[Disclaimer]
1. This document is an English translation of the Japanese language Summary Prospectus of theNEXT FUNDS Russian Equity Index Exchange Traded Fund (hereinafter referred to as “theFund”).
This document is based on the Summary Prospectus of the Fund as of September 26, 2024, except
as otherwise indicated herein. There is no guarantee that this document is or will be updated or
modified even if an update or modification to the corresponding Japanese language Summary
Prospectus occurs.
2. This English translation is not required by law or any regulation.
3. This document is offered for information purpose only and shall not be considered an offer orsolicitation for any investment, whether in securities, the Fund, or otherwise.
4. This English translation is not an official translation. In the event of any inconsistencies between
this English translation and the official Japanese text of the Summary Prospectus, the Japaneseversion shall prevail.
5. The accuracy, reliability and timeliness of this translation are not guaranteed. Should any error
in translation of this document occur, neither Nomura Asset Management Co., Ltd nor its
translator shall be liable for the error.
6. The Fund is not registered with any applicable administrative organization other than those
applicable to Japan. The Fund is not listed on any exchanges other than those in Japan.
7. A Japanese securities registration statement for the Fund, which is required by Japanese law, isfiled with the proper Japanese authorities. The statement should be referred to for the detailed
information of the Fund.
8. Neither this document nor any part hereof may be (a) copied or reproduced in any form by anymeans or (b) redistributed without the prior written consent of Nomura Asset Management Co.,Ltd.

1

Commencement date:
September 26, 2024
Code: 1324
NEXT FUNDS
Russian Equity Index Exchange Traded FundNF Russian Equity ETF (nickname)Open-ended Investment Trust, Overseas, Stocks, ETF, Index Type
[Explanatory Booklet on the Investment Trust (Summary Prospectus)]
Product Classification

Segmentation by Attribute

Unit Type /Eligible

Eligible

Independent

Supplementary

Eligible

Timing of

Geographical

Currency

Index

Open-ended

MarketInvestments

Segment

Classification

Investments

Accounting

Areas ofHedge

followed

PeriodInvestment

Stocks1 timeEuropeNone

Others(note)

GeneralyearlyEmerging

Investment(Source of

Trust

Income)Open-ended

Overseas

StocksETF

Index Type

Investment
Trust

Markets(Note) (Representative Russian stock price index composed of the stocks listed on the Moscow
Exchange)*The “Currency Hedge” column in the above “Segmentation by Attribute” column provides
information on whether or not currency risks due to volatility of the U.S. dollar/Japanese Yen
exchange rate are hedged in the Fund.
Please refer to The Investment Trusts Association, Japan website (https://www.toushin.or.jp/) for
definitions of product classification and segmentation by attribute above.
<Management Company>
Nomura Asset Management Co., Ltd. [the party issuing investment instructions for the Fund]

Registration Number (Financial Instruments Business Operators): Director of the Kanto Local
Financial Bureau (Financial instruments firms) No.373

Date of establishment: December 1, 1959



Capital: 17.1 billion yen (as of the end of July 2024)



Total net asset value of investment trust assets under management: 64,319.6 billion yen(as of June 28, 2024)<Trustee>
Mitsubishi UFJ Trust and Banking Corporation (Re-trustee: The Master Trust Bank of Japan, Ltd.)[the party responsible for custody and management of Fund assets]2

-----Please read this document carefully before deciding to subscribe to the NEXT FUNDS Russian
Equity Index Exchange Traded Fund (“the Fund”) ----This summary prospectus is published pursuant to the provisions of Article 13 of the Financial
Instruments and Exchange Act (No.25 of 1948).
In connection with public offering for subscription to the Fund, which is made by way of this summary
prospectus, Nomura Asset Management Co., Ltd. (the Management Company), the Issuer ofbeneficiary certificates of the Fund, filed a securities registration statement with the Director of the
Kanto Local Finance Bureau on September 10, 2024, pursuant to the provisions of Article 5 of the
Financial Instruments and Exchange Act. The filing took effect on September 26, 2024.
 The prospectus for the Fund provided for in Article 15, Paragraph 3 of the Financial Instruments
and Exchange Act (hereinafter referred to as the “Prospectus”) is published on the website of the
Nomura Asset Management Co., Ltd. The complete text of the basic terms and conditions of theinvestment trust of the Fund is provided in the Prospectus.
 When a significant amendment is made to the content of the Fund, we will confirm the intentionof beneficiaries of the Fund in advance under the Act on Investment Trust and Investment
Corporations (No.198 of 1951).
 Investment trust assets are separately managed by the Trustee under the Trust Act.
 You can obtain a copy of the Prospectus from a distributing company. If you request this document,
please make a personal record to that effect.
 For information on distributing companies and the net asset value (“NAV”) of the Fund, etc.,
please contact us as follows:

Reference: Nomura Asset Management Co., Ltd.

Homepage: https://www.nomura-am.co.jp/

3NEXT FUNDS Russian Equity Index Exchange Traded Fund

Termination Date, Significant Change to the Basic Terms and Conditions, and Being
Designated to Securities Under Supervision (Confirmation) of the Investment Trust of
the FundNEXT FUNDS Russian Equity Index Exchange Traded Fund (hereinafter referred to as “the Fund”)
has been suspending acceptance of applications of creation/redemption since February 24, 2022, andtrading of the Fund on the Tokyo Stock Exchange (TSE) has also been suspended since March 17,
2022.
In response to Russia's military invasion of Ukraine, some countries including Japan continue toimpose sanctions against Russia, and they are taking countermeasures. As a result, it has beendifficult for the Fund to trade Russian equities for a long period of time. This leads the Fund tocontinuously decrease the cash assets due to the costs associated with listing and custody of assets,
and there are concerns that the Fund will eventually run out of funds.
After careful considerations, if it remains difficult to trade Russian equities, we came to the conclusionthat it is beneficial for beneficiaries to receive redemption proceeds after the trading environment of
Russian equities will improve. The assets in the Fund will be preserved by minimizing costs
associated with listing as well as custody of securities and delisting the Fund before depleting its
funds.
Nomura Asset Management Co., Ltd. hereby announces that we have decided to amend the basic
terms and conditions of the investment trust (hereinafter referred to as “the Amendments”) to define
a trust termination date as July 8, 2050, with the decision date of the Amendments of November 19,
2024, considering that the Fund will terminate in the future and a feasibility of trading Russian
equities is unpredictable.
With the above decision, the beneficiary certificates of the Fund was designated as “Securities Under
Supervision (Confirmation)” as of August 22, 2024.
<Details of the defined termination date and the Amendments to the basic terms and conditions of
the investment trust>(i) The trust term period of the Fund will be changed from unlimited to the termination date of July8, 2050.
(ii) In case of early termination, we will make changes to the conditions regarding the payment ofredemption proceeds.
<Reasons for the defined termination date and the Amendments to the basic terms and conditions of
the investment trust>(i) The inception date of the Fund was July 25, 2008. It has been suspending acceptance of applicationsof creation/redemption since February 24, 2022, and trading of the Fund on TSE has also beensuspended since March 17, 2022. The Fund is expected to decrease the cash assets due to costs
4

associated with listing, etc. and we came to the conclusion that it will be difficult to keep the Fundlisted. In case the situation continues, delisting of the Fund will be beneficial for beneficiaries bymaking the Amendments to define a trust termination date as July 8, 2050.
(ii) In order to facilitate early termination, we will make the necessary amendments to the basic terms
and conditions of the investment trust.
Besides, this situation where there is a concern that funds may be depleted is considered as “truly
unavoidable circumstances”, it is difficult to conduct a written resolution regarding the Amendments;
thus, a beneficial resolution of the Amendments will not be taking place.
The Fund will make necessary amendments to the basic terms and conditions of the investment truston December 20, 2024, to define a trust termination date as July 8, 2050.
We will carefully look after a tradability of Russian equity markets, however, if it is determined toapply the Amendments on November 19, 2024, taking the Fund's assets into consideration, it willmeet the delisting criterion on TSE, and will be expected to be delisted on December 20, 2024, after
being appointed as “Securities to Be Delisted”.
However, if we decide not to implement the Amendments because the environment of trading Russian
assets changes by the date of the above decision on November 19, 2024, such as stable liquidation of
Russian assets and exchange from Russian Rubles (RUB) to Japanese Yen (JPY), the Fund will be
released from the Designated Security Under Supervision (Confirmation) on TSE.
Kindly noted that it is possible to advance the schedule including the delisting date forward frompreservation of assets’ perspectives in case the costs associated with custodian, etc. are unexpectedly
surged. Custodian costs of securities are affected by markets of Russian equities and exchange rate
between RUB and JPY. Having said that, when a market price of Russian equities or exchange rateof RUB against JPY increases, the custodian cost can unexpectedly go up.
If the Fund would be in a difficult situation such as failing to pay its custodian costs, etc. (the Net
Asset Value is going to be negative), we will disclose in a timely manner.
Nomura Asset Management Co., Ltd.

5

Objective and Features of the Fund
1. Objective of the Fund
The Fund aims at investment performance tracking the yen converted representative Russian
stock price index composed of the stocks listed on the Moscow Exchange※ (hereinafter referred toas the “Benchmark Index”), which means NAV volatility is to correspond with that of the
Benchmark Index.
※ The U.S. dollar based Benchmark Index is converted into yen, in principle, using the
Telegraphic Transfer Middle Rate (hereinafter referred to as the “TTM”) on the next business day
after any date on which the Benchmark Index is calculated. In the event that the TTM is notannounced, the Management Company could use an exchange rate which it considers appropriate
or equivalent to the TTM.
2. Features of the Fund

Main Subject of Investment-Stocks (including DRs (Depositary Receipts)) ※ , etc., that are included or are due to be
included in the Benchmark Index are to be the main subject of investment by the Fund. The
Fund may make purchases of stock index futures and use foreign exchange forward
transactions to keep investment performance tracking the yen converted Benchmark Index.
※Although stocks (including DRs) denominated in currencies other than Russian rubles, suchas stocks denominated in U.S. dollars are incorporated into the stocks, the exchange rate of
Russian rubles is reflected in such stock prices.



Investment Policy(i) The Fund is investing mainly in stocks (including DRs (Depositary Receipts)), etc., thatare included or are due to be included in the Benchmark Index, and the Fund aims atinvestment performance tracking the yen converted Benchmark Index.
(ii) When an additional issue of beneficial certificates occurs, the Management Company may
adjust the trust assets such that the trust assets remain in compliance with above policy (i).
(iii) In principle, the Fund adjusts foreign currency exposure so that the proportion of thestocks in the trust assets which have exposure to foreign currency are held in a proportion
approximately equivalent to the Fund’s total net assets. Moreover, the Fund may accordingly
use foreign exchange forward transactions or other transactions to adjust foreign currency
exposure.
(iv) In principle, the Fund does not hedge for the foreign exchange rate fluctuation risk
applicable to assets denominated in foreign currencies.
(v) To keep the investment performance tracking the yen converted Benchmark Index, the6Fund may complementarily make purchases of stock index futures and incorporate securities
that aim to keep investment performance tracking the Benchmark Index into the Fund.
(vi) Upon accepting a request to execute a partial redemption, the Management Company will
liquidate the securities or other assets in the trust assets corresponding to the beneficial
interests held by the requester of such redemption. However, the redemption above shall not
be applicable where the Management Company delivers cash, received for any additional
issue of beneficial interests, to meet a partial redemption request.
(vii) In addition to those described above, the Management Company may give instructions inorder to adjust the components of the trust assets, when any of the cases listed below occur:- (a) If a calculation method of the Benchmark Index is changed or announced to be changed;- (b) If adjustments to the component proportion of individual stocks included in the
Benchmark Index in terms of total market capitalization are made or announced to be madedue to causes such as interchanges of the selected stocks in the Benchmark Index, capitaltransfers of any of the selected stocks, or other similar events or if the said interchanges inthe selected stocks are announced to be made;- (c) In addition to (a) and (b) above, if necessary to ensure the link between the NAV andthe yen converted Benchmark Index, etc.
Management described above may not be achieved depending on funding trends, market trends, etc.
Investment Restrictions
Investment ratio of stocks

There is no restriction on the investment ratio ofstocks.

Investment ratio of assets
denominated in foreign currencies
Use of derivatives

There is no restriction on the investment ratio ofassets denominated in foreign currencies.
Use of derivatives is not limited to hedging
purposes.



Distribution Policy-Dividends are due on the 8th of July of each year.
-As a general rule, the full amount of dividends and other income arising from the trust assets
are distributed after deduction of expenses. However, the amount of dividends that arepayable may in some circumstances amount to zero. Even if any profits are realized from thesale and purchase of individual securities, no dividends shall be paid.
* There is no suggestion or guarantee regarding the payment or the amount of future
dividends.
7

Investment Risks
1. Factors that contribute to NAV volatility
The NAV of the Fund is subject to fluctuations in the prices of the securities etc., in which theFund invests. All profits and losses arising from fund management are borne by the investors.
Any principal invested in the Fund by investors is therefore not guaranteed. Investors may incura loss and the value of their investment principal may fall below par as the result of a decline in
the NAV. The investment trust differs from a savings deposit.
Stock Price Fluctuation Risk

NAV of the Fund may be influenced by stock price fluctuations
since the Fund invests in stocks. In particular, the stock pricefluctuation risk of stocks listed on Russian stock exchanges
which the Fund invests in is predicted to be greater than thatof stocks listed on stock exchanges in industrialized countries.

Exchange
Risk

Rate

Fluctuation

The Fund may be influenced by exchanging rate fluctuations
since the Fund, as a general rule, does not have a currency
hedge to limit its exposure to an exchange rate fluctuation
risk. This is especially with regard to Russian currency, whichis the substantial investment subject of the Fund, as its
liquidity is highly likely to be limited compared to that ofcurrencies of industrialized countries, such that the exchange
rate fluctuations of Russian currency are predicted to begreater than that of currencies of industrialized countries.

* The factors that contribute to fluctuations in the NAV are not limited to those mentioned above.
<<Primary Factors for Discrepancies between the Benchmark Index and NAV>>
The Fund intends to achieve investment performance where the NAV corresponds to thefluctuations of the yen converted Benchmark Index; however, in managing the investment assets,
we cannot guarantee that movements will be identical to those of the yen converted Benchmark
Index primarily for the following reasons:(i) As the calculation method of the Benchmark Index is the Weighted-Average Method, we cannot
make individual stocks’ incorporated ratio of the Fund completely the same as the component
proportion of component stocks in the Benchmark Index in terms of total market capitalization.
(ii) The incorporated ratio of the Fund of the selected stocks in the Benchmark Index (hereinafterreferred to as the “Selected Stocks”) and the Russian ruble substantial currency exposure cannot
be always maintained to be 100%, as the amount of money left in the Fund may be less than theamount of money required to purchase a whole unit of the Selected Stocks and there may be adisparity between (a) the timing of capital flow and (b) the time the Selected Stocks etc. areactually traded in accordance with the said capital flow.
(iii) There may be a disparity in the timing between the selling and buying of individual stocks
8and the Fund may incur market impact and bear costs such as brokerage commission, etc., by the
trading of individual stocks, when portfolio adjustments are made due to changes of thecomponent stocks in the Benchmark Index, capital transfers of any individual stocks in the
Benchmark Index, or any other causes.
(iv) There may be a price spread between the sale price and the appraised value of the object
stocks (including a price spread due to fluctuations of currency exchange rates).
(v) When futures transactions are made, there may be a disparity between the futures price andthe Benchmark Index. When margins pertaining to futures transactions are deposited in acurrency different from Russian ruble, there may be a price spread due to fluctuations of currency
exchange rates.
(vi) The Fund bears certain costs, such as trust fees.
*The factors that contribute to the discrepancy between the Benchmark Index and NAV are notlimited to those listed above.
2. Additional Considerations
The provisions stipulated in Article 37-6 of the Financial Instruments and Exchange Act (so-called“cooling off”) are not applicable to subscription to the Fund.


In the event that a large number of redemptions occur and it becomes necessary to raise funds
for the large number of redemptions within a short period of time or that a sudden change inthe market environment in the primary trading market occurs etc., there is a risk that theFund may not be able to trade at an expected price (based on prevailing market prices) or the
trading volume may be limited due to a temporary decline in the liquidity of the assets
incorporated in the Fund. As a result of these risks, there is the possibility that the net asset
value will be negatively affected, that acceptance of applications for redemption will becancelled, or that the payment of redemption proceeds will be delayed.

Management based upon the investment policy may not be achieved depending on funding
trends, market trends, etc., or unexpected circumstances.



The interest/redemption payment from the issuers of the securities which are substantiallyincorporated into the Fund may be delayed.

Transactions pertaining to the Fund, such as an investment in securities and contracts
related to such fund, may default because of the bankruptcy, or other similar event, occurring
to a counterparty.



NAV of the Fund and the yen converted Benchmark Index may differ because of costs andother factors. It is not guaranteed that the Fund’s investment performance will track or
exceed the yen converted Benchmark Index.

In Russia, wherein the Fund invests, impacts that changes of political, economic, or social
situations have on a financial market are predicted to be greater than in industrializedcountries. Moreover, in the event that Russian authorities introduce foreign investment
9

restrictions as an emergency measure or the country’s policies are changed, etc., there is apossibility that there will be a significant adverse effect on a financial market or that thefund management will be highly constrained in its actions. New investments by the Fund
may be prevented or significantly reduced, depending on how the investment environments,
such as those described above, are changed. The Fund may be directly or indirectly affectedby legal or tax reform or other reform in Russia.
Pursuant to the provisions of the basic terms and conditions of the investment trust of theFund, the Management Company may use its discretion to suspend acceptance of applications
for subscription/redemption of the beneficial interests of the Fund, or cancel applications forsubscription/redemption that have already been accepted in the event that trading on thefinancial instruments exchanges (including trading of individual stocks), foreign exchangetransactions, or clearing functions are suspended, or any other circumstances beyond its
control (such as closure of markets or extremely steep decline in liquidity due to a state of
emergency in a country which is the subject of investment by the Fund (financial crisis,
default, significant changes of governmental policies, introduction of regulations including
asset freeze, natural disasters, coup d’état, significant changes in a political system, wars orother similar events)) occur.



The market price of the Fund is based upon supply and demand, as calculated throughcompetitive buying and selling on the exchange. Therefore, market price may differ from theNAV itself.



Beneficiaries cannot exchange their own beneficial interests in the Fund for the securities
corresponding to their share of the beneficial interests in the trust assets.

3. Risk Management System
The Management Company examines Fund performance and oversees management risks byhaving established a committee to take charge of these matters.


Examination of the Fund performance
The committee reports and deliberates on the results of periodic examinations(analysis/evaluation) of the investment trust’s trust asset performance results.

Administration of management risk
The committee identifies and manages management risk and, based on its findings, provides
guidance to the appropriate divisional management and any other relevant sections
regarding rectification measures for appropriate administration.
※Administration of Liquidity Risk
The committee establishes rules for the administration of liquidity risk, monitors theliquidity risk of assets incorporated in the Fund, and formulates/verifies emergency
measures. The committee oversees the appropriate implementation of liquidity risk
administration and oversees the liquidity risk administration system.
10

4. Risk Quantitative Comparison (from the end of August 2019 to the end of July 2024, per month)<The Fund’s annual return and the change of dividend re-investment net asset value>
The Fund’s annual return (Right Axis)
Dividend re-investment net asset value (Left Axis)

Aug. 2019

Jul. 2020

Jul. 2021

Jul. 2022

Jul. 2023

Jul. 2024* The dividend re-investment net asset value is calculated by deeming that the dividend before income
taxes is re-invested. The dividend re-investment net asset value is set by indexing the net asset value
as of the end of August 2019 as 10,000.
* The annual return displays the return in a single year at the end of each month for the five years
from August 2019 to July 2024.

11

<Comparison of return between the Fund and the major asset class>Maximum Value (Fund)

Maximum Value

Minimum Value

Average

FundMaximum

Minimum Value (Fund)Japanese

Advanced

Emerging

Japanese

Advanced

Emerging

StocksEconomies

Economies

Government

Economies

Economies

StocksStocks

Bonds

Bonds

Bonds

The

Japanese

Advanced

Emerging

Japanese

Advanced

Emerging

Fund

StocksEconomies

Economies

Government

Economies

Economies

StocksStocks

Bonds

Bonds

Bonds

92.6

42.1

59.8

62.7

5.4

15.3

21.5

△99.2

△10.8

△12.4

△19.4

△5.5

△6.1

△8.8

△22.0

13.2

19.9

10.3

△1.3

5.0

6.7

Value (%)
Minimum
Value (%)
Average(%)* Not all asset classes are the subject of Fund investment.
* The above graph displays the Maximum Value, the Minimum Value and the Average of the annual
return at the end of each month for the five years from August 2019 to July 2024.
* The above numbers may not apply as of the accounting date.
* The Fund uses the return of the dividend re-investment net asset value.
# The dividend re-investment net asset value may occasionally differ from the actual net asset value
due to the dividend being deemed re-invested before the application of income taxes.
12

<The index of the major asset class>○Japanese Stocks: TOPIX Total Return Index○Advanced Economies Stocks: MSCI-KOKUSAI Index (including dividend, based on Japanese Yen)
○ Emerging Economies Stocks: MSCI Emerging Markets Index (including dividend, based onJapanese Yen)
○Japanese Government Bonds: NOMURA-BPI JGB○Advanced Economies Bonds: FTSE World Government Bond Index (excluding Japan, unhedged,
based on Japanese Yen)
○Emerging Economies Bonds: JP Morgan Government Bond Index - Emerging Markets Global
Diversified (based on Japanese Yen)
■Copyright, etc., for the Index of the Major Asset Class■○TOPIX Total Return Index…The TOPIX Total Return Index Value and the TOPIX Total Return
Index Marks are subject to the proprietary rights owned by JPX Market Innovation & Research, Inc.
or affiliates of JPX Market Innovation & Research, Inc. (hereinafter collectively referred to as “JPX”)
and JPX owns all rights and know-how relating to the TOPIX Total Return Index such as calculation,
publication and use of the TOPIX Total Return Index Value and relating to the TOPIX Total Return
Index Marks. JPX shall not be liable for the miscalculation, incorrect publication, delayed orinterrupted publication of the TOPIX Total Return Index Value. No Licensed Product is in any way
sponsored, endorsed, or promoted by JPX, and JPX shall not be responsible for any damage resulting
from the issue and sale of the Licensed Product.
○MSCI-KOKUSAI Index (including dividend, based on Japanese Yen), MSCI Emerging Markets
Index (including dividend, based on Japanese Yen)…MSCI-KOKUSAI Index (including dividend,
based on Japanese Yen) and MSCI Emerging Markets Index (including dividend, based on JapaneseYen) are the indexes developed by MSCI. Copyright, intellectual property rights, and all other rights
to these indexes belong to MSCI. In addition, MSCI also retains the right to change the contents andto suspend the disclosure of these indexes.
○NOMURA-BPI JGB…The intellectual property rights concerning NOMURA-BPI JGB belong to
Nomura Fiduciary Research & Consulting Co., Ltd. Furthermore, Nomura Fiduciary Research &Consulting Co., Ltd. does not guarantee the accuracy, integrity, credibility, or usefulness of the
Nomura-BPI JGB, and takes no responsibility for the business activities and services provided by
Nomura Asset Management Co., Ltd. when using the NOMURA-BPI JGB.
○FTSE World Government Bond Index (excluding Japan, unhedged, based on Japanese Yen)…
“FTSE World Government Bond Index (excluding Japan, unhedged, based on Japanese Yen)” is thebond index operated by FTSE Fixed Income LLC for the bond index comprised of the total investment
profits of the government bonds of the major countries in the world, excluding Japan, as weightaveraged by the market capitalization in each market, and FTSE World Government Bond Index(excluding Japan, unhedged, based on Japanese Yen) is the intellectual property of FTSE Fixed
Income LLC, and all rights regarding the index are retained by FTSE Fixed Income LLC.
13

○JP Morgan Government Bond Index -Emerging Markets Global Diversified (based on JapaneseYen)…The information provided here regarding the “JP Morgan Government Bond Index -Emerging
Markets Global Diversified (based on Japanese Yen)” (here, for the sake of convenience, referred toas the “Index”.) (the said information includes the Index level but is not limited thereto) is used only
for informative purposes and is not intended as a solicitation for the sale and purchase of financial
instruments, nor does it officially confirm certain sales and purchase, nor does it define the value andprice of certain products related to the Index. Also, the Index does not legally constitute accounting
advice regarding investment strategy and tax. The market price, data and other information included
here are considered accurate, but JPMorgan Chase & Co. and its subsidiary company (hereinafterreferred to as “JPM”) do not guarantee completeness and accuracy. The information included here
may sometimes be changed without notice. Past performance does not suggest future return. With
respect to the financial instruments of the issuers included in this document, JPM and its employees
may possess both long and short positions, may perform sales and purchases, may perform marketmaking, and may also possibly be a subscriber of issuers, placement agencies, advisers, and lenders.
The United States J.P. Morgan Securities LLC (here referred to as “JPMSLLC” and “Index sponsors”
for the sake of convenience) does not support, warrant, or promote the sale of securities, financial
instruments, and transactions concerning the Index (here, referred to as the “Products” for the sakeof convenience). The Index sponsors do not make any representation, warranty, conveyance orsuggestion regarding the promotion of an investment in securities, any financial commodity, or,especially, the Products, or regarding whether or not interlocking with the Index in investment
opportunities in the financial market, or intention to do so, can be promoted. The Index sponsors are
not liable for any management, marketing, or trading regarding the Products. The Index is calculated
based on information which is considered to be trustworthy, but the completeness, accuracy, andinformation accompanying the Index is not guaranteed. The Index is property of the Index sponsors,
and any property rights to the Index shall belong exclusively to the Index sponsors.
JPMSLLC is an NASD, NYSE and SIPC member. JP Morgan is name that is used when JP Morgan
Chase Bank, NA, JPSI, J.P. Morgan Securities PLC., or companies affiliated with these companies
conduct investment banking business.
(Source: Nomura Research Institute, Ltd., FTSE Fixed Income LLC, etc.)

14

Historical Performance (As of July 31, 2024)
1. Changes in NAV/Net Assets (per day)NAV (price per 100 units of the beneficial interests after dividend) [Left Axis]
Total net asset value [Right Axis]
Yen

Mil.YenJul. 2014

Jul. 2016

Jul. 2018

Jul. 2020

Jul. 2022

2. Dividends Paid (per 100 units, before tax)
July 2024

0 Yen

July 2023

0 Yen

July 2022

0 Yen

July 2021

691 YenJuly 2020

605 Yen

Cumulative since inception

2,860 Yen

3. Status of Major Assets
There is nothing to be displayed because market value of portfolio securities is zero.

15

Jul. 2024

4. Past Annual Returns(based on the calendar year)

Yea-The annual rates of return are calculated with dividends re-invested (before tax).
-The figure for 2024 shows the return rate from the beginning of the year to the base date.
The performance data shown above represents historical performance, which is not aguarantee of future investment performance.



The Fund’s investment performance may be disclosed on the Management Company’s
website.

16

Procedures, Fees, and Other Items
1. Subscription Memorandum
Subscription Units

3,000,000 units or more

Subscription Price

The amount of the NAV as of the next business day after thesubscription application day (the day on which a subscription
application is accepted) multiplied by 100.3%.
(The NAV of the Fund is indicated per 100 units)

Payment of cash

In principle, payment shall be made to the distributing company
where the subscription application is made, by the day the
distributing company designates.

Initial Principal

230 yen per 1 unit

Liquidation Units

3,000,000 units or more

Liquidation Price

The amount calculated by subtracting the amount to be retainedin trust assets from the NAV of the next business day after theliquidation application day.

Receipt of the cash

In principle, cash will be paid beginning from the sixth business
day from the liquidation application day at the distributing
company where the application was accepted. In the event thatsales of eligible investments or payments of the proceeds of salesof eligible investments are delayed or another similar event occurs,
the payment of cash described above may be postponed.

Business Hours for
Subscription/Liquidation<Subscription>
Applications for subscription that are completed by 3:30 p.m. aredeemed to have been accepted on the next business day.
<Liquidation>
Applications for liquidation that are completed by 3:30 p.m. on aparticular day are deemed to have been accepted on that day.

Subscription Period

From September 26, 2024, to November 27, 2024

Restrictions on Liquidation

Liquidation of large amounts may be restricted.

Non-acceptance Days for

In principle, applications for subscription/liquidation will be

Subscription/Liquidationsuspended on the following days/period:<Subscription>-The subscription application day, if the said subscription
application day or the next business day after such subscription
application day is the same date as “a holiday in a foreign country
specified below”※.
-The subscription application day, if the said subscription
17

application day is one business day or two business days prior to
the first day of a period of consecutive non-business days in Japan
comprising two or more days that are not “holidays in a foreigncountry, as specified below”※.
-The subscription application day, if the said subscription
application day is one business day, two business days, or threebusiness days prior to May 1.
-The subscription application day, if the said subscription
application day is one business day, two business days, or threebusiness days prior to December 31.
-For a period of three business days, beginning from four businessdays prior to any accounting date of the Fund. However, if theaccounting date of the Fund is a holiday (meaning not a businessday), the period shall be four business days, beginning from fivebusiness days prior to the accounting date of the Fund.
-In addition to the period above, any time the Management
Company determines that unavoidable circumstances occur thatprevent it from making investments in accordance with theinvestment policies.
<Liquidation>-The liquidation application day, if the said liquidation application
day is the same date as “a holiday in a foreign country, as specified
below”※.
-The liquidation application day, if the said liquidation application
day is one business day prior to the first day of a period ofconsecutive non-business days in Japan comprising two or moredays that are not “holidays in a foreign country, as specified below”.

※-The liquidation application day, if there are two or more days thatare non-business days for banks in New York or “a holiday(s) in aforeign country, as specified below” ※ within six business days
beginning from the said liquidation application day, and theManagement Company decides that it is difficult to collectproceeds of sales of stocks, etc., on the said liquidation application
day.
-The liquidation application day, if the said liquidation application
day is one business day, two business days, or three business days
prior to May 1.
18

-The liquidation application day, if the said liquidation application
day is one business day, two business days, or three business days
prior to December 31.
-For a period of three business days, beginning from four businessdays prior to any accounting date of the Fund. However, if theaccounting date of the Fund is a holiday (meaning not a businessday), the period shall be four business days, beginning from fivebusiness days prior to the accounting date of the Fund.
-In addition to the period above, any time the Management
Company determines that unavoidable circumstances occur thatprevent it from making investments in accordance with theinvestment policies.
※“A holiday in a foreign country, as specified below” is a day whichfalls under the following description.
-A non-business day at the Moscow Exchange (including days on
which Moscow Exchange closes early).
*Notwithstanding

theprovisions

above,

applicationsforsubscription/liquidation may be accepted on or during the days
referred to above if the Management Company determines thatthe impact of such subscription/liquidation on the trust assets is
minimal in view of the condition of the trust assets, funding
trends, market trends, etc.
Suspension or Cancellation of

In the event that trading on the financial instruments exchanges

Subscription/Liquidation

is suspended (including suspension of trading of the individual
stocks) or any other circumstances beyond the Management
Company’s control occur, the Management Company may suspend
acceptance of applications for subscription/liquidation or cancel
applications for subscription/liquidation that have already been
accepted. If the difference between the value of subscription
applications and the value of liquidation applications on a certain
subscription application day exceeds the Fund’s total net assets on
the said subscription application day, the Management Company
may suspend acceptance of applications for subscription or cancel
applications for subscription that have already been accepted.

Trust Term

Unlimited (inception date: July 25, 2008)(note) After applying the amendment to the basic terms andconditions of the investment trust (on and after December 20,2024): the trust term will expire on July 8, 2050. (Inception date:19

July 25, 2008)
Listed Market
Early Termination

Tokyo Stock Exchange
Early termination may be carried out if the number of units ofbeneficial interests falls below 8,000,000 or another similar
condition occurs.
Early termination shall be carried out if the Fund is delisted fromall the financial instruments exchanges on which the Fund has
been listed or if the Benchmark Index is discontinued.
If the Fund is delisted from all the financial instruments
exchanges on which the Fund has been listed, the Management
Company will begin the necessary steps for early termination on
the day of the latest delisting day.

Accounting Date
Income Distribution

On the 8th of July of each year
Dividends are due one time a year on the date of each closing ofaccount.

Maximum Amount of Trust
Public Notification

1 trillion yen
Public notifications shall principally be posted online on thewebsite below:
URL: https://www.nomura-am.co.jp/

Investment Reports

No investment report is made.

20

2. Fund Expense and Taxes

Fund Expenses

Expenses to be borne directly by investors
Subscription Commission

Set independently by the distributing company(Please contact the distributing company for further information)
The Subscription Commission is received in consideration of theoffice procedures related to Fund subscription etc., at the time of thesubscription of the Fund.

Other Expenses

Subscription Price uses the amount of the NAV multiplied by
100.3%. Therefore, in the event of subscription, the amountcalculated by multiplying the NAV by 0.3%, and from this amountdetermining the per unit amount, which in turn will be multipliedby the number of subscription units, shall be paid.

Amount to be Retained in

In the event of liquidation, the amount calculated by multiplying theTrust Assets

NAV by 0.3%, and from this amount determining the per unit
amount, which in turn will be multiplied by the number ofliquidation units, shall be paid.
However, in the event that a tax on capital gains with respect totrading of the securities that are the main subject of investment isintroduced or another similar event occurs in the future, the amountto be retained in the trust assets may be increased to an amountcalculated by multiplying the NAV per unit by a percentage
determined by the Management Company upon consideration of the
impact or level of these events.

Liquidation Commission

Set independently by the distributing company(Please contact the distributing company for further information)
The Liquidation Commission is received in consideration of the officeprocedures related to Fund liquidation etc., at the time of theliquidation of the Fund.

Expenses to be borne indirectly by investors from trust assets
Management Fee (Trust Fee)

Total amount of the Trust Fee is the sum of the following two items:(i)The amount calculated by multiplying the daily total net assets of
the Fund by the Annual Trust Fee Rate.
The distribution of the Trust Fee Rate is as follows:
Annual Trust Fee Rate

No larger than 1.045%(0.95% exclusive of taxes)(0.066% (0.06% exclusiveof taxes) as of September

21

10, 2024)
The payee<Management

distribution

Company>(exclusive ofFund operations,taxes) and theinvestigations

service details

related to Fund

0.01%

operations,
instructions totrustees,
preparation of legal
documents, etc.,
calculating NAV, etc.
<Trustee>

0.05%

The
storage/managementof property of theFund, execution of
instructions from
the Management
Company, etc.
*The distribution above is calculated using the annual Trust Fee
Rate as of September 10, 2024.
(ii)When the Fund lends securities, the amount within 44% (40%exclusive of taxes) of the lending fee, which accrues on a daily basis.
The distribution of the above amount shall be 80% for theManagement Company and 20% for the Trustee.
The Trust Fee of the Fund is summed up daily and reflected within
the NAV of the Fund. Also, the total amount of the Trust Fee is paid
from the Fund (a) on every last day of the first six months of any
accounting period and every last day of any accounting period and(b) the termination date of the trust.
Other Expenses and Fees

Annual fees for use of trademarks pertaining to the Benchmark
Index (as of September 10, 2024)
None.



Expenses pertaining to listing of the Fund (as of September 10,
2024)-Additional listing fee: 0.00825% (0.0075% exclusive of taxes) of
22

the amount of increase in value of the total net asset value atthe end of the year as compared with the larger of i) the total net
asset value at the time of the initial listing; or ii) the largest of
the total net asset values at the end of each subsequent year up
to the year immediately prior to the fee payment year.
-Annual listing fee: Maximum of 0.00825% (0.0075% exclusiveof taxes) of the total net assets at year-end.
The fees listed above and any consumption tax etc. are to beborne by investors and can be paid out of the trust assets.
Amounts not paid out of the trust assets are to be borne by theManagement Company.
Other expenses and fees are as follows:-Brokerage commission on transactions in portfolio securities-Expenses for maintaining custody of assets denominated inforeign currencies.
-Costs paid to auditors for Fund audits-Tax related to the Fund, etc.
These expenses and fees above are paid out of the trust assets
when they are incurred. These expenses and fees vary according
to management and other conditions, so details of rates andupper limits cannot be provided ahead of time.

23

Tax Treatment



Tax Treatment is applied at the times listed below.



The following chart represents tax rates on individual investors at the time of tax withholding.
The tax rate may differ according to the taxation method, etc.
Time
Receipt of distribution

Items

Tax

Income tax,

Taxed as dividend income

special reconstruction income

20.315% of income distributions

tax and local tax
Sales, liquidations(redemptions) and termination

Income tax,

Taxed as capital gains

special reconstruction income

20.315% of the profit on sales,

tax and local tax

liquidations (redemptions) andtermination*The foregoing descriptions are as of the end of July 2024. Therefore, in the event that tax laws arerevised, the tax rates may change.
*In the case that foreign tax credit is applied due to the investment assets denominated in foreign
currencies, the amount of the tax at the time of receipt of the distribution may differ from the amountmentioned above.
*The aforementioned descriptions do not apply to Japanese corporations.
*We recommend that investors consult a tax or similar specialist for details of tax treatment.

24