DISCLAIMER
This document is an English translation of the Japanese Summary Prospectus of“iFreeETF MSCI Japan Empowering Women Index (WIN) ” (hereinafter referred toas 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 Summary Prospectus, including the sections
headed “Reference Information” and “Past Performance”, are omitted in this English
translation. For the omitted sections, please refer to the official Japanese Summary
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 Summary
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 Summary Prospectus and this English
translation, the official Japanese version shall prevail.

Commencement Date: April 4, 2023

Explanatory Booklet on the Investment Trust (Summary Prospectus)

iFreeETF MSCI Japan Empowering Women Index (WIN)
Open-ended Investment Trust/Domestic Stocks/ETF/Index Type(The fund name “iFreeETF MSCI Japan Empowering Women Index (WIN)” changed
from “Daiwa ETF MSCI Japan Empowering Women Index (WIN) ” 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>Mizuho Trust & Banking Co., Ltd. (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 Summary Prospectus and this English
translation, the official Japanese version shall prevail.

Product Classification
Unit Type /Openended

Eligible
MarketOpenended
Investment
Trust

Domestic

Eligible
Investments(source ofincome)StocksIndependent
Segment

ETF

Segmentation by Attribution
SupplementaryClassification
Index Type

Eligible
Investments

Timing of
Accounting
PeriodGeographicalAreas ofInvestment

Index
Followed

Stock
General

2 times a
year

Japan

MSCI Japan
Empowering
Women
Index

*Please refer to The Investment Trust Association, Japan website ( https://www.toushin.or.jp/) for definition of
product classification 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: 23.0626 trillion Japanese Yen⚫

In connection with the public offering for subscription of iFreeETF MSCI Japan Empowering
Women Index (WIN) (the “Fund”), which is made by way of this 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
(the “Filing Date”), pursuant to the provisions of Article 5 of the Financial Instruments andExchange 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 Summary Prospectus and this English
translation, the official Japanese version shall prevail.

Objective and Characteristics of the FundiFreeETF MSCI Japan Empowering Women Index (WIN)<Investment Objective>
The Fund aims to match the rate of change of NAV per unit of the Fund to that of MSCI Japan Empowering
Women Index (which may be referred to as the “Index” hereinafter).

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

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

⚫

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

<About MSCI JAPAN EMPOWERING WOMEN INDEX (WIN)>◆The MSCI Japan Empowering Women Index (the “Index”) aims to represent theperformance of those Japanese companies selected by MSCI Inc. that exhibit acommitment towards promoting and maintaining a high level of gender diversity
among their workforce. The Index has a nickname, "WIN", an abbreviation of the
Women’s Index.
◆Based on data on gender diversity disclosed by the Act on Promotion of Female
Activities and disclosure information of companies from each industry excluding JREITs, MSCI Inc. selects top 50% companies with high gender diversity scores. In
addition, companies that are experiencing very severe controversies in general andsevere controversies related to human rights and labor rights are excluded.
◆Constituent weights are determined by market cap, Gender Diversity Score andQuality score which is calculated from ROE and earnings stability.
◆The Index is rebalanced and the weights are adjusted semi-annually at the end of
May and November in general.
The Fund is classified as ESG funds defined by the Management Company.
The fund does not seek to obtain so-called social return, which means positive social
or environmental impacts as long as economical return.
Definition and/or classification of ESG funds may be revised in future in response ofregulations or circumstances surrounding ESG investment.
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 Summary 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.

-

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 MSCI Japan Empowering
Women Index in the ratio designated by the Management Company as equivalent to thecomponent ratio of the stocks included in MSCI Japan Empowering Women Index).

⚫

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 themfor 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 similarly
to these.
Accounting Day is January 10th and July 10th 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.

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 Summary Prospectus and this English
translation, the official Japanese version shall prevail.

●About the copyright of the index
THIS FUND IS NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY MSCI INC. (“MSCI”),
ANY OF ITS AFFILIATES, ANY OF ITS INFORMATION PROVIDERS OR ANY OTHER THIRDPARTY INVOLVED IN, OR RELATED TO, COMPILING, COMPUTING OR CREATING ANY MSCIINDEX (COLLECTIVELY, THE “MSCI PARTIES”). THE MSCI INDEXES ARE THE EXCLUSIVEPROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES ARE SERVICE MARK(S) OF MSCIOR ITS AFFILIATES AND HAVE BEEN LICENSED FOR USE FOR CERTAIN PURPOSES BYDAIWA ASSET MANAGEMENT CO. LTD. NONE OF THE MSCI PARTIES MAKES ANYREPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE ISSUER OR OWNERS
OF THIS FUND OR ANY OTHER PERSON OR ENTITY REGARDING THE ADVISABILITY OF
INVESTING IN FUNDS GENERALLY OR IN THIS FUND PARTICULARLY OR THE ABILITY OF
ANY MSCI INDEX TO TRACK CORRESPONDING STOCK MARKET PERFORMANCE. MSCI OR
ITS AFFILIATES ARE THE LICENSORS OF CERTAIN TRADEMARKS, SERVICE MARKS AND
TRADE NAMES AND OF THE MSCI INDEXES WHICH ARE DETERMINED, COMPOSED AND
CALCULATED BY MSCI WITHOUT REGARD TO THIS FUND OR THE ISSUER OR OWNERS OF
THIS FUND OR ANY OTHER PERSON OR ENTITY. NONE OF THE MSCI PARTIES HAS ANYOBLIGATION TO TAKE THE NEEDS OF THE ISSUER OR OWNERS OF THIS FUND OR ANYOTHER PERSON OR ENTITY INTO CONSIDERATION IN DETERMINING, COMPOSING OR
CALCULATING THE MSCI INDEXES. NONE OF THE MSCI PARTIES IS RESPONSIBLE FOR
OR HAS PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR
QUANTITIES OF THIS FUND TO BE ISSUED OR IN THE DETERMINATION OR CALCULATION
OF THE EQUATION BY OR THE CONSIDERATION INTO WHICH THIS FUND ISREDEEMABLE. FURTHER, NONE OF THE MSCI PARTIES HAS ANY OBLIGATION OR
LIABILITY TO THE ISSUER OR OWNERS OF THIS FUND OR ANY OTHER PERSON OR ENTITY
IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR OFFERING OF THIS FUND.
ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE
CALCULATION OF THE MSCI INDEXES FROM SOURCES THAT MSCI CONSIDERS RELIABLE,NONE OF THE MSCI PARTIES WARRANTS OR GUARANTEES THE ORIGINALITY, ACCURACY
AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN.
NONE OF THE MSCI PARTIES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO
RESULTS TO BE OBTAINED BY THE ISSUER OF THE FUND, OWNERS OF THE FUND, OR
ANY OTHER PERSON OR ENTITY, FROM THE USE OF ANY MSCI INDEX OR ANY DATAINCLUDED THEREIN. NONE OF THE MSCI PARTIES SHALL HAVE ANY LIABILITY FOR ANY
ERRORS, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEXOR ANY DATA INCLUDED THEREIN. FURTHER, NONE OF THE MSCI PARTIES MAKES ANY
EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE MSCI PARITES HEREBY
EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A
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 Summary Prospectus and this English
translation, the official Japanese version shall prevail.

PARTICULAR PURPOSE, WITH RESPECT TO EACH MSCI INDEX AND ANY DATA INCLUDED
THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ANY OF
THE MSCI PARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE,CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF
NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.
NO PURCHASER, SELLER OR HOLDER OF THIS SECURITY, PRODUCT OR FUND, OR ANYOTHER PERSON OR ENTITY, SHOULD USE OR REFER TO ANY MSCI TRADE NAME,
TRADEMARK OR SERVICE MARK TO SPONSOR, ENDORSE, MARKET OR PROMOTE THISSECURITY WITHOUT FIRST CONTACTING MSCI TO DETAERMINE WHETHER MSCI’SPERMISSION IS REQUIRED. UNDER NO CIRCUMSTANCES MAY ANY PERSON OR ENTITY
CLAIM ANY AFFILIATION WITH MSCI WITHOUT THE PRIOR WRITTERN PERMISSION OF
MSCI.

●Reason why the Index has been chosen as the fund’s benchmark<English translation of this section is omitted.
Summary Prospectus for this section.>

Please refer to the official Japanese●Reason why MSCI Inc. has been chosen as ESG index provider<English translation of this section is omitted.
Summary Prospectus for this section.>

7

Please refer to the official Japanese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 Summary Prospectus and this English
translation, the official Japanese version shall prevail.

●Outline of methodology of the Index
MSCI Japan IMI Top 700 index(approx. 700 companies)
1. exclude J-REIT
2. select top half ofhigher Gender Diversity Score
3. exclude:- ESG controversy score =0- Human Rights Controversy Score <=2- Labor Rights Controversy Score <=4Weighting method:

Composite score calculation method :(Market cap) x (Composite score)

MSCI Japan Empowering
Women Index (WIN)(approx. 350 companies)

1. Composite score =(Sector relative Gender Diversity Score) x(Sector relative Quality Score)
2. Quality Score are calculated by threefundamentals descriptions: ROE, Debt toEquity and Earning Variability

FactorAttraction
Retention

Promotion

Metrics

Rule

1. % of women among newhires
2. % of women among theoverall workforce
3. Average tenure figures formen and women
4. % of women in senior andmiddle management
5. % of women on board of
directors

For each metrics, convert the percentiles to 0-10 scoresInterim performance Score

Disclosure
discount

Average of 5 scores above

Percentage discount based of
the number of metrics eachcompany reported

Performance Score (75% weight)
Policy &Programs

Interim performance score reduced by disclosure discount1.workforce diversity policy andmanagement oversight
2. Program toworkforce diversity

Disclosure level (%) convert to percentage deduction to
Interim Performance Score:- 20% (1 out of 5 disclosed): -20% discount- 40% (2 out of 5): -15%- 60% (3 out of 5): -10%- 80% (4 out of 5): -5%- 100% (5 out of 5): 0%

increase- Equal opportunity / diversity / anti-discrimination policy
reinforcement- Accountability and structured monitoring- Quantitative diversity target- Employee benefits

Practice Score (25% weight)

Simple average of 2 item above

Gender Diversity Score

Weighted average of performance score and practice score

8

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 Summary 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 (Price
Volatility 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 suchas call loans and/or certificates of deposit, losses may accrue due to default of theissuers of 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 the fundmanagement department directly or indirectly.

◼

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
appropriate implementation of liquidity risk management.

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 Summary Prospectus and this English
translation, the official Japanese version shall prevail.

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 MSCI Japan
Empowering Women Index. However, we cannot guarantee that movements of NAV per unit will be
exactly identical to those of the index for the following reasons:(a) We cannot make composition ratio of individual stocks in the Fund to be identically the same as theIndex 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 future price could differ from that of the Index (when index future is utilized).
(f) The impact of the replacement of stocks included in the Index or the change of Index calculation methods.
(g) The accrual of cash position in the trust assets, which arises from additional subscriptions, dividends
received, etc.
※ As of the end of January, 2023, index future of MSCI Japan Empowering Women Index have notbeen listed. Index futures other than the Index may be utilized.

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

Please refer to the official Japanese

Past Performance<English translation of this section is omitted.
Summary Prospectus for this section.>

10

Please refer to the official Japanese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 Summary 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 the Index in the ratio designated by the Management
Company as equivalent to the component ratio of the stocks included in the
Index.
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.
◼ The Management Company will determine the “Subscribing Basket atthe Time of Subscription” more than 3 business days before theapplication day for which such Subscription Basket at the Time of
Subscription is applied.
◼ The Management Company will post Subscribing Basket at the Time of
Subscription 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 100 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 100 units).
In general, subscription application will not be accepted on the following days:
1. On the day of ex-dividend or ex-right for any component stocks of theIndex.
2. For the period of six (6) business days from two (2) business days prior towhich the component stocks of the Index are changed or the change of thetotal number of component stocks of the Index 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 nota business day, the period of five (5) business days from five (5) businessdays prior to the last day of the calculation period of the Fund); and4. 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 forsubscription at its sole discretion for the periods falling on the items 1 to 3
above.
In general, exchange application will not be accepted on the following days:
1. For the period of six (6) business days from two (2) business days prior towhich the component stocks of the Index are changed or the change of thetotal number of component stocks of the Index due to capital increase orcapital decrease.

11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 Summary Prospectus and this English
translation, the official Japanese version shall prevail.

2.

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 nota business day, the period of five (5) business days from five (5) businessdays prior to the last day of the calculation period of the Fund); andIn 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 application for
exchange at its sole discretion for the periods falling on the items 1 to 2 above.
Application Deadline
Subscription Period
Exchangeforcash
limits
Suspension orCancellation of
Acceptance ofApplication for
Subscription or
Exchange
Trust Term
Early Termination

Accounting Day

Cut off time shall be separately determined by the Management Company.
From April 4, 2023 to October 3, 2023. The subscription period can be renewedby filing updated securities registration statement before the expiration of theperiod 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 September 25, 2017)⚫ If the Units are delisted from all the financial instruments exchange on
which they are listed or if the Index is discontinued, the Trust Agreement
shall be terminated (early termination) upon agreement with theTrustee.
⚫ 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 200,000;- the Management Company considers the early termination isbeneficial to the unitholders; and- an unavoidable circumstance occurs.
January 10th and July 10th of each year.

Distribution
Maximum
Trust
AmountPublic Notification

Dividends are paid twice a year, in accordance with the distribution policy
Equivalent to 1 trillion JPY in stocks and cash

Investment Reports
Tax Treatment

The Fund is treated as Specified Stock Investment Trust.
Dividend deduction and exclusion from revenue may be applicable.
*The above information is as of end of January 2023 and upon amendment oftaxation system, it shall be changed.

Public notification will be made electronically and posted on the website(https://www.daiwa-am.co.jp/).

12

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 Summary 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

Nil

Exchange
Commission

Determined by theDistributor

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(Trust Fee)Management Fee (Trust Fee) is calculated and accounted to the fund NAV
daily as sum of 1 and 2 as shown below:
1. the amount obtained by multiplying the total net assets of the trust assets
by the ratio up to 0.165% per annum (0.15% without tax) (which is 0.165%
per annum (0.15% without tax) as of the Filing Date).
2. the amount obtained by multiplying lending charges due to lending of stocks
held in the trust assets by up to 55% (50% without tax) (which is 55 % (50%without tax) as of the Filing Date).
⚫

⚫

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.

<Split between the Management Company and the Trustee > (before tax)
The Management
The Trustee
Company
Item 1 above
0.12% per annum
0.03% per annum
Item 2 above
50%
50%(as a percentage forthe total amount of
the Item 2)※Consumption tax will be added to the above.
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.
※ As expenses for brokerage commissions on trade of securities, etc. shallvary depending on circumstances, specific rate of fees or the maximum
amounts thereof cannot be disclosed in advance.

⚫

Fund listing expenses and annual fees for use of trademarks of the Index
with tax levied on them can be borne by the unitholders and can be paidby the trust assets.
※ Trademark usage fee as of the Filing Date will be the amount obtainedby multiplying the total net asset value of trust assets by the rate as

13

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 Summary Prospectus and this English
translation, the official Japanese version shall prevail.

shown below.
Total net asset value of trust
assetsFor the portion up to 250 billion
Japanese Yen
For the portion exceeding 250
billion Japanese Yen up to 500
billion Japanese Yen
For the portion exceeding 500
billion Japanese Yen

Trademark usage fee rate
0.01650% per annum(0.0150% without tax)
0.01375% per annum(0.0125% without tax)
0.01100% per annum(0.0100% without tax)

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).
※Please inquire the Distributor of the details of subscription commissions and exchange commissions.
※The total amount of all expenses cannot be shown since the amount are subject to investor’s 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

Tax

Income tax and local tax
Income tax and local tax
Income tax and local 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◼

If a foreign tax credit is applied, the tax at the time of distribution may differ from the above.

◼

The above chart is as of end of January 2023 and tax rates may change if the tax laws are revised.

◼

The above description is not applicable to corporations.

◼

We recommend that investors consult with a tax specialists for details of tax treatment.

14