Overview
Global infrastructure exposure
Invests in companies that own and operate physical assets such as toll roads, airports, and energy networks
Research-driven process
Fundamental analysis to forecast long-term cash flows and identify investments with potentially attractive
relative valuations
Specialized team
Team based in US, Europe, and Asia Pacific, providing a broad set of localized insights into potential investment opportunities.
Daily pricing
as of 05/18/2026
NAV 1-day net change
$0.31
Market price 1-day net change
$0.44
Total net assets
as of
05/18/2026
$7.6 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 |
BILD |
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Cusip
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555927102 |
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Exchange |
NYSE Arca |
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Asset class |
Equity |
Benchmark
Portfolio
Top 10 holdings as of 04/30/2026
UNITED UTILITIES GROUP PLC
4.79
AUCKLAND INTERNATIONAL AIRPORT LTD
3.29
AMERICAN ELECTRIC POWER INC
3.12
AEROPORTS DE PARIS SA
3.03
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
Brad Frishberg, CFA
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Head of Global Listed Infrastructure
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Read bio
Brad Frishberg
Head of Global Listed Infrastructure
Brad is Head of Global Listed Infrastructure and is the lead Portfolio Manager for Global Listed Infrastructure strategies at Nomura Asset Management International, a role he had originally assumed at Macquarie Asset Management in December 2009. He joined Nomura Asset Management as part of Nomura’s acquisition of Macquarie Asset Management’s US and European public investments business in 2025.
Prior to Macquarie, Brad was Managing Director and US Equity Portfolio Manager at J.P. Morgan Asset Management where he was responsible for managing portfolios and businesses in London, Tokyo, and New York for more than a decade.
He earned a Bachelor of Arts from Brown University and a Master of Arts from Trinity College. Brad holds the Chartered Financial Analyst® designation.
Barry Klein, CFA, CPA
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Portfolio Manager, Senior Equity Analyst
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Read bio
Barry Klein
Portfolio Manager, Senior Equity Analyst
Barry is a Portfolio Manager and Senior Equity Analyst for the Global Listed Infrastructure Team at Nomura Asset Management International. In addition, he manages the firm’s energy transition ETF and co-manages a climate solutions 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, he held the same role at Macquarie Asset Management since July 2010. Prior to joining Macquarie in 2010, Barry was an Equities Research Analyst with Citigroup. He was a member of Citi's top-ranked utilities research team, covering gas and electric utilities and integrated gas companies. Before his time at Citi, Barry worked in PwC’s Business Assurance and Advisory Services, where he audited and reviewed companies in the utilities, consumer products, and not-for-profit sectors.
He is currently Chairman of the Board for the charity Stupid Cancer.
Barry earned a Bachelor of Arts in accounting (magna cum laude) from Boston University’s Questrom School of Business. He holds the Chartered Financial Analyst® designation and is a Certified Public Accountant.
Resources
Fact sheets and commentaries
Additional information
Important information
On or around December 30, 2024, the Fund’s investment objective and principal investment strategy
was modified to remove the Fund’s sustainable investing restrictions. Please see the supplement to the prospectus dated October 29, 2024 for more
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 — like the
stock market 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.
Governments or regulatory authorities may take actions that could adversely affect various sectors
of the securities markets and affect fund performance.
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.
Investments in small and/or medium-sized companies typically exhibit greater risk and higher
volatility than larger, more established companies.
International investments entail risks including fluctuation in currency values, differences in
accounting principles, or economic or political instability. Investing in emerging markets can be riskier than
investing in established foreign markets due to increased volatility, lower trading volume, and higher risk of market
closures. In many emerging markets, there is substantially less publicly available information, and the available
information may be incomplete or misleading. Legal claims are generally more difficult to pursue.
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.
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 New York Stock
Exchange (“Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an
active or liquid trading market for them will develop or be maintained. In addition, trading in the Fund’s shares on
the Exchange may be halted. 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, diversified management investment company with no operating
history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size,
in which case the Board of Trustees of the Trust (the “Board") may determine to liquidate the Fund.
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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