DISCLAIMER
This document is an English translation of the Japanese Delivery Prospectus of“iFreeETF TOPIX (Yearly Dividend Type)” (hereinafter referred to as the “Fund”).
This English translation is not an official translation and is not required by laws or
any regulation and it is offered for information purpose only. This English translation
shall not be considered as an offer or solicitation for any investment to the Fund.
This English translation is based on the Prospectus of the Fund as of April 4, 2023,
except as otherwise indicated herein.
A part of the contents in the Japanese Delivery Prospectus, including the sections
headed “Reference Information” and “Past Performance”, are omitted in this English
translation. For the omitted sections, please kindly refer to the official Japanese
Delivery Prospectus for this section.
The accuracy, reliability and timeliness of this English translation are notguaranteed, and Daiwa Asset Management cannot guarantee its accuracy orcompleteness between the official Japanese version and the English translation.
In case there are any inconsistencies between the official Japanese Delivery
Prospectus and this English translation, the official Japanese version shall prevail.
The Fund is not listed on any exchange other than those in Japan.
Neither this material nor any part hereof may be reproduced, transmitted, reprinted,
or redistributed without prior written consents of Daiwa Asset Management.

This English translation is not an official translation and is not required by laws or any regulation and it is offered for information
purpose only. In case there are any inconsistencies between the official Japanese Delivery Prospectus and this English translation,
the official Japanese version shall prevail.

Commencement Date: April 4, 2023

Explanatory Booklet on the Investment Trust (Delivery Prospectus)

iFreeETF TOPIX (Yearly Dividend Type)
Open-ended Investment Trust/Domestic Stocks/ETF/Index Type(The fund name “iFreeETF TOPIX (Yearly Dividend Type)” changed from “Daiwa ETF
TOPIX” on April 4, 2023.

<Management Company>
Daiwa Asset Management Co. Ltd. (the party who is issuing investment instructions for the Fund)
Registration Number: Director of Kanto Local Finance Bureau（Financial Instrument Firm）No.352<Trustee>
Sumitomo Mitsui Trust Bank, Limited (the party responsible for custody and administration of the Fund.)◼

This prospectus is published pursuant to the provisions of Article 13 of the Financial Instruments andExchange Act (No.25 of 1948).

2

This English translation is not an official translation and is not required by laws or any regulation and it is offered for information
purpose only. In case there are any inconsistencies between the official Japanese Delivery Prospectus and this English translation,
the official Japanese version shall prevail.

Product Classification

Segmentation by Attribution

Unit Type /Open-ended

Eligible
MarketEligible
Investments (source ofincome)Independent Segment

Supplemen
taryClassificati
on

Eligible
Investmen
ts

Timing of
Accounting
PeriodOpen-ended
Investment
Trust

Domestic

StocksETF

Index Type

Stock
GeneralYearlyGeographi
cal Areasof
Investmen
t
Japan

Index
Followed

TOPIX*Please refer to The Investment Trust Association, Japan website (https://www.toushin.or.jp/) for definition of productclassification and segmentation by attribute above.

<About the Management Company (as of January 31, 2023)>
Company Name: Daiwa Asset Management Co. Ltd.
Established: December 12, 1959
Capital Amount: 15.174 billion Japanese Yen
Total Assets Under Management: 23.062 trillion Japanese Yen⚫

In connection with the public offering for subscription of the Fund, which is made by way ofthis prospectus, the Management Company, which is the Issuer of beneficiary certificates of
the Fund, filed a securities registration statement with the Director of the Kanto Local Finance
Bureau on April 3, 2023, pursuant to the provisions of Article 5 of the Financial Instruments
and Exchange Act. The registration has become effective on April 4,2023.

⚫

We will confirm the intention of beneficiaries of the Fund in advance when a significant
amendment is made to the content of the Fund under the Act on Investment Trust andInvestment Corporations.

⚫

The investment trust assets are separately managed by the Trustee under the Trust Act.

⚫

A copy of Prospectus Issued upon Request could be obtained from a distributor. If you request
this document, please make a personal record to that effect.

3This English translation is not an official translation and is not required by laws or any regulation and it is offered for information
purpose only. In case there are any inconsistencies between the official Japanese Delivery Prospectus and this English translation,
the official Japanese version shall prevail.

Objective and Characteristics of the FundiFreeETF TOPIX (Yearly Dividend Type）<Investment Objective>
The Fund aims to match the rate of change of NAV per unit of the Fund to that of TOPIX.

<Characteristics of the Fund>(1) The Fund will invest in stocks that are included and scheduled to be included in
TOPIX to match the rate of change of NAV per unit of the Fund to that of TOPIX.
⚫

In principle, the Fund aims to invest in the stocks included in TOPIX that represent more than
95% of the total market value of TOPIX.

⚫

To achieve the above, the Management Company may give instructions to adjust the componentsof the trust assets (including instructions to utilize index futures).

⚫

Depending on the market trends, and the size of Fund, etc., the management set out above may
not be achieved.

<About TOPIX (Tokyo Stock Price Index)>◆

TOPIX is a market benchmark with functionality as an investable index, covering an
extensive proportion of the Japanese stock market. TOPIX is a free -float adjusted
market capitalization-weighted index. TOPIX shows the measure of current market
capitalization assuming that market capitalization. This is a measure of the overall
trend in the stock market and is broadly used such as a Japanese economic barometer,a benchmark index for ETFs and so on.

4This English translation is not an official translation and is not required by laws or any regulation and it is offered for information
purpose only. In case there are any inconsistencies between the official Japanese Delivery Prospectus and this English translation,
the official Japanese version shall prevail.

⚫

The TOPIX Index Value and the TOPIX 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 such as calculation, publication and use of the TOPIX Index Value and relating to the TOPIX
Marks.

⚫

JPX shall reserve the rights to change the methods of calculation or publication, to cease thecalculation or publication of the TOPIX Index Value or to change the TOPIX Marks or cease the use
thereof.

⚫

JPX makes no warranty or representation whatsoever, either as to the results stemmed from theuse of the TOPIX Index Value and the TOPIX Marks, or as to the figure at which the TOPIX Index
Value stands on any particular day.

⚫

JPX gives no assurance regarding accuracy or completeness of the TOPIX Index Value and datacontained therein.
Further, JPX shall not be liable for the miscalculation, incorrect publication, delayed or interrupted
publication of the TOPIX Index Value.

⚫

No Licensed Product is in any way sponsored, endorsed or promoted by JPX.

⚫

JPX shall not bear any obligation to give an explanation of the Licensed Product or advice on
investments to any purchaser of the Licensed Product or to the public.

⚫

JPX neither selects specific stocks or groups thereof nor takes into account any needs of the issuing
company or any purchaser of the Licensed Product, for calculation of the TOPIX Index Value.

⚫

Including but not limited to the foregoing, JPX shall not be responsible for any damage resulting
from the issue and sale of the Licensed Product.

5This English translation is not an official translation and is not required by laws or any regulation and it is offered for information
purpose only. In case there are any inconsistencies between the official Japanese Delivery Prospectus and this English translation,
the official Japanese version shall prevail.

(2) The structure of the Fund differs from that of the standard unlisted investment
trusts.
⚫

⚫

The units are listed on Tokyo Stock Exchange and can be traded in the same manner as listed stocks.
-

Trades may be made by minimum 10 units and integral multiples of 10 units.

-

The method of trading is generally the same as that of stocks.

Subscription of additional units may be made for stocks.
-

Subscribers of additional units must apply for the Subscribing Basket at the time of subscription(which is the basket composed of the stocks included in TOPIX in the ratio designated by theManagement Company as equivalent to the component ratio of the stocks included in TOPIX)⚫

Unless specified otherwise, subscription for cash will not be accepted.

Units may be exchanged for stocks-

Unitholders may apply to the Management Company for exchange of the units belonging to themin integral multiple of the number of units designated by the Management Company for the stocks
equivalent to the portion of the trust assets represented by the units.

⚫

Units may not be redeemed for cash.

Distribution will be paid to registered unitholders-

Registered unitholders are those whose personal names or corporate names, addresses, andpersonal ID numbers or corporate ID numbers (or, personal names or corporate names, andaddresses, in case of persons who do not have personal ID numbers or corporate ID numbers or
who receive distributions through payment handling persons as provided for under Paragraph 1
of Article 9-3-2 of the Act on Special Measures Concerning Taxation) are registered by the Trustee
as of the last day of each calculation period.

(3) The distribution will made, in each calculation period, in the full amount of dividends
received, interests received and other incomes arising from the trust assets after
deduction of interests paid, management fee (trust fee) and other expenses similar tothese.
Accounting Day is the 10th of July of each year.
*There is no guarantee of the payment or the amount of distributions in the future.
Major Investment Restrictions⚫

There is no restriction on the investment ratio in stocks.

⚫

The Fund will not invest in assets denominated in foreign currencies.

6This English translation is not an official translation and is not required by laws or any regulation and it is offered for information
purpose only. In case there are any inconsistencies between the official Japanese Delivery Prospectus and this English translation,
the official Japanese version shall prevail.

Investment Risks
Factors to cause fluctuation of NAV per unit◼

The Fund will invest in financial instruments whose prices fluctuate and as a result the NAV per unitof the Fund will also fluctuate. Therefore, the invested amount will not be guaranteed, and a loss ofprincipal may be caused. All the gains and losses accrued to the trust assets will be attributable to theinvestors.

◼

Investment trusts are not deposits.

Major factors to cause fluctuation of NAV per unit:
Stock Price
Volatility(PriceVolatility
Risks, Credit
Risks)
Other risks

Stock price changes based on the political and economic conditions, operating resultsof the issuer, and market supply and demand for the security. If the issuer becomes
operationally distressed or goes bankrupt, all or part of invested amount might not be
returned. If the price of stocks included in the trust assets falls, the NAV per unit may
fall below the invested amount.
When the trust assets of the Fund are invested in money market instruments such as
call loans and/or certificates of deposit, losses may accrue due to default of the issuersof such instruments (the Credit Risk). This may cause the NAV per unit to decline.

*The factors to cause fluctuation of NAV per unit are not limited to those mentioned above.

Additional Considerations◼

The provisions stipulated in Article 37-6 of the Financial Instruments and Exchange Act (so-called the“cooling-off period”) is not applicable to the investment to the Fund.

◼

In the event of a large number of redemption and required to provide funds for the redemption in ashort period of time, or a sudden change in the market environment in major financial markets, thefund may temporarily reduce the liquidity of its assets, bear risk of not being able to trade at the prices
expected from the market conditions, and risk of limiting the amount of transactions.
This may cause a negative impact on NAV, may suspend redemption request, and may delay thepayment of the redemption proceeds.

Risk Management System◼

Based on the Investment Risk Management Policy set by the Board of Directors, the departments orcommittees in charge at the Management Company, which are independent from the fundmanagement departments, will manage the risks by monitoring and oversighting, directly or
indirectly, the fund management departments.

◼

The Management Company will establish rules for liquidity risk management, monitor the liquidity
risk of the fund's assets, and formulate and validate contingency plans.

◼

The Board of Directors will oversee the Company's liquidity risk management system and ensure

7

This English translation is not an official translation and is not required by laws or any regulation and it is offered for information
purpose only. In case there are any inconsistencies between the official Japanese Delivery Prospectus and this English translation,
the official Japanese version shall prevail.

appropriate implementation of liquidity risk management.

Additional Items◼

Points to note in relation to fluctuations of NAV per unit
The Fund aims to match the rate of change of NAV per unit of the Fund to that of TOPIX. However,
we cannot guarantee that movements of NAV per unit will be exactly identical to those of the index
for the following reasons:(a)As the TOPIX represents the weighted average of the aggregate market price of the component

stocks, we cannot make composition ratio of individual stocks in the Fund to be identically the sameas the Index in terms of total market capitalization.
(b) The Fund may incur expenses including management fees (trust fees), brokerage commissions, etc.
(c) The stock prices used for trade execution could differ from those used for NAV calculation.
(d) The stock prices used for calculation of the Index could differ from those used for NAV calculation.
(e) The movement of index futures price could differ from that of the Index (when index futures isutilized).
(f) The impact of minimum trading amount of stocks or index futures (when index futures is utilized).
(g) The impact of trade restrictions due to low liquidity of stocks or index futures (when index futures
is utilized).
(h) The impact of the replacement of stocks included in the Index or the change of Index calculation
methods.
(i) The accrual of cash position in the trust assets, which arises from additional subscriptions,dividends received, etc.

Reference Information<English translation of this section is omitted.
Japanese Delivery Prospectus for this section.>

Please kindly refer to the official

Past Performance<English translation of this section is omitted.
Japanese Delivery Prospectus for this section.>
8

Please kindly refer to the official

This English translation is not an official translation and is not required by laws or any regulation and it is offered for information
purpose only. In case there are any inconsistencies between the official Japanese Delivery Prospectus and this English translation,
the official Japanese version shall prevail.

Procedures, Fees and Others
Application Details
Subscription Basket

Determination of
Subscribing Baskets

Subscription Price
Subscription Method
Subscription Payment
Redemption Request
Exchange Request
Number of Units for
Exchange
Exchange Price
Exchange Payment
Non-Acceptance Daysof
Subscription
orExchange

Application may be made by “Subscribing Basket at the time of subscription”.
“Subscribing Basket at the time of subscription” means the basket composedof the stocks included in TOPIX in the ratio designated by the Management
Company as equivalent to the component ratio of the stocks included in
TOPIX.
The number of units of the Fund that may be subscribed for one (1)Subscribing Basket at the time of subscription shall be such number that aredesignated by the Management Company based on the number obtained by
dividing the value of Subscription Basket at the time of subscription by NAV
per unit as of the date on which application for subscription is accepted,
which shall be minimum of 10 units and integral multiple of 10 units.
◼ The Management Company will determine the Subscribing Basket atthe time of subscription more than 3 business days before the application
day for which such Subscription Basket at the time of subscription isapplied.
◼ The Management Company will post Subscription Basket at the time ofsubscription at https://www.daiwa-am.co.jp/etf/ each day on whichapplication is accepted.
The NAV per unit as of the day on which a subscription is accepted (The NAV
per unit for 10 units).
Subscription by delivering of stocks
Redemption for cash will not be accepted
Units may be exchanged for stocks
Integral multiple of units determined by the Management Company
The NAV per unit as of the day on which the exchange request is accepted(The NAV per unit for 10 units).
In general, subscription application will be not accepted on the followingdays:
1. On the day of ex-dividend or ex-right for any TOPIX component stocks;
2. For the period of six (6) business days from two (2) business days prior
to which the TOPIX component stocks are changed or the change of thetotal number of TOPIX component stocks due to capital increase orcapital decrease;
3. For the period of four (4) business days from four (4) business days prior
to the last day of any calculation period of the Fund (or, if such day is
not a business day, the period of five (5) business days from five (5)business days prior to the last day of the calculation period of the Fund);and
4. In addition to 1 to 3 above, any time the Management Company
determines that unavoidable circumstances occur that prevent it frommaking investments in accordance with the investment policy,
provided, however, that the Management Company may accept application
for subscription at its sole discretion for the periods falling on the items 1 to
3 above.
In general, exchange application will be not accepted on the following days:

9This English translation is not an official translation and is not required by laws or any regulation and it is offered for information
purpose only. In case there are any inconsistencies between the official Japanese Delivery Prospectus and this English translation,
the official Japanese version shall prevail.

1.

For the period of six (6) business days from two (2) business days prior
to the to which the TOPIX component stocks are changed or the changeof the total number of TOPIX component stocks due to capital increaseor capital decrease;
2. For the period of four (4) business days from four (4) business days prior
to the last day of any calculation period of the Fund (or, if such day is
not a business day, the period of five (5) business days from five (5)business days prior to the last day of the calculation period of the Fund);and
3. In addition to 1 to 2 above, any time the Management Company
determines that unavoidable circumstances occur that prevent it frommaking investments in accordance with the investment policy.
provided, however, that the Management Company may accept applicationfor exchange at its sole discretion for the periods falling on the items 1 to 2
above.
Application Deadline
Subscription Period

Exchange for cash limits
Suspension orCancellation of
Acceptance ofApplication for
Subscription or
Exchange
Trust Term
Early Termination

Accounting Day
Distribution
Maximum
Trust
AmountPublic Notification
Investment Reports
Tax Treatment

Cut off time shall be separately determined by the Management Company.
From April 4,2023 to October 3,2023
The subscription period can be renewed by filing updated securities
registration statement before the expiration of the period as mentioned
above.
The Management Company may suspend and/or cancel application forsubscription or exchange in the event unavoidable circumstances including
suspension of trade at financial instrument exchanges.

Unlimited (commenced from July 11, 2001)⚫ If the Units are delisted from all the financial instruments exchange on
which they are listed or if the TOPIX is discontinued, the Trust
Agreement shall be terminated (early termination) upon agreementwith the Trustee.
⚫ The Management Company may terminate the Trust Agreement (earlytermination) after confirming the intention of the unitholders in advanceand upon agreement with the Trustee if.
- the number of units of the Fund falls below 2,000,000;- the Management Company considers the early termination isbeneficial to the unitholders; and- an unavoidable circumstance occurs.
10th of July of each year
Dividends are paid once a year, in accordance with the distribution policy
Equivalent to 20 trillion JPY in stock and cash
Public notification will be made electronically, and posted on the website(https://www.daiwa-am.co.jp/).
The Fund is treated as a Specified Stock Investment Trust.
Dividend deduction and exclusion from revenue may be applicable.
*The above is as of end of January 2023 and, upon amendment of taxation
system, shall be changed.

10This English translation is not an official translation and is not required by laws or any regulation and it is offered for information
purpose only. In case there are any inconsistencies between the official Japanese Delivery Prospectus and this English translation,
the official Japanese version shall prevail.

Expenses and Taxes of the Fund
Expense of the FundFees directly charged to the investors
Subscription
Commission

Determined by theDistributor

Redemption Fee
Exchange
Commission

Nil
Determined by theDistribution

Subscription Commission is a consideration for
explanation of products, provision of productinformation and investment information, andexecution of application at the time of thesubscription of the Fund
Exchange Commission is a consideration foradministrative procedures for exchange of units of
the FundFees indirectly charged to the investors
Management Fee
Management fees (trust fees) are paid out of the Fund’s assets at the end of(Trust Fee)first 6 months of the calculation period, the end of each calculation period orat the time of Trust’s termination.
Trust fee is calculated daily as sum of 1 and 2 as shown below during theholding period:
1. the amount obtained by multiplying the total net assets of the trust assets
by the ratio up to 0.066% per annum (0.06% before tax) (which is 0.066% perannum (0.06% before tax) as of the date hereof).
2. the amount obtained by multiplying lending charges due to lending of stocks
held in the trust assets by up to 55% (50% before tax) (which is 55% (50%before tax) as of the date hereof).
However, the sum of 1. and 2. Shall not exceed 0.275% (0.25% before tax).
⚫ Management fee payable to the Management Company is a consideration
for the management of the Fund, research, instructions to the Trustee,calculation of net asset value per unit, and preparation of prospectus.
⚫ Management fee payable to the Trustee is a consideration for the custodyof the assets under management and execution of instructions by theManagement Company.
Please see below for the manner of split of Management Fee between theManagement Company and the Trustee.
<Split of Management Fee> (which might be changed in the future)
The Management
The Trustee
Company
For 1 above
0.04% per annum
0.02% per annum(without tax) *For 2 above (ratio to50%
50%
the total amount)

Other Expenses andBrokerage
Commissions**⚫

⚫

Commissions associated with securities transactions (including brokeragecommissions on trade of securities, fees for future transactions and option
transactions) and auditing fees shall be charged to the trust assets.
Fund Listing Expenses and Annual Fees for Use of Tokyo stock-price Index
Trademarks with tax levied on them can be borne by the unitholders and can be
paid from the trust assets.
Percentage of the total of these charges which shall be paid from the trust assets
in each calculation period shall not exceed 0.066% (0.06% before taxes) of theFund’s total net assets.
※ As of the date hereof, usage fees of trademark of the Index are the amount11

This English translation is not an official translation and is not required by laws or any regulation and it is offered for information
purpose only. In case there are any inconsistencies between the official Japanese Delivery Prospectus and this English translation,
the official Japanese version shall prevail.

※obtained by multiplying the total net asset of the trust assets by up to 0.033%(0.03% before tax) per annum (provided, however, that if the above amount islower than 1.65 million Japanese Yen (1.5 million Japanese Yen before tax),
then the amount will be 1.65 million Japanese Yen).
As of the date hereof, Fund listing fees are;- Annual listing fee
The amount obtained by multiplying the net asset value as of the end of
December of the previous year by 0.00825% per annum (0.0075% per annum
before tax) as maximum.
- Additional listing fee
If the net asset value at the end of December of the previous year exceeds
the highest net asset value at the end of each preceding years, the amountobtained by multiplying the excess amount by 0.00825% (0.0075% before tax).

*Consumption tax will be added**As expenses for brokerage commissions on trade of securities, etc. shall vary depending on circumstances, specificrate of fees or the maximum amounts thereof cannot be disclosed in advance.
※Please inquire the Distributor of the details of subscription commissions and exchange commissions.
※The total amount of all expenses shall not be disclosed since the amount shall vary depending upon the factors
including the length of holding period.

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.

Time
Sales
Exchange
Distribution
◼
◼
◼

Items
Income tax and local tax
Income tax and local tax
Income tax and local tax

Tax
Taxed as capital gains: 20.315% of sales proceeds
Taxed as capital gains: 20.315% of exchange proceeds
Taxed as dividend income: 20.315% on income distribution

The above chart is as of end of January 2023 and tax rates may change in the event that tax laws are revised.
The above description does not apply to Japanese corporations.
We recommend that investors consult with tax specialists for details of tax treatment.

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