Nomura National High-Yield Municipal Bond ETF HTAX Strategy

The investment seeks to provide as high a level of current interest income, exempt from federal income tax, primarily through investment in medium- and lower-grade municipal obligations. Under normal circumstances, the fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal securities the income from which is exempt from federal income tax. Municipal debt obligations are issued by state and local governments to raise funds for various public purposes such as hospitals, schools, and general capital expenses.