Overview
Growth focus
Innovative technology is the key global growth driver for economies and equity markets
Experienced team
Portfolio management team with more than 50 years of combined experience, focused on identifying winners and
losers across technology waves
Concentrated portfolio
A high-conviction portfolio of 20-30 positions across market sectors and capitalizations
Daily pricing
as of 05/18/2026
NAV 1-day net change
-$0.34
Market price 1-day net change
-$0.44
Total net assets
as of
05/18/2026
$171.4 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 |
FRWD |
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Cusip
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555927862 |
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Exchange |
NASDAQ |
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Asset class |
Equity |
*The Nomura Transformational Technologies ETF acquired the assets and liabilities of a single
separate account on January 13, 2026. As a result of the transaction, the inception date of November 30, 2018, reflects the commencement
of operations for the separate account. The listing date of the Nomura Transformational Technologies ETF is January 13, 2026.
Benchmark
Portfolio
Top 10 holdings as of 04/30/2026
SEAGATE TECHNOLOGY HOLDINGS PLC
9.37
ADVANCED MICRO DEVICES INC
8.61
TAIWAN SEMICONDUCTOR MANUFACTURING
5.84
WESTERN DIGITAL CORP
5.18
TEXAS INSTRUMENT INC
4.73
ASML HOLDING ADR REPRESENTING NV
4.21
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
Bradley Warden
Senior Portfolio Manager
Brad is a Senior Portfolio Manager for the Science and Technology Team at Nomura Asset Management International, where he is responsible for making day-to-day investment decisions for the team’s 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, Brad held the same role at Macquarie Asset Management and, before that, at Ivy Investments (which was acquired by Macquarie in 2021). He joined Ivy Investments in 2003 as an Investment Analyst covering multiple areas of technology and healthcare, and he became an Assistant Portfolio Manager in 2014 and a Portfolio Manager in 2016.
Brad serves as a volunteer Investment Counselor and Advisory Committee member to the Texas McCombs Investment Advisors LLC, a student-managed fund at the University of Texas at Austin.
He earned a Bachelor of Science in business administration from Trinity University and a Master of Business Administration in finance from the University of Texas at Austin. He holds the Chartered Financial Analyst® designation.
Gus Zinn
Senior Portfolio Manager
Gus is a Senior Portfolio Manager for the Science and Technology Team at Nomura Asset Management International, where he is responsible for making day-to-day investment decisions for the team’s 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, Gus held the same role at Macquarie Asset Management. Before that he had worked as a Portfolio Manager for Ivy Investments (which was acquired by Macquarie in 2021) since 2006. Gus joined Ivy Investments in 1998 and had served as Assistant Portfolio Manager for funds managed by Ivy Investments since July 2003, in addition to his duties as a Research Analyst.
He is on the finance council at St. Ann Church in Kansas City and also acts as a guest teacher in economics four times per semester at Rockhurst High School. His focus is on the basics of fundamental analysis for equities.
Gus earned a Bachelor of Science and a Master of Science in finance from the University of Wisconsin-Madison. He holds the Chartered Financial Analyst® designation.
Resources
Fact sheets and commentaries
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.
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.
Governments or regulatory authorities may take actions that could adversely affect various sectors
of the securities markets and affect fund performance.
Information technology sector risk is the investment risk 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.
The risk that a concentration in a particular industry will cause a fund to be more exposed to
developments affecting that single industry or industry group than a more broadly diversified fund would be. A fund
could experience greater volatility or may perform poorly during a downturn in the industry or industry group because
it is more susceptible to the economic, regulatory, political, legal and other risks associated with those industries
than a fund that invests more broadly.
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.
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.
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, 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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