DISCLAIMER
This document is an English translation of the Japanese Summary Prospectus of“iFreeETF FTSE Blossom Japan Index” (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 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 FTSE Blossom Japan Index
Open-ended Investment Trust/Domestic Stocks/ETF/Index Type(The fund name “iFreeETF FTSE Blossom Japan Index” changed from “Daiwa ETF
FTSE Blossom Japan Index ” 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>
Mitsubishi UFJ Trust and Banking Corporation (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 /Open-ended

Eligible
MarketOpen-ended
Investment
Trust

Domestic

Eligible
Investments(source ofincome)StocksSegmentation by Attribution

Independent
Segment

SupplementaryClassification

Eligible
Investments

Timing of
Accounting
PeriodETF

Index Type

Stock
General

2 times ayear

Geographical
Index
Areas of
Followed
Investment
Japan

FTSE
Blossom
Japan
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 the Fund, which is made by way of thisprospectus, 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 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 Summary Prospectus and this English
translation, the official Japanese version shall prevail.

Objective and Characteristics of the FundiFreeETF FTSE Blossom Japan Index<Investment Objective>
The Fund aims to match the rate of change of NAV per unit of the Fund to that of FTSE Blossom Japan
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
FTSE BLOSSOM JAPAN INDEX to match the rate of change of NAV per unit of theFund to that of FTSE BLOSSOM JAPAN 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 FTSE BLOSSOM JAPAN INDEX>◆FTSE Blossom Japan Index is an equity index whose constituents are selected by
FTSE International Limited considering ESG (Environmental, Social, Governance)
factors, where the companies have excellent abilities to correspond to these factors.
◆FTSE ESG Ratings is determined based on well-defined ESG Standards which isdesigned to help market participants to be involved in Stewardship and Engagement
activities.
◆Indicators for the evaluation of ESG Ratings are selected by specific conditions suchas the sector to which business activity itself belongs, and the geography in which suchactivity is conducted. In addition, it would be reviewed on a regular basis to suit therequirements of the changing corporate behavior, investor needs, interests of society,and so on.
◆In principle, ESG Ratings are reviewed twice a year in June and December. And
accordingly, the index constituents are reveiwed and the weights are adjusted basedon the ratings and the investable market capitalization, respectively.
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 orenvironmental impacts along with 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 FTSE Blossom Japan Index
in the ratio designated by the Management Company as equivalent to the component ratio of thestocks included in FTSE Blossom Japan 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“iFreeETF FTSE Blossom Japan Index is not in any way sponsored, endorsed, sold or promoted by FTSE
International Limited (“FTSE”) or the London Stock Exchange Group companies (“LSEG”) (together the“Licensor Parties”) and none of the Licensor Parties make any claim, prediction, warranty or
representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the useof the FTSE Blossom Japan Index (the “Index”) (upon which the iFreeETF FTSE Blossom Japan Index isbased), (ii) the figure at which the Index is said to stand at any particular time on any particular day orotherwise, or (iii) the suitability of the Index for the purpose to which it is being put in connection with theiFreeETF FTSE Blossom Japan Index.
None of the Licensor Parties have provided or will provide any financial or investment advice orrecommendation in relation to the Index to Daiwa Asset Management Co. Ltd. or to its clients. The Index
is calculated by FTSE or its agent. None of the Licensor Parties shall be (a) liable (whether in negligenceor otherwise) to any person for any error in the Index or (b) under any obligation to advise any person ofany error therein.
All rights in the Index vest in FTSE. “FTSE®” is a trademark of LSEG and is used by FTSE under license”.

●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 FTSE has been chosen as ESG index provider<English translation of this section is omitted.
Summary Prospectus for this section.>

6

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
FTSE All Cap Japan Index(approx. 1,400 companies)
Eliminate J-REIT
Select over all ESG score
3.3 and above
Eliminate severe
conroversies score company

FTSE Blossom Japan
Index(approx. 250 companies)

Market Cap weightx
Sector neutral weight.
- Sector (ICB classification) weight isadjusted equal to FTSE All Cap
Japan Index sector weight.
- Maximum sealing weight is to set
smaller one in either a) 15% of theIndex total market cap, or b) 20 timesof maximum weight within FTSE All
Cap Japan Index.

As of December 2022. Prepared by Daiwa Asset Management. Co. Ltd. based on FTSE data.

Outline of methodology of overall ESG score
Step 1 : To understand Companies characteristics
Sector, business country, corporate structure andmore
Step 2: Specify company’s material theme
review company’s theme materiality for
14 themes (Accessing potential Risk out of
14 themes and evaluate exposure level 0-3
respectively.
32
10HighestMateriality

LowestMateriality

Pillar Score
Aggregate theme scoreweighted by exposure

Step 3: Scoring by theme
Evaluate company’s managed level for the theme.
5
4
3
2
1
0
Best
PracticeGood
Practiceno disclosure

Overall ESG Score
Aggregate pillar scoreweighted by exposure

Prepared by Daiwa Asset Management. Co. Ltd. based on FTSE data.

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 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(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.
The allocation ratio to a single issue may be increased, and accordingly the impact ofprice movements of each issue on the NAV could be significant.
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 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.

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.

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 FTSE Blossom
Japan Index. However, we cannot guarantee that movements of NAV per unit will be exactly identicalto 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/rights received, etc.

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.>

9

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 Days
of Subscription or
Exchange

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 theManagement 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 thatare designated by the Management Company based on the number obtainedby 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 Subscribing 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 followingdays:
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
to which the component stocks of the Index are changed or the change ofthe total number of component stocks of the Index due to capital increaseor capital 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.

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

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
to which the component stocks of the Index are changed or the change ofthe total number of component stocks of the Index 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

Cut off time shall be 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 theexpiration 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 September 25, 2017)

Accounting Day

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 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 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

Dividends are paid twice a year, in accordance with the distribution policy

Maximum Trust
AmountPublic Notification
Investment Reports
Tax Treatment⚫

Equivalent to 1 trillion JPY in stocks and cash
Public notification will be made electronically and posted on the website(https://www.daiwa-am.co.jp/).
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 amendmentof taxation system, it shall be changed.

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.

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 Tee) 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% perannum (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.

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.

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.
shall vary 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 theIndex with tax levied on them can be borne by the unitholders and can be
paid by 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
shown below.
Total net asset value of trust
Trademark usage fee rate
assetsFor the portion up to 100 billion
0.011% per annum
Japanese Yen(0.010% without tax)
For the portion exceeding 100
0.0033% per annum
billion Japanese Yen(0.003% 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 ofthe 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 amount obtained 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
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

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 in the event that 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.

13