to

incur

in

rendering

those

services.

Based

on

information

provided

by

DMC

and

Nomura,

the

Board

concluded

at

the

June

2025

Meeting

that

neither

the

Transaction

nor

the

New

Investment

Advisory

Agreements

would

likely

have

an

adverse

effect

on

the

Funds'

expenses

because

(i) each

Fund's

contractual

fee

rates

under

the

New

Investment

Advisory

Agreements

would

remain

the

same,

(ii) the

Board

was

assured

by

DMC

that

they

had

no

current

intention

to

change

the

expenses

that

DMC

has

agreed

to

pay

on

behalf

of

a

Fund

as

a

result

of

the

Transaction,

(iii) under

the

Purchase

Agreement,

Nomura

and

Macquarie

would

pay

all

reasonable

costs

related

to

the

related

proxy

solicitation,

and

(iv) consistent

with

Section

15(f)

of

the

1940

Act,

no

"unfair

burden"

would

be

imposed

on

the

Funds

for

the

first

two

years

after

the

Closing.

At

the

June

2025

Meeting,

DMC

advised

the

Board

that

DMC

did

not

expect

the

Transaction

to

affect

materially

the

profitability

of

DMC

compared

to

the

level

of

projected

profitability

considered

by

the

Board

at

a

Fund's

initial

contract

approval

Board

meeting

when

the

Board

approved

the

Current

Investment

Advisory

Agreement

for

each

Fund.

Moreover,

the

Board

also

requested

and

reviewed

financial

statements

provided

by

Nomura

for

Nomura

Holdings,

Inc.,

the

parent

of

Nomura,

for

the

purpose

of

evaluating

Nomura's

ability

to

financially

support

DMC's

advisory

business

after

the

Closing

and

to

seek

to

ensure

that

DMC

can

continue

services

of

a

similar

nature,

extent,

and

quality

to

the

Funds

following

Closing

as

it

has

under

the

Current

Investment

Advisory

Agreements.

Based

on

information

provided

by

DMC

and

Nomura,

the

Board

concluded

that

DMC

would

have

sufficient

financial

resources

following

the

Transaction

to

continue

to

provide

the

same

level

and

quality

of

services

to

the

Funds

under

the

New

Investment

Advisory

Agreements

as

is

the

case

under

the

Current

Investment

Advisory

Agreements.

The

Board

also

concluded

that

Nomura

had

sufficient

financial

strength

and

resources,

as

well

as

an

ongoing

commitment

to

a

global

asset

management

business,

to

continue

investing

in

DMC

to

the

extent

that

Nomura

determined

it

was

appropriate.

Accordingly,

the

Board

concluded

that

the

fees

charged

under

the

New

Investment

Advisory

Agreements

would

be

reasonable

in

light

of

the

services

to

be

provided

and

the

expected

profitability

of

DMC

because

Nomura

advised

the

Board

that

the

methodology

followed

in

allocating

costs

for

the

purpose

of

determining

profitability

will

remain

substantially

the

same

following

the

Closing,

and

because

services

and

costs

were

expected

to

be

substantially

the

same.

#### Economies

#### of

#### Scale.
The

Board

considered

whether

economies

of

scale

would

be

realized

by

DMC

as

each

Fund's

assets

increase

and

the

extent

to

which

any

economies

of

scale

would

be

reflected

in

the

management

fees

charged.

The

Board

took

into

account

DMC's

practice

of

maintaining

the

competitive

nature

of

management

fees

based

on

its

analysis

of

fees

charged

by

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Focused

Large

Growth

ETF

comparable

funds.

The

Board

also

acknowledged

Nomura's

statement

that

the

Transaction

would

not

by

itself

immediately

provide

additional

economies

of

scale

given

Nomura's

limited

presence

in

the

US

mutual

fund

market.

Nonetheless,

the

Board

concluded

that

additional

economies

of

scale

could

potentially

be

achieved

in

the

future

if

DMC

were

owned

by

Nomura

as

a

result

of

Nomura's

willingness

to

invest

additional

amounts

in

DMC

if

appropriate

opportunities

arise.

The

Board

further

concluded

that

potential

economies

of

scale

could

be

achieved

as

a

result

of

DMC's

potentially

expanded

distribution

capabilities

arising

from

the

Transaction,

as

well

as

opportunities

that

might

arise

from

Nomura's

commitment

to

a

global

asset

management

business.

#### Fall-Out

#### Benefits.
The

Board

acknowledged

that

DMC

would

continue

to

benefit

from

soft

dollar

arrangements

using

portfolio

brokerage

of

each

Fund

that

invests

in

equity

securities.

The

Board

also

considered

that

Nomura

and

DMC

may

derive

reputational,

strategic,

and

other

benefits

from

their

association

with

the

Funds,

including

service

relationships

with

DMC,

and

evaluated

the

extent

to

which

DMC

might

derive

ancillary

benefits

from

Fund

operations,

including

the

potential

for

procuring

additional

business

as

a

result

of

the

prestige

and

visibility

associated

with

its

role

as

service

provider

to

the

Funds

and

the

benefits

from

allocation

of

Fund

brokerage

to

improve

trading

efficiencies.

However,

the

Board

concluded

that

(i) any

such

benefits

under

the

New

Investment

Advisory

Agreements

would

not

be

dissimilar

from

those

existing

under

the

Current

Investment

Advisory

Agreements,

(ii) such

benefits

did

not

impose

a

cost

or

burden

on

the

Funds

or

their

shareholders,

and

(iii) such

benefits

would

probably

have

an

indirectly

beneficial

effect

on

the

Funds

and

their

shareholders

because

of

the

added

importance

that

DMC

and

Nomura

might

attach

to

the

Funds

as

a

result

of

the

fall-out

benefits

that

the

Funds

conveyed.

#### The

#### Purchase

#### Agreement.
The

Board

considered

the

terms

of

the

Purchase

Agreement,

including

those

related

to

Section

15(f)

of

the

1940

Act

and

that

Macquarie

and

Nomura

will

bear

the

expenses

related

to

the

Funds'

proxy

solicitation.

At

the

June

2025

Meeting,

the

Board

discussed

the

conditions

to

the

Closing,

including

the

requirements

for

obtaining

consents

to

the

change

in

control

from

DMC's

advisory

clients,

such

as

the

Funds.

#### Board

#### Review

#### of

#### Nomura.
The

Board

reviewed

detailed

information

supplied

by

Nomura

about

its

operations.

As

previously

noted,

to

consider

DMC's

ability

to

continue

to

provide

the

same

level

and

quality

of

services

to

the

Funds,

the

Board

requested,

received

and

reviewed

information

from

Nomura

concerning

its

financial

condition

to

demonstrate

its

ability

to

support

DMC's

advisory

business

after

the

Closing.

Based

on

this

review,

the

Board

concluded

that

DMC

would

continue

to

have

the

financial

ability

to

maintain

the

high

quality

of

services

required

by

the

Funds.

Nomura

described

its

proposed

changes

to

DMC's

corporate

governance,

primarily

through

the

anticipated

addition

of

certain

Nomura

officers

to

DMC's

parent

company.

The

Board

considered

favorably

Nomura's

statement

that

it

had

no

current

intention

to

change

the

executive,

administrative,

investment,

or

support

staff

of

DMC

in

any

significant

way

as

a

result

of

the

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

Transaction.

Nomura

described

the

proposed

harmonization

of

the

compensation

system

in

use

at

DMC

with

the

compensation

plan

used

by

Nomura,

including

short-term

and

long-term

incentive

compensation

and

equity

interests

for

executive

officers

and

investment

personnel.

The

Board

also

considered

Nomura's

current

strategic

plans

to

increase

its

asset

management

activities,

one

of

its

core

businesses,

particularly

in

North

America,

and

its

statement

that

its

acquisition

of

DMC

is

an

important

component

of

this

strategic

growth

and

the

establishment

of

a

significant

presence

in

the

United

States.

Based

in

part

on

the

information

provided

by

DMC

and

Nomura,

the

Board

concluded

that

Nomura's

acquisition

of

DMC

could

potentially

enhance

the

nature,

quality,

and

extent

of

services

provided

to

the

Funds

and

their

shareholders.

The

Board

noted

that

Nomura

has

a

broker/dealer

affiliate

that

executes

brokerage

transactions

and

certain

other

Nomura

affiliates

participate

as

underwriters

for

securities

offerings

outside

of

the

United

States.

Consequently,

the

Board

determined

to

have

DMC

report

to

them

regularly

to

monitor

any

brokerage

transactions

with

Nomura

affiliates

for

compliance

with

the

requirements

of

Section

15(f)

and

Section

17(e)

of

the

1940

Act,

and

to

ensure

compliance

with

the

Funds'

procedures

under

Rule

10f-3

under

the

1940

Act

for

offerings

in

which

a

Nomura

affiliate

is

a

member

of

the

underwriting

syndicate.

#### Conclusion.
The

Independent

Trustees

of

the

Trust

deliberated

in

executive

session;

the

entire

Board

of

each

Fund,

including

the

Independent

Trustees,

then

approved

the

Proposed

Advisory

Agreements.

The

Board

concluded

that

the

advisory

fee

rates

under

each

New

Investment

Advisory

Agreement

are

reasonable

in

relation

to

the

services

provided

and

that

execution

of

the

New

Investment

Advisory

Agreements

is

in

the

best

interests

of

the

shareholders.

For

each

Fund,

the

Board

noted

that

they

had

concluded

in

their

considerations

of

the

initial

approval

of

each

Fund's

advisory

agreement

at

the

Fund's

initial

contract

approval

Board

meeting

that

the

management

fees

and

total

expense

ratios

were

at

reasonable

levels

in

light

of

the

quality

of

services

provided

to

the

Fund

and

in

comparison

to

those

of

the

Fund's

respective

peer

groups;

that

the

advisory

fee

schedule

would

not

be

increased

and

would

stay

the

same

for

each

Fund;

that

the

total

expense

ratio

had

not

changed

materially

since

that

determination;

and

that

DMC

had

represented

that

the

overall

expenses

for

each

Fund

were

not

expected

to

be

adversely

affected

by

the

Transaction.

On

that

basis,

the

Board

concluded

that

each

of

the

total

expense

ratio

and

proposed

advisory

fee

for

the

Funds

anticipated

to

result

from

the

Transaction

was

reasonable.

In

reaching

its

determination

regarding

the

approval

of

the

Proposed

Advisory

Agreements,

the

Board,

including

all

of

the

Independent

Trustees,

considered

the

factors,

conclusions

and

information

they

believed

relevant

in

the

exercise

of

their

reasonable

judgment,

including,

but

not

limited

to,

the

factors,

conclusions

and

information

discussed

above.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Focused

Large

Growth

ETF

Further,

in

their

deliberations,

the

Board

members

did

not

identify

any

particular

factor

(or

conclusion

with

respect

thereto)

or

information

that

was

all

important

or

controlling,

and

each

Board

member

may

have

attributed

different

weights

to

the

various

factors

(and

conclusions

with

respect

thereto)

and

information.

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
At

a

meeting

held

on

October

15,

2025

(the

"Contract

Renewal

Meeting"),

the

Board

of

Trustees

(the

"Board"),

including

a

majority

of

Trustees

who

are

not

"interested

persons"

as

defined

under

the

Investment

Company

Act

of

1940

(the

"Independent

Trustees"),

approved

the

annual

renewal

of

the

Investment

Management

Agreement

with

Delaware

Management

Company

("DMC"

or

the

"Adviser")

on

behalf

of

the

below

series

of

the

Trust

(each,

a

"Fund"

and

together,

the

"Funds")

and

the

Sub-Advisory

Agreement

with

Macquarie

Investment

Management

Global

Limited

("MIMGL")

on

behalf

of

the

below

series

of

the

Trust

(each,

a

"Sub-Advised

Fund"

and

together,

the

"Sub-Advised

Funds"):

Prior

to

the

Contract

Renewal

Meeting,

the

Independent

Trustees

were

assisted

in

their

evaluation

of

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement

by

independent

legal

counsel,

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

In

providing

information

to

the

Board,

DMC

was

guided

by

a

detailed

set

of

requests

for

information

submitted

to

them

by

independent

legal

counsel

on

behalf

of

the

Independent

Trustees

prior

to

the

Contract

Renewal

Meeting.

Prior

to

the

Contract

Renewal

Meeting,

and

in

response

to

the

requests,

the

Board

received

and

reviewed

materials

specifically

relating

to

the

renewal

of

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement.

The

Board

also

considered

presentations

made

by,

information

provided

by

and

discussions

held

with,

representatives

of

DMC

at

the

Contract

Renewal

Meeting

and

at

prior

Board

meetings.

At

#### Investment

#### Management

#### Agreement

#### Sub-Advisory

#### Agreement
Macquarie

Global

Listed

Infrastructure

ETF

Macquarie

Global

Listed

Infrastructure

ETF

Macquarie

Energy

Transition

ETF

Macquarie

Energy

Transition

ETF

Macquarie

Focused

Large

Growth

ETF

Macquarie

Focused

Large

Growth

ETF

Macquarie

Focused

SMID

Cap

Core

ETF

Macquarie

Focused

SMID

Cap

Core

ETF

Macquarie

Focused

International

Core

ETF

Macquarie

Focused

International

Core

ETF

Macquarie

Focused

Emerging

Markets

Equity

ETF

Macquarie

Focused

Emerging

Markets

Equity

ETF

Macquarie

National

High-Yield

Municipal

Bond

ETF

.

Macquarie

Tax-Free

USA

Short

Term

ETF

.

Macquarie

Tax-Free

USA

Intermediate

ETF

.

Macquarie

Tax-Free

USA

ETF

.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

these

meetings,

representatives

of

DMC

furnished

reports

and

other

information

to

the

Board,

and

engaged

in

discussions

with

the

Board,

regarding,

among

other

things,

the

performance

of

the

Funds,

the

services

provided

to

the

Funds

by

the

Adviser

and

MIMGL

(as

applicable),

the

Funds'

distribution

arrangements,

and

compliance,

risk

management

and

operational

matters

related

to

the

Funds,

the

Adviser

and

MIMGL.

The

Board

also

received

information

comparing

the

advisory

fees

and

expenses

of

each

Fund

to

those

from

a

peer

group

of

funds

comparable

to

each

Fund.

The

Board's

decision

to

approve

the

renewal

of

the

Investment

Management

Agreement

and

Sub-Advisory

Agreement

was

based

on

a

comprehensive

consideration

of

all

information

provided

to

the

Board

throughout

the

year

and

specifically

in

connection

with

the

Contract

Renewal

Meeting,

as

well

as

the

knowledge

gained

over

time

through

previous

interactions

with

DMC

and

management.

In

considering

and

approving

the

renewal

of

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement,

the

Trustees

considered

the

information

they

believed

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

In

its

deliberations,

the

Board

did

not

identify

any

absence

of

information

as

material

to

its

decision,

or

any

particular

factor

(or

conclusion

with

respect

thereto)

or

single

piece

of

information

that

was

all-important,

controlling

or

determinative

of

its

decision,

but

considered

all

of

the

factors

together,

and

each

Trustee

may

have

attributed

different

weights

to

the

various

factors

(and

conclusions

with

respect

thereto)

and

information.

After

its

deliberations,

the

Board,

including

the

Independent

Trustees,

unanimously

approved

the

continuance

of

the

Investment

Management

Agreement

for

the

Funds

and

the

Sub-Advisory

Agreement

for

the

Sub-Advised

Funds

for

an

additional

year.

The

following

summarizes

a

number

of

important,

but

not

necessarily

all,

factors

considered

by

the

Board

in

support

of

its

approval.

(a) *The* 

*nature,* 

*extent* 

*and* 

*quality* 

*of* 

*services* 

*provided* 

*by* 

*the* 

*Adviser* 

*and* 

*MIMGL.*

The

Board

reviewed

the

services

that

the

Adviser

and

MIMGL

provided

to

the

Funds

(as

applicable).

In

connection

with

the

investment

advisory

services

provided,

the

Board

noted

the

responsibilities

of

the

Adviser

as

investment

adviser,

including:

the

overall

responsibility

for

the

general

management

and

investment

of

each

Fund's

securities

portfolio;

responsibility

for

the

investment

performance

and

processes

and

compliance

with

the

Funds'

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

deposit

securities

and

cash

components;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

Fund

shares

conducted

on

a

cash-in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Funds.

To

the

extent

any

such

activities

or

services

are

performed

by

MIMGL,

the

Board

considered

the

Adviser's

oversight

of

such

activities

and

services.

The

Board

considered

the

Adviser's

ability

to

attract

and

retain

qualified

personnel

to

service

the

Funds

and

the

experience

and

skills

of

key

management

and

investment

personnel

of

the

Adviser.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Focused

Large

Growth

ETF

The

Board

also

noted

the

compliance

program

and

compliance

experience

of

the

Adviser

and

MIMGL.

The

Board

considered

the

Adviser's

day-to-day

oversight

of

each

Fund's

compliance

with

applicable

laws

and

regulations,

noting

that

regulatory

and

other

developments

had

over

time

led

to

an

increase

in

the

scope

of

the

Adviser's

oversight

responsibilities

in

this

regard.

The

Board

also

took

into

account

the

Adviser's

oversight

of

the

Funds'

operations

and

the

Funds'

other

service

providers.

The

Board

reviewed

the

Adviser's

and

MIMGL's

experience,

resources,

financial

condition,

and

strengths

in

managing

the

Funds,

including

the

personnel

of

each.

The

Board

also

evaluated

information

about

the

nature

and

extent

of

responsibilities

retained

and

risks

assumed

by

the

Adviser,

including

the

Adviser's

assumption

of

business,

entrepreneurial,

overall

managerial

and

other

risks

by

sponsoring

and

advising

the

Funds.

Based

on

these

considerations,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

Adviser

and

MIMGL

are

capable

of

continuing

to

provide

services

of

the

nature,

extent

and

quality

contemplated

by

the

terms

of

the

Investment

Management

Agreement

and

the

Sub-

Advisory

Agreement.

(b) *Fees* 

*and* 

*expenses*

.

The

Board

compared

both

the

services

rendered

and

the

fees

paid

to

the

Adviser

with

the

fees

that

the

Adviser

receives

pursuant

to

its

other

advisory

agreements,

as

well

as

the

fees

paid

to

other

investment

advisers

with

respect

to

similar

funds.

In

particular,

the

Board

compared

each

Fund's

advisory

fee

and

total

net

expense

ratio

to

other

investment

companies

considered

to

be

in

that

Fund's

Morningstar

category

and

peer

group

of

funds.

To

the

extent

relevant,

the

Board

reviewed

information

provided

by

the

Adviser

about

differences,

including

strategy

implementation

and

the

amount

of

assets

being

managed,

between

a

Fund

and

its

peer

funds.

While

the

Board

recognized

that

comparisons

between

a

Fund

and

its

peer

group

may

be

imprecise,

the

comparative

information

assisted

the

Board

in

evaluating

the

reasonableness

of

the

Funds'

advisory

fees

and

total

net

expenses.

The

Board

took

into

account

that

MIMGL

does

not

receive

a

separate

fee

for

its

services

as

sub-adviser

to

the

Sub-Advised

Funds.

After

comparing

each

Fund's

fees

and

total

expense

ratios

with

those

of

other

funds

in

each

Fund's

peer

group,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

MIMGL,

as

applicable,

and

the

costs

they

incur

in

rendering

those

services,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

level

of

fees

paid

to

the

Adviser

with

respect

to

each

Fund

was

fair

and

reasonable

in

light

of

the

nature,

extent

and

quality

of

the

services

provided

by

the

Adviser

and

MIMGL,

as

applicable.

(c) *Profitability* 

*and* 

*Fall* 

*out* 

*Benefits.*

The

Board

reviewed

the

costs

of

services

provided

by

and

the

profits

realized

by

the

Adviser

from

its

relationship

with

the

Macquarie

Global

Listed

Infrastructure

ETF,

Macquarie

Energy

Transition

ETF

and

Macquarie

Tax-Free

USA

Short

Term

ETF,

including

operational

costs

and

both

direct

benefits

and

indirect

benefits

accruing

to

the

Adviser

and

its

affiliates.

The

Trustees

noted

that

each

of

these

three

Funds

had

completed

at

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

least

one

year

of

investment

operations

as

of

the

fiscal

year

ended

March

31,

2025. The

Trustees

considered

how

the

Adviser's

profitability

was

affected

by

factors

such

as

its

organizational

structure

and

method

for

allocating

expenses.

The

Board

also

considered

that

the

Adviser

had

entered

into

unitary

fee

arrangements

with

the

Funds

under

which

the

Adviser

reimbursed

the

Funds

for

expenses

over

the

applicable

unitary

fee

rate.

With

respect

to

the

Funds

with

less

than

one

year

of

operations

as

of

the

fiscal

year

ended

March

31,

2025,

the

Board

did

not

consider

the

profitability

of

the

Adviser

to

be

a

material

factor

in

their

determination,

but

did

take

into

account

prior

profitability

estimates

provided

by

the

Adviser

to

the

Board

in

connection

with

the

launch

of

the

Funds.

The

Board

further

noted

that,

with

respect

to

the

Funds

with

shorter

operational

histories,

profitability

reports

with

respect

to

such

Funds

would

be

considered

during

subsequent

renewals

of

the

Investment

Management

Agreement.

The

Board

also

considered

that

the

Adviser

and

its

affiliates

may

experience

reputational

"fall-out"

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

Based

on

these

considerations,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

Adviser's

profitability

from

its

relationship

with

each

of

the

Funds,

if

any,

after

taking

into

account

a

reasonable

allocation

of

costs,

was

not

unreasonable.

(d) *Economies* 

*of* 

*scale.*

The

Board

considered

whether

the

Adviser

would

realize

economies

of

scale

with

respect

to

its

management

of

each

Fund

as

each

Fund

grew

and

whether

fee

levels

reflected

these

economies.

The

Trustees

considered

the

Adviser's

views

relating

to

economies

of

scale

in

connection

with

the

Funds

and

the

extent

to

which

the

benefits

of

any

such

economies

of

scale

are

shared

with

the

Funds

and

Fund

shareholders.

The

Trustees

recognized

that

economies

of

scale

are

difficult

to

identify

and

quantify

and

are

rarely

identifiable

on

a

fund-by-fund

basis.

Based

on

this

evaluation,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

advisory

fees

were

reasonable

in

light

of

the

information

that

was

provided

to

the

Trustees

by

the

Adviser

with

respect

to

economies

of

scale.

The

Board

noted

that

it

would

revisit

whether

economies

of

scale

exist

in

the

future

during

subsequent

renewals

of

the

Investment

Management

Agreement

and

once

a

Fund

achieved

sufficient

scale.

(e) *Investment* 

*Performance* 

*of* 

*the* 

*Funds* 

*and* 

*the* 

*Adviser.*

The

Board

considered

the

overall

investment

performance

of

the

Adviser

and

the

Funds

since

each

Fund's

commencement

date.

In

its

evaluation

of

investment

performance

of

a

Fund,

the

Board

took

into

account

such

Fund's

short

performance

period,

weighing

the

fact

that

the

Macquarie

Global

Listed

Infrastructure

ETF,

the

Macquarie

Energy

Transition

ETF,

and

the

Macquarie

Tax-Free

USA

Short

Term

ETF

commenced

operations

on

November

28,

2023,

the

Macquarie

Focused

Large

Growth

ETF

commenced

operations

on

May

14,

2024,

the

Macquarie

Focused

Emerging

Markets

Equity

ETF

commenced

operations

on

September

4,

2024,

the

Macquarie

National

High-Yield

Municipal

Bond

ETF

commenced

operations

on

March

5,

2025

and

the

Macquarie

Focused

International

Core

ETF

commenced

operations

on

June

18,

2025. The

Macquarie

Tax-Free

USA

Intermediate

ETF,

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Focused

Large

Growth

ETF

Macquarie

Tax-Free

USA

ETF

and

Macquarie

Focused

SMID

Core

ETF

were

not

active

prior

to

the

time

of

the

Meeting.

As

a

result,

the

Board

did

not

consider

the

investment

performance

of

the

Macquarie

Tax-Free

USA

Intermediate

ETF,

Macquarie

Tax-Free

USA

ETF

and

Macquarie

Focused

SMID

Core

ETF

at

the

Meeting.

The

Board

considered

performance

reports

and

discussions

with

portfolio

managers

at

Board

meetings

throughout

the

year

for

the

Funds

that

were

active

during

the

time

period.

These

performance

reports

showed

a

Fund's

absolute

investment

performance

and

investment

performance

compared

to

a

broad

based

benchmark

index,

a

more

narrowly

tailored

index

selected

by

the

Adviser

as

being

representative

of

a

Fund's

investment

strategy

and

Morningstar

Category

peer

funds

identified

by

the

Adviser

as

being

similar

to

the

Fund.

They

further

considered

the

Adviser's

explanation

of

the

relevance

of

the

selected

peer

group

to

each

Fund.

Investment

performance

for

each

Fund,

as

of

June

30,

2025,

was

shown

for

the

past

1-year

period

and

since

inception

or,

if

shorter,

only

since

inception,

compared

to

that

of

the

peer

group

and

benchmarks.

The

Board

noted

that,

while

it

found

the

comparative

peer

data

generally

useful,

it

recognized

the

data's

limitations,

including

in

particular

that

the

data

may

vary

depending

on

the

end

date

selected

and

that

the

results

of

the

performance

comparisons

vary

depending

on

the

funds

in

the

peer

group.

The

Board

also

considered

that

it

received

detailed

information

on

the

performance

of

each

active

Fund

from

the

Adviser

in

connection

with

each

of

its

regular

quarterly

meetings

throughout

the

year.

At

these

meetings,

the

Adviser

reviewed

with

the

Board

factors

contributing

to

Fund

performance

and

the

Adviser's

evaluation

of

such

performance

in

light

of

the

Funds'

design

objectives.

Representatives

from

the

Adviser

provided

information

regarding

and

led

discussions

of

factors

impacting

the

performance

of

the

Funds,

outlining

current

market

conditions

and

explaining

their

expectations

and

strategies

for

the

future.

The

Board

evaluated

the

explanations

for

any

relative

underperformance

of

a

Fund

during

the

relevant

periods,

as

well

as

to

investment

decisions

and

global

economic

and

other

factors

that

affected

the

Fund's

investment

performance

and

whether

each

Fund

had

performed

as

expected

over

time,

as

well

as

any

plans

to

address

underperformance,

if

applicable.

The

Board

took

into

account

that

each

Fund

was

being

managed

in

accordance

with

its

investment

objective

and

strategies.

Based

on

this

information,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

investment

results

that

the

Adviser

and

MIMGL,

as

applicable,

had

been

able

to

achieve

for

the

Funds

during

their

relatively

limited

performance

history

were

satisfactory

and

support

renewal

of

the

Investment

Management

Agreement

and

Sub-Advisory

Agreement

for

an

additional

one

year

period.

In

doing

so,

the

Board

reflected

that

the

reports

provided

at

quarterly

Board

meetings

provide

an

opportunity

for

ongoing

oversight

as

the

Funds

mature

and

reach

scale.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant

in

the

exercise

of

its

reasonable

business

judgment,

the

Board

concluded

that

the

advisory

fees

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

and

MIMGL

to

each

Fund,

as

applicable,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

and

MIMGL,

as

applicable,

in

providing

such

services.

As

a

result,

the

Board

concluded

that

the

renewal

of

the

Investment

Management

Agreement

and

Sub-Advisory

Agreement

was

in

the

best

interests

of

each

Fund,

as

applicable.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

This

page

is

not

part

of

the

financial

statements

and

other

information.

AR-LRGG-TRST-0526

(5422238) #### Contact

#### information

#### Shareholder

#### assistance

#### by

#### phone
844

469-9911,

weekdays

from

9:00am

to

5:00pm

ET

#### Regular

#### mail
Nomura ETF

Trust

c/o

Foreside

Financial

Services

Three

Canal

Plaza,

Suite

Portland,

ME

04101

Nomura Asset

Management

• 610

Market

Street

• Philadelphia,

PA

19106-2354

#### Nomura

#### Asset

#### Management

#### is

#### part

#### of

#### the

#### Investment

#### Management

#### Division

#### of

#### the

#### Nomura

#### Group,

#### providing

#### integrated

#### public

#### and

#### private

#### market

#### asset

#### management

#### services

#### across

#### equities,

#### fixed

#### income,

#### private

#### credit

#### and

#### multi-asset

#### solutions

#### to

#### intermediary

#### and

#### institutional

#### clients.

#### Nomura

#### Asset

#### Management

#### primarily

#### operates

#### through

#### several

#### distinct

#### investment

#### managers,

#### which

#### includes

#### Nomura

#### Investment

#### Management

#### Business

#### Trust

#### (NIMBT),

#### a

#### Securities

#### and

#### Exchange

#### Commission
(SEC)

#### registered

#### investment

#### adviser.

#### Investment

#### advisory

#### services

#### are

#### provided

#### to

#### the

#### Nomura

#### ETF

#### Trust

#### Funds

#### by

#### Delaware

#### Management

#### Company,

#### a

#### series

#### of

#### NIMBT.
The

Fund

is distributed

by

#### Foreside

#### Financial

#### Services
LLC. Nomura

Focused

Emerging

Markets

Equity

ETF

(Formerly,

Macquarie

Focused

Emerging

Markets

Equity

ETF)

Financial

statements

and

other

information

For

the

year

ended

March

31,

2026

#### Table

#### of

#### contents
Schedule

of

investments

#### 1
Statement

of

assets

and

liabilities

#### 5
Statement

of

operations

#### 6
Statements

of

changes

in

net

assets

#### 7
Financial

highlights

#### 8
Notes

to

financial

statements

#### 10
Report

of

independent

registered

public

accounting

firm

#### 21
Other

Fund

information

#### 22
This

report

and

the

financial

statements

contained

herein

are

submitted

for

the

general

information

of

the

shareholders

of

the

Fund.

This

report

is

not

authorized

for

distribution

to

prospective

investors

in

the

Fund

unless

preceded

or

accompanied

by

an

effective

prospectus.

#### Form

#### N-PORT

#### and

#### proxy

#### voting

#### information
The

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

on

Form

N-PORT.

The

Fund's

Form

N-PORT,

as

well

as

a

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

(if

any)

relating

to

portfolio

securities,

is

available

without

charge

(i) upon

request,

by

calling

844

469-9911;

and

(ii) on

the

SEC's

website

at

sec.gov.

In

addition,

a

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

(if

any)

relating

to

portfolio

securities

and

the

Schedule

of

Investments

included

in

the

Fund's

most

recent

Form

N-PORT

are

available

without

charge

on

the

Fund's

website

at

nomuraassetmanagement.com/etf-literature.

Information

(if

any)

regarding

how

the

Fund

voted

proxies

relating

to

portfolio

securities

during

the

most

recently

disclosed

12-month

period

ended

June

is

available

without

charge

(i) through

the

Fund's

website

at

nomuraassetmanagement.com/etf-literature;

and

(ii) on

the

SEC's

website

at

sec.gov.

#### Schedule

#### of

#### investments
Nomura

Focused

Emerging

Markets

Equity

ETF

March

31,

2026

Number

of

shares

Value

(US

$)

#### Common

#### Stocks

#### —

#### 94

#### .46

#### %
Δ

Argentina

-

.52

%

Grupo

Financiero

Galicia

SA

ADR

31,612

$

1,476,596

1,476,596

Brazil

-

.01

%

Ambev

SA

ADR

813,514

2,375,461

Petroleo

Brasileiro

SA

-

Petrobras

ADR

293,840

6,097,180

8,472,641

China

-

.26

%

Alibaba

Group

Holding

Ltd.

ADR

68,903

8,644,570

Baidu,

Inc.

ADR

†

25,416

2,831,851

Meituan,

Class

B

144A

#,†

191,476

2,025,575

PDD

Holdings,

Inc.

ADR

†

26,200

2,677,116

Tencent

Holdings

Ltd.

161,945

9,996,095

Tencent

Music

Entertainment

Group

ADR

102,215

948,555

Trip.com

Group

Ltd.

ADR

†

17,161

854,446

ZTO

Express

Cayman,

Inc.

ADR

36,942

929,830

28,908,038

Hong

Kong

-

.58

%

Hong

Kong

Exchanges

&

Clearing

Ltd.

89,726

4,446,708

4,446,708

India

-

.82

%

Dr

Reddy's

Laboratories

Ltd.

ADR

80,968

1,121,407

HDFC

Bank

Ltd.

ADR

91,874

2,285,825

ICICI

Bank

Ltd.

ADR

88,582

2,294,274

Reliance

Industries

Ltd.

GDR

144A

#

232,452

13,505,461

19,206,967

Indonesia

-

.91

%

Astra

International

Tbk.

PT

5,676,364

2,087,574

Bank

Central

Asia

Tbk.

PT

6,274,914

2,381,547

Unilever

Indonesia

Tbk.

PT

8,475,045

907,622

5,376,743

Malaysia

-

.30

%

Public

Bank

Bhd.

3,160,500

3,653,035

3,653,035

Mexico

-

.92

%

America

Movil

SAB

de

CV

ADR

144,100

3,671,668

Cemex

SAB

de

CV

ADR

205,146

2,346,870

Coca-Cola

Femsa

SAB

de

CV

ADR

28,179

2,748,861

#### Schedule

#### of

#### investments
Nomura

Focused

Emerging

Markets

Equity

ETF

Number

of

shares

Value

(US

$)

#### Common

#### Stocks
(continued)

Mexico

(continued)

Fomento

Economico

Mexicano

SAB

de

CV

ADR

15,982

$

1,774,961

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

353,831

3,924,261

Wal-Mart

de

Mexico

SAB

de

CV

685,018

2,224,407

16,691,028

Peru

-

.14

%

Credicorp

Ltd.

9,438

3,201,181

3,201,181

Saudi

Arabia

-

.50

%

Saudi

Arabian

Oil

Co.

144A

#

191,549

1,398,615

1,398,615

South

Africa

-

.58

%

Naspers

Ltd.,

Class

N

87,510

4,457,716

4,457,716

South

Korea

-

.95

%

Hyundai

Motor

Co.

20,307

5,906,551

Samsung

C&T

Corp.

76,915

12,730,031

Samsung

Electronics

Co.

Ltd.

265,242

28,954,697

Samsung

Life

Insurance

Co.

Ltd.

26,342

3,620,273

SK

hynix,

Inc.

47,264

24,902,587

SK

Square

Co.

Ltd.

†

95,900

29,208,599

SK

Telecom

Co.

Ltd.

32,094

1,600,876

106,923,614

Taiwan

-

.41

%

Delta

Electronics,

Inc.

69,991

3,021,194

FIT

Hon

Teng

Ltd.

144A

#,†

2,064,824

1,798,545

Hon

Hai

Precision

Industry

Co.

Ltd.

788,028

4,621,684

MediaTek,

Inc.

130,113

6,064,072

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

711,889

39,190,636

54,696,131

Thailand

-

.84

%

Bangkok

Bank

PCL

262,100

1,323,215

PTT

PCL

995,600

1,049,033

2,372,248

Turkiye

-

.82

%

Akbank

TAS

1,548,818

2,300,199

2,300,199

Number

of

shares

Value

(US

$)

#### Common

#### Stocks
(continued)

United

States

of

America

-

.90

%

BeOne

Medicines

Ltd.

ADR

†

8,515

$

2,528,700

2,528,700

#### Total

#### Common

#### Stocks
(cost

$261,007,396)

#### 266,110,160

#### Preferred

#### Stocks

#### —

#### 4

#### .94

#### %

#### Δ
Brazil

-

.16

%

Banco

Bradesco

SA

686,583

2,506,028

Itau

Unibanco

Holding

SA

425,004

3,561,533

6,067,561

South

Korea

-

.78

%

LG

Chem

Ltd.

15,515

1,484,999

Samsung

Electronics

Co.

Ltd.

85,321

6,350,403

7,835,402

#### Total

#### Preferred

#### Stocks
(cost

$14,822,283)

#### 13,902,963

#### Short-Term

#### Investments

#### —

#### 5

#### .10

#### %
Money

Market

Mutual

Funds

-

.10

%

Invesco

Government

&

Agency

Portfolio

-

Institutional

Class

(seven-day

effective

yield

3.58%)

14,379,612

14,379,612

#### Total

#### Short-Term

#### Investments
(cost

$14,379,612)

#### 14,379,612

#### Total

#### Value

#### of

#### Securities

#### —

#### 104.50%
&nbsp;&nbsp;&nbsp;&nbsp; (cost

$290,209,291)

#### 294,392,735

#### Liabilities

#### Net

#### of

#### Receivables

#### and

#### Other

#### Assets

#### —

#### (4.50)%

#### (#### 12,663,809

####)

#### Net

#### Assets

#### Applicable

#### to

#### 6,550,000

#### Shares

#### Outstanding

#### —

#### 100.00%

#### $

#### 281,728,926
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

March

31,

2026,

the

aggregate

value

of

Rule

144A

securities

was

$18,728,196,

which

represents

6.65%

of

the

Fund's

net

assets.

See

Note

in

"Notes

to

financial

statements."

#### Schedule

#### of

#### investments
Nomura

Focused

Emerging

Markets

Equity

ETF

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

#### Summary

#### of

#### abbreviations

#### :
ADR

–

American

Depositary

Receipt

GDR

–

Global

Depositary

Receipt

#### Statement

#### of

#### assets

#### and

#### liabilities
Nomura

Focused

Emerging

Markets

Equity

ETF

March

31,

2026

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

#### Assets:
Investments

at

value\*

$

294,392,735

Foreign

currency,

at

value\*\*

23,274

Receivable

for

securities

sold

2,651,269

Dividends

receivable

617,293

Total

Assets

297,684,571

#### Liabilities:
Payable

for

fund

shares

redeemed

15,727,240

Management

fees

payable

to

affiliates

228,400

Due

to

custodian

Total

Liabilities

15,955,645

#### Total

#### Net

#### Assets
$

281,728,926

#### Net

#### Assets

#### Consist

#### of:
Paid-in-capital

$

271,643,837

Total

distributable

earnings

(loss)

10,085,089

#### Total

#### Net

#### Assets
$

281,728,926

Shares

outstanding

(unlimited

amount

authorized,

no

par

value)

6,550,000

Net

asset

value

per

share

$

43.01 \*Investments,

at

cost

$

290,209,291

\*\*Foreign

currency,

at

cost

23,308

#### Statement

#### of

#### operations
Nomura

Focused

Emerging

Markets

Equity

ETF

Year

ended

March

31,

2026

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

#### Investment

#### Income:
Dividends

$

1,887,248

Foreign

tax

withheld

(222,238)

1,665,010

#### Expenses:
Management

fees

844,727

Total

operating

expenses

844,727

#### Net

#### Investment

#### Income
(Loss)

820,283

#### Net

#### Realized

#### and

#### Unrealized

#### Gain

#### (Loss):
Net

realized

gain

(loss)

on:

Investments

\*

11,441,948

Investments

in-kind

3,073,186

Foreign

currencies

43,966

Net

realized

gain

(loss)

14,559,100

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

\*\*

4,225,845

Foreign

currencies

(16,633)

Net

change

in

unrealized

appreciation

(depreciation)

4,209,212

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

18,768,312

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations
$

19,588,595

\*

Includes

$(39,945)

capital

gains

taxes

paid.

\*\*

Includes

net

change

of

$8,921

capital

gains

taxes

accrued.

#### Statements

#### of

#### changes

#### in

#### net

#### assets
Nomura

Focused

Emerging

Markets

Equity

ETF

\*

Date

of

commencement

of

operations.

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Year

ended

March

31,

2026

For

the

period

September

4,

2024

\*

to

March

31,

2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations:
Net

investment

income

(loss)

$

820,283

$

73,328

Net

realized

gain

(loss)

14,559,100

(11,021)

Net

change

in

unrealized

appreciation

(depreciation)

4,209,212

(43,263)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

19,588,595

19,044

#### Dividends

#### and

#### Distributions

#### to

#### Shareholders

#### from:
Distributable

earnings

(3,936,684)

(81,867)

(3,936,684)

(81,867)

#### Capital

#### Share

#### Transactions:

#### 1
Proceeds

from

shares

sold

318,995,224

16,595,766

Cost

of

shares

redeemed

(69,451,152)

–

Increase

in

net

assets

derived

from

capital

share

transactions

249,544,072

16,595,766

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets
265,195,983

16,532,943

#### Net

#### Assets:
Beginning

of

year

16,532,943

–

End

of

year

$

281,728,926

$

16,532,943

#### Capital

#### Share

#### Transactions:
Beginning

of

year

650,000

–

Shares

sold

in-kind

7,400,000

650,000

Shares

redeemed

in-kind

(1,500,000)

–

Shares

outstanding,

end

of

year

6,550,000

650,000

Capital

share

transactions

may

include

transaction

fees

associated

with

Creation

and

Redemption

transactions

which

occurred

during

the

period.

See

Note

in

"Notes

to

financial

statements."

#### Financial

#### highlights
Nomura

Focused

Emerging

Markets

Equity

ETF

Selected

data

for

each

share

of

the

Fund

outstanding

throughout

each

period

were

as

follows:

Year

ended

March

31,

2026

For

the

period

September

4,

2024

to

March

31,

2025

#### Net

#### asset

#### value,

#### beginning

#### of

#### period

#### ......
$

.44

$

.00

#### Income
(loss)

#### from

#### investment

#### operations:
—

—

Net

investment

income

.................

.34

.19

Net

realized

and

unrealized

gain

...........

.34

.45

Total

from

investment

operations

..........................

18.68 0.64 #### Less

#### dividends

#### and

#### distributions

#### from:
—

—

Net

investment

income

.................

(1

.11)

(0

.20)

Net

realized

gain

.......................

—

(0

.00)

Total

dividends

and

distrib

u

tions

.........................

(1.11)

(0.20)

#### Net

#### asset

#### value,

#### end

#### of

#### period

#### ...........
$

43.01 $

25.44 #### Total

#### return

#### 4
.........................

73.87%

2.60%

#### Ratios

#### and

#### supplemental

#### data:
$281,729

$16,533

Net

assets,

end

of

period

(000

omitted)

......

$

281,729

$

16,533

Ratio

of

expenses

to

average

net

assets

....

0.85%

0.85%

Ratio

of

net

investment

income

to

average

net

assets

.............................

0.82%

1.30%

Portfolio

turnover

......................

36%

12%

Date

of

commencement

of

operations.

Ratios

have

been

annualized;

total

return

and

portfolio

turnover

have

not

been

annualized.

Calculated

using

average

shares

outstanding.

Amount

is

less

than

$0.005.

Total

return

is

based

on

the

change

in

net

asset

value

of

a

share

during

the

period

and

assumes

reinvestment

of

dividends

and

distributions

at

net

asset

value.

Expense

ratios

do

not

include

expenses

of

any

investment

companies

in

which

the

Fund

invests.

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Excludes

the

value

of

portfolio

securities

received

or

delivered

as

a

result

of

in-kind

purchases

or

redemptions

of

the

Fund's

capital

shares.

#### Notes

#### to

#### financial

#### statements
Nomura

Focused

Emerging

Markets

Equity

ETF

March

31,

2026

Nomura ETF

Trust

(Trust)

is

organized

as

a

Delaware

statutory

trust

effective

February

22,

2023

and

is

an

open-end

management

investment

company

registered

with

the

U.S.

Securities

and

Exchange

Commission.

As

of

the

date

of

this

report,

the

Trust

offers

nine series.

These

financial

statements

and

the

related

notes

pertain

to

Nomura

Focused

Emerging

Markets

Equity

ETF (formerly,

Macquarie

Focused

Emerging

Markets

Equity

ETF

through

November

30,

2025)

(Fund).

The

Fund

is

considered

non-diversified

under

the

Investment

Company

Act

of

1940,

as

amended

(1940

Act).

1. #### Significant

#### Accounting

#### Policies
The

Fund

follows

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

—

Investment

Companies.

The

following

accounting

policies

are

in

accordance

with

US

generally

accepted

accounting

principles

(US

GAAP)

and

are

consistently

followed

by

the

Fund.

#### Security

#### Valuation
—

Equity

securities,

except

those

traded

on

the

Nasdaq

Stock

Market

LLC

(Nasdaq),

are

valued

at

the

last

quoted

sales

price

as

of

the

time

of

the

regular

close

of

the

New

York

Stock

Exchange

(NYSE) on

the

valuation

date.

Equity

securities

traded

on

the

Nasdaq

are

valued

in

accordance

with

the

Nasdaq

Official

Closing

Price,

which

may

not

be

the

last

sales

price.

If,

on

a

particular

day,

an

equity

security

does

not

trade,

the

mean

between

the

bid

and

the

ask

prices

will

be

used,

which

approximates

fair

value.

Equity

securities

listed

on

a

foreign

exchange

are

normally

valued

at

the

last

quoted

sales

price

on

the

valuation

date.

Open-end

investment

companies

are

valued

at

their

published

net

asset

value

(NAV). Investments

for

which

market

quotations

are

not

readily

available

are

valued

at

fair

value

as

determined

in

good

faith

pursuant

to

Rule

2a-

under

the

1940

Act

(Rule

2a-5).

As

a

general

principle,

the

fair

value

of

a

security

or

other

asset

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Pursuant

to

Rule

2a-5,

the

Board

of

Trustees

(Board)

has

designated

Delaware

Management

Company

(DMC

or

the

Manager)

as

part

of

its

duties

as

the

Fund's

valuation

designee

(Valuation

Designee)

to

perform

the

fair

value

determination

relating

to

all

applicable

Fund

investments.

DMC

has

established

a

pricing

committee (Pricing

Committee)

to

assist

with

its

designated

responsibilities

as

Valuation

Designee,

and

DMC

may

carry

out

its

designated

responsibilities

as

Valuation

Designee

through

the

Pricing

Committee

and

other

teams

and

committees,

which

operate

under

policies

and

procedures

approved

by

the

Board

and

subject

to

the

Board's

oversight.

Fair

value

pricing

may

be

used

more

frequently

for

securities

traded

primarily

in

non-US

markets.

If

a

foreign

(non-US)

equity

security's

value

has

materially

changed

after

the

close

of

the

security's

primary

exchange

or

principal

market

but

before

the

close

of

the

NYSE,

the

security

may

be

valued

at

fair

value.

With

respect

to

foreign

(non-US)

equity

securities,

the

Fund

may

determine

the

fair

value

of

investments

based

on

information

provided

by

the

Valuation

Designee,

which

may

recommend

fair

value

as

determined

in

good

faith

pursuant

to

Rule

2a-5.

In

considering

whether

fair

valuation

is

required

and

in

determining

fair

values,

the

Valuation

Designee

may,

among

other

things,

consider

significant

events

(which

may

be

considered

to

include

changes

in

the

value

of

US

securities

or

securities

indexes)

that

occur

after

the

close

of

the

relevant

market

and

before

the

close

of

the

NYSE.

The

Valuation

Designee

may

utilize

modeling

tools

provided

by

third-party

vendors

to

determine

fair

values

of

non-US

securities.

#### Federal

#### Income

#### Taxes
—

No

provision

for

federal

income

taxes

has

been

made

as the

Fund

intends

to

continue

to

qualify

for

federal

income

tax

purposes

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended,

and

make

the

requisite

distributions

to

shareholders.

The

Fund

evaluates

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

the

Fund's

tax

returns

to

determine

whether

the

tax

positions

are

"more-

likely-than-not"

of

being

sustained

by

the

applicable

tax

authority.

Tax

positions

not

deemed

to

meet

the

"more-likely-than-not"

threshold

are

recorded

as

a

tax

benefit

or

expense

in

the

current

period.

Management

has

analyzed the

Fund's

tax

positions

taken

or

expected

to

be

taken

on the

Fund's

federal

income

tax

returns

through

the year ended March

31,

2026

and

for the

open

tax

year

ended

March

31,

2025,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund's

financial

statements.

If

applicable,

the

Fund

recognizes

interest

and

tax

penalties

on

unrecognized

tax

benefits

in

"Interest

and

tax

penalties"

on

the "Statement

of

operations."

During

the

year ended March

31,

2026,

the

Fund

did

not

incur

any

interest

or

tax

penalties.

#### Foreign

#### Currency

#### Transactions
—

Transactions

denominated

in

foreign

currencies

are

recorded

at

the

prevailing

exchange

rates

on

the

valuation

date.

The

value

of

all

assets

and

liabilities

denominated

in

foreign

currencies

is

translated

daily

into

US

dollars

at

the

exchange

rate

of

such

currencies

against

the

US

dollar.

Transaction

gains

or

losses

resulting

from

changes

in

exchange

rates

during

the

reporting

period

or

upon

settlement

of

the

foreign

currency

transaction

are

reported

in

operations

for

the

current

period.

The

Fund

generally

does

not

bifurcate

that

portion

of

realized

gains

and

losses

on

investments

which

is

due

to

changes

in

foreign

exchange

rates

from

that

which

is

due

to

changes

in

market

prices.

These

realized

gains

and

losses

are

included

on

the

"Statement

of

operations"

under

"Net

realized

gain

(loss)

on

investments."

The

Fund

reports

certain

foreign

currency

related

transactions

as

components

of

realized

gains

(losses)

for

financial

reporting

purposes,

whereas

such

components

are

treated

as

ordinary

income

(loss)

for

federal

income

tax

purposes.

#### In-Kind

#### Redemptions
—

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Fund.

Because

such

gains

or

losses

are

not

taxable

to

the

Fund

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Fund's

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

NAV

per

share.

#### Use

#### of

#### Estimates
—

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

fair

value

of

investments,

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

1. #### Significant

#### Accounting

#### Policies
(continued)

#### Notes

#### to

#### financial

#### statements
Nomura

Focused

Emerging

Markets

Equity

ETF

the

date

of

the

financial

statements,

and

the

reported

amounts

of

revenues

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates

and

the

differences

could

be

material.

#### Other
—

Security

transactions

are

recorded

on

the

date

the

securities

are

purchased

or

sold

(trade

date)

for

financial

reporting

purposes.

Costs

used

in

calculating

realized

gains

and

losses

on

the

sale

of

investment

securities

are

those

of

the

specific

securities

sold.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Foreign

dividends

are

also

recorded

on

the

ex-dividend

date

or

as

soon

after

the

ex-dividend

date

that

the

Fund

is

aware

of

such

dividends,

net

of

all

tax

withholdings,

a

portion

of

which

may

be

reclaimable.

Withholding

taxes

and

reclaims

on

foreign

dividends

have

been

recorded

in

accordance

with

the

Fund's

understanding

of

the

applicable

country's

tax

rules

and

rates.

The

Fund

files

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Fund

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction's

applicable

laws,

payment

history

and

market

convention.

The

"Statement

of

operations"

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes. Income

and

capital

gain

distributions

from

any

investment

companies

(Underlying

Funds)

in

which

the

Fund

invests

are

recorded

on

the

ex-dividend

date.

The

Fund

declares

and

pays

dividends

from

net

investment

income

and

distributions

from

net

realized

gain

on

investments,

if

any,

at

least

annually.

The

Fund

may

distribute

more

frequently,

if

necessary

for

tax

purposes.

Dividends

and

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

#### Segment Reporting
—

In

November

2023,

FASB

issued

Accounting

Standards

Update

2023-

07,

Segment

Reporting

(Topic

280):

Improvements

to

Reportable

Segment

Disclosures,

with

the

intent

of

improving

reportable

segment

disclosure

requirements,

primarily

through

enhanced

disclosures

about

significant

segment

expenses,

allowing

financial

statement

users

to

better

understand

the

components

of

a

segment's

profit

or

loss

and

assess

potential

future

cash

flows

for

each

reportable

segment

and

the

entity

as

a

whole

thereby

enabling

better

understanding

of

how

an

entity's

segments

impact

overall

performance.

The

Fund's

Chief

Executive

Officer

and

Chief

Financial

Officer

act

as

the

Fund's

chief

operating

decision

maker

(CODM),

assessing

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

the

Fund

has

a

single

operating segment

since

the

Fund

has

a

single

investment

strategy

disclosed

in

the

prospectus

against

which

the

CODM

assesses

performance.

When

assessing

segment

performance

and

making

decisions

about

segment

resources,

the

CODM

relies

on

the

Fund's

portfolio

composition,

total

returns,

expense

ratios

and

changes

in

net

assets

which

are

consistent

with

the

information

contained

in

the

Fund's

financial

statements.

#### Recent

#### Accounting

#### Standard
—

The

Fund

adopted

FASB

Accounting

Standards

Update

(ASU),

ASU

2023-09,

Income

Taxes

(Topic

740)

—

Improvements

to

Income

Taxes

Disclosures

as

of

March

31,

2026. ASU

2023-09

requires

public

business

entities,

on

an

annual

basis,

to

provide

disclosure

of

specific

categories

in

the

rate

reconciliation,

as

well

as

disclosure

of

income

taxes

1. #### Significant

#### Accounting

#### Policies
(continued)

paid

disaggregated

by

jurisdiction.

During

the

year

ended

March

31,

2026,

the

Fund

did

not

pay

a

material

amount

of

foreign

or

US

federal,

state

or

local

income

taxes

and

therefore

did

not

include

any

additional

disclosures

in

these

financial

statements.

2. #### Investment

#### Management,

#### Administration

#### Agreements,

#### and

#### Other

#### Transactions

#### with

#### Affiliates
In

accordance

with

the

terms

of

its

investment

management

agreement,

the

Fund

pays

DMC,

a

series

of Nomura

Investment

Management

Business

Trust

(NIMBT)

and

the

investment

manager,

an

annual

unitary

management

fee

which

is

calculated

daily

and

paid

monthly

at

the

rate

of

0.85%

on

the

Fund's

average

daily

net

assets.

Prior

to

December

1,

2025

(Closing

Date),

NIMBT

was

named

Macquarie

Investment

Management

Business

Trust

(MIMBT).

As

of

the

Closing

Date,

Nomura

Holding

America

Inc.

completed

the

acquisition

of

Macquarie

Asset

Management's

US

and

European

public

investments

business.

The

closing

of

this

transaction

resulted

in

the

automatic

termination

of

the

Fund's

investment

advisory

agreement

with

DMC

and

any

sub-advisory

agreement,

as

applicable.

At

a

special

shareholder

meeting

held

on

September

10,

2025,

Fund

shareholders

approved

a

new

investment

advisory

agreement

for

the

Fund.

On

the

Closing

Date,

the

new

investment

advisory

agreement

and

the

Fund's

name

change

to

Nomura

Focused Emerging

Markets

Equity ETF

went

effective.

From

the

unitary

management

fee,

DMC

pays

most

of

the

expenses

of

the

Fund,

including

the

cost

of

sub-advisory

fees

to

any

investment

sub-adviser,

if

any, transfer

agency,

custody,

fund

administration,

legal,

audit

and

other

services.

However,

under

the

investment

management

agreement,

DMC

is

not

responsible

for

(i) interest

expenses;

(ii) taxes

(including,

but

not

limited

to,

income,

excise,

transfer

and

withholding

taxes);

(iii) expenses

of

a

Fund

incurred

with

respect

to

the

acquisition

and

disposition

of

portfolio

securities,

instruments

or

other

investments

and

the

execution

of

portfolio

transactions,

including

brokerage

commissions;

(iv) expenses

incurred

in

connection

with

any

distribution

plan

adopted

by

the

Trust

in

compliance

with

Rule

12b-1

under

the

1940

Act,

including

distribution

fees;

(v) litigation

expenses;

(vi) the

investment

advisory

fee

payable

to

the

Manager;

(vii) non-routine

or

extraordinary

expenses

(including,

without

limitation,

the

expense

associated

with

proxy

solicitations

and

fund

reorganizations);

and

(viii) acquired

fund

fees

and

expenses.

Prior

to

the

Closing

Date,

DMC

had

entered

into

a

Sub-Advisory

Agreement

on

behalf

of

the

Fund

with

Macquarie

Investment

Management

Global

Limited,

which

was

an

affiliate

of

DMC

(Prior

Affiliated

Sub-Advisor).

Pursuant

to

the

terms

of

the

Sub-Advisory

Agreement,

the

investment

sub-advisory

fee

was

paid

by

DMC

to

the

Prior

Affiliated

Sub-Advisor

based

on

the

extent

to

which

the

Prior

Affiliated

Sub-Advisor

provided

services

to

the

Fund.

As

of

the

Closing

Date,

the

Prior

Affiliated

Sub-Advisor

no

longer

serves

as

a

sub-advisor

to

the

Fund.

1. #### Significant

#### Accounting

#### Policies
(continued)

#### Notes

#### to

#### financial

#### statements
Nomura

Focused

Emerging

Markets

Equity

ETF

In

addition

to

the

management

fees

and

other

expenses

of the

Fund, the

Fund

indirectly

bears

the

investment

management

fees

and

other

expenses

of

any

Underlying

Funds,

in

which

it

invests.

The

amount

of

these

fees

and

expenses

incurred

indirectly

by the

Fund

will

vary

based

upon

the

expense

and

fee

levels

of

any

Underlying

Funds

and

the

number

of

shares

that

are

owned

of

any

Underlying

Funds

at

different

times.

3. #### Investments
For

the year ended

March

31,

2026

,

the

Fund

made

purchases

and

sales

of

investment

securities

other

than

short-term

investments

and

US

government

securities as

follows:

For

the year ended

March

31,

2026,

in-kind

transactions,

which

are

not

included

in

the

table

above, associated

with

purchase

or

redemption

of

Creation

Units

were

as

follows:

The

tax

cost

of

investments

includes

adjustments

to

net

unrealized

appreciation

(depreciation)

which

may

not

necessarily

be

the

final

tax

cost

basis

adjustments

but

which

approximate

the

tax

basis

unrealized

gains

and

losses

that

may

be

realized

and

distributed

to

shareholders.

At

March

31,

2026

,

the

cost

and

unrealized

appreciation

(depreciation)

of

investments

for

federal

income

tax

purposes

for

the

Fund

were

as

follows:

US

GAAP

defines

fair

value

as

the

price

that

the

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

under

current

market

conditions.

A

three-level

hierarchy

for

fair

value

measurements

has

been

established

based

upon

the

transparency

of

inputs

to

the

valuation

of

an

asset

or

liability.

Inputs

may

be

observable

or

unobservable

and

refer

broadly

to

the

assumptions

that

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

the

reporting

entity's

own

assumptions

about

the

assumptions

that

market

participants

would

use

in

pricing

the

asset

or

Purchases

$

201,879,475

Sales

37,458,905

Purchases

$

106,195,353

Sales

25,555,136

Cost

of

investments

$

297,878,182

Aggregate

unrealized

appreciation

of

investments

$

20,445,145

Aggregate

unrealized

depreciation

of

investments

(23,930,592)

Net

unrealized

appreciation

of

investments

$

(3,485,447)

2. #### Investment

#### Management,

#### Administration

#### Agreements,

#### and

#### Other

#### Transactions

#### with

#### Affiliates
(continued)

liability

based

on

the

best

information

available

under

the

circumstances.

The

Fund's

investment

in

its

entirety

is

assigned

a

level

based

upon

the

observability

of

the

inputs

which

are

significant

to

the

overall

valuation.

The

three-level

hierarchy

of

inputs

is

summarized

as

follows:

Level

—

Inputs

are

quoted

prices

in

active

markets

for

identical

investments.

(Examples:

equity

securities,

open-end

investment

companies,

futures

contracts,

and

exchange-traded

options

contracts)

Level

2 —

Other

observable

inputs,

including,

but

not

limited

to:

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

and

default

rates)

or

other

market-corroborated

inputs.

(Examples:

debt

securities,

government

securities,

swap

contracts,

forward

foreign currency

exchange

contracts,

foreign

securities

utilizing

international

fair

value

pricing,

broker-quoted

securities,

and

fair

valued

securities)

Level

3 — Significant

unobservable

inputs,

including

the

Fund's

own

assumptions

used

to

determine

the

fair

value

of

investments.

(Examples:

broker-quoted

securities

and

fair

valued

securities)

Level

investments

are

valued

using

significant

unobservable

inputs.

The

Fund

may

also

use

an

income-based

valuation

approach

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Valuations

may

also

be

based

upon

current

market

prices

of

securities

that

are

comparable

in

coupon,

rating,

maturity,

and

industry.

The

derived

value

of

a

Level

investment

may

not

represent

the

value

which

is

received

upon

disposition

and

this

could

impact

the

results

of

operations.

The

following

table

summarizes

the

valuation

of

the

Fund's

investments

by

fair

value

hierarchy

levels

as

of

March

31,

2026

:

Level

Level

Level

Total

Securities

Assets:

Common

Stocks

$

266,110,160

$

–

$

–

$

266,110,160

Preferred

Stocks

13,902,963

–

–

13,902,963

Short-Term

Investments

14,379,612

–

–

14,379,612

Total

Value

of

Securities

$

294,392,735

$

–

$

–

$

294,392,735

3. #### Investments
(continued)

#### Notes

#### to

#### financial

#### statements
Nomura

Focused

Emerging

Markets

Equity

ETF

During

the year ended

March

31,

2026

,

there

were

no

transfers

into

or

out

of

Level

investments.

The

Fund's

policy

is

to

recognize

transfers

into

or

out

of

Level

investments

based

on

fair

value

at

the

beginning

of

the

reporting

year.

A

reconciliation

of

Level

investments

is

presented

when

the

Fund

has

a

significant

amount

of

Level

investments

at

the

beginning

or

end

of

the

year

in

relation

to

the

Fund's

net

assets.

As

of

March

31,

2026

,

there

were

no

Level

investments.

4. #### Dividend

#### and

#### Distribution

#### Information
Income

and

long-term

capital

gain

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

US

GAAP. Additionally,

distributions

from

gains

on

foreign

currency

transactions

and

net

short-term

gains

on

sales

of

investment

securities

are

treated

as

ordinary

income

for

federal

income

tax

purposes.

The

tax

character

of

dividends

and

distributions

paid

during

the

year

ended

March

31,

2026

and

period

ended

March

31,

2025

were

as

follows:

\*

Date

of

commencement

of

operations.

5. #### Components

#### of

#### Net

#### Assets

#### on

#### a

#### Tax

#### Basis
As

of

March

31,

2026,

the

components

of

net

assets

on

a

tax

basis

were

as

follows:

Differences

between

components

of

net

assets

unrealized

and

tax

cost

unrealized

may

arise

due

to

unrealized

appreciation/depreciation

on

foreign

currencies.

The

differences

between

book

basis

and

tax

basis

components

of

net

assets

are

primarily

attributable

to

tax

deferral

of

losses

on

wash

sales

and

tax

recognition

of

unrealized

gain

on

passive

foreign

investment

companies.

Year

ended

3/31/26

9/4/24

\*

to

3/31/25

Ordinary

income

$

3,936,684

$

81,867

Shares

of

beneficial

interest

$

271,643,837

Undistributed

ordinary

income

9,189,822

Undistributed

capital

gains

4,398,209

Unrealized

appreciation

(depreciation)

of

investments

and

foreign

currencies

(3,502,942)

Net

assets

$

281,728,926

3. #### Investments
(continued)

For

financial

reporting

purposes,

capital

accounts

are

adjusted

to

reflect

the

tax

character

of

permanent

book/tax

differences.

Results

of

operations

and

net

assets

were

not

affected

by

these

reclassifications.

Reclassifications

are

primarily

due

to

tax

treatment

of

earnings

and

profits

distributed

to

shareholders

on

the

redemption

of

shares.

For

the

year

ended

March

31,

2026,

the

Fund

recorded

the

following

reclassifications:

6. #### Issuance

#### and

#### Redemption

#### of

#### Fund

#### Shares
The

Fund

is

an

exchange-traded

fund

or

ETF.

Individual

Fund

shares

may

only

be

purchased

and

sold

on

a

national

securities

exchange

through

a

broker-dealer

and

investors

may

pay

a

commission

to

such

broker-dealers

in

connection

with

their

purchase

or

sale.

The

price

of

Fund

shares

is

based

on

market

price,

and

because

ETF

shares

trade

at

market

prices

rather

than

NAV,

shares

may

trade

at

a

price

greater

than

NAV

(a

premium)

or

less

than

NAV

(a

discount).

The

Fund

will

only

issue

or

redeem

shares

aggregated

into

blocks

of

50,000 shares

or

multiples

thereof

("Creation

Units") to

Authorized

Participants

who

have

entered

into

agreements

with

the

Fund's

Distributor.

An

Authorized

Participant

is

either

(1) a

"Participating

Party,"

(i.e.,

a

broker-

dealer

or

other

participant

in

the

clearing

process

of

the

Continuous

Net

Settlement

System

of

the

National

Securities

Clearing

Corporation)

("Clearing

Process"),

or

(2) a

participant

of

Depository

Trust

Company

("DTC

Participant"),

and,

in

each

case,

must

have

executed

an

agreement

("Participation

Agreement")

with

the

Distributor

with

respect

to

creations

and

redemptions

of

Creation

Units.

The

Fund

will

issue

or

redeem

Creation

Units

in

return

for

a

basket

of

assets

that

the

Fund

specifies

each

day.

Shares

are

listed

on

the

Nasdaq

exchange

and

are

publicly

traded.

If

an

investor

buys

or

sells

Fund

shares

on

the

secondary

market,

the

investor

will

pay

or

receive

the

market

price,

which

may

be

higher

or

lower

than

NAV.

The

investor's

transaction

will

be

priced

at

NAV

if

the

investor

purchases

or

redeems

Fund

shares

in

Creation

Units.

Authorized

Participants

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

the

Fund's

Administrator

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Additionally,

a

portion

of

the

transaction

fee

is

used

to

offset

transactional

costs

typically

accrued

in

the

Fund's

custody

expenses

directly

related

to

the

issuance

and

redemption

of

Creation

Units.

An

additional

variable

fee

may

be

charged

for

certain

transactions.

Such

fees

would

be

included

in

the

receivable

for

capital

shares

sold

on

the

"Statement

of

assets

and

liabilities"

if

they

are

outstanding

as

of period-end.

Transaction

fees

assessed

during

the

period

are

included

in

the

proceeds

from

shares

sold

on

the

"Statements

of

changes

in

net

assets."

Paid-in

capital

$

5,503,999

Total

distributable

earnings

(loss)

(5,503,999)

5. #### Components

#### of

#### Net

#### Assets

#### on

#### a

#### Tax

#### Basis
(continued)

#### Notes

#### to

#### financial

#### statements
Nomura

Focused

Emerging

Markets

Equity

ETF

7. #### Certain

#### Principal

#### Risks

#### of

#### the

#### Fund
Foreign

and

emerging

markets

risk

—

The

risk

that

international

investing

(particularly

in

emerging

markets)

may

be

adversely

affected

by

political

instability;

changes

in

currency

exchange

rates;

inefficient

markets

and

higher

transaction

costs;

foreign

economic

conditions;

the

imposition

of

economic

or

trade

sanctions;

or

inadequate

or

different

regulatory

and

accounting

standards.

Information

about

non-U.S.

companies

may

be

unreliable

or

outdated,

the

Manager's

reliance

on

such

data

may

affect

the

Fund's

performance,

and

the

rights

and

remedies

associated

with

investments

in

a

fund

that

invests

significantly

in

foreign

securities

may

be

different

than

those

with

a

fund

that

invests

in

domestic

securities.

Company

size

risk

—

The

risk

that

investments

in

small-

and/or

medium-sized

companies

may

be

more

volatile

than

those

of

larger

companies

because

of

limited

financial

resources

or

dependence

on

narrow

product

lines.

Liquidity

risk

—

The

possibility

that

investments

cannot

be

readily

sold

within

seven

calendar

days

at

approximately

the

price

at

which

a

fund

has

valued

them.

Industry

and

sector

risk

—

The

risk

that

the

value

of

securities

in

a

particular

industry

or

sector

(such

as

the

infrastructure

industry)

will

decline

because

of

changing

expectations

for

the

performance

of

that

industry

or

sector.

Information

technology

sector risk —

The

risk

that

the

value

of

a

fund's

shares

will

be

affected

by

factors

particular

to

the

information

technology

and

related

sectors

(such

as

government

regulation)

and

may

fluctuate

more

widely

than

that

of

a

fund

that

invests

in

a

broad

range

of

sectors.

Financials

sector

risk

—

The

risk

that

the

value

of

a

fund's

shares

will

be

affected

by

factors

particular

to

the

financials

and

related

sectors

(such

as

government

regulation)

and

may

fluctuate

more

widely

than

that

of

a

fund

that

invests

in

a

broad

range

of

sectors.

Government

and

regulatory

risk

—

The

risk

that

governments

or

regulatory

authorities

may

take

actions

that

could

adversely

affect

various

sectors

of

the

securities

markets

and

affect

fund

performance.

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.

Growth

stock risk

—

Growth

stocks

reflect

projections

of

future

earnings

and

revenue.

These

prices

may

rise

or

fall

dramatically

depending

on

whether

those

projections

are

met.

These

companies'

stock

prices

may

be

more

volatile,

particularly

over

the

short

term.

Rule

144A

securities

— The

Fund

also

may

invest

in

securities

that

normally

are

purchased

or

resold

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

(Rule

144A

securities).

Rule

144A

is

designed

to

facilitate

efficient

trading

among

institutional

investors

by

permitting

the

sale

of

certain

unregistered

securities.

Rule

144A

securities

may

be

resold

only

to

qualified

institutional

buyers,

provided

that

certain

other

conditions

for

resale

are

met.

To

the

extent

privately

placed

securities

held

by

a

Fund

qualify

under

Rule

144A

and

an

institutional

market

develops

for

those

securities,

a

Fund

likely

will

be

able

to

dispose

of

the

securities

without

registering

them

under

the

Securities

Act

of

1933. Nondiversification risk —

A

nondiversified

fund

has

the

flexibility

to

invest

as

much

as

50%

of

its

assets

in

as

few

as

two

issuers

with

no

single

issuer

accounting

for

more

than

25%

of

the

fund.

The

remaining

50%

of

its

assets

must

be

diversified

so

that

no

more

than

5%

of

its

assets

are

invested

in

securities

of

a

single

issuer. Because

a

nondiversified

fund

may

invest

its

assets

in

fewer

issuers,

the

value

of

its

shares

may

increase

or

decrease

more

rapidly

than

if

it

were

fully

diversified.

ETF

structure

risks

–

The

Fund

is

structured

as

an

ETF

and

as

a

result

is

subject

to

special

risks.

Shares

are

not

individually

redeemable

and

may

be

redeemed

by

the

Fund

at

NAV

only

in

large

blocks

known

as

"Creation

Units."

Trading

in

shares

on

the Nasdaq

may

be

halted

due

to

market

conditions

or

for

reasons

that,

in

the

view

of

the

Exchange,

make

trading

in

Shares

inadvisable,

such

as

extraordinary

market

volatility.

There

can

be

no

assurance

that

Shares

will

continue

to

meet

the

listing

requirements

of

the

Exchange.

An

active

trading

market

for

the

Fund's

shares

may

not

be

developed

or

maintained.

If

the

Fund's

shares

are

traded

outside

a

collateralized

settlement

system,

the

number

of

financial

institutions

that

can

act

as

authorized

participants

that

can

post

collateral

on

an

agency

basis

is

limited,

which

may

limit

the

market

for

the

Fund's

shares.

The

market

prices

of

Shares

will

fluctuate

in

response

to

changes

in

NAV

and

supply

and

demand

for

shares

and

will

include

a

"bid-ask

spread"

charged

by

the

exchange

specialists,

market

makers

or

other

participants

that

trade

the

particular

security.

There

may

be

times

when

the

market

price

and

the

NAV

vary

significantly

particularly

during

times

of

market

stress,

with

the

result

that

investors

may

pay

significantly

more

or

significantly

less

for

Fund

shares

than

the

Fund's

NAV,

which

is

reflected

in

the

bid

and

ask

price

for

Fund

shares

or

in

the

closing

price.

If

a

shareholder

purchases

shares

at

a

time

when

the

market

price

is

at

a

premium

to

the

NAV

or

sells

shares

at

a

time

when

the

market

price

is

at

a

discount

to

NAV,

the

shareholder

may

sustain

losses

if

the

shares

are

sold

at

a

price

that

is

less

than

the

price

paid

by

the

shareholder

for

the

shares.

When

all

or

a

portion

of

an

ETFs

underlying

securities

trade

in

a

market

that

is

closed

when

the

market

for

the

Fund's

shares

is

open,

there

may

be

changes

from

the

last

quote

of

the

closed

market

and

the

quote

from

the

Fund's

domestic

trading

day,

which

could

lead

to

differences

between

the

market

value

of

the

Fund's

shares

and

the

Fund's

NAV.

In

stressed

market

conditions,

the

market

for

the

Fund's

shares

may

become

less

liquid

in

response

to

the

deteriorating

liquidity

of

the

Fund's

portfolio.

This

adverse

effect

on

the

liquidity

of

the

Fund's

shares

may,

in

turn,

lead

to

differences

between

the

market

value

of

the

Fund's

shares

and

the

Fund's

NAV.

8. #### Contractual

#### Obligations
The

Fund

enters

into

contracts

in

the

normal

course

of

business

that

contain

a

variety

of

indemnifications.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown.

However,

the

Fund

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts.

Management

has

reviewed

the

Fund's

existing

contracts

and

expects

the

risk

of

loss

to

be

remote.

7. #### Certain

#### Principal

#### Risks

#### of

#### the

#### Fund
(continued)

#### Notes

#### to

#### financial

#### statements
Nomura

Focused

Emerging

Markets

Equity

ETF

9. #### Subsequent

#### Events
Management

has

determined

that

no

material

events

or

transactions

occurred

subsequent

to

March

31,

2026,

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements.

#### Report

#### of

#### independent

#### registered

#### public

#### accounting

#### firm

To

the

Board

of

Trustees

of Nomura

ETF

Trust and

Shareholders

of

Nomura

Focused

Emerging

Markets

Equity

ETF

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Nomura

Focused

Emerging

Markets

Equity

ETF

(one

of

the

Funds

constituting

Nomura

ETF

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

March

31,

2026,

the

related

statement

of

operations

for

the

year

ended

March

31,

2026

and

the

statement

of

changes

in

net

assets

and

the

financial

highlights

for

the

year

ended

March

31,

2026

and

for

the

period

September

4,

2024

(commencement

of

operations)

through

March

31,

2025,

including

the

related

notes

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

March

31,

2026,

the

results

of

its

operations

for

the

year

ended

March

31,

2026,

and

the

changes

in

its

net

assets

and

the

financial

highlights

for

the

year

ended

March

31,

2026

and

for

the

period

September

4,

2024

(commencement

of

operations)

through

March

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audit

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2026

by

correspondence

with

the

custodian

and

transfer

agents.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

May

29,

2026

We

have

served

as

the

auditor

of

one

or

more

Nomura

investment

companies

since

2010. #### Other

#### Fund

#### information
(Unaudited)

Nomura

Focused

Emerging

Markets

Equity

ETF

#### Tax

#### Information
The

information

set

forth

below

is

for

the

Fund's

fiscal

year

as

required

by

federal

income

tax

laws.

Shareholders,

however,

must

report

distributions

on

a

calendar

year

basis

for

income

tax

purposes,

which

may

include

distributions

for

portions

of

two

fiscal

years

of

the

Fund.

Accordingly,

the

information

needed

by

shareholders

for

income

tax

purposes

will

be

sent

to

them

in

January

of

each

year.

Please

consult

your

tax

advisor

for

proper

treatment

of

this

information.

All

disclosures

are

based

on

financial

information

available

as

of

the

date

of

this

annual

report

and,

accordingly,

are

subject

to

change.

For

any

and

all

items

requiring

reporting,

it

is

the

intention

of

the

Fund

to

report

the

maximum

amount

permitted

under

the

Internal

Revenue

Code

and

the

regulations

thereunder.

For

the

year ended

March

31,

2026,

the

Fund

reports

distributions

paid

during

the

year

as

follows:

The

Fund

intends

to

pass

through

foreign

tax

credits

in

the

maximum

amount

of

$172,061.

The

gross

foreign

source

income

earned

during

the

fiscal

year ended

March

31,

2026 by

the

Fund

was

$1,784,872.

#### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies

#### Change

#### in

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
At

a

meeting

held

on

April

15,

2026,

the

Board

of

Trustees

(Board),

upon

recommendation

of

the

Audit

Committee,

approved

the

dismissal

of

PricewaterhouseCoopers

LLP

(PwC)

upon

completion

of

services

currently

being

performed

by

PwC

related

to

the

audit

of

the

Nomura

Focused

Emerging

Markets

Equity

ETF

(formerly,

Macquarie

Focused

Emerging

Markets

Equity

ETF)

(the

"Fund")'s

March

31,

2026

financial

statements,

and

approved

the

appointment

of

Ernst

&

Young

LLP

(E&Y)

to

serve

as

the

independent

registered

public

accounting

firm

for

the

Fund,

beginning

with

the

fiscal

year

ending

March

31,

2027. PwC's

reports

on

the

financial

statements

for

the

period

September

4,

2024

(commencement

of

operations)

through

March

31,

2025

and

the

fiscal

year

ended

March

31,

2026

did

not

contain

any

adverse

opinion

or

disclaimer

of

opinion,

nor

were

they

qualified

or

modified

as

to

uncertainty,

audit

scope,

or

accounting

principles.

(A) Ordinary

Income

Distributions

(Tax

Basis)

\*

100.00%

(A) is

based

on

a

percentage

of

the

Fund's

total

distributions.

\*

For

the

fiscal

year

ended

March

31,

2026,

certain

dividends

paid

by

the

Fund

may

be

subject

to

a

maximum

tax

rate

of

20%.The

percentage

of

dividends

paid

by

the

Fund

from

ordinary

income

reported

as

qualified

income

is

30.94%.

Complete

information

will

be

computed

and

reported

in

conjunction

with

your

2026

Form

1099-DIV,

as

applicable.

In

addition,

during

the

period

September

4,

2024

(commencement

of

operations)

through

March

31,

2025

and

the

fiscal

year

ended

March

31,

2026

and

during

the

subsequent

interim

period

through

May

29,

2026,

(i) there

were

no

disagreements

between

the

Fund

and

PwC

on

accounting

principles,

financial

statement

disclosures

or

audit

scope,

which,

if

not

resolved

to

the

satisfaction

of

PwC,

would

have

caused

them

to

make

reference

to

the

disagreement

in

their

reports;

and

(ii) there

were

no

reportable

events

described

in

Item

304(a)

(1) (v) of

Regulation

S-K

under

the

Securities

Exchange

Act

of

1934,

as

amended.

During

the

period

September

4,

2024

(commencement

of

operations)

through

March

31,

2025

and

the

fiscal

year

ended

March

31,

2026

and

during

the

subsequent

interim

period

through

May

29,

2026,

neither

the

Board

nor

anyone

on

its

behalf

has

consulted

with

E&Y

at

any

time

prior

to

their

selection

with

respect

to

(i) the

application

of

accounting

principles

to

a

specified

transaction,

either

completed

or

proposed

or

the

type

of

audit

opinion

that

might

be

rendered

on

the

Fund's

financial

statements;

or

(ii) the

subject

of

a

disagreement

(as

defined

in

paragraph

(a) (1) (iv) of

Item

of

Regulation

S-K)

or

reportable

events

(as

described

in

paragraph

(a) (1) (v) of

said

Item

304).

The

Fund

has

provided

PwC

with

a

copy

of

this

Form

N-CSR

and

requested

that

PwC

furnish

the

Fund

with

a

letter

stating

whether

or

not

it

agrees

with

the

statements

made

herein.

A

copy

of

PwC's

letter,

dated

June

8,

2026,

is

attached

as

Exhibit

to

this

N-CSR.

#### Proxy

#### Disclosures

#### for

#### Open-End

#### Management

#### Investment

#### Companies
Not

Applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers,

#### and

#### Others

#### of

#### Open-End

#### Management

#### Investment

#### Companies
Please

refer

to

the

disclosure

within

the

financial

statements.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
At

an

in-person

meeting

on

June

12,

2025

Meeting

("June

2025

Meeting"),

the

Board,

including

its

Independent

Trustees,

considered

and

unanimously

approved

proposed

new

investment

advisory

agreements

(together,

the

"New

Investment

Advisory

Agreements")

for

each

of

the

Macquarie

Global

Listed

Infrastructure

ETF,

Macquarie

Energy

Transition

ETF,

Macquarie

Tax-Free

USA

Short

Term

ETF,

Macquarie

Focused

Large

Growth

ETF,

Macquarie

Focused

Emerging

Markets

Equity

ETF,

Macquarie

National

High-Yield

Municipal

Bond

ETF,

and

Macquarie

Focused

International

Core

ETF

(each,

a

"Fund"

and

together,

the

"Funds")

between

the

Trust,

on

behalf

of

each

Fund,

and

DMC

(as

defined

below).

The

Board

also

approved

interim

advisory

agreements

(together,

the

"Interim

Advisory

Agreements"

and

together

with

the

New

Investment

Advisory

Agreements,

the

"Proposed

Advisory

Agreements").

The

Board

also

determined

to

recommend

that

Fund

shareholders

approve

the

proposed

New

Investment

Advisory

Agreements.

As

part

of

#### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies
(continued)

#### Change

#### in

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Focused

Emerging

Markets

Equity

ETF

their

evaluation,

the

Board's

Independent

Trustees

reviewed

material

supporting

the

approval

of

the

Proposed

Advisory

Agreements

in

executive

sessions

with

its

independent

legal

counsel

both

with

and

without

representatives

of

management.

Such

material

included

responses

provided

by

DMC

and

Nomura

Holdings

America

Inc.

(together

with

its

parent

company,

Nomura

Holdings,

Inc.,

hereinafter

referred

to

as

"Nomura")

to

an

extensive

initial

questionnaire

and

a

subsequent

memorandum

with

questions

relating

to

the

Transaction

(as

defined

below)

and

the

impact

on

the

Funds,

as

well

as

governance,

compliance,

investment

and

operational

matters.

On

April

21,

2025,

Nomura

and

Macquarie

Group

Limited

announced

that

they

had

entered

into

a

definitive

stock

purchase

agreement

(the

"Purchase

Agreement")

pursuant

to

which

Nomura

agreed

to

acquire

the

equity

interests

of

Macquarie

Asset

Management's

US

and

European

public

investments

business

(collectively,

the

"MAM

Business"),

including

the

Funds'

investment

adviser,

Delaware

Management

Company

("DMC"),

which

is

a

series

of

Macquarie

Investment

Management

Business

Trust

(the

"Transaction").

#### Background

#### for

#### the

#### Board

#### Approvals.
At

a

meeting

on

May

16,

2025

and

at

the

June

2025

Meeting,

representatives

of

DMC

met

with

the

Board

to

discuss

the

Transaction.

The

Independent

Trustees

were

advised

that

the

Transaction,

if

completed,

would

constitute

a

Change

of

Control

Event

and

result

in

the

termination

of

the

existing

investment

advisory

agreements

with

DMC

(the

"Current

Investment

Advisory

Agreements").

Pursuant

to

Section

15(a)(4)

of

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

any

investment

advisory

agreement,

including

any

sub-advisory

agreement,

on

behalf

of

a

registered

investment

company

must

terminate

automatically

upon

its

"assignment."

As

used

in

the

1940

Act,

the

term

"assignment"

includes

any

transfer

of

a

controlling

interest

in

an

investment

adviser.

Such

a

transfer

is

often

referred

to

as

a

"Change

of

Control

Event."

The

Independent

Trustees

were

also

advised

that

it

was

proposed

that

DMC

would

continue

to

serve

as

the

investment

adviser

to

each

Fund

after

the

closing

of

the

Transaction

on

or

about

October

31,

2025

(the

"Closing")

and

that

the

Board

would

be

asked

to

consider

approval

of

the

terms

and

conditions

of

the

proposed

New

Investment

Advisory

Agreements

with

DMC

and

thereafter

to

submit

the

proposed

New

Investment

Advisory

Agreements

to

the

Funds'

shareholders

for

approval.

At

the

June

2025

Meeting,

the

Board,

including

a

majority

of

the

Independent

Trustees,

reviewed

and

approved

the

Proposed

Advisory

Agreements.

The

New

Investment

Advisory

Agreements,

were

subject

to

shareholder

approval.

The

Board

considered

the

information

provided

to

it

about

the

Funds

together

and

with

respect

to

each

Fund

separately

as

the

Board

deemed

appropriate.

Prior

to

and

at

the

June

2025

Meeting,

the

Board,

together

with

independent

legal

counsel

to

the

Independent

Trustees

and

Fund

counsel,

met

with

representatives

of

DMC

and

Nomura

to

discuss

the

Transaction.

At

these

meetings,

the

Transaction

and

future

plans

for

DMC

and

the

Funds

were

discussed

at

length.

Finally,

the

Independent

Trustees

consulted

with

their

independent

legal

counsel

in

executive

sessions

during

the

time

period

covered

by

the

negotiation

of

the

Transaction

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

and

discussed,

among

other

things,

the

legal

standards

applicable

to

their

review

of

the

Proposed

Advisory

Agreements

and

certain

other

contracts

and

considerations

relevant

to

their

deliberations

on

whether

to

approve

the

Proposed

Advisory

Agreements.

At

in-person

and

virtual

meetings

with

DMC

management

and

with

key

Nomura

representatives,

the

Trustees

discussed

the

Transaction

and

the

Board

had

an

opportunity

to

ask

further

questions

and

seek

clarification

of

written

responses.

The

meetings

included

discussions

of

the

strategic

rationale

for

the

Transaction

and

Nomura's

general

plans

and

intentions

regarding

the

Funds

and

DMC. On

these

occasions,

representatives

of

DMC

and

Nomura

made

presentations

to,

and

responded

to

questions

from,

the

Trustees.

The

Board

also

inquired

about

the

plans

for,

and

anticipated

roles

and

responsibilities

of,

key

employees

and

officers

of

DMC

in

connection

with

the

Transaction.

In

connection

with

the

Trustees'

review

of

the

Proposed

Advisory

Agreements,

DMC

and/or

Nomura

emphasized

that:

—

They

expected

that

there

will

be

no

adverse

changes

as

a

result

of

the

Transaction

in

the

nature,

quality,

or

extent

of

services

currently

provided

to

the

Funds

and

their

shareholders,

including

investment

management,

distribution,

or

other

shareholder

services;

—

No

material

changes

in

personnel

or

operations

are

currently

contemplated

in

the

operation

of

DMC

under

Nomura

as

a

result

of

the

Transaction;

—

Nomura

has

no

present

intention

to

cause

DMC

to

alter

the

investment

advisory

fees

paid

to

DMC

by

a

Fund

and

the

expenses

DMC

has

agreed

to

pay

on

behalf

of

a

Fund;

and

—

Under

the

Purchase

Agreement,

Nomura

has

agreed

to,

and

to

cause

its

affiliates

to,

use

commercially

reasonable

efforts

after

Closing

to

conduct

their

respective

businesses

in

compliance

with

the

conditions

of

Section

15(f)

of

the

1940

Act

with

respect

to

the

Funds,

including

maintaining

Board

composition

of

at

least

75%

of

the

Board

members

qualifying

as

Independent

Trustees

and

not

imposing

any

"unfair

burden"

on

the

Funds

for

at

least

two

years

from

the

Closing.

The

Board

considered

that

management

proposed

that

the

Board

approve

the

Proposed

Advisory

Agreements

because,

upon

the

Closing

of

the

Transaction,

the

Current

Investment

Advisory

Agreements

and

the

current

sub-advisory

agreements

(the

"Current

Sub-Advisory

Agreements")

would

automatically

terminate

in

accordance

with

their

terms

and

applicable

regulations.

The

Board

further

considered

that

management

proposed

that

the

Board

approve

the

Interim

Advisory

Agreements

so

that,

if

the

Transaction

closes

before

a

Fund

receives

the

requisite

shareholder

approval

of

its

New

Investment

Advisory

Agreement,

an

Interim

Advisory

Agreement

would

permit

continuity

of

the

management

of

the

Fund

while

it

continued

to

solicit

the

requisite

shareholder

approval

of

the

New

Investment

Advisory

Agreement.

The

Board

reviewed

and

also

considered

the

forms

of

the

Proposed

Advisory

Agreements,

noting

that

the

terms

and

conditions

of

each

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Focused

Emerging

Markets

Equity

ETF

such

agreement

were

substantially

identical

to

the

terms

and

conditions

of

the

Current

Investment

Advisory

Agreements,

except

for

the

effective

dates,

duration

and,

with

respect

to

the

Interim

Advisory

Agreements,

escrow

provisions

required

by

applicable

law.

The

Board

noted

that

the

New

Investment

Advisory

Agreements

would

have

an

initial

two-year

term

and

that

the

Interim

Advisory

Agreements

would

be

effective

on

an

interim

basis,

as

necessary

upon

the

Closing

of

the

Transaction,

from

its

effective

date

until

the

earlier

of

(i) 150

calendar

days

from

the

effective

date

or

such

later

date

as

may

be

consistent

with

the

1940

Act,

rules

and

regulations

thereunder

or

exemptive

relief

or

interpretative

position

of

the

staff

of

the

SEC;

or

(ii) the

effective

date

of

the

applicable

New

Investment

Advisory

Agreement

("Interim

Period").

The

Interim

Advisory

Agreements

may

also

be

terminated

on

days'

written

notice

by

the

Board.

The

Board

further

noted

management's

representation

that

the

approval

of

the

Proposed

Advisory

Agreements

would

not

result

in

any

changes

to

the

Funds'

investment

objectives

or

strategies.

Further,

the

DMC

portfolio

managers

currently

responsible

for

the

day-to-day

management

of

the

Funds

are

expected

to

continue

to

provide

investment

advisory

services

to

the

Funds.

In

addition,

with

respect

to

the

Macquarie

Global

Listed

Infrastructure

ETF,

Macquarie

Energy

Transition

ETF,

Macquarie

Focused

Large

Growth

ETF,

Macquarie

Focused

Emerging

Markets

Equity

ETF,

and

Macquarie

Focused

International

Core

ETF

(the

"Sub-Advised

Funds"),

the

Board

noted

that

DMC

may

rely

on

participating

affiliate

arrangements

between

DMC

and

certain

non-US

Nomura

asset

management

entities

to

provide

continuity

of

portfolio

management

services

to

the

Sub-Advised

Funds,

including

services

provided

by

previous

sub-advisor

employees.

In

approving

each

Proposed

Advisory

Agreement,

the

Board

reviewed

and

considered

information

provided

in

its

meetings

with

DMC

and

Nomura,

as

well

as

DMC's

and

Nomura's

responses

to

a

detailed

set

of

requests

for

information

submitted

to

DMC

and

Nomura

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

Transaction.

In

addition,

prior

to

the

June

2025

Meeting,

the

Independent

Trustees

held

a

virtual

meeting

at

which

the

Independent

Trustees

conferred

amongst

themselves

and

Independent

Trustee

counsel

regarding

the

Proposed

Advisory

Agreement

and

the

information

submitted

by

DMC

and

Nomura,

then

requested

additional

information

that

the

Independent

Trustees

also

considered

prior

to

and

at

the

June

2025

Meeting.

The

Board,

including

a

majority

of

the

Independent

Trustees,

determined,

through

the

exercise

of

its

reasonable

business

judgment,

that

the

terms

of

each

Proposed

Advisory

Agreement

are

fair

and

reasonable

and

that

the

approval

of

such

Proposed

Advisory

Agreement

is

in

the

best

interests

of

the

applicable

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board's

determination.

#### Nature,

#### Extent,

#### and

#### Quality

#### of

#### Service.
The

Trustees

considered

the

services

historically

provided

by

DMC

to

the

Funds

and

their

shareholders.

In

reviewing

the

nature,

extent,

and

quality

of

services,

the

Boards

considered

that

the

New

Investment

Advisory

Agreements

will

be

substantially

similar

to

the

Current

Investment

Advisory

Agreements,

and

they

therefore

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

considered

the

many

reports

furnished

to

them

throughout

2024

and

2025

at

regular

Board

meetings

covering

matters

such

as

the

relative

performance

of

the

Funds;

the

compliance

of

portfolio

managers

with

the

investment

policies,

strategies,

and

restrictions

for

the

Funds;

the

compliance

of

management

personnel

with

the

Code

of

Ethics

adopted

throughout

the

Macquarie

Funds

complex;

and

the

adherence

to

fair

value

pricing

procedures

as

established

by

DMC

and

overseen

by

the

Board.

Further,

and

consistent

with

its

continued

oversight

of

these

matters,

the

Board

discussed

with

DMC

and

Nomura

the

impact

of

the

Transaction

on

the

remediation

efforts

and

actions

and

specific

initiatives

being

undertaken

to

enhance

DMC's

compliance,

risk,

operational

and

portfolio

management

functions

arising

out

of

DMC's

previously

announced

settlement

agreement

with

the

U.S.

Securities

and

Exchange

Commission

in

September

2024. The

Board

relied

on

commitments

by

DMC

and

Nomura

that

these

remediation

efforts

and

actions

and

specific

initiatives

would

not

be

negatively

affected

by

the

Transaction

and

would

continue

through

and

following

Closing.

Based

on

the

information

provided

by

DMC

and

Nomura,

including

that

Nomura

and

DMC

currently

expected

no

material

changes

as

a

result

of

the

Transaction

in

(i) personnel

or

operations

of

DMC

or

(ii) third

party

service

providers

to

the

Funds,

the

Board

concluded

that

the

satisfactory

nature,

extent,

and

quality

of

services

currently

provided

to

the

Funds

and

their

shareholders

were

very

likely

to

continue

under

the

New

Investment

Advisory

Agreements.

Moreover,

the

Board

concluded

that

the

Funds

would

probably

benefit

from

the

expanded

distribution

resources

that

would

become

available

to

DMC

following

the

Transaction.

The

Board

also

concluded

that

it

was

very

unlikely

that

any

"unfair

burden"

would

be

imposed

on

any

of

the

Funds

for

the

first

two

years

following

the

Closing

as

a

result

of

the

Transaction.

Consequently,

the

Board

concluded

that

they

did

not

expect

the

Transaction

to

result

in

any

adverse

changes

in

the

nature,

quality,

or

extent

of

services

(including

investment

management,

distribution,

or

other

shareholder

services)

currently

provided

to

the

Funds

and

their

shareholders.

#### Investment

#### Performance
.

The

Board

considered

the

overall

investment

performance

of

DMC

and

the

Funds

since

each

Fund's

commencement

date.

In

its

evaluation

of

investment

performance

of

a

Fund,

the

Board

took

into

account

such

Fund's

short

performance

period,

weighing

the

fact

that

the

Macquarie

Global

Listed

Infrastructure

ETF,

the

Macquarie

Energy

Transition

ETF,

and

the

Macquarie

Tax-Free

USA

Short

Term

ETF

commenced

operations

on

November

28,

2023,

the

Focused

Large

Growth

ETF

commenced

operations

on

May

14,

2024,

the

Macquarie

Focused

Emerging

Markets

Equity

ETF

commenced

operations

on

September

4,

2024,

and

the

Macquarie

National

High-Yield

Municipal

Bond

ETF

commenced

operations

on

March

5,

2025. The

Macquarie

Focused

International

Core

ETF

was

not

active

prior

to

the

time

of

the

June

2025

Meeting.

As

a

result,

the

Board

did

not

consider

the

investment

performance

of

the

Macquarie

Focused

International

Core

ETF

at

the

June

2025

Meeting.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Focused

Emerging

Markets

Equity

ETF

The

Board

considered

performance

reports

and

discussions

with

portfolio

managers

at

Board

meetings

throughout

the

year

for

the

Funds

that

were

active

during

the

time

period.

These

performance

reports

showed

a

Fund's

investment

performance

compared

to

a

group

of

funds

selected

by

DMC

as

being

similar

to

the

Fund

(the

"Performance

Universe").

Annualized

investment

performance

for

each

Fund

was

shown

for

the

past

1-year

period

and

since

inception

or,

if

shorter,

only

since

inception,

compared

to

that

of

the

Performance

Universe.

At

its

June

2025

Meeting,

the

Board,

including

the

Independent

Trustees

in

consultation

with

their

independent

legal

counsel,

reviewed

updated

investment

performance

information

for

each

of

the

active

Funds.

The

Board

compared

the

performance

of

each

active

Fund

to

that

of

its

respective

Performance

Universe

for

the

past

1-year

period

and

since

inception

or,

if

shorter,

only

since

inception.

The

Board

concluded

that

the

investment

performance

of

each

active

Fund

was

satisfactory.

Based

on

information

provided

by

DMC

and

Nomura,

the

Board

concluded

that

neither

the

Transaction

nor

the

New

Investment

Advisory

Agreements

would

likely

have

an

adverse

effect

on

the

investment

performance

of

any

Fund

because

(i) DMC

and

Nomura

did

not

currently

expect

the

Transaction

to

cause

any

material

change

to

the

Funds'

portfolio

management

teams

responsible

for

investment

performance,

which

the

Boards

found

to

be

satisfactory,

(ii) as

discussed

in

more

detail

below,

the

Funds'

expenses

were

not

expected

to

increase

as

a

result

of

the

Transaction,

(iii) the

Funds

would

not

bear

any

Transaction-related

expenses,

and

(iv) there

was

not

expected

to

be

any

"unfair

burden"

imposed

on

the

Funds

as

a

result

of

the

Transaction.

#### Comparative

#### Expenses;

#### Management

#### Profitability.
The

Board

also

evaluated

expense

comparison

data

for

the

Funds

and

management

profitability

previously

considered

at

each

Fund's

initial

contract

approval

Board

meeting.

At

a

Fund's

initial

contract

approval

Board

meeting,

the

Board

compared

both

the

services

to

be

rendered

and

the

proposed

fees

to

be

paid

to

DMC

by

the

Fund

with

the

fees

that

DMC

receives

pursuant

to

its

other

advisory

agreements,

as

well

as

the

fees

paid

to

other

investment

advisers

with

respect

to

similar

funds.

In

particular,

the

Board

compared

the

Fund's

proposed

advisory

fee

and

total

expense

ratio

to

other

investment

companies

considered

to

be

in

that

Fund's

peer

group.

The

Board

also

received

and

considered

information

about

the

fee

rates

charged

to

other

accounts

and

clients

managed

by

DMC,

including

information

about

the

differences

in

services

provided

to

the

non-registered

investment

company

clients,

as

applicable.

The

Board

also

discussed

the

anticipated

costs

and

projected

profitability

of

DMC

in

connection

with

its

service

as

investment

adviser

to

the

Fund,

including

operational

costs.

Further,

the

Board

considered

DMC's

assumption

of

business,

entrepreneurial,

overall

managerial

and

other

risks

by

sponsoring

and

advising

the

Fund.

At

the

Fund's

initial

contract

approval

Board

meeting,

DMC

responded

to

questions

from

the

Board,

explaining

that

the

nature

of

the

Fund

and

its

anticipated

investments

warranted

the

proposed

advisory

fees

for

the

Fund.

At

a

Fund's

initial

contract

approval

Board

meeting,

the

Board

concluded,

within

the

context

of

its

full

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

deliberations,

that

the

level

of

fees

proposed

to

be

paid

to

DMC

with

respect

to

the

Fund

was

fair

and

reasonable

in

light

of

the

nature,

extent

and

quality

of

the

services

proposed

to

be

provided

by

DMC

and

the

costs

it

expected

to

incur

in

rendering

those

services.

Based

on

information

provided

by

DMC

and

Nomura,

the

Board

concluded

at

the

June

2025

Meeting

that

neither

the

Transaction

nor

the

New

Investment

Advisory

Agreements

would

likely

have

an

adverse

effect

on

the

Funds'

expenses

because

(i) each

Fund's

contractual

fee

rates

under

the

New

Investment

Advisory

Agreements

would

remain

the

same,

(ii) the

Board

was

assured

by

DMC

that

they

had

no

current

intention

to

change

the

expenses

that

DMC

has

agreed

to

pay

on

behalf

of

a

Fund

as

a

result

of

the

Transaction,

(iii) under

the

Purchase

Agreement,

Nomura

and

Macquarie

would

pay

all

reasonable

costs

related

to

the

related

proxy

solicitation,

and

(iv) consistent

with

Section

15(f)

of

the

1940

Act,

no

"unfair

burden"

would

be

imposed

on

the

Funds

for

the

first

two

years

after

the

Closing.

At

the

June

2025

Meeting,

DMC

advised

the

Board

that

DMC

did

not

expect

the

Transaction

to

affect

materially

the

profitability

of

DMC

compared

to

the

level

of

projected

profitability

considered

by

the

Board

at

a

Fund's

initial

contract

approval

Board

meeting

when

the

Board

approved

the

Current

Investment

Advisory

Agreement

for

each

Fund.

Moreover,

the

Board

also

requested

and

reviewed

financial

statements

provided

by

Nomura

for

Nomura

Holdings,

Inc.,

the

parent

of

Nomura,

for

the

purpose

of

evaluating

Nomura's

ability

to

financially

support

DMC's

advisory

business

after

the

Closing

and

to

seek

to

ensure

that

DMC

can

continue

services

of

a

similar

nature,

extent,

and

quality

to

the

Funds

following

Closing

as

it

has

under

the

Current

Investment

Advisory

Agreements.

Based

on

information

provided

by

DMC

and

Nomura,

the

Board

concluded

that

DMC

would

have

sufficient

financial

resources

following

the

Transaction

to

continue

to

provide

the

same

level

and

quality

of

services

to

the

Funds

under

the

New

Investment

Advisory

Agreements

as

is

the

case

under

the

Current

Investment

Advisory

Agreements.

The

Board

also

concluded

that

Nomura

had

sufficient

financial

strength

and

resources,

as

well

as

an

ongoing

commitment

to

a

global

asset

management

business,

to

continue

investing

in

DMC

to

the

extent

that

Nomura

determined

it

was

appropriate.

Accordingly,

the

Board

concluded

that

the

fees

charged

under

the

New

Investment

Advisory

Agreements

would

be

reasonable

in

light

of

the

services

to

be

provided

and

the

expected

profitability

of

DMC

because

Nomura

advised

the

Board

that

the

methodology

followed

in

allocating

costs

for

the

purpose

of

determining

profitability

will

remain

substantially

the

same

following

the

Closing,

and

because

services

and

costs

were

expected

to

be

substantially

the

same.

#### Economies

#### of

#### Scale.
The

Board

considered

whether

economies

of

scale

would

be

realized

by

DMC

as

each

Fund's

assets

increase

and

the

extent

to

which

any

economies

of

scale

would

be

reflected

in

the

management

fees

charged.

The

Board

took

into

account

DMC's

practice

of

maintaining

the

competitive

nature

of

management

fees

based

on

its

analysis

of

fees

charged

by

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Focused

Emerging

Markets

Equity

ETF

comparable

funds.

The

Board

also

acknowledged

Nomura's

statement

that

the

Transaction

would

not

by

itself

immediately

provide

additional

economies

of

scale

given

Nomura's

limited

presence

in

the

US

mutual

fund

market.

Nonetheless,

the

Board

concluded

that

additional

economies

of

scale

could

potentially

be

achieved

in

the

future

if

DMC

were

owned

by

Nomura

as

a

result

of

Nomura's

willingness

to

invest

additional

amounts

in

DMC

if

appropriate

opportunities

arise.

The

Board

further

concluded

that

potential

economies

of

scale

could

be

achieved

as

a

result

of

DMC's

potentially

expanded

distribution

capabilities

arising

from

the

Transaction,

as

well

as

opportunities

that

might

arise

from

Nomura's

commitment

to

a

global

asset

management

business.

#### Fall-Out

#### Benefits.
The

Board

acknowledged

that

DMC

would

continue

to

benefit

from

soft

dollar

arrangements

using

portfolio

brokerage

of

each

Fund

that

invests

in

equity

securities.

The

Board

also

considered

that

Nomura

and

DMC

may

derive

reputational,

strategic,

and

other

benefits

from

their

association

with

the

Funds,

including

service

relationships

with

DMC,

and

evaluated

the

extent

to

which

DMC

might

derive

ancillary

benefits

from

Fund

operations,

including

the

potential

for

procuring

additional

business

as

a

result

of

the

prestige

and

visibility

associated

with

its

role

as

service

provider

to

the

Funds

and

the

benefits

from

allocation

of

Fund

brokerage

to

improve

trading

efficiencies.

However,

the

Board

concluded

that

(i) any

such

benefits

under

the

New

Investment

Advisory

Agreements

would

not

be

dissimilar

from

those

existing

under

the

Current

Investment

Advisory

Agreements,

(ii) such

benefits

did

not

impose

a

cost

or

burden

on

the

Funds

or

their

shareholders,

and

(iii) such

benefits

would

probably

have

an

indirectly

beneficial

effect

on

the

Funds

and

their

shareholders

because

of

the

added

importance

that

DMC

and

Nomura

might

attach

to

the

Funds

as

a

result

of

the

fall-out

benefits

that

the

Funds

conveyed.

#### The

#### Purchase

#### Agreement.
The

Board

considered

the

terms

of

the

Purchase

Agreement,

including

those

related

to

Section

15(f)

of

the

1940

Act

and

that

Macquarie

and

Nomura

will

bear

the

expenses

related

to

the

Funds'

proxy

solicitation.

At

the

June

2025

Meeting,

the

Board

discussed

the

conditions

to

the

Closing,

including

the

requirements

for

obtaining

consents

to

the

change

in

control

from

DMC's

advisory

clients,

such

as

the

Funds.

#### Board

#### Review

#### of

#### Nomura.
The

Board

reviewed

detailed

information

supplied

by

Nomura

about

its

operations.

As

previously

noted,

to

consider

DMC's

ability

to

continue

to

provide

the

same

level

and

quality

of

services

to

the

Funds,

the

Board

requested,

received

and

reviewed

information

from

Nomura

concerning

its

financial

condition

to

demonstrate

its

ability

to

support

DMC's

advisory

business

after

the

Closing.

Based

on

this

review,

the

Board

concluded

that

DMC

would

continue

to

have

the

financial

ability

to

maintain

the

high

quality

of

services

required

by

the

Funds.

Nomura

described

its

proposed

changes

to

DMC's

corporate

governance,

primarily

through

the

anticipated

addition

of

certain

Nomura

officers

to

DMC's

parent

company.

The

Board

considered

favorably

Nomura's

statement

that

it

had

no

current

intention

to

change

the

executive,

administrative,

investment,

or

support

staff

of

DMC

in

any

significant

way

as

a

result

of

the

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

Transaction.

Nomura

described

the

proposed

harmonization

of

the

compensation

system

in

use

at

DMC

with

the

compensation

plan

used

by

Nomura,

including

short-term

and

long-term

incentive

compensation

and

equity

interests

for

executive

officers

and

investment

personnel.

The

Board

also

considered

Nomura's

current

strategic

plans

to

increase

its

asset

management

activities,

one

of

its

core

businesses,

particularly

in

North

America,

and

its

statement

that

its

acquisition

of

DMC

is

an

important

component

of

this

strategic

growth

and

the

establishment

of

a

significant

presence

in

the

United

States.

Based

in

part

on

the

information

provided

by

DMC

and

Nomura,

the

Board

concluded

that

Nomura's

acquisition

of

DMC

could

potentially

enhance

the

nature,

quality,

and

extent

of

services

provided

to

the

Funds

and

their

shareholders.

The

Board

noted

that

Nomura

has

a

broker/dealer

affiliate

that

executes

brokerage

transactions

and

certain

other

Nomura

affiliates

participate

as

underwriters

for

securities

offerings

outside

of

the

United

States.

Consequently,

the

Board

determined

to

have

DMC

report

to

them

regularly

to

monitor

any

brokerage

transactions

with

Nomura

affiliates

for

compliance

with

the

requirements

of

Section

15(f)

and

Section

17(e)

of

the

1940

Act,

and

to

ensure

compliance

with

the

Funds'

procedures

under

Rule

10f-3

under

the

1940

Act

for

offerings

in

which

a

Nomura

affiliate

is

a

member

of

the

underwriting

syndicate.

#### Conclusion.
The

Independent

Trustees

of

the

Trust

deliberated

in

executive

session;

the

entire

Board

of

each

Fund,

including

the

Independent

Trustees,

then

approved

the

Proposed

Advisory

Agreements.

The

Board

concluded

that

the

advisory

fee

rates

under

each

New

Investment

Advisory

Agreement

are

reasonable

in

relation

to

the

services

provided

and

that

execution

of

the

New

Investment

Advisory

Agreements

is

in

the

best

interests

of

the

shareholders.

For

each

Fund,

the

Board

noted

that

they

had

concluded

in

their

considerations

of

the

initial

approval

of

each

Fund's

advisory

agreement

at

the

Fund's

initial

contract

approval

Board

meeting

that

the

management

fees

and

total

expense

ratios

were

at

reasonable

levels

in

light

of

the

quality

of

services

provided

to

the

Fund

and

in

comparison

to

those

of

the

Fund's

respective

peer

groups;

that

the

advisory

fee

schedule

would

not

be

increased

and

would

stay

the

same

for

each

Fund;

that

the

total

expense

ratio

had

not

changed

materially

since

that

determination;

and

that

DMC

had

represented

that

the

overall

expenses

for

each

Fund

were

not

expected

to

be

adversely

affected

by

the

Transaction.

On

that

basis,

the

Board

concluded

that

each

of

the

total

expense

ratio

and

proposed

advisory

fee

for

the

Funds

anticipated

to

result

from

the

Transaction

was

reasonable.

In

reaching

its

determination

regarding

the

approval

of

the

Proposed

Advisory

Agreements,

the

Board,

including

all

of

the

Independent

Trustees,

considered

the

factors,

conclusions

and

information

they

believed

relevant

in

the

exercise

of

their

reasonable

judgment,

including,

but

not

limited

to,

the

factors,

conclusions

and

information

discussed

above.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Focused

Emerging

Markets

Equity

ETF

Further,

in

their

deliberations,

the

Board

members

did

not

identify

any

particular

factor

(or

conclusion

with

respect

thereto)

or

information

that

was

all

important

or

controlling,

and

each

Board

member

may

have

attributed

different

weights

to

the

various

factors

(and

conclusions

with

respect

thereto)

and

information.

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
At

a

meeting

held

on

October

15,

2025

(the

"Contract

Renewal

Meeting"),

the

Board

of

Trustees

(the

"Board"),

including

a

majority

of

Trustees

who

are

not

"interested

persons"

as

defined

under

the

Investment

Company

Act

of

1940

(the

"Independent

Trustees"),

approved

the

annual

renewal

of

the

Investment

Management

Agreement

with

Delaware

Management

Company

("DMC"

or

the

"Adviser")

on

behalf

of

the

below

series

of

the

Trust

(each,

a

"Fund"

and

together,

the

"Funds")

and

the

Sub-Advisory

Agreement

with

Macquarie

Investment

Management

Global

Limited

("MIMGL")

on

behalf

of

the

below

series

of

the

Trust

(each,

a

"Sub-Advised

Fund"

and

together,

the

"Sub-Advised

Funds"):

Prior

to

the

Contract

Renewal

Meeting,

the

Independent

Trustees

were

assisted

in

their

evaluation

of

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement

by

independent

legal

counsel,

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

In

providing

information

to

the

Board,

DMC

was

guided

by

a

detailed

set

of

requests

for

information

submitted

to

them

by

independent

legal

counsel

on

behalf

of

the

Independent

Trustees

prior

to

the

Contract

Renewal

Meeting.

Prior

to

the

Contract

Renewal

Meeting,

and

in

response

to

the

requests,

the

Board

received

and

reviewed

materials

specifically

relating

to

the

renewal

of

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement.

The

Board

also

considered

presentations

made

by,

information

provided

by

and

discussions

held

with,

representatives

of

DMC

at

the

Contract

Renewal

Meeting

and

at

prior

Board

meetings.

At

#### Investment

#### Management

#### Agreement

#### Sub-Advisory

#### Agreement
Macquarie

Global

Listed

Infrastructure

ETF

Macquarie

Global

Listed

Infrastructure

ETF

Macquarie

Energy

Transition

ETF

Macquarie

Energy

Transition

ETF

Macquarie

Focused

Large

Growth

ETF

Macquarie

Focused

Large

Growth

ETF

Macquarie

Focused

SMID

Cap

Core

ETF

Macquarie

Focused

SMID

Cap

Core

ETF

Macquarie

Focused

International

Core

ETF

Macquarie

Focused

International

Core

ETF

Macquarie

Focused

Emerging

Markets

Equity

ETF

Macquarie

Focused

Emerging

Markets

Equity

ETF

Macquarie

National

High-Yield

Municipal

Bond

ETF

.

Macquarie

Tax-Free

USA

Short

Term

ETF

.

Macquarie

Tax-Free

USA

Intermediate

ETF

.

Macquarie

Tax-Free

USA

ETF

.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

these

meetings,

representatives

of

DMC

furnished

reports

and

other

information

to

the

Board,

and

engaged

in

discussions

with

the

Board,

regarding,

among

other

things,

the

performance

of

the

Funds,

the

services

provided

to

the

Funds

by

the

Adviser

and

MIMGL

(as

applicable),

the

Funds'

distribution

arrangements,

and

compliance,

risk

management

and

operational

matters

related

to

the

Funds,

the

Adviser

and

MIMGL.

The

Board

also

received

information

comparing

the

advisory

fees

and

expenses

of

each

Fund

to

those

from

a

peer

group

of

funds

comparable

to

each

Fund.

The

Board's

decision

to

approve

the

renewal

of

the

Investment

Management

Agreement

and

Sub-Advisory

Agreement

was

based

on

a

comprehensive

consideration

of

all

information

provided

to

the

Board

throughout

the

year

and

specifically

in

connection

with

the

Contract

Renewal

Meeting,

as

well

as

the

knowledge

gained

over

time

through

previous

interactions

with

DMC

and

management.

In

considering

and

approving

the

renewal

of

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement,

the

Trustees

considered

the

information

they

believed

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

In

its

deliberations,

the

Board

did

not

identify

any

absence

of

information

as

material

to

its

decision,

or

any

particular

factor

(or

conclusion

with

respect

thereto)

or

single

piece

of

information

that

was

all-important,

controlling

or

determinative

of

its

decision,

but

considered

all

of

the

factors

together,

and

each

Trustee

may

have

attributed

different

weights

to

the

various

factors

(and

conclusions

with

respect

thereto)

and

information.

After

its

deliberations,

the

Board,

including

the

Independent

Trustees,

unanimously

approved

the

continuance

of

the

Investment

Management

Agreement

for

the

Funds

and

the

Sub-Advisory

Agreement

for

the

Sub-Advised

Funds

for

an

additional

year.

The

following

summarizes

a

number

of

important,

but

not

necessarily

all,

factors

considered

by

the

Board

in

support

of

its

approval.

(a) *The* 

*nature,* 

*extent* 

*and* 

*quality* 

*of* 

*services* 

*provided* 

*by* 

*the* 

*Adviser* 

*and* 

*MIMGL.*

The

Board

reviewed

the

services

that

the

Adviser

and

MIMGL

provided

to

the

Funds

(as

applicable).

In

connection

with

the

investment

advisory

services

provided,

the

Board

noted

the

responsibilities

of

the

Adviser

as

investment

adviser,

including:

the

overall

responsibility

for

the

general

management

and

investment

of

each

Fund's

securities

portfolio;

responsibility

for

the

investment

performance

and

processes

and

compliance

with

the

Funds'

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

deposit

securities

and

cash

components;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

Fund

shares

conducted

on

a

cash-in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Funds.

To

the

extent

any

such

activities

or

services

are

performed

by

MIMGL,

the

Board

considered

the

Adviser's

oversight

of

such

activities

and

services.

The

Board

considered

the

Adviser's

ability

to

attract

and

retain

qualified

personnel

to

service

the

Funds

and

the

experience

and

skills

of

key

management

and

investment

personnel

of

the

Adviser.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Focused

Emerging

Markets

Equity

ETF

The

Board

also

noted

the

compliance

program

and

compliance

experience

of

the

Adviser

and

MIMGL.

The

Board

considered

the

Adviser's

day-to-day

oversight

of

each

Fund's

compliance

with

applicable

laws

and

regulations,

noting

that

regulatory

and

other

developments

had

over

time

led

to

an

increase

in

the

scope

of

the

Adviser's

oversight

responsibilities

in

this

regard.

The

Board

also

took

into

account

the

Adviser's

oversight

of

the

Funds'

operations

and

the

Funds'

other

service

providers.

The

Board

reviewed

the

Adviser's

and

MIMGL's

experience,

resources,

financial

condition,

and

strengths

in

managing

the

Funds,

including

the

personnel

of

each.

The

Board

also

evaluated

information

about

the

nature

and

extent

of

responsibilities

retained

and

risks

assumed

by

the

Adviser,

including

the

Adviser's

assumption

of

business,

entrepreneurial,

overall

managerial

and

other

risks

by

sponsoring

and

advising

the

Funds.

Based

on

these

considerations,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

Adviser

and

MIMGL

are

capable

of

continuing

to

provide

services

of

the

nature,

extent

and

quality

contemplated

by

the

terms

of

the

Investment

Management

Agreement

and

the

Sub-

Advisory

Agreement.

(b) *Fees* 

*and* 

*expenses*

.

The

Board

compared

both

the

services

rendered

and

the

fees

paid

to

the

Adviser

with

the

fees

that

the

Adviser

receives

pursuant

to

its

other

advisory

agreements,

as

well

as

the

fees

paid

to

other

investment

advisers

with

respect

to

similar

funds.

In

particular,

the

Board

compared

each

Fund's

advisory

fee

and

total

net

expense

ratio

to

other

investment

companies

considered

to

be

in

that

Fund's

Morningstar

category

and

peer

group

of

funds.

To

the

extent

relevant,

the

Board

reviewed

information

provided

by

the

Adviser

about

differences,

including

strategy

implementation

and

the

amount

of

assets

being

managed,

between

a

Fund

and

its

peer

funds.

While

the

Board

recognized

that

comparisons

between

a

Fund

and

its

peer

group

may

be

imprecise,

the

comparative

information

assisted

the

Board

in

evaluating

the

reasonableness

of

the

Funds'

advisory

fees

and

total

net

expenses.

The

Board

took

into

account

that

MIMGL

does

not

receive

a

separate

fee

for

its

services

as

sub-adviser

to

the

Sub-Advised

Funds.

After

comparing

each

Fund's

fees

and

total

expense

ratios

with

those

of

other

funds

in

each

Fund's

peer

group,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

MIMGL,

as

applicable,

and

the

costs

they

incur

in

rendering

those

services,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

level

of

fees

paid

to

the

Adviser

with

respect

to

each

Fund

was

fair

and

reasonable

in

light

of

the

nature,

extent

and

quality

of

the

services

provided

by

the

Adviser

and

MIMGL,

as

applicable.

(c) *Profitability* 

*and* 

*Fall* 

*out* 

*Benefits.*

The

Board

reviewed

the

costs

of

services

provided

by

and

the

profits

realized

by

the

Adviser

from

its

relationship

with

the

Macquarie

Global

Listed

Infrastructure

ETF,

Macquarie

Energy

Transition

ETF

and

Macquarie

Tax-Free

USA

Short

Term

ETF,

including

operational

costs

and

both

direct

benefits

and

indirect

benefits

accruing

to

the

Adviser

and

its

affiliates.

The

Trustees

noted

that

each

of

these

three

Funds

had

completed

at

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

least

one

year

of

investment

operations

as

of

the

fiscal

year

ended

March

31,

2025. The

Trustees

considered

how

the

Adviser's

profitability

was

affected

by

factors

such

as

its

organizational

structure

and

method

for

allocating

expenses.

The

Board

also

considered

that

the

Adviser

had

entered

into

unitary

fee

arrangements

with

the

Funds

under

which

the

Adviser

reimbursed

the

Funds

for

expenses

over

the

applicable

unitary

fee

rate.

With

respect

to

the

Funds

with

less

than

one

year

of

operations

as

of

the

fiscal

year

ended

March

31,

2025,

the

Board

did

not

consider

the

profitability

of

the

Adviser

to

be

a

material

factor

in

their

determination,

but

did

take

into

account

prior

profitability

estimates

provided

by

the

Adviser

to

the

Board

in

connection

with

the

launch

of

the

Funds.

The

Board

further

noted

that,

with

respect

to

the

Funds

with

shorter

operational

histories,

profitability

reports

with

respect

to

such

Funds

would

be

considered

during

subsequent

renewals

of

the

Investment

Management

Agreement.

The

Board

also

considered

that

the

Adviser

and

its

affiliates

may

experience

reputational

"fall-out"

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

Based

on

these

considerations,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

Adviser's

profitability

from

its

relationship

with

each

of

the

Funds,

if

any,

after

taking

into

account

a

reasonable

allocation

of

costs,

was

not

unreasonable.

(d) *Economies* 

*of* 

*scale.*

The

Board

considered

whether

the

Adviser

would

realize

economies

of

scale

with

respect

to

its

management

of

each

Fund

as

each

Fund

grew

and

whether

fee

levels

reflected

these

economies.

The

Trustees

considered

the

Adviser's

views

relating

to

economies

of

scale

in

connection

with

the

Funds

and

the

extent

to

which

the

benefits

of

any

such

economies

of

scale

are

shared

with

the

Funds

and

Fund

shareholders.

The

Trustees

recognized

that

economies

of

scale

are

difficult

to

identify

and

quantify

and

are

rarely

identifiable

on

a

fund-by-fund

basis.

Based

on

this

evaluation,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

advisory

fees

were

reasonable

in

light

of

the

information

that

was

provided

to

the

Trustees

by

the

Adviser

with

respect

to

economies

of

scale.

The

Board

noted

that

it

would

revisit

whether

economies

of

scale

exist

in

the

future

during

subsequent

renewals

of

the

Investment

Management

Agreement

and

once

a

Fund

achieved

sufficient

scale.

(e) *Investment* 

*Performance* 

*of* 

*the* 

*Funds* 

*and* 

*the* 

*Adviser.*

The

Board

considered

the

overall

investment

performance

of

the

Adviser

and

the

Funds

since

each

Fund's

commencement

date.

In

its

evaluation

of

investment

performance

of

a

Fund,

the

Board

took

into

account

such

Fund's

short

performance

period,

weighing

the

fact

that

the

Macquarie

Global

Listed

Infrastructure

ETF,

the

Macquarie

Energy

Transition

ETF,

and

the

Macquarie

Tax-Free

USA

Short

Term

ETF

commenced

operations

on

November

28,

2023,

the

Macquarie

Focused

Large

Growth

ETF

commenced

operations

on

May

14,

2024,

the

Macquarie

Focused

Emerging

Markets

Equity

ETF

commenced

operations

on

September

4,

2024,

the

Macquarie

National

High-Yield

Municipal

Bond

ETF

commenced

operations

on

March

5,

2025

and

the

Macquarie

Focused

International

Core

ETF

commenced

operations

on

June

18,

2025. The

Macquarie

Tax-Free

USA

Intermediate

ETF,

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Focused

Emerging

Markets

Equity

ETF

Macquarie

Tax-Free

USA

ETF

and

Macquarie

Focused

SMID

Core

ETF

were

not

active

prior

to

the

time

of

the

Meeting.

As

a

result,

the

Board

did

not

consider

the

investment

performance

of

the

Macquarie

Tax-Free

USA

Intermediate

ETF,

Macquarie

Tax-Free

USA

ETF

and

Macquarie

Focused

SMID

Core

ETF

at

the

Meeting.

The

Board

considered

performance

reports

and

discussions

with

portfolio

managers

at

Board

meetings

throughout

the

year

for

the

Funds

that

were

active

during

the

time

period.

These

performance

reports

showed

a

Fund's

absolute

investment

performance

and

investment

performance

compared

to

a

broad

based

benchmark

index,

a

more

narrowly

tailored

index

selected

by

the

Adviser

as

being

representative

of

a

Fund's

investment

strategy

and

Morningstar

Category

peer

funds

identified

by

the

Adviser

as

being

similar

to

the

Fund.

They

further

considered

the

Adviser's

explanation

of

the

relevance

of

the

selected

peer

group

to

each

Fund.

Investment

performance

for

each

Fund,

as

of

June

30,

2025,

was

shown

for

the

past

1-year

period

and

since

inception

or,

if

shorter,

only

since

inception,

compared

to

that

of

the

peer

group

and

benchmarks.

The

Board

noted

that,

while

it

found

the

comparative

peer

data

generally

useful,

it

recognized

the

data's

limitations,

including

in

particular

that

the

data

may

vary

depending

on

the

end

date

selected

and

that

the

results

of

the

performance

comparisons

vary

depending

on

the

funds

in

the

peer

group.

The

Board

also

considered

that

it

received

detailed

information

on

the

performance

of

each

active

Fund

from

the

Adviser

in

connection

with

each

of

its

regular

quarterly

meetings

throughout

the

year.

At

these

meetings,

the

Adviser

reviewed

with

the

Board

factors

contributing

to

Fund

performance

and

the

Adviser's

evaluation

of

such

performance

in

light

of

the

Funds'

design

objectives.

Representatives

from

the

Adviser

provided

information

regarding

and

led

discussions

of

factors

impacting

the

performance

of

the

Funds,

outlining

current

market

conditions

and

explaining

their

expectations

and

strategies

for

the

future.

The

Board

evaluated

the

explanations

for

any

relative

underperformance

of

a

Fund

during

the

relevant

periods,

as

well

as

to

investment

decisions

and

global

economic

and

other

factors

that

affected

the

Fund's

investment

performance

and

whether

each

Fund

had

performed

as

expected

over

time,

as

well

as

any

plans

to

address

underperformance,

if

applicable.

The

Board

took

into

account

that

each

Fund

was

being

managed

in

accordance

with

its

investment

objective

and

strategies.

Based

on

this

information,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

investment

results

that

the

Adviser

and

MIMGL,

as

applicable,

had

been

able

to

achieve

for

the

Funds

during

their

relatively

limited

performance

history

were

satisfactory

and

support

renewal

of

the

Investment

Management

Agreement

and

Sub-Advisory

Agreement

for

an

additional

one

year

period.

In

doing

so,

the

Board

reflected

that

the

reports

provided

at

quarterly

Board

meetings

provide

an

opportunity

for

ongoing

oversight

as

the

Funds

mature

and

reach

scale.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant

in

the

exercise

of

its

reasonable

business

judgment,

the

Board

concluded

that

the

advisory

fees

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

and

MIMGL

to

each

Fund,

as

applicable,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

and

MIMGL,

as

applicable,

in

providing

such

services.

As

a

result,

the

Board

concluded

that

the

renewal

of

the

Investment

Management

Agreement

and

Sub-Advisory

Agreement

was

in

the

best

interests

of

each

Fund,

as

applicable.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

This

page

is

not

part

of

the

financial

statements

and

other

information.

AR-EMEQ-TRST-0526

(5428746) #### Contact

#### information

#### Shareholder

#### assistance

#### by

#### phone
844

469-9911,

weekdays

from

9:00am

to

5:00pm

ET

#### Regular

#### mail
Nomura ETF

Trust

c/o

Foreside

Financial

Services

Three

Canal

Plaza,

Suite

Portland,

ME

04101

Nomura Asset

Management

• 610

Market

Street

• Philadelphia,

PA

19106-2354

#### Nomura

#### Asset

#### Management

#### is

#### part

#### of

#### the

#### Investment

#### Management

#### Division

#### of

#### the

#### Nomura

#### Group,

#### providing

#### integrated

#### public

#### and

#### private

#### market

#### asset

#### management

#### services

#### across

#### equities,

#### fixed

#### income,

#### private

#### credit

#### and

#### multi-asset

#### solutions

#### to

#### intermediary

#### and

#### institutional

#### clients.

#### Nomura

#### Asset

#### Management

#### primarily

#### operates

#### through

#### several

#### distinct

#### investment

#### managers,

#### which

#### includes

#### Nomura

#### Investment

#### Management

#### Business

#### Trust

#### (NIMBT),

#### a

#### Securities

#### and

#### Exchange

#### Commission
(SEC)

#### registered

#### investment

#### adviser.

#### Investment

#### advisory

#### services

#### are

#### provided

#### to

#### the

#### Nomura

#### ETF

#### Trust

#### Funds

#### by

#### Delaware

#### Management

#### Company,

#### a

#### series

#### of

#### NIMBT.
The

Fund

is distributed

by

#### Foreside

#### Financial

#### Services
LLC. Nomura

National

High-Yield

Municipal

Bond

ETF

(Formerly,

Macquarie

National

High-Yield

Municipal

Bond

ETF)

Financial

statements

and

other

information

For

the

year

ended

March

31,

2026

#### Table

#### of

#### contents
Schedule

of

investments

#### 1
Statement

of

assets

and

liabilities

#### 18
Statement

of

operations

#### 19
Statements

of

changes

in

net

assets

#### 20
Financial

highlights

#### 21
Notes

to

financial

statements

#### 22
Report

of

independent

registered

public

accounting

firm

#### 31
Other

Fund

information

#### 32
This

report

and

the

financial

statements

contained

herein

are

submitted

for

the

general

information

of

the

shareholders

of

the

Fund.

This

report

is

not

authorized

for

distribution

to

prospective

investors

in

the

Fund

unless

preceded

or

accompanied

by

an

effective

prospectus.

#### Form

#### N-PORT

#### and

#### proxy

#### voting

#### information
The

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

on

Form

N-PORT.

The

Fund's

Form

N-PORT,

as

well

as

a

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

(if

any)

relating

to

portfolio

securities,

is

available

without

charge

(i) upon

request,

by

calling

844

469-9911;

and

(ii) on

the

SEC's

website

at

sec.gov.

In

addition,

a

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

(if

any)

relating

to

portfolio

securities

and

the

Schedule

of

Investments

included

in

the

Fund's

most

recent

Form

N-PORT

are

available

without

charge

on

the

Fund's

website

at

nomuraassetmanagement.com/etf-literature.

Information

(if

any)

regarding

how

the

Fund

voted

proxies

relating

to

portfolio

securities

during

the

most

recently

disclosed

12-month

period

ended

June

is

available

without

charge

(i) through

the

Fund's

website

at

nomuraassetmanagement.com/etf-literature;

and

(ii) on

the

SEC's

website

at

sec.gov.

#### Schedule

#### of

#### investments
Nomura

National

High-Yield

Municipal

Bond

ETF

March

31,

2026

Principal

amount

°

Value

(US

$)

#### Municipal

#### Bonds

#### &nbsp;&nbsp;&nbsp;&nbsp; —

#### 94.66%
Education

Revenue

Bonds

-

20.83%

Academy

of

Warren

Series

2020A

144A

5.50%

5/1/50

#

250,000

$

225,936

Arizona

Industrial

Development

Authority

(Odyssey

Preparatory

Academy,

Inc.

(The))

Series

2017A

144A

5.50%

7/1/52

#

50,000

46,369

(Pinecrest

Academy

of

Nevada)

Series

2018A

144A

5.75%

7/15/48

#

250,000

249,985

Build

NYC

Resource

Corp.

(Bold

Charter

School)

Series

2025

144A

6.00%

7/1/60

#

250,000

250,085

(REN

4520

83rd

Street

LLC)

Series

2025A

5.75%

6/15/60

150,000

147,533

(Zeta

Charter

Schools,

Inc.

Obligated

Group)

Series

2025A

144A

5.38%

10/15/61

#

300,000

276,626

Series

2026A

144A

5.75%

6/1/66

#

250,000

237,228

California

Educational

Facilities

Authority

(Leland

Stanford

Junior

University

(The))

Series

5.00%

5/1/49

220,000

244,033

California

Municipal

Finance

Authority

(Palmdale

Aerospace

Academy,

Inc.

(The))

Series

2018A

144A

5.00%

7/1/38

#

300,000

300,956

California

School

Finance

Authority

(Envision

Education

Obligated

Group)

Series

2024A

144A

5.00%

6/1/44

#

250,000

239,915

(Integrity

Charter

School)

Series

2024

144A

5.60%

7/1/64

(ST

AID

WITHHLDG)

#

300,000

276,555

(New

Designs

Charter

School)

Series

2024A

144A

5.00%

6/1/64

#

250,000

225,322

(Rex

&

Margaret

Fortune

School

of

Education)

Series

2024A

144A

5.00%

6/1/54

#

250,000

219,916

(STEM

Preparatory

Schools

-

Obligated

Group)

Series

2023A

144A

5.13%

6/1/53

#

175,000

164,098

#### Schedule

#### of

#### investments
Nomura

National

High-Yield

Municipal

Bond

ETF

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

$

175,439

Capital

Trust

Agency,

Inc.

(Liza

Jackson

Preparatory

School,

Inc.)

Series

2020A

5.00%

8/1/55

100,000

90,617

Capital

Trust

Authority

(Academir

Charter

Schools,

Inc.)

Series

2025A

144A

6.63%

7/1/65

#

100,000

100,451

(Madrone

Florida

Tech

Student

Housing

I

LLC)

Series

2025A

144A

5.38%

7/1/65

#

100,000

94,155

(Mason

Classical

Academy,

Inc.)

Series

2024A

144A

5.00%

6/1/64

#

400,000

354,839

City

of

Bethel

(Spectrum

High

School)

Series

2024

5.00%

7/1/59

375,000

341,652

City

of

Burbank

(Intercultural

Montessori

Foreign

Language

Immersion

School)

Series

2026

144A

6.25%

2/1/51

#

105,000

105,562

Series

2026

144A

6.25%

2/1/56

#

135,000

134,819

City

of

Otsego

(Kaleidoscope

Charter

School)

Series

2014A

5.00%

9/1/44

250,000

221,880

City

of

Woodbury

(Math

&

Science

Academy)

Series

2025

144A

5.50%

6/1/63

#

100,000

91,192

Clifton

Higher

Education

Finance

Corp.

(Valor

Texas

Education

Foundation)

Series

2024A

144A

6.00%

6/15/54

#

125,000

115,005

Colorado

State

University

Research

Foundation

(System)

Series

2025A

144A

5.50%

3/1/65

#

300,000

291,953

County

of

Palm

Beach

(Palm

Beach

Atlantic

University,

Inc.)

Series

2025A

144A

5.50%

10/1/45

#

300,000

308,147

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

$

201,079

Florida

Development

Finance

Corp.

(Mater

Academy,

Inc.)

Series

2022A

4.00%

6/15/52

250,000

198,278

Florida

Higher

Educational

Facilities

Financing

Authority

(Keiser

University

Obligated

Group)

Series

2025

144A

6.25%

7/1/55

#

200,000

200,879

Florida

Local

Government

Finance

Commission

(Cornerstone

Charter

Academy,

Inc.

Obligated

Group)

Series

2026

5.88%

10/1/61

250,000

241,126

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

(Bsds,

Inc.)

Series

2026

144A

6.25%

6/1/46

#

250,000

245,345

Indiana

Finance

Authority

(CHF

-

Tippecanoe

LLC)

Series

2023A

5.00%

6/1/53

350,000

331,949

Series

2025

5.75%

7/1/60

150,000

143,070

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

238,355

(Downtown

Phoenix

Student

Housing

II

LLC)

Series

2019A

5.00%

7/1/59

330,000

301,579

Iowa

Higher

Education

Loan

Authority

Series

2025

6.00%

10/1/55

200,000

206,001

Louisiana

Public

Facilities

Authority

(Acadiana

Renaissance

Charter

Academy)

Series

2025

144A

6.00%

6/15/59

#

100,000

100,109

(Lafayette

Renaissance

Charter

Academy)

Series

2025

144A

6.50%

6/15/59

#

100,000

101,374

#### Schedule

#### of

#### investments
Nomura

National

High-Yield

Municipal

Bond

ETF

Principal

amount

°

Value

(US

$)

#### Municipal

#### Bonds
(continued)

Education

Revenue

Bonds

(continued)

Maricopa

County

Industrial

Development

Authority

(Arizona

Autism

Charter

Schools

Obligated

Group)

Series

2021A

144A

4.00%

7/1/61

#

190,000

$

138,185

(Choice

Academies,

Inc.)

Series

2022

144A

5.75%

9/1/45

#

195,000

188,405

(Reid

Traditional

Schools

Obligated

Group)

Series

2016

5.00%

7/1/47

170,000

154,897

Massachusetts

Development

Finance

Agency

(President

and

Fellows

of

Harvard

College)

Series

2026A

5.00%

2/15/34

150,000

171,559

(Trustees

of

Boston

College)

Series

2021V

5.00%

7/1/55

160,000

167,090

Miami-Dade

County

Industrial

Development

Authority

(AcadeMir

Charter

School

Middle

&

Preparatory

Academy

Obligated

Group)

Series

2022A

144A

5.50%

7/1/61

#

250,000

224,988

Monroe

County

Industrial

Development

Corp.

(True

North

Rochester

Prep

Charter

School)

Series

2020A

144A

5.00%

6/1/59

#

175,000

163,441

Newark

Higher

Education

Finance

Corp.

(Village

Tech

Schools)

Series

2017A

5.13%

8/15/47

200,000

181,866

Philadelphia

Authority

for

Industrial

Development

(St.

Joseph's

University)

Series

2017

5.00%

11/1/47

110,000

106,745

Series

2017

5.00%

11/1/47

(Pre-refunded

5/1/27)

§

115,000

117,884

Public

Finance

Authority

(Liberty

Classical

Schools

Educational

Services,

Inc.)

Series

2025A

144A

7.00%

6/15/65

#

100,000

100,034

Principal

amount

°

Value

(US

$)

#### Municipal

#### Bonds
(continued)

Education

Revenue

Bonds

(continued)

Public

Finance

Authority

(continued)

(North

East

Carolina

Preparatory

School,

Inc.)

Series

2024

5.00%

6/15/44

175,000

$

172,122

(Shining

Rock

Classical

Academy,

Inc.)

Series

2022A

6.00%

6/15/52

100,000

87,261

(Triad

Math

&

Science

Academy

Co.)

Series

2022

5.50%

6/15/62

160,000

149,081

Class

A

Series

2023-1

5.75%

7/1/62

772,829

794,070

Sierra

Vista

Industrial

Development

Authority

(American

Leadership

Academy,

Inc.)

Series

2023

144A

5.75%

6/15/58

#

250,000

235,984

Washington

State

Housing

Finance

Commission

(Provident

Group

-

SH

II

Properties

LLC)

Series

2025A

144A

5.25%

7/1/64

(BAM)

#

100,000

99,481

Series

2025A

144A

5.75%

7/1/60

#

150,000

151,579

11,444,084

Electric

Revenue

Bonds

-

1.86%

Puerto

Rico

Electric

Power

Authority

Series

WW

5.00%

7/1/28

325,000

216,125

Series

XX

5.25%

7/1/40

425,000

282,625

Salt

River

Project

Agricultural

Improvement

&

Power

District

Series

2023B

5.25%

1/1/53

500,000

523,389

1,022,139

Healthcare

Revenue

Bonds

-

19.92%

Arizona

Industrial

Development

Authority

(Great

Lakes

Senior

Living

Communities

LLC)

Series

2025A-2

5.13%

1/1/59

325,000

300,655

(ISF

Ativo

Portfolio

Obligated

Group)

Series

2025A

144A

6.88%

3/1/55

#

100,000

102,856

Berks

County

Industrial

Development

Authority

(Highlands

at

Wyomissing

Obligated

Group)

Series

2017C

5.00%

5/15/47

150,000

146,612

#### Schedule

#### of

#### investments
Nomura

National

High-Yield

Municipal

Bond

ETF

Principal

amount

°

Value

(US

$)

#### Municipal

#### Bonds
(continued)

Healthcare

Revenue

Bonds

(continued)

Bexar

County

Health

Facilities

Development

Corp.

(Army

Retirement

Residence

Obligated

Group)

Series

2018

5.00%

7/15/37

100,000

$

100,363

Build

NYC

Resource

Corp.

(RiverSpring

Health

Senior

Living,

Inc.

Obligated

Group)

Series

2026A

144A

7.00%

12/15/65

#

150,000

149,554

California

Public

Finance

Authority

(P3

Irvine

SL

Holdings

LLC

Obligated

Group)

Series

2024A

144A

6.38%

6/1/59

#

200,000

182,012

Series

2024A

144A

6.50%

6/1/54

#

125,000

116,780

California

Statewide

Communities

Development

Authority

(Loma

Linda

University

Medical

Center

Obligated

Group)

Series

2016A

144A

5.00%

12/1/41

#

150,000

150,133

Series

2016A

144A

5.00%

12/1/46

#

400,000

400,021

Capital

Projects

Finance

Authority

(Trilogy

Community

Development

Foundation,

Inc.

Obligated

Group)

Series

2025A

144A

7.13%

1/1/65

#

100,000

102,600

Capital

Trust

Authority

(AIDS

Healthcare

Foundation

Obligated

Group)

Series

2026A

5.25%

12/1/55

300,000

296,108

City

of

Apple

Valley

(PHS

Apple

Valley

Senior

Housing,

Inc.)

Series

2018

5.00%

9/1/43

300,000

298,571

City

of

Kalispell

(Immanuel

Living

at

Buffalo

Hill

Obligated

Group)

Series

2017A

5.25%

5/15/52

400,000

354,785

Series

2025A

6.00%

5/15/60

200,000

201,222

Clackamas

County

Hospital

Facility

Authority

(Rose

Villa,

Inc.

Obligated

Group)

Series

2020A

5.38%

11/15/55

100,000

97,654

Principal

amount

°

Value

(US

$)

#### Municipal

#### Bonds
(continued)

Healthcare

Revenue

Bonds

(continued)

Colorado

Health

Facilities

Authority

(AdventHealth

Obligated

Group)

Series

2018A

4.00%

11/15/48

165,000

$

145,307

Series

2021A

3.00%

11/15/51

500,000

358,793

County

of

Cuyahoga

(MetroHealth

System

(The))

Series

2017

5.00%

2/15/52

100,000

90,593

Series

2017

5.25%

2/15/47

245,000

237,511

Duluth

Economic

Development

Authority

(Benedictine

Health

System

Obligated

Group)

Series

2021A

4.00%

7/1/41

150,000

129,363

Florida

Development

Finance

Corp.

(Florida

Health

Sciences

Center,

Inc.

Obligated

Group)

Series

2026A

5.25%

8/1/51

450,000

466,308

Grand

Rapids

Economic

Development

Corp.

(Michigan

Christian

Home

Obligated

Group)

Series

2025A

6.00%

11/1/50

150,000

147,965

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

(Mercy

Health)

Series

2020

4.00%

6/1/53

250,000

215,901

Illinois

Finance

Authority

(Admiral

at

the

Lake

Obligated

Group)

Series

2017

5.25%

5/15/42

200,000

183,697

(Memorial

Health

System)

Series

2026

5.50%

4/1/56

400,000

415,869

Industrial

Development

Authority

of

the

City

of

Phoenix

Arizona

(The)

(Christian

Care

Surprise,

Inc.)

Series

2025A

5.25%

12/1/60

250,000

228,803

Kalamazoo

Economic

Development

Corp.

(Friendship

Village

of

Kalamazoo

Obligated

Group)

Series

2026A

144A

6.25%

8/15/61

#

240,000

240,482

King

County

Public

Hospital

District

No.

Series

2025A

7.00%

12/1/60

150,000

150,489

#### Schedule

#### of

#### investments
Nomura

National

High-Yield

Municipal

Bond

ETF

Principal

amount

°

Value

(US

$)

#### Municipal

#### Bonds
(continued)

Healthcare

Revenue

Bonds

(continued)

Lakes

Area

Economic

Development

Authority

(Knute

Nelson)

Series

2026A

5.88%

11/1/62

250,000

$

243,526

Louisiana

Public

Facilities

Authority

(Ochsner

Clinic

Foundation

Obligated

Group)

Series

2020A

3.00%

5/15/47

250,000

180,621

Maricopa

County

Industrial

Development

Authority

(HonorHealth

Obligated

Group)

Series

2021A

3.00%

9/1/51

310,000

208,998

Massachusetts

Development

Finance

Agency

(Care

Communities

LLC

Obligated

Group)

Series

2025A-1

144A

6.50%

7/15/60

#

200,000

194,594

Minnesota

Agricultural

&

Economic

Development

Board

(HealthPartners

Obligated

Group)

Series

2024

5.25%

1/1/54

500,000

510,707

Montgomery

County

Industrial

Development

Authority

(Foulkeways

at

Gwynedd

Obligated

Group)

Series

2016

5.00%

12/1/46

150,000

143,461

New

Hope

Cultural

Education

Facilities

Finance

Corp.

(Bella

Vida

Forefront

Living

Obligated

Group)

Series

2025A

6.50%

10/1/60

125,000

127,292

(Legacy

at

Midtown

Park,

Inc.

Obligated

Group)

Series

2025

7.13%

7/1/56

200,000

204,914

(Sanctuary

LTC

LLC)

Series

2021A-1

5.50%

1/1/57

250,000

226,659

(SLF

CHP

LLC)

Series

2025A

144A

6.25%

7/1/45

#

100,000

100,119

Oklahoma

Development

Finance

Authority

(OU

Medicine

Obligated

Group)

Series

2018B

5.25%

8/15/48

100,000

97,426

Series

2018B

5.50%

8/15/52

400,000

394,540

Principal

amount

°

Value

(US

$)

#### Municipal

#### Bonds
(continued)

Healthcare

Revenue

Bonds

(continued)

Oregon

Health

&

Science

University

Series

2021A

3.00%

7/1/51

255,000

$

177,592

Oregon

State

Facilities

Authority

(ISF

Magnolia

Gardens

LLC

Obligated

Group)

Series

2025A-1

144A

7.25%

3/1/60

#

200,000

213,748

Pennsylvania

Higher

Educational

Facilities

Authority

(Thomas

Jefferson

University

Obligated

Group)

Series

2024B-1

5.25%

11/1/38

100,000

108,532

(University

of

Pennsylvania

Health

System

Obligated

Group

(The))

Series

2025

5.50%

8/15/55

350,000

371,863

Seminole

County

Industrial

Development

Authority

(CCRC

Development

Corp.

Obligated

Group)

Series

2019A

5.25%

11/15/39

100,000

98,420

Series

2019A

5.50%

11/15/49

150,000

138,619

Stamford

Housing

Authority

(TJH

Senior

Living

LLC

Obligated

Group)

Series

2025A

6.25%

10/1/60

100,000

98,728

State

of

Ohio

(Cleveland

Clinic

Health

System

Obligated

Group)

Series

2024A

5.00%

1/1/35

250,000

280,461

Washington

State

Housing

Finance

Commission

(Josephine

Caring

Community

Obligated

Group)

Series

2025A

144A

6.38%

7/1/60

#

125,000

124,187

West

Virginia

Hospital

Finance

Authority

(West

Virginia

United

Health

System

Obligated

Group)

Series

2025A

5.50%

6/1/50

150,000

156,877

#### Schedule

#### of

#### investments
Nomura

National

High-Yield

Municipal

Bond

ETF

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

$

284,099

Wisconsin

Health

&

Educational

Facilities

Authority

(Benevolent

Corp.

Cedar

Community)

Series

2026

5.50%

6/1/61

250,000

247,626

10,944,616

Housing

Revenue

Bonds

-

0.36%

Pennsylvania

Housing

Finance

Agency

Series

2025-149A

5.20%

4/1/53

200,000

201,702

201,702

Industrial

Development

Revenue

Bonds

-

15.30%

Arkansas

Development

Finance

Authority

(United

States

Steel

Corp.)

Series

2022

5.45%

9/1/52

250,000

252,046

Series

2023

5.70%

5/1/53

300,000

305,760

Black

Belt

Energy

Gas

District

Series

2025G

5.00%

10/1/35

750,000

781,845

Buckeye

Tobacco

Settlement

Financing

Authority

Class

Series

2020B-2

5.00%

6/1/55

750,000

605,625

Class

Series

2020B-3

8.75%

6/1/57

^

1,500,000

109,708

California

Community

Choice

Financing

Authority

(California

Community

Choice

Financing

Authority)

Series

2021B-1

4.00%

2/1/52

• 350,000

349,500

California

Infrastructure

&

Economic

Development

Bank

(Desertxpress

Enterprises

LLC)

Series

2025B

144A

12.00%

1/1/65

#,•

220,000

116,600

City

of

Houston

(United

Airlines,

Inc.)

Series

2021B-1

4.00%

7/15/41

350,000

318,758

City

of

Valparaiso

(Pratt

Paper

LLC)

Series

2024

144A

4.88%

1/1/44

#

500,000

502,999

Series

2024

144A

5.00%

1/1/54

#

425,000

404,577

Principal

amount

°

Value

(US

$)

#### Municipal

#### Bonds
(continued)

Industrial

Development

Revenue

Bonds

(continued)

Colorado

Educational

&

Cultural

Facilities

Authority

(Stanley

Partnership

for

Art

Culture

&

Education

LLC)

Series

2025A-1

144A

6.88%

2/1/59

#

250,000

$

261,296

Florida

Development

Finance

Corp.

(Brightline

Trains

Florida

LLC)

Series

2024

5.25%

7/1/53

(AG)

500,000

485,695

Series

2024

5.50%

7/1/53

60,000

44,700

George

L

Smith

II

Congress

Center

Authority

Series

2021A

4.00%

1/1/54

455,000

375,052

Golden

State

Tobacco

Securitization

Corp.

Series

2021B-2

5.89%

6/1/66

^

3,000,000

300,647

Greater

Orlando

Aviation

Authority

(United

Airlines,

Inc.)

Series

2025

5.25%

11/1/34

250,000

261,026

Series

2025

5.50%

11/1/37

300,000

312,772

Industrial

Development

Board

of

The

City

of

Kingsport

Tennessee

(The)

(Domtar

Paper

Co.

LLC)

Series

2024

144A

5.25%

12/1/54

#,•

250,000

237,992

Maricopa

County

Industrial

Development

Authority

(Commercial

Metals

Co.)

Series

2022

144A

4.00%

10/15/47

#

500,000

429,957

Mobile

County

Industrial

Development

Authority

(AM/NS

Calvert

LLC)

Series

2024A

5.00%

6/1/54

300,000

286,045

Series

2024B

4.75%

12/1/54

440,000

404,502

Public

Finance

Authority

(CFC-SA

LLC)

Series

2022A

5.00%

2/1/62

500,000

472,091

Puerto

Rico

Industrial

Development

Co.

Series

2023

7.00%

1/1/54

• 350,000

335,564

Savannah

Georgia

Convention

Center

Authority

Series

2025B

144A

6.25%

6/1/61

#

250,000

247,471

Tobacco

Settlement

Financing

Corp.

Series

2007B-1

5.00%

6/1/47

250,000

205,907

8,408,135

#### Schedule

#### of

#### investments
Nomura

National

High-Yield

Municipal

Bond

ETF

Principal

amount

°

Value

(US

$)

#### Municipal

#### Bonds
(continued)

Leasing

Revenue

Bonds

-

2.14%

Denver

Health

&

Hospital

Authority

Series

2018

5.00%

12/1/48

375,000

$

367,992

Metropolitan

Pier

&

Exposition

Authority

(McCormick

Place

Expansion

Project)

Series

2020A

4.00%

6/15/50

400,000

357,397

(State

of

Illinois

McCormick

Place

Expansion

Project

Fund)

Series

2017B

5.15%

12/15/54

(BAM)

^

1,000,000

236,472

Series

2017B

5.18%

12/15/56

(AG)

^

1,000,000

212,308

1,174,169

Local

General

Obligation

Revenue

Bonds

-

3.95%

Chicago

Board

of

Education

Series

2012A

5.00%

12/1/42

470,000

444,535

Series

2017H

5.00%

12/1/46

400,000

365,741

Series

2025A

6.25%

12/1/50

150,000

157,193

Series

2025C

5.50%

12/1/45

500,000

499,190

City

of

Chicago

Series

2019A

5.50%

1/1/49

240,000

235,949

Series

2025A

6.00%

1/1/50

150,000

154,990

City

of

New

York

Series

2021F-1

3.00%

3/1/51

335,000

237,811

Humble

Independent

School

District

Series

2020

3.00%

2/15/49

(PSF

Guaranty)

100,000

73,716

2,169,125

Special

Tax

Revenue

Bonds

-

14.83%

Aerotropolis

Regional

Transportation

Authority

Series

2024

144A

5.50%

12/1/44

#

500,000

509,240

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Series

2018

144A

5.38%

5/1/42

#

300,000

302,162

Atlanta

Development

Authority

(The)

(Westside

Tax

Allocation

District

Gulch

Area)

Series

2024A-2

144A

5.50%

4/1/39

#

300,000

306,397

Black

Desert

Public

Infrastructure

District

(Black

Desert

Assessment

Area

No.

1)

Series

2024

144A

5.63%

12/1/53

#

150,000

150,165

City

of

Houston

(Hotel

Occupancy

Tax

&

Special)

Principal

amount

°

Value

(US

$)

#### Municipal

#### Bonds
(continued)

Special

Tax

Revenue

Bonds

(continued)

City

of

Houston

(continued)

Series

2026C

5.20%

9/1/49

(AG)

^

135,000

$

41,137

Series

2026C

5.50%

9/1/58

525,000

553,360

Commonwealth

of

Puerto

Rico

2.39%

11/1/43

^

1,014,429

680,935

Creekwalk

Marketplace

Business

Improvement

District

Series

2024A

6.00%

12/1/54

100,000

98,981

GDB

Debt

Recovery

Authority

of

Puerto

Rico

7.50%

8/20/40

988,801

969,977

High

Star

Ranch

Infrastructure

Financing

District

(Assessment

Area)

Series

2026

144A

6.25%

12/1/55

#

250,000

250,029

New

York

City

Transitional

Finance

Authority

Series

2026B

5.00%

5/1/51

250,000

257,072

Public

Finance

Authority

(Southeast

Overtown

Park

West

Community

Redevelopment

Agency)

Series

2024A

144A

5.00%

6/1/41

#

250,000

250,349

Puerto

Rico

Sales

Tax

Financing

Corp.

Series

4.75%

7/1/53

730,000

680,771

Series

5.00%

7/1/58

1,050,000

999,731

Series

5.29%

7/1/46

^

1,250,000

440,196

Series

5.54%

7/1/51

^

1,250,000

320,404

Triborough

Bridge

&

Tunnel

Authority

(Metropolitan

Transportation

Authority

Payroll)

Series

2021C-3

3.00%

5/15/51

325,000

238,577

Village

Community

Development

District

No.

(Phase

I

Special

Assessment)

Series

2023

144A

5.25%

5/1/54

#

195,000

191,124

(Special

Assessment)

Series

2024

144A

4.80%

5/1/55

#

500,000

465,929

Virgin

Islands

Hotel

Development

Financing

Corp.

Series

2025A-1

6.00%

12/1/55

200,000

194,618

#### Schedule

#### of

#### investments
Nomura

National

High-Yield

Municipal

Bond

ETF

Principal

amount

°

Value

(US

$)

#### Municipal

#### Bonds
(continued)

Special

Tax

Revenue

Bonds

(continued)

Wyandotte

County-Kansas

City

Unified

Government

(Northwest

Speedway

Star

Bond

District)

Series

2026

144A

5.50%

3/1/46

#

250,000

$

245,892

8,147,046

State

General

Obligation

Revenue

Bonds

-

2.21%

Commonwealth

of

Puerto

Rico

Series

2022A-1

4.00%

7/1/46

916,000

787,118

State

of

Illinois

Series

2023C

5.00%

12/1/44

165,000

168,628

Series

2024C

4.00%

10/1/48

300,000

257,967

1,213,713

Transportation

Revenue

Bonds

-

11.86%

California

Municipal

Finance

Authority

(LAX

Integrated

Express

Solutions

LLC)

Series

2018A

5.00%

12/31/43

500,000

505,236

Chicago

O'Hare

International

Airport

Series

2026A

5.25%

1/1/61

500,000

515,808

City

of

Los

Angeles

(Department

of

Airports)

Series

2021D

4.00%

5/15/51

100,000

87,588

Florida

Development

Finance

Corp.

(Brightline

Trains

Florida

LLC)

Series

2024

5.25%

7/1/47

(AMT)

200,000

149,000

Louisiana

Public

Facilities

Authority

(Calcasieu

Bridge

Partners

LLC)

Series

2024

5.00%

9/1/66

750,000

707,742

New

York

Transportation

Development

Corp.

(JFK

Millennium

Partners

LLC)

Series

2024B

2.18%

12/31/54

(AG)

^

475,000

307,932

(JFK

NTO

LLC)

Series

2023

5.38%

6/30/60

250,000

248,186

Series

2023

6.00%

6/30/54

250,000

259,096

Series

2024

5.50%

6/30/60

500,000

501,101

Public

Finance

Authority

(SR

Peach

Partners

LLC)

Series

2025

5.75%

12/31/65

645,000

658,790

Series

2025

6.50%

12/31/65

500,000

545,991

San

Diego

County

Regional

Airport

Authority

Series

2025B

5.50%

7/1/55

500,000

527,820

Principal

amount

°

Value

(US

$)

#### Municipal

#### Bonds
(continued)

Transportation

Revenue

Bonds

(continued)

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

(NTE

Mobility

Partners

Segments

LLC)

Series

2019

5.00%

6/30/58

500,000

$

485,068

Tulsa

Municipal

Airport

Trust

Trustees

(American

Airlines,

Inc.)

Series

2025

6.25%

12/1/40

240,000

263,102

Virginia

Small

Business

Financing

Authority

(95

Express

Lanes

LLC)

Series

2022

4.00%

1/1/42

245,000

227,452

Washington

Metropolitan

Area

Transit

Authority

Series

2025A

5.25%

7/15/50

500,000

525,187

6,515,099

Water

&

Sewer

Revenue

Bonds

-

1.40%

California

Pollution

Control

Financing

Authority

(Channelside

Water

Resources

LP)

Series

2019

144A

5.00%

11/21/45

#

500,000

507,005

Guam

Government

Waterworks

Authority

(Water

&

Wastewater

System)

Series

2024A

5.00%

1/1/46

125,000

127,349

New

York

City

Municipal

Water

Finance

Authority

(Water

&

Sewer

System)

Series

2022AA-1

3.50%

6/15/48

160,000

134,222

768,576

#### Total

#### Municipal

#### Bonds
(cost

$52,170,121)

#### 52,008,404
Number

of

shares

#### Common

#### Stocks

#### —

#### 0.01%
Financial

Services

-

0.01%

California

Municipal

Finance

Authority

†∞

1,800

3,150

#### Total

#### Common

#### Stocks
(cost

$–)

#### 3,150

#### Schedule

#### of

#### investments
Nomura

National

High-Yield

Municipal

Bond

ETF

Principal

amount

Value

(US

$)

#### Short-Term

#### Investments

#### —

#### 4.40%
Variable

Rate

Demand

Notes

&nbsp;&nbsp;&nbsp;&nbsp;—

4.40%

Maryland

Health

&

Higher

Educational

Facilities

Authority

(University

of

Maryland

Medical

System

Obligated

Group)

Series

2008D

2.70%

7/1/41

(LOC

-

TD

Bank

NA)

¤

700,000

$

700,000

Oregon

State

Facilities

Authority

(PeaceHealth

Obligated

Group)

Series

2018B

2.65%

8/1/34

(LOC

-

TD

Bank

NA)

¤

715,000

715,000

Virginia

Commonwealth

University

Health

System

Authority

Series

2024B

2.70%

7/1/37

(LOC

-

TD

Bank

NA)

¤

1,000,000

1,000,000

2,415,000

#### Total

#### Short-Term

#### Investments
&nbsp;&nbsp;&nbsp;&nbsp; (cost

$2,415,000)

#### 2,415,000

#### Total

#### Value

#### of

#### Securities

#### —

#### 99.07%
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost

$54,585,121)

#### 54,426,554

#### Receivables

#### and

#### Other

#### Assets

#### Net

#### of

#### Liabilities

#### —

#### 0.93%

#### 513,520

#### Net

#### Assets

#### Applicable

#### to

#### 2,275,000

#### Shares

#### Outstanding

#### —

#### 100.00%

#### $

#### 54,940,074
°

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

March

31,

2026,

the

aggregate

value

of

Rule

144A

securities

was

$14,614,160,

which

represents

26.60%

of

the

Fund's

net

assets.

See

Note

in

"Notes

to

financial

statements."

§

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.

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

• Variable

rate

investment.

Rates

reset

periodically.

Rate

shown

reflects

the

rate

in

effect

at

March

31,

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.

†

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

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

March

31,

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

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

Month

SOFR03M

–

Secured

Overnight

Financing

Rate

Month

#### Statement

#### of

#### assets

#### and

#### liabilities
Nomura

National

High-Yield

Municipal

Bond

ETF

March

31,

2026

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

#### Assets:
Investments

at

value\*

$

54,426,554

Cash

440,548

Receivable

for

securities

sold

42,409

Receivable

for

fund

shares

sold

604,619

Interest

receivable

711,231

Total

Assets

56,225,361

#### Liabilities:
Payable

for

securities

purchased

1,052,179

Distribution

payable

to

shareholders

210,398

Management

fees

payable

to

affiliates

22,710

Total

Liabilities

1,285,287

#### Total

#### Net

#### Assets
$

54,940,074

#### Net

#### Assets

#### Consist

#### of:
Paid-in-capital

$

55,318,688

Total

distributable

earnings

(loss)

(378,614)

#### Total

#### Net

#### Assets
$

54,940,074

Shares

outstanding

(unlimited

amount

authorized,

no

par

value)

2,275,000

Net

asset

value

per

share

$

24.15 \*Investments,

at

cost

$

54,585,121

#### Statement

#### of

#### operations
Nomura

National

High-Yield

Municipal

Bond

ETF

Year

ended

March

31,

2026

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

#### Investment

#### Income:
Interest

$

1,477,895

1,477,895

#### Expenses:
Management

fees

134,267

Total

operating

expenses

134,267

#### Net

#### Investment

#### Income
(Loss)

1,343,628

#### Net

#### Realized

#### and

#### Unrealized

#### Gain

#### (Loss):
Net

realized

gain

(loss)

on

investments

(239,754)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

(62,677)

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

(302,431)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations
$

1,041,197

#### Statements

#### of

#### changes

#### in

#### net

#### assets
Nomura

National

High-Yield

Municipal

Bond

ETF

\*

Date

of

commencement

of

operations.

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Year

ended

March

31,

2026

For

the

period

March

5,

2025

\*

to

March

31,

2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations:
Net

investment

income

(loss)

$

1,343,628

$

19,173

Net

realized

gain

(loss)

(239,754)

(2,476)

Net

change

in

unrealized

appreciation

(depreciation)

(62,677)

(95,890)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

1,041,197

(79,193)

#### Dividends

#### and

#### Distributions

#### to

#### Shareholders

#### from:
Distributable

earnings

(1,340,618)

–

(1,340,618)

–

#### Capital

#### Share

#### Transactions:

#### 1
Proceeds

from

shares

sold

50,861,933

6,250,794

Cost

of

shares

redeemed

(1,794,039)

–

Increase

in

net

assets

derived

from

capital

share

transactions

49,067,894

6,250,794

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets
48,768,473

6,171,601

#### Net

#### Assets:
Beginning

of

year

6,171,601

–

End

of

year

$

54,940,074

$

6,171,601

#### Capital

#### Share

#### Transactions:
Beginning

of

year

250,000

–

Shares

sold

2,100,000

–

Shares

sold

in-kind

–

250,000

Shares

redeemed

(75,000)

–

Shares

outstanding,

end

of

year

2,275,000

250,000

Capital

share

transactions

may

include

transaction

fees

associated

with

Creation

and

Redemption

transactions

which

occurred

during

the

period.

See

Note

in

"Notes

to

financial

statements."

#### Financial

#### highlights
Nomura

National

High-Yield

Municipal

Bond

ETF

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Selected

data

for

each

share

of

the

Fund

outstanding

throughout

each

period

were

as

follows:

Year

ended

March

31,

2026

For

the

period

March

5,

2025

to

March

31,

2025

#### Net

#### asset

#### value,

#### beginning

#### of

#### period

#### ......
$

.69

$

.00

#### Income
(loss)

#### from

#### investment

#### operations:
—

—

Net

investment

income

.................

.18

.08

Net

realized

and

unrealized

loss

...........

(0

.57)

(0

.39)

Total

from

investment

operations

..........................

0.61 (0.31)

#### Less

#### dividends

#### and

#### distributions

#### from:
—

—

Net

investment

income

.................

(1

.15)

—

Total

dividends

and

distrib

u

tions

.........................

(1.15)

—

#### Net

#### asset

#### value,

#### end

#### of

#### period

#### ...........
$

24.15 $

24.69 #### Total

#### return

#### 3
.........................

2.60%

(1.24%)

#### Ratios

#### and

#### supplemental

#### data:
$54,940

$6,172

Net

assets,

end

of

period

(000

omitted)

......

$

54,940

$

6,172

Ratio

of

expenses

to

average

net

assets

.....

0.49%

0.49%

Ratio

of

net

investment

income

to

average

net

assets

.............................

4.87%

4.44%

Portfolio

turnover

......................

50%

14%

Date

of

commencement

of

operations.

Ratios

have

been

annualized;

total

return

and

portfolio

turnover

have

not

been

annualized.

Calculated

using

average

shares

outstanding.

Total

return

is

based

on

the

change

in

net

asset

value

of

a

share

during

the

period

and

assumes

reinvestment

of

dividends

and

distributions

at

net

asset

value.

Excludes

the

value

of

portfolio

securities

received

or

delivered

as

a

result

of

in-kind

purchases

or

redemptions

of

the

Fund's

capital

shares.

#### Notes

#### to

#### financial

#### statements
Nomura

National

High-Yield

Municipal

Bond

ETF

March

31,

2026

Nomura

ETF

Trust

(Trust)

is

organized

as

a

Delaware

statutory

trust

effective

February

22,

2023

and

is

an

open-end

management

investment

company

registered

with

the

U.S.

Securities

and

Exchange

Commission.

As

of

the

date

of

this

report,

the

Trust

offers nine series.

These

financial

statements

and

the

related

notes

pertain

to

Nomura

National

High-Yield

Municipal

Bond

ETF (formerly,

Macquarie

National

High-Yield

Municipal

Bond

ETF

through

November

30,

2025)

(Fund).

The

Fund

is

considered

diversified

under

the

Investment

Company

Act

of

1940,

as

amended

(1940

Act).

1. #### Significant

#### Accounting

#### Policies
The

Fund

follows

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

—

Investment

Companies.

The

following

accounting

policies

are

in

accordance

with

US

generally

accepted

accounting

principles

(US

GAAP)

and

are

consistently

followed

by

the

Fund.

#### Security

#### Valuation
—

Fixed

income

securities

are

generally

priced

based

upon

valuations

provided

by

an

independent

pricing

service

or

broker

in

accordance

with

methodologies

included

within

Delaware

Management

Company

(DMC

or

the

Manager)'s

Pricing

Policy

(Policy).

Fixed

income

security

valuations

are

then

reviewed

by

DMC

as

part

of

its

duties

as

the

Fund's

valuation

designee

(Valuation

Designee)

and,

to

the

extent

required

by

the

Policy

and

applicable

regulation,

fair

valued

consistent

with

the

Policy.

To

the

extent

current

market

prices

are

not

available,

the

pricing

service

may

take

into

account

developments

related

to

the

specific

security,

as

well

as

transactions

in

comparable

securities.

Valuations

for

fixed

income

securities

utilize

matrix

systems,

which

reflect

such

factors

as

security

prices,

yields,

maturities,

and

ratings,

and

are

supplemented

by

dealer

and

exchange quotations. Investments

for

which

market

quotations

are

not

readily

available

are

valued

at

fair

value

as

determined

in

good

faith

pursuant

to

Rule

2a-5

under

the

1940

Act

(Rule

2a-5).

As

a

general

principle,

the

fair

value

of

a

security

or

other

asset

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Pursuant

to

Rule

2a-5,

the

Board

of

Trustees

(Board)

has

designated

DMC

to

perform

the

fair

value

determination

relating

to

all

applicable

Fund

investments.

DMC

has

established

a

pricing

committee (Pricing

Committee)

to

assist

with

its

designated

responsibilities

as

Valuation

Designee,

and

DMC

may

carry

out

its

designated

responsibilities

as

Valuation

Designee

through

the

Pricing

Committee

and

other

teams

and

committees,

which

operate

under

policies

and

procedures

approved

by

the

Board

and

subject

to

the

Board's

oversight.

Fair

value

pricing

may

be

used

more

frequently

for

securities

traded

primarily

in

non-US

markets.

In

considering

whether

fair

valuation

is

required

and

in

determining

fair

values,

the

Valuation

Designee

may,

among

other

things,

consider

significant

events

(which

may

be

considered

to

include

changes

in

the

value

of

US

securities

or

securities

indexes)

that

occur

after

the

close

of

the

relevant

market

and

before

the

close

of

the

New

York

Stock

Exchange.

The

Valuation

Designee

may

utilize

modeling

tools

provided

by

third-party

vendors

to

determine

fair

values

of

non-US

securities.

#### Federal

#### Income

#### Taxes
—

No

provision

for

federal

income

taxes

has

been

made

as the

Fund

intends

to

continue

to

qualify

for

federal

income

tax

purposes

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended,

and

make

the

requisite

distributions

to

shareholders.

The

Fund

evaluates

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

the

Fund's

tax

returns

to

determine

whether

the

tax

positions

are

"more-

likely-than-not"

of

being

sustained

by

the

applicable

tax

authority.

Tax

positions

not

deemed

to

meet

the

"more-likely-than-not"

threshold

are

recorded

as

a

tax

benefit

or

expense

in

the

current

period.

Management

has

analyzed the

Fund's

tax

positions

taken

or

expected

to

be

taken

on the

Fund's

federal

income

tax

returns

through

the year ended March

31,

2026

and

for the

open

tax

year

ended

March

31,

2025,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund's

financial

statements.

If

applicable,

the

Fund

recognizes

interest

and

tax

penalties

on

unrecognized

tax

benefits

in

"Interest

and

tax

penalties"

on

the "Statement

of

operations."

During

the

year ended March

31,

2026,

the

Fund

did

not

incur

any

interest

or

tax

penalties.

#### In-Kind

#### Redemptions
—

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Fund.

Because

such

gains

or

losses

are

not

taxable

to

the

Fund

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Fund's

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

NAV

per

share.

#### Use

#### of

#### Estimates
—

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

fair

value

of

investments,

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements,

and

the

reported

amounts

of

revenues

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates

and

the

differences

could

be

material.

#### Other
—

Security

transactions

are

recorded

on

the

date

the

securities

are

purchased

or

sold

(trade

date)

for

financial

reporting

purposes.

Costs

used

in

calculating

realized

gains

and

losses

on

the

sale

of

investment

securities

are

those

of

the

specific

securities

sold.

Interest

income

is

recorded

on

an

accrual

basis.

Discounts

and

premiums

on

debt

securities

are

accreted

or

amortized

to

interest

income,

respectively,

over

the

lives

of

the

respective

securities

using

the

effective

interest

method.

Premiums

on

callable

debt

securities

are

amortized

to

interest

income

to

the

earliest

call

date

using

the

effective

interest

method.

The

Fund

declares

and

pays

dividends

from

net

investment

income

monthly

and

distributions

from

net

realized

gain

on

investments,

if

any,

at

least

annually.

The

Fund

may

distribute

more

frequently,

if

necessary

for

tax

purposes.

Dividends

and

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

#### Segment Reporting
—

In

November

2023,

FASB

issued

Accounting

Standards

Update

2023-

07,

Segment

Reporting

(Topic

280):

Improvements

to

Reportable

Segment

Disclosures,

with

the

intent

of

improving

reportable

segment

disclosure

requirements,

primarily

through

enhanced

disclosures

about

significant

segment

expenses,

allowing

financial

statement

users

to

better

1. #### Significant

#### Accounting

#### Policies
(continued)

#### Notes

#### to

#### financial

#### statements
Nomura

National

High-Yield

Municipal

Bond

ETF

understand

the

components

of

a

segment's

profit

or

loss

and

assess

potential

future

cash

flows

for

each

reportable

segment

and

the

entity

as

a

whole

thereby

enabling

better

understanding

of

how

an

entity's

segments

impact

overall

performance.

The

Fund's

Chief

Executive

Officer

and

Chief

Financial

Officer

act

as

the

Fund's

chief

operating

decision

maker

(CODM),

assessing

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

the

Fund

has

a

single

operating segment

since

the

Fund

has

a

single

investment

strategy

disclosed

in

the

prospectus

against

which

the

CODM

assesses

performance.

When

assessing

segment

performance

and

making

decisions

about

segment

resources,

the

CODM

relies

on

the

Fund's

portfolio

composition,

total

returns,

expense

ratios

and

changes

in

net

assets

which

are

consistent

with

the

information

contained

in

the

Fund's

financial

statements.

#### Recent

#### Accounting

#### Standard
—

The

Fund

adopted

FASB

Accounting

Standards

Update

(ASU),

ASU

2023-09,

Income

Taxes

(Topic

740)

—

Improvements

to

Income

Taxes

Disclosures

as

of

March

31,

2026. ASU

2023-09

requires

public

business

entities,

on

an

annual

basis,

to

provide

disclosure

of

specific

categories

in

the

rate

reconciliation,

as

well

as

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

During

the

year

ended

March

31,

2026,

the

Fund

did

not

pay

a

material

amount

of

foreign

or

US

federal,

state

or

local

income

taxes

and

therefore

did

not

include

any

additional

disclosures

in

these

financial

statements.

2. #### Investment

#### Management,

#### Administration

#### Agreements,

#### and

#### Other

#### Transactions

#### with

#### Affiliates
In

accordance

with

the

terms

of

its

investment

management

agreement,

the

Fund

pays

DMC,

a

series

of Nomura

Investment

Management

Business

Trust

(NIMBT)

and

the

investment

manager,

an

annual

unitary

management fee

which

is

calculated

daily

and

paid

monthly

at

the

rate

of

0.49%

on

the

Fund's

average

daily

net

assets.

Prior

to

December

1,

2025

(Closing

Date),

NIMBT

was

named

Macquarie

Investment

Management

Business

Trust

(MIMBT).

As

of

the

Closing

Date,

Nomura

Holding

America

Inc.

completed

the

acquisition

of

Macquarie

Asset

Management's

US

and

European

public

investments

business.

The

closing

of

this

transaction

resulted

in

the

automatic

termination

of

the

Fund's

investment

advisory

agreement

with

DMC. At

a

special

shareholder

meeting

held

on

September

10,

2025,

Fund

shareholders

approved

a

new

investment

advisory

agreement

for

the

Fund.

On

the

Closing

Date,

the

new

investment

advisory

agreement

and

the

Fund's

name

change

to

Nomura

National

High-Yield

Municipal

Bond

ETF

went

effective.

From

the

unitary

management

fee,

DMC

pays

most

of

the

expenses

of

the

Fund,

including

the

cost

of

sub-advisory

fees

to

any

investment

sub-adviser,

if

any,

transfer

agency,

custody,

fund

administration,

legal,

audit

and

other

services.

However,

under

the

investment

management

agreement,

DMC

is

not

responsible

for

(i) interest

expenses;

(ii) taxes

(including,

but

not

limited

to,

income,

excise,

transfer

and

withholding

taxes);

(iii) expenses

of

a

Fund

incurred

with

respect

to

the

acquisition

and

disposition

of

portfolio

securities,

instruments

or

other

investments

and

the

execution

of

portfolio

transactions,

including

brokerage

commissions;

(iv) expenses

incurred

in

1. #### Significant

#### Accounting

#### Policies
(continued)

connection

with

any

distribution

plan

adopted

by

the

Trust

in

compliance

with

Rule

12b-1

under

the

1940

Act,

including

distribution

fees;

(v) litigation

expenses;

(vi) the

investment

advisory

fee

payable

to

the

Manager;

(vii) non-routine

or

extraordinary

expenses

(including,

without

limitation,

the

expense

associated

with

proxy

solicitations

and

fund

reorganizations);

and

(viii) acquired

fund

fees

and

expenses.

At

March

31,

2026, Nomura

Holding

America,

Inc.

directly

owned

46.33%

of

the

Fund's

shares

outstanding.

3. #### Investments
For

the year ended

March

31,

2026

,

the

Fund

made

purchases

and

sales

of

investment

securities

other

than

short-term

investments

and

US

government

securities as

follows:

There

were

no

investment

transactions

related

to

in-kind

purchases

and

sales

for

the year ended

March

31,

2026. The

tax

cost

of

investments

includes

adjustments

to

net

unrealized

appreciation

(depreciation)

which

may

not

necessarily

be

the

final

tax

cost

basis

adjustments

but

which

approximate

the

tax

basis

unrealized

gains

and

losses

that

may

be

realized

and

distributed

to

shareholders.

At

March

31,

2026

,

the

cost

and

unrealized

appreciation

(depreciation)

of

investments

for

federal

income

tax

purposes

for

the

Fund

were

as

follows:

US

GAAP

defines

fair

value

as

the

price

that

the

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

under

current

market

conditions.

A

three-level

hierarchy

for

fair

value

measurements

has

been

established

based

upon

the

transparency

of

inputs

to

the

valuation

of

an

asset

or

liability.

Inputs

may

be

observable

or

unobservable

and

refer

broadly

to

the

assumptions

that

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

the

reporting

entity's

own

assumptions

about

the

assumptions

that

market

participants

would

use

in

pricing

the

asset

or

liability

based

on

the

best

information

available

under

the

circumstances.

The

Fund's

investment

in

its

entirety

is

assigned

a

level

based

upon

the

observability

of

the

inputs

which

are

significant

to

the

overall

valuation.

The

three-level

hierarchy

of

inputs

is

summarized

as

follows:

Purchases

$

59,780,763

Sales

13,109,847

Cost

of

investments

$

54,574,289

Aggregate

unrealized

appreciation

of

investments

$

537,383

Aggregate

unrealized

depreciation

of

investments

(685,118)

Net

unrealized

depreciation

of

investments

$

(147,735)

2. #### Investment

#### Management,

#### Administration

#### Agreements,

#### and

#### Other

#### Transactions

#### with

#### Affiliates
(continued)

#### Notes

#### to

#### financial

#### statements
Nomura

National

High-Yield

Municipal

Bond

ETF

Level

—

Inputs

are

quoted

prices

in

active

markets

for

identical

investments.

(Examples:

equity

securities,

open-end

investment

companies,

futures

contracts,

and

exchange-traded

options

contracts)

Level

2 —

Other

observable

inputs,

including,

but

not

limited

to:

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

and

default

rates)

or

other

market-corroborated

inputs.

(Examples:

debt

securities,

government

securities,

swap

contracts,

forward

foreign currency

exchange

contracts,

foreign

securities

utilizing

international

fair

value

pricing,

broker-quoted

securities,

and

fair

valued

securities)

Level

3 — Significant

unobservable

inputs,

including

the

Fund's

own

assumptions

used

to

determine

the

fair

value

of

investments.

(Examples:

broker-quoted

securities

and

fair

valued

securities)

Level

investments

are

valued

using

significant

unobservable

inputs.

The

Fund

may

also

use

an

income-based

valuation

approach

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Valuations

may

also

be

based

upon

current

market

prices

of

securities

that

are

comparable

in

coupon,

rating,

maturity,

and

industry.

The

derived

value

of

a

Level

investment

may

not

represent

the

value

which

is

received

upon

disposition

and

this

could

impact

the

results

of

operations.

The

following

table

summarizes

the

valuation

of

the

Fund's

investments

by

fair

value

hierarchy

levels

as

of

March

31,

2026

:

During

the year ended

March

31,

2026

,

there

were

no

transfers

into

or

out

of

Level

investments.

The

Fund's

policy

is

to

recognize

transfers

into

or

out

of

Level

investments

based

on

fair

value

at

the

beginning

of

the

reporting

year.

Level

Level

Level

Total

Securities

Assets:

Municipal

Bonds

$

–

$

52,008,404

$

–

$

52,008,404

Common

Stocks

–

–

3,150

3,150

Short-Term

Investments

–

2,415,000

–

2,415,000

Total

Value

of

Securities

$

–

$

54,423,404

$

3,150

$

54,426,554

3. #### Investments
(continued)

A

reconciliation

of

Level

investments

is

presented

when

the

Fund

has

a

significant

amount

of

Level

investments

at

the

beginning

or

end

of

the

year

in

relation

to

the

Fund's

net

assets.

Management

has

determined

not

to

provide

a

reconciliation

of

Level

investments

as

the

Level

investments

were

not

considered

significant

to

the

Fund's

net

assets

at

the

beginning

or

end

of

the

year.

Management

has

determined

not

to

provide

additional

disclosure

on

Level

inputs

since

the

Level

investments

were

not

considered

significant

to

the

Fund's

net

assets

at

the

end

of

the

year.

4. #### Dividend

#### and

#### Distribution

#### Information
Income

and

long-term

capital

gain

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

US

GAAP. Additionally,

distributions

from

net

short-term

gains

on

sales

of

investment

securities

are

treated

as

ordinary

income

for

federal

income

tax

purposes.

The

tax

character

of

dividends

and

distributions

paid

during

the

year

ended

March

31,

2026

and

period

ended

March

31,

2025

were

as

follows:

\*

Date

of

commencement

of

operations.

5. #### Components

#### of

#### Net

#### Assets

#### on

#### a

#### Tax

#### Basis
As

of

March

31,

2026,

the

components

of

net

assets

on

a

tax

basis

were

as

follows:

The

differences

between

book

basis

and

tax

basis

components

of

net

assets

are

primarily

attributable

to

wash

sales

and

contingent

value

instruments.

For

financial

reporting

purposes,

capital

accounts

are

adjusted

to

reflect

the

tax

character

of

permanent

book/tax

differences.

Results

of

operations

and

net

assets

were

not

affected

by

these

reclassifications.

For

the

year

ended

March

31,

2026,

the

Fund

had

no

reclassifications.

Year

ended

3/31/26

3/5/25

\*

to

3/31/25

Tax-exempt

income

$

1,248,362

$

—

Ordinary

income

92,256

—

Total

$

1,340,618

$

—

Shares

of

beneficial

interest

$

55,318,688

Capital

loss

carryforwards

(231,534)

Undistributed

tax-exempt

income

655

Unrealized

appreciation

(depreciation)

of

investments

(147,735)

Net

assets

$

54,940,074

3. #### Investments
(continued)

#### Notes

#### to

#### financial

#### statements
Nomura

National

High-Yield

Municipal

Bond

ETF

For

federal

income

tax

purposes,

capital

loss

carryforwards

may

be

carried

forward

and

applied

against

future

capital

gains.

At March

31,

2026,

the

Fund

has

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

as

follows:

6. #### Issuance

#### and

#### Redemption

#### of

#### Fund

#### Shares
The

Fund

is

an

exchange-traded

fund

or

ETF.

Individual

Fund

shares

may

only

be

purchased

and

sold

on

a

national

securities

exchange

through

a

broker-dealer

and

investors

may

pay

a

commission

to

such

broker-dealers

in

connection

with

their

purchase

or

sale.

The

price

of

Fund

shares

is

based

on

market

price,

and

because

ETF

shares

trade

at

market

prices

rather

than

NAV,

shares

may

trade

at

a

price

greater

than

NAV

(a

premium)

or

less

than

NAV

(a

discount).

The

Fund

will

only

issue

or

redeem

shares

aggregated

into

blocks

of

25,000

shares

or

multiples

thereof

("Creation

Units") to

Authorized

Participants

who

have

entered

into

agreements

with

the

Fund's

Distributor.

An

Authorized

Participant

is

either

(1) a

"Participating

Party,"

(i.e.,

a

broker-

dealer

or

other

participant

in

the

clearing

process

of

the

Continuous

Net

Settlement

System

of

the

National

Securities

Clearing

Corporation)

("Clearing

Process"),

or

(2) a

participant

of

Depository

Trust

Company

("DTC

Participant"),

and,

in

each

case,

must

have

executed

an

agreement

("Participation

Agreement")

with

the

Distributor

with

respect

to

creations

and

redemptions

of

Creation

Units.

The

Fund

will

issue

or

redeem

Creation

Units

in

return

for

a

basket

of

assets

that

the

Fund

specifies

each

day.

Shares

are

listed

on

the

NYSE

Arca,

Inc.

(the

"Exchange")

and

are

publicly

traded.

If

an

investor

buys

or

sells

Fund

shares

on

the

secondary

market,

the

investor

will

pay

or

receive

the

market

price,

which

may

be

higher

or

lower

than

NAV.

The

investor's

transaction

will

be

priced

at

NAV

if

the

investor

purchases

or

redeems

Fund

shares

in

Creation

Units.

Authorized

Participants

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

the

Fund's

Administrator

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Additionally,

a

portion

of

the

transaction

fee

is

used

to

offset

transactional

costs

typically

accrued

in

the

Fund's

custody

expenses

directly

related

to

the

issuance

and

redemption

of

Creation

Units.

An

additional

variable

fee

may

be

charged

for

certain

transactions.

Such

fees

would

be

included

in

the

receivable

for

capital

shares

sold

on

the

"Statement

of

assets

and

liabilities"

if

they

are

outstanding

as

of

period-end.

Transaction

fees

assessed

during

the

period

are

included

in

the

proceeds

from

shares

sold

on

the

"Statements

of

changes

in

net

assets."

Loss

carryforward

character

Short-term

Long-term

Total

$231,534

$—

$231,534

5. #### Components

#### of

#### Net

#### Assets

#### on

#### a

#### Tax

#### Basis
(continued)

7. #### Certain

#### Principal

#### Risks

#### of

#### the

#### Fund
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.

High

yield

(junk

bond)

risk

—

The

risk

that

high

yield

securities,

commonly

known

as

"junk

bonds,"

are

subject

to

reduced

creditworthiness

of

issuers,

increased

risk

of

default,

and

a

more

limited

and

less

liquid

secondary

market.

High

yield

securities

may

also

be

subject

to

greater

price

volatility

and

risk

of

loss

of

income

and

principal

than

are

higher-rated

securities.

High

yield

bonds

are

sometimes

issued

by

municipalities

that

have

less

financial

strength

and

therefore

have

less

ability

to

make

projected

debt

payments

on

the

bonds.

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.

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.

Municipal

securities risk

—

The

value

of

the

Fund's

investments

in

municipal

securities

may

be

adversely

affected

by

unfavorable

legislative

or

political

developments

and

economic

developments

that

impact

the

financial

condition

of

municipal

issuers.

For

example,

a

credit

rating

downgrade,

bond

default,

or

bankruptcy

involving

an

issuer

within

a

particular

state

or

territory

could

affect

the

market

values

and

marketability

of

many

or

all

municipal

obligations

of

that

state

or

territory.

Additionally,

the

relative

amount

of

publicly

available

information

about

the

financial

condition

of

municipal

securities

issuers

is

generally

less

than

that

for

corporate

securities.

Geographic

concentration

risk

—

The

risk

that

heightened

sensitivity

to

regional,

state,

US

territories

or

possessions

(such

as

the

Commonwealth

of

Puerto

Rico,

Guam,

or

the

US

Virgin

Islands),

and

local

political

and

economic

conditions

could

adversely

affect

the

holdings

in

and

performance

of

a

fund.

There

is

also

the

risk

that

there

could

be

an

inadequate

supply

of

municipal

bonds

in

a

particular

state

or

US

territory

or

possession.

ETF

structure

risks

–

The

Fund

is

structured

as

an

ETF

and

as

a

result

is

subject

to

special

risks.

Shares

are

not

individually

redeemable

and

may

be

redeemed

by

the

Fund

at

NAV

only

in

large

blocks

known

as

"Creation

Units."

Trading

in

shares

on

the

Exchange

may

be

halted

due

to

market

conditions

or

for

reasons

that,

in

the

view

of

the

Exchange,

make

trading

in

Shares

inadvisable,

such

as

extraordinary

market

volatility.

There

can

be

no

assurance

that

Shares

will

continue

to

meet

the

listing

requirements

of

the

Exchange.

An

active

trading

market

for

the

Fund's

shares

may

not

be

developed

or

maintained.

If

the

Fund's

shares

are

traded

outside

a

collateralized

settlement

system,

the

number

of

financial

institutions

that

can

act

as

authorized

#### Notes

#### to

#### financial

#### statements
Nomura

National

High-Yield

Municipal

Bond

ETF

participants

that

can

post

collateral

on

an

agency

basis

is

limited,

which

may

limit

the

market

for

the

Fund's

shares.

The

market

prices

of

Shares

will

fluctuate

in

response

to

changes

in

NAV

and

supply

and

demand

for

shares

and

will

include

a

"bid-ask

spread"

charged

by

the

exchange

specialists,

market

makers

or

other

participants

that

trade

the

particular

security.

There

may

be

times

when

the

market

price

and

the

NAV

vary

significantly

particularly

during

times

of

market

stress,

with

the

result

that

investors

may

pay

significantly

more

or

significantly

less

for

Fund

shares

than

the

Fund's

NAV,

which

is

reflected

in

the

bid

and

ask

price

for

Fund

shares

or

in

the

closing

price.

If

a

shareholder

purchases

shares

at

a

time

when

the

market

price

is

at

a

premium

to

the

NAV

or

sells

shares

at

a

time

when

the

market

price

is

at

a

discount

to

NAV,

the

shareholder

may

sustain

losses

if

the

shares

are

sold

at

a

price

that

is

less

than

the

price

paid

by

the

shareholder

for

the

shares.

When

all

or

a

portion

of

an

ETFs

underlying

securities

trade

in

a

market

that

is

closed

when

the

market

for

the

Fund's

shares

is

open,

there

may

be

changes

from

the

last

quote

of

the

closed

market

and

the

quote

from

the

Fund's

domestic

trading

day,

which

could

lead

to

differences

between

the

market

value

of

the

Fund's

shares

and

the

Fund's

NAV.

In

stressed

market

conditions,

the

market

for

the

Fund's

shares

may

become

less

liquid

in

response

to

the

deteriorating

liquidity

of

the

Fund's

portfolio.

This

adverse

effect

on

the

liquidity

of

the

Fund's

shares

may,

in

turn,

lead

to

differences

between

the

market

value

of

the

Fund's

shares

and

the

Fund's

NAV.

Rule

144A

securities

— The

Fund

also

may

invest

in

securities

that

normally

are

purchased

or

resold

pursuant

to

Rule

144A

under

the

1933

Act

(Rule

144A

securities).

Rule

144A

is

designed

to

facilitate

efficient

trading

among

institutional

investors

by

permitting

the

sale

of

certain

unregistered

securities.

Rule

144A

securities

may

be

resold

only

to

qualified

institutional

buyers,

provided

that

certain

other

conditions

for

resale

are

met.

To

the

extent

privately

placed

securities

held

by

a

Fund

qualify

under

Rule

144A

and

an

institutional

market

develops

for

those

securities,

a

Fund

likely

will

be

able

to

dispose

of

the

securities

without

registering

them

under

the

1933

Act.

Rule

144A

securities

have

been

identified

on

the

"Schedule

of

investments."

8. #### Contractual

#### Obligations
The

Fund

enters

into

contracts

in

the

normal

course

of

business

that

contain

a

variety

of

indemnifications.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown.

However,

the

Fund

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts.

Management

has

reviewed

the

Fund's

existing

contracts

and

expects

the

risk

of

loss

to

be

remote.

9. #### Subsequent

#### Events
Management

has

determined

that

no

material

events

or

transactions

occurred

subsequent

to

March

31,

2026,

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements.

7. #### Certain

#### Principal

#### Risks

#### of

#### the

#### Fund
(continued)

#### Report

#### of

#### independent

#### registered

#### public

#### accounting

#### firm

To

the

Board

of

Trustees

of Nomura

ETF

Trust and

Shareholders

of

Nomura

National

High-Yield

Municipal

Bond

ETF

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Nomura

National

High-Yield

Municipal

Bond

ETF

(one

of

the

funds

constituting

Nomura

ETF

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

March

31,

2026,

the

related

statement

of

operations

for

the

year

ended

March

31,

2026

and

the

statement

of

changes

in

net

assets

and

the

financial

highlights

for

the

year

ended

March

31,

2026

and

for

the

period

March

5,

2025

(commencement

of

operations)

through

March

31,

2025,

including

the

related

notes

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

March

31,

2026,

the

results

of

its

operations

for

the

year

ended

March

31,

2026,

and

the

changes

in

its

net

assets

and

the

financial

highlights

for

the

year

ended

March

31,

2026

and

for

the

period

March

5,

2025

(commencement

of

operations)

through

March

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audit.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audit

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audit

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audit

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2026

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

May

29,

2026

We

have

served

as

the

auditor

of

one

or

more

Nomura

investment

companies

since

2010. #### Other

#### Fund

#### information
(Unaudited)

Nomura

National

High-Yield

Municipal

Bond

ETF

#### Tax

#### Information
The

information

set

forth

below

is

for

the

Fund's

fiscal

year

as

required

by

federal

income

tax

laws.

Shareholders,

however,

must

report

distributions

on

a

calendar

year

basis

for

income

tax

purposes,

which

may

include

distributions

for

portions

of

two

fiscal

years

of

the

Fund.

Accordingly,

the

information

needed

by

shareholders

for

income

tax

purposes

will

be

sent

to

them

in

January

of

each

year.

Please

consult

your

tax

advisor

for

proper

treatment

of

this

information.

All

disclosures

are

based

on

financial

information

available

as

of

the

date

of

this

annual

report

and,

accordingly,

are

subject

to

change.

For

any

and

all

items

requiring

reporting,

it

is

the

intention

of

the

Fund

to

report

the

maximum

amount

permitted

under

the

Internal

Revenue

Code

and

the

regulations

thereunder.

For

the

year ended

March

31,

2026,

the

Fund

reports

distributions

paid

during

the

year

as

follows:

#### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies

#### Change

#### in

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
At

a

meeting

held

on

April

15,

2026,

the

Board

of

Trustees

(Board),

upon

recommendation

of

the

Audit

Committee,

approved

the

dismissal

of

PricewaterhouseCoopers

LLP

(PwC)

upon

completion

of

services

currently

being

performed

by

PwC

related

to

the

audit

of

the

Nomura

National

High-Yield

Municipal

Bond

ETF

(formerly,

Macquarie

National

High-Yield

Municipal

Bond

ETF)

(the

"Fund")'s

March

31,

2026

financial

statements,

and

approved

the

appointment

of

Ernst

&

Young

LLP

(E&Y)

to

serve

as

the

independent

registered

public

accounting

firm

for

the

Fund,

beginning

with

the

fiscal

year

ending

March

31,

2027. PwC's

reports

on

the

financial

statements

for

the

period

March

5,

2025

(commencement

of

operations)

through

March

31,

2025

and

the

fiscal

year

ended

March

31,

2026

did

not

contain

any

adverse

opinion

or

disclaimer

of

opinion,

nor

were

they

qualified

or

modified

as

to

uncertainty,

audit

scope,

or

accounting

principles.

In

addition,

during

the

period

March

5,

2025

(commencement

of

operations)

through

March

31,

2025

and

the

fiscal

year

ended

March

31,

2026

and

during

the

subsequent

interim

period

through

May

29,

2026,

(i) there

were

no

disagreements

between

the

Fund

and

PwC

on

accounting

principles,

financial

statement

disclosures

or

audit

scope,

which,

if

not

resolved

to

the

satisfaction

of

PwC,

would

have

caused

them

to

make

reference

to

the

disagreement

in

their

reports;

and

(ii) there

were

no

reportable

events

described

in

Item

304(a)

(1) (v) of

Regulation

S-K

under

the

Securities

Exchange

Act

of

1934,

as

amended.

During

the

period

March

5,

2025

(commencement

of

operations)

through

March

31,

2025

and

the

fiscal

year

ended

March

31,

2026

and

during

the

(A) Ordinary

Income

Distributions

(Tax

Basis)

6.88%

(B) Tax-Exempt

Distributions

(Tax

Basis)

93.12%

&nbsp;&nbsp;&nbsp;&nbsp; Total

100.00%

(A) and

(B) are

based

on

a

percentage

of

the

Fund's

total

distributions.

subsequent

interim

period

through

May

29,

2026,

neither

the

Board

nor

anyone

on

its

behalf

has

consulted

with

E&Y

at

any

time

prior

to

their

selection

with

respect

to

(i) the

application

of

accounting

principles

to

a

specified

transaction,

either

completed

or

proposed

or

the

type

of

audit

opinion

that

might

be

rendered

on

the

Fund's

financial

statements;

or

(ii) the

subject

of

a

disagreement

(as

defined

in

paragraph

(a) (1) (iv) of

Item

of

Regulation

S-K)

or

reportable

events

(as

described

in

paragraph

(a) (1) (v) of

said

Item

304).

The

Fund

has

provided

PwC

with

a

copy

of

this

Form

N-CSR

and

requested

that

PwC

furnish

the

Fund

with

a

letter

stating

whether

or

not

it

agrees

with

the

statements

made

herein.

A

copy

of

PwC's

letter,

dated

June

8,

2026,

is

attached

as

Exhibit

to

this

N-CSR.

#### Proxy

#### Disclosures

#### for

#### Open-End

#### Management

#### Investment

#### Companies
Not

Applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers,

#### and

#### Others

#### of

#### Open-End

#### Management

#### Investment

#### Companies
Please

refer

to

the

disclosure

within

the

financial

statements.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
At

an

in-person

meeting

on

June

12,

2025

Meeting

("June

2025

Meeting"),

the

Board,

including

its

Independent

Trustees,

considered

and

unanimously

approved

proposed

new

investment

advisory

agreements

(together,

the

"New

Investment

Advisory

Agreements")

for

each

of

the

Macquarie

Global

Listed

Infrastructure

ETF,

Macquarie

Energy

Transition

ETF,

Macquarie

Tax-Free

USA

Short

Term

ETF,

Macquarie

Focused

Large

Growth

ETF,

Macquarie

Focused

Emerging

Markets

Equity

ETF,

Macquarie

National

High-Yield

Municipal

Bond

ETF,

and

Macquarie

Focused

International

Core

ETF

(each,

a

"Fund"

and

together,

the

"Funds")

between

the

Trust,

on

behalf

of

each

Fund,

and

DMC

(as

defined

below).

The

Board

also

approved

interim

advisory

agreements

(together,

the

"Interim

Advisory

Agreements"

and

together

with

the

New

Investment

Advisory

Agreements,

the

"Proposed

Advisory

Agreements").

The

Board

also

determined

to

recommend

that

Fund

shareholders

approve

the

proposed

New

Investment

Advisory

Agreements.

As

part

of

their

evaluation,

the

Board's

Independent

Trustees

reviewed

material

supporting

the

approval

of

the

Proposed

Advisory

Agreements

in

executive

sessions

with

its

independent

legal

counsel

both

with

and

without

representatives

of

management.

Such

material

included

responses

provided

by

DMC

and

Nomura

Holdings

America

Inc.

(together

with

its

parent

company,

Nomura

Holdings,

Inc.,

hereinafter

referred

to

as

"Nomura")

to

an

extensive

initial

questionnaire

and

a

subsequent

memorandum

with

questions

relating

to

the

Transaction

(as

defined

below)

and

the

impact

on

the

Funds,

as

well

as

governance,

compliance,

investment

and

operational

matters.

On

April

21,

2025,

Nomura

and

Macquarie

Group

Limited

announced

that

they

had

entered

into

#### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies
(continued)

#### Change

#### in

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

National

High-Yield

Municipal

Bond

ETF

a

definitive

stock

purchase

agreement

(the

"Purchase

Agreement")

pursuant

to

which

Nomura

agreed

to

acquire

the

equity

interests

of

Macquarie

Asset

Management's

US

and

European

public

investments

business

(collectively,

the

"MAM

Business"),

including

the

Funds'

investment

adviser,

Delaware

Management

Company

("DMC"),

which

is

a

series

of

Macquarie

Investment

Management

Business

Trust

(the

"Transaction").

#### Background

#### for

#### the

#### Board

#### Approvals.
At

a

meeting

on

May

16,

2025

and

at

the

June

2025

Meeting,

representatives

of

DMC

met

with

the

Board

to

discuss

the

Transaction.

The

Independent

Trustees

were

advised

that

the

Transaction,

if

completed,

would

constitute

a

Change

of

Control

Event

and

result

in

the

termination

of

the

existing

investment

advisory

agreements

with

DMC

(the

"Current

Investment

Advisory

Agreements").

Pursuant

to

Section

15(a)(4)

of

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

any

investment

advisory

agreement,

including

any

sub-advisory

agreement,

on

behalf

of

a

registered

investment

company

must

terminate

automatically

upon

its

"assignment."

As

used

in

the

1940

Act,

the

term

"assignment"

includes

any

transfer

of

a

controlling

interest

in

an

investment

adviser.

Such

a

transfer

is

often

referred

to

as

a

"Change

of

Control

Event."

The

Independent

Trustees

were

also

advised

that

it

was

proposed

that

DMC

would

continue

to

serve

as

the

investment

adviser

to

each

Fund

after

the

closing

of

the

Transaction

on

or

about

October

31,

2025

(the

"Closing")

and

that

the

Board

would

be

asked

to

consider

approval

of

the

terms

and

conditions

of

the

proposed

New

Investment

Advisory

Agreements

with

DMC

and

thereafter

to

submit

the

proposed

New

Investment

Advisory

Agreements

to

the

Funds'

shareholders

for

approval.

At

the

June

2025

Meeting,

the

Board,

including

a

majority

of

the

Independent

Trustees,

reviewed

and

approved

the

Proposed

Advisory

Agreements.

The

New

Investment

Advisory

Agreements,

were

subject

to

shareholder

approval.

The

Board

considered

the

information

provided

to

it

about

the

Funds

together

and

with

respect

to

each

Fund

separately

as

the

Board

deemed

appropriate.

Prior

to

and

at

the

June

2025

Meeting,

the

Board,

together

with

independent

legal

counsel

to

the

Independent

Trustees

and

Fund

counsel,

met

with

representatives

of

DMC

and

Nomura

to

discuss

the

Transaction.

At

these

meetings,

the

Transaction

and

future

plans

for

DMC

and

the

Funds

were

discussed

at

length.

Finally,

the

Independent

Trustees

consulted

with

their

independent

legal

counsel

in

executive

sessions

during

the

time

period

covered

by

the

negotiation

of

the

Transaction

and

discussed,

among

other

things,

the

legal

standards

applicable

to

their

review

of

the

Proposed

Advisory

Agreements

and

certain

other

contracts

and

considerations

relevant

to

their

deliberations

on

whether

to

approve

the

Proposed

Advisory

Agreements.

At

in-person

and

virtual

meetings

with

DMC

management

and

with

key

Nomura

representatives,

the

Trustees

discussed

the

Transaction

and

the

Board

had

an

opportunity

to

ask

further

questions

and

seek

clarification

of

written

responses.

The

meetings

included

discussions

of

the

strategic

rationale

for

the

Transaction

and

Nomura's

general

plans

and

intentions

regarding

the

Funds

and

DMC. On

these

occasions,

representatives

of

DMC

and

Nomura

made

presentations

to,

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

and

responded

to

questions

from,

the

Trustees.

The

Board

also

inquired

about

the

plans

for,

and

anticipated

roles

and

responsibilities

of,

key

employees

and

officers

of

DMC

in

connection

with

the

Transaction.

In

connection

with

the

Trustees'

review

of

the

Proposed

Advisory

Agreements,

DMC

and/or

Nomura

emphasized

that:

—

They

expected

that

there

will

be

no

adverse

changes

as

a

result

of

the

Transaction

in

the

nature,

quality,

or

extent

of

services

currently

provided

to

the

Funds

and

their

shareholders,

including

investment

management,

distribution,

or

other

shareholder

services;

—

No

material

changes

in

personnel

or

operations

are

currently

contemplated

in

the

operation

of

DMC

under

Nomura

as

a

result

of

the

Transaction;

—

Nomura

has

no

present

intention

to

cause

DMC

to

alter

the

investment

advisory

fees

paid

to

DMC

by

a

Fund

and

the

expenses

DMC

has

agreed

to

pay

on

behalf

of

a

Fund;

and

—

Under

the

Purchase

Agreement,

Nomura

has

agreed

to,

and

to

cause

its

affiliates

to,

use

commercially

reasonable

efforts

after

Closing

to

conduct

their

respective

businesses

in

compliance

with

the

conditions

of

Section

15(f)

of

the

1940

Act

with

respect

to

the

Funds,

including

maintaining

Board

composition

of

at

least

75%

of

the

Board

members

qualifying

as

Independent

Trustees

and

not

imposing

any

"unfair

burden"

on

the

Funds

for

at

least

two

years

from

the

Closing.

The

Board

considered

that

management

proposed

that

the

Board

approve

the

Proposed

Advisory

Agreements

because,

upon

the

Closing

of

the

Transaction,

the

Current

Investment

Advisory

Agreements

and

the

current

sub-advisory

agreements

(the

"Current

Sub-Advisory

Agreements")

would

automatically

terminate

in

accordance

with

their

terms

and

applicable

regulations.

The

Board

further

considered

that

management

proposed

that

the

Board

approve

the

Interim

Advisory

Agreements

so

that,

if

the

Transaction

closes

before

a

Fund

receives

the

requisite

shareholder

approval

of

its

New

Investment

Advisory

Agreement,

an

Interim

Advisory

Agreement

would

permit

continuity

of

the

management

of

the

Fund

while

it

continued

to

solicit

the

requisite

shareholder

approval

of

the

New

Investment

Advisory

Agreement.

The

Board

reviewed

and

also

considered

the

forms

of

the

Proposed

Advisory

Agreements,

noting

that

the

terms

and

conditions

of

each

such

agreement

were

substantially

identical

to

the

terms

and

conditions

of

the

Current

Investment

Advisory

Agreements,

except

for

the

effective

dates,

duration

and,

with

respect

to

the

Interim

Advisory

Agreements,

escrow

provisions

required

by

applicable

law.

The

Board

noted

that

the

New

Investment

Advisory

Agreements

would

have

an

initial

two-year

term

and

that

the

Interim

Advisory

Agreements

would

be

effective

on

an

interim

basis,

as

necessary

upon

the

Closing

of

the

Transaction,

from

its

effective

date

until

the

earlier

of

(i) 150

calendar

days

from

the

effective

date

or

such

later

date

as

may

be

consistent

with

the

1940

Act,

rules

and

regulations

thereunder

or

exemptive

relief

or

interpretative

position

of

the

staff

of

the

SEC;

or

(ii) the

effective

date

of

the

applicable

New

Investment

Advisory

Agreement

("Interim

Period").

The

Interim

Advisory

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

National

High-Yield

Municipal

Bond

ETF

Agreements

may

also

be

terminated

on

days'

written

notice

by

the

Board.

The

Board

further

noted

management's

representation

that

the

approval

of

the

Proposed

Advisory

Agreements

would

not

result

in

any

changes

to

the

Funds'

investment

objectives

or

strategies.

Further,

the

DMC

portfolio

managers

currently

responsible

for

the

day-to-day

management

of

the

Funds

are

expected

to

continue

to

provide

investment

advisory

services

to

the

Funds.

In

addition,

with

respect

to

the

Macquarie

Global

Listed

Infrastructure

ETF,

Macquarie

Energy

Transition

ETF,

Macquarie

Focused

Large

Growth

ETF,

Macquarie

Focused

Emerging

Markets

Equity

ETF,

and

Macquarie

Focused

International

Core

ETF

(the

"Sub-Advised

Funds"),

the

Board

noted

that

DMC

may

rely

on

participating

affiliate

arrangements

between

DMC

and

certain

non-US

Nomura

asset

management

entities

to

provide

continuity

of

portfolio

management

services

to

the

Sub-Advised

Funds,

including

services

provided

by

previous

sub-advisor

employees.

In

approving

each

Proposed

Advisory

Agreement,

the

Board

reviewed

and

considered

information

provided

in

its

meetings

with

DMC

and

Nomura,

as

well

as

DMC's

and

Nomura's

responses

to

a

detailed

set

of

requests

for

information

submitted

to

DMC

and

Nomura

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

Transaction.

In

addition,

prior

to

the

June

2025

Meeting,

the

Independent

Trustees

held

a

virtual

meeting

at

which

the

Independent

Trustees

conferred

amongst

themselves

and

Independent

Trustee

counsel

regarding

the

Proposed

Advisory

Agreement

and

the

information

submitted

by

DMC

and

Nomura,

then

requested

additional

information

that

the

Independent

Trustees

also

considered

prior

to

and

at

the

June

2025

Meeting.

The

Board,

including

a

majority

of

the

Independent

Trustees,

determined,

through

the

exercise

of

its

reasonable

business

judgment,

that

the

terms

of

each

Proposed

Advisory

Agreement

are

fair

and

reasonable

and

that

the

approval

of

such

Proposed

Advisory

Agreement

is

in

the

best

interests

of

the

applicable

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board's

determination.

#### Nature,

#### Extent,

#### and

#### Quality

#### of

#### Service.
The

Trustees

considered

the

services

historically

provided

by

DMC

to

the

Funds

and

their

shareholders.

In

reviewing

the

nature,

extent,

and

quality

of

services,

the

Boards

considered

that

the

New

Investment

Advisory

Agreements

will

be

substantially

similar

to

the

Current

Investment

Advisory

Agreements,

and

they

therefore

considered

the

many

reports

furnished

to

them

throughout

2024

and

2025

at

regular

Board

meetings

covering

matters

such

as

the

relative

performance

of

the

Funds;

the

compliance

of

portfolio

managers

with

the

investment

policies,

strategies,

and

restrictions

for

the

Funds;

the

compliance

of

management

personnel

with

the

Code

of

Ethics

adopted

throughout

the

Macquarie

Funds

complex;

and

the

adherence

to

fair

value

pricing

procedures

as

established

by

DMC

and

overseen

by

the

Board.

Further,

and

consistent

with

its

continued

oversight

of

these

matters,

the

Board

discussed

with

DMC

and

Nomura

the

impact

of

the

Transaction

on

the

remediation

efforts

and

actions

and

specific

initiatives

being

undertaken

to

enhance

DMC's

compliance,

risk,

operational

and

portfolio

management

functions

arising

out

of

DMC's

previously

announced

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

settlement

agreement

with

the

U.S.

Securities

and

Exchange

Commission

in

September

2024. The

Board

relied

on

commitments

by

DMC

and

Nomura

that

these

remediation

efforts

and

actions

and

specific

initiatives

would

not

be

negatively

affected

by

the

Transaction

and

would

continue

through

and

following

Closing.

Based

on

the

information

provided

by

DMC

and

Nomura,

including

that

Nomura

and

DMC

currently

expected

no

material

changes

as

a

result

of

the

Transaction

in

(i) personnel

or

operations

of

DMC

or

(ii) third

party

service

providers

to

the

Funds,

the

Board

concluded

that

the

satisfactory

nature,

extent,

and

quality

of

services

currently

provided

to

the

Funds

and

their

shareholders

were

very

likely

to

continue

under

the

New

Investment

Advisory

Agreements.

Moreover,

the

Board

concluded

that

the

Funds

would

probably

benefit

from

the

expanded

distribution

resources

that

would

become

available

to

DMC

following

the

Transaction.

The

Board

also

concluded

that

it

was

very

unlikely

that

any

"unfair

burden"

would

be

imposed

on

any

of

the

Funds

for

the

first

two

years

following

the

Closing

as

a

result

of

the

Transaction.

Consequently,

the

Board

concluded

that

they

did

not

expect

the

Transaction

to

result

in

any

adverse

changes

in

the

nature,

quality,

or

extent

of

services

(including

investment

management,

distribution,

or

other

shareholder

services)

currently

provided

to

the

Funds

and

their

shareholders.

#### Investment

#### Performance
.

The

Board

considered

the

overall

investment

performance

of

DMC

and

the

Funds

since

each

Fund's

commencement

date.

In

its

evaluation

of

investment

performance

of

a

Fund,

the

Board

took

into

account

such

Fund's

short

performance

period,

weighing

the

fact

that

the

Macquarie

Global

Listed

Infrastructure

ETF,

the

Macquarie

Energy

Transition

ETF,

and

the

Macquarie

Tax-Free

USA

Short

Term

ETF

commenced

operations

on

November

28,

2023,

the

Focused

Large

Growth

ETF

commenced

operations

on

May

14,

2024,

the

Macquarie

Focused

Emerging

Markets

Equity

ETF

commenced

operations

on

September

4,

2024,

and

the

Macquarie

National

High-Yield

Municipal

Bond

ETF

commenced

operations

on

March

5,

2025. The

Macquarie

Focused

International

Core

ETF

was

not

active

prior

to

the

time

of

the

June

2025

Meeting.

As

a

result,

the

Board

did

not

consider

the

investment

performance

of

the

Macquarie

Focused

International

Core

ETF

at

the

June

2025

Meeting.

The

Board

considered

performance

reports

and

discussions

with

portfolio

managers

at

Board

meetings

throughout

the

year

for

the

Funds

that

were

active

during

the

time

period.

These

performance

reports

showed

a

Fund's

investment

performance

compared

to

a

group

of

funds

selected

by

DMC

as

being

similar

to

the

Fund

(the

"Performance

Universe").

Annualized

investment

performance

for

each

Fund

was

shown

for

the

past

1-year

period

and

since

inception

or,

if

shorter,

only

since

inception,

compared

to

that

of

the

Performance

Universe.

At

its

June

2025

Meeting,

the

Board,

including

the

Independent

Trustees

in

consultation

with

their

independent

legal

counsel,

reviewed

updated

investment

performance

information

for

each

of

the

active

Funds.

The

Board

compared

the

performance

of

each

active

Fund

to

that

of

its

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

National

High-Yield

Municipal

Bond

ETF

respective

Performance

Universe

for

the

past

1-year

period

and

since

inception

or,

if

shorter,

only

since

inception.

The

Board

concluded

that

the

investment

performance

of

each

active

Fund

was

satisfactory.

Based

on

information

provided

by

DMC

and

Nomura,

the

Board

concluded

that

neither

the

Transaction

nor

the

New

Investment

Advisory

Agreements

would

likely

have

an

adverse

effect

on

the

investment

performance

of

any

Fund

because

(i) DMC

and

Nomura

did

not

currently

expect

the

Transaction

to

cause

any

material

change

to

the

Funds'

portfolio

management

teams

responsible

for

investment

performance,

which

the

Boards

found

to

be

satisfactory,

(ii) as

discussed

in

more

detail

below,

the

Funds'

expenses

were

not

expected

to

increase

as

a

result

of

the

Transaction,

(iii) the

Funds

would

not

bear

any

Transaction-related

expenses,

and

(iv) there

was

not

expected

to

be

any

"unfair

burden"

imposed

on

the

Funds

as

a

result

of

the

Transaction.

#### Comparative

#### Expenses;

#### Management

#### Profitability.
The

Board

also

evaluated

expense

comparison

data

for

the

Funds

and

management

profitability

previously

considered

at

each

Fund's

initial

contract

approval

Board

meeting.

At

a

Fund's

initial

contract

approval

Board

meeting,

the

Board

compared

both

the

services

to

be

rendered

and

the

proposed

fees

to

be

paid

to

DMC

by

the

Fund

with

the

fees

that

DMC

receives

pursuant

to

its

other

advisory

agreements,

as

well

as

the

fees

paid

to

other

investment

advisers

with

respect

to

similar

funds.

In

particular,

the

Board

compared

the

Fund's

proposed

advisory

fee

and

total

expense

ratio

to

other

investment

companies

considered

to

be

in

that

Fund's

peer

group.

The

Board

also

received

and

considered

information

about

the

fee

rates

charged

to

other

accounts

and

clients

managed

by

DMC,

including

information

about

the

differences

in

services

provided

to

the

non-registered

investment

company

clients,

as

applicable.

The

Board

also

discussed

the

anticipated

costs

and

projected

profitability

of

DMC

in

connection

with

its

service

as

investment

adviser

to

the

Fund,

including

operational

costs.

Further,

the

Board

considered

DMC's

assumption

of

business,

entrepreneurial,

overall

managerial

and

other

risks

by

sponsoring

and

advising

the

Fund.

At

the

Fund's

initial

contract

approval

Board

meeting,

DMC

responded

to

questions

from

the

Board,

explaining

that

the

nature

of

the

Fund

and

its

anticipated

investments

warranted

the

proposed

advisory

fees

for

the

Fund.

At

a

Fund's

initial

contract

approval

Board

meeting,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

level

of

fees

proposed

to

be

paid

to

DMC

with

respect

to

the

Fund

was

fair

and

reasonable

in

light

of

the

nature,

extent

and

quality

of

the

services

proposed

to

be

provided

by

DMC

and

the

costs

it

expected

to

incur

in

rendering

those

services.

Based

on

information

provided

by

DMC

and

Nomura,

the

Board

concluded

at

the

June

2025

Meeting

that

neither

the

Transaction

nor

the

New

Investment

Advisory

Agreements

would

likely

have

an

adverse

effect

on

the

Funds'

expenses

because

(i) each

Fund's

contractual

fee

rates

under

the

New

Investment

Advisory

Agreements

would

remain

the

same,

(ii) the

Board

was

assured

by

DMC

that

they

had

no

current

intention

to

change

the

expenses

that

DMC

has

agreed

to

pay

on

behalf

of

a

Fund

as

a

result

of

the

Transaction,

(iii) under

the

Purchase

Agreement,

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

Nomura

and

Macquarie

would

pay

all

reasonable

costs

related

to

the

related

proxy

solicitation,

and

(iv) consistent

with

Section

15(f)

of

the

1940

Act,

no

"unfair

burden"

would

be

imposed

on

the

Funds

for

the

first

two

years

after

the

Closing.

At

the

June

2025

Meeting,

DMC

advised

the

Board

that

DMC

did

not

expect

the

Transaction

to

affect

materially

the

profitability

of

DMC

compared

to

the

level

of

projected

profitability

considered

by

the

Board

at

a

Fund's

initial

contract

approval

Board

meeting

when

the

Board

approved

the

Current

Investment

Advisory

Agreement

for

each

Fund.

Moreover,

the

Board

also

requested

and

reviewed

financial

statements

provided

by

Nomura

for

Nomura

Holdings,

Inc.,

the

parent

of

Nomura,

for

the

purpose

of

evaluating

Nomura's

ability

to

financially

support

DMC's

advisory

business

after

the

Closing

and

to

seek

to

ensure

that

DMC

can

continue

services

of

a

similar

nature,

extent,

and

quality

to

the

Funds

following

Closing

as

it

has

under

the

Current

Investment

Advisory

Agreements.

Based

on

information

provided

by

DMC

and

Nomura,

the

Board

concluded

that

DMC

would

have

sufficient

financial

resources

following

the

Transaction

to

continue

to

provide

the

same

level

and

quality

of

services

to

the

Funds

under

the

New

Investment

Advisory

Agreements

as

is

the

case

under

the

Current

Investment

Advisory

Agreements.

The

Board

also

concluded

that

Nomura

had

sufficient

financial

strength

and

resources,

as

well

as

an

ongoing

commitment

to

a

global

asset

management

business,

to

continue

investing

in

DMC

to

the

extent

that

Nomura

determined

it

was

appropriate.

Accordingly,

the

Board

concluded

that

the

fees

charged

under

the

New

Investment

Advisory

Agreements

would

be

reasonable

in

light

of

the

services

to

be

provided

and

the

expected

profitability

of

DMC

because

Nomura

advised

the

Board

that

the

methodology

followed

in

allocating

costs

for

the

purpose

of

determining

profitability

will

remain

substantially

the

same

following

the

Closing,

and

because

services

and

costs

were

expected

to

be

substantially

the

same.

#### Economies

#### of

#### Scale.
The

Board

considered

whether

economies

of

scale

would

be

realized

by

DMC

as

each

Fund's

assets

increase

and

the

extent

to

which

any

economies

of

scale

would

be

reflected

in

the

management

fees

charged.

The

Board

took

into

account

DMC's

practice

of

maintaining

the

competitive

nature

of

management

fees

based

on

its

analysis

of

fees

charged

by

comparable

funds.

The

Board

also

acknowledged

Nomura's

statement

that

the

Transaction

would

not

by

itself

immediately

provide

additional

economies

of

scale

given

Nomura's

limited

presence

in

the

US

mutual

fund

market.

Nonetheless,

the

Board

concluded

that

additional

economies

of

scale

could

potentially

be

achieved

in

the

future

if

DMC

were

owned

by

Nomura

as

a

result

of

Nomura's

willingness

to

invest

additional

amounts

in

DMC

if

appropriate

opportunities

arise.

The

Board

further

concluded

that

potential

economies

of

scale

could

be

achieved

as

a

result

of

DMC's

potentially

expanded

distribution

capabilities

arising

from

the

Transaction,

as

well

as

opportunities

that

might

arise

from

Nomura's

commitment

to

a

global

asset

management

business.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

National

High-Yield

Municipal

Bond

ETF

#### Fall-Out

#### Benefits.
The

Board

acknowledged

that

DMC

would

continue

to

benefit

from

soft

dollar

arrangements

using

portfolio

brokerage

of

each

Fund

that

invests

in

equity

securities.

The

Board

also

considered

that

Nomura

and

DMC

may

derive

reputational,

strategic,

and

other

benefits

from

their

association

with

the

Funds,

including

service

relationships

with

DMC,

and

evaluated

the

extent

to

which

DMC

might

derive

ancillary

benefits

from

Fund

operations,

including

the

potential

for

procuring

additional

business

as

a

result

of

the

prestige

and

visibility

associated

with

its

role

as

service

provider

to

the

Funds

and

the

benefits

from

allocation

of

Fund

brokerage

to

improve

trading

efficiencies.

However,

the

Board

concluded

that

(i) any

such

benefits

under

the

New

Investment

Advisory

Agreements

would

not

be

dissimilar

from

those

existing

under

the

Current

Investment

Advisory

Agreements,

(ii) such

benefits

did

not

impose

a

cost

or

burden

on

the

Funds

or

their

shareholders,

and

(iii) such

benefits

would

probably

have

an

indirectly

beneficial

effect

on

the

Funds

and

their

shareholders

because

of

the

added

importance

that

DMC

and

Nomura

might

attach

to

the

Funds

as

a

result

of

the

fall-out

benefits

that

the

Funds

conveyed.

#### The

#### Purchase

#### Agreement.
The

Board

considered

the

terms

of

the

Purchase

Agreement,

including

those

related

to

Section

15(f)

of

the

1940

Act

and

that

Macquarie

and

Nomura

will

bear

the

expenses

related

to

the

Funds'

proxy

solicitation.

At

the

June

2025

Meeting,

the

Board

discussed

the

conditions

to

the

Closing,

including

the

requirements

for

obtaining

consents

to

the

change

in

control

from

DMC's

advisory

clients,

such

as

the

Funds.

#### Board

#### Review

#### of

#### Nomura.
The

Board

reviewed

detailed

information

supplied

by

Nomura

about

its

operations.

As

previously

noted,

to

consider

DMC's

ability

to

continue

to

provide

the

same

level

and

quality

of

services

to

the

Funds,

the

Board

requested,

received

and

reviewed

information

from

Nomura

concerning

its

financial

condition

to

demonstrate

its

ability

to

support

DMC's

advisory

business

after

the

Closing.

Based

on

this

review,

the

Board

concluded

that

DMC

would

continue

to

have

the

financial

ability

to

maintain

the

high

quality

of

services

required

by

the

Funds.

Nomura

described

its

proposed

changes

to

DMC's

corporate

governance,

primarily

through

the

anticipated

addition

of

certain

Nomura

officers

to

DMC's

parent

company.

The

Board

considered

favorably

Nomura's

statement

that

it

had

no

current

intention

to

change

the

executive,

administrative,

investment,

or

support

staff

of

DMC

in

any

significant

way

as

a

result

of

the

Transaction.

Nomura

described

the

proposed

harmonization

of

the

compensation

system

in

use

at

DMC

with

the

compensation

plan

used

by

Nomura,

including

short-term

and

long-term

incentive

compensation

and

equity

interests

for

executive

officers

and

investment

personnel.

The

Board

also

considered

Nomura's

current

strategic

plans

to

increase

its

asset

management

activities,

one

of

its

core

businesses,

particularly

in

North

America,

and

its

statement

that

its

acquisition

of

DMC

is

an

important

component

of

this

strategic

growth

and

the

establishment

of

a

significant

presence

in

the

United

States.

Based

in

part

on

the

information

provided

by

DMC

and

Nomura,

the

Board

concluded

that

Nomura's

acquisition

of

DMC

could

potentially

enhance

the

nature,

quality,

and

extent

of

services

provided

to

the

Funds

and

their

shareholders.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

The

Board

noted

that

Nomura

has

a

broker/dealer

affiliate

that

executes

brokerage

transactions

and

certain

other

Nomura

affiliates

participate

as

underwriters

for

securities

offerings

outside

of

the

United

States.

Consequently,

the

Board

determined

to

have

DMC

report

to

them

regularly

to

monitor

any

brokerage

transactions

with

Nomura

affiliates

for

compliance

with

the

requirements

of

Section

15(f)

and

Section

17(e)

of

the

1940

Act,

and

to

ensure

compliance

with

the

Funds'

procedures

under

Rule

10f-3

under

the

1940

Act

for

offerings

in

which

a

Nomura

affiliate

is

a

member

of

the

underwriting

syndicate.

#### Conclusion.
The

Independent

Trustees

of

the

Trust

deliberated

in

executive

session;

the

entire

Board

of

each

Fund,

including

the

Independent

Trustees,

then

approved

the

Proposed

Advisory

Agreements.

The

Board

concluded

that

the

advisory

fee

rates

under

each

New

Investment

Advisory

Agreement

are

reasonable

in

relation

to

the

services

provided

and

that

execution

of

the

New

Investment

Advisory

Agreements

is

in

the

best

interests

of

the

shareholders.

For

each

Fund,

the

Board

noted

that

they

had

concluded

in

their

considerations

of

the

initial

approval

of

each

Fund's

advisory

agreement

at

the

Fund's

initial

contract

approval

Board

meeting

that

the

management

fees

and

total

expense

ratios

were

at

reasonable

levels

in

light

of

the

quality

of

services

provided

to

the

Fund

and

in

comparison

to

those

of

the

Fund's

respective

peer

groups;

that

the

advisory

fee

schedule

would

not

be

increased

and

would

stay

the

same

for

each

Fund;

that

the

total

expense

ratio

had

not

changed

materially

since

that

determination;

and

that

DMC

had

represented

that

the

overall

expenses

for

each

Fund

were

not

expected

to

be

adversely

affected

by

the

Transaction.

On

that

basis,

the

Board

concluded

that

each

of

the

total

expense

ratio

and

proposed

advisory

fee

for

the

Funds

anticipated

to

result

from

the

Transaction

was

reasonable.

In

reaching

its

determination

regarding

the

approval

of

the

Proposed

Advisory

Agreements,

the

Board,

including

all

of

the

Independent

Trustees,

considered

the

factors,

conclusions

and

information

they

believed

relevant

in

the

exercise

of

their

reasonable

judgment,

including,

but

not

limited

to,

the

factors,

conclusions

and

information

discussed

above.

Further,

in

their

deliberations,

the

Board

members

did

not

identify

any

particular

factor

(or

conclusion

with

respect

thereto)

or

information

that

was

all

important

or

controlling,

and

each

Board

member

may

have

attributed

different

weights

to

the

various

factors

(and

conclusions

with

respect

thereto)

and

information.

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
At

a

meeting

held

on

October

15,

2025

(the

"Contract

Renewal

Meeting"),

the

Board

of

Trustees

(the

"Board"),

including

a

majority

of

Trustees

who

are

not

"interested

persons"

as

defined

under

the

Investment

Company

Act

of

1940

(the

"Independent

Trustees"),

approved

the

annual

renewal

of

the

Investment

Management

Agreement

with

Delaware

Management

Company

("DMC"

or

the

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

National

High-Yield

Municipal

Bond

ETF

"Adviser")

on

behalf

of

the

below

series

of

the

Trust

(each,

a

"Fund"

and

together,

the

"Funds")

and

the

Sub-Advisory

Agreement

with

Macquarie

Investment

Management

Global

Limited

("MIMGL")

on

behalf

of

the

below

series

of

the

Trust

(each,

a

"Sub-Advised

Fund"

and

together,

the

"Sub-Advised

Funds"):

Prior

to

the

Contract

Renewal

Meeting,

the

Independent

Trustees

were

assisted

in

their

evaluation

of

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement

by

independent

legal

counsel,

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

In

providing

information

to

the

Board,

DMC

was

guided

by

a

detailed

set

of

requests

for

information

submitted

to

them

by

independent

legal

counsel

on

behalf

of

the

Independent

Trustees

prior

to

the

Contract

Renewal

Meeting.

Prior

to

the

Contract

Renewal

Meeting,

and

in

response

to

the

requests,

the

Board

received

and

reviewed

materials

specifically

relating

to

the

renewal

of

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement.

The

Board

also

considered

presentations

made

by,

information

provided

by

and

discussions

held

with,

representatives

of

DMC

at

the

Contract

Renewal

Meeting

and

at

prior

Board

meetings.

At

these

meetings,

representatives

of

DMC

furnished

reports

and

other

information

to

the

Board,

and

engaged

in

discussions

with

the

Board,

regarding,

among

other

things,

the

performance

of

the

Funds,

the

services

provided

to

the

Funds

by

the

Adviser

and

MIMGL

(as

applicable),

the

Funds'

distribution

arrangements,

and

compliance,

risk

management

and

operational

matters

related

to

the

Funds,

the

Adviser

and

MIMGL.

The

Board

also

received

information

comparing

the

advisory

fees

and

expenses

of

each

Fund

to

those

from

a

peer

group

of

funds

comparable

to

each

Fund.

The

Board's

decision

to

approve

the

renewal

of

the

Investment

Management

Agreement

and

Sub-Advisory

Agreement

was

based

on

a

comprehensive

consideration

of

all

information

provided

to

the

Board

throughout

the

year

and

specifically

in

connection

with

the

Contract

Renewal

Meeting,

as

well

as

the

knowledge

gained

over

time

through

previous

interactions

with

DMC

#### Investment

#### Management

#### Agreement

#### Sub-Advisory

#### Agreement
Macquarie

Global

Listed

Infrastructure

ETF

Macquarie

Global

Listed

Infrastructure

ETF

Macquarie

Energy

Transition

ETF

Macquarie

Energy

Transition

ETF

Macquarie

Focused

Large

Growth

ETF

Macquarie

Focused

Large

Growth

ETF

Macquarie

Focused

SMID

Cap

Core

ETF

Macquarie

Focused

SMID

Cap

Core

ETF

Macquarie

Focused

International

Core

ETF

Macquarie

Focused

International

Core

ETF

Macquarie

Focused

Emerging

Markets

Equity

ETF

Macquarie

Focused

Emerging

Markets

Equity

ETF

Macquarie

National

High-Yield

Municipal

Bond

ETF

.

Macquarie

Tax-Free

USA

Short

Term

ETF

.

Macquarie

Tax-Free

USA

Intermediate

ETF

.

Macquarie

Tax-Free

USA

ETF

.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

and

management.

In

considering

and

approving

the

renewal

of

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement,

the

Trustees

considered

the

information

they

believed

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

In

its

deliberations,

the

Board

did

not

identify

any

absence

of

information

as

material

to

its

decision,

or

any

particular

factor

(or

conclusion

with

respect

thereto)

or

single

piece

of

information

that

was

all-important,

controlling

or

determinative

of

its

decision,

but

considered

all

of

the

factors

together,

and

each

Trustee

may

have

attributed

different

weights

to

the

various

factors

(and

conclusions

with

respect

thereto)

and

information.

After

its

deliberations,

the

Board,

including

the

Independent

Trustees,

unanimously

approved

the

continuance

of

the

Investment

Management

Agreement

for

the

Funds

and

the

Sub-Advisory

Agreement

for

the

Sub-Advised

Funds

for

an

additional

year.

The

following

summarizes

a

number

of

important,

but

not

necessarily

all,

factors

considered

by

the

Board

in

support

of

its

approval.

(a) *The* 

*nature,* 

*extent* 

*and* 

*quality* 

*of* 

*services* 

*provided* 

*by* 

*the* 

*Adviser* 

*and* 

*MIMGL.*

The

Board

reviewed

the

services

that

the

Adviser

and

MIMGL

provided

to

the

Funds

(as

applicable).

In

connection

with

the

investment

advisory

services

provided,

the

Board

noted

the

responsibilities

of

the

Adviser

as

investment

adviser,

including:

the

overall

responsibility

for

the

general

management

and

investment

of

each

Fund's

securities

portfolio;

responsibility

for

the

investment

performance

and

processes

and

compliance

with

the

Funds'

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

deposit

securities

and

cash

components;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

Fund

shares

conducted

on

a

cash-in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Funds.

To

the

extent

any

such

activities

or

services

are

performed

by

MIMGL,

the

Board

considered

the

Adviser's

oversight

of

such

activities

and

services.

The

Board

considered

the

Adviser's

ability

to

attract

and

retain

qualified

personnel

to

service

the

Funds

and

the

experience

and

skills

of

key

management

and

investment

personnel

of

the

Adviser.

The

Board

also

noted

the

compliance

program

and

compliance

experience

of

the

Adviser

and

MIMGL.

The

Board

considered

the

Adviser's

day-to-day

oversight

of

each

Fund's

compliance

with

applicable

laws

and

regulations,

noting

that

regulatory

and

other

developments

had

over

time

led

to

an

increase

in

the

scope

of

the

Adviser's

oversight

responsibilities

in

this

regard.

The

Board

also

took

into

account

the

Adviser's

oversight

of

the

Funds'

operations

and

the

Funds'

other

service

providers.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

National

High-Yield

Municipal

Bond

ETF

The

Board

reviewed

the

Adviser's

and

MIMGL's

experience,

resources,

financial

condition,

and

strengths

in

managing

the

Funds,

including

the

personnel

of

each.

The

Board

also

evaluated

information

about

the

nature

and

extent

of

responsibilities

retained

and

risks

assumed

by

the

Adviser,

including

the

Adviser's

assumption

of

business,

entrepreneurial,

overall

managerial

and

other

risks

by

sponsoring

and

advising

the

Funds.

Based

on

these

considerations,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

Adviser

and

MIMGL

are

capable

of

continuing

to

provide

services

of

the

nature,

extent

and

quality

contemplated

by

the

terms

of

the

Investment

Management

Agreement

and

the

Sub-

Advisory

Agreement.

(b) *Fees* 

*and* 

*expenses*

.

The

Board

compared

both

the

services

rendered

and

the

fees

paid

to

the

Adviser

with

the

fees

that

the

Adviser

receives

pursuant

to

its

other

advisory

agreements,

as

well

as

the

fees

paid

to

other

investment

advisers

with

respect

to

similar

funds.

In

particular,

the

Board

compared

each

Fund's

advisory

fee

and

total

net

expense

ratio

to

other

investment

companies

considered

to

be

in

that

Fund's

Morningstar

category

and

peer

group

of

funds.

To

the

extent

relevant,

the

Board

reviewed

information

provided

by

the

Adviser

about

differences,

including

strategy

implementation

and

the

amount

of

assets

being

managed,

between

a

Fund

and

its

peer

funds.

While

the

Board

recognized

that

comparisons

between

a

Fund

and

its

peer

group

may

be

imprecise,

the

comparative

information

assisted

the

Board

in

evaluating

the

reasonableness

of

the

Funds'

advisory

fees

and

total

net

expenses.

The

Board

took

into

account

that

MIMGL

does

not

receive

a

separate

fee

for

its

services

as

sub-adviser

to

the

Sub-Advised

Funds.

After

comparing

each

Fund's

fees

and

total

expense

ratios

with

those

of

other

funds

in

each

Fund's

peer

group,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

MIMGL,

as

applicable,

and

the

costs

they

incur

in

rendering

those

services,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

level

of

fees

paid

to

the

Adviser

with

respect

to

each

Fund

was

fair

and

reasonable

in

light

of

the

nature,

extent

and

quality

of

the

services

provided

by

the

Adviser

and

MIMGL,

as

applicable.

(c) *Profitability* 

*and* 

*Fall* 

*out* 

*Benefits.*

The

Board

reviewed

the

costs

of

services

provided

by

and

the

profits

realized

by

the

Adviser

from

its

relationship

with

the

Macquarie

Global

Listed

Infrastructure

ETF,

Macquarie

Energy

Transition

ETF

and

Macquarie

Tax-Free

USA

Short

Term

ETF,

including

operational

costs

and

both

direct

benefits

and

indirect

benefits

accruing

to

the

Adviser

and

its

affiliates.

The

Trustees

noted

that

each

of

these

three

Funds

had

completed

at

least

one

year

of

investment

operations

as

of

the

fiscal

year

ended

March

31,

2025. The

Trustees

considered

how

the

Adviser's

profitability

was

affected

by

factors

such

as

its

organizational

structure

and

method

for

allocating

expenses.

The

Board

also

considered

that

the

Adviser

had

entered

into

unitary

fee

arrangements

with

the

Funds

under

which

the

Adviser

reimbursed

the

Funds

for

expenses

over

the

applicable

unitary

fee

rate.

With

respect

to

the

Funds

with

less

than

one

year

of

operations

as

of

the

fiscal

year

ended

March

31,

2025,

the

Board

did

not

consider

the

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

profitability

of

the

Adviser

to

be

a

material

factor

in

their

determination,

but

did

take

into

account

prior

profitability

estimates

provided

by

the

Adviser

to

the

Board

in

connection

with

the

launch

of

the

Funds.

The

Board

further

noted

that,

with

respect

to

the

Funds

with

shorter

operational

histories,

profitability

reports

with

respect

to

such

Funds

would

be

considered

during

subsequent

renewals

of

the

Investment

Management

Agreement.

The

Board

also

considered

that

the

Adviser

and

its

affiliates

may

experience

reputational

"fall-out"

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

Based

on

these

considerations,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

Adviser's

profitability

from

its

relationship

with

each

of

the

Funds,

if

any,

after

taking

into

account

a

reasonable

allocation

of

costs,

was

not

unreasonable.

(d) *Economies* 

*of* 

*scale.*

The

Board

considered

whether

the

Adviser

would

realize

economies

of

scale

with

respect

to

its

management

of

each

Fund

as

each

Fund

grew

and

whether

fee

levels

reflected

these

economies.

The

Trustees

considered

the

Adviser's

views

relating

to

economies

of

scale

in

connection

with

the

Funds

and

the

extent

to

which

the

benefits

of

any

such

economies

of

scale

are

shared

with

the

Funds

and

Fund

shareholders.

The

Trustees

recognized

that

economies

of

scale

are

difficult

to

identify

and

quantify

and

are

rarely

identifiable

on

a

fund-by-fund

basis.

Based

on

this

evaluation,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

advisory

fees

were

reasonable

in

light

of

the

information

that

was

provided

to

the

Trustees

by

the

Adviser

with

respect

to

economies

of

scale.

The

Board

noted

that

it

would

revisit

whether

economies

of

scale

exist

in

the

future

during

subsequent

renewals

of

the

Investment

Management

Agreement

and

once

a

Fund

achieved

sufficient

scale.

(e) *Investment* 

*Performance* 

*of* 

*the* 

*Funds* 

*and* 

*the* 

*Adviser.*

The

Board

considered

the

overall

investment

performance

of

the

Adviser

and

the

Funds

since

each

Fund's

commencement

date.

In

its

evaluation

of

investment

performance

of

a

Fund,

the

Board

took

into

account

such

Fund's

short

performance

period,

weighing

the

fact

that

the

Macquarie

Global

Listed

Infrastructure

ETF,

the

Macquarie

Energy

Transition

ETF,

and

the

Macquarie

Tax-Free

USA

Short

Term

ETF

commenced

operations

on

November

28,

2023,

the

Macquarie

Focused

Large

Growth

ETF

commenced

operations

on

May

14,

2024,

the

Macquarie

Focused

Emerging

Markets

Equity

ETF

commenced

operations

on

September

4,

2024,

the

Macquarie

National

High-Yield

Municipal

Bond

ETF

commenced

operations

on

March

5,

2025

and

the

Macquarie

Focused

International

Core

ETF

commenced

operations

on

June

18,

2025. The

Macquarie

Tax-Free

USA

Intermediate

ETF,

Macquarie

Tax-Free

USA

ETF

and

Macquarie

Focused

SMID

Core

ETF

were

not

active

prior

to

the

time

of

the

Meeting.

As

a

result,

the

Board

did

not

consider

the

investment

performance

of

the

Macquarie

Tax-Free

USA

Intermediate

ETF,

Macquarie

Tax-Free

USA

ETF

and

Macquarie

Focused

SMID

Core

ETF

at

the

Meeting.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

National

High-Yield

Municipal

Bond

ETF

The

Board

considered

performance

reports

and

discussions

with

portfolio

managers

at

Board

meetings

throughout

the

year

for

the

Funds

that

were

active

during

the

time

period.

These

performance

reports

showed

a

Fund's

absolute

investment

performance

and

investment

performance

compared

to

a

broad

based

benchmark

index,

a

more

narrowly

tailored

index

selected

by

the

Adviser

as

being

representative

of

a

Fund's

investment

strategy

and

Morningstar

Category

peer

funds

identified

by

the

Adviser

as

being

similar

to

the

Fund.

They

further

considered

the

Adviser's

explanation

of

the

relevance

of

the

selected

peer

group

to

each

Fund.

Investment

performance

for

each

Fund,

as

of

June

30,

2025,

was

shown

for

the

past

1-year

period

and

since

inception

or,

if

shorter,

only

since

inception,

compared

to

that

of

the

peer

group

and

benchmarks.

The

Board

noted

that,

while

it

found

the

comparative

peer

data

generally

useful,

it

recognized

the

data's

limitations,

including

in

particular

that

the

data

may

vary

depending

on

the

end

date

selected

and

that

the

results

of

the

performance

comparisons

vary

depending

on

the

funds

in

the

peer

group.

The

Board

also

considered

that

it

received

detailed

information

on

the

performance

of

each

active

Fund

from

the

Adviser

in

connection

with

each

of

its

regular

quarterly

meetings

throughout

the

year.

At

these

meetings,

the

Adviser

reviewed

with

the

Board

factors

contributing

to

Fund

performance

and

the

Adviser's

evaluation

of

such

performance

in

light

of

the

Funds'

design

objectives.

Representatives

from

the

Adviser

provided

information

regarding

and

led

discussions

of

factors

impacting

the

performance

of

the

Funds,

outlining

current

market

conditions

and

explaining

their

expectations

and

strategies

for

the

future.

The

Board

evaluated

the

explanations

for

any

relative

underperformance

of

a

Fund

during

the

relevant

periods,

as

well

as

to

investment

decisions

and

global

economic

and

other

factors

that

affected

the

Fund's

investment

performance

and

whether

each

Fund

had

performed

as

expected

over

time,

as

well

as

any

plans

to

address

underperformance,

if

applicable.

The

Board

took

into

account

that

each

Fund

was

being

managed

in

accordance

with

its

investment

objective

and

strategies.

Based

on

this

information,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

investment

results

that

the

Adviser

and

MIMGL,

as

applicable,

had

been

able

to

achieve

for

the

Funds

during

their

relatively

limited

performance

history

were

satisfactory

and

support

renewal

of

the

Investment

Management

Agreement

and

Sub-Advisory

Agreement

for

an

additional

one

year

period.

In

doing

so,

the

Board

reflected

that

the

reports

provided

at

quarterly

Board

meetings

provide

an

opportunity

for

ongoing

oversight

as

the

Funds

mature

and

reach

scale.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant

in

the

exercise

of

its

reasonable

business

judgment,

the

Board

concluded

that

the

advisory

fees

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

and

MIMGL

to

each

Fund,

as

applicable,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

and

MIMGL,

as

applicable,

in

providing

such

services.

As

a

result,

the

Board

concluded

that

the

renewal

of

the

Investment

Management

Agreement

and

Sub-Advisory

Agreement

was

in

the

best

interests

of

each

Fund,

as

applicable.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

This

page

is

not

part

of

the

financial

statements

and

other

information.

AR-HTAX-TRST-0526

(5415290) #### Contact

#### information

#### Shareholder

#### assistance

#### by

#### phone
844

469-9911,

weekdays

from

9:00am

to

5:00pm

ET

#### Regular

#### mail
Nomura ETF

Trust

c/o

Foreside

Financial

Services

Three

Canal

Plaza,

Suite

Portland,

ME

04101

Nomura Asset

Management

• 610

Market

Street

• Philadelphia,

PA

19106-2354

#### Nomura

#### Asset

#### Management

#### is

#### part

#### of

#### the

#### Investment

#### Management

#### Division

#### of

#### the

#### Nomura

#### Group,

#### providing

#### integrated

#### public

#### and

#### private

#### market

#### asset

#### management

#### services

#### across

#### equities,

#### fixed

#### income,

#### private

#### credit

#### and

#### multi-asset

#### solutions

#### to

#### intermediary

#### and

#### institutional

#### clients.

#### Nomura

#### Asset

#### Management

#### primarily

#### operates

#### through

#### several

#### distinct

#### investment

#### managers,

#### which

#### includes

#### Nomura

#### Investment

#### Management

#### Business

#### Trust

#### (NIMBT),

#### a

#### Securities

#### and

#### Exchange

#### Commission
(SEC)

#### registered

#### investment

#### adviser.

#### Investment

#### advisory

#### services

#### are

#### provided

#### to

#### the

#### Nomura

#### ETF

#### Trust

#### Funds

#### by

#### Delaware

#### Management

#### Company,

#### a

#### series

#### of

#### NIMBT.
The

Fund

is distributed

by

#### Foreside

#### Financial

#### Services
LLC. Nomura

Focused

International

Core

ETF

(Formerly,

Macquarie

Focused

International

Core

ETF)

Financial

statements

and

other

information

For

the

period

ended

March

31,

2026

#### Table

#### of

#### contents
Schedule

of

investments

#### 1
Statement

of

assets

and

liabilities

#### 4
Statement

of

operations

#### 5
Statement

of

changes

in

net

assets

#### 6
Financial

highlights

#### 7
Notes

to

financial

statements

#### 8
Report

of

independent

registered

public

accounting

firm

#### 19
Other

Fund

information

#### 20
This

report

and

the

financial

statements

contained

herein

are

submitted

for

the

general

information

of

the

shareholders

of

the

Fund.

This

report

is

not

authorized

for

distribution

to

prospective

investors

in

the

Fund

unless

preceded

or

accompanied

by

an

effective

prospectus.

#### Form

#### N-PORT

#### and

#### proxy

#### voting

#### information
The

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

on

Form

N-PORT.

The

Fund's

Form

N-PORT,

as

well

as

a

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

(if

any)

relating

to

portfolio

securities,

is

available

without

charge

(i) upon

request,

by

calling

844

469-9911;

and

(ii) on

the

SEC's

website

at

sec.gov.

In

addition,

a

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

(if

any)

relating

to

portfolio

securities

and

the

Schedule

of

Investments

included

in

the

Fund's

most

recent

Form

N-PORT

are

available

without

charge

on

the

Fund's

website

at

nomuraassetmanagement.com/etf-literature.

Information

(if

any)

regarding

how

the

Fund

voted

proxies

relating

to

portfolio

securities

during

the

most

recently

disclosed

12-month

period

ended

June

is

available

without

charge

(i) through

the

Fund's

website

at

nomuraassetmanagement.com/etf-literature;

and

(ii) on

the

SEC's

website

at

sec.gov.

#### Schedule

#### of

#### investments
Nomura

Focused

International

Core

ETF

March

31,

2026

Number

of

shares

Value

(US

$)

#### Common

#### Stocks

#### —

#### 93

#### .54

#### %
Δ

Brazil

-

.48

%

Banco

do

Brasil

SA

363,815

$

1,615,442

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

64,406

1,967,548

Embraer

SA

ADR

19,350

1,148,229

MercadoLibre,

Inc.

†

592

1,023,580

5,754,799

Canada

-

.93

%

Celestica,

Inc.

†

3,742

1,054,046

TFI

International,

Inc.

12,223

1,330,463

2,384,509

China

-

.54

%

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

Class

H

144A

#

162,308

1,344,425

Zijin

Mining

Group

Co.

Ltd.,

Class

H

183,080

802,253

2,146,678

France

-

.03

%

Airbus

SE

6,618

1,230,179

1,230,179

Germany

-

.99

%

BioNTech

SE

ADR

†

7,066

628,026

KION

Group

AG

8,423

432,851

Siemens

Energy

AG

4,604

756,988

1,817,865

Hong

Kong

-

.45

%

Henderson

Land

Development

Co.

Ltd.

460,023

1,696,662

Prudential

plc

117,504

1,614,384

3,311,046

India

-

.63

%

HDFC

Bank

Ltd.

ADR

39,683

987,313

987,313

Japan

-

.90

%

Daikin

Industries

Ltd.

10,800

1,271,529

Mitsubishi

UFJ

Financial

Group,

Inc.

110,200

1,805,362

Nintendo

Co.

Ltd.

17,500

967,597

SMC

Corp.

5,200

1,961,652

6,006,140

Luxembourg

-

.79

%

Eurofins

Scientific

SE

23,370

1,692,585

1,692,585

#### Schedule

#### of

#### investments
Nomura

Focused

International

Core

ETF

Number

of

shares

Value

(US

$)

#### Common

#### Stocks
(continued)

Mexico

-

.15

%

Cemex

SAB

de

CV

ADR

114,193

$

1,306,368

1,306,368

Netherlands

-

.01

%

Adyen

NV

144A

#,†

1,286

1,264,352

Argenx

SE

ADR

†

2,257

1,648,174

ASML

Holding

NV

1,676

2,168,119

ING

Groep

NV

86,357

2,206,427

7,287,072

Singapore

-

.41

%

Grab

Holdings

Ltd.,

Class

A

†

281,964

1,031,988

Sea

Ltd.

ADR

†

8,320

688,979

Singapore

Telecommunications

Ltd.

ADR

40,446

1,564,856

3,285,823

South

Korea

-

.25

%

SK

hynix,

Inc.

4,899

2,581,199

2,581,199

Spain

-

.79

%

Banco

Bilbao

Vizcaya

Argentaria

SA

80,260

1,693,025

1,693,025

Taiwan

-

.58

%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

72,503

3,991,407

3,991,407

United

Kingdom

-

.09

%

3i

Group

plc

16,172

521,860

BAE

Systems

plc

35,878

1,044,738

Barclays

plc

163,562

843,123

Compass

Group

plc

46,571

1,285,223

3,694,944

United

States

of

America

-

.52

%

Booking

Holdings,

Inc.

1,402,037

CNH

Industrial

NV

111,770

1,229,470

Experian

plc

26,144

899,017

Flutter

Entertainment

plc

†

5,808

592,126

SLB

Ltd.

39,583

2,034,170

Spotify

Technology

SA

†

2,978

1,444,062

7,600,882

#### Total

#### Common

#### Stocks
(cost

$59,511,090)

#### 56,771,834

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Number

of

shares

Value

(US

$)

#### Preferred

#### Stocks

#### —

#### 1

#### .79

#### %

#### Δ
Germany

-

.79

%

Henkel

AG

&

Co.

KGaA

14,218

$

1,089,566

#### Total

#### Preferred

#### Stocks
(cost

$1,385,144)

#### 1,089,566

#### Short-Term

#### Investments

#### —

#### 4

#### .49

#### %
Money

Market

Mutual

Funds

-

.49

%

Invesco

Government

&

Agency

Portfolio

-

Institutional

Class

(seven-day

effective

yield

3.58%)

2,725,049

2,725,049

#### Total

#### Short-Term

#### Investments
(cost

$2,725,049)

#### 2,725,049

#### Total

#### Value

#### of

#### Securities

#### —

#### 99.82%
&nbsp;&nbsp;&nbsp;&nbsp; (cost

$63,621,283)

#### 60,586,449

#### Receivables

#### and

#### Other

#### Assets

#### Net

#### of

#### Liabilities

#### —

#### 0.18%

#### 109,104

#### Net

#### Assets

#### Applicable

#### to

#### 2,550,000

#### Shares

#### Outstanding

#### —

#### 100.00%

#### $

#### 60,695,553
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

March

31,

2026,

the

aggregate

value

of

Rule

144A

securities

was

$2,608,777,

which

represents

4.30%

of

the

Fund's

net

assets.

See

Note

in

"Notes

to

financial

statements."

#### Summary

#### of

#### abbreviations

#### :
ADR

–

American

Depositary

Receipt

AG

–

Aktiengesellschaft

#### Statement

#### of

#### assets

#### and

#### liabilities
Nomura

Focused

International

Core

ETF

March

31,

2026

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

#### Assets:
Investments

at

value\*

$

60,586,449

Foreign

currency,

at

value\*\*

Dividends

receivable

134,629

Foreign

tax

reclaims

receivable

5,774

Total

Assets

60,727,340

#### Liabilities:
Management

fees

payable

to

affiliates

31,787

Total

Liabilities

31,787

#### Total

#### Net

#### Assets
$

60,695,553

#### Net

#### Assets

#### Consist

#### of:
Paid-in-capital

$

64,791,730

Total

distributable

earnings

(loss)

(4,096,177)

#### Total

#### Net

#### Assets
$

60,695,553

Shares

outstanding

(unlimited

amount

authorized,

no

par

value)

2,550,000

Net

asset

value

per

share

$

23.80 \*Investments,

at

cost

$

63,621,283

\*\*Foreign

currency,

at

cost

#### Statement

#### of

#### operations
Nomura

Focused

International

Core

ETF

For

the

period

June

17,

2025\*

to

March

31,

2026

\*

Date

of

commencement

of

operations.

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

#### Investment

#### Income:
Dividends

$

395,871

Foreign

tax

withheld

(29,899)

365,972

#### Expenses:
Management

fees

161,063

Total

operating

expenses

161,063

#### Net

#### Investment

#### Income
(Loss)

204,909

#### Net

#### Realized

#### and

#### Unrealized

#### Gain

#### (Loss):
Net

realized

gain

(loss)

on:

Investments

(1,193,731)

Investments

in-kind

478,821

Foreign

currencies

(53,841)

Net

realized

gain

(loss)

(768,751)

Net

unrealized

appreciation

(depreciation)

on:

Investments

(3,034,834)

Foreign

currencies

Net

unrealized

appreciation

(depreciation)

(3,034,830)

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

(3,803,581)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations
$

(3,598,672)

#### Statement

#### of

#### changes

#### in

#### net

#### assets
Nomura

Focused

International

Core

ETF

\*

Date

of

commencement

of

operations.

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

For

the

period

June

17,

2025

\*

to

March

31,

2026

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations:
Net

investment

income

(loss)

$

204,909

Net

realized

gain

(loss)

(768,751)

Net

unrealized

appreciation

(depreciation)

(3,034,830)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

(3,598,672)

#### Dividends

#### and

#### Distributions

#### to

#### Shareholders

#### from:
Distributable

earnings

(21,930)

(21,930)

#### Capital

#### Share

#### Transactions:

#### 1
Proceeds

from

shares

sold

69,734,696

Cost

of

shares

redeemed

(5,418,541)

Increase

in

net

assets

derived

from

capital

share

transactions

64,316,155

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets
60,695,553

#### Net

#### Assets:
Beginning

of

period

–

End

of

period

$

60,695,553

#### Capital

#### Share

#### Transactions:
Beginning

of

period

–

Shares

sold

in-kind

2,750,000

Shares

redeemed

in-kind

(200,000)

Shares

outstanding,

end

of

period

2,550,000

Capital

share

transactions

may

include

transaction

fees

associated

with

Creation

and

Redemption

transactions

which

occurred

during

the

period.

See

Note

in

"Notes

to

financial

statements."

#### Financial

#### highlights
Nomura

Focused

International

Core

ETF

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Selected

data

for

each

share

of

the

Fund

outstanding

throughout

the

period

were

as

follows:

For

the

period

June

17,

2025

to

March

31,

2026

#### Net

#### asset

#### value,

#### beginning

#### of

#### period

#### .........................
$

.00

#### Income
(loss)

#### from

#### investment

#### operations:
—

Net

investment

income

....................................

.15

Net

realized

and

unrealized

loss

..............................

(1

.34)

Total

from

investment

operations

.............................................

(1.19)

#### Less

#### dividends

#### and

#### distributions

#### from:
—

Net

investment

income

....................................

(0

.01)

Total

dividends

and

distrib

u

tions

............................................

(0.01)

#### Net

#### asset

#### value,

#### end

#### of

#### period

#### ..............................
$

23.80 #### Total

#### return

#### 3
............................................

(4.77%)

#### Ratios

#### and

#### supplemental

#### data:
$60,696

Net

assets,

end

of

period

(000

omitted)

.........................

$

60,696

Ratio

of

expenses

to

average

net

assets

.......................

0.59%

Ratio

of

net

investment

income

to

average

net

assets

..............

0.75%

Portfolio

turnover

.........................................

133%

Date

of

commencement

of

operations.

Ratios

have

been

annualized;

total

return

and

portfolio

turnover

have

not

been

annualized.

Calculated

using

average

shares

outstanding.

Total

return

is

based

on

the

change

in

net

asset

value

of

a

share

during

the

period

and

assumes

reinvestment

of

dividends

and

distributions

at

net

asset

value.

Expense

ratios

do

not

include

expenses

of

any

investment

companies

in

which

the

Fund

invests.

Excludes

the

value

of

portfolio

securities

received

or

delivered

as

a

result

of

in-kind

purchases

or

redemptions

of

the

Fund's

capital

shares.

#### Notes

#### to

#### financial

#### statements
Nomura

Focused

International

Core

ETF

March

31,

2026

Nomura

ETF

Trust

(Trust)

is

organized

as

a

Delaware

statutory

trust

effective

February

22,

2023

and

is

an

open-end

management

investment

company

registered

with

the

U.S.

Securities

and

Exchange

Commission.

As

of

the

date

of

this

report,

the

Trust

offers nine series.

These

financial

statements

and

the

related

notes

pertain

to

Nomura

Focused

International

Core

ETF (formerly,

Macquarie

Focused

International

Core

ETF

through

November

30,

2025)

(Fund).

The

Fund

commenced

operations

on June

17,

2025. The

Fund

is

considered

non-diversified

under

the

Investment

Company

Act

of

1940,

as

amended

(1940

Act).

1. #### Significant

#### Accounting

#### Policies
The

Fund

follows

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

—

Investment

Companies.

The

following

accounting

policies

are

in

accordance

with

US

generally

accepted

accounting

principles

(US

GAAP)

and

are

consistently

followed

by

the

Fund.

#### Security

#### Valuation
—

Equity

securities,

except

those

traded

on

the

Nasdaq

Stock

Market

LLC

(Nasdaq),

are

valued

at

the

last

quoted

sales

price

as

of

the

time

of

the

regular

close

of

the

New

York

Stock

Exchange

(NYSE) on

the

valuation

date.

Equity

securities

traded

on

the

Nasdaq

are

valued

in

accordance

with

the

Nasdaq

Official

Closing

Price,

which

may

not

be

the

last

sales

price.

If,

on

a

particular

day,

an

equity

security

does

not

trade,

the

mean

between

the

bid

and

the

ask

prices

will

be

used,

which

approximates

fair

value.

Equity

securities

listed

on

a

foreign

exchange

are

normally

valued

at

the

last

quoted

sales

price

on

the

valuation

date.

Open-end

investment

companies

are

valued

at

their

published

net

asset

value

(NAV). Investments

for

which

market

quotations

are

not

readily

available

are

valued

at

fair

value

as

determined

in

good

faith

pursuant

to

Rule

2a-

under

the

1940

Act

(Rule

2a-5).

As

a

general

principle,

the

fair

value

of

a

security

or

other

asset

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Pursuant

to

Rule

2a-5,

the

Board

of

Trustees

(Board)

has

designated

Delaware

Management

Company

(DMC

or

the

Manager)

as

part

of

its

duties

as

the

Fund's

valuation

designee

(Valuation

Designee)

to

perform

the

fair

value

determination

relating

to

all

applicable

Fund

investments.

DMC

has

established

a

pricing

committee (Pricing

Committee)

to

assist

with

its

designated

responsibilities

as

Valuation

Designee,

and

DMC

may

carry

out

its

designated

responsibilities

as

Valuation

Designee

through

the

Pricing

Committee

and

other

teams

and

committees,

which

operate

under

policies

and

procedures

approved

by

the

Board

and

subject

to

the

Board's

oversight.

Fair

value

pricing

may

be

used

more

frequently

for

securities

traded

primarily

in

non-US

markets.

If

a

foreign

(non-US)

equity

security's

value

has

materially

changed

after

the

close

of

the

security's

primary

exchange

or

principal

market

but

before

the

close

of

the

NYSE,

the

security

may

be

valued

at

fair

value.

With

respect

to

foreign

(non-US)

equity

securities,

the

Fund

may

determine

the

fair

value

of

investments

based

on

information

provided

by

the

Valuation

Designee,

which

may

recommend

fair

value

as

determined

in

good

faith

pursuant

to

Rule

2a-5.

In

considering

whether

fair

valuation

is

required

and

in

determining

fair

values,

the

Valuation

Designee

may,

among

other

things,

consider

significant

events

(which

may

be

considered

to

include

changes

in

the

value

of

US

securities

or

securities

indexes)

that

occur

after

the

close

of

the

relevant

market

and

before

the

close

of

the

NYSE.

The

Valuation

Designee

may

utilize

modeling

tools

provided

by

third-party

vendors

to

determine

fair

values

of

non-US

securities.

#### Federal

#### Income

#### Taxes
—

No

provision

for

federal

income

taxes

has

been

made

as the

Fund

intends

to

continue

to

qualify

for

federal

income

tax

purposes

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended,

and

make

the

requisite

distributions

to

shareholders.

The

Fund

evaluates

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

the

Fund's

tax

returns

to

determine

whether

the

tax

positions

are

"more-

likely-than-not"

of

being

sustained

by

the

applicable

tax

authority.

Tax

positions

not

deemed

to

meet

the

"more-likely-than-not"

threshold

are

recorded

as

a

tax

benefit

or

expense

in

the

current

period.

Management

has

analyzed

the

Fund's

tax

positions

taken

or

expected

to

be

taken

on

the

Fund's

federal

income

tax

return

through

the

period

ended

March

31,

2026

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund's

financial

statements.

If

applicable,

the

Fund

recognizes

interest

and

tax

penalties

on

unrecognized

tax

benefits

in

"interest

and

tax

penalties"

on

the

"Statement

of

operations."

During

the period ended March

31,

2026,

the

Fund

did

not

incur

any

interest

or

tax

penalties.

#### Foreign

#### Currency

#### Transactions
—

Transactions

denominated

in

foreign

currencies

are

recorded

at

the

prevailing

exchange

rates

on

the

valuation

date.

The

value

of

all

assets

and

liabilities

denominated

in

foreign

currencies

is

translated

daily

into

US

dollars

at

the

exchange

rate

of

such

currencies

against

the

US

dollar.

Transaction

gains

or

losses

resulting

from

changes

in

exchange

rates

during

the

reporting

period

or

upon

settlement

of

the

foreign

currency

transaction

are

reported

in

operations

for

the

current

period.

The

Fund

generally

does

not

bifurcate

that

portion

of

realized

gains

and

losses

on

investments

which

is

due

to

changes

in

foreign

exchange

rates

from

that

which

is

due

to

changes

in

market

prices.

These

realized

gains

and

losses

are

included

on

the

"Statement

of

operations"

under

"Net

realized

gain

(loss)

on

investments."

The

Fund

reports

certain

foreign

currency

related

transactions

as

components

of

realized

gains

(losses)

for

financial

reporting

purposes,

whereas

such

components

are

treated

as

ordinary

income

(loss)

for

federal

income

tax

purposes.

#### In-Kind

#### Redemptions
—

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Fund.

Because

such

gains

or

losses

are

not

taxable

to

the

Fund

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Fund's

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

NAV

per

share.

#### Use

#### of

#### Estimates
—

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

fair

value

of

investments,

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements,

and

the

reported

amounts

of

revenues

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates

and

the

differences

could

be

material.

1. #### Significant

#### Accounting

#### Policies
(continued)

#### Notes

#### to

#### financial

#### statements
Nomura

Focused

International

Core

ETF

#### Other
—

Security

transactions

are

recorded

on

the

date

the

securities

are

purchased

or

sold

(trade

date)

for

financial

reporting

purposes.

Costs

used

in

calculating

realized

gains

and

losses

on

the

sale

of

investment

securities

are

those

of

the

specific

securities

sold.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Foreign

dividends

are

also

recorded

on

the

ex-dividend

date

or

as

soon

after

the

ex-dividend

date

that

the

Fund

is

aware

of

such

dividends,

net

of

all

tax

withholdings,

a

portion

of

which

may

be

reclaimable.

Withholding

taxes

and

reclaims

on

foreign

dividends

have

been

recorded

in

accordance

with

the

Fund's

understanding

of

the

applicable

country's

tax

rules

and

rates.

The

Fund

files

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Fund

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction's

applicable

laws,

payment

history

and

market

convention.

The

"Statement

of

operations"

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes. Income

and

capital

gain

distributions

from

any

investment

companies

(Underlying

Funds)

in

which

the

Fund

invests

are

recorded

on

the

ex-dividend

date.

The

Fund

declares

and

pays

dividends

from

net

investment

income

and

distributions

from

net

realized

gain

on

investments,

if

any,

at

least

annually.

The

Fund

may

distribute

more

frequently,

if

necessary

for

tax

purposes.

Dividends

and

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

#### Segment Reporting
—

In

November

2023,

FASB

issued

Accounting

Standards

Update

2023-

07,

Segment

Reporting

(Topic

280):

Improvements

to

Reportable

Segment

Disclosures,

with

the

intent

of

improving

reportable

segment

disclosure

requirements,

primarily

through

enhanced

disclosures

about

significant

segment

expenses,

allowing

financial

statement

users

to

better

understand

the

components

of

a

segment's

profit

or

loss

and

assess

potential

future

cash

flows

for

each

reportable

segment

and

the

entity

as

a

whole

thereby

enabling

better

understanding

of

how

an

entity's

segments

impact

overall

performance.

The

Fund's

Chief

Executive

Officer

and

Chief

Financial

Officer

act

as

the

Fund's

chief

operating

decision

maker

(CODM),

assessing

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

the

Fund

has

a

single

operating segment

since

the

Fund

has

a

single

investment

strategy

disclosed

in

the

prospectus

against

which

the

CODM

assesses

performance.

When

assessing

segment

performance

and

making

decisions

about

segment

resources,

the

CODM

relies

on

the

Fund's

portfolio

composition,

total

returns,

expense

ratios

and

changes

in

net

assets

which

are

consistent

with

the

information

contained

in

the

Fund's

financial

statements.

#### Recent

#### Accounting

#### Standard
—

The

Fund

adopted

FASB

Accounting

Standards

Update

(ASU),

ASU

2023-09,

Income

Taxes

(Topic

740)

—

Improvements

to

Income

Taxes

Disclosures

as

of

March

31,

2026. ASU

2023-09

requires

public

business

entities,

on

an

annual

basis,

to

provide

disclosure

of

specific

categories

in

the

rate

reconciliation,

as

well

as

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

During

the

year

ended

March

31,

2026,

the

Fund

did

not

pay

a

material

amount

of

foreign

or

US

federal,

state

or

local

income

taxes

and

therefore

did

not

include

any

additional

disclosures

in

these

financial

statements.

1. #### Significant

#### Accounting

#### Policies
(continued)

2. #### Investment

#### Management,

#### Administration

#### Agreements,

#### and

#### Other

#### Transactions

#### with

#### Affiliates
In

accordance

with

the

terms

of

its

investment

management

agreement,

the

Fund

pays

DMC,

a

series

of Nomura

Investment

Management

Business

Trust

(NIMBT)

and

the

investment

manager,

an

annual

unitary

management

fee

which

is

calculated

daily

and

paid

monthly

at

the

rate

of

0.59%

on

the

Fund's

average

daily

net

assets.

Prior

to

December

1,

2025

(Closing

Date),

NIMBT

was

named

Macquarie

Investment

Management

Business

Trust

(MIMBT).

As

of

the

Closing

Date,

Nomura

Holding

America

Inc.

completed

the

acquisition

of

Macquarie

Asset

Management's

US

and

European

public

investments

business.

The

closing

of

this

transaction

resulted

in

the

automatic

termination

of

the

Fund's

investment

advisory

agreement

with

DMC

and

any

sub-advisory

agreement,

as

applicable.

At

a

special

shareholder

meeting

held

on

September

10,

2025,

Fund

shareholders

approved

a

new

investment

advisory

agreement

for

the

Fund.

On

the

Closing

Date,

the

new

investment

advisory

agreement

and

the

Fund's

name

change

to

Nomura

Focused

International

Core

ETF

went

effective.

From

the

unitary

management

fee,

DMC

pays

most

of

the

expenses

of

the

Fund,

including

the

cost

of

sub-advisory

fees

to

any

investment

sub-adviser,

if

any, transfer

agency,

custody,

fund

administration,

legal,

audit

and

other

services.

However,

under

the

investment

management

agreement,

DMC

is

not

responsible

for

(i) interest

expenses;

(ii) taxes

(including,

but

not

limited

to,

income,

excise,

transfer

and

withholding

taxes);

(iii) expenses

of

a

Fund

incurred

with

respect

to

the

acquisition

and

disposition

of

portfolio

securities,

instruments

or

other

investments

and

the

execution

of

portfolio

transactions,

including

brokerage

commissions;

(iv) expenses

incurred

in

connection

with

any

distribution

plan

adopted

by

the

Trust

in

compliance

with

Rule

12b-1

under

the

1940

Act,

including

distribution

fees;

(v) litigation

expenses;

(vi) the

investment

advisory

fee

payable

to

the

Manager;

(vii) non-routine

or

extraordinary

expenses

(including,

without

limitation,

the

expense

associated

with

proxy

solicitations

and

fund

reorganizations);

and

(viii) acquired

fund

fees

and

expenses.

Prior

to

the

Closing

Date,

DMC

had

entered

into

a

Sub-Advisory

Agreement

on

behalf

of

the

Fund

with

Macquarie

Investment

Management

Global

Limited,

which

was

an

affiliate

of

DMC

(Prior

Affiliated

Sub-Advisor).

Pursuant

to

the

terms

of

the

Sub-Advisory

Agreement,

the

investment

sub-advisory

fee

was

paid

by

DMC

to

the

Prior

Affiliated

Sub-Advisor

based

on

the

extent

to

which

the

Prior

Affiliated

Sub-Advisor

provided

services

to

the

Fund.

As

of

the

Closing

Date,

the

Prior

Affiliated

Sub-Advisor

no

longer

serves

as

a

sub-advisor

to

the

Fund.

At

March

31,

2026,

Nomura

Holding

America,

Inc.

directly

owned

8.43%

of

the Fund's

shares

outstanding.

In

addition

to

the

management

fees

and

other

expenses

of the

Fund, the

Fund

indirectly

bears

the

investment

management

fees

and

other

expenses

of

any

Underlying

Funds,

in

which

it

invests.

The

amount

of

these

fees

and

expenses

incurred

indirectly

by the

Fund

will

vary

based

upon

the

expense

and

fee

levels

of

any

Underlying

Funds

and

the

number

of

shares

that

are

owned

of

any

Underlying

Funds

at

different

times.

#### Notes

#### to

#### financial

#### statements
Nomura

Focused

International

Core

ETF

3. #### Investments
For

the period

ended

March

31,

2026

,

the

Fund

made

purchases

and

sales

of

investment

securities

other

than

short-term

investments

and

US

government

securities as

follows:

For

the period

ended

March

31,

2026,

in-kind

transactions,

which

are

not

included

in

the

table

above, associated

with

purchase

or

redemption

of

Creation

Units

were

as

follows:

The

tax

cost

of

investments

includes

adjustments

to

net

unrealized

appreciation

(depreciation)

which

may

not

necessarily

be

the

final

tax

cost

basis

adjustments

but

which

approximate

the

tax

basis

unrealized

gains

and

losses

that

may

be

realized

and

distributed

to

shareholders.

At

March

31,

2026

,

the

cost

and

unrealized

appreciation

(depreciation)

of

investments

for

federal

income

tax

purposes

for

the

Fund

were

as

follows:

US

GAAP

defines

fair

value

as

the

price

that

the

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

under

current

market

conditions.

A

three-level

hierarchy

for

fair

value

measurements

has

been

established

based

upon

the

transparency

of

inputs

to

the

valuation

of

an

asset

or

liability.

Inputs

may

be

observable

or

unobservable

and

refer

broadly

to

the

assumptions

that

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

the

reporting

entity's

own

assumptions

about

the

assumptions

that

market

participants

would

use

in

pricing

the

asset

or

liability

based

on

the

best

information

available

under

the

circumstances.

The

Fund's

investment

in

its

entirety

is

assigned

a

level

based

upon

the

observability

of

the

inputs

which

are

significant

to

the

overall

valuation.

The

three-level

hierarchy

of

inputs

is

summarized

as

follows:

Level

—

Inputs

are

quoted

prices

in

active

markets

for

identical

investments.

(Examples:

equity

securities,

open-end

investment

companies,

futures

contracts,

and

exchange-traded

options

contracts)

Purchases

$

60,692,838

Sales

45,311,256

Purchases

$

50,425,942

Sales

4,195,259

Cost

of

investments

$

63,747,777

Aggregate

unrealized

appreciation

of

investments

$

3,314,440

Aggregate

unrealized

depreciation

of

investments

(6,475,768)

Net

unrealized

depreciation

of

investments

$

(3,161,328)

Level

2 —

Other

observable

inputs,

including,

but

not

limited

to:

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

and

default

rates)

or

other

market-corroborated

inputs.

(Examples:

debt

securities,

government

securities,

swap

contracts,

forward

foreign currency

exchange

contracts,

foreign

securities

utilizing

international

fair

value

pricing,

broker-quoted

securities,

and

fair

valued

securities)

Level

3 — Significant

unobservable

inputs,

including

the

Fund's

own

assumptions

used

to

determine

the

fair

value

of

investments.

(Examples:

broker-quoted

securities

and

fair

valued

securities)

Level

investments

are

valued

using

significant

unobservable

inputs.

The

Fund

may

also

use

an

income-based

valuation

approach

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Valuations

may

also

be

based

upon

current

market

prices

of

securities

that

are

comparable

in

coupon,

rating,

maturity,

and

industry.

The

derived

value

of

a

Level

investment

may

not

represent

the

value

which

is

received

upon

disposition

and

this

could

impact

the

results

of

operations.

The

following

table

summarizes

the

valuation

of

the

Fund's

investments

by

fair

value

hierarchy

levels

as

of

March

31,

2026

:

During

the period

ended

March

31,

2026

,

there

were

no

transfers

into

or

out

of

Level

investments.

The

Fund's

policy

is

to

recognize

transfers

into

or

out

of

Level

investments

based

on

fair

value

at

the

beginning

of

the

reporting

period.

A

reconciliation

of

Level

investments

is

presented

when

the

Fund

has

a

significant

amount

of

Level

investments

at

the

beginning

or

end

of

the

period

in

relation

to

the

Fund's

net

assets.

As

of

March

31,

2026

,

there

were

no

Level

investments.

Level

Level

Level

Total

Securities

Assets:

Common

Stocks

$

56,771,834

$

–

$

–

$

56,771,834

Preferred

Stocks

1,089,566

–

–

1,089,566

Short-Term

Investments

2,725,049

–

–

2,725,049

Total

Value

of

Securities

$

60,586,449

$

–

$

–

$

60,586,449

3. (continued)

#### Notes

#### to

#### financial

#### statements
Nomura

Focused

International

Core

ETF

4. #### Dividend

#### and

#### Distribution

#### Information
Income

and

long-term

capital

gain

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

US

GAAP. Additionally,

distributions

from

net

gains

on

foreign

currency

transactions

and

net

short-term

gains

on

sales

of

investment

securities

are

treated

as

ordinary

income

for

federal

income

tax

purposes.

The

tax

character

of

dividends

and

distributions

paid

during

the

period

ended

March

31,

2026

were

as

follows:

\*

Date

of

commencement

of

operations.

5. #### Components

#### of

#### Net

#### Assets

#### on

#### a

#### Tax

#### Basis
As

of

March

31,

2026,

the

components

of

net

assets

on

a

tax

basis

were

as

follows:

Differences

between

components

of

net

assets

unrealized

and

tax

cost

unrealized

may

arise

due

to

unrealized

appreciation/depreciation

on

foreign

currencies.

The

differences

between

book

basis

and

tax

basis

components

of

net

assets

are

primarily

attributable

to

tax

deferral

of

losses

on

wash

sales.

For

financial

reporting

purposes,

capital

accounts

are

adjusted

to

reflect

the

tax

character

of

permanent

book/tax

differences.

Results

of

operations

and

net

assets

were

not

affected

by

these

reclassifications.

Reclassifications

are

primarily

due

to

tax

treatment

of

earnings

and

profits

distributed

to

shareholders

on

the

redemption

of

shares.

For

the

period

ended

March

31,

2026,

the

Fund

recorded

the

following

reclassifications:

6/17/25

\*

to

3/31/26

Ordinary

income

$

21,930

Shares

of

beneficial

interest

$

64,791,730

Capital

loss

carryforwards

(1,063,991)

Undistributed

ordinary

income

129,138

Unrealized

appreciation

(depreciation)

of

investments

and

foreign

currencies

(3,161,324)

Net

assets

$

60,695,553

Paid-in

capital

$

475,575

Total

distributable

earnings

(loss)

(475,575)

For

federal

income

tax

purposes,

capital

loss

carryforwards

may

be

carried

forward

and

applied

against

future

capital

gains.

At March

31,

2026,

the

Fund

has

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

as

follows:

6. #### Issuance

#### and

#### Redemption

#### of

#### Fund

#### Shares
The

Fund

is

an

exchange-traded

fund

or

ETF.

Individual

Fund

shares

may

only

be

purchased

and

sold

on

a

national

securities

exchange

through

a

broker-dealer

and

investors

may

pay

a

commission

to

such

broker-dealers

in

connection

with

their

purchase

or

sale.

The

price

of

Fund

shares

is

based

on

market

price,

and

because

ETF

shares

trade

at

market

prices

rather

than

NAV,

shares

may

trade

at

a

price

greater

than

NAV

(a

premium)

or

less

than

NAV

(a

discount).

The

Fund

will

only

issue

or

redeem

shares

aggregated

into

blocks

of

50,000 shares

or

multiples

thereof

("Creation

Units") to

Authorized

Participants

who

have

entered

into

agreements

with

the

Fund's

Distributor.

An

Authorized

Participant

is

either

(1) a

"Participating

Party,"

(i.e.,

a

broker-

dealer

or

other

participant

in

the

clearing

process

of

the

Continuous

Net

Settlement

System

of

the

National

Securities

Clearing

Corporation)

("Clearing

Process"),

or

(2) a

participant

of

Depository

Trust

Company

("DTC

Participant"),

and,

in

each

case,

must

have

executed

an

agreement

("Participation

Agreement")

with

the

Distributor

with

respect

to

creations

and

redemptions

of

Creation

Units.

The

Fund

will

issue

or

redeem

Creation

Units

in

return

for

a

basket

of

assets

that

the

Fund

specifies

each

day.

Shares

are

listed

on

the

Nasdaq

exchange

and

are

publicly

traded.

If

an

investor

buys

or

sells

Fund

shares

on

the

secondary

market,

the

investor

will

pay

or

receive

the

market

price,

which

may

be

higher

or

lower

than

NAV.

The

investor's

transaction

will

be

priced

at

NAV

if

the

investor

purchases

or

redeems

Fund

shares

in

Creation

Units.

Authorized

Participants

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

the

Fund's

Administrator

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Additionally,

a

portion

of

the

transaction

fee

is

used

to

offset

transactional

costs

typically

accrued

in

the

Fund's

custody

expenses

directly

related

to

the

issuance

and

redemption

of

Creation

Units.

An

additional

variable

fee

may

be

charged

for

certain

transactions.

Such

fees

would

be

included

in

the

receivable

for

capital

shares

sold

on

the

"Statement

of

assets

and

liabilities"

if

they

are

outstanding

as

of period-end.

Transaction

fees

assessed

during

the

period

are

included

in

the

proceeds

from

shares

sold

on

the

"Statement

of

changes

in

net

assets."

Loss

carryforward

character

Short-term

Long-term

Total

$1,063,991

$—

$1,063,991

5. #### Components

#### of

#### Net

#### Assets

#### on

#### a

#### Tax

#### Basis
(continued)

#### Notes

#### to

#### financial

#### statements
Nomura

Focused

International

Core

ETF

7. #### Certain

#### Principal

#### Risks

#### of

#### the

#### Fund
Foreign

and

emerging

markets

risk

—

The

risk

that

international

investing

(particularly

in

emerging

markets)

may

be

adversely

affected

by

political

instability;

changes

in

currency

exchange

rates;

inefficient

markets

and

higher

transaction

costs;

foreign

economic

conditions;

the

imposition

of

economic

or

trade

sanctions;

or

inadequate

or

different

regulatory

and

accounting

standards.

Information

about

non-U.S.

companies

may

be

unreliable

or

outdated,

the

Manager's

reliance

on

such

data

may

affect

the

Fund's

performance,

and

the

rights

and

remedies

associated

with

investments

in

a

fund

that

invests

significantly

in

foreign

securities

may

be

different

than

those

with

a

fund

that

invests

in

domestic

securities.

Large-capitalization

company

risk

—

Large-capitalization

companies

tend

to

be

less

volatile

than

companies

with

smaller

market

capitalizations.

This

potentially

lower

risk

means

that

the

Fund's

share

price

may

not

rise

as

much

as

the

share

prices

of

funds

that

focus

on

smaller-capitalization

companies.

Liquidity

risk

—

The

possibility

that

investments

cannot

be

readily

sold

within

seven

calendar

days

at

approximately

the

price

at

which

a

fund

has

valued

them.

Currency

risk

—

The

risk

that

fluctuations

in

exchange

rates

between

the

US

dollar

and

foreign

currencies

and

between

various

foreign

currencies

may

cause

the

value

of

an

investment

to

decline.

Industrials

sector

risk

—

The

risk

that

the

value

of

a

fund's

shares

will

be

affected

by

factors

particular

to

the

industrials

and

related

sectors

(such

as

government

regulation)

and

may

fluctuate

more

widely

than

that

of

a

fund

that

invests

in

a

broad

range

of

sectors.

Industry

and

sector

risk

—

The

risk

that

the

value

of

securities

in

a

particular

industry

or

sector

(such

as

the

infrastructure

industry)

will

decline

because

of

changing

expectations

for

the

performance

of

that

industry

or

sector.

Consumer

sectors

risk

—

The

success

of

consumer

product

manufacturers

and

retailers

is

tied

closely

to

the

performance

of

domestic

and

international

economies,

interest

rates,

exchange

rates,

competition,

consumer

confidence,

changes

in

demographics

and

consumer

preferences.

Companies

in

the

consumer

staples

sector,

such

as

companies

that

produce

or

sell

food,

beverage,

and

drug

retail

or

other

household

items,

may

be

adversely

impacted

by

changes

in

global

and

economic

conditions,

rising

energy

prices,

and

changes

in

the

supply

or

price

of

commodities.

Companies

in

the

consumer

discretionary

sector,

such

as

automobile,

textile,

retail,

and

media

companies,

depend

heavily

on

disposable

household

income

and

consumer

spending,

and

may

be

strongly

affected

by

social

trends

and

marketing

campaigns.

These

companies

may

be

subject

to

severe

competition,

which

may

have

an

adverse

impact

on

their

profitability.

Financials

sector

risk

—

The

risk

that

the

value

of

a

fund's

shares

will

be

affected

by

factors

particular

to

the

financials

and

related

sectors

(such

as

government

regulation)

and

may

fluctuate

more

widely

than

that

of

a

fund

that

invests

in

a

broad

range

of

sectors.

Government

and

regulatory

risk

—

The

risk

that

governments

or

regulatory

authorities

may

take

actions

that

could

adversely

affect

various

sectors

of

the

securities

markets

and

affect

fund

performance.

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.

Value

stock

risk —

The

risk

that

the

value

of

a

security

believed

by

the

Manager

to

be

undervalued

may

never

reach

what

is

believed

to

be

its

full

value;

such

security's

value

may

decrease

or

such

security

may

be

appropriately

priced.

Value

stocks

are

stocks

of

companies

that

may

have

experienced

adverse

business

or

industry

developments

or

may

be

subject

to

special

risks

that

have

caused

the

stocks

to

be

out

of

favor

and,

in

the

opinion

of

the

Manager,

undervalued.

Rule

144A

securities

— The

Fund

also

may

invest

in

securities

that

normally

are

purchased

or

resold

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

(Rule

144A

securities).

Rule

144A

is

designed

to

facilitate

efficient

trading

among

institutional

investors

by

permitting

the

sale

of

certain

unregistered

securities.

Rule

144A

securities

may

be

resold

only

to

qualified

institutional

buyers,

provided

that

certain

other

conditions

for

resale

are

met.

To

the

extent

privately

placed

securities

held

by

a

Fund

qualify

under

Rule

144A

and

an

institutional

market

develops

for

those

securities,

a

Fund

likely

will

be

able

to

dispose

of

the

securities

without

registering

them

under

the

Securities

Act

of

1933. Nondiversification risk —

A

nondiversified

fund

has

the

flexibility

to

invest

as

much

as

50%

of

its

assets

in

as

few

as

two

issuers

with

no

single

issuer

accounting

for

more

than

25%

of

the

fund.

The

remaining

50%

of

its

assets

must

be

diversified

so

that

no

more

than

5%

of

its

assets

are

invested

in

securities

of

a

single

issuer. Because

a

nondiversified

fund

may

invest

its

assets

in

fewer

issuers,

the

value

of

its

shares

may

increase

or

decrease

more

rapidly

than

if

it

were

fully

diversified.

ETF

structure

risks

–

The

Fund

is

structured

as

an

ETF

and

as

a

result

is

subject

to

special

risks.

Shares

are

not

individually

redeemable

and

may

be

redeemed

by

the

Fund

at

NAV

only

in

large

blocks

known

as

"Creation

Units."

Trading

in

shares

on

the Nasdaq

may

be

halted

due

to

market

conditions

or

for

reasons

that,

in

the

view

of

the

Exchange,

make

trading

in

Shares

inadvisable,

such

as

extraordinary

market

volatility.

There

can

be

no

assurance

that

Shares

will

continue

to

meet

the

listing

requirements

of

the

Exchange.

An

active

trading

market

for

the

Fund's

shares

may

not

be

developed

or

maintained.

If

the

Fund's

shares

are

traded

outside

a

collateralized

settlement

system,

the

number

of

financial

institutions

that

can

act

as

authorized

participants

that

can

post

collateral

on

an

agency

basis

is

limited,

which

may

limit

the

market

for

the

Fund's

shares.

The

market

prices

of

Shares

will

fluctuate

in

response

to

changes

in

NAV

and

supply

and

demand

for

shares

and

will

include

a

"bid-ask

spread"

charged

by

the

exchange

specialists,

market

makers

or

other

participants

that

trade

the

particular

security.

There

may

be

times

when

the

market

price

and

the

NAV

vary

significantly

particularly

during

times

of

market

stress,

with

the

result

that

investors

may

pay

significantly

more

or

significantly

less

for

Fund

shares

than

the

Fund's

NAV,

7. #### Certain

#### Principal

#### Risks

#### of

#### the

#### Fund
(continued)

#### Notes

#### to

#### financial

#### statements
Nomura

Focused

International

Core

ETF

which

is

reflected

in

the

bid

and

ask

price

for

Fund

shares

or

in

the

closing

price.

If

a

shareholder

purchases

shares

at

a

time

when

the

market

price

is

at

a

premium

to

the

NAV

or

sells

shares

at

a

time

when

the

market

price

is

at

a

discount

to

NAV,

the

shareholder

may

sustain

losses

if

the

shares

are

sold

at

a

price

that

is

less

than

the

price

paid

by

the

shareholder

for

the

shares.

When

all

or

a

portion

of

an

ETFs

underlying

securities

trade

in

a

market

that

is

closed

when

the

market

for

the

Fund's

shares

is

open,

there

may

be

changes

from

the

last

quote

of

the

closed

market

and

the

quote

from

the

Fund's

domestic

trading

day,

which

could

lead

to

differences

between

the

market

value

of

the

Fund's

shares

and

the

Fund's

NAV.

In

stressed

market

conditions,

the

market

for

the

Fund's

shares

may

become

less

liquid

in

response

to

the

deteriorating

liquidity

of

the

Fund's

portfolio.

This

adverse

effect

on

the

liquidity

of

the

Fund's

shares

may,

in

turn,

lead

to

differences

between

the

market

value

of

the

Fund's

shares

and

the

Fund's

NAV.

8. #### Contractual

#### Obligations
The

Fund

enters

into

contracts

in

the

normal

course

of

business

that

contain

a

variety

of

indemnifications.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown.

However,

the

Fund

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts.

Management

has

reviewed

the

Fund's

existing

contracts

and

expects

the

risk

of

loss

to

be

remote.

9. #### Subsequent

#### Events
Management

has

determined

that

no

material

events

or

transactions

occurred

subsequent

to

March

31,

2026,

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements.

7. #### Certain

#### Principal

#### Risks

#### of

#### the

#### Fund
(continued)

#### Report

#### of

#### independent

#### registered

#### public

#### accounting

#### firm

To

the

Board

of

Trustees

of Nomura

ETF

Trust and

Shareholders

of

Nomura

Focused

International

Core

ETF

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Nomura

Focused

International

Core

ETF

(one

of

the

funds

constituting

Nomura

ETF

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

March

31,

2026,

and

the

related

statements

of

operations

and

changes

in

net

assets,

including

the

related

notes,

and

the

financial

highlights

for

the

period

June

17,

2025

(commencement

of

operations)

through

March

31,

2026

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

March

31,

2026,

and

the

results

of

its

operations,

changes

in

its

net

assets,

and

the

financial

highlights

for

the

period

June

17,

2025

(commencement

of

operations)

through

March

31,

2026

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audit.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audit

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audit

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audit

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2026

by

correspondence

with

the

custodian

and

transfer

agent.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

May

29,

2026

We

have

served

as

the

auditor

of

one

or

more

Nomura

investment

companies

since

2010. #### Other

#### Fund

#### information
(Unaudited)

Nomura

Focused

International

Core

ETF

#### Tax

#### Information
The

information

set

forth

below

is

for

the

Fund's period

as

required

by

federal

income

tax

laws.

Shareholders,

however,

must

report

distributions

on

a

calendar

year

basis

for

income

tax

purposes,

which

may

include

distributions

for

portions

of

two

fiscal

years

of

the

Fund.

Accordingly,

the

information

needed

by

shareholders

for

income

tax

purposes

will

be

sent

to

them

in

January

of

each

year.

Please

consult

your

tax

advisor

for

proper

treatment

of

this

information.

All

disclosures

are

based

on

financial

information

available

as

of

the

date

of

this

annual

report

and,

accordingly,

are

subject

to

change.

For

any

and

all

items

requiring

reporting,

it

is

the

intention

of

the

Fund

to

report

the

maximum

amount

permitted

under

the

Internal

Revenue

Code

and

the

regulations

thereunder.

For

the

period

ended

March

31,

2026,

the

Fund

reports

distributions

paid

during

the

period

as

follows:

The

Fund

intends

to

pass

through

foreign

tax

credits

in

the

maximum

amount

of

$21,229.

The

gross

foreign

source

income

earned

during

the period

ended

March

31,

2026 by

the

Fund

was

$362,666.

#### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies

#### Change

#### in

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
At

a

meeting

held

on April

15,

2026,

the

Board

of

Trustees

(Board),

upon

recommendation

of

the

Audit

Committee,

approved

the

dismissal

of

PricewaterhouseCoopers

LLP

(PwC)

upon

completion

of

services

currently

being

performed

by

PwC

related

to

the

audit

of

the

Nomura

Focused

International

Core

ETF

(formerly,

Macquarie

Focused

International

Core

ETF)

(the

"Fund")'s

March

31,

2026

financial

statements,

and

approved

the

appointment

of

Ernst

&

Young

LLP

(E&Y)

to

serve

as

the

independent

registered

public

accounting

firm

for

the

Fund,

beginning

with

the

fiscal

year

ending

March

31,

2027. (A) Ordinary

Income

Distributions

(Tax

Basis)

\*

100.00%

(B) Qualified

Dividends

26.45%

(A) is

based

on

a

percentage

of

the

Fund's

total

distributions.

(B) is

based

on

the

Fund's

ordinary

income

distributions.

Qualified

dividends

represent

dividends

which

qualify

for

the

corporate

dividends

received

deduction.

\*

For

the

period

ended

March

31,

2026,

certain

dividends

paid

by

the

Fund

may

be

subject

to

a

maximum

tax

rate

of

20%.

The

percentage

of

dividends

paid

by

the

Fund

from

ordinary

income

reported

as

qualified

income

is

100.00%.

Complete

information

will

be

computed

and

reported

in

conjunction

with

your

2026

Form

1099-DIV,

as

applicable.

PwC's

report

on

the

financial

statements

for

the

period

June

17,

2025

(commencement

of

operations)

through

March

31,

2026

did

not

contain

any

adverse

opinion

or

disclaimer

of

opinion,

nor

were

they

qualified

or

modified

as

to

uncertainty,

audit

scope,

or

accounting

principles.

In

addition,

during

the

period

June

17,

2025

(commencement

of

operations)

through

March

31,

2026

and

during

the

subsequent

interim

period

through

May

29,

2026,

(i) there

were

no

disagreements

between

the

Fund

and

PwC

on

accounting

principles,

financial

statement

disclosures

or

audit

scope,

which,

if

not

resolved

to

the

satisfaction

of

PwC,

would

have

caused

them

to

make

reference

to

the

disagreement

in

their

report;

and

(ii) there

were

no

reportable

events

described

in

Item

304(a)

(1) (v) of

Regulation

S-K

under

the

Securities

Exchange

Act

of

1934,

as

amended.

During

the

period

June

17,

2025

(commencement

of

operations)

through

March

31,

2026

and

during

the

subsequent

interim

period

through

May

29,

2026,

neither

the

Board

nor

anyone

on

its

behalf

has

consulted

with

E&Y

at

any

time

prior

to

their

selection

with

respect

to

(i) the

application

of

accounting

principles

to

a

specified

transaction,

either

completed

or

proposed

or

the

type

of

audit

opinion

that

might

be

rendered

on

the

Fund's

financial

statements;

or

(ii) the

subject

of

a

disagreement

(as

defined

in

paragraph

(a) (1) (iv) of

Item

of

Regulation

S-K)

or

reportable

events

(as

described

in

paragraph

(a) (1) (v) of

said

Item

304).

The

Fund

has

provided

PwC

with

a

copy

of

this

Form

N-CSR

and

requested

that

PwC

furnish

the

Fund

with

a

letter

stating

whether

or

not

it

agrees

with

the

statements

made

herein.

A

copy

of

PwC's

letter,

dated

June

8,

2026,

is

attached

as

Exhibit

to

this

N-CSR.

#### Proxy

#### Disclosures

#### for

#### Open-End

#### Management

#### Investment

#### Companies
Not

Applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers,

#### and

#### Others

#### of

#### Open-End

#### Management

#### Investment

#### Companies
Please

refer

to

the

disclosure

within

the

financial

statements.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
At

an

in-person

meeting

on

June

12,

2025

Meeting

("June

2025

Meeting"),

the

Board,

including

its

Independent

Trustees,

considered

and

unanimously

approved

proposed

new

investment

advisory

agreements

(together,

the

"New

Investment

Advisory

Agreements")

for

each

of

the

Macquarie

Global

Listed

Infrastructure

ETF,

Macquarie

Energy

Transition

ETF,

Macquarie

Tax-Free

USA

Short

Term

ETF,

Macquarie

Focused

Large

Growth

ETF,

Macquarie

Focused

Emerging

Markets

Equity

ETF,

Macquarie

National

High-Yield

Municipal

Bond

ETF,

and

Macquarie

Focused

International

Core

ETF

(each,

a

"Fund"

and

together,

the

"Funds")

between

the

Trust,

on

behalf

of

each

Fund,

and

DMC

(as

defined

below).

The

Board

also

approved

interim

advisory

agreements

(together,

the

"Interim

Advisory

Agreements"

and

together

with

the

New

Investment

Advisory

#### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies
(continued)

#### Change

#### in

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Focused

International

Core

ETF

Agreements,

the

"Proposed

Advisory

Agreements").

The

Board

also

determined

to

recommend

that

Fund

shareholders

approve

the

proposed

New

Investment

Advisory

Agreements.

As

part

of

their

evaluation,

the

Board's

Independent

Trustees

reviewed

material

supporting

the

approval

of

the

Proposed

Advisory

Agreements

in

executive

sessions

with

its

independent

legal

counsel

both

with

and

without

representatives

of

management.

Such

material

included

responses

provided

by

DMC

and

Nomura

Holdings

America

Inc.

(together

with

its

parent

company,

Nomura

Holdings,

Inc.,

hereinafter

referred

to

as

"Nomura")

to

an

extensive

initial

questionnaire

and

a

subsequent

memorandum

with

questions

relating

to

the

Transaction

(as

defined

below)

and

the

impact

on

the

Funds,

as

well

as

governance,

compliance,

investment

and

operational

matters.

On

April

21,

2025,

Nomura

and

Macquarie

Group

Limited

announced

that

they

had

entered

into

a

definitive

stock

purchase

agreement

(the

"Purchase

Agreement")

pursuant

to

which

Nomura

agreed

to

acquire

the

equity

interests

of

Macquarie

Asset

Management's

US

and

European

public

investments

business

(collectively,

the

"MAM

Business"),

including

the

Funds'

investment

adviser,

Delaware

Management

Company

("DMC"),

which

is

a

series

of

Macquarie

Investment

Management

Business

Trust

(the

"Transaction").

#### Background

#### for

#### the

#### Board

#### Approvals.
At

a

meeting

on

May

16,

2025

and

at

the

June

2025

Meeting,

representatives

of

DMC

met

with

the

Board

to

discuss

the

Transaction.

The

Independent

Trustees

were

advised

that

the

Transaction,

if

completed,

would

constitute

a

Change

of

Control

Event

and

result

in

the

termination

of

the

existing

investment

advisory

agreements

with

DMC

(the

"Current

Investment

Advisory

Agreements").

Pursuant

to

Section

15(a)(4)

of

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

any

investment

advisory

agreement,

including

any

sub-advisory

agreement,

on

behalf

of

a

registered

investment

company

must

terminate

automatically

upon

its

"assignment."

As

used

in

the

1940

Act,

the

term

"assignment"

includes

any

transfer

of

a

controlling

interest

in

an

investment

adviser.

Such

a

transfer

is

often

referred

to

as

a

"Change

of

Control

Event."

The

Independent

Trustees

were

also

advised

that

it

was

proposed

that

DMC

would

continue

to

serve

as

the

investment

adviser

to

each

Fund

after

the

closing

of

the

Transaction

on

or

about

October

31,

2025

(the

"Closing")

and

that

the

Board

would

be

asked

to

consider

approval

of

the

terms

and

conditions

of

the

proposed

New

Investment

Advisory

Agreements

with

DMC

and

thereafter

to

submit

the

proposed

New

Investment

Advisory

Agreements

to

the

Funds'

shareholders

for

approval.

At

the

June

2025

Meeting,

the

Board,

including

a

majority

of

the

Independent

Trustees,

reviewed

and

approved

the

Proposed

Advisory

Agreements.

The

New

Investment

Advisory

Agreements,

were

subject

to

shareholder

approval.

The

Board

considered

the

information

provided

to

it

about

the

Funds

together

and

with

respect

to

each

Fund

separately

as

the

Board

deemed

appropriate.

Prior

to

and

at

the

June

2025

Meeting,

the

Board,

together

with

independent

legal

counsel

to

the

Independent

Trustees

and

Fund

counsel,

met

with

representatives

of

DMC

and

Nomura

to

discuss

the

Transaction.

At

these

meetings,

the

Transaction

and

future

plans

for

DMC

and

the

Funds

were

discussed

at

length.

Finally,

the

Independent

Trustees

consulted

with

their

independent

legal

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

counsel

in

executive

sessions

during

the

time

period

covered

by

the

negotiation

of

the

Transaction

and

discussed,

among

other

things,

the

legal

standards

applicable

to

their

review

of

the

Proposed

Advisory

Agreements

and

certain

other

contracts

and

considerations

relevant

to

their

deliberations

on

whether

to

approve

the

Proposed

Advisory

Agreements.

At

in-person

and

virtual

meetings

with

DMC

management

and

with

key

Nomura

representatives,

the

Trustees

discussed

the

Transaction

and

the

Board

had

an

opportunity

to

ask

further

questions

and

seek

clarification

of

written

responses.

The

meetings

included

discussions

of

the

strategic

rationale

for

the

Transaction

and

Nomura's

general

plans

and

intentions

regarding

the

Funds

and

DMC. On

these

occasions,

representatives

of

DMC

and

Nomura

made

presentations

to,

and

responded

to

questions

from,

the

Trustees.

The

Board

also

inquired

about

the

plans

for,

and

anticipated

roles

and

responsibilities

of,

key

employees

and

officers

of

DMC

in

connection

with

the

Transaction.

In

connection

with

the

Trustees'

review

of

the

Proposed

Advisory

Agreements,

DMC

and/or

Nomura

emphasized

that:

—

They

expected

that

there

will

be

no

adverse

changes

as

a

result

of

the

Transaction

in

the

nature,

quality,

or

extent

of

services

currently

provided

to

the

Funds

and

their

shareholders,

including

investment

management,

distribution,

or

other

shareholder

services;

—

No

material

changes

in

personnel

or

operations

are

currently

contemplated

in

the

operation

of

DMC

under

Nomura

as

a

result

of

the

Transaction;

—

Nomura

has

no

present

intention

to

cause

DMC

to

alter

the

investment

advisory

fees

paid

to

DMC

by

a

Fund

and

the

expenses

DMC

has

agreed

to

pay

on

behalf

of

a

Fund;

and

—

Under

the

Purchase

Agreement,

Nomura

has

agreed

to,

and

to

cause

its

affiliates

to,

use

commercially

reasonable

efforts

after

Closing

to

conduct

their

respective

businesses

in

compliance

with

the

conditions

of

Section

15(f)

of

the

1940

Act

with

respect

to

the

Funds,

including

maintaining

Board

composition

of

at

least

75%

of

the

Board

members

qualifying

as

Independent

Trustees

and

not

imposing

any

"unfair

burden"

on

the

Funds

for

at

least

two

years

from

the

Closing.

The

Board

considered

that

management

proposed

that

the

Board

approve

the

Proposed

Advisory

Agreements

because,

upon

the

Closing

of

the

Transaction,

the

Current

Investment

Advisory

Agreements

and

the

current

sub-advisory

agreements

(the

"Current

Sub-Advisory

Agreements")

would

automatically

terminate

in

accordance

with

their

terms

and

applicable

regulations.

The

Board

further

considered

that

management

proposed

that

the

Board

approve

the

Interim

Advisory

Agreements

so

that,

if

the

Transaction

closes

before

a

Fund

receives

the

requisite

shareholder

approval

of

its

New

Investment

Advisory

Agreement,

an

Interim

Advisory

Agreement

would

permit

continuity

of

the

management

of

the

Fund

while

it

continued

to

solicit

the

requisite

shareholder

approval

of

the

New

Investment

Advisory

Agreement.

The

Board

reviewed

and

also

considered

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Focused

International

Core

ETF

the

forms

of

the

Proposed

Advisory

Agreements,

noting

that

the

terms

and

conditions

of

each

such

agreement

were

substantially

identical

to

the

terms

and

conditions

of

the

Current

Investment

Advisory

Agreements,

except

for

the

effective

dates,

duration

and,

with

respect

to

the

Interim

Advisory

Agreements,

escrow

provisions

required

by

applicable

law.

The

Board

noted

that

the

New

Investment

Advisory

Agreements

would

have

an

initial

two-year

term

and

that

the

Interim

Advisory

Agreements

would

be

effective

on

an

interim

basis,

as

necessary

upon

the

Closing

of

the

Transaction,

from

its

effective

date

until

the

earlier

of

(i) 150

calendar

days

from

the

effective

date

or

such

later

date

as

may

be

consistent

with

the

1940

Act,

rules

and

regulations

thereunder

or

exemptive

relief

or

interpretative

position

of

the

staff

of

the

SEC;

or

(ii) the

effective

date

of

the

applicable

New

Investment

Advisory

Agreement

("Interim

Period").

The

Interim

Advisory

Agreements

may

also

be

terminated

on

days'

written

notice

by

the

Board.

The

Board

further

noted

management's

representation

that

the

approval

of

the

Proposed

Advisory

Agreements

would

not

result

in

any

changes

to

the

Funds'

investment

objectives

or

strategies.

Further,

the

DMC

portfolio

managers

currently

responsible

for

the

day-to-day

management

of

the

Funds

are

expected

to

continue

to

provide

investment

advisory

services

to

the

Funds.

In

addition,

with

respect

to

the

Macquarie

Global

Listed

Infrastructure

ETF,

Macquarie

Energy

Transition

ETF,

Macquarie

Focused

Large

Growth

ETF,

Macquarie

Focused

Emerging

Markets

Equity

ETF,

and

Macquarie

Focused

International

Core

ETF

(the

"Sub-Advised

Funds"),

the

Board

noted

that

DMC

may

rely

on

participating

affiliate

arrangements

between

DMC

and

certain

non-US

Nomura

asset

management

entities

to

provide

continuity

of

portfolio

management

services

to

the

Sub-Advised

Funds,

including

services

provided

by

previous

sub-advisor

employees.

In

approving

each

Proposed

Advisory

Agreement,

the

Board

reviewed

and

considered

information

provided

in

its

meetings

with

DMC

and

Nomura,

as

well

as

DMC's

and

Nomura's

responses

to

a

detailed

set

of

requests

for

information

submitted

to

DMC

and

Nomura

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

Transaction.

In

addition,

prior

to

the

June

2025

Meeting,

the

Independent

Trustees

held

a

virtual

meeting

at

which

the

Independent

Trustees

conferred

amongst

themselves

and

Independent

Trustee

counsel

regarding

the

Proposed

Advisory

Agreement

and

the

information

submitted

by

DMC

and

Nomura,

then

requested

additional

information

that

the

Independent

Trustees

also

considered

prior

to

and

at

the

June

2025

Meeting.

The

Board,

including

a

majority

of

the

Independent

Trustees,

determined,

through

the

exercise

of

its

reasonable

business

judgment,

that

the

terms

of

each

Proposed

Advisory

Agreement

are

fair

and

reasonable

and

that

the

approval

of

such

Proposed

Advisory

Agreement

is

in

the

best

interests

of

the

applicable

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board's

determination.

#### Nature,

#### Extent,

#### and

#### Quality

#### of

#### Service.
The

Trustees

considered

the

services

historically

provided

by

DMC

to

the

Funds

and

their

shareholders.

In

reviewing

the

nature,

extent,

and

quality

of

services,

the

Boards

considered

that

the

New

Investment

Advisory

Agreements

will

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

be

substantially

similar

to

the

Current

Investment

Advisory

Agreements,

and

they

therefore

considered

the

many

reports

furnished

to

them

throughout

2024

and

2025

at

regular

Board

meetings

covering

matters

such

as

the

relative

performance

of

the

Funds;

the

compliance

of

portfolio

managers

with

the

investment

policies,

strategies,

and

restrictions

for

the

Funds;

the

compliance

of

management

personnel

with

the

Code

of

Ethics

adopted

throughout

the

Macquarie

Funds

complex;

and

the

adherence

to

fair

value

pricing

procedures

as

established

by

DMC

and

overseen

by

the

Board.

Further,

and

consistent

with

its

continued

oversight

of

these

matters,

the

Board

discussed

with

DMC

and

Nomura

the

impact

of

the

Transaction

on

the

remediation

efforts

and

actions

and

specific

initiatives

being

undertaken

to

enhance

DMC's

compliance,

risk,

operational

and

portfolio

management

functions

arising

out

of

DMC's

previously

announced

settlement

agreement

with

the

U.S.

Securities

and

Exchange

Commission

in

September

2024. The

Board

relied

on

commitments

by

DMC

and

Nomura

that

these

remediation

efforts

and

actions

and

specific

initiatives

would

not

be

negatively

affected

by

the

Transaction

and

would

continue

through

and

following

Closing.

Based

on

the

information

provided

by

DMC

and

Nomura,

including

that

Nomura

and

DMC

currently

expected

no

material

changes

as

a

result

of

the

Transaction

in

(i) personnel

or

operations

of

DMC

or

(ii) third

party

service

providers

to

the

Funds,

the

Board

concluded

that

the

satisfactory

nature,

extent,

and

quality

of

services

currently

provided

to

the

Funds

and

their

shareholders

were

very

likely

to

continue

under

the

New

Investment

Advisory

Agreements.

Moreover,

the

Board

concluded

that

the

Funds

would

probably

benefit

from

the

expanded

distribution

resources

that

would

become

available

to

DMC

following

the

Transaction.

The

Board

also

concluded

that

it

was

very

unlikely

that

any

"unfair

burden"

would

be

imposed

on

any

of

the

Funds

for

the

first

two

years

following

the

Closing

as

a

result

of

the

Transaction.

Consequently,

the

Board

concluded

that

they

did

not

expect

the

Transaction

to

result

in

any

adverse

changes

in

the

nature,

quality,

or

extent

of

services

(including

investment

management,

distribution,

or

other

shareholder

services)

currently

provided

to

the

Funds

and

their

shareholders.

#### Investment

#### Performance
.

The

Board

considered

the

overall

investment

performance

of

DMC

and

the

Funds

since

each

Fund's

commencement

date.

In

its

evaluation

of

investment

performance

of

a

Fund,

the

Board

took

into

account

such

Fund's

short

performance

period,

weighing

the

fact

that

the

Macquarie

Global

Listed

Infrastructure

ETF,

the

Macquarie

Energy

Transition

ETF,

and

the

Macquarie

Tax-Free

USA

Short

Term

ETF

commenced

operations

on

November

28,

2023,

the

Focused

Large

Growth

ETF

commenced

operations

on

May

14,

2024,

the

Macquarie

Focused

Emerging

Markets

Equity

ETF

commenced

operations

on

September

4,

2024,

and

the

Macquarie

National

High-Yield

Municipal

Bond

ETF

commenced

operations

on

March

5,

2025. The

Macquarie

Focused

International

Core

ETF

was

not

active

prior

to

the

time

of

the

June

2025

Meeting.

As

a

result,

the

Board

did

not

consider

the

investment

performance

of

the

Macquarie

Focused

International

Core

ETF

at

the

June

2025

Meeting.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Focused

International

Core

ETF

The

Board

considered

performance

reports

and

discussions

with

portfolio

managers

at

Board

meetings

throughout

the

year

for

the

Funds

that

were

active

during

the

time

period.

These

performance

reports

showed

a

Fund's

investment

performance

compared

to

a

group

of

funds

selected

by

DMC

as

being

similar

to

the

Fund

(the

"Performance

Universe").

Annualized

investment

performance

for

each

Fund

was

shown

for

the

past

1-year

period

and

since

inception

or,

if

shorter,

only

since

inception,

compared

to

that

of

the

Performance

Universe.

At

its

June

2025

Meeting,

the

Board,

including

the

Independent

Trustees

in

consultation

with

their

independent

legal

counsel,

reviewed

updated

investment

performance

information

for

each

of

the

active

Funds.

The

Board

compared

the

performance

of

each

active

Fund

to

that

of

its

respective

Performance

Universe

for

the

past

1-year

period

and

since

inception

or,

if

shorter,

only

since

inception.

The

Board

concluded

that

the

investment

performance

of

each

active

Fund

was

satisfactory.

Based

on

information

provided

by

DMC

and

Nomura,

the

Board

concluded

that

neither

the

Transaction

nor

the

New

Investment

Advisory

Agreements

would

likely

have

an

adverse

effect

on

the

investment

performance

of

any

Fund

because

(i) DMC

and

Nomura

did

not

currently

expect

the

Transaction

to

cause

any

material

change

to

the

Funds'

portfolio

management

teams

responsible

for

investment

performance,

which

the

Boards

found

to

be

satisfactory,

(ii) as

discussed

in

more

detail

below,

the

Funds'

expenses

were

not

expected

to

increase

as

a

result

of

the

Transaction,

(iii) the

Funds

would

not

bear

any

Transaction-related

expenses,

and

(iv) there

was

not

expected

to

be

any

"unfair

burden"

imposed

on

the

Funds

as

a

result

of

the

Transaction.

#### Comparative

#### Expenses;

#### Management

#### Profitability.
The

Board

also

evaluated

expense

comparison

data

for

the

Funds

and

management

profitability

previously

considered

at

each

Fund's

initial

contract

approval

Board

meeting.

At

a

Fund's

initial

contract

approval

Board

meeting,

the

Board

compared

both

the

services

to

be

rendered

and

the

proposed

fees

to

be

paid

to

DMC

by

the

Fund

with

the

fees

that

DMC

receives

pursuant

to

its

other

advisory

agreements,

as

well

as

the

fees

paid

to

other

investment

advisers

with

respect

to

similar

funds.

In

particular,

the

Board

compared

the

Fund's

proposed

advisory

fee

and

total

expense

ratio

to

other

investment

companies

considered

to

be

in

that

Fund's

peer

group.

The

Board

also

received

and

considered

information

about

the

fee

rates

charged

to

other

accounts

and

clients

managed

by

DMC,

including

information

about

the

differences

in

services

provided

to

the

non-registered

investment

company

clients,

as

applicable.

The

Board

also

discussed

the

anticipated

costs

and

projected

profitability

of

DMC

in

connection

with

its

service

as

investment

adviser

to

the

Fund,

including

operational

costs.

Further,

the

Board

considered

DMC's

assumption

of

business,

entrepreneurial,

overall

managerial

and

other

risks

by

sponsoring

and

advising

the

Fund.

At

the

Fund's

initial

contract

approval

Board

meeting,

DMC

responded

to

questions

from

the

Board,

explaining

that

the

nature

of

the

Fund

and

its

anticipated

investments

warranted

the

proposed

advisory

fees

for

the

Fund.

At

a

Fund's

initial

contract

approval

Board

meeting,

the

Board

concluded,

within

the

context

of

its

full

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

deliberations,

that

the

level

of

fees

proposed

to

be

paid

to

DMC

with

respect

to

the

Fund

was

fair

and

reasonable

in

light

of

the

nature,

extent

and

quality

of

the

services

proposed

to

be

provided

by

DMC

and

the

costs

it

expected

to

incur

in

rendering

those

services.

Based

on

information

provided

by

DMC

and

Nomura,

the

Board

concluded

at

the

June

2025

Meeting

that

neither

the

Transaction

nor

the

New

Investment

Advisory

Agreements

would

likely

have

an

adverse

effect

on

the

Funds'

expenses

because

(i) each

Fund's

contractual

fee

rates

under

the

New

Investment

Advisory

Agreements

would

remain

the

same,

(ii) the

Board

was

assured

by

DMC

that

they

had

no

current

intention

to

change

the

expenses

that

DMC

has

agreed

to

pay

on

behalf

of

a

Fund

as

a

result

of

the

Transaction,

(iii) under

the

Purchase

Agreement,

Nomura

and

Macquarie

would

pay

all

reasonable

costs

related

to

the

related

proxy

solicitation,

and

(iv) consistent

with

Section

15(f)

of

the

1940

Act,

no

"unfair

burden"

would

be

imposed

on

the

Funds

for

the

first

two

years

after

the

Closing.

At

the

June

2025

Meeting,

DMC

advised

the

Board

that

DMC

did

not

expect

the

Transaction

to

affect

materially

the

profitability

of

DMC

compared

to

the

level

of

projected

profitability

considered

by

the

Board

at

a

Fund's

initial

contract

approval

Board

meeting

when

the

Board

approved

the

Current

Investment

Advisory

Agreement

for

each

Fund.

Moreover,

the

Board

also

requested

and

reviewed

financial

statements

provided

by

Nomura

for

Nomura

Holdings,

Inc.,

the

parent

of

Nomura,

for

the

purpose

of

evaluating

Nomura's

ability

to

financially

support

DMC's

advisory

business

after

the

Closing

and

to

seek

to

ensure

that

DMC

can

continue

services

of

a

similar

nature,

extent,

and

quality

to

the

Funds

following

Closing

as

it

has

under

the

Current

Investment

Advisory

Agreements.

Based

on

information

provided

by

DMC

and

Nomura,

the

Board

concluded

that

DMC

would

have

sufficient

financial

resources

following

the

Transaction

to

continue

to

provide

the

same

level

and

quality

of

services

to

the

Funds

under

the

New

Investment

Advisory

Agreements

as

is

the

case

under

the

Current

Investment

Advisory

Agreements.

The

Board

also

concluded

that

Nomura

had

sufficient

financial

strength

and

resources,

as

well

as

an

ongoing

commitment

to

a

global

asset

management

business,

to

continue

investing

in

DMC

to

the

extent

that

Nomura

determined

it

was

appropriate.

Accordingly,

the

Board

concluded

that

the

fees

charged

under

the

New

Investment

Advisory

Agreements

would

be

reasonable

in

light

of

the

services

to

be

provided

and

the

expected

profitability

of

DMC

because

Nomura

advised

the

Board

that

the

methodology

followed

in

allocating

costs

for

the

purpose

of

determining

profitability

will

remain

substantially

the

same

following

the

Closing,

and

because

services

and

costs

were

expected

to

be

substantially

the

same.

#### Economies

#### of

#### Scale.
The

Board

considered

whether

economies

of

scale

would

be

realized

by

DMC

as

each

Fund's

assets

increase

and

the

extent

to

which

any

economies

of

scale

would

be

reflected

in

the

management

fees

charged.

The

Board

took

into

account

DMC's

practice

of

maintaining

the

competitive

nature

of

management

fees

based

on

its

analysis

of

fees

charged

by

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Focused

International

Core

ETF

comparable

funds.

The

Board

also

acknowledged

Nomura's

statement

that

the

Transaction

would

not

by

itself

immediately

provide

additional

economies

of

scale

given

Nomura's

limited

presence

in

the

US

mutual

fund

market.

Nonetheless,

the

Board

concluded

that

additional

economies

of

scale

could

potentially

be

achieved

in

the

future

if

DMC

were

owned

by

Nomura

as

a

result

of

Nomura's

willingness

to

invest

additional

amounts

in

DMC

if

appropriate

opportunities

arise.

The

Board

further

concluded

that

potential

economies

of

scale

could

be

achieved

as

a

result

of

DMC's

potentially

expanded

distribution

capabilities

arising

from

the

Transaction,

as

well

as

opportunities

that

might

arise

from

Nomura's

commitment

to

a

global

asset

management

business.

#### Fall-Out

#### Benefits.
The

Board

acknowledged

that

DMC

would

continue

to

benefit

from

soft

dollar

arrangements

using

portfolio

brokerage

of

each

Fund

that

invests

in

equity

securities.

The

Board

also

considered

that

Nomura

and

DMC

may

derive

reputational,

strategic,

and

other

benefits

from

their

association

with

the

Funds,

including

service

relationships

with

DMC,

and

evaluated

the

extent

to

which

DMC

might

derive

ancillary

benefits

from

Fund

operations,

including

the

potential

for

procuring

additional

business

as

a

result

of

the

prestige

and

visibility

associated

with

its

role

as

service

provider

to

the

Funds

and

the

benefits

from

allocation

of

Fund

brokerage

to

improve

trading

efficiencies.

However,

the

Board

concluded

that

(i) any

such

benefits

under

the

New

Investment

Advisory

Agreements

would

not

be

dissimilar

from

those

existing

under

the

Current

Investment

Advisory

Agreements,

(ii) such

benefits

did

not

impose

a

cost

or

burden

on

the

Funds

or

their

shareholders,

and

(iii) such

benefits

would

probably

have

an

indirectly

beneficial

effect

on

the

Funds

and

their

shareholders

because

of

the

added

importance

that

DMC

and

Nomura

might

attach

to

the

Funds

as

a

result

of

the

fall-out

benefits

that

the

Funds

conveyed.

#### The

#### Purchase

#### Agreement.
The

Board

considered

the

terms

of

the

Purchase

Agreement,

including

those

related

to

Section

15(f)

of

the

1940

Act

and

that

Macquarie

and

Nomura

will

bear

the

expenses

related

to

the

Funds'

proxy

solicitation.

At

the

June

2025

Meeting,

the

Board

discussed

the

conditions

to

the

Closing,

including

the

requirements

for

obtaining

consents

to

the

change

in

control

from

DMC's

advisory

clients,

such

as

the

Funds.

#### Board

#### Review

#### of

#### Nomura.
The

Board

reviewed

detailed

information

supplied

by

Nomura

about

its

operations.

As

previously

noted,

to

consider

DMC's

ability

to

continue

to

provide

the

same

level

and

quality

of

services

to

the

Funds,

the

Board

requested,

received

and

reviewed

information

from

Nomura

concerning

its

financial

condition

to

demonstrate

its

ability

to

support

DMC's

advisory

business

after

the

Closing.

Based

on

this

review,

the

Board

concluded

that

DMC

would

continue

to

have

the

financial

ability

to

maintain

the

high

quality

of

services

required

by

the

Funds.

Nomura

described

its

proposed

changes

to

DMC's

corporate

governance,

primarily

through

the

anticipated

addition

of

certain

Nomura

officers

to

DMC's

parent

company.

The

Board

considered

favorably

Nomura's

statement

that

it

had

no

current

intention

to

change

the

executive,

administrative,

investment,

or

support

staff

of

DMC

in

any

significant

way

as

a

result

of

the

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

Transaction.

Nomura

described

the

proposed

harmonization

of

the

compensation

system

in

use

at

DMC

with

the

compensation

plan

used

by

Nomura,

including

short-term

and

long-term

incentive

compensation

and

equity

interests

for

executive

officers

and

investment

personnel.

The

Board

also

considered

Nomura's

current

strategic

plans

to

increase

its

asset

management

activities,

one

of

its

core

businesses,

particularly

in

North

America,

and

its

statement

that

its

acquisition

of

DMC

is

an

important

component

of

this

strategic

growth

and

the

establishment

of

a

significant

presence

in

the

United

States.

Based

in

part

on

the

information

provided

by

DMC

and

Nomura,

the

Board

concluded

that

Nomura's

acquisition

of

DMC

could

potentially

enhance

the

nature,

quality,

and

extent

of

services

provided

to

the

Funds

and

their

shareholders.

The

Board

noted

that

Nomura

has

a

broker/dealer

affiliate

that

executes

brokerage

transactions

and

certain

other

Nomura

affiliates

participate

as

underwriters

for

securities

offerings

outside

of

the

United

States.

Consequently,

the

Board

determined

to

have

DMC

report

to

them

regularly

to

monitor

any

brokerage

transactions

with

Nomura

affiliates

for

compliance

with

the

requirements

of

Section

15(f)

and

Section

17(e)

of

the

1940

Act,

and

to

ensure

compliance

with

the

Funds'

procedures

under

Rule

10f-3

under

the

1940

Act

for

offerings

in

which

a

Nomura

affiliate

is

a

member

of

the

underwriting

syndicate.

#### Conclusion.
The

Independent

Trustees

of

the

Trust

deliberated

in

executive

session;

the

entire

Board

of

each

Fund,

including

the

Independent

Trustees,

then

approved

the

Proposed

Advisory

Agreements.

The

Board

concluded

that

the

advisory

fee

rates

under

each

New

Investment

Advisory

Agreement

are

reasonable

in

relation

to

the

services

provided

and

that

execution

of

the

New

Investment

Advisory

Agreements

is

in

the

best

interests

of

the

shareholders.

For

each

Fund,

the

Board

noted

that

they

had

concluded

in

their

considerations

of

the

initial

approval

of

each

Fund's

advisory

agreement

at

the

Fund's

initial

contract

approval

Board

meeting

that

the

management

fees

and

total

expense

ratios

were

at

reasonable

levels

in

light

of

the

quality

of

services

provided

to

the

Fund

and

in

comparison

to

those

of

the

Fund's

respective

peer

groups;

that

the

advisory

fee

schedule

would

not

be

increased

and

would

stay

the

same

for

each

Fund;

that

the

total

expense

ratio

had

not

changed

materially

since

that

determination;

and

that

DMC

had

represented

that

the

overall

expenses

for

each

Fund

were

not

expected

to

be

adversely

affected

by

the

Transaction.

On

that

basis,

the

Board

concluded

that

each

of

the

total

expense

ratio

and

proposed

advisory

fee

for

the

Funds

anticipated

to

result

from

the

Transaction

was

reasonable.

In

reaching

its

determination

regarding

the

approval

of

the

Proposed

Advisory

Agreements,

the

Board,

including

all

of

the

Independent

Trustees,

considered

the

factors,

conclusions

and

information

they

believed

relevant

in

the

exercise

of

their

reasonable

judgment,

including,

but

not

limited

to,

the

factors,

conclusions

and

information

discussed

above.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Focused

International

Core

ETF

Further,

in

their

deliberations,

the

Board

members

did

not

identify

any

particular

factor

(or

conclusion

with

respect

thereto)

or

information

that

was

all

important

or

controlling,

and

each

Board

member

may

have

attributed

different

weights

to

the

various

factors

(and

conclusions

with

respect

thereto)

and

information.

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
At

a

meeting

held

on

October

15,

2025

(the

"Contract

Renewal

Meeting"),

the

Board

of

Trustees

(the

"Board"),

including

a

majority

of

Trustees

who

are

not

"interested

persons"

as

defined

under

the

Investment

Company

Act

of

1940

(the

"Independent

Trustees"),

approved

the

annual

renewal

of

the

Investment

Management

Agreement

with

Delaware

Management

Company

("DMC"

or

the

"Adviser")

on

behalf

of

the

below

series

of

the

Trust

(each,

a

"Fund"

and

together,

the

"Funds")

and

the

Sub-Advisory

Agreement

with

Macquarie

Investment

Management

Global

Limited

("MIMGL")

on

behalf

of

the

below

series

of

the

Trust

(each,

a

"Sub-Advised

Fund"

and

together,

the

"Sub-Advised

Funds"):

Prior

to

the

Contract

Renewal

Meeting,

the

Independent

Trustees

were

assisted

in

their

evaluation

of

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement

by

independent

legal

counsel,

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

In

providing

information

to

the

Board,

DMC

was

guided

by

a

detailed

set

of

requests

for

information

submitted

to

them

by

independent

legal

counsel

on

behalf

of

the

Independent

Trustees

prior

to

the

Contract

Renewal

Meeting.

Prior

to

the

Contract

Renewal

Meeting,

and

in

response

to

the

requests,

the

Board

received

and

reviewed

materials

specifically

relating

to

the

renewal

of

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement.

The

Board

also

considered

presentations

made

by,

information

provided

by

and

discussions

held

with,

representatives

of

DMC

at

the

Contract

Renewal

Meeting

and

at

prior

Board

meetings.

At

these

meetings,

representatives

of

DMC

furnished

reports

and

other

information

to

the

Board,

and

#### Investment

#### Management

#### Agreement

#### Sub-Advisory

#### Agreement
Macquarie

Global

Listed

Infrastructure

ETF

Macquarie

Global

Listed

Infrastructure

ETF

Macquarie

Energy

Transition

ETF

Macquarie

Energy

Transition

ETF

Macquarie

Focused

Large

Growth

ETF

Macquarie

Focused

Large

Growth

ETF

Macquarie

Focused

SMID

Cap

Core

ETF

Macquarie

Focused

SMID

Cap

Core

ETF

Macquarie

Focused

International

Core

ETF

Macquarie

Focused

International

Core

ETF

Macquarie

Focused

Emerging

Markets

Equity

ETF

Macquarie

Focused

Emerging

Markets

Equity

ETF

Macquarie

National

High-Yield

Municipal

Bond

ETF

.

Macquarie

Tax-Free

USA

Short

Term

ETF

.

Macquarie

Tax-Free

USA

Intermediate

ETF

.

Macquarie

Tax-Free

USA

ETF

.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Advisory Agreements

#### at

#### a

#### Meeting

#### Held

#### on

#### June

#### 12,

#### 2025
(continued)

engaged

in

discussions

with

the

Board,

regarding,

among

other

things,

the

performance

of

the

Funds,

the

services

provided

to

the

Funds

by

the

Adviser

and

MIMGL

(as

applicable),

the

Funds'

distribution

arrangements,

and

compliance,

risk

management

and

operational

matters

related

to

the

Funds,

the

Adviser

and

MIMGL.

The

Board

also

received

information

comparing

the

advisory

fees

and

expenses

of

each

Fund

to

those

from

a

peer

group

of

funds

comparable

to

each

Fund.

The

Board's

decision

to

approve

the

renewal

of

the

Investment

Management

Agreement

and

Sub-Advisory

Agreement

was

based

on

a

comprehensive

consideration

of

all

information

provided

to

the

Board

throughout

the

year

and

specifically

in

connection

with

the

Contract

Renewal

Meeting,

as

well

as

the

knowledge

gained

over

time

through

previous

interactions

with

DMC

and

management.

In

considering

and

approving

the

renewal

of

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement,

the

Trustees

considered

the

information

they

believed

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

In

its

deliberations,

the

Board

did

not

identify

any

absence

of

information

as

material

to

its

decision,

or

any

particular

factor

(or

conclusion

with

respect

thereto)

or

single

piece

of

information

that

was

all-important,

controlling

or

determinative

of

its

decision,

but

considered

all

of

the

factors

together,

and

each

Trustee

may

have

attributed

different

weights

to

the

various

factors

(and

conclusions

with

respect

thereto)

and

information.

After

its

deliberations,

the

Board,

including

the

Independent

Trustees,

unanimously

approved

the

continuance

of

the

Investment

Management

Agreement

for

the

Funds

and

the

Sub-Advisory

Agreement

for

the

Sub-Advised

Funds

for

an

additional

year.

The

following

summarizes

a

number

of

important,

but

not

necessarily

all,

factors

considered

by

the

Board

in

support

of

its

approval.

(a) *The* 

*nature,* 

*extent* 

*and* 

*quality* 

*of* 

*services* 

*provided* 

*by* 

*the* 

*Adviser* 

*and* 

*MIMGL.*

The

Board

reviewed

the

services

that

the

Adviser

and

MIMGL

provided

to

the

Funds

(as

applicable).

In

connection

with

the

investment

advisory

services

provided,

the

Board

noted

the

responsibilities

of

the

Adviser

as

investment

adviser,

including:

the

overall

responsibility

for

the

general

management

and

investment

of

each

Fund's

securities

portfolio;

responsibility

for

the

investment

performance

and

processes

and

compliance

with

the

Funds'

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

deposit

securities

and

cash

components;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

Fund

shares

conducted

on

a

cash-in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Funds.

To

the

extent

any

such

activities

or

services

are

performed

by

MIMGL,

the

Board

considered

the

Adviser's

oversight

of

such

activities

and

services.

The

Board

considered

the

Adviser's

ability

to

attract

and

retain

qualified

personnel

to

service

the

Funds

and

the

experience

and

skills

of

key

management

and

investment

personnel

of

the

Adviser.

The

Board

also

noted

the

compliance

program

and

compliance

experience

of

the

Adviser

and

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Focused

International

Core

ETF

MIMGL.

The

Board

considered

the

Adviser's

day-to-day

oversight

of

each

Fund's

compliance

with

applicable

laws

and

regulations,

noting

that

regulatory

and

other

developments

had

over

time

led

to

an

increase

in

the

scope

of

the

Adviser's

oversight

responsibilities

in

this

regard.

The

Board

also

took

into

account

the

Adviser's

oversight

of

the

Funds'

operations

and

the

Funds'

other

service

providers.

The

Board

reviewed

the

Adviser's

and

MIMGL's

experience,

resources,

financial

condition,

and

strengths

in

managing

the

Funds,

including

the

personnel

of

each.

The

Board

also

evaluated

information

about

the

nature

and

extent

of

responsibilities

retained

and

risks

assumed

by

the

Adviser,

including

the

Adviser's

assumption

of

business,

entrepreneurial,

overall

managerial

and

other

risks

by

sponsoring

and

advising

the

Funds.

Based

on

these

considerations,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

Adviser

and

MIMGL

are

capable

of

continuing

to

provide

services

of

the

nature,

extent

and

quality

contemplated

by

the

terms

of

the

Investment

Management

Agreement

and

the

Sub-

Advisory

Agreement.

(b) *Fees* 

*and* 

*expenses*

.

The

Board

compared

both

the

services

rendered

and

the

fees

paid

to

the

Adviser

with

the

fees

that

the

Adviser

receives

pursuant

to

its

other

advisory

agreements,

as

well

as

the

fees

paid

to

other

investment

advisers

with

respect

to

similar

funds.

In

particular,

the

Board

compared

each

Fund's

advisory

fee

and

total

net

expense

ratio

to

other

investment

companies

considered

to

be

in

that

Fund's

Morningstar

category

and

peer

group

of

funds.

To

the

extent

relevant,

the

Board

reviewed

information

provided

by

the

Adviser

about

differences,

including

strategy

implementation

and

the

amount

of

assets

being

managed,

between

a

Fund

and

its

peer

funds.

While

the

Board

recognized

that

comparisons

between

a

Fund

and

its

peer

group

may

be

imprecise,

the

comparative

information

assisted

the

Board

in

evaluating

the

reasonableness

of

the

Funds'

advisory

fees

and

total

net

expenses.

The

Board

took

into

account

that

MIMGL

does

not

receive

a

separate

fee

for

its

services

as

sub-adviser

to

the

Sub-Advised

Funds.

After

comparing

each

Fund's

fees

and

total

expense

ratios

with

those

of

other

funds

in

each

Fund's

peer

group,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

MIMGL,

as

applicable,

and

the

costs

they

incur

in

rendering

those

services,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

level

of

fees

paid

to

the

Adviser

with

respect

to

each

Fund

was

fair

and

reasonable

in

light

of

the

nature,

extent

and

quality

of

the

services

provided

by

the

Adviser

and

MIMGL,

as

applicable.

(c) *Profitability* 

*and* 

*Fall* 

*out* 

*Benefits.*

The

Board

reviewed

the

costs

of

services

provided

by

and

the

profits

realized

by

the

Adviser

from

its

relationship

with

the

Macquarie

Global

Listed

Infrastructure

ETF,

Macquarie

Energy

Transition

ETF

and

Macquarie

Tax-Free

USA

Short

Term

ETF,

including

operational

costs

and

both

direct

benefits

and

indirect

benefits

accruing

to

the

Adviser

and

its

affiliates.

The

Trustees

noted

that

each

of

these

three

Funds

had

completed

at

least

one

year

of

investment

operations

as

of

the

fiscal

year

ended

March

31,

2025. The

Trustees

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

considered

how

the

Adviser's

profitability

was

affected

by

factors

such

as

its

organizational

structure

and

method

for

allocating

expenses.

The

Board

also

considered

that

the

Adviser

had

entered

into

unitary

fee

arrangements

with

the

Funds

under

which

the

Adviser

reimbursed

the

Funds

for

expenses

over

the

applicable

unitary

fee

rate.

With

respect

to

the

Funds

with

less

than

one

year

of

operations

as

of

the

fiscal

year

ended

March

31,

2025,

the

Board

did

not

consider

the

profitability

of

the

Adviser

to

be

a

material

factor

in

their

determination,

but

did

take

into

account

prior

profitability

estimates

provided

by

the

Adviser

to

the

Board

in

connection

with

the

launch

of

the

Funds.

The

Board

further

noted

that,

with

respect

to

the

Funds

with

shorter

operational

histories,

profitability

reports

with

respect

to

such

Funds

would

be

considered

during

subsequent

renewals

of

the

Investment

Management

Agreement.

The

Board

also

considered

that

the

Adviser

and

its

affiliates

may

experience

reputational

"fall-out"

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

Based

on

these

considerations,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

Adviser's

profitability

from

its

relationship

with

each

of

the

Funds,

if

any,

after

taking

into

account

a

reasonable

allocation

of

costs,

was

not

unreasonable.

(d) *Economies* 

*of* 

*scale.*

The

Board

considered

whether

the

Adviser

would

realize

economies

of

scale

with

respect

to

its

management

of

each

Fund

as

each

Fund

grew

and

whether

fee

levels

reflected

these

economies.

The

Trustees

considered

the

Adviser's

views

relating

to

economies

of

scale

in

connection

with

the

Funds

and

the

extent

to

which

the

benefits

of

any

such

economies

of

scale

are

shared

with

the

Funds

and

Fund

shareholders.

The

Trustees

recognized

that

economies

of

scale

are

difficult

to

identify

and

quantify

and

are

rarely

identifiable

on

a

fund-by-fund

basis.

Based

on

this

evaluation,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

advisory

fees

were

reasonable

in

light

of

the

information

that

was

provided

to

the

Trustees

by

the

Adviser

with

respect

to

economies

of

scale.

The

Board

noted

that

it

would

revisit

whether

economies

of

scale

exist

in

the

future

during

subsequent

renewals

of

the

Investment

Management

Agreement

and

once

a

Fund

achieved

sufficient

scale.

(e) *Investment* 

*Performance* 

*of* 

*the* 

*Funds* 

*and* 

*the* 

*Adviser.*

The

Board

considered

the

overall

investment

performance

of

the

Adviser

and

the

Funds

since

each

Fund's

commencement

date.

In

its

evaluation

of

investment

performance

of

a

Fund,

the

Board

took

into

account

such

Fund's

short

performance

period,

weighing

the

fact

that

the

Macquarie

Global

Listed

Infrastructure

ETF,

the

Macquarie

Energy

Transition

ETF,

and

the

Macquarie

Tax-Free

USA

Short

Term

ETF

commenced

operations

on

November

28,

2023,

the

Macquarie

Focused

Large

Growth

ETF

commenced

operations

on

May

14,

2024,

the

Macquarie

Focused

Emerging

Markets

Equity

ETF

commenced

operations

on

September

4,

2024,

the

Macquarie

National

High-Yield

Municipal

Bond

ETF

commenced

operations

on

March

5,

2025

and

the

Macquarie

Focused

International

Core

ETF

commenced

operations

on

June

18,

2025. The

Macquarie

Tax-Free

USA

Intermediate

ETF,

Macquarie

Tax-Free

USA

ETF

and

Macquarie

Focused

SMID

Core

ETF

were

not

active

prior

to

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Focused

International

Core

ETF

the

time

of

the

Meeting.

As

a

result,

the

Board

did

not

consider

the

investment

performance

of

the

Macquarie

Tax-Free

USA

Intermediate

ETF,

Macquarie

Tax-Free

USA

ETF

and

Macquarie

Focused

SMID

Core

ETF

at

the

Meeting.

The

Board

considered

performance

reports

and

discussions

with

portfolio

managers

at

Board

meetings

throughout

the

year

for

the

Funds

that

were

active

during

the

time

period.

These

performance

reports

showed

a

Fund's

absolute

investment

performance

and

investment

performance

compared

to

a

broad

based

benchmark

index,

a

more

narrowly

tailored

index

selected

by

the

Adviser

as

being

representative

of

a

Fund's

investment

strategy

and

Morningstar

Category

peer

funds

identified

by

the

Adviser

as

being

similar

to

the

Fund.

They

further

considered

the

Adviser's

explanation

of

the

relevance

of

the

selected

peer

group

to

each

Fund.

Investment

performance

for

each

Fund,

as

of

June

30,

2025,

was

shown

for

the

past

1-year

period

and

since

inception

or,

if

shorter,

only

since

inception,

compared

to

that

of

the

peer

group

and

benchmarks.

The

Board

noted

that,

while

it

found

the

comparative

peer

data

generally

useful,

it

recognized

the

data's

limitations,

including

in

particular

that

the

data

may

vary

depending

on

the

end

date

selected

and

that

the

results

of

the

performance

comparisons

vary

depending

on

the

funds

in

the

peer

group.

The

Board

also

considered

that

it

received

detailed

information

on

the

performance

of

each

active

Fund

from

the

Adviser

in

connection

with

each

of

its

regular

quarterly

meetings

throughout

the

year.

At

these

meetings,

the

Adviser

reviewed

with

the

Board

factors

contributing

to

Fund

performance

and

the

Adviser's

evaluation

of

such

performance

in

light

of

the

Funds'

design

objectives.

Representatives

from

the

Adviser

provided

information

regarding

and

led

discussions

of

factors

impacting

the

performance

of

the

Funds,

outlining

current

market

conditions

and

explaining

their

expectations

and

strategies

for

the

future.

The

Board

evaluated

the

explanations

for

any

relative

underperformance

of

a

Fund

during

the

relevant

periods,

as

well

as

to

investment

decisions

and

global

economic

and

other

factors

that

affected

the

Fund's

investment

performance

and

whether

each

Fund

had

performed

as

expected

over

time,

as

well

as

any

plans

to

address

underperformance,

if

applicable.

The

Board

took

into

account

that

each

Fund

was

being

managed

in

accordance

with

its

investment

objective

and

strategies.

Based

on

this

information,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

investment

results

that

the

Adviser

and

MIMGL,

as

applicable,

had

been

able

to

achieve

for

the

Funds

during

their

relatively

limited

performance

history

were

satisfactory

and

support

renewal

of

the

Investment

Management

Agreement

and

Sub-Advisory

Agreement

for

an

additional

one

year

period.

In

doing

so,

the

Board

reflected

that

the

reports

provided

at

quarterly

Board

meetings

provide

an

opportunity

for

ongoing

oversight

as

the

Funds

mature

and

reach

scale.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant

in

the

exercise

of

its

reasonable

business

judgment,

the

Board

concluded

that

the

advisory

fees

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

and

MIMGL

to

each

Fund,

as

applicable,

as

well

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

and

MIMGL,

as

applicable,

in

providing

such

services.

As

a

result,

the

Board

concluded

that

the

renewal

of

the

Investment

Management

Agreement

and

Sub-Advisory

Agreement

was

in

the

best

interests

of

each

Fund,

as

applicable.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

This

page

is

not

part

of

the

financial

statements

and

other

information.

AR-EXUS-TRST-0526

(5422288) #### Contact

#### information

#### Shareholder

#### assistance

#### by

#### phone
844

469-9911,

weekdays

from

9:00am

to

5:00pm

ET

#### Regular

#### mail
Nomura ETF

Trust

c/o

Foreside

Financial

Services

Three

Canal

Plaza,

Suite

Portland,

ME

04101

Nomura Asset

Management

• 610

Market

Street

• Philadelphia,

PA

19106-2354

#### Nomura

#### Asset

#### Management

#### is

#### part

#### of

#### the

#### Investment

#### Management

#### Division

#### of

#### the

#### Nomura

#### Group,

#### providing

#### integrated

#### public

#### and

#### private

#### market

#### asset

#### management

#### services

#### across

#### equities,

#### fixed

#### income,

#### private

#### credit

#### and

#### multi-asset

#### solutions

#### to

#### intermediary

#### and

#### institutional

#### clients.

#### Nomura

#### Asset

#### Management

#### primarily

#### operates

#### through

#### several

#### distinct

#### investment

#### managers,

#### which

#### includes

#### Nomura

#### Investment

#### Management

#### Business

#### Trust

#### (NIMBT),

#### a

#### Securities

#### and

#### Exchange

#### Commission
(SEC)

#### registered

#### investment

#### adviser.

#### Investment

#### advisory

#### services

#### are

#### provided

#### to

#### the

#### Nomura

#### ETF

#### Trust

#### Funds

#### by

#### Delaware

#### Management

#### Company,

#### a

#### series

#### of

#### NIMBT.
The

Fund

is distributed

by

#### Foreside

#### Financial

#### Services
LLC. Nomura

Transformational

Technologies

ETF

Financial

statements

and

other

information

For

the

period

ended

March

31,

2026

#### Table

#### of

#### contents
Schedule

of

investments

#### 1
Statement

of

assets

and

liabilities

#### 3
Statement

of

operations

#### 4
Statement

of

changes

in

net

assets

#### 5
Financial

highlights

#### 6
Notes

to

financial

statements

#### 7
Report

of

independent

registered

public

accounting

firm

#### 18
Other

Fund

information

#### 19
This

report

and

the

financial

statements

contained

herein

are

submitted

for

the

general

information

of

the

shareholders

of

the

Fund.

This

report

is

not

authorized

for

distribution

to

prospective

investors

in

the

Fund

unless

preceded

or

accompanied

by

an

effective

prospectus.

#### Form

#### N-PORT

#### and

#### proxy

#### voting

#### information
The

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

on

Form

N-PORT.

The

Fund's

Form

N-PORT,

as

well

as

a

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

(if

any)

relating

to

portfolio

securities,

is

available

without

charge

(i) upon

request,

by

calling

844

469-9911;

and

(ii) on

the

SEC's

website

at

sec.gov.

In

addition,

a

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

(if

any)

relating

to

portfolio

securities

and

the

Schedule

of

Investments

included

in

the

Fund's

most

recent

Form

N-PORT

are

available

without

charge

on

the

Fund's

website

at

nomuraassetmanagement.com/etf-literature.

Information

(if

any)

regarding

how

the

Fund

voted

proxies

relating

to

portfolio

securities

during

the

most

recently

disclosed

12-month

period

ended

June

is

available

without

charge

(i) through

the

Fund's

website

at

nomuraassetmanagement.com/etf-literature;

and

(ii) on

the

SEC's

website

at

sec.gov.

#### Schedule

#### of

#### investments
Nomura

Transformational

Technologies

ETF

March

31,

2026

Number

of

shares

Value

(US

$)

#### Common

#### Stocks

#### —

#### 97.25%
^

Communication

Services

-

17.01%

Alphabet,

Inc.,

Class

A

10,905

$

3,135,842

Meta

Platforms,

Inc.,

Class

A

9,976

5,707,569

Netflix,

Inc.

†

35,560

3,419,094

Spotify

Technology

SA

†

5,293

2,566,628

14,829,133

Consumer

Discretionary

-

10.90%

Amazon.com,

Inc.

†

16,831

3,505,393

Booking

Holdings,

Inc.

1,608,342

DoorDash,

Inc.,

Class

A

†

17,820

2,675,673

MercadoLibre,

Inc.

†

991

1,713,459

9,502,867

Industrials

-

2.96%

Kratos

Defense

&

Security

Solutions,

Inc.

†

36,562

2,577,987

2,577,987

Information

Technology

-

66.38%

Advanced

Micro

Devices,

Inc.

†

27,365

5,566,862

ASML

Holding

NV

ADR

3,084

4,073,440

Broadcom,

Inc.

13,346

4,130,720

Cadence

Design

Systems,

Inc.

†

6,232

1,731,686

Celestica,

Inc.

†

9,022

2,541,317

Lam

Research

Corp.

22,301

4,764,832

Micron

Technology,

Inc.

7,563

2,555,084

Microsoft

Corp.

10,540

3,901,592

NVIDIA

Corp.

46,081

8,036,526

Samsung

Electronics

Co.

Ltd.

14,520

1,585,051

Seagate

Technology

Holdings

plc

16,924

6,630,146

ServiceNow,

Inc.

†

17,001

1,777,455

Shopify,

Inc.,

Class

A

†

15,300

1,814,886

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

ADR

15,590

5,268,640

Texas

Instruments,

Inc.

17,964

3,487,531

57,865,768

#### Total

#### Common

#### Stocks
(cost

$88,582,785)

#### 84,775,755

#### Schedule

#### of

#### investments
Nomura

Transformational

Technologies

ETF

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Number

of

shares

Value

(US

$)

#### Short-Term

#### Investments

#### —

#### 0.21%
Money

Market

Mutual

Funds

-

0.21%

Invesco

Government

&

Agency

Portfolio

-

Institutional

Class

(seven-day

effective

yield

3.58%)

183,064

$

183,064

#### Total

#### Short-Term

#### Investments
(cost

$183,064)

#### 183,064

#### Total

#### Value

#### of

#### Securities

#### —

#### 97.46%
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost

$88,765,849)

#### 84,958,819

#### Receivables

#### and

#### Other

#### Assets

#### Net

#### of

#### Liabilities

#### —

#### 2.54%

#### 2,211,562

#### Net

#### Assets

#### Applicable

#### to

#### 3,852,764

#### Shares

#### Outstanding

#### —

#### 100.00%

#### $

#### 87,170,381
^

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

#### Statement

#### of

#### assets

#### and

#### liabilities
Nomura

Transformational

Technologies

ETF

March

31,

2026

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

#### Assets:
Investments

at

value\*

$

84,958,819

Cash

Receivable

for

fund

shares

sold

2,215,822

Dividends

receivable

19,184

Foreign

tax

reclaims

receivable

1,505

Total

Assets

87,195,750

#### Liabilities:
Management

fees

payable

to

affiliates

25,369

Total

Liabilities

25,369

#### Total

#### Net

#### Assets
$

87,170,381

#### Net

#### Assets

#### Consist

#### of:
Paid-in-capital

$

91,914,363

Total

distributable

earnings

(loss)

(4,743,982)

#### Total

#### Net

#### Assets
$

87,170,381

Shares

outstanding

(unlimited

amount

authorized,

no

par

value)

3,852,764

Net

asset

value

per

share

$

22.63 \*Investments,

at

cost

$

88,765,849

#### Statement

#### of

#### operations
Nomura

Transformational

Technologies

ETF

For

the

period

January

12,

2026\*

to

March

31,

2026

\*

Date

of

commencement

of

operations.

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

#### Investment

#### Income:
Dividends

$

49,067

Foreign

tax

withheld

(2,485)

46,582

#### Expenses:
Management

fees

47,286

Total

operating

expenses

47,286

#### Net

#### Investment

#### Income
(Loss)

(704)

#### Net

#### Realized

#### and

#### Unrealized

#### Gain

#### (Loss):
Net

realized

gain

(loss)

on:

Investments

(936,922)

Investments

in-kind

(42,018)

Foreign

currencies

(4,172)

Net

realized

gain

(loss)

(983,112)

Net

unrealized

appreciation

(depreciation)

on:

Investments

(3,807,030)

Foreign

currencies

(30)

Net

unrealized

appreciation

(depreciation)

(3,807,060)

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

(4,790,172)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations
$

(4,790,876)

#### Statement

#### of

#### changes

#### in

#### net

#### assets
Nomura

Transformational

Technologies

ETF

\*

Date

of

commencement

of

operations.

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

For

the

period

January

12,

2026

\*

to

March

31,

2026

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations:
Net

investment

income

(loss)

$

(704)

Net

realized

gain

(loss)

(983,112)

Net

unrealized

appreciation

(depreciation)

(3,807,060)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

(4,790,876)

#### Capital

#### Share

#### Transactions:

#### 1
Proceeds

from

shares

sold

94,174,600

Cost

of

shares

redeemed

(2,213,343)

Increase

in

net

assets

derived

from

capital

share

transactions

91,961,257

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets
87,170,381

#### Net

#### Assets:
Beginning

of

period

–

End

of

period

$

87,170,381

#### Capital

#### Share

#### Transactions:
Beginning

of

period

–

Shares

sold

in-kind

3,952,764

Shares

redeemed

in-kind

(100,000)

Shares

outstanding,

end

of

period

3,852,764

Capital

share

transactions

may

include

transaction

fees

associated

with

Creation

and

Redemption

transactions

which

occurred

during

the

period.

See

Note

in

"Notes

to

financial

statements."

#### Financial

#### highlights
Nomura

Transformational

Technologies

ETF

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Selected

data

for

each

share

of

the

Fund

outstanding

throughout

the

period

were

as

follows:

For

the

period

January

12,

2026

to

March

31,

2026

#### Net

#### asset

#### value,

#### beginning

#### of

#### period

#### .........................
$

.00

#### Income
(loss)

#### from

#### investment

#### operations:
—

Net

investment

loss

.......................................

(0

.00)

Net

realized

and

unrealized

loss

..............................

(2

.37)

Total

from

investment

operations

.............................................

(2.37)

#### Net

#### asset

#### value,

#### end

#### of

#### period

#### ..............................
$

22.63 #### Total

#### return

#### 4
............................................

(9.48%)

#### Ratios

#### and

#### supplemental

#### data:
$87,170

Net

assets,

end

of

period

(000

omitted)

.........................

$

87,170

Ratio

of

expenses

to

average

net

assets

.......................

0.65%

Ratio

of

net

investment

loss

to

average

net

assets

................

(0.01%)

Portfolio

turnover

.........................................

11%

Date

of

commencement

of

operations.

Ratios

have

been

annualized;

total

return

and

portfolio

turnover

have

not

been

annualized.

Calculated

using

average

shares

outstanding.

Amount

is

less

than

$(0.005)

per

share.

Total

return

is

based

on

the

change

in

net

asset

value

of

a

share

during

the

period

and

assumes

reinvestment

of

dividends

and

distributions

at

net

asset

value.

Expense

ratios

do

not

include

expenses

of

any

investment

companies

in

which

the

Fund

invests.

Excludes

the

value

of

portfolio

securities

received

or

delivered

as

a

result

of

in-kind

purchases

or

redemptions

of

the

Fund's

capital

shares.

#### Notes

#### to

#### financial

#### statements
Nomura

Transformational

Technologies

ETF

March

31,

2026

Nomura

ETF

Trust

(Trust)

is

organized

as

a

Delaware

statutory

trust

effective

February

22,

2023

and

is

an

open-end

management

investment

company

registered

with

the

U.S.

Securities

and

Exchange

Commission.

As

of

the

date

of

this

report,

the

Trust

offers nine series.

These

financial

statements

and

the

related

notes

pertain

to

Nomura

Transformational

Technologies

ETF (Fund).

As

part

of

the

Fund's

commencement

of

operations

on

January

12,

2026,

the

Fund

received

an

in-kind

contribution

from

accounts

managed

by

the

Delaware

Management

Company

(DMC

or

the

Manager),

which

consisted

of

$216,945

in

cash

and

$8,602,154

of

securities

which

were

recorded

at

their

current

value.

As

a

result

of

the

in-kind

contribution,

the

Fund

issued

352,764

shares

at

a

$25

per

share

net

asset

value.

The

Fund

is

considered

non-diversified

under

the

Investment

Company

Act

of

1940,

as

amended

(1940

Act).

1. #### Significant

#### Accounting

#### Policies
The

Fund

follows

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

—

Investment

Companies.

The

following

accounting

policies

are

in

accordance

with

US

generally

accepted

accounting

principles

(US

GAAP)

and

are

consistently

followed

by

the

Fund.

#### Security

#### Valuation
—

Equity

securities,

except

those

traded

on

the

Nasdaq

Stock

Market

LLC

(Nasdaq),

are

valued

at

the

last

quoted

sales

price

as

of

the

time

of

the

regular

close

of

the

New

York

Stock

Exchange

(NYSE) on

the

valuation

date.

Equity

securities

traded

on

the

Nasdaq

are

valued

in

accordance

with

the

Nasdaq

Official

Closing

Price,

which

may

not

be

the

last

sales

price.

If,

on

a

particular

day,

an

equity

security

does

not

trade,

the

mean

between

the

bid

and

the

ask

prices

will

be

used,

which

approximates

fair

value.

Equity

securities

listed

on

a

foreign

exchange

are

normally

valued

at

the

last

quoted

sales

price

on

the

valuation

date.

Open-end

investment

companies

are

valued

at

their

published

net

asset

value

(NAV). Investments

for

which

market

quotations

are

not

readily

available

are

valued

at

fair

value

as

determined

in

good

faith

pursuant

to

Rule

2a-

under

the

1940

Act

(Rule

2a-5).

As

a

general

principle,

the

fair

value

of

a

security

or

other

asset

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Pursuant

to

Rule

2a-5,

the

Board

of

Trustees

(Board)

has

designated

DMC

as

part

of

its

duties

as

the

Fund's

valuation

designee

(Valuation

Designee)

to

perform

the

fair

value

determination

relating

to

all

applicable

Fund

investments.

DMC

has

established

a

pricing

committee

(Pricing

Committee)

to

assist

with

its

designated

responsibilities

as

Valuation

Designee,

and

DMC

may

carry

out

its

designated

responsibilities

as

Valuation

Designee

through

the

Pricing

Committee

and

other

teams

and

committees,

which

operate

under

policies

and

procedures

approved

by

the

Board

and

subject

to

the

Board's

oversight.

Fair

value

pricing

may

be

used

more

frequently

for

securities

traded

primarily

in

non-US

markets.

If

a

foreign

(non-US)

equity

security's

value

has

materially

changed

after

the

close

of

the

security's

primary

exchange

or

principal

market

but

before

the

close

of

the

NYSE,

the

security

may

be

valued

at

fair

value.

With

respect

to

foreign

(non-US)

equity

securities,

the

Fund

may

determine

the

fair

value

of

investments

based

on

information

provided

by

the

Valuation

Designee,

which

may

recommend

fair

value

as

determined

in

good

faith

pursuant

to

Rule

2a-5.

In

considering

whether

fair

valuation

is

required

and

in

determining

fair

#### Notes

#### to

#### financial

#### statements
Nomura

Transformational

Technologies

ETF

values,

the

Valuation

Designee

may,

among

other

things,

consider

significant

events

(which

may

be

considered

to

include

changes

in

the

value

of

US

securities

or

securities

indexes)

that

occur

after

the

close

of

the

relevant

market

and

before

the

close

of

the

NYSE.

The

Valuation

Designee

may

utilize

modeling

tools

provided

by

third-party

vendors

to

determine

fair

values

of

non-US

securities.

#### Federal

#### Income

#### Taxes
—

No

provision

for

federal

income

taxes

has

been

made

as the

Fund

intends

to

continue

to

qualify

for

federal

income

tax

purposes

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended,

and

make

the

requisite

distributions

to

shareholders.

The

Fund

evaluates

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

the

Fund's

tax

returns

to

determine

whether

the

tax

positions

are

"more-

likely-than-not"

of

being

sustained

by

the

applicable

tax

authority.

Tax

positions

not

deemed

to

meet

the

"more-likely-than-not"

threshold

are

recorded

as

a

tax

benefit

or

expense

in

the

current

period.

Management

has

analyzed

the

Fund's

tax

positions

taken

or

expected

to

be

taken

on

the

Fund's

federal

income

tax

return

through

the

period

ended

March

31,

2026

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund's

financial

statements.

If

applicable,

the

Fund

recognizes

interest

and

tax

penalties

on

unrecognized

tax

benefits

in

"interest

and

tax

penalties"

on

the

"Statement

of

operations."

During

the period ended March

31,

2026,

the

Fund

did

not

incur

any

interest

or

tax

penalties.

#### Foreign

#### Currency

#### Transactions
—

Transactions

denominated

in

foreign

currencies

are

recorded

at

the

prevailing

exchange

rates

on

the

valuation

date.

The

value

of

all

assets

and

liabilities

denominated

in

foreign

currencies

is

translated

daily

into

US

dollars

at

the

exchange

rate

of

such

currencies

against

the

US

dollar.

Transaction

gains

or

losses

resulting

from

changes

in

exchange

rates

during

the

reporting

period

or

upon

settlement

of

the

foreign

currency

transaction

are

reported

in

operations

for

the

current

period.

The

Fund

generally

does

not

bifurcate

that

portion

of

realized

gains

and

losses

on

investments

which

is

due

to

changes

in

foreign

exchange

rates

from

that

which

is

due

to

changes

in

market

prices.

These

realized

gains

and

losses

are

included

on

the

"Statement

of

operations"

under

"Net

realized

gain

(loss)

on

investments."

The

Fund

reports

certain

foreign

currency

related

transactions

as

components

of

realized

gains

(losses)

for

financial

reporting

purposes,

whereas

such

components

are

treated

as

ordinary

income

(loss)

for

federal

income

tax

purposes.

#### In-Kind

#### Redemptions
—

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Fund.

Because

such

gains

or

losses

are

not

taxable

to

the

Fund

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Fund's

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

NAV

per

share.

#### Use

#### of

#### Estimates
—

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

fair

value

of

investments,

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

1. #### Significant

#### Accounting

#### Policies
(continued)

the

date

of

the

financial

statements,

and

the

reported

amounts

of

revenues

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates

and

the

differences

could

be

material.

#### Other
—

Security

transactions

are

recorded

on

the

date

the

securities

are

purchased

or

sold

(trade

date)

for

financial

reporting

purposes.

Costs

used

in

calculating

realized

gains

and

losses

on

the

sale

of

investment

securities

are

those

of

the

specific

securities

sold.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Foreign

dividends

are

also

recorded

on

the

ex-dividend

date

or

as

soon

after

the

ex-dividend

date

that

the

Fund

is

aware

of

such

dividends,

net

of

all

tax

withholdings,

a

portion

of

which

may

be

reclaimable.

Withholding

taxes

and

reclaims

on

foreign

dividends

have

been

recorded

in

accordance

with

the

Fund's

understanding

of

the

applicable

country's

tax

rules

and

rates.

The

Fund

files

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Fund

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction's

applicable

laws,

payment

history

and

market

convention.

The

"Statement

of

operations"

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes. Income

and

capital

gain

distributions

from

any

investment

companies

(Underlying

Funds)

in

which

the

Fund

invests

are

recorded

on

the

ex-dividend

date.

The

Fund

declares

and

pays

dividends

from

net

investment

income

and

distributions

from

net

realized

gain

on

investments,

if

any,

at

least

annually.

The

Fund

may

distribute

more

frequently,

if

necessary

for

tax

purposes.

Dividends

and

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

#### Segment Reporting
—

In

November

2023,

FASB

issued

Accounting

Standards

Update

2023-

07,

Segment

Reporting

(Topic

280):

Improvements

to

Reportable

Segment

Disclosures,

with

the

intent

of

improving

reportable

segment

disclosure

requirements,

primarily

through

enhanced

disclosures

about

significant

segment

expenses,

allowing

financial

statement

users

to

better

understand

the

components

of

a

segment's

profit

or

loss

and

assess

potential

future

cash

flows

for

each

reportable

segment

and

the

entity

as

a

whole

thereby

enabling

better

understanding

of

how

an

entity's

segments

impact

overall

performance.

The

Fund's

Chief

Executive

Officer

and

Chief

Financial

Officer

act

as

the

Fund's

chief

operating

decision

maker

(CODM),

assessing

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

the

Fund

has

a

single

operating segment

since

the

Fund

has

a

single

investment

strategy

disclosed

in

the

prospectus

against

which

the

CODM

assesses

performance.

When

assessing

segment

performance

and

making

decisions

about

segment

resources,

the

CODM

relies

on

the

Fund's

portfolio

composition,

total

returns,

expense

ratios

and

changes

in

net

assets

which

are

consistent

with

the

information

contained

in

the

Fund's

financial

statements.

#### Recent

#### Accounting

#### Standard
—

The

Fund

adopted

FASB

Accounting

Standards

Update

(ASU),

ASU

2023-09,

Income

Taxes

(Topic

740)

—

Improvements

to

Income

Taxes

Disclosures

as

of

March

31,

2026. ASU

2023-09

requires

public

business

entities,

on

an

annual

basis,

to

provide

disclosure

of

specific

categories

in

the

rate

reconciliation,

as

well

as

disclosure

of

income

taxes

1. #### Significant

#### Accounting

#### Policies
(continued)

#### Notes

#### to

#### financial

#### statements
Nomura

Transformational

Technologies

ETF

paid

disaggregated

by

jurisdiction.

During

the

year

ended

March

31,

2026,

the

Fund

did

not

pay

a

material

amount

of

foreign

or

US

federal,

state

or

local

income

taxes

and

therefore

did

not

include

any

additional

disclosures

in

these

financial

statements.

2. #### Investment

#### Management,

#### Administration

#### Agreements,

#### and

#### Other

#### Transactions

#### with

#### Affiliates
In

accordance

with

the

terms

of

its

investment

management

agreement,

the

Fund

pays

DMC,

a

series

of Nomura

Investment

Management

Business

Trust

(NIMBT)

and

the

investment

manager,

an

annual

unitary

management

fee

which

is

calculated

daily

and

paid

monthly

at

the

rate

of

0.65%

on

the

Fund's

average

daily

net

assets.

On

December

1,

2025

(Closing

Date),

Nomura

Holding

America

Inc.

completed

the

acquisition

of

Macquarie

Asset

Management's

US

and

European

public

investments

business.

Prior

to

Closing

Date,

NIMBT

was

named

Macquarie

Investment

Management

Business

Trust.

From

the

unitary

management

fee,

DMC

pays

most

of

the

expenses

of

the

Fund,

including

the

cost

of

sub-advisory

fees

to

any

investment

sub-adviser,

if

any, transfer

agency,

custody,

fund

administration,

legal,

audit

and

other

services.

However,

under

the

investment

management

agreement,

DMC

is

not

responsible

for

(i) interest

expenses;

(ii) taxes

(including,

but

not

limited

to,

income,

excise,

transfer

and

withholding

taxes);

(iii) expenses

of

a

Fund

incurred

with

respect

to

the

acquisition

and

disposition

of

portfolio

securities,

instruments

or

other

investments

and

the

execution

of

portfolio

transactions,

including

brokerage

commissions;

(iv) expenses

incurred

in

connection

with

any

distribution

plan

adopted

by

the

Trust

in

compliance

with

Rule

12b-1

under

the

1940

Act,

including

distribution

fees;

(v) litigation

expenses;

(vi) the

investment

advisory

fee

payable

to

the

Manager;

(vii) non-routine

or

extraordinary

expenses

(including,

without

limitation,

the

expense

associated

with

proxy

solicitations

and

fund

reorganizations);

and

(viii) acquired

fund

fees

and

expenses.

At

March

31,

2026,

Nomura

Holding

America,

Inc.

directly

owned

19.06%

of

the Fund's

shares

outstanding.

In

addition

to

the

management

fees

and

other

expenses

of the

Fund, the

Fund

indirectly

bears

the

investment

management

fees

and

other

expenses

of

any

Underlying

Funds,

in

which

it

invests.

The

amount

of

these

fees

and

expenses

incurred

indirectly

by the

Fund

will

vary

based

upon

the

expense

and

fee

levels

of

any

Underlying

Funds

and

the

number

of

shares

that

are

owned

of

any

Underlying

Funds

at

different

times.

3. #### Investments
For

the period

ended

March

31,

2026

,

the

Fund

made

purchases

and

sales

of

investment

securities

other

than

short-term

investments

and

US

government

securities as

follows:

Purchases

$

5,553,548

Sales

4,683,075

1. #### Significant

#### Accounting

#### Policies
(continued)

For

the period

ended

March

31,

2026,

in-kind

transactions,

which

are

not

included

in

the

table

above, associated

with

purchase

or

redemption

of

Creation

Units

were

as

follows:

The

tax

cost

of

investments

includes

adjustments

to

net

unrealized

appreciation

(depreciation)

which

may

not

necessarily

be

the

final

tax

cost

basis

adjustments

but

which

approximate

the

tax

basis

unrealized

gains

and

losses

that

may

be

realized

and

distributed

to

shareholders.

At

March

31,

2026

,

the

cost

and

unrealized

appreciation

(depreciation)

of

investments

for

federal

income

tax

purposes

for

the

Fund

were

as

follows:

US

GAAP

defines

fair

value

as

the

price

that

the

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

under

current

market

conditions.

A

three-level

hierarchy

for

fair

value

measurements

has

been

established

based

upon

the

transparency

of

inputs

to

the

valuation

of

an

asset

or

liability.

Inputs

may

be

observable

or

unobservable

and

refer

broadly

to

the

assumptions

that

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

the

reporting

entity's

own

assumptions

about

the

assumptions

that

market

participants

would

use

in

pricing

the

asset

or

liability

based

on

the

best

information

available

under

the

circumstances.

The

Fund's

investment

in

its

entirety

is

assigned

a

level

based

upon

the

observability

of

the

inputs

which

are

significant

to

the

overall

valuation.

The

three-level

hierarchy

of

inputs

is

summarized

as

follows:

Level

—

Inputs

are

quoted

prices

in

active

markets

for

identical

investments.

(Examples:

equity

securities,

open-end

investment

companies,

futures

contracts,

and

exchange-traded

options

contracts)

Purchases

$

82,188,322

Sales

2,099,224

Cost

of

investments

$

88,765,849

Aggregate

unrealized

appreciation

of

investments

$

432,145

Aggregate

unrealized

depreciation

of

investments

(4,239,175)

Net

unrealized

depreciation

of

investments

$

(3,807,030)

3. #### Investments
(continued)

#### Notes

#### to

#### financial

#### statements
Nomura

Transformational

Technologies

ETF

Level

2 —

Other

observable

inputs,

including,

but

not

limited

to:

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

and

default

rates)

or

other

market-corroborated

inputs.

(Examples:

debt

securities,

government

securities,

swap

contracts,

forward

foreign currency

exchange

contracts,

foreign

securities

utilizing

international

fair

value

pricing,

broker-quoted

securities,

and

fair

valued

securities)

Level

3 — Significant

unobservable

inputs,

including

the

Fund's

own

assumptions

used

to

determine

the

fair

value

of

investments.

(Examples:

broker-quoted

securities

and

fair

valued

securities)

Level

investments

are

valued

using

significant

unobservable

inputs.

The

Fund

may

also

use

an

income-based

valuation

approach

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Valuations

may

also

be

based

upon

current

market

prices

of

securities

that

are

comparable

in

coupon,

rating,

maturity,

and

industry.

The

derived

value

of

a

Level

investment

may

not

represent

the

value

which

is

received

upon

disposition

and

this

could

impact

the

results

of

operations.

The

following

table

summarizes

the

valuation

of

the

Fund's

investments

by

fair

value

hierarchy

levels

as

of

March

31,

2026

:

During

the period

ended

March

31,

2026

,

there

were

no

transfers

into

or

out

of

Level

investments.

The

Fund's

policy

is

to

recognize

transfers

into

or

out

of

Level

investments

based

on

fair

value

at

the

beginning

of

the

reporting

period.

A

reconciliation

of

Level

investments

is

presented

when

the

Fund

has

a

significant

amount

of

Level

investments

at

the

beginning

or

end

of

the

period

in

relation

to

the

Fund's

net

assets.

As

of

March

31,

2026

,

there

were

no

Level

investments.

Level

Level

Level

Total

Securities

Assets:

Common

Stocks

$

84,775,755

$

–

$

–

$

84,775,755

Short-Term

Investments

183,064

–

–

183,064

Total

Value

of

Securities

$

84,958,819

$

–

$

–

$

84,958,819

3. #### Investments
(continued)

4. #### Dividend

#### and

#### Distribution

#### Information
Income

and

long-term

capital

gain

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

US

GAAP. Additionally,

distributions

from

net

gains

on

foreign

currency

transactions

and

net

short-term

gains

on

sales

of

investment

securities

are

treated

as

ordinary

income

for

federal

income

tax

purposes.

There

were

no dividends and

distributions

paid

during

the

period

ended

March

31,

2026. 5. #### Components

#### of

#### Net

#### Assets

#### on

#### a

#### Tax

#### Basis
As

of

March

31,

2026,

the

components

of

net

assets

on

a

tax

basis

were

as

follows:

Differences

between

components

of

net

assets

unrealized

and

tax

cost

unrealized

may

arise

due

to

unrealized

appreciation/depreciation

on

foreign

currencies.

For

financial

reporting

purposes,

capital

accounts

are

adjusted

to

reflect

the

tax

character

of

permanent

book/tax

differences.

Results

of

operations

and

net

assets

were

not

affected

by

these

reclassifications.

Reclassifications

are

primarily

due

to

tax

treatment

of

earnings

and

profits

distributed

to

shareholders

on

the

redemption

of

shares.

For

the

period

ended

March

31,

2026,

the

Fund

recorded

the

following

reclassifications:

For

federal

income

tax

purposes,

capital

loss

carryforwards

may

be

carried

forward

and

applied

against

future

capital

gains.

At March

31,

2026,

the

Fund

has

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

as

follows:

Shares

of

beneficial

interest

$

91,914,363

Capital

loss

carryforwards

(936,922)

Unrealized

appreciation

(depreciation)

of

investments

and

foreign

currencies

(3,807,060)

Net

assets

$

87,170,381

Paid-in

capital

$

(46,894)

Total

distributable

earnings

(loss)

46,894

Loss

carryforward

character

Short-term

Long-term

Total

$936,922

$—

$936,922

#### Notes

#### to

#### financial

#### statements
Nomura

Transformational

Technologies

ETF

6. #### Issuance

#### and

#### Redemption

#### of

#### Fund

#### Shares
The

Fund

is

an

exchange-traded

fund

or

ETF.

Individual

Fund

shares

may

only

be

purchased

and

sold

on

a

national

securities

exchange

through

a

broker-dealer

and

investors

may

pay

a

commission

to

such

broker-dealers

in

connection

with

their

purchase

or

sale.

The

price

of

Fund

shares

is

based

on

market

price,

and

because

ETF

shares

trade

at

market

prices

rather

than

NAV,

shares

may

trade

at

a

price

greater

than

NAV

(a

premium)

or

less

than

NAV

(a

discount).

The

Fund

will

only

issue

or

redeem

shares

aggregated

into

blocks

of

25,000 shares

or

multiples

thereof

("Creation

Units") to

Authorized

Participants

who

have

entered

into

agreements

with

the

Fund's

Distributor.

An

Authorized

Participant

is

either

(1) a

"Participating

Party,"

(i.e.,

a

broker-

dealer

or

other

participant

in

the

clearing

process

of

the

Continuous

Net

Settlement

System

of

the

National

Securities

Clearing

Corporation)

("Clearing

Process"),

or

(2) a

participant

of

Depository

Trust

Company

("DTC

Participant"),

and,

in

each

case,

must

have

executed

an

agreement

("Participation

Agreement")

with

the

Distributor

with

respect

to

creations

and

redemptions

of

Creation

Units.

The

Fund

will

issue

or

redeem

Creation

Units

in

return

for

a

basket

of

assets

that

the

Fund

specifies

each

day.

Shares

are

listed

on

the

Nasdaq

exchange

and

are

publicly

traded.

If

an

investor

buys

or

sells

Fund

shares

on

the

secondary

market,

the

investor

will

pay

or

receive

the

market

price,

which

may

be

higher

or

lower

than

NAV.

The

investor's

transaction

will

be

priced

at

NAV

if

the

investor

purchases

or

redeems

Fund

shares

in

Creation

Units.

Authorized

Participants

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

the

Fund's

Administrator

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Additionally,

a

portion

of

the

transaction

fee

is

used

to

offset

transactional

costs

typically

accrued

in

the

Fund's

custody

expenses

directly

related

to

the

issuance

and

redemption

of

Creation

Units.

An

additional

variable

fee

may

be

charged

for

certain

transactions.

Such

fees

would

be

included

in

the

receivable

for

capital

shares

sold

on

the

"Statement

of

assets

and

liabilities"

if

they

are

outstanding

as

of period-end.

Transaction

fees

assessed

during

the

period

are

included

in

the

proceeds

from

shares

sold

on

the

"Statement

of

changes

in

net

assets."

7. #### Certain

#### Principal

#### Risks

#### of

#### the

#### Fund
Foreign

and

emerging

markets

risk

—

The

risk

that

international

investing

(particularly

in

emerging

markets)

may

be

adversely

affected

by

political

instability;

changes

in

currency

exchange

rates;

inefficient

markets

and

higher

transaction

costs;

foreign

economic

conditions;

the

imposition

of

economic

or

trade

sanctions;

or

inadequate

or

different

regulatory

and

accounting

standards.

Information

about

non-U.S.

companies

may

be

unreliable

or

outdated,

the

Manager's

reliance

on

such

data

may

affect

the

Fund's

performance,

and

the

rights

and

remedies

associated

with

investments

in

a

fund

that

invests

significantly

in

foreign

securities

may

be

different

than

those

with

a

fund

that

invests

in

domestic

securities.

Large-capitalization

company

risk

—

Large-capitalization

companies

tend

to

be

less

volatile

than

companies

with

smaller

market

capitalizations.

This

potentially

lower

risk

means

that

the

Fund's

share

price

may

not

rise

as

much

as

the

share

prices

of

funds

that

focus

on

smaller-capitalization

companies.

Liquidity

risk

—

The

possibility

that

investments

cannot

be

readily

sold

within

seven

calendar

days

at

approximately

the

price

at

which

a

fund

has

valued

them.

Currency

risk

—

The

risk

that

fluctuations

in

exchange

rates

between

the

US

dollar

and

foreign

currencies

and

between

various

foreign

currencies

may

cause

the

value

of

an

investment

to

decline.

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.

Information

technology

sector

risk

—

Investment

risks

associated

with

investing

in

the

information

technology

sector,

in

addition

to

other

risks,

include

the

intense

competition

to

which

information

technology

companies

may

be

subject;

the

dramatic

and

often

unpredictable

changes

in

growth

rates

and

competition

for

qualified

personnel

among

information

technology

companies;

effects

on

profitability

from

being

heavily

dependent

on

patent

and

intellectual

property

rights

and

the

loss

or

impairment

of

those

rights;

obsolescence

of

existing

technology;

general

economic

conditions;

and

government

regulation.

Technology

industry

risk

—

The

risk

that

investment

risks

associated

with

investing

in

technology

securities,

in

addition

to

other

risks,

include:

operating

in

rapidly

changing

fields,

abrupt

or

erratic

market

movements,

limited

product

lines,

markets

or

financial

resources,

management

that

is

dependent

on

a

limited

number

of

people,

short

product

cycles,

aggressive

pricing

of

products

and

services,

new

market

entrants

and

obsolescence

of

existing

technology.

In

addition,

these

securities

may

be

impacted

by

commodity

and

energy

prices,

which

can

be

volatile,

and

may

increase

the

volatility

of

these

securities.

Growth

stock

risk

—

Growth

stocks

reflect

projections

of

future

earnings

and

revenue.

These

prices

may

rise

or

fall

dramatically

depending

on

whether

those

projections

are

met.

These

companies'

stock

prices

may

be

more

volatile,

particularly

over

the

short

term.

Government

and

regulatory

risk

—

The

risk

that

governments

or

regulatory

authorities

may

take

actions

that

could

adversely

affect

various

sectors

of

the

securities

markets

and

affect

fund

performance.

Rule

144A

securities

— The

Fund

also

may

invest

in

securities

that

normally

are

purchased

or

resold

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

(Rule

144A

securities).

Rule

144A

is

designed

to

facilitate

efficient

trading

among

institutional

investors

by

permitting

the

sale

of

certain

unregistered

securities.

Rule

144A

securities

may

be

resold

only

to

qualified

institutional

buyers,

provided

that

certain

other

conditions

for

resale

are

met.

To

the

extent

privately

placed

7. #### Certain

#### Principal

#### Risks

#### of

#### the

#### Fund
(continued)

#### Notes

#### to

#### financial

#### statements
Nomura

Transformational

Technologies

ETF

securities

held

by

a

Fund

qualify

under

Rule

144A

and

an

institutional

market

develops

for

those

securities,

a

Fund

likely

will

be

able

to

dispose

of

the

securities

without

registering

them

under

the

Securities

Act

of

1933. Nondiversification risk —

A

nondiversified

fund

has

the

flexibility

to

invest

as

much

as

50%

of

its

assets

in

as

few

as

two

issuers

with

no

single

issuer

accounting

for

more

than

25%

of

the

fund.

The

remaining

50%

of

its

assets

must

be

diversified

so

that

no

more

than

5%

of

its

assets

are

invested

in

securities

of

a

single

issuer. Because

a

nondiversified

fund

may

invest

its

assets

in

fewer

issuers,

the

value

of

its

shares

may

increase

or

decrease

more

rapidly

than

if

it

were

fully

diversified.

ETF

structure

risks

–

The

Fund

is

structured

as

an

ETF

and

as

a

result

is

subject

to

special

risks.

Shares

are

not

individually

redeemable

and

may

be

redeemed

by

the

Fund

at

NAV

only

in

large

blocks

known

as

"Creation

Units."

Trading

in

shares

on

the Nasdaq

may

be

halted

due

to

market

conditions

or

for

reasons

that,

in

the

view

of

the

Exchange,

make

trading

in

Shares

inadvisable,

such

as

extraordinary

market

volatility.

There

can

be

no

assurance

that

Shares

will

continue

to

meet

the

listing

requirements

of

the

Exchange.

An

active

trading

market

for

the

Fund's

shares

may

not

be

developed

or

maintained.

If

the

Fund's

shares

are

traded

outside

a

collateralized

settlement

system,

the

number

of

financial

institutions

that

can

act

as

authorized

participants

that

can

post

collateral

on

an

agency

basis

is

limited,

which

may

limit

the

market

for

the

Fund's

shares.

The

market

prices

of

Shares

will

fluctuate

in

response

to

changes

in

NAV

and

supply

and

demand

for

shares

and

will

include

a

"bid-ask

spread"

charged

by

the

exchange

specialists,

market

makers

or

other

participants

that

trade

the

particular

security.

There

may

be

times

when

the

market

price

and

the

NAV

vary

significantly

particularly

during

times

of

market

stress,

with

the

result

that

investors

may

pay

significantly

more

or

significantly

less

for

Fund

shares

than

the

Fund's

NAV,

which

is

reflected

in

the

bid

and

ask

price

for

Fund

shares

or

in

the

closing

price.

If

a

shareholder

purchases

shares

at

a

time

when

the

market

price

is

at

a

premium

to

the

NAV

or

sells

shares

at

a

time

when

the

market

price

is

at

a

discount

to

NAV,

the

shareholder

may

sustain

losses

if

the

shares

are

sold

at

a

price

that

is

less

than

the

price

paid

by

the

shareholder

for

the

shares.

When

all

or

a

portion

of

an

ETFs

underlying

securities

trade

in

a

market

that

is

closed

when

the

market

for

the

Fund's

shares

is

open,

there

may

be

changes

from

the

last

quote

of

the

closed

market

and

the

quote

from

the

Fund's

domestic

trading

day,

which

could

lead

to

differences

between

the

market

value

of

the

Fund's

shares

and

the

Fund's

NAV.

In

stressed

market

conditions,

the

market

for

the

Fund's

shares

may

become

less

liquid

in

response

to

the

deteriorating

liquidity

of

the

Fund's

portfolio.

This

adverse

effect

on

the

liquidity

of

the

Fund's

shares

may,

in

turn,

lead

to

differences

between

the

market

value

of

the

Fund's

shares

and

the

Fund's

NAV.

8. #### Contractual

#### Obligations
The

Fund

enters

into

contracts

in

the

normal

course

of

business

that

contain

a

variety

of

indemnifications.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown.

However,

the

Fund

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts.

Management

has

reviewed

the

Fund's

existing

contracts

and

expects

the

risk

of

loss

to

be

remote.

7. #### Certain

#### Principal

#### Risks

#### of

#### the

#### Fund
(continued)

9. #### Subsequent

#### Events
Management

has

determined

that

no

material

events

or

transactions

occurred

subsequent

to

March

31,

2026,

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements.

#### Report

#### of

#### independent

#### registered

#### public

#### accounting

#### firm

To

the

Board

of

Trustees

of Nomura

ETF

Trust and

Shareholders

of

Nomura

Transformational

Technologies

ETF

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Nomura

Transformational

Technologies

ETF

(one

of

the

funds

constituting

Nomura

ETF

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

March

31,

2026,

and

the

related

statements

of

operations

and

changes

in

net

assets,

including

the

related

notes,

and

the

financial

highlights

for

the

period

January

12,

2026

(commencement

of

operations)

through

March

31,

2026

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

March

31,

2026,

and

the

results

of

its

operations,

changes

in

its

net

assets,

and

the

financial

highlights

for

the

period

January

12,

2026

(commencement

of

operations)

through

March

31,

2026

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audit.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audit

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audit

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audit

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2026

by

correspondence

with

the

custodian

and

transfer

agent.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

May

29,

2026

We

have

served

as

the

auditor

of

one

or

more

Nomura

investment

companies

since

2010. #### Other

#### Fund

#### information
(Unaudited)

Nomura

Transformational

Technologies

ETF

#### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies

#### Change

#### in

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
At

a

meeting

held

on

April

15,

2026,

the

Board

of

Trustees

(Board),

upon

recommendation

of

the

Audit

Committee,

approved

the

dismissal

of

PricewaterhouseCoopers

LLP

(PwC)

upon

completion

of

services

currently

being

performed

by

PwC

related

to

the

audit

of

the

Nomura

Transformational Technologies

ETF

(the

"Fund")'s

March

31,

2026

financial

statements,

and

approved

the

appointment

of

Ernst

&

Young

LLP

(E&Y)

to

serve

as

the

independent

registered

public

accounting

firm

for

the

Fund,

beginning

with

the

fiscal

year

ending

March

31,

2027. PwC's

report

on

the

financial

statements

for

the

period

January

12,

2026

(commencement

of

operations)

through

March

31,

2026

did

not

contain

any

adverse

opinion

or

disclaimer

of

opinion,

nor

was it

qualified

or

modified

as

to

uncertainty,

audit

scope,

or

accounting

principles.

In

addition,

during

the

period

January

12,

2026

(commencement

of

operations)

through

March

31,

2026

and

during

the

subsequent

interim

period

through

May

29,

2026,

(i) there

were

no

disagreements

between

the

Fund

and

PwC

on

accounting

principles,

financial

statement

disclosures

or

audit

scope,

which,

if

not

resolved

to

the

satisfaction

of

PwC,

would

have

caused

them

to

make

reference

to

the

disagreement

in

their

report;

and

(ii) there

were

no

reportable

events

described

in

Item

304(a)

(1) (v) of

Regulation

S-K

under

the

Securities

Exchange

Act

of

1934,

as

amended.

During

the

period

January

12,

2026

(commencement

of

operations)

through

March

31,

2026

and

during

the

subsequent

interim

period

through

May

29,

2026,

neither

the

Board

nor

anyone

on

its

behalf

has

consulted

with

E&Y

at

any

time

prior

to

their

selection

with

respect

to

(i) the

application

of

accounting

principles

to

a

specified

transaction,

either

completed

or

proposed

or

the

type

of

audit

opinion

that

might

be

rendered

on

the

Fund's

financial

statements;

or

(ii) the

subject

of

a

disagreement

(as

defined

in

paragraph

(a) (1) (iv) of

Item

of

Regulation

S-K)

or

reportable

events

(as

described

in

paragraph

(a) (1) (v) of

said

Item

304).

The

Fund

has

provided

PwC

with

a

copy

of

this

Form

N-CSR

and

requested

that

PwC

furnish

the

Fund

with

a

letter

stating

whether

or

not

it

agrees

with

the

statements

made

herein.

A

copy

of

PwC's

letter,

dated

June

8,

2026,

is

attached

as

Exhibit

to

this

N-CSR.

#### Proxy

#### Disclosures

#### for

#### Open-End

#### Management

#### Investment

#### Companies
Not

Applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers,

#### and

#### Others

#### of

#### Open-End

#### Management

#### Investment

#### Companies
Please

refer

to

the

disclosure

within

the

financial

statements.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Transformational

Technologies

ETF

#### Board

#### Consideration

#### of

#### Investment

#### Management Agreement

#### at

#### a

#### Meeting

#### Held

#### on

#### October

#### 15,

#### 2025
At

a

meeting

held

on

October

15,

2025

(the

"Contract

Approval

Meeting"),

the

Board

of

Trustees

(the

"Board"),

including

a

majority

of

Trustees

each

of

whom

is

not

an

"interested

person"

as

defined

under

the

Investment

Company

Act

of

1940

(the

"Independent

Trustees"),

approved

the

Investment

Management

Agreement

with

Delaware

Management

Company

("DMC"

or

the

"Adviser")

on

behalf

of

the

Macquarie

Transformational

Technologies

(the

"Fund").

Prior

to

the

Contract

Approval

Meeting,

the

Independent

Trustees

were

assisted

in

their

evaluation

of

the

Investment

Management

Agreement

by

independent

legal

counsel,

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

In

providing

information

to

the

Board,

DMC

was

guided

by

a

detailed

set

of

requests

for

information

submitted

to

them

by

independent

legal

counsel

on

behalf

of

the

Independent

Trustees

prior

to

the

Contract

Approval

Meeting.

Prior

to

the

Contract

Approval

Meeting,

and

in

response

to

the

requests,

the

Board

received

and

reviewed

materials

specifically

relating

to

the

approval

of

the

Investment

Management

Agreement.

In

considering

and

approving

the

Investment

Management

Agreement,

the

Trustees

considered

the

information

they

believed

relevant,

including

but

not

limited

to

the

information

discussed

below.

The

Board

did

not

identify

any

particular

information

or

consideration

that

was

all-important

or

controlling,

and

each

individual

Trustee

may

have

attributed

different

weights

to

various

factors.

After

its

deliberations,

the

Board,

including

the

Independent

Trustees,

unanimously

approved

the

Investment

Management

Agreement

for

an

initial

two-year

term.

The

following

summarizes

a

number

of

important,

but

not

necessarily

all,

factors

considered

by

the

Board

in

support

of

its

approval.

*The* 

*nature,* 

*extent* 

*and* 

*quality* 

*of* 

*services* 

*to* 

*be* 

*provided* 

*by* 

*the* 

*Adviser.*

The

Board

reviewed

the

services

that

the

Adviser

would

provide

to

the

Fund.

In

connection

with

the

investment

advisory

services

to

be

provided,

the

Board

noted

the

responsibilities

that

the

Adviser

would

have

as

the

Fund's

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

the

Fund's

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

the

Fund's

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

the

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

the

Fund;

determining

daily

baskets

of

deposit

securities

and

cash

components;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

Fund

shares

conducted

on

a

cash-in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Fund.

The

Board

also

took

into

account

the

Adviser's

oversight

of

the

Fund's

operations

and

the

Fund's

other

service

providers.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

The

Board

reviewed

the

Adviser's

experience,

resources

and

strengths

in

managing

other

pooled

investment

vehicles,

including

the

personnel

of

each.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined,

within

the

context

of

its

full

deliberations,

that

the

Fund

was

likely

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

ability

of

the

Adviser

to

render

such

services

based

on

their

experience,

personnel,

operations

and

resources.

*Fees,* 

*expenses* 

*and* 

*profitability.*

The

Board

compared

both

the

services

to

be

rendered

and

the

proposed

fees

to

be

paid

to

the

Adviser

with

the

fees

that

the

Adviser

receives

pursuant

to

its

other

advisory

agreements,

as

well

as

the

fees

paid

to

other

investment

advisers

with

respect

to

similar

funds.

In

particular,

the

Board

compared

the

Fund's

proposed

advisory

fee

and

total

expense

ratio

to

other

investment

companies

considered

to

be

in

the

Fund's

peer

group.

Management

responded

to

questions

from

the

Trustees,

explaining

that

the

nature

of

the

Fund

and

its

anticipated

investments

warranted

the

proposed

advisory

fees

for

each.

The

Board

also

received

and

considered

information

about

the

fee

rates

charged

to

other

accounts

and

clients

managed

by

the

Adviser,

including

information

about

the

differences

in

services

provided

to

the

non-registered

investment

company

clients,

as

applicable.

The

Board

also

discussed

the

anticipated

costs

and

projected

profitability

of

the

Adviser

in

connection

with

its

service

as

investment

adviser

to

the

Fund,

including

operational

costs.

The

Board

also

considered

the

Adviser's

assumption

of

business,

entrepreneurial,

overall

managerial

and

other

risks

by

sponsoring

and

advising

the

Fund.

After

comparing

the

Fund's

proposed

fees

and

total

expense

ratios

with

those

of

other

funds

in

the

Fund's

peer

group,

and

in

light

of

the

nature,

extent

and

quality

of

services

proposed

to

be

provided

by

the

Adviser

and

the

costs

they

expected

to

incur

in

rendering

those

services,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

level

of

fees

proposed

to

be

paid

to

the

Adviser

with

respect

to

the

Fund

was

fair

and

reasonable

in

light

of

the

nature,

extent

and

quality

of

the

services

proposed

to

be

provided

by

the

Adviser.

The

Board

also

considered

that

the

Adviser

and

its

affiliates

may

experience

reputational

"fall-out"

benefits

based

on

the

success

of

the

Fund,

but

that

such

benefits

are

not

easily

quantifiable.

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

Since

the

Fund

had

not

commenced

operations,

and

the

eventual

aggregate

amount

of

assets

was

uncertain,

Management

was

not

able

to

provide

the

Board

with

specific

information

concerning

the

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale,

if

any.

The

Board

recognized

the

uncertainty

in

launching

a

new

investment

product

and

estimating

future

asset

levels.

The

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Management Agreement

#### at

#### a

#### Meeting

#### Held

#### on

#### October

#### 15,

#### 2025
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Transformational

Technologies

ETF

Trustees

noted

that

any

reduction

in

fixed

costs

associated

with

the

management

of

the

Fund

would

be

enjoyed

by

the

Adviser,

but

that

a

unitary

advisory

fee

provides

a

level

of

certainty

in

expenses

for

the

Fund.

*Investment* 

*performance* 

*of* 

*the* 

*Fund* 

*and* 

*the* 

*Adviser*

Because

the

Fund

is

newly

formed

and

had

not

commenced

operations,

the

Board

did

not

consider

the

investment

performance

of

the

Fund

or

the

Adviser.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Management Agreement

#### at

#### a

#### Meeting

#### Held

#### on

#### October

#### 15,

#### 2025
(continued)

This

page

is

not

part

of

the

financial

statements

and

other

information.

AR-FRWD-TRST-0526

(4943667) #### Contact

#### information

#### Shareholder

#### assistance

#### by

#### phone
844

469-9911,

weekdays

from

9:00am

to

5:00pm

ET

#### Regular

#### mail
Nomura ETF

Trust

c/o

Foreside

Financial

Services

Three

Canal

Plaza,

Suite

Portland,

ME

04101

Nomura Asset

Management

• 610

Market

Street

• Philadelphia,

PA

19106-2354

#### Nomura

#### Asset

#### Management

#### is

#### part

#### of

#### the

#### Investment

#### Management

#### Division

#### of

#### the

#### Nomura

#### Group,

#### providing

#### integrated

#### public

#### and

#### private

#### market

#### asset

#### management

#### services

#### across

#### equities,

#### fixed

#### income,

#### private

#### credit

#### and

#### multi-asset

#### solutions

#### to

#### intermediary

#### and

#### institutional

#### clients.

#### Nomura

#### Asset

#### Management

#### primarily

#### operates

#### through

#### several

#### distinct

#### investment

#### managers,

#### which

#### includes

#### Nomura

#### Investment

#### Management

#### Business

#### Trust

#### (NIMBT),

#### a

#### Securities

#### and

#### Exchange

#### Commission
(SEC)

#### registered

#### investment

#### adviser.

#### Investment

#### advisory

#### services

#### are

#### provided

#### to

#### the

#### Nomura

#### ETF

#### Trust

#### Funds

#### by

#### Delaware

#### Management

#### Company,

#### a

#### series

#### of

#### NIMBT.
The

Fund

is distributed

by

#### Foreside

#### Financial

#### Services
LLC. Nomura

Tax-Free

USA

ETF

Financial

statements

and

other

information

For

the

period

ended

March

31,

2026

#### Table

#### of

#### contents
Schedule

of

investments

#### 1
Statement

of

assets

and

liabilities

#### 8
Statement

of

operations

#### 9
Statement

of

changes

in

net

assets

#### 10
Financial

highlights

#### 11
Notes

to

financial

statements

#### 12
Report

of

independent

registered

public

accounting

firm

#### 21
Other

Fund

information

#### 22
This

report

and

the

financial

statements

contained

herein

are

submitted

for

the

general

information

of

the

shareholders

of

the

Fund.

This

report

is

not

authorized

for

distribution

to

prospective

investors

in

the

Fund

unless

preceded

or

accompanied

by

an

effective

prospectus.

#### Form

#### N-PORT

#### and

#### proxy

#### voting

#### information
The

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

on

Form

N-PORT.

The

Fund's

Form

N-PORT,

as

well

as

a

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

(if

any)

relating

to

portfolio

securities,

is

available

without

charge

(i) upon

request,

by

calling

844

469-9911;

and

(ii) on

the

SEC's

website

at

sec.gov.

In

addition,

a

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

(if

any)

relating

to

portfolio

securities

and

the

Schedule

of

Investments

included

in

the

Fund's

most

recent

Form

N-PORT

are

available

without

charge

on

the

Fund's

website

at

nomuraassetmanagement.com/etf-literature.

Information

(if

any)

regarding

how

the

Fund

voted

proxies

relating

to

portfolio

securities

during

the

most

recently

disclosed

12-month

period

ended

June

is

available

without

charge

(i) through

the

Fund's

website

at

nomuraassetmanagement.com/etf-literature;

and

(ii) on

the

SEC's

website

at

sec.gov.

#### Schedule

#### of

#### investments
Nomura

Tax-Free

USA

ETF

March

31,

2026

Principal

amount

°

Value

(US

$)

#### Municipal

#### Bonds

#### &nbsp;&nbsp;&nbsp;&nbsp; —

#### 95.26%
Education

Revenue

Bonds

-

9.76%

Allegheny

County

Higher

Education

Building

Authority

(Duquesne

University

of

the

Holy

Spirit)

Series

2026

5.00%

3/1/44

75,000

$

79,505

California

Educational

Facilities

Authority

(Leland

Stanford

Junior

University

(The))

Series

5.00%

5/1/49

75,000

83,193

City

of

Bethel

(Spectrum

High

School)

Series

2024

5.00%

7/1/59

25,000

22,777

City

of

Burbank

(Intercultural

Montessori

Foreign

Language

Immersion

School)

Series

2026

144A

6.25%

2/1/51

#

50,000

50,268

Indiana

Finance

Authority

(CHF

-

Tippecanoe

LLC)

Series

2023A

5.00%

6/1/53

50,000

47,421

Lehigh

County

General

Purpose

Authority

(Muhlenberg

College)

Series

2024

5.25%

2/1/49

50,000

49,327

Massachusetts

Development

Finance

Agency

(President

and

Fellows

of

Harvard

College)

Series

2026A

5.00%

2/15/34

100,000

114,373

Public

Finance

Authority

Class

A

Series

2023-1

5.75%

7/1/62

92,554

95,098

541,962

Electric

Revenue

Bonds

-

3.75%

Salt

River

Project

Agricultural

Improvement

&

Power

District

Series

2025C

5.00%

1/1/51

100,000

103,819

South

Carolina

Public

Service

Authority

Series

2022A

5.00%

12/1/44

100,000

104,359

208,178

Healthcare

Revenue

Bonds

-

19.00%

California

Health

Facilities

Financing

Authority

(Kaiser

Foundation

Hospitals)

Series

5.00%

11/1/47

50,000

54,463

#### Schedule

#### of

#### investments
Nomura

Tax-Free

USA

ETF

Principal

amount

°

Value

(US

$)

#### Municipal

#### Bonds
(continued)

Healthcare

Revenue

Bonds

(continued)

City

of

Kalispell

(Immanuel

Living

at

Buffalo

Hill

Obligated

Group)

Series

2017A

5.25%

5/15/52

25,000

$

22,174

Colorado

Health

Facilities

Authority

(AdventHealth

Obligated

Group)

Series

2021A

3.00%

11/15/51

60,000

43,055

(CommonSpirit

Health

Obligated

Group)

Series

2022A

5.00%

11/1/33

50,000

54,581

(Intermountain

Healthcare

Obligated

Group)

Series

2022A

5.00%

5/15/47

50,000

51,466

Florida

Development

Finance

Corp.

(Florida

Health

Sciences

Center,

Inc.

Obligated

Group)

Series

2026A

5.25%

8/1/51

50,000

51,812

Geisinger

Authority

(Kaiser

Obligated

Group)

Series

2020A

4.00%

4/1/50

70,000

60,656

Hillsborough

County

Industrial

Development

Authority

(BayCare

Obligated

Group)

Series

2024C

5.00%

11/15/40

50,000

54,294

Series

2024C

5.50%

11/15/54

100,000

105,291

Illinois

Finance

Authority

(Memorial

Health

System)

Series

2026

5.50%

4/1/56

100,000

103,967

Maryland

Health

&

Higher

Educational

Facilities

Authority

(MedStar

Health

Obligated

Group)

Series

2026A

5.00%

8/15/41

50,000

54,181

Michigan

Finance

Authority

(Henry

Ford

Health

System

Obligated

Group)

Series

2019A

4.00%

11/15/50

100,000

85,521

Minnesota

Agricultural

&

Economic

Development

Board

(HealthPartners

Obligated

Group)

Series

2024

5.25%

1/1/54

105,000

107,249

Principal

amount

°

Value

(US

$)

#### Municipal

#### Bonds
(continued)

Healthcare

Revenue

Bonds

(continued)

Oklahoma

Development

Finance

Authority

(OU

Medicine

Obligated

Group)

Series

2018B

5.25%

8/15/48

50,000

$

48,713

Pennsylvania

Higher

Educational

Facilities

Authority

(Thomas

Jefferson

University

Obligated

Group)

Series

2024B-1

5.25%

11/1/38

50,000

54,266

Yuma

Industrial

Development

Authority

(Yuma

Regional

Medical

Center

Obligated

Group)

Series

2024A

5.25%

8/1/49

100,000

103,489

1,055,178

Housing

Revenue

Bonds

-

1.80%

Texas

Department

of

Housing

&

Community

Affairs

Series

2026A

4.85%

7/1/56

(GNMA)

100,000

100,049

100,049

Industrial

Development

Revenue

Bonds

-

7.77%

Black

Belt

Energy

Gas

District

Series

2026E

5.00%

7/1/33

100,000

104,599

California

Community

Choice

Financing

Authority

Series

2026A-1

5.00%

4/1/56

• 50,000

52,898

Florida

Development

Finance

Corp.

(Brightline

Trains

Florida

LLC)

Series

2024

5.25%

7/1/53

(AG)

50,000

48,570

George

L

Smith

II

Congress

Center

Authority

Series

2021A

4.00%

1/1/54

35,000

28,850

Greater

Orlando

Aviation

Authority

(United

Airlines,

Inc.)

Series

2025

5.25%

11/1/34

100,000

104,410

Mobile

County

Industrial

Development

Authority

(AM/NS

Calvert

LLC)

Series

2024B

4.75%

12/1/54

100,000

91,932

431,259

Leasing

Revenue

Bonds

-

3.01%

Denver

Health

&

Hospital

Authority

Series

2018

5.00%

12/1/48

25,000

24,533

#### Schedule

#### of

#### investments
Nomura

Tax-Free

USA

ETF

Principal

amount

°

Value

(US

$)

#### Municipal

#### Bonds
(continued)

Leasing

Revenue

Bonds

(continued)

New

Jersey

Transportation

Trust

Fund

Authority

(State

of

New

Jersey)

Series

2025AA

5.00%

6/15/55

100,000

$

101,930

New

York

State

Thruway

Authority

Series

2021A-1

3.00%

3/15/49

55,000

40,852

167,315

Local

General

Obligation

Revenue

Bonds

-

4.80%

Arapahoe

County

School

District

No.

(Cherry

Creek)

Series

2024

5.25%

12/15/43

(ST

AID

WITHHLDG)

55,000

61,028

City

of

New

York

Series

2025G-1

5.25%

2/1/53

100,000

103,864

Dallas

Independent

School

District

Series

2026A

5.00%

2/15/56

(PSF

Guaranty)

100,000

101,862

266,754

Special

Tax

Revenue

Bonds

-

10.75%

City

of

Houston

(Hotel

Occupancy

Tax

&

Special)

Series

2026C

5.50%

9/1/58

60,000

63,269

Commonwealth

of

Puerto

Rico

2.39%

11/1/43

^

77,143

51,782

GDB

Debt

Recovery

Authority

of

Puerto

Rico

7.50%

8/20/40

94,453

92,655

New

York

City

Transitional

Finance

Authority

Series

2026F-1

5.00%

2/1/53

150,000

154,070

Puerto

Rico

Sales

Tax

Financing

Corp.

Series

4.75%

7/1/53

151,000

140,817

Series

5.00%

7/1/58

50,000

47,606

Village

Community

Development

District

No.

(Special

Assessment)

Series

2024

144A

4.80%

5/1/55

#

50,000

46,593

596,792

State

General

Obligation

Revenue

Bonds

-

7.56%

Commonwealth

of

Massachusetts

Series

2024B

5.00%

5/1/54

50,000

51,380

Commonwealth

of

Puerto

Rico

Series

2022A-1

4.00%

7/1/46

86,000

73,900

Principal

amount

°

Value

(US

$)

#### Municipal

#### Bonds
(continued)

State

General

Obligation

Revenue

Bonds

(continued)

State

of

Illinois

Series

2024C

4.00%

10/1/48

100,000

$

85,989

Series

2025E

5.00%

9/1/42

50,000

52,136

State

of

Washington

Series

2026C

5.00%

2/1/51

150,000

156,253

419,658

Transportation

Revenue

Bonds

-

25.17%

Arizona

Department

of

Transportation

(State

Highway

Fund)

Series

2026

5.00%

7/1/40

100,000

111,443

California

Municipal

Finance

Authority

(LAX

Integrated

Express

Solutions

LLC)

Series

2018A

5.00%

12/31/43

25,000

25,262

Chicago

O'Hare

International

Airport

Series

2025E

5.50%

1/1/48

75,000

79,258

Series

2026A

5.25%

1/1/61

100,000

103,162

City

&

County

of

Denver

(Airport

System)

Series

2018A

4.00%

12/1/48

100,000

86,892

Colorado

Bridge

&

Tunnel

Enterprise

Series

2025A

5.25%

12/1/54

(AGMC)

100,000

104,054

County

of

Miami-Dade

(Aviation)

Series

2025B

5.25%

10/1/55

75,000

77,340

Metropolitan

Nashville

Airport

Authority

(The)

Series

2026B

5.00%

7/1/46

100,000

103,060

New

York

Transportation

Development

Corp.

(JFK

Millennium

Partners

LLC)

Series

2024B

2.18%

12/31/54

(AG)

^

25,000

16,207

Pennsylvania

Economic

Development

Financing

Authority

(Commonwealth

of

Pennsylvania

Motor

License

Fund)

Series

2022

6.00%

6/30/61

50,000

52,215

Port

Authority

of

New

York

&

New

Jersey

Series

5.25%

8/15/56

100,000

106,155

Public

Finance

Authority

(SR

Peach

Partners

LLC)

Series

2025

5.75%

12/31/65

100,000

102,138

#### Schedule

#### of

#### investments
Nomura

Tax-Free

USA

ETF

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

$

57,475

State

of

Hawaii

Series

2025A

5.50%

7/1/54

60,000

63,485

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

(NTE

Mobility

Partners

Segments

LLC)

Series

2019

5.00%

6/30/58

100,000

97,014

Texas

Transportation

Finance

Corp.

Series

2025A

5.50%

10/1/55

100,000

107,427

Washington

Metropolitan

Area

Transit

Authority

Series

2025A

5.25%

7/15/50

100,000

105,037

1,397,624

Water

&

Sewer

Revenue

Bonds

-

1.89%

New

York

City

Municipal

Water

Finance

Authority

(Water

&

Sewer

System)

Series

2026BB

5.25%

6/15/56

100,000

104,897

104,897

#### Total

#### Municipal

#### Bonds
(cost

$5,353,729)

#### 5,289,666

#### Short-Term

#### Investments

#### —

#### 3.60%
Variable

Rate

Demand

Notes

&nbsp;&nbsp;&nbsp;&nbsp;—

3.60%

University

of

California

Series

2013AL-4

2.30%

5/15/48

¤

200,000

200,000

#### Total

#### Short-Term

#### Investments
&nbsp;&nbsp;&nbsp;&nbsp; (cost

$200,000)

#### 200,000

#### Total

#### Value

#### of

#### Securities

#### —

#### 98.86%
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost

$5,553,729)

#### 5,489,666

#### Receivables

#### and

#### Other

#### Assets

#### Net

#### of

#### Liabilities

#### —

#### 1.14%

#### 63,267

#### Net

#### Assets

#### Applicable

#### to

#### 225,000

#### Shares

#### Outstanding

#### —

#### 100.00%

#### $

#### 5,552,933

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

°

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

March

31,

2026,

the

aggregate

value

of

Rule

144A

securities

was

$96,861,

which

represents

1.74%

of

the

Fund's

net

assets.

See

Note

in

"Notes

to

financial

statements."

• Variable

rate

investment.

Rates

reset

periodically.

Rate

shown

reflects

the

rate

in

effect

at

March

31,

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.

¤

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

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

March

31,

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

days'

notice.

For

purposes

of

maturity

classification

and

weighted

average

maturity

calculations,

the

demand

date

is

used.

#### Summary

#### of

#### abbreviations

#### :
AG

–

Assured

Guaranty

PSF

–

Guaranteed

by

Permanent

School

Fund

SOFR01M

–

Secured

Overnight

Financing

Rate

Month

SOFR03M

–

Secured

Overnight

Financing

Rate

Month

#### Statement

#### of

#### assets

#### and

#### liabilities
Nomura

Tax-Free

USA

ETF

March

31,

2026

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

#### Assets:
Investments

at

value\*

$

5,489,666

Cash

312,953

Interest

receivable

60,966

Total

Assets

5,863,585

#### Liabilities:
Payable

for

securities

purchased

291,200

Distribution

payable

to

shareholders

17,595

Management

fees

payable

to

affiliates

1,857

Total

Liabilities

310,652

#### Total

#### Net

#### Assets
$

5,552,933

#### Net

#### Assets

#### Consist

#### of:
Paid-in-capital

$

5,626,361

Total

distributable

earnings

(loss)

(73,428)

#### Total

#### Net

#### Assets
$

5,552,933

Shares

outstanding

(unlimited

amount

authorized,

no

par

value)

225,000

Net

asset

value

per

share

$

24.68 \*Investments,

at

cost

$

5,553,729

#### Statement

#### of

#### operations
Nomura

Tax-Free

USA

ETF

For

the

period

January

12,

2026\*

to

March

31,

2026

\*

Date

of

commencement

of

operations.

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

#### Investment

#### Income:
Interest

$

44,129

44,129

#### Expenses:
Management

fees

4,537

Total

operating

expenses

4,537

#### Net

#### Investment

#### Income
(Loss)

39,592

#### Net

#### Realized

#### and

#### Unrealized

#### Gain

#### (Loss):
Net

realized

gain

(loss)

on

investments

(9,375)

Net

unrealized

appreciation

(depreciation)

on

investments

(64,063)

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

(73,438)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations
$

(33,846)

#### Statement

#### of

#### changes

#### in

#### net

#### assets
Nomura

Tax-Free

USA

ETF

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

For

the

period

January

12,

2026

\*

to

March

31,

2026

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations:
Net

investment

income

(loss)

$

39,592

Net

realized

gain

(loss)

(9,375)

Net

unrealized

appreciation

(depreciation)

(64,063)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

(33,846)

#### Dividends

#### and

#### Distributions

#### to

#### Shareholders

#### from:
Distributable

earnings

(39,582)

(39,582)

#### Capital

#### Share

#### Transactions:

#### 1
Proceeds

from

shares

sold

5,626,361

Increase

in

net

assets

derived

from

capital

share

transactions

5,626,361

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets
5,552,933

#### Net

#### Assets:
Beginning

of

period

–

End

of

period

$

5,552,933

#### Capital

#### Share

#### Transactions:
Beginning

of

period

–

Shares

sold

225,000

Shares

outstanding,

end

of

period

225,000

\*

Date

of

commencement

of

operations.

Capital

share

transactions

may

include

transaction

fees

associated

with

Creation

and

Redemption

transactions

which

occurred

during

the

period.

See

Note

in

"Notes

to

financial

statements."

#### Financial

#### highlights
Nomura

Tax-Free

USA

ETF

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Selected

data

for

each

share

of

the

Fund

outstanding

throughout

the

period

were

as

follows:

For

the

period

January

12,

2026

to

March

31,

2026

#### Net

#### asset

#### value,

#### beginning

#### of

#### period

#### .........................
$

.00

#### Income
(loss)

#### from

#### investment

#### operations:
—

Net

investment

income

....................................

.18

Net

realized

and

unrealized

loss

..............................

(0

.32)

Total

from

investment

operations

.............................................

(0.14)

#### Less

#### dividends

#### and

#### distributions

#### from:
—

Net

investment

income

....................................

(0

.18)

Total

dividends

and

distrib

u

tions

............................................

(0.18)

#### Net

#### asset

#### value,

#### end

#### of

#### period

#### ..............................
$

24.68 #### Total

#### return

#### 3
............................................

(0.58%)

#### Ratios

#### and

#### supplemental

#### data:
$5,553

Net

assets,

end

of

period

(000

omitted)

.........................

$

5,553

Ratio

of

expenses

to

average

net

assets

........................

0.39%

Ratio

of

net

investment

income

to

average

net

assets

..............

3.36%

Portfolio

turnover

.........................................

17%

Date

of

commencement

of

operations.

Ratios

have

been

annualized;

total

return

and

portfolio

turnover

have

not

been

annualized.

Calculated

using

average

shares

outstanding.

Total

return

is

based

on

the

change

in

net

asset

value

of

a

share

during

the

period

and

assumes

reinvestment

of

dividends

and

distributions

at

net

asset

value.

Excludes

the

value

of

portfolio

securities

received

or

delivered

as

a

result

of

in-kind

purchases

or

redemptions

of

the

Fund's

capital

shares.

#### Notes

#### to

#### financial

#### statements
Nomura

Tax-Free

USA

ETF

March

31,

2026

Nomura

ETF

Trust

(Trust)

is

organized

as

a

Delaware

statutory

trust

effective

February

22,

2023

and

is

an

open-end

management

investment

company

registered

with

the

U.S.

Securities

and

Exchange

Commission.

As

of

the

date

of

this

report,

the

Trust

offers nine series.

These

financial

statements

and

the

related

notes

pertain

to

Nomura

Tax-Free

USA

ETF (Fund).

The

Fund

commenced

operations

on January

12,

2026. The

Fund

is

considered

diversified

under

the

Investment

Company

Act

of

1940,

as

amended

(1940

Act).

1. #### Significant

#### Accounting

#### Policies
The

Fund

follows

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

—

Investment

Companies.

The

following

accounting

policies

are

in

accordance

with

US

generally

accepted

accounting

principles

(US

GAAP)

and

are

consistently

followed

by

the

Fund.

#### Security

#### Valuation
—

Fixed

income

securities

are

generally

priced

based

upon

valuations

provided

by

an

independent

pricing

service

or

broker

in

accordance

with

methodologies

included

within

Delaware

Management

Company

(DMC

or

the

Manager)'s

Pricing

Policy

(Policy).

Fixed

income

security

valuations

are

then

reviewed

by

DMC

as

part

of

its

duties

as

the

Fund's

valuation

designee

(Valuation

Designee)

and,

to

the

extent

required

by

the

Policy

and

applicable

regulation,

fair

valued

consistent

with

the

Policy.

To

the

extent

current

market

prices

are

not

available,

the

pricing

service

may

take

into

account

developments

related

to

the

specific

security,

as

well

as

transactions

in

comparable

securities.

Valuations

for

fixed

income

securities

utilize

matrix

systems,

which

reflect

such

factors

as

security

prices,

yields,

maturities,

and

ratings,

and

are

supplemented

by

dealer

and

exchange quotations. Investments

for

which

market

quotations

are

not

readily

available

are

valued

at

fair

value

as

determined

in

good

faith

pursuant

to

Rule

2a-5

under

the

1940

Act

(Rule

2a-5).

As

a

general

principle,

the

fair

value

of

a

security

or

other

asset

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Pursuant

to

Rule

2a-5,

the

Board

of

Trustees

(Board)

has

designated

DMC

to

perform

the

fair

value

determination

relating

to

all

applicable

Fund

investments.

DMC

has

established

a

pricing

committee (Pricing

Committee)

to

assist

with

its

designated

responsibilities

as

Valuation

Designee,

and

DMC

may

carry

out

its

designated

responsibilities

as

Valuation

Designee

through

the

Pricing

Committee

and

other

teams

and

committees,

which

operate

under

policies

and

procedures

approved

by

the

Board

and

subject

to

the

Board's

oversight.

Fair

value

pricing

may

be

used

more

frequently

for

securities

traded

primarily

in

non-US

markets.

In

considering

whether

fair

valuation

is

required

and

in

determining

fair

values,

the

Valuation

Designee

may,

among

other

things,

consider

significant

events

(which

may

be

considered

to

include

changes

in

the

value

of

US

securities

or

securities

indexes)

that

occur

after

the

close

of

the

relevant

market

and

before

the

close

of

the

New

York

Stock

Exchange.

The

Valuation

Designee

may

utilize

modeling

tools

provided

by

third-party

vendors

to

determine

fair

values

of

non-US

securities.

#### Federal

#### Income

#### Taxes
—

No

provision

for

federal

income

taxes

has

been

made

as the

Fund

intends

to

continue

to

qualify

for

federal

income

tax

purposes

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended,

and

make

the

requisite

distributions

to

shareholders.

The

Fund

evaluates

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

the

Fund's

tax

returns

to

determine

whether

the

tax

positions

are

"more-

likely-than-not"

of

being

sustained

by

the

applicable

tax

authority.

Tax

positions

not

deemed

to

meet

the

"more-likely-than-not"

threshold

are

recorded

as

a

tax

benefit

or

expense

in

the

current

period.

Management

has

analyzed

the

Fund's

tax

positions

taken

or

expected

to

be

taken

on

the

Fund's

federal

income

tax

return

through

the

period

ended

March

31,

2026

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund's

financial

statements.

If

applicable,

the

Fund

recognizes

interest

and

tax

penalties

on

unrecognized

tax

benefits

in

"interest

and

tax

penalties"

on

the

"Statement

of

operations."

During

the

period

ended March

31,

2026,

the

Fund

did

not

incur

any

interest

or

tax

penalties.

#### In-Kind

#### Redemptions
—

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Fund.

Because

such

gains

or

losses

are

not

taxable

to

the

Fund

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Fund's

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

NAV

per

share.

#### Use

#### of

#### Estimates
—

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

fair

value

of

investments,

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements,

and

the

reported

amounts

of

revenues

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates

and

the

differences

could

be

material.

#### Other
—

Security

transactions

are

recorded

on

the

date

the

securities

are

purchased

or

sold

(trade

date)

for

financial

reporting

purposes.

Costs

used

in

calculating

realized

gains

and

losses

on

the

sale

of

investment

securities

are

those

of

the

specific

securities

sold.

Interest

income

is

recorded

on

an

accrual

basis.

Discounts

and

premiums

on

debt

securities

are

accreted

or

amortized

to

interest

income,

respectively,

over

the

lives

of

the

respective

securities

using

the

effective

interest

method.

Premiums

on

callable

debt

securities

are

amortized

to

interest

income

to

the

earliest

call

date

using

the

effective

interest

method.

The

Fund

declares

and

pays

dividends

from

net

investment

income

monthly

and

distributions

from

net

realized

gain

on

investments,

if

any,

at

least

annually.

The

Fund

may

distribute

more

frequently,

if

necessary

for

tax

purposes.

Dividends

and

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

#### Segment Reporting
—

In

November

2023,

FASB

issued

Accounting

Standards

Update

2023-

07,

Segment

Reporting

(Topic

280):

Improvements

to

Reportable

Segment

Disclosures,

with

the

intent

of

improving

reportable

segment

disclosure

requirements,

primarily

through

enhanced

disclosures

about

significant

segment

expenses,

allowing

financial

statement

users

to

better

understand

the

components

of

a

segment's

profit

or

loss

and

assess

potential

future

cash

flows

for

each

reportable

segment

and

the

entity

as

a

whole

thereby

enabling

better

understanding

of

how

an

entity's

segments

impact

overall

performance.

The

Fund's

Chief

Executive

Officer

and

Chief

Financial

Officer

act

as

the

Fund's

chief

operating

decision

maker

(CODM),

assessing

1. #### Significant

#### Accounting

#### Policies
(continued)

#### Notes

#### to

#### financial

#### statements
Nomura

Tax-Free

USA

ETF

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

the

Fund

has

a

single

operating segment

since

the

Fund

has

a

single

investment

strategy

disclosed

in

the

prospectus

against

which

the

CODM

assesses

performance.

When

assessing

segment

performance

and

making

decisions

about

segment

resources,

the

CODM

relies

on

the

Fund's

portfolio

composition,

total

returns,

expense

ratios

and

changes

in

net

assets

which

are

consistent

with

the

information

contained

in

the

Fund's

financial

statements.

#### Recent

#### Accounting

#### Standard
—

The

Fund

adopted

FASB

Accounting

Standards

Update

(ASU),

ASU

2023-09,

Income

Taxes

(Topic

740)

—

Improvements

to

Income

Taxes

Disclosures

as

of

March

31,

2026. ASU

2023-09

requires

public

business

entities,

on

an

annual

basis,

to

provide

disclosure

of

specific

categories

in

the

rate

reconciliation,

as

well

as

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

During

the

year

ended

March

31,

2026,

the

Fund

did

not

pay

a

material

amount

of

foreign

or

US

federal,

state

or

local

income

taxes

and

therefore

did

not

include

any

additional

disclosures

in

these

financial

statements.

2. #### Investment

#### Management,

#### Administration

#### Agreements,

#### and

#### Other

#### Transactions

#### with

#### Affiliates
In

accordance

with

the

terms

of

its

investment

management

agreement,

the

Fund

pays

DMC,

a

series

of Nomura

Investment

Management

Business

Trust

(NIMBT)

and

the

investment

manager,

an

annual

unitary

management fee

which

is

calculated

daily

and

paid

monthly

at

the

rate

of

0.39%

on

the

Fund's

average

daily

net

assets.

On

December

1,

2025

(Closing

Date),

Nomura

Holding

America

Inc.

completed

the

acquisition

of

Macquarie

Asset

Management's

US

and

European

public

investments

business.

Prior

to

Closing

Date,

NIMBT

was

named

Macquarie

Investment

Management

Business

Trust.

From

the

unitary

management

fee,

DMC

pays

most

of

the

expenses

of

the

Fund,

including

the

cost

of

sub-advisory

fees

to

any investment

sub-adviser,

if

any, transfer

agency,

custody,

fund

administration,

legal,

audit

and

other

services.

However,

under

the

investment

management

agreement,

DMC

is

not

responsible

for

(i) interest

expenses;

(ii) taxes

(including,

but

not

limited

to,

income,

excise,

transfer

and

withholding

taxes);

(iii) expenses

of

a

Fund

incurred

with

respect

to

the

acquisition

and

disposition

of

portfolio

securities,

instruments

or

other

investments

and

the

execution

of

portfolio

transactions,

including

brokerage

commissions;

(iv) expenses

incurred

in

connection

with

any

distribution

plan

adopted

by

the

Trust

in

compliance

with

Rule

12b-1

under

the

1940

Act,

including

distribution

fees;

(v) litigation

expenses;

(vi) the

investment

advisory

fee

payable

to

the

Manager;

(vii) non-routine

or

extraordinary

expenses

(including,

without

limitation,

the

expense

associated

with

proxy

solicitations

and

fund

reorganizations);

and

(viii) acquired

fund

fees

and

expenses.

At

March

31,

2026,

Nomura

Holding

America,

Inc.

directly

owned

86.67%

of

the

Fund's

shares

outstanding.

1. #### Significant

#### Accounting

#### Policies
(continued)

3. #### Investments
For

the period

ended

March

31,

2026

,

the

Fund

made

purchases

and

sales

of

investment

securities

other

than

short-term

investments

and

US

government

securities as

follows:

There

were

no

investment

transactions

related

to

in-kind

purchases

and

sales

for

the period

ended

March

31,

2026. The

tax

cost

of

investments

includes

adjustments

to

net

unrealized

appreciation

(depreciation)

which

may

not

necessarily

be

the

final

tax

cost

basis

adjustments

but

which

approximate

the

tax

basis

unrealized

gains

and

losses

that

may

be

realized

and

distributed

to

shareholders.

At

March

31,

2026

,

the

cost

and

unrealized

appreciation

(depreciation)

of

investments

for

federal

income

tax

purposes

for

the

Fund

were

as

follows:

US

GAAP

defines

fair

value

as

the

price

that

the

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

under

current

market

conditions.

A

three-level

hierarchy

for

fair

value

measurements

has

been

established

based

upon

the

transparency

of

inputs

to

the

valuation

of

an

asset

or

liability.

Inputs

may

be

observable

or

unobservable

and

refer

broadly

to

the

assumptions

that

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

the

reporting

entity's

own

assumptions

about

the

assumptions

that

market

participants

would

use

in

pricing

the

asset

or

liability

based

on

the

best

information

available

under

the

circumstances.

The

Fund's

investment

in

its

entirety

is

assigned

a

level

based

upon

the

observability

of

the

inputs

which

are

significant

to

the

overall

valuation.

The

three-level

hierarchy

of

inputs

is

summarized

as

follows:

Level

—

Inputs

are

quoted

prices

in

active

markets

for

identical

investments.

(Examples:

equity

securities,

open-end

investment

companies,

futures

contracts,

and

exchange-traded

options

contracts)

Purchases

$

6,180,834

Sales

813,105

Cost

of

investments

$

5,553,729

Aggregate

unrealized

appreciation

of

investments

$

3,356

Aggregate

unrealized

depreciation

of

investments

(67,419)

Net

unrealized

depreciation

of

investments

$

(64,063)

#### Notes

#### to

#### financial

#### statements
Nomura

Tax-Free

USA

ETF

Level

2 —

Other

observable

inputs,

including,

but

not

limited

to:

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

and

default

rates)

or

other

market-corroborated

inputs.

(Examples:

debt

securities,

government

securities,

swap

contracts,

forward

foreign currency

exchange

contracts,

foreign

securities

utilizing

international

fair

value

pricing,

broker-quoted

securities,

and

fair

valued

securities)

Level

3 — Significant

unobservable

inputs,

including

the

Fund's

own

assumptions

used

to

determine

the

fair

value

of

investments.

(Examples:

broker-quoted

securities

and

fair

valued

securities)

Level

investments

are

valued

using

significant

unobservable

inputs.

The

Fund

may

also

use

an

income-based

valuation

approach

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Valuations

may

also

be

based

upon

current

market

prices

of

securities

that

are

comparable

in

coupon,

rating,

maturity,

and

industry.

The

derived

value

of

a

Level

investment

may

not

represent

the

value

which

is

received

upon

disposition

and

this

could

impact

the

results

of

operations.

The

following

table

summarizes

the

valuation

of

the

Fund's

investments

by

fair

value

hierarchy

levels

as

of

March

31,

2026

:

During

the period

ended

March

31,

2026

,

there

were

no

transfers

into

or

out

of

Level

investments.

The

Fund's

policy

is

to

recognize

transfers

into

or

out

of

Level

investments

based

on

fair

value

at

the

beginning

of

the

reporting

period.

A

reconciliation

of

Level

investments

is

presented

when

the

Fund

has

a

significant

amount

of

Level

investments

at

the

beginning

or

end

of

the

period

in

relation

to

the

Fund's

net

assets.

As

of

March

31,

2026

,

there

were

no

Level

investments.

Level

Level

Level

Total

Securities

Assets:

Municipal

Bonds

$

–

$

5,289,666

$

–

$

5,289,666

Short-Term

Investments

–

200,000

–

200,000

Total

Value

of

Securities

$

–

$

5,489,666

$

–

$

5,489,666

3. #### Investments
(continued)

4. #### Dividend

#### and

#### Distribution

#### Information
Income

and

long-term

capital

gain

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

US

GAAP. Additionally,

distributions

from

net

short-term

gains

on

sales

of

investment

securities

are

treated

as

ordinary

income

for

federal

income

tax

purposes.

The

tax

character

of

dividends

and

distributions

paid

during

the

period

ended

March

31,

2026

were

as

follows:

\*

Date

of

commencement

of

operations.

5. #### Components

#### of

#### Net

#### Assets

#### on

#### a

#### Tax

#### Basis
As

of

March

31,

2026,

the

components

of

net

assets

on

a

tax

basis

were

as

follows:

For

financial

reporting

purposes,

capital

accounts

are

adjusted

to

reflect

the

tax

character

of

permanent

book/tax

differences.

Results

of

operations

and

net

assets

were

not

affected

by

these

reclassifications.

For

the

period

ended

March

31,

2026,

the

Fund

had

no

reclassifications.

For

federal

income

tax

purposes,

capital

loss

carryforwards

may

be

carried

forward

and

applied

against

future

capital

gains.

At March

31,

2026,

the

Fund

has

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

as

follows:

1/12/26

\*

to

3/31/26

Tax-exempt

income

$

37,241

Ordinary

income

2,341

Total

$

39,582

Shares

of

beneficial

interest

$

5,626,361

Capital

loss

carryforwards

(9,468)

Undistributed

tax-exempt

income

Unrealized

appreciation

(depreciation)

of

investments

(64,063)

Net

assets

$

5,552,933

Loss

carryforward

character

Short-term

Long-term

Total

$9,468

$—

$9,468

#### Notes

#### to

#### financial

#### statements
Nomura

Tax-Free

USA

ETF

6. #### Issuance

#### and

#### Redemption

#### of

#### Fund

#### Shares
The

Fund

is

an

exchange-traded

fund

or

ETF.

Individual

Fund

shares

may

only

be

purchased

and

sold

on

a

national

securities

exchange

through

a

broker-dealer

and

investors

may

pay

a

commission

to

such

broker-dealers

in

connection

with

their

purchase

or

sale.

The

price

of

Fund

shares

is

based

on

market

price,

and

because

ETF

shares

trade

at

market

prices

rather

than

NAV,

shares

may

trade

at

a

price

greater

than

NAV

(a

premium)

or

less

than

NAV

(a

discount).

The

Fund

will

only

issue

or

redeem

shares

aggregated

into

blocks

of

25,000

shares

or

multiples

thereof

("Creation

Units") to

Authorized

Participants

who

have

entered

into

agreements

with

the

Fund's

Distributor.

An

Authorized

Participant

is

either

(1) a

"Participating

Party,"

(i.e.,

a

broker-

dealer

or

other

participant

in

the

clearing

process

of

the

Continuous

Net

Settlement

System

of

the

National

Securities

Clearing

Corporation)

("Clearing

Process"),

or

(2) a

participant

of

Depository

Trust

Company

("DTC

Participant"),

and,

in

each

case,

must

have

executed

an

agreement

("Participation

Agreement")

with

the

Distributor

with

respect

to

creations

and

redemptions

of

Creation

Units.

The

Fund

will

issue

or

redeem

Creation

Units

in

return

for

a

basket

of

assets

that

the

Fund

specifies

each

day.

Shares

are

listed

on

the

NYSE

Arca,

Inc.

(the

"Exchange")

and

are

publicly

traded.

If

an

investor

buys

or

sells

Fund

shares

on

the

secondary

market,

the

investor

will

pay

or

receive

the

market

price,

which

may

be

higher

or

lower

than

NAV.

The

investor's

transaction

will

be

priced

at

NAV

if

the

investor

purchases

or

redeems

Fund

shares

in

Creation

Units.

Authorized

Participants

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

the

Fund's

Administrator

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Additionally,

a

portion

of

the

transaction

fee

is

used

to

offset

transactional

costs

typically

accrued

in

the

Fund's

custody

expenses

directly

related

to

the

issuance

and

redemption

of

Creation

Units.

An

additional

variable

fee

may

be

charged

for

certain

transactions.

Such

fees

would

be

included

in

the

receivable

for

capital

shares sold

on

the

"Statement

of

assets

and

liabilities"

if

they

are

outstanding

as

of

period-end.

Transaction

fees

assessed

during

the

period

are

included

in

the

proceeds

from

shares sold

on

the

"Statement

of

changes

in

net

assets."

7. #### Certain

#### Principal

#### Risks

#### of

#### the

#### Fund
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.

High

yield

(junk

bond)

risk

—

The

risk

that

high

yield

securities,

commonly

known

as

"junk

bonds,"

are

subject

to

reduced

creditworthiness

of

issuers,

increased

risk

of

default,

and

a

more

limited

and

less

liquid

secondary

market.

High

yield

securities

may

also

be

subject

to

greater

price

volatility

and

risk

of

loss

of

income

and

principal

than

are

higher-rated

securities.

High

yield

bonds

are

sometimes

issued

by

municipalities

that

have

less

financial

strength

and

therefore

have

less

ability

to

make

projected

debt

payments

on

the

bonds.

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.

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.

Alternative

minimum

tax

risk

—

If

a

fund

invests

in

bonds

whose

income

is

subject

to

the

alternative

minimum

tax,

that

portion

of

the

fund's

distributions

would

be

taxable

for

shareholders

who

are

subject

to

this

tax.

Geographic

concentration

risk

—

The

risk

that

heightened

sensitivity

to

regional,

state,

US

territories

or

possessions

(such

as

the

Commonwealth

of

Puerto

Rico,

Guam,

or

the

US

Virgin

Islands),

and

local

political

and

economic

conditions

could

adversely

affect

the

holdings

in

and

performance

of

a

fund.

There

is

also

the

risk

that

there

could

be

an

inadequate

supply

of

municipal

bonds

in

a

particular

state

or

US

territory

or

possession.

Private

activity

bonds

risk

—

Municipalities

and

other

public

authorities

issue

private

activity

bonds

to

finance

development

of

industrial

facilities

for

use

by

a

private

enterprise.

The

private

enterprise

pays

the

principal

and

interest

on

the

bond

and

the

issuing

authority

does

not

pledge

its

full

faith,

credit,

and

taxing

power

for

repayment.

The

private

enterprise

can

have

a

substantially

different

credit

profile

than

the

municipality

or

public

authority.

The

Fund's

investments

in

private

activity

bonds

may

subject

certain

shareholders

to

the

Federal

AMT.

ETF

structure

risks

–

The

Fund

is

structured

as

an

ETF

and

as

a

result

is

subject

to

special

risks.

Shares

are

not

individually

redeemable

and

may

be

redeemed

by

the

Fund

at

NAV

only

in

large

blocks

known

as

"Creation

Units."

Trading

in

shares

on

the

Exchange

may

be

halted

due

to

market

conditions

or

for

reasons

that,

in

the

view

of

the

Exchange,

make

trading

in

Shares

inadvisable,

such

as

extraordinary

market

volatility.

There

can

be

no

assurance

that

Shares

will

continue

to

meet

the

listing

requirements

of

the

Exchange.

An

active

trading

market

for

the

Fund's

shares

may

not

be

developed

or

maintained.

If

the

Fund's

shares

are

traded

outside

a

collateralized

settlement

system,

the

number

of

financial

institutions

that

can

act

as

authorized

participants

that

can

post

collateral

on

an

agency

basis

is

limited,

which

may

limit

the

market

for

the

Fund's

shares.

The

market

prices

of

Shares

will

fluctuate

in

response

to

changes

in

NAV

and

supply

and

demand

for

shares

and

will

include

a

"bid-ask

spread"

charged

by

the

exchange

specialists,

market

makers

or

other

participants

that

trade

the

particular

security.

There

may

be

times

when

the

market

price

and

the

NAV

vary

significantly

particularly

during

times

of

market

stress,

with

the

result

that

investors

may

pay

significantly

more

or

significantly

less

for

Fund

shares

than

the

Fund's

NAV,

which

is

reflected

in

the

bid

and

ask

price

for

Fund

shares

or

in

the

closing

price.

If

a

shareholder

purchases

shares

at

a

time

when

the

market

price

is

at

a

7. #### Certain

#### Principal

#### Risks

#### of

#### the

#### Fund
(continued)

#### Notes

#### to

#### financial

#### statements
Nomura

Tax-Free

USA

ETF

premium

to

the

NAV

or

sells

shares

at

a

time

when

the

market

price

is

at

a

discount

to

NAV,

the

shareholder

may

sustain

losses

if

the

shares

are

sold

at

a

price

that

is

less

than

the

price

paid

by

the

shareholder

for

the

shares.

When

all

or

a

portion

of

an

ETFs

underlying

securities

trade

in

a

market

that

is

closed

when

the

market

for

the

Fund's

shares

is

open,

there

may

be

changes

from

the

last

quote

of

the

closed

market

and

the

quote

from

the

Fund's

domestic

trading

day,

which

could

lead

to

differences

between

the

market

value

of

the

Fund's

shares

and

the

Fund's

NAV.

In

stressed

market

conditions,

the

market

for

the

Fund's

shares

may

become

less

liquid

in

response

to

the

deteriorating

liquidity

of

the

Fund's

portfolio.

This

adverse

effect

on

the

liquidity

of

the

Fund's

shares

may,

in

turn,

lead

to

differences

between

the

market

value

of

the

Fund's

shares

and

the

Fund's

NAV.

Rule

144A

securities

— The

Fund

also

may

invest

in

securities

that

normally

are

purchased

or

resold

pursuant

to

Rule

144A

under

the

1933

Act

(Rule

144A

securities).

Rule

144A

is

designed

to

facilitate

efficient

trading

among

institutional

investors

by

permitting

the

sale

of

certain

unregistered

securities.

Rule

144A

securities

may

be

resold

only

to

qualified

institutional

buyers,

provided

that

certain

other

conditions

for

resale

are

met.

To

the

extent

privately

placed

securities

held

by

a

Fund

qualify

under

Rule

144A

and

an

institutional

market

develops

for

those

securities,

a

Fund

likely

will

be

able

to

dispose

of

the

securities

without

registering

them

under

the

1933

Act.

Rule

144A

securities

have

been

identified

on

the

"Schedule

of

investments."

8. #### Contractual

#### Obligations
The

Fund

enters

into

contracts

in

the

normal

course

of

business

that

contain

a

variety

of

indemnifications.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown.

However,

the

Fund

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts.

Management

has

reviewed

the

Fund's

existing

contracts

and

expects

the

risk

of

loss

to

be

remote.

9. #### Subsequent

#### Events
Management

has

determined

that

no

material

events

or

transactions

occurred

subsequent

to

March

31,

2026,

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements.

7. #### Certain

#### Principal

#### Risks

#### of

#### the

#### Fund
(continued)

#### Report

#### of

#### independent

#### registered

#### public

#### accounting

#### firm

To

the

Board

of

Trustees

of Nomura

ETF

Trust and

Shareholders

of

Nomura

Tax-Free

USA

ETF

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Nomura

Tax-Free

USA

ETF

(one

of

the

funds

constituting

Nomura

ETF

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

March

31,

2026,

and

the

related

statements

of

operations

and

changes

in

net

assets,

including

the

related

notes,

and

the

financial

highlights

for

the

period

January

12,

2026

(commencement

of

operations)

through

March

31,

2026

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

March

31,

2026,

and

the

results

of

its

operations,

changes

in

its

net

assets,

and

the

financial

highlights

for

the

period

January

12,

2026

(commencement

of

operations)

through

March

31,

2026

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audit.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audit

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audit

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audit

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2026

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

May

29,

2026

We

have

served

as

the

auditor

of

one

or

more

Nomura

investment

companies

since

2010. #### Other

#### Fund

#### information
(Unaudited)

Nomura

Tax-Free

USA

ETF

#### Tax

#### Information
The

information

set

forth

below

is

for

the

Fund's period

as

required

by

federal

income

tax

laws.

Shareholders,

however,

must

report

distributions

on

a

calendar

year

basis

for

income

tax

purposes,

which

may

include

distributions

for

portions

of

two

fiscal

years

of

the

Fund.

Accordingly,

the

information

needed

by

shareholders

for

income

tax

purposes

will

be

sent

to

them

in

January

of

each

year.

Please

consult

your

tax

advisor

for

proper

treatment

of

this

information.

All

disclosures

are

based

on

financial

information

available

as

of

the

date

of

this

annual

report

and,

accordingly,

are

subject

to

change.

For

any

and

all

items

requiring

reporting,

it

is

the

intention

of

the

Fund

to

report

the

maximum

amount

permitted

under

the

Internal

Revenue

Code

and

the

regulations

thereunder.

For

the

period

ended

March

31,

2026,

the

Fund

reports

distributions

paid

during

the

period

as

follows:

#### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies

#### Change

#### in

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
At

a

meeting

held

on April

15,

2026,

the

Board

of

Trustees

(Board),

upon

recommendation

of

the

Audit

Committee,

approved

the

dismissal

of

PricewaterhouseCoopers

LLP

(PwC)

upon

completion

of

services

currently

being

performed

by

PwC

related

to

the

audit

of

the

Nomura

Tax-Free

USA

ETF

(the

"Fund")'s

March

31,

2026

financial

statements,

and

approved

the

appointment

of

Ernst

&

Young

LLP

(E&Y)

to

serve

as

the

independent

registered

public

accounting

firm

for

the

Fund,

beginning

with

the

fiscal

year

ending

March

31,

2027. PwC's

report

on

the

financial

statements

for

the

period

January

12,

2026

(commencement

of

operations)

through

March

31,

2026

did

not

contain

any

adverse

opinion

or

disclaimer

of

opinion,

nor

was

it qualified

or

modified

as

to

uncertainty,

audit

scope,

or

accounting

principles.

In

addition,

during

the

period

January

12,

2026

(commencement

of

operations)

through

March

31,

2026

and

during

the

subsequent

interim

period

through

May

29,

2026,

(i) there

were

no

disagreements

between

the

Fund

and

PwC

on

accounting

principles,

financial

statement

disclosures

or

audit

scope,

which,

if

not

resolved

to

the

satisfaction

of

PwC,

would

have

caused

them

to

make

reference

to

the

disagreement

in

their

report;

and

(ii) there

were

no

reportable

events

described

in

Item

304(a)

(1) (v) of

Regulation

S-K

under

the

Securities

Exchange

Act

of

1934,

as

amended.

During

the

period

January

12,

2026

(commencement

of

operations)

through

March

31,

2026

and

during

the

subsequent

interim

period

through

May

29,

2026,

neither

the

Board

nor

anyone

on

its

behalf

has

consulted

with

E&Y

at

any

time

prior

to

their

selection

with

(A) Ordinary

Income

Distributions

(Tax

Basis)

5.91%

(B) Tax-Exempt

Distributions

(Tax

Basis)

94.09%

&nbsp;&nbsp;&nbsp;&nbsp; Total

100.00%

(A) and

(B) are

based

on

a

percentage

of

the

Fund's

total

distributions.

respect

to

(i) the

application

of

accounting

principles

to

a

specified

transaction,

either

completed

or

proposed

or

the

type

of

audit

opinion

that

might

be

rendered

on

the

Fund's

financial

statements;

or

(ii) the

subject

of

a

disagreement

(as

defined

in

paragraph

(a) (1) (iv) of

Item

of

Regulation

S-K)

or

reportable

events

(as

described

in

paragraph

(a) (1) (v) of

said

Item

304).

The

Fund

has

provided

PwC

with

a

copy

of

this

Form

N-CSR

and

requested

that

PwC

furnish

the

Fund

with

a

letter

stating

whether

or

not

it

agrees

with

the

statements

made

herein.

A

copy

of

PwC's

letter,

dated

June

8,

2026,

is

attached

as

Exhibit

to

this

N-CSR.

#### Proxy

#### Disclosures

#### for

#### Open-End

#### Management

#### Investment

#### Companies
Not

Applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers,

#### and

#### Others

#### of

#### Open-End

#### Management

#### Investment

#### Companies
Please

refer

to

the

disclosure

within

the

financial

statements.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract

#### Board

#### Consideration

#### of

#### Investment Management Agreement

#### at

#### a

#### Meeting

#### Held

#### on

#### October

#### 16,

#### 2024
At

a

meeting

held

on

October

16,

2024

(the

"Contract

Approval

Meeting"),

the

Board

of

Trustees

(the

"Board"),

including

a

majority

of

Trustees

each

of

whom

is

not

an

"interested

person"

as

defined

under

the

Investment

Company

Act

of

1940

(the

"Independent

Trustees"),

approved

the

Investment

Management

Agreement

with

Delaware

Management

Company

("DMC"

or

the

"Adviser")

on

behalf

of

the

Macquarie

Tax-Free

USA

ETF

(the

"Fund").

Prior

to

the

Contract

Approval

Meeting,

the

Independent

Trustees

were

assisted

in

their

evaluation

of

the

Investment

Management

Agreement

by

independent

legal

counsel,

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

In

providing

information

to

the

Board,

DMC

was

guided

by

a

detailed

set

of

requests

for

information

submitted

to

them

by

independent

legal

counsel

on

behalf

of

the

Independent

Trustees

prior

to

the

Contract

Approval

Meeting.

Prior

to

the

Contract

Approval

Meeting,

and

in

response

to

the

requests,

the

Board

received

and

reviewed

materials

specifically

relating

to

the

approval

of

the

Investment

Management

Agreement.

In

considering

and

approving

the

Investment

Management

Agreement,

the

Trustees

considered

the

information

they

believed

relevant,

including

but

not

limited

to

the

information

discussed

below.

The

Board

did

not

identify

any

particular

information

or

consideration

that

was

all-important

or

controlling,

and

each

individual

Trustee

may

have

attributed

different

weights

to

various

factors.

After

its

deliberations,

the

Board,

including

the

Independent

Trustees,

unanimously

approved

the

Investment

Management

Agreement

for

an

initial

two-year

term.

#### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies
(continued)

#### Change

#### in

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Tax-Free

USA

ETF

The

following

summarizes

a

number

of

important,

but

not

necessarily

all,

factors

considered

by

the

Board

in

support

of

its

approval.

*The* 

*nature,* 

*extent* 

*and* 

*quality* 

*of* 

*services* 

*to* 

*be* 

*provided* 

*by* 

*the* 

*Adviser.*

The

Board

reviewed

the

services

that

the

Adviser

would

provide

to

the

Fund.

In

connection

with

the

investment

advisory

services

to

be

provided,

the

Board

noted

the

responsibilities

that

the

Adviser

would

have

as

the

Fund's

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

the

Fund's

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

the

Fund's

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

the

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

the

Fund;

determining

daily

baskets

of

deposit

securities

and

cash

components;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

Fund

shares

conducted

on

a

cash-in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Fund.

The

Board

also

took

into

account

the

Adviser's

oversight

of

the

Fund's

operations

and

the

Fund's

other

service

providers.

The

Board

reviewed

the

Adviser's

experience,

resources

and

strengths

in

managing

other

pooled

investment

vehicles,

including

the

personnel

of

each.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined,

within

the

context

of

its

full

deliberations,

that

the

Fund

was

likely

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

ability

of

the

Adviser

to

render

such

services

based

on

their

experience,

personnel,

operations

and

resources.

*Fees,* 

*expenses* 

*and* 

*profitability*

*.*

The

Board

compared

both

the

services

to

be

rendered

and

the

proposed

fees

to

be

paid

to

the

Adviser

with

the

fees

that

the

Adviser

receives

pursuant

to

its

other

advisory

agreements,

as

well

as

the

fees

paid

to

other

investment

advisers

with

respect

to

similar

funds.

In

particular,

the

Board

compared

the

Fund's

proposed

advisory

fee

and

total

expense

ratio

to

other

investment

companies

considered

to

be

in

the

Fund's

peer

group.

Management

responded

to

questions

from

the

Trustees,

explaining

that

the

nature

of

the

Fund

and

its

anticipated

investments

warranted

the

proposed

advisory

fees

for

each.

The

Board

also

received

and

considered

information

about

the

fee

rates

charged

to

other

accounts

and

clients

managed

by

the

Adviser,

including

information

about

the

differences

in

services

provided

to

the

non-registered

investment

company

clients,

as

applicable.

The

Board

also

discussed

the

anticipated

costs

and

projected

profitability

of

the

Adviser

in

connection

with

its

service

as

investment

adviser

to

the

Fund,

including

operational

costs.

The

Board

also

considered

the

Adviser's

assumption

of

business,

entrepreneurial,

overall

managerial

and

other

risks

by

sponsoring

and

advising

the

Fund.

After

comparing

the

Fund's

proposed

fees

and

total

expense

ratios

with

those

of

other

funds

in

the

Fund's

peer

group,

and

in

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment Management Agreement

#### at

#### a

#### Meeting

#### Held

#### on

#### October

#### 16,

#### 2024
(continued)

light

of

the

nature,

extent

and

quality

of

services

proposed

to

be

provided

by

the

Adviser

and

the

costs

they

expected

to

incur

in

rendering

those

services,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

level

of

fees

proposed

to

be

paid

to

the

Adviser

with

respect

to

the

Fund

was

fair

and

reasonable

in

light

of

the

nature,

extent

and

quality

of

the

services

proposed

to

be

provided

by

the

Adviser.

The

Board

also

considered

that

the

Adviser

and

its

affiliates

may

experience

reputational

"fall-out"

benefits

based

on

the

success

of

the

Fund,

but

that

such

benefits

are

not

easily

quantifiable.

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

Since

the

Fund

had

not

commenced

operations,

and

the

eventual

aggregate

amount

of

assets

was

uncertain,

Management

was

not

able

to

provide

the

Board

with

specific

information

concerning

the

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale,

if

any.

The

Board

recognized

the

uncertainty

in

launching

a

new

investment

product

and

estimating

future

asset

levels.

The

Trustees

noted

that

any

reduction

in

fixed

costs

associated

with

the

management

of

the

Fund

would

be

enjoyed

by

the

Adviser,

but

that

a

unitary

advisory

fee

provides

a

level

of

certainty

in

expenses

for

the

Fund.

*Investment* 

*performance* 

*of* 

*the* 

*Fund* 

*and* 

*the* 

*Adviser*

Because

the

Fund

is

newly

formed

and

had

not

commenced

operations,

the

Board

did

not

consider

the

investment

performance

of

the

Fund

or

the

Adviser.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant

in

the

exercise

of

its

reasonable

business

judgment,

the

Board

concluded

that

the

proposed

advisory

fee

was

reasonable

in

relation

to

the

services

to

be

provided

by

the

Advisor

to

the

Fund,

as

well

as

the

costs

to

be

incurred

and

benefits

to

be

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

proposed

advisory

fee

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

funds

or

similar

actual

or

anticipated

size.

As

a

result,

the

Board

concluded

that

the

initial

approval

of

the

Investment

Management

Agreement

was

in

the

best

interest

of

the

Fund.

In

its

deliberation,

the

Board

did

not

identify

any

absence

of

information

as

material

to

its

decision,

or

any

particular

factor

(or

conclusion

with

respect

thereto)

or

single

piece

of

information

that

was

all-important,

controlling

or

determinative

of

its

decision,

but

considered

all

of

the

factors

together,

and

each

Trustee

may

have

attributed

different

weights

to

the

various

factors

(and

conclusions

with

respect

thereto)

and

information.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment Management Agreement

#### at

#### a

#### Meeting

#### Held

#### on

#### October

#### 16,

#### 2024
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Tax-Free

USA

ETF

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
At

a

meeting

held

on

October

15,

2025

(the

"Contract

Renewal

Meeting"),

the

Board

of

Trustees

(the

"Board"),

including

a

majority

of

Trustees

who

are

not

"interested

persons"

as

defined

under

the

Investment

Company

Act

of

1940

(the

"Independent

Trustees"),

approved

the

annual

renewal

of

the

Investment

Management

Agreement

with

Delaware

Management

Company

("DMC"

or

the

"Adviser")

on

behalf

of

the

below

series

of

the

Trust

(each,

a

"Fund"

and

together,

the

"Funds")

and

the

Sub-Advisory

Agreement

with

Macquarie

Investment

Management

Global

Limited

("MIMGL")

on

behalf

of

the

below

series

of

the

Trust

(each,

a

"Sub-Advised

Fund"

and

together,

the

"Sub-Advised

Funds"):

Prior

to

the

Contract

Renewal

Meeting,

the

Independent

Trustees

were

assisted

in

their

evaluation

of

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement

by

independent

legal

counsel,

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

In

providing

information

to

the

Board,

DMC

was

guided

by

a

detailed

set

of

requests

for

information

submitted

to

them

by

independent

legal

counsel

on

behalf

of

the

Independent

Trustees

prior

to

the

Contract

Renewal

Meeting.

Prior

to

the

Contract

Renewal

Meeting,

and

in

response

to

the

requests,

the

Board

received

and

reviewed

materials

specifically

relating

to

the

renewal

of

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement.

The

Board

also

considered

presentations

made

by,

information

provided

by

and

discussions

held

with,

representatives

of

DMC

at

the

Contract

Renewal

Meeting

and

at

prior

Board

meetings.

At

these

meetings,

representatives

of

DMC

furnished

reports

and

other

information

to

the

Board,

and

engaged

in

discussions

with

the

Board,

regarding,

among

other

things,

the

performance

of

the

Funds,

the

services

provided

to

the

Funds

by

the

Adviser

and

MIMGL

(as

applicable),

the

Funds'

distribution

arrangements,

and

compliance,

risk

management

and

operational

matters

related

to

the

Funds,

the

Adviser

and

MIMGL.

The

Board

also

received

information

comparing

the

advisory

fees

and

expenses

of

each

Fund

to

those

from

a

peer

group

of

funds

comparable

to

each

Fund.

#### Investment

#### Management

#### Agreement

#### Sub-Advisory

#### Agreement
Macquarie

Global

Listed

Infrastructure

ETF

Macquarie

Global

Listed

Infrastructure

ETF

Macquarie

Energy

Transition

ETF

Macquarie

Energy

Transition

ETF

Macquarie

Focused

Large

Growth

ETF

Macquarie

Focused

Large

Growth

ETF

Macquarie

Focused

SMID

Cap

Core

ETF

Macquarie

Focused

SMID

Cap

Core

ETF

Macquarie

Focused

International

Core

ETF

Macquarie

Focused

International

Core

ETF

Macquarie

Focused

Emerging

Markets

Equity

ETF

Macquarie

Focused

Emerging

Markets

Equity

ETF

Macquarie

National

High-Yield

Municipal

Bond

ETF

.

Macquarie

Tax-Free

USA

Short

Term

ETF

.

Macquarie

Tax-Free

USA

Intermediate

ETF

.

Macquarie

Tax-Free

USA

ETF

.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

The

Board's

decision

to

approve

the

renewal

of

the

Investment

Management

Agreement

and

Sub-Advisory

Agreement

was

based

on

a

comprehensive

consideration

of

all

information

provided

to

the

Board

throughout

the

year

and

specifically

in

connection

with

the

Contract

Renewal

Meeting,

as

well

as

the

knowledge

gained

over

time

through

previous

interactions

with

DMC

and

management.

In

considering

and

approving

the

renewal

of

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement,

the

Trustees

considered

the

information

they

believed

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

In

its

deliberations,

the

Board

did

not

identify

any

absence

of

information

as

material

to

its

decision,

or

any

particular

factor

(or

conclusion

with

respect

thereto)

or

single

piece

of

information

that

was

all-important,

controlling

or

determinative

of

its

decision,

but

considered

all

of

the

factors

together,

and

each

Trustee

may

have

attributed

different

weights

to

the

various

factors

(and

conclusions

with

respect

thereto)

and

information.

After

its

deliberations,

the

Board,

including

the

Independent

Trustees,

unanimously

approved

the

continuance

of

the

Investment

Management

Agreement

for

the

Funds

and

the

Sub-Advisory

Agreement

for

the

Sub-Advised

Funds

for

an

additional

year.

The

following

summarizes

a

number

of

important,

but

not

necessarily

all,

factors

considered

by

the

Board

in

support

of

its

approval.

(a) *The* 

*nature,* 

*extent* 

*and* 

*quality* 

*of* 

*services* 

*provided* 

*by* 

*the* 

*Adviser* 

*and* 

*MIMGL.*

The

Board

reviewed

the

services

that

the

Adviser

and

MIMGL

provided

to

the

Funds

(as

applicable).

In

connection

with

the

investment

advisory

services

provided,

the

Board

noted

the

responsibilities

of

the

Adviser

as

investment

adviser,

including:

the

overall

responsibility

for

the

general

management

and

investment

of

each

Fund's

securities

portfolio;

responsibility

for

the

investment

performance

and

processes

and

compliance

with

the

Funds'

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

deposit

securities

and

cash

components;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

Fund

shares

conducted

on

a

cash-in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Funds.

To

the

extent

any

such

activities

or

services

are

performed

by

MIMGL,

the

Board

considered

the

Adviser's

oversight

of

such

activities

and

services.

The

Board

considered

the

Adviser's

ability

to

attract

and

retain

qualified

personnel

to

service

the

Funds

and

the

experience

and

skills

of

key

management

and

investment

personnel

of

the

Adviser.

The

Board

also

noted

the

compliance

program

and

compliance

experience

of

the

Adviser

and

MIMGL.

The

Board

considered

the

Adviser's

day-to-day

oversight

of

each

Fund's

compliance

with

applicable

laws

and

regulations,

noting

that

regulatory

and

other

developments

had

over

time

led

to

an

increase

in

the

scope

of

the

Adviser's

oversight

responsibilities

in

this

regard.

The

Board

also

took

into

account

the

Adviser's

oversight

of

the

Funds'

operations

and

the

Funds'

other

service

providers.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Tax-Free

USA

ETF

The

Board

reviewed

the

Adviser's

and

MIMGL's

experience,

resources,

financial

condition,

and

strengths

in

managing

the

Funds,

including

the

personnel

of

each.

The

Board

also

evaluated

information

about

the

nature

and

extent

of

responsibilities

retained

and

risks

assumed

by

the

Adviser,

including

the

Adviser's

assumption

of

business,

entrepreneurial,

overall

managerial

and

other

risks

by

sponsoring

and

advising

the

Funds.

Based

on

these

considerations,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

Adviser

and

MIMGL

are

capable

of

continuing

to

provide

services

of

the

nature,

extent

and

quality

contemplated

by

the

terms

of

the

Investment

Management

Agreement

and

the

Sub-

Advisory

Agreement.

(b) *Fees* 

*and* 

*expenses*

.

The

Board

compared

both

the

services

rendered

and

the

fees

paid

to

the

Adviser

with

the

fees

that

the

Adviser

receives

pursuant

to

its

other

advisory

agreements,

as

well

as

the

fees

paid

to

other

investment

advisers

with

respect

to

similar

funds.

In

particular,

the

Board

compared

each

Fund's

advisory

fee

and

total

net

expense

ratio

to

other

investment

companies

considered

to

be

in

that

Fund's

Morningstar

category

and

peer

group

of

funds.

To

the

extent

relevant,

the

Board

reviewed

information

provided

by

the

Adviser

about

differences,

including

strategy

implementation

and

the

amount

of

assets

being

managed,

between

a

Fund

and

its

peer

funds.

While

the

Board

recognized

that

comparisons

between

a

Fund

and

its

peer

group

may

be

imprecise,

the

comparative

information

assisted

the

Board

in

evaluating

the

reasonableness

of

the

Funds'

advisory

fees

and

total

net

expenses.

The

Board

took

into

account

that

MIMGL

does

not

receive

a

separate

fee

for

its

services

as

sub-adviser

to

the

Sub-Advised

Funds.

After

comparing

each

Fund's

fees

and

total

expense

ratios

with

those

of

other

funds

in

each

Fund's

peer

group,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

MIMGL,

as

applicable,

and

the

costs

they

incur

in

rendering

those

services,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

level

of

fees

paid

to

the

Adviser

with

respect

to

each

Fund

was

fair

and

reasonable

in

light

of

the

nature,

extent

and

quality

of

the

services

provided

by

the

Adviser

and

MIMGL,

as

applicable.

(c) *Profitability* 

*and* 

*Fall* 

*out* 

*Benefits.*

The

Board

reviewed

the

costs

of

services

provided

by

and

the

profits

realized

by

the

Adviser

from

its

relationship

with

the

Macquarie

Global

Listed

Infrastructure

ETF,

Macquarie

Energy

Transition

ETF

and

Macquarie

Tax-Free

USA

Short

Term

ETF,

including

operational

costs

and

both

direct

benefits

and

indirect

benefits

accruing

to

the

Adviser

and

its

affiliates.

The

Trustees

noted

that

each

of

these

three

Funds

had

completed

at

least

one

year

of

investment

operations

as

of

the

fiscal

year

ended

March

31,

2025. The

Trustees

considered

how

the

Adviser's

profitability

was

affected

by

factors

such

as

its

organizational

structure

and

method

for

allocating

expenses.

The

Board

also

considered

that

the

Adviser

had

entered

into

unitary

fee

arrangements

with

the

Funds

under

which

the

Adviser

reimbursed

the

Funds

for

expenses

over

the

applicable

unitary

fee

rate.

With

respect

to

the

Funds

with

less

than

one

year

of

operations

as

of

the

fiscal

year

ended

March

31,

2025,

the

Board

did

not

consider

the

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

profitability

of

the

Adviser

to

be

a

material

factor

in

their

determination,

but

did

take

into

account

prior

profitability

estimates

provided

by

the

Adviser

to

the

Board

in

connection

with

the

launch

of

the

Funds.

The

Board

further

noted

that,

with

respect

to

the

Funds

with

shorter

operational

histories,

profitability

reports

with

respect

to

such

Funds

would

be

considered

during

subsequent

renewals

of

the

Investment

Management

Agreement.

The

Board

also

considered

that

the

Adviser

and

its

affiliates

may

experience

reputational

"fall-out"

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

Based

on

these

considerations,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

Adviser's

profitability

from

its

relationship

with

each

of

the

Funds,

if

any,

after

taking

into

account

a

reasonable

allocation

of

costs,

was

not

unreasonable.

(d) *Economies* 

*of* 

*scale.*

The

Board

considered

whether

the

Adviser

would

realize

economies

of

scale

with

respect

to

its

management

of

each

Fund

as

each

Fund

grew

and

whether

fee

levels

reflected

these

economies.

The

Trustees

considered

the

Adviser's

views

relating

to

economies

of

scale

in

connection

with

the

Funds

and

the

extent

to

which

the

benefits

of

any

such

economies

of

scale

are

shared

with

the

Funds

and

Fund

shareholders.

The

Trustees

recognized

that

economies

of

scale

are

difficult

to

identify

and

quantify

and

are

rarely

identifiable

on

a

fund-by-fund

basis.

Based

on

this

evaluation,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

advisory

fees

were

reasonable

in

light

of

the

information

that

was

provided

to

the

Trustees

by

the

Adviser

with

respect

to

economies

of

scale.

The

Board

noted

that

it

would

revisit

whether

economies

of

scale

exist

in

the

future

during

subsequent

renewals

of

the

Investment

Management

Agreement

and

once

a

Fund

achieved

sufficient

scale.

(e) *Investment* 

*Performance* 

*of* 

*the* 

*Funds* 

*and* 

*the* 

*Adviser.*

The

Board

considered

the

overall

investment

performance

of

the

Adviser

and

the

Funds

since

each

Fund's

commencement

date.

In

its

evaluation

of

investment

performance

of

a

Fund,

the

Board

took

into

account

such

Fund's

short

performance

period,

weighing

the

fact

that

the

Macquarie

Global

Listed

Infrastructure

ETF,

the

Macquarie

Energy

Transition

ETF,

and

the

Macquarie

Tax-Free

USA

Short

Term

ETF

commenced

operations

on

November

28,

2023,

the

Macquarie

Focused

Large

Growth

ETF

commenced

operations

on

May

14,

2024,

the

Macquarie

Focused

Emerging

Markets

Equity

ETF

commenced

operations

on

September

4,

2024,

the

Macquarie

National

High-Yield

Municipal

Bond

ETF

commenced

operations

on

March

5,

2025

and

the

Macquarie

Focused

International

Core

ETF

commenced

operations

on

June

18,

2025. The

Macquarie

Tax-Free

USA

Intermediate

ETF,

Macquarie

Tax-Free

USA

ETF

and

Macquarie

Focused

SMID

Core

ETF

were

not

active

prior

to

the

time

of

the

Meeting.

As

a

result,

the

Board

did

not

consider

the

investment

performance

of

the

Macquarie

Tax-Free

USA

Intermediate

ETF,

Macquarie

Tax-Free

USA

ETF

and

Macquarie

Focused

SMID

Core

ETF

at

the

Meeting.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

#### Other

#### Fund

#### information
(Unaudited)

Nomura

Tax-Free

USA

ETF

The

Board

considered

performance

reports

and

discussions

with

portfolio

managers

at

Board

meetings

throughout

the

year

for

the

Funds

that

were

active

during

the

time

period.

These

performance

reports

showed

a

Fund's

absolute

investment

performance

and

investment

performance

compared

to

a

broad

based

benchmark

index,

a

more

narrowly

tailored

index

selected

by

the

Adviser

as

being

representative

of

a

Fund's

investment

strategy

and

Morningstar

Category

peer

funds

identified

by

the

Adviser

as

being

similar

to

the

Fund.

They

further

considered

the

Adviser's

explanation

of

the

relevance

of

the

selected

peer

group

to

each

Fund.

Investment

performance

for

each

Fund,

as

of

June

30,

2025,

was

shown

for

the

past

1-year

period

and

since

inception

or,

if

shorter,

only

since

inception,

compared

to

that

of

the

peer

group

and

benchmarks.

The

Board

noted

that,

while

it

found

the

comparative

peer

data

generally

useful,

it

recognized

the

data's

limitations,

including

in

particular

that

the

data

may

vary

depending

on

the

end

date

selected

and

that

the

results

of

the

performance

comparisons

vary

depending

on

the

funds

in

the

peer

group.

The

Board

also

considered

that

it

received

detailed

information

on

the

performance

of

each

active

Fund

from

the

Adviser

in

connection

with

each

of

its

regular

quarterly

meetings

throughout

the

year.

At

these

meetings,

the

Adviser

reviewed

with

the

Board

factors

contributing

to

Fund

performance

and

the

Adviser's

evaluation

of

such

performance

in

light

of

the

Funds'

design

objectives.

Representatives

from

the

Adviser

provided

information

regarding

and

led

discussions

of

factors

impacting

the

performance

of

the

Funds,

outlining

current

market

conditions

and

explaining

their

expectations

and

strategies

for

the

future.

The

Board

evaluated

the

explanations

for

any

relative

underperformance

of

a

Fund

during

the

relevant

periods,

as

well

as

to

investment

decisions

and

global

economic

and

other

factors

that

affected

the

Fund's

investment

performance

and

whether

each

Fund

had

performed

as

expected

over

time,

as

well

as

any

plans

to

address

underperformance,

if

applicable.

The

Board

took

into

account

that

each

Fund

was

being

managed

in

accordance

with

its

investment

objective

and

strategies.

Based

on

this

information,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

investment

results

that

the

Adviser

and

MIMGL,

as

applicable,

had

been

able

to

achieve

for

the

Funds

during

their

relatively

limited

performance

history

were

satisfactory

and

support

renewal

of

the

Investment

Management

Agreement

and

Sub-Advisory

Agreement

for

an

additional

one

year

period.

In

doing

so,

the

Board

reflected

that

the

reports

provided

at

quarterly

Board

meetings

provide

an

opportunity

for

ongoing

oversight

as

the

Funds

mature

and

reach

scale.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant

in

the

exercise

of

its

reasonable

business

judgment,

the

Board

concluded

that

the

advisory

fees

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

and

MIMGL

to

each

Fund,

as

applicable,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

and

MIMGL,

as

applicable,

in

providing

such

services.

As

a

result,

the

Board

concluded

that

the

renewal

of

the

Investment

Management

Agreement

and

Sub-Advisory

Agreement

was

in

the

best

interests

of

each

Fund,

as

applicable.

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Considerations

#### of Annual

#### Renewal

#### of

#### Investment Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreement
(continued)

This

page

is

not

part

of

the

financial

statements

and

other

information.

AR-LTAX-TRST-0526

(5415271) #### Contact

#### information

#### Shareholder

#### assistance

#### by

#### phone
844

469-9911,

weekdays

from

9:00am

to

5:00pm

ET

#### Regular

#### mail
Nomura ETF

Trust

c/o

Foreside

Financial

Services

Three

Canal

Plaza,

Suite

Portland,

ME

04101

Nomura Asset

Management

• 610

Market

Street

• Philadelphia,

PA

19106-2354

#### Nomura

#### Asset

#### Management

#### is

#### part

#### of

#### the

#### Investment

#### Management

#### Division

#### of

#### the

#### Nomura

#### Group,

#### providing

#### integrated

#### public

#### and

#### private

#### market

#### asset

#### management

#### services

#### across

#### equities,

#### fixed

#### income,

#### private

#### credit

#### and

#### multi-asset

#### solutions

#### to

#### intermediary

#### and

#### institutional

#### clients.

#### Nomura

#### Asset

#### Management

#### primarily

#### operates

#### through

#### several

#### distinct

#### investment

#### managers,

#### which

#### includes

#### Nomura

#### Investment

#### Management

#### Business

#### Trust

#### (NIMBT),

#### a

#### Securities

#### and

#### Exchange

#### Commission
(SEC)

#### registered

#### investment

#### adviser.

#### Investment

#### advisory

#### services

#### are

#### provided

#### to

#### the

#### Nomura

#### ETF

#### Trust

#### Funds

#### by

#### Delaware

#### Management

#### Company,

#### a

#### series

#### of

#### NIMBT.
The

Fund

is distributed

by

#### Foreside

#### Financial

#### Services
LLC. **Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

**Change in Independent Registered Public Accounting Firm** 

At a meeting held on April 15, 2026, the Board of Trustees (Board), upon recommendation of the Audit Committee, approved the dismissal of PricewaterhouseCoopers LLP (PwC) upon completion of services currently being performed by PwC related to the audit of the Nomura Energy Transition ETF (formerly, Macquarie Energy Transition ETF), Nomura Focused Emerging Markets Equity ETF (formerly, Macquarie Focused Emerging Markets Equity ETF), Nomura Focused International Core ETF (formerly, Macquarie Focused International Core ETF), Nomura Focused Large Growth ETF (formerly, Macquarie Focused Large Growth ETF), Nomura Global Listed Infrastructure ETF (formerly, Macquarie Global Listed Infrastructure ETF), Nomura National High-Yield Municipal Bond ETF (formerly, Macquarie National High-Yield Municipal Bond ETF), Nomura Tax-Free USA ETF, Nomura Tax-Free USA Short Term ETF (formerly, Macquarie Tax-Free USA Short Term ETF), and Nomura Transformational Technologies ETF, (the "Funds") s' March 31, 2026 financial statements, and approved the appointment of Ernst & Young LLP (E&Y) to serve as the independent registered public accounting firm for the Funds, beginning with the fiscal year ending March 31, 2027. PwC's dismissal was not effective until the issuance of the March 31, 2026 financial statements on May 29, 2026.

For Nomura Energy Transition ETF, PwC's reports on the financial statements for the fiscal years ended March 31, 2025 and March 31, 2026 did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles.

For Nomura Focused Emerging Markets Equity ETF, PwC's reports on the financial statements for the period September 4, 2024 (commencement of operations) through March 31, 2025 and the fiscal year ended March 31, 2026 did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles.

For Nomura Focused International Core ETF, PwC's report on the financial statements for the period June 17, 2025 (commencement of operations) through March 31, 2026 did not contain any adverse opinion or disclaimer of opinion, nor was it qualified or modified as to uncertainty, audit scope, or accounting principles.

For Nomura Focused Large Growth ETF, PwC's reports on the financial statements for the period May 14, 2024 (commencement of operations) through March 31, 2025 and the fiscal year ended March 31, 2026 did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles.

For Nomura Global Listed Infrastructure ETF, PwC's reports on the financial statements for the fiscal years ended March 31, 2025 and March 31, 2026 did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles.

For Nomura National High-Yield Municipal Bond ETF, PwC's reports on the financial statements for the period March 5, 2025 (commencement of operations) through March 31, 2025 and the fiscal year ended March 31, 2026 did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles.

For Nomura Tax-Free USA ETF, PwC's report on the financial statements for the period January 12, 2026 (commencement of operations) through March 31, 2026 did not contain any adverse opinion or disclaimer of opinion, nor was it qualified or modified as to uncertainty, audit scope, or accounting principles.

For Nomura Tax-Free USA Short Term ETF, PwC's reports on the financial statements for the fiscal years ended March 31, 2025 and March 31, 2026 did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles.

For Nomura Transformational Technologies ETF, PwC's report on the financial statements for the period January 12, 2026 (commencement of operations) through March 31, 2026 did not contain any adverse opinion or disclaimer of opinion, nor was it qualified or modified as to uncertainty, audit scope, or accounting principles.

In addition, for the periods recited above and during the subsequent interim period through May 29, 2026, (i) there were no disagreements between the Funds and PwC on accounting principles, financial statement disclosures or audit scope, which, if not resolved to the satisfaction of PwC, would have caused them to make reference to the disagreement in their reports; and (ii) there were no reportable events described in Item 304(a) (1) (v) of Regulation S-K under the Securities Exchange Act of 1934, as amended. During the periods recited above and during the subsequent interim period through May 29, 2026, neither the Board nor anyone on its behalf has consulted with E&Y at any time prior to their selection with respect to (i) the application of accounting principles to a specified transaction, either completed or proposed or the type of audit opinions that might be rendered on the Funds' financial statements; or (ii) the subject of a disagreement (as defined in paragraph (a) (1) (iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a) (1) (v) of said Item 304).

The Funds have provided PwC with a copy of this Form N-CSR and requested that PwC furnish the Funds with a letter stating whether or not it agrees with the statements made herein. A copy of PwC's letter, dated June 8, 2026, is attached as Exhibit 99 to this N-CSR.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This information is included as part of materials filed under Item 7 of this form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This information is included as part of materials filed under Item 7 of this form.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures.**

(a) The registrant's principal executive officer and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)) and provide reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

(b) There were no significant changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.** 

Not applicable.

### Item 19. Exhibits.
(a)(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(a)(2) &nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(a)(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as [Exhibit 99.CERT](ex99cert.htm).

(a)(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There was a change in the Registrant's independent public accountant during the period covered by the report. Attached hereto as [Exhibit 99.IND PUB ACCT](ex99indpubacct.htm).

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto as [Exhibit 99.906 CERT](ex9906cert.htm).

## **SIGNATURES** 
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized.

**Name of Registrant**: Nomura ETF Trust

<u>/s/ANTHONY CARUSO____</u> 

By: &nbsp;&nbsp;&nbsp;&nbsp; Anthony Caruso

Title: President and Principal Executive Officer

Date: June 8, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

<u>/s/ANTHONY CARUSO____</u> 

By: &nbsp;&nbsp;&nbsp;&nbsp; Anthony Caruso

Title: President and Principal Executive Officer

Date: June 8, 2026

<u>/s/RICHARD SALUS ____&nbsp;&nbsp;&nbsp;&nbsp;</u> 

By:&nbsp;&nbsp;&nbsp;&nbsp; Richard Salus

Title: Principal Financial Officer

Date: June 8, 2026

## Ex-99

**EXHIBIT 99.CERT**

 **<u>CERTIFICATION</u>**

I, Anthony Caruso, certify that:

1. I have reviewed this report on Form N-CSR of Nomura ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 8, 2026

<u>/s/ANTHONY CARUSO____</u> 

By: &nbsp;&nbsp;&nbsp;&nbsp; Anthony Caruso

Title: President and Principal Executive Officer

 **<u>CERTIFICATION</u>**

I, Richard Salus, certify that:

1. I have reviewed this report on Form N-CSR of Nomura ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 8, 2026

<u>/s/RICHARD SALUS ____&nbsp;&nbsp;&nbsp;&nbsp;</u> 

By:&nbsp;&nbsp;&nbsp;&nbsp; Richard Salus

Title: Principal Financial Officer

## Ex-99.Ind

June 8, 2026

Securities and Exchange Commission

100 F Street, N.E.

Washington, DC 20549

Commissioners:

We have read the statements made by Nomura Energy Transition ETF, Nomura Focused Emerging Markets Equity ETF, Nomura Focused International Core ETF, Nomura Focused Large Growth ETF, Nomura Global Listed Infrastructure ETF, Nomura National High-Yield Municipal Bond ETF, Nomura Tax-Free USA ETF, Nomura Tax-Free USA Short Term ETF and Nomura Transformational Technologies ETF (the "Funds") (copy attached), which we understand will be filed with the Securities and Exchange Commission, pursuant to Item 1 and Item 8 of Form N-CSR of the Funds dated June 8, 2026. We agree with the statements concerning our Firm contained therein.

Very truly yours,

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

Attachment

## Exhibit 99.906

**EXHIBIT 99.906CERT**

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the attached report of the registrant on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the registrant does hereby certify, to the best of such officer's knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly represents, in all material respects, the financial condition and results of operations of the registrant as of, and for, the periods presented in the Report.

Date: June 8, 2026

<u>/s/ANTHONY CARUSO____</u> 

By: &nbsp;&nbsp;&nbsp;&nbsp; Anthony Caruso

Title: President and Principal Executive Officer

<u>/s/RICHARD SALUS ____&nbsp;&nbsp;&nbsp;&nbsp;</u> 

By:&nbsp;&nbsp;&nbsp;&nbsp; Richard Salus

Title: Principal Financial Officer

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act, or other document authenticating, acknowledging, or otherwise adopting the signatures that appear in typed form within the electronic version of this written statement required by Section 906, has been provided to the registrant and will be retained by the registrant and furnished to the SEC or its staff upon request.