Overview
Time-tested investment philosophy
Experienced investment team has applied its investment philosophy consistently for more than two decades
Fundamental, long-term investing
Seeks to invest in competitively advantaged companies that are well positioned to capture long-term secular
growth opportunities
Concentrated portfolio
An actively managed portfolio of 35-60 stocks seeking to capitalize on high-conviction investment ideas
Daily pricing
as of 05/18/2026
NAV 1-day net change
$0.38
Market price 1-day net change
-$0.20
Total net assets
as of
05/18/2026
$573.6 million
Expense ratios are as of the Fund's prospectus available at the time of publication.
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Fund identifiers
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Ticker |
EMEQ |
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Cusip
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555927508 |
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Exchange |
NASDAQ |
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Asset class |
Emerging Markets Equity |
Benchmark
Portfolio
Top 10 holdings as of 04/30/2026
TAIWAN SEMICONDUCTOR MANUFACTURING
12.38
SAMSUNG ELECTRONICS LTD
10.54
RELIANCE INDUSTRIES GDR REPRESENTI
4.26
TENCENT HOLDINGS LTD
2.94
ALIBABA GROUP HOLDING ADR REPRESEN
2.54
SAMSUNG ELECTRONICS NON VOTING PRE
2.43
Holdings are as of the date indicated and subject to change. List may exclude cash and cash
equivalents.
The values shown for “% of portfolio” (the “calculated values”) are based off of a price provided
by a third-party pricing vendor for the portfolio holding and do not reflect the impact of systematic fair valuation
(“the vendor price”). The vendor price is not necessarily the price at which the Fund values the portfolio holding
for the purposes of determining its net asset value (the “valuation price”). Additionally, where applicable, foreign
currency exchange rates with respect to the portfolio holdings denominated in non-US currencies for the valuation
price will be generally determined as of the close of business on the NASDAQ stock exchange, whereas for the vendor
price will be generally determined as of 4:00pm GMT. The calculated values may have been different if the valuation
price were to have been used to calculate such values. The vendor price is as of the most recent date for which a
price is available and may not necessarily be as of the date shown above.
Managers
Liu-Er Chen, CFA
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Head of Emerging Markets Equity
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Read bio
Liu-Er Chen
Head of Emerging Markets Equity
Liu-Er is Head of Emerging Markets Equity at Nomura Asset Management International, responsible for managing the firm’s emerging markets equity portfolios. He also manages the healthcare equity strategy. He joined Nomura Asset Management as part of Nomura’s acquisition of Macquarie Asset Management’s US and European public investments business in 2025.
Previously, Liu-Er held the same role at Macquarie Asset Management and, before that, at Delaware Investments (which was acquired by Macquarie in 2010) starting in 2006. Prior to Delaware Investments, Liu-Er worked at Evergreen Investment Management Company for nearly 11 years, where he was the sole manager of the Evergreen Health Care and Emerging Markets funds. Prior to his career in asset management, Liu-Er worked in sales, marketing, and business development for major American and European pharmaceutical and medical device companies.
Liu-Er earned a Master of Business Administration from Columbia Business School and holds the Chartered Financial Analyst® designation.
Resources
Fact sheets and commentaries
Additional information
Important information
Delaware Management Company is a series of Nomura Investment Management Business Trust (a
Delaware statutory trust).
Nomura ETF Trust exchange-traded funds (ETFs) are actively managed and do not seek to
replicate a specific index. ETF shares are bought and sold through an exchange at the then current market
price, not net asset value (NAV), and are not individually redeemed from the fund. Shares may trade at a
premium or discount to their NAV when traded on an exchange. Brokerage commissions will reduce returns.
There can be no guarantee that an active market for ETFs will develop or be maintained, or that the ETF's
listing will continue or remain unchanged.
Over time, the value of your investment in the Fund will
increase and decrease according to changes in the value of the securities in the Fund’s portfolio. An
investment in the Fund may not be appropriate for all investors.
The Fund’s principal risks include but are not limited to the following:
Market risk is the risk that all or a majority of the securities in a certain market - such as
the stock or bond market - will decline in value because of factors such as adverse political or economic
conditions, future expectations, investor confidence, or heavy institutional selling.
Foreign and emerging markets risk is 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.
Company size risk is 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 is 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 is 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 is 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 is the risk that local political and economic conditions could adversely
affect the performance of a fund investing a substantial amount of assets in securities of issuers located
in a single country or a limited number of countries. Adverse events in any one country within the
Asia-Pacific region may impact the other countries in the region or Asia as a whole. As a result, adverse
events in the region will generally have a greater effect on the Fund than if the Fund were more
geographically diversified, which could result in greater volatility in the Fund’s net asset value and
losses. Markets in the greater China region can experience significant volatility due to social, economic,
regulatory, and political uncertainties.
Limited number of securities risk is the possibility that a single security’s increase or
decrease in value may have a greater impact on a fund’s value and total return because the fund may hold
larger positions in fewer securities than other funds. In addition, a fund that holds a limited number of
securities may be more volatile than those funds that hold a greater number of securities.
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.
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 the securities of a single issuer.
Because a nondiversified fund may invest its assets in fewer issuers, the value of its shares may increase
or decrease more rapidly than if it were fully diversified.
The Funds are actively managed. The Manager applies a Fund's investment strategies and selects
securities for the Fund in seeking to achieve the Fund's investment objective(s). There can be no guarantee
that its decisions will produce the desired results, and securities selected by a Fund may not perform as
well as the securities held by other exchange-traded funds with investment objectives that are similar to
the investment objective(s) of the Fund. In general, investment decisions made by the Manager may not
produce the anticipated returns, may cause a Fund's shares to lose value or may cause a Fund to perform less
favorably than other exchange-traded funds with similar investment objectives.
The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following
risks: “Authorized participants, market makers and liquidity providers concentration risk,” “Secondary
Market Trading Risk” and “Shares may trade at prices other than NAV risk.”
Only authorized participants (“APs”) may engage in creation or redemption transactions
directly with the Fund. The Fund has a limited number of financial institutions that are institutional
investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity
providers in the marketplace, and they have no obligation to submit creation or redemption orders. To the
extent either of the following events occur, the Fund’s shares may trade at a material discount to net asset
value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process
creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market
makers and/or liquidity providers exit the business or significantly reduce their business activities and no
other entities step forward to perform their functions. These events, among others, may lead to the Fund’s
shares trading at a premium or discount to NAV. A diminished market for an ETF's shares substantially
increases the risk that a shareholder may pay considerably more or receive significantly less than the
underlying value of the ETF shares bought or sold.
Although the Fund’s shares are listed on a national securities exchange, The NASDAQ stock
exchange may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active
or liquid trading market for them will develop or be maintained. In addition, trading in the Fund’s shares
on the Exchange may be halted. In addition, an exchange or market may issue trading halts on specific
securities or financial instruments. As a result, the ability to trade certain securities or financial
instruments may be restricted, which may disrupt the Fund’s creation/redemption process or affect the price
at which shares trade in the secondary market.
As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market
prices. The Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the
market value of the Fund’s holdings, while the trading price of the shares fluctuates continuously
throughout trading hours on the Exchange, based on both the relative market supply of, and demand for, the
shares and the underlying value of the Fund’s holdings. As a result, although it is expected that the market
price of the Fund’s shares will approximate the Fund’s NAV, there may be times when the market price of the
Fund’s shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk
is heightened in times of market volatility or periods of steep market declines.
Transactions in shares of ETFs will result in brokerage commissions and will generate tax
consequences. All regulated investment companies are obliged to distribute portfolio gains to
shareholders.
Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed
from the fund. Any applicable brokerage commissions will reduce returns.
The Fund is a newly organized, management investment company with no operating history.
In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size,
in which case the Board of Trustees of the Trust (the “Board") may determine to liquidate the
Fund.
All third-party marks cited are the property of their respective owners.
Nothing presented should be construed as a recommendation to purchase or sell any security or
follow any investment technique or strategy.
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