< Disclaimer for the English Overview of the Delivery Prospectusof Listed Index Fund TOPIX Ex-Financials>
This document provides an overview of the Japanese “Summary Prospectus” (the“Delivery Prospectus”) of Listed Index Fund TOPIX Ex-Financials” (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 theaccuracy or completeness as differences of interpretation may arise between the
English and Japanese languages. In the event of any inconsistency between thisdocument in English and the Japanese version, the Japanese version shall prevail,except to the extent prohibited by the applicable law of any jurisdiction where the unitsof the Fund are sold. In addition, this document is not a translation of the entire
Delivery Prospectus, but an English overview of the Delivery Prospectus, which meansthat 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 modificationof the Japanese version of the terms and conditions, there is no guarantee that acorresponding update or modification will be made to this English document.
This English overview of the Delivery Prospectus has been prepared by Nikko AssetManagement Co., Ltd. for English speaking investors for information purposes.
Investors should not subscribe for these securities solely relying on this document, 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, thisdocument does not contain or constitute, and should not be relied upon as an offer or
invitation to make an offer for the purchase of these securities (including units of theFund) 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 Asset Management Co.,Ltd.

Explanatory Booklet on the Investment Trust(English Overview of the Delivery Prospectus)
April 9, 2024

Listed Index Fund
TOPIX Ex-Financials
Nickname: JoJo TOPIX (Ex-Financials)
Open-end Investment Trust, Domestic, Equities, ETF, Index typeThis 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 "Prospectus
Issued upon Request") can be read or downloaded from the website of theManagement Company. You can also obtain a copy of the Prospectus Issued upon Requestfrom a Distributor. If you do so, please make a personal record to that effect.
● This document includes the main contents outlined in the trust deeds. The complete text of thetrust deeds is provided in the Prospectus Issued upon Request.
● For information on the NAV or Distributors of the Fund, please contact the following 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/
Call Center contact number: +81(0)3-6447-6653 (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.

 When a significant amendment is made to the content of the Fund, we will confirm the intentionof investors (beneficiaries) in advance under the Act on Investment Trust and Investment
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 TOPIX Ex-Financials,
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 8,2024 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

Segmentation by Attribute

Unit-Type/
Open-end
Investment
Trust

Eligible
MarketEligible
Timing of GeographicalInvestments Independent Supplementary
Eligible
Accounting
Areas ofIndex Followed(Source of Segment
Classification Investments
PeriodInvestment
Income)Open-end

Domestic

Equities

ETF

Index type

Equities in
Semi-annually
General

Japan

Other
(TOPIX
Ex-Financials)

Please refer to the Investment Trusts Association, Japan website for definitions of products classification and segmentation by
attribute at https://www.toushin.or.jp/.

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)

Objective and Characteristics of the Fund
Objective of the Fund
The Fund seeks to achieve a NAV that closely correlates with the movement of the
TOPIX Ex-Financials by investing in shares of the component stocks of the TOPIX ExFinancials, and maintaining, in principle, a portfolio constructed consistent with thecalculation method of the TOPIX Ex-Financials.
* TOPIX Ex-Financials is calculated using free-float adjusted market capitalization as anindex and targets issues that exclude those belonging to insurance, banking, securities
and commodity futures trading industries, and other financial operations from issues
calculated for TOPIX (Tokyo Stock Price Index).
TOPIX Ex-Financials is calculated by setting the July 5, 1993 closing price as the basetime and setting the total market value on that date as 1,000 points.
"33 industries specified by the Securities Code Council" shall be used when classifying
industries.
TOPIX Ex-Financials＝Total market value (yen)×1,000Total market value (yen) at the base time

Copyrights and Other Rights of TOPIX Ex-Financials• The TOPIX Ex-Financials index value and the TOPIX marks or trademarks are intellectual property rights
owned by JPX Market Innovation & Research, Inc. or its affiliates (hereinafter, “JPX”). All rights andknow-how relating to the TOPIX Ex-Financials, including calculation, publication and use of this index
value, as well as all rights relating to the TOPIX marks or trademarks belong to JPX.
• JPX reserves the right to change the method of calculation or publication, to cease the calculation or
publication of the TOPIX Ex-Financials index value, or to modify the TOPIX marks or trademarks orcease the use thereof.
• JPX makes no warranty or representation as to the results derived from the TOPIX Ex-Financials index
value and the use of the TOPIX marks or trademarks, and as to the TOPIX Ex-Financials index value
price of a particular date.
• JPX does not guarantee the accuracy or completeness of the TOPIX Ex-Financials index value and datacontained therein. Further, JPX shall not be liable for the miscalculation, incorrect publication, delayed orinterrupted publication of the TOPIX Ex-Financials index value.
• This Fund is not in any way sponsored, endorsed or promoted by JPX.
• JPX does not bear any obligation to give an explanation of this Fund or advice on investments to any
purchaser of this Fund or to the public.
• JPX does not consider the needs of Nikko Asset Management Co., Ltd. or purchaser of this Fund interms of issue composition and calculation for calculating the TOPIX Ex-Financials index value.
• Including but not limited to the above items, JPX shall not be responsible for any damage resulting fromthe subscription into, sale or marketing of this fund.

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Characteristics of the FundThis Fund aims to achieve investment returns that link withthe movement of TOPIX Ex-Financials.
• This Fund aims to match the change in net assets per trust asset unit withthe rate of change in "TOPIX Ex-Financials" and in principle invest in theequities that make up the "TOPIX Ex-Financials".
* The investment management described above may not be carried out due
to market and financial conditions.

Units are listed on Tokyo Stock Exchange and can be traded at
any time during trading hours.
• Units may be traded in blocks of 1 unit (as of the date when the securities
registration statement was filed).
• The brokers determine trading commissions.
• The method of trading is generally the same as that for stocks.
*Please contact your broker for further information.

Units are subscribed for with cash.

• Units are subscribed using the NAV on the day the subscription is
accepted.

Units may be redeemed for cash before maturity with arequest for exchange.
• Units may be redeemed by the NAV on the day redemption is accepted.

Units may not be exchanged for stocks.

Main Investment Restrictions• There is no restriction as to the investment ratio in stocks.
• There is no restriction as to the investment ratio for assets denominated in foreign currency.
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 for the amount and payment of dividends in the future.

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Investment Risks
Please refer to "Matters to Consider" on our website below for the related risk.
https://en.nikkoam.com/etf/1586-topix-ex-financials

Past Performance
Please refer to “Net Asset Value and Performance” on our website below for the past performance.
https://en.nikkoam.com/etf/1586-topix-ex-financials－3－

手続・手数料等
Procedures,Fees, and Other Considerations
Subscription Memorandum
Subscription Units
Subscription Price
Subscription

Units to be determined by the distributors starting at no less than 1,000.
* Please contact the distributor for information on subscription units.

The NAV on the day the subscription is accepted.
Please make the payment by the day designated by the distributor.

MethodOne unit of at least 1,000 units* Units to be determined by the distributor.

Redemption Units* 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
established by the stock exchange. Please contact the distributors for details.

Redemption Price

NAV on the day the redemption is accepted.

Redemption
Proceeds

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

Business Hours for As a rule, applications for subscription and redemption that are completed by 2 p.m.
Subscription and on the days Distributors are open for business are deemed to have accepted on thatday. It must be pursuant to the procedures established by the Distributor.
Redemption
From April 9, 2024 to October 8, 2024.
*The subscription period can be renewed by filing another securities registration
statement before the expiration date shown above.

Subscription
PeriodNon-acceptance
Days

for

Subscription

andRedemption
Restrictions
Redemption
Subscription or

In principle, even on days when distributors are open, no subscription orredemption application shall be accepted if its subscription or redemption datefalls within the period of two business days, beginning two business days prior to
the accounting date (For a period of three business days, beginning threebusiness days prior to the accounting date when the accounting date falls on nonbusiness day.). Please contact the distributors for details.

on Based on the size of the Fund or the product characteristics, the redemption
application time and amount may be restricted for large number of units to avoid
interference with investment management.

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 thattrading on the financial instruments exchanges is suspended, trading of foreignexchange is suspended, settlement functions are halted, or any unavoidable
circumstances arise.

Trust Term

Unlimited (launch date: September 24, 2013)

Cancellation of
Subscription,
Redemption－4－

The Fund will be terminated early in any of the following cases:• If the units are delisted on all the financial exchanges.
• If the TOPIX Ex-Financials is discontinued.
• If any amendment to the trust deed deemed necessary by the Management
Early Termination

Company or Trustee as a result of a change in the calculation method or similarof the TOPIX Ex-Financials is not accepted by a written resolution.
The Fund may be terminated early in any of the following cases:• If the total NAV falls below JPY 500 million• If it is deemed advantageous for beneficiaries, or• If unavoidable circumstances arise.

Closing Date

January 8 and July 8 each year
Distributions are paid twice a year in accordance with the distribution policy.

Income Distribution

Maximum Amountof Trust Money
Public Notification
Investment
Reports* In general, the Trustee will pay to each beneficiary their income distribution by
wire transfer on the day specified by the Management Company but within 40
days of the end of each calculation period in the bank account designated inadvance by the beneficiary. Where a beneficiary has signed a separate
agreement with his or her broker in connection with the treatment of income
distribution, payment will be made pursuant to the provisions of such agreement.
Equivalent to JPY 5 trillion
Electronic public notices are posted on the website of the Management Company.
URL: www.nikkoam.com/* In the event that electronic public notices cannot be posted due to unavoidable
circumstances, this will be published in The Nikkei.
As defined in the Act on Investment Trust and Investment Corporations,investment reports are not prepared and published.
For tax purposes, the Fund is treated as an exchange-traded fund (ETF).

Tax Treatment• 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.

－5－

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

Redemption
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.
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
None
Trust Assets
Expenses to be borne indirectly by investors from trust assets
TER(Total
ExpenseRatio)

0.1971% (TER includes Trust Fee, management fee and other costs below)※ This represents the actual TER for the period of January 10, 2023 - January 5,2024.

No more than 0.0968% (0.088% excluding taxes) per annum of the Fund’s daily NAV
The investment management fee is daily recorded and paid out of the trust assets at
the end of each calculation period or at the time of termination of the Trust.
<Distribution of Investment Management Expenses(annual rate)>
When above is 0.088%, 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
Total
Management Company
Trustee0.088％
0.060％
0.028％

Management
Company
Trustee

Compensation for investment management
Compensation for administration of assets undermanagement and execution of orders fromManagement Company*Figures in brackets are excluding tax. Consumption tax will be added.

－6－

No more than 0.1% per annum of the Fund’s daily NAV
1. Expenses for the preparation and distribution of prospectuses, 2.
Cost for accounting and its incidental operations, 3. Cost for
Expenses
preparation of financial summary statement (including outsourcing fee(Expenses for in case of outsourcing the (1) - (3) operations), 4. Auditing fees, 5.
preparation of Fees related to the listing of the fund, 6. Royalties for the "TOPIX ExProspectus and Financials", and others are paid out of the trust assets at the times
specified by the Management Company.
other*
Auditing fee is an expense paid to audit firm for auditing of theexpenses)
Fund
Other
Expenses andFees

Brokerage commissions on securities in the portfolio, expenses forcustody of assets in foreign countries, interest on borrowings, intereston advances, lending fee (in case security lending is conducted, theamount obtained by multiplying a lending fee on securities lent by a
Brokerage
figure which is profit for Trust Assets, not exceeding 0.55 (0.5 excluding
Commissions taxes) (0.5 excluding taxes as of the date of the filing of the securities
And
Other registration statement), and other fees are paid out of the trust assets
Feeseach 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 lengthand investment status, and thus cannot be shown.

－7－

Tax Treatment
Tax treatment for Japanese 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 adesignated 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 notnecessary.)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
dividends received deduction will not apply).
3) Tax on Cancellation and Termination Fee• 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
from listed stocks, dividends etc. from listed stocks, and interest income from public andcorporate bonds and such like (as long as separated taxation has been chosen upondeclaration). In addition, gains on sale (capital gains), income distributions, and interest
income from public and corporate bonds etc. (if separated taxation has been chosen upondeclaration) can be offset 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
from taxation for an unlimited period up to a certain amount each year. The tax exemption isavailable only to those who meet certain conditions, such as opening a tax-exempt accountwith 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.

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