Nomura Energy Transition ETF

Key Statistics

Historical Performance

Total return including reinvested distributions, from adjusted closing prices.

Top Holdings

Top 25 holdings as of Mar 31, 2026 · source: SEC N-PORT. Full holdings & prospectus →

About PWER

The Macquarie Energy Transition ETF seeks to achieve its investmentobjective by investing, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes,in a diversified portfolio of securities in the energy, materials, industrial,renewable energy, and utilities sectors that meet the Fund’s investment criteria noted below. The investment criteria includes companiesthat meet the Manager’s definition of “transition enablers” or “responsible producers,” as further describedbelow. The Fund’s strategy seeks to realize inefficiencies in the global transition to cleaner, lower carbon energy in a world ofincreasing energy demand and uncertain energy supply. The Fund may invest in companies of any size and located across the world; however,the Fund generally will focus its investments on companies domiciled in North America. The Fund seeks to invest its assets primarily in two types of companies.The first group of companies are ones that Delaware Management Company, the Fund’s investment adviser (Manager) believes are facilitatingthe transition to new, lower carbon energy sources, such as solar or wind energy, as well as the increasing electrification of areas thathave traditionally relied on fossil fuels, such as transportation. The Manager considers these companies to be “transition enablers”that have a portion of their business committed to actively developing and/or exposed to products and services designed to produce lower-emittingalternatives to fossil fuels, or providers of services or materials required for the energy transition or low greenhouse gas energy production.In seeking to identify “transition enablers,” the Manager uses proprietary and third-party research to determine what technologieshave the greatest likelihood of succeeding and profiting from the energy transition. The Manager then uses this macro view to determinethe individual components and services that will be required to fully deploy these technologies. For example, the Manager believes thedeployment of solar, wind power and electric vehicles are likely to witness an increase in demand from the energy transition, while basicmaterials essential to the production and implementation of such technologies (e.g., copper or aluminum), will also serve as catalystsfor an energy transition. The second category of companies, “responsible producers,”includes traditional energy exploration and production companies with the potential to transition to lower emission power production,as well as providers of materials needed to augment low greenhouse gas (GHG) energy production. To be classified in this category thecompanies must be producers that are actively working toward reducing, displacing and/or sequestering their GHG emissions, potentiallyincluding companies that currently have a high level of absolute GHG emissions. Companies in this category also need to produce in a responsiblemanner by limiting/controlling water usage/discharge and spills and operate in a socially responsible manner (for example no use of childlabor) while ensuring proper governance especially when operating in higher risk jurisdictions. “Higher risk jurisdictions”are those that may have corruption, poverty, and violence, in addition to looser safety regulations, child labor risks, modern slaveryrisks, and bribery. The Manager carefully analyzes each company, utilizing company disclosures, third party research and proprietary analysis,to determine whether a company is properly identifying, monitoring and addressing these social and governance issues and risks, particularlywhen such companies operate in jurisdictions exhibiting these high-risk characteristics. To be considered a “responsible producer,” companies musthave a significant portion of its business committed to responsible production, which might include low carbon production, limited methane,responsible water usage, careful reclamation, or limited flaring in oil and gas production. Importantly, the proportion of energy or miningsuch companies produce responsibly is expected to increase or at least remain constant. Companies are required to remain focused on thecleanest approaches to production, rather than a full transition to significantly lower emission power production. Nuclear energy is includedin this category on the basis it provides a low emission source of base load power, complimenting the low emission but intermittent powerprovided by renewables. The Manager conducts an initial screening of the universe of “transitionenablers and “responsible producers” using its proprietary environmental framework for companies that leverages the Manager’sown views, in-house knowledge base and best practices, along with external resources like Sustainalytics and Bloomberg. The Manager thenanalyzes each investable opportunity that fits the criteria of a “transition enabler” or “responsible producer.”While the Fund will invest in both companies that the Manager considers to be “transition enablers” and companies it considers“responsible producers”, the Manager expects that “transition enabler” companies will gradually take an increasingshare of the portfolio over the long-term. Also, investments can be made in securities that may score poorly on a particular ESG metricif the risk is properly disclosed and is being monitored and addressed and the company otherwise passes the Manager’s screen of“transition enablers” and “responsible producers.” The Manager’s proprietary fundamental process analyzesthe environmental attributes of portfolio companies involved in oil and gas and materials extraction, refining or fabrication. For companiesinvolved in renewable energies or lower carbon technologies, the environmental and sustainability attributes are analyzed using thirdparty research. Investments can be made in securities that may have been identified as having heightened environmental, social or governancerisks if those risks are properly disclosed and are being monitored and addressed. The Manager then uses a proprietary fundamental process to analyzeeach investable opportunity. The Manager evaluates these “responsible producers” as well as “transition enablers”on various financial measures to determine which companies present an attractive risk/reward. Financial measures include 1) sector andcompany growth profile; 2) relative financial multiples; 3) net asset value; 4) balance sheet and cash flow analysis; and 5) various otherfinancial measures depending on the industry and opportunity. Position sizing is determined based on numerous risk factors such as 1)security domicile; 2) company asset domicile; 3) financial risk; 4) security liquidity; and 5) sub-sector exposures. The portfolio isconstantly monitored to maximize returns while reducing risk. Positions presenting a more favorable risk/return profile will typicallybe larger positions within the Fund’s portfolio. The Manager’s proprietary fundamental process analyzes the environmentalattributes of portfolio companies involved in oil and gas and materials extraction, refining or fabrication. Generally, in determining whether to sell a security, the Manager usesthe same type of analysis that it uses when buying securities to determine whether the security continues to be a desired investment forthe Fund, including consideration of the security’s current valuation. Additionally, the Manager may sell a security to reduce theFund’s holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raisecash. Positions will be exited if the Manager believes they no longer are favorably valued or they no longer meet the Manager’scriteria as a “responsible producer” or “transition enabler” based on new information that becomes available tothe Manager. The Manager may permit its affiliates, Macquarie Investment ManagementGlobal Limited (MIMGL) to execute Fund security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL.Quantitative support from MIMGL may include portfolio analytics and research and other quantitative analysis relating to the Fund’s holdingsand investment strategy. The Fund’s 80% policy is non-fundamental and may be changedwithout shareholder approval. However, Fund shareholders would be given at least 60 days’ notice prior to any such change.

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