Seizing the AI Era's New Landscape: Nomura Launches Taiwan's First Actively Managed ETF-Linked Fund on July 20 to Lead Long-Term Profit Momentum in Taiwan Stocks

As global energy transition and geopolitical realignment raise inflation concerns by 2026, financial markets are closely monitoring two core issues: the Federal Reserve's interest rate path amid persistent inflation and the technological upgrades in semiconductor manufacturing. Amid this volatile macroeconomic environment, global AI capital expenditure remains robust, serving as a key engine for sustained bull market profitability. To help investors precisely capture this trend, the Nomura Taiwan Smart Select Active ETF-Linked Fund commenced fundraising today (July 20), marking Taiwan's first actively managed ETF-linked fund and establishing a new milestone in Taiwan's active asset management market, enabling investors to flexibly participate in the long-term growth of Taiwan's tech leaders with greater strategic agility.

Lin Yi-Chun, portfolio manager of the Nomura Taiwan Smart Select Active ETF-Linked Fund, stated that this year's rally in Taiwan stocks has primarily been driven by AI-driven earnings upgrades. Despite market concerns over capacity bottlenecks, the four major cloud service providers' capital expenditure—totaling $725 billion with nearly 80% year-on-year growth—has laid a solid foundation. It is estimated that Taiwan's semiconductor supply chain will face tight capacity in advanced packaging and memory production by 2026, with some delayed capital expenditure recognition, thereby extending corporate earnings momentum into 2027. Although the third quarter may experience minor portfolio adjustments and inflation-driven volatility, and high-valuation tech stocks face pressure from rising U.S. Treasury yields, Nomura Asset Management forecasts a 56% year-on-year increase in overall earnings per share (EPS) for Taiwanese companies. With strong fundamentals in place, investors are advised not to overreact to short-term fluctuations but to maintain exposure to core AI-weighted stocks with tangible order momentum.

Chang Chi-Wen, Head of Strategy and Marketing at Nomura Asset Management, pointed out that the latest U.S. Bureau of Labor Statistics data showed a seasonally adjusted 0.4% month-on-month decline in June's Consumer Price Index (CPI), below market expectations and the largest single-month drop since April 2020, offering relief from the rapid inflation pressures seen this year and reducing investor concerns over near-term Fed rate hikes. Meanwhile, real-time developments from global tech giants indicate that Taiwan's leading foundry's advanced packaging capacity utilization has already approached 95% or higher—nearly full capacity—by early 2026, while global AI server shipments continue to grow at a high double-digit annual rate. These solid hardware shipment figures align with major industry players' upward revisions to capital expenditure plans, confirming the company's view that supply chain bottlenecks are merely delayed, not disappearing, and further reinforcing Taiwan's dominant role in electronic manufacturing and foundry services within the global AI supply chain.

Nomura Asset Management emphasized that amid the dynamic shifts in the global financial landscape, short-term market volatility presents an excellent opportunity for long-term strategic positioning. Investors should adopt a diversified, balanced asset allocation strategy and actively allocate to Taiwan tech funds with active management advantages. Through in-depth research by active management teams, investors can precisely target high-conviction, large-cap stocks with strong earnings visibility that benefit from the deferred impact of AI capital spending, overcoming market volatility with rational strategies while controlling risk and pursuing long-term asset appreciation.

Figure: Advantages of ETF-Linked Funds

Source: Nomura Asset Management Taiwan, July 2026. Investors in this linked fund are applying to purchase the "Nomura Taiwan Smart Select Active ETF-Linked Fund" issued by Nomura Asset Management Taiwan, not directly investing in the master fund 00980A ETF listed on the Taiwan Stock Exchange.

Economic outlooks mentioned in this article do not necessarily represent fund performance. Please refer to the fund prospectus for investment risks.

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Nomura Asset Management Taiwan

Established in 1998, Nomura Asset Management Taiwan is a joint venture formed by Nomura Asset Management (Japan) and Hong Kong-based Allshores Group, comprising professional investment teams. The company serves as the master distributor in Taiwan for Goldman Sachs, Ninety One, Nomura Funds (Ireland Series), and Janus Henderson Series Funds. As of December 2025, its total assets under management and distribution—including domestic mutual funds, discretionary mandates, and offshore funds—reached NT$963.8 billion, ranking 8th among all asset management firms in Taiwan. Nomura Asset Management Taiwan has been awarded the Best Retirement Fund Manager in Taiwan by Asian Asset Management magazine six times (2018–2020, 2024–2026) and Best Equity Manager five times (2020–2023, 2026). It also won the Lipper Taiwan Fund Award for Mixed-Asset Group for four consecutive years (2014–2017). (Source: Investment Trust and Advisory Association (2025/12); Lipper (2014–2017); Asian Asset Management (2026/01))

This fund has been approved by the Financial Supervisory Commission, but this does not imply the fund is risk-free. Past performance of the management company does not guarantee minimum investment returns. The management company, while exercising due care, is not liable for fund profits or losses and does not guarantee minimum returns. Investors should carefully read the fund prospectus before subscription.

Fund-related expenses (including distribution fees) are disclosed in the fund prospectus and investor information sheet. Both the company and sales institutions have copies of the fund prospectus (or Chinese translation/investor information sheet), and investors may also access them via the Fund Information Observation Station (https://www.fundclear.com.tw).

Fund transactions are made at the investor’s own discretion. Investors should understand and bear any potential gains or losses, with the maximum possible loss equaling the initial investment. Funds are not covered by deposit insurance, insurance stability funds, or other protection mechanisms. In case of disputes arising from fund transactions, investors should first file a complaint with the company. If dissatisfied with the outcome or if the company fails to respond within 30 days, investors may apply for mediation at the Financial Consumers' Mediation Center within 60 days. Investors may also file complaints with the Investment Trust and Advisory Association, apply for conciliation with the Securities Investors and Futures Traders Protection Center, or file a lawsuit in court.

Fund investment risks include, but are not limited to, sector concentration risk, industry cyclical risk, liquidity risk, foreign exchange control and currency fluctuation risk, political, social, or economic changes in investment regions, counterparty credit risk, and other investment risks. Please refer to the fund prospectus for details.

Fund distributions do not represent actual fund returns, and past distributions do not guarantee future ones. Fund net asset values may fluctuate due to market factors. Distributions may be paid from fund earnings or principal. Any portion paid from principal may lead to a reduction in the original investment amount. Information on distributions paid from principal for this fund is available on the management company’s website (www.nomurafunds.com.tw). Fund distributions are made without first deducting related expenses.

Economic outlooks mentioned in this article do not necessarily represent fund performance. Please refer to the fund prospectus for investment risks.

Investors are subscribing to the受益 units of the linked fund issued by the management company, not to the securities of the Nomura Taiwan Smart Select Active ETF Investment Trust Fund (hereinafter referred to as the "master fund") listed on the Taiwan Stock Exchange. The master fund’s reference performance index is the Taiwan Stock Exchange Capitalization Weighted Stock Index with Return, which serves as a benchmark for performance evaluation but is not tracked, replicated, or mimicked by the master fund. Although this fund aims to achieve the performance of the single linked master fund, its performance may slightly differ due to (1) fund expenses, (2) investment in the master fund not reaching 100% of net assets, and (3) futures trading.

This fund is an ETF-linked fund, primarily investing in the master fund’s受益 units, with main returns derived from potential capital gains and dividend income. Investors should fully understand the characteristics and risks of fund investment. As the fund primarily invests in a single master fund, it cannot avoid the risk of excessive concentration in a single investment target and is suitable for investors who can bear such risks.

Investors are purchasing the受益 units of this linked fund, not directly investing in the master fund. The management company will not charge a management fee on the portion invested in the master fund’s受益 units. Investors are responsible for fees associated with both the linked fund and the underlying master fund. Examples of management fee structures and fee assessment tables are detailed in the prospectus.

This fund’s distributions primarily come from the master fund’s distributions. After the fund determines each income distribution and confirms the amount, it proceeds with the distribution, so the amount distributed each time may vary.

This material is compiled and analyzed from various sources and is for reference only. The company makes no guarantees.