NOMURA SMALL AND MID CAP ETF (USD) SMDC.US

Nomura Small and Mid Cap ETF is an actively managed equity fund with a primary objective of capital appreciation. It invests predominantly in common stocks of U.S. small- and mid-capitalization companies that the manager believes offer strong potential for growth, using fundamental research (including financial statement analysis, executive meetings, and SEC filings) and applying risk controls around factors such as size, valuation, growth, yield, and earnings consistency.

The fund's investment mandate requires that under normal circumstances at least 80 % of its net assets (plus any borrowings for investment purposes) be invested in small- and mid-cap U.S. equity securities at the time of purchase.

Here, small-cap and mid-cap are defined relative to the ranges of companies included in the Russell 2500 Index and Russell Midcap Index at those times. The ETF is managed by Delaware Management Company, a series of Nomura Investment Management Business Trust, and is structured as an open-end management investment company registered under the U.S. Investment Company Act of 1940.