Nomura ETF Trust is expanding its exchange-traded fund platform rather than pursuing a conventional IPO, making the supplied Vittoria offering framework inapplicable to the trust. The structure gives investors access to a growing collection of equity, fixed-income, tax-exempt and thematic strategies, while new listings and fund launches are increasing Nomura’s presence in the U.S. ETF market.
Nomura ETF Trust Builds a Broader Investment Platform
Nomura ETF Trust is a Delaware statutory trust organized in 2023 and registered as an open-end management investment company. The trust previously operated as Macquarie ETF Trust before adopting the Nomura name in December 2025. Its portfolios provide investors with targeted exposure across global listed infrastructure, energy transition, large-cap growth, emerging markets, international equities, municipal bonds and technology-related themes.
Delaware Management Company, a series of Nomura Investment Management Business Trust, serves as investment manager. Shawn K. Lytle is identified as President and Senior Managing Director of Delaware Management Company, while Richard Salus serves as Senior Vice President and Chief Financial Officer. Nomura Asset Management is part of Nomura Group’s investment management division, giving the platform access to a broader institutional asset-management organization.
ETF Listings Replace a Conventional IPO
There is no single IPO ticker, offering price range, projected market capitalization or $8 million fundraising target for Nomura ETF Trust. Individual funds have their own tickers and exchange listings. The platform includes products such as the Nomura Global Listed Infrastructure ETF under BILD and Nomura Energy Transition ETF under PWER on NYSE Arca, as well as the Nomura Focused International Core ETF under EXUS and Nomura Focused Emerging Markets Equity ETF under EMEQ on Nasdaq.
The trust has continued adding products during 2026. The Nomura Transformational Technologies ETF, ticker FRWD, received Nasdaq listing approval, while additional portfolios have been registered or launched across fixed income and equity strategies. Foreside Financial Services serves as principal distributor for the trust’s funds rather than acting as a traditional IPO investment bank.
ETF Growth Creates a Broader Market Opportunity
The expansion comes as ETFs remain a major vehicle for investors seeking transparent pricing, intraday liquidity and targeted portfolio exposure. Nomura’s platform combines those characteristics with strategies spanning traditional asset classes and themes such as technology and energy transition. The breadth of products allows the manager to address different market environments rather than relying on a single investment strategy.
For professional investors, the appeal rests less on an IPO-style capital raise and more on asset gathering, liquidity, fees and long-term performance. Successful fund launches can increase distribution and strengthen Nomura’s competitive position in a crowded U.S. ETF market.
Competition and Regulatory Risks
ETF providers face intense competition from established asset managers, particularly on fees, liquidity, scale and brand recognition. Individual funds also carry distinct risks related to market volatility, concentration, interest rates, credit conditions and investment style. Newly launched products face an additional challenge: insufficient assets can make it difficult to achieve the scale required for long-term economic viability.
Outlook: Asset Growth Is the Key Market Debut to Watch
Nomura ETF Trust’s story is ultimately about building scale rather than completing a conventional IPO. Investors should watch new listings, assets under management, trading liquidity, expense levels and portfolio performance as the platform expands. If Nomura can convert its institutional investment capabilities into sustained ETF asset growth, the trust could strengthen its position in the U.S. stock market; otherwise, individual launches may remain niche products in an increasingly competitive industry.
