From Tokyo to Wall Street: Nomura’s Pedigree Powers Its U.S. ETF Push

Nomura Asset Management, the largest ETF provider in Japan, is making a major push to establish its U.S. presence. Following the acquisition of Macquarie Asset Management’s U.S. public investments business in December 2025, the firm is scaling its platform. Nomura aims to grow its active ETF lineup by 70% by the end of March 2027.Key Takeaways Nomura’s expansion coincides with record active ETF adoption. Active strategies captured 39% of all U.S. ETF flows through September 2026. The Nomura Focused Emerging Markets Equity ETF (EMEQ B+) has grown into a $600 million strategy. EMEQ surged 91% in value in the 12 months ended September 2026, triple the gain for the MSCI Emerging Markets Index. Sector-focused Nomura Transformational Tech ETF (FRWD), a nearly $300 million fund, returned 44% in the year ended September. FRWD outperformed the MSCI World Information Technology Index’s 31% return. Driven in part by Head of ETFs & Product Strategy Anthony Caruso, Nomura has been building out its U.S. presence. As of late October, Nomura offered 10 active ETFs but plans to expand the lineup to 17 in the coming months. The firm’s acceleration comes at a key time for the industry. Active ETFs accounted for 39% of total U.S.-listed ETF net inflows year-to-date through September. These ETFs represented just 13% of assets. Although in the early stages of its U.S. expansion, we believe Nomura is leveraging its deep institutional asset management heritage to drive growth. The firm also plans to invest heavily in its sales and distribution capabilities in 2027.High-Conviction Equities: EMEQ & FRWD Help Lead the ChargeNomura’s initial success in the U.S. highlights the value of offering high-conviction active management. Increasingly, investors are looking outside of market-cap-weighted index products.Nomura-Focused Emerging Market Equity ETF (EMEQ)Launched two years ago, EMEQ has grown to $600 million in assets with a concentrated, fundamental approach. Managed by a 20-year portfolio management veteran, EMEQ focuses on 30 to 50 top ideas. EMEQ has taken high-conviction positions in global semiconductor and technology supply chain leaders like Samsung, SK Hynix, and Taiwan Semiconductor. This helped EMEQ surge 91% in the 12 months ended September 2026. The ETF has significantly outperformed the 29% return of the broad MSCI Emerging Markets Index.Nomura Transformational Tech ETF (FRWD)Nomura’s technology ETF FRWD draws on an institutional research heritage spanning 75 years. The ETF was originally a separate account and now manages nearly $300 million in assets. FRWD gained 44% in the year ended September 2026. This was much stronger than the 31% gain of the MSCI World Information Technology Index. The portfolio is a mix of U.S. and international stocks. Advanced Micro Devices, Nvidia, Seagate Technologies, and Taiwan Semiconductor were the top holdings.Expanding Coverage: High Yield & Japan Active ExpertiseTo build a comprehensive wealth management suite, Nomura is also actively filling key asset class gaps. In early October 2026, the firm launched the Nomura High Yield Total Return ETF (HFIX). The fund brings the 35-year institutional composite of Nomura Corporate Research and Asset Management directly to the retail market. The $40 billion high-yield manager’s security selections are now available for a 0.45% expense ratio. In the fourth quarter of 2026, Nomura is expected to launch an actively managed Japan equity ETF. We believe this could be a differentiator given the firm’s local market expertise and strong heritage. Many investors have favored overweighting Japan in their developed market international exposure in 2026Connecting Institutional Strength to Wealth AdvisorsIt is still early days for Nomura ETFs. However, the asset manager is putting the infrastructure in place to support long-term growth. Nomura is seeking to convert its market leadership in Japan and 100-year institutional history into a U.S. ETF business. We see inroads being made as more investors become aware of Nomura’s active ETFs. For more news, information, and analysis, visit the Equity ETF Content Hub.