< Disclaimer for the English Overview of
the Delivery Prospectus of
Listed Index Fund Australian REIT(S&P/ASX200 A-REIT) >This document provides an overview of the Japanese “Summary Prospectus” (the“Delivery Prospectus”) of Listed Index Fund Australian REIT (S&P/ASX200 AREIT)” (the “Fund”) in English. The Japanese Delivery Prospectus is the offering
document. This document in English is not required by law or any regulation.
While every effort has been made to ensure the accuracy or completeness of thecontent of this document, Nikko Asset Management Co., Ltd. cannot guarantee
the accuracy or completeness as differences of interpretation may arise between
the English and Japanese languages. In the event of any inconsistency between
this document in English and the Japanese version, the Japanese version shallprevail, except to the extent prohibited by the applicable law of any jurisdiction
where the units of the Fund are sold. In addition, this document is not a translationof the entire Delivery Prospectus, but an English overview of the Delivery
Prospectus, which means that some of the information in the Delivery Prospectus
has been simplified, modified, or omitted.
Except as otherwise indicated herein, this material is based on the most recent
Japanese version of the Delivery Prospectus. In case of any update to or
modification of the Japanese version of the terms and conditions, there is no
guarantee that a corresponding update or modification will be made to this English
document.
This English overview of the Delivery Prospectus has been prepared by Nikko
Asset Management Co., Ltd. for English speaking investors for information
purposes. Investors should not subscribe for these securities solely relying on thisdocument, as this is not a full translation of the original Delivery Prospectus. As
this English document may differ from the Japanese Delivery Prospectus as
explained above, this document does not contain or constitute, and should not be
relied upon as an offer or invitation to make an offer for the purchase of thesesecurities (including units of the Fund) to any person or entity in any jurisdiction.
Neither this material nor any part hereof may be reproduced, transmitted,
reprinted, or redistributed without the prior written authorization of Nikko AssetManagement Co., Ltd.
1

Explanatory Booklet on the Investment Trust(English Overview of the Delivery Prospectus)
April 11, 2024

Listed Index Fund Australian REIT
(S&P/ASX200 A-REIT)
Nickname: JoJo A-REIT
Open-end Investment Trust, Overseas, REITs, ETF, Index Type
This document is not a translation of the entire Delivery Prospectus, but an English overview
of the Delivery Prospectus, which means that some of the information in the Delivery
Prospectus has been simplified, modified, or omitted.
●This prospectus is published pursuant to the provisions of Article 13 of the Financial Instruments
and Exchange Act (No. 25 of 1948).
Please read this document carefully before deciding to subscribe to units of the Fund.
●The prospectus for the Fund provided under Article 15, Paragraph 3 of the Financial
Instruments and Exchange Act (hereinafter referred to as the "Prospectus Issued upon
Request") can be read or downloaded from the website of the Management Company. You canalso obtain a copy of the Prospectus Issued upon Request from a Distributor. If you do so, please make apersonal record to that effect.
●This document includes the main contents outlined in the trust deeds. The complete text of the trust deeds
is provided in the Prospectus Issued upon Request.
●For information on the NAV or Distributors of the Fund, please contact the Management Company.
Management Company (the party issuing investment instructions for the Fund)
Nikko Asset Management Co., Ltd.
Registration Number: Director of the Kanto Local Financial Bureau (Financial instruments firms) No. 368
Website: www.nikkoam.com/+813-6447-6653 (9 a.m.-5 p.m., excluding Saturdays, Sundays and public holidays)●Trustee (the party responsible for custody and management of Fund assets)
Sumitomo Mitsui Trust Bank, Limited

Established and managed by

Nikko Asset Management Co., Ltd.
2 When a significant amendment is made to the content of the Fund, we will confirm theintention of investors (beneficiaries) in advance under the Act on Investment Trust andInvestment Corporations (No. 198 of 1951).
 The Fund assets are classified and managed by the Trustee under the Trust Act (No. 108
of 2006).
 In connection with the invitation for subscription to Listed Index Fund Australian REIT
(S&P/ASX200 A-REIT), which is extended by way of this prospectus, the Management
Company filed a securities registration statement with the Director-General of the Kanto
Local Finance Bureau on April 10, 2024 pursuant to the provisions of Article 5 of the
Financial Instruments and Exchange Act. The filing became effective on the next business
day after the filing date.

Product Classification
Unit Type/
Open-end
Investment
Trust

Eligible
MarketOpen-end

Overseas

Eligible
Investments(Source ofIncome)

REITs

Independent
Segment

ETF

Segmentation by AttributeSupplementaryClassification

Eligible
Investments

Timing of
Accounting
PeriodGeographicalAreas ofInvestment

Investment
Category

Currency
Hedging

Index
Followed

Index type

Other Assets:(Investment
trust
securities(REITs))

6 times
yearly(bimonthly)

Oceania

Fund ofFunds

No hedge

Other（S&P/ASX
200 A-REIT
Index）

Please refer to The Investment Trusts Association, Japan website for definitions of product classification and segmentation by
attribute at https://www.toushin.or.jp/.
*Currency Hedging described in segmentation by attribute indicates whether or not to hedge the currency fluctuation risk
against Japanese yen.

Management Company Details

Name:
Nikko Asset Management Co., Ltd.
Date of establishment:
December 1, 1959
Capital:17,363.04 million yen
Total net asset value of investment trust assets under management: 28,894.6 billion yen(As of the end of January 2024)

3

Objective and Characteristics of the Fund
Objective of the Fund
The Fund seeks the net asset value per unit to track the performance of the yen-converted
S&P/ASX200 A-REIT Index by manly investing in the separately stipulated investment trust
securities.
* S&P/ASX200 A-REIT Index is an Australian REIT index disclosed by S&P calculated to be an index
of the total return of REITs that are listed on Australian Stock Exchange weighted by its market
capitalization.
S&P/ASX200 A-REIT
Index

＝

Aggregate market value
at the time of calculation
Aggregate market value
at base point in time

X 1,231.333

Copyrights of the “S&P/ASX200 A-REIT Index”
Standard & Poor’s® and S&P® are registered trademarks owned by Standard & Poor’s Financial Services
LLC ("S&P") and ASX® is the registered trademark owned by ASX Operations Pty Ltd (“ASX”).
Nikko Asset Management, Co., Ltd. is licensed to use these trademarks.
S&P and ASX or their relatedcompanies do not sponsor, recommend, sell, or promote Listed Index Australian REIT （S&P/ASX 200 AREIT）（hereinafter, refers to "the Fund") and makes no expression, guarantee, or condition on the suitability ofinvestment in this Fund. This Fund is not sponsored, endorsed, sold, or promoted by Standard & Poor’s Financial
Services LLC and its related companies (hereinafter refers to "S&P"), and the ASX Operations Pty Ltd and its
related companies (hereinafter refers to "ASX").
S&P and ASX make no expression, condition or warranty, express or implied, as specified to the owners of theFund or any member of the public regarding the advisability of investing in securities generally or in the Fundparticularly or in the ability to track the performances of certain financial markets and/or to accomplish investment
purpose stated, and/or in the ability of establishing the base for the success of investment strategy. The
relationship of S&P/ASX and Nikko Asset Management is only in respect of this Index which S&P and ASX
determine, create and calculate regardless of Nikko Asset Management or this Fund and its registeredtrademark. S&P and ASX have no obligation to consider Nikko Asset Management's requests and others indetermination, creation, and calculation of S&P/ASX 200 A-REIT Index (hereinafter refers to "the Index"). S&P
and ASX are not advisors for the Fund and are not responsible for or been involved in the determination of thetiming of, prices at, or amount of the Fund to be issued or in the determination or calculation of the equation bywhich the Fund is to be converted into cash.
S&P and ASX assume no obligation regarding, nor do they take any responsibility for management, marketing,or trading of the Fund whatsoever. S&P and ASX do not make any guarantee of the accuracy or completenessof the calculation or basic data of the Index. S&P and ASX take no responsibility for any error, lack, or fault in
the Index.
S&P and ASX make no explicit or implicit warranty, condition, or expression whatsoever as to the results to beobtained by Nikko Asset Management, owners of the Fund, or any other persons or organizations from the useof this Fund or any data included therein. S&P and ASX expressively disclaim all warranties or conditions ofmerchantability or suitability for a particular purpose or use of this Index or the data contained therein, and makeno guarantee, expression, or condition, express or implied, on merchantability or suitability of this Index or thedata contained therein.
Without limiting any of the foregoing, S&P and ASX are not responsible for any special, punitive, indirect, orconsequential damages (including lost profits) arising from the use of the data contained therein, even if notifiedof the possibility of such damages in advance.

4Characteristics of the Fund•

While the Fund is a contractual-type investment trust, it is structured differently fromordinary investment trusts with respect to the following points:

Units are listed on Tokyo Stock Exchange and can be traded at any
time during trading hours.
 Units may be traded in blocks of 10 units (as of the date when the securities
registration statement was filed).
 Brokers determine trading commissions.
 The method of trading is generally the same as that for stocks.
* Please contact your broker for further information.
This Fund of Funds invests in securities held for investment trust.
Australian REIT Index Fund (for Institutional Investors)
The fund seeks the net asset value per unit to track the performance of the yen-converted
S&P/ASX200 A-REIT Index by mainly investing in the Australian Stock Exchange listed REIT
securities.
Money Open Mother FundThis fund seeks to achieve stable returns through stable management by investing in publicand corporate bonds.
Fund Structure

Investment Restrictions
 This fund will not invest in any portfolio, stocks and bonds other than securities held for investment
trust, short-term corporate bonds, commercial paper and designated money in trust.

 There is no restriction on the investment ratio for assets denominated in foreign currencies.
Distribution Policy
・ As a general rule, the full amount of dividends and other income arising from the trust assets is
distributed after deduction of expenses.
*There is no guarantee on the payment or the amount of dividend.

5Investment Risks
Please refer to "Matters to Consider" on our website below for the related risk.
https://en.nikkoam.com/etf/1555-australian-reit

Past Performance
Please refer to "Net Asset Value and Performance" on our website below for the past
performance.
https://en.nikkoam.com/etf/1555-australian-reit

6

Procedures, Fees, and Other Items
 Subscription Memorandum
Subscription
Units

Units to be determined by the distributors starting at no less than 10,000.
*Please contact the distributor.

Subscription
Price

The NAV as of the next business day on which the subscription is accepted.

Subscription
Payment

To be paid by the day indicated by the distributor.

Request for
Redemption

Units of 10,000 or more
* Units to be determined by the distributor.
*A beneficiary may ask a Distributor to buyback his or her Units where the total
number of Units owned is less than the minimum-trading unit for the Units establishedby the stock exchange. Please contact the distributors for details.

Redemption
Price

The NAV on the business day after the redemption is accepted after deducting thetrust asset reserves.

Redemption
Proceeds

As a rule, payment will be made from the sixth business day after and including the
day on which a request for a redemption is made.

Business Hours As a rule, applications for subscription and redemption that are completed by 11a.m.
for Subscription on the days Distributors are open for business are deemed to have been accepted
and Redemption on that day. It must be pursuant to the procedures established by the Distributor.
Subscription
PeriodFrom April 11, 2024 to October 10, 2024
*The subscription period can be renewed by filing another securities registration
statement before the expiration date shown above.

Non-acceptanceDays for
Subscriptions

On the days Distributors are open for business, applications for subscriptions will still
not be accepted on the days below. Please contact the distributors for details.
1) When the application day for subscriptions is two business days prior to theaccounting date. (For a period of two business days, beginning three business days
prior to the accounting date when the accounting date falls on non-business day.)2) When the application day for subscriptions is non-business day for the Australian
Stock Exchange or banks in Sydney.
3) In addition to the days referred to in 1) and 2) above, any time the Management
Company determines that unavoidable circumstances may prevent it from making
investment in accordance with the basic policies set forth in the trust deed.

Non-acceptanceDays forRedemptions

On the days Distributors are open for business, applications for redemptions will still
not be accepted on the days below. Please contact the distributors for details.
1) When the application day for redemptions is for a period of three business days,
beginning four business days prior to the accounting date. (For a period of fourbusiness days, beginning five business days prior to the accounting date when theaccounting date falls on non-business day.)2) When the application day for redemptions is non-business day for the Australian
Stock Exchange or banks in Sydney.
3) In addition to the days referred to in 1) and 2) above, any time the Management
Company determines that unavoidable circumstances may prevent it from making
investment in accordance with the basic policies set forth in the trust deed.

7

Restrictions on
Redemption

Based on the size or product characteristics of the fund, restrictions may be placedon the timing or volume of large redemption units to avoid adverse effects on thefund’s management.

Suspension orCancellation of
Subscription,
Redemption
Applications

The Management Company may suspend acceptance of applications forsubscription or requests for redemptions, or cancel applications for subscription orrequests for a redemption that have already been accepted in the event that the Fundis unable to invest in target investment trust securities, exchanges of the target
investment trust securities are no longer possible, trading on a stock exchange issuspended, settlement functions are halted, or circumstances beyond their control
develops.

Trust Term

Unlimited (launch date: March 3, 2011)

Early
Termination

Early termination may be carried out in any of the following cases: If the Units are delisted from all the financial instruments exchanges on which
they have been listed.
 If S&P/ASX200 A-REIT Index is discontinued.
 If any amendment to the trust deed deemed necessary by the Management
Company or Trustee because of a change in the calculation method or similar of the
S&P/ASX200 A-REIT Index is not accepted by a written resolution for not complying
with the requirements of the written resolution.
Early termination is possible in any of the following cases: If net assets of the Fund fall below 300,000,000 yen;
 If early termination is deemed advantageous for beneficiaries; or If any unavoidable circumstances arise.

Closing of
Account

The 10th of each month January, March, May, July, September, November each year

IncomeDistribution

Dividends are paid six times a year in accordance with the following income
distribution policy:
In principle, the full amount of dividends and other incomes received in the trust
assets will be distributed after deducting expenses.
* In general, the Trustee will pay to each beneficiary their income distribution by wiretransfer on the day specified by the Management Company but within 40 days of theend of each calculation period in the bank account designated in advance by thebeneficiary. Where a beneficiary has signed a separate agreement with his or her
broker in connection with the treatment of income distribution, payment will be madepursuant to the provisions of such agreement.

Maximum
Amount of TrustMoney

5 trillion yen

PublicNotification

Electronic notifications are posted on the Management Company website.
URL: www.nikkoam.com/* In the event that the notification cannot be posted online due to unavoidable
circumstances, this will be published in The Nikkei.

Investment
Reports

As defined in the Act on Investment Trust and Investment Corporations, investment
reports are not prepared and published.

8

Tax Treatment

For tax purposes, the Fund is treated as an exchange-traded fund (ETF).
 Publicly-offered Equity Investment Trusts are eligible for the Nippon Individual
Savings Account (NISA) if they meet certain requirements under the tax law.
 The Fund is eligible for the "Growth Quota (Specific Tax Exemption Management
Account)" under the NISA, but the handling may differ depending on the distributor.
Please contact your distributor for details.
 The dividends received deduction will not apply.
 The system excluding dividends from gross revenue will not apply.

9

There is additional information on this page that does not appear on the original Japanese
Delivery Prospectus.

 Fund Expenses and Taxes
Fund Expenses
Expenses to be borne directly by investors
Subscription
Fee

Independently set by Distributors* Please contact your Distributor for further information.
* Subscription Fee is compensation for explanation and information providing about
the Fund or investment environment, and is also including expense of clerical
processing of the subscription.

Redemption
Fee

Independently set by Distributors* Please contact your Distributor for further information.
* Exchange Fee is compensation for clerical processing of the exchange.

Amount to be
Retained in
Trust Assets

An amount calculated by multiplying NAV at the time of a redemption by 0.3%
(per unit)

Costs paid indirectly by the customer for the trust assets (paid from the fund)
TER(TotalExpenseRatio)

0.5682% (TER includes Trust Fee, management fee and other costs below)※This represents the actual TER for the period of January 11, 2023 - January 10,2024.

No more than 0.385%* (0.35% excluding taxes) per annum of thedaily total NAV of the Fund
 The investment management fee is daily recorded and paid out of thetrust assets at the end of each calculation period or at the time oftermination of the Trust.

<Distribution of Investment Management Expenses(annualrate)>
When above is 0.35%, as of the date of filing of the securities
registration statement:
Investment Management Expenses(Trust fee)

Investment
Management
Expenses(Trust fee)

=NAV of investment period X Trust fee rate
The Fund

Total

Management
Company

Trustee

0.35%

0.31%

0.04%

Management
Company

Compensation for investment
management
Compensation for administration ofassets under management andexecution of orders from Management
Company

Trustee*Figures are excluding tax. Consumption tax will be added.

10

Approximately 0.11% (0.1% excluding taxes) per annum of net
assets.
TargetInvestment
Trust
Securities※Other than above expenses, REITs, as the main investment targetsof the Australian REIT Index Funds (for Institutional Investors), accrues
management and other fees. Because the REITs targeted forinvestment are not fixed, the rate or maximum of expenses cannot beprovided in advance.

Approximately 0.495%* (0.45% excluding taxes) per annum of
net assets.
Actual Cost

Other
Expensesand Fees

Expenses(Expenses
forpreparatio
n ofprospectus
es andother
expenses)

Brokeragecommissio
ns andother fees

*0.495% when the consumption tax increases to 10%.

※Subject to change based on changes in the constituents’
weighting or changes of the target investment trust securities.

No more than 0.1% per annum of the daily total NAV of the Fund
1. Expenses for the preparation and distribution of prospectuses, 2.
Accounting and other administrative costs, 3. Preparation for thefinancial summary (includes outsourcing costs for 1. to 3. whereapplicable), 4. Auditing fee, 5. Expenses for listing of the Fund, as well
as 6. Royalties for the S&P/ASX200 A-REIT Index are paid out of thetrust assets at the times specified by the Management Company.
*Auditing fee is an expense paid to audit firm for auditing of the Fund.
Brokerage commissions on securities in the portfolio, expenses for custodyof assets in foreign countries, interest on borrowings, interest on advances,lending fee (in case security lending is conducted, the amount obtained bymultiplying a lending fee on securities lent by a figure not exceeding 0.55
(0.5 excluding taxes) (0.5 excluding taxes as of the date of the filing of the
securities registration statement)), and other fees are paid out of the trust
assets each time they are incurred.
* The figures for items such as the rate and maximum amount cannot
be provided in advance as they fluctuate in line with investment
performance and other factors.

The total amount of expenses of the Fund to be borne by investors varies according to holding length andinvestment status, and thus cannot be shown.

11

Tax Treatment
Tax treatment for individual investors
1) Taxation upon sale of Units Gains on sale (capital gains) are deemed to be income from transfer and thus have to be filed
to declare for separate taxation at 20.315%. When a beneficiary has chosen a designatedaccount with tax withholding (an account with tax withholding at the taxpayer’s option), tax will
be withheld at source at 20.315%. (As a general rule, tax filing is not necessary.)2) Taxation upon receipt of income distributions
 Income distributions are regarded as dividend income, and tax is withheld at source at
20.315%. (As a general rule, tax filing is not necessary.) You can also file a tax return, andchoose either separated taxation, based on declaration, or consolidated taxation (under which
the dividends received deduction is not available)
3) Taxation upon cancellation or termination
 Gains upon cancellation or termination (capital gains) are deemed to be income from transfer
and thus have to be filed to declare for separate taxation at 20.315%. When a beneficiary has
chosen a designated account with tax withholding (an account with tax withholding at the
taxpayer’s option), tax will be withheld at source at 20.315%. (As a general rule, tax filing is
not necessary.)- By filing a tax return, you can offset losses upon sale (capital losses) against capital gains fromlisted stocks, dividends etc. from listed stocks, and interest income from public and corporate
bonds and such like (as long as separated taxation has been chosen upon declaration). In
addition, gains on sale (capital gains), income distributions, and interest income from publicand corporate bonds etc. (if separated taxation has been chosen upon declaration) can beoffset against capital losses from listed stocks and such like.
- When investing through the Nippon Individual Savings Account (NISA), dividend income andtransfer income from newly purchased publicly offered equity investment trusts are exempt fromtaxation for an unlimited period up to a certain amount each year. The tax exemption is available
only to those who meet certain conditions, such as opening a tax-exempt account with a
distributor, and who purchase products that meet the requirements of the tax law. For details,
please contact the distributor.
- In cases of being applied to the foreign tax deduction, tax on distributions may differ from theaforementioned descriptions.
- The aforementioned descriptions do not apply to Japanese corporations.
- Above tax rates are as of the date when the securities registration statement was filed, so those
may change in the event that tax laws are revised. We recommend that investors consult a tax
or similar specialist for details of tax treatment.

1213