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

Explanatory Booklet on the Investment Trust(English Overview of the Delivery Prospectus)
April 20, 2024

Listed Index Fund Asian REIT
Nickname: JoJo Asian REIT
Open-end Investment Trust, Overseas, REITs, ETF, Index Type
This document is not a translation of the entire Delivery Prospectus, but an English overview of the
Delivery Prospectus, which means that some of the information in the Delivery Prospectus has been
simplified, modified, or omitted.

●This prospectus is published pursuant to the provisions of Article 13 of the Financial
Instruments and Exchange Act (No. 25 of 1948).
Please read this document carefully before deciding to subscribe to units of the Fund.
●The prospectus for the Fund provided under Article 15, Paragraph 3 of the Financial
Instruments and Exchange Act (hereinafter referred to as the "Prospectus Issued
upon Request") can be read or downloaded from the website of the Management
Company. You can also obtain a copy of the Prospectus Issued upon Request from 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 Management Company.
Management Company (the party issuing investment instructions for the Fund)
Nikko Asset Management Co., Ltd.
Registration Number: Director of the Kanto Local Financial Bureau (Financial instruments firms) No.
368
Website: www.nikkoam.com/+813-6447-6653 (9 a.m.-5 p.m., excluding Saturdays, Sundays and public holidays)●Trustee (the party responsible for custody and management of Fund assets)
Sumitomo Mitsui Trust Bank, Limited

Established and managed by

Nikko Asset Management Co., Ltd.

2 When a significant amendment is made to the content of the Fund, we will confirm theintention of investors (beneficiaries) in advance under the Act on Investment Trust andInvestment Corporations (No. 198 of 1951).
 The Fund assets are classified and managed by the Trustee under the Trust Act (No. 108
of 2006).
 In connection with the invitation for subscription to Listed Index Fund Asian REIT, whichis 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 19, 2024 pursuant to the provisions of Article 5 of the Financial Instruments andExchange Act. The filing became effective on the next business day after the filing date.

Product Classification
Unit Type/
Open-end
Investment
Trust

Eligible
MarketOpen-end

Overseas

Eligible
Investments(Source ofIncome)

REITs

Independent
Segment

ETF

Segmentation by AttributeSupplementaryClassification

Eligible
Investments

Timing of
Accounting
PeriodGeographicalAreas ofInvestment

Currency
Hedging

Index Followed

Index type

Other Assets:(Investment
trust
securities(REITs))Quarterly

Asia

No hedge

Other（FTSE EPRA/NAREIT Asia
ex Japan REITS 10% Capped
Index）

Please refer to The Investment Trusts Association, Japan website for definitions of product classification and segmentation by
attribute at https://www.toushin.or.jp/.
* “Currency Hedging” under segmentation by attribute shows whether or not hedging is performed on currency risk against theyen.

Management Company Details

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

3

Objective and Characteristics of the Fund
Objective of the Fund
The Fund invests primarily in SGD-denominated beneficiary certificates of the Singaporedomiciled offshore investment trust Nikko AM Straits Trading Asia ex Japan REIT. It ismanaged with the aim of matching the rate of change in the net asset value per unit withthe rate of change in the yen-converted FTSE EPRA/NAREIT Asia ex Japan REITS 10%
Capped Index.
* The FTSE EPRA/NAREIT Asia ex Japan REITS 10% Capped Index is published by the FTSE
as an index of the weighted average of the market capitalization of investment income (andequivalent securities) of listed REITs in Asian countries except Japan. Weightings of individualnames are limited to a maximum of 10% when rebalancing is performed.
Constituent names and weightings are reviewed in March, June, September and December every
year.

Copyrights of the “FTSE EPRA/NAREIT Asia ex Japan REITS 10% Capped Index”
The FTSE EPRA/NAREIT Asia ex Japan REITS 10% Capped Index are not in any way sponsored, endorsed,
sold or promoted by FTSE International Limited (“FTSE”), by the London Stock Exchange Group companies(“LSEG”), Euronext N.V. (“Euronext”), European Public Real Estate Association (“EPRA”), or the National
Association of Real Estate Investment Trusts (“NAREIT”) (together the “Licensor Parties”) and none of theLicense Parties make any warranty or representation whatsoever, expressly or impliedly, either as to the results
to be obtained from the use of the FTSE EPRA/NAREIT Asia ex Japan REITS 10% Capped Index ("the Index')
and/or the figure at which the said Index stands at any particular time on any particular day or otherwise. The
Index is compiled and calculated by FTSE. However, none of the Licensor Parties shall be liable (whether innegligence or otherwise) to any person for any error in the Index and none of the License Parties shall be under
any obligation to advise any person of any error therein.
“FTSE®” is a trade mark of LSEG, “NAREIT®” is a trade mark of the National Association of Real Estate
Investment Trusts and “EPRA®” is a trade mark of EPRA and all are used by FTSE under license.

4

Characteristics of the FundThis fund aims to achieve investment returns that link with the movementof the yen-converted FTSE EPRA/NAREIT Asia ex Japan REITS 10%
Capped Index.
• This fund seeks to match the rate of change in net asset value per unit with therate of change in yen-converted FTSE EPRA/NAREIT Asia ex Japan REITS 10%
Capped Index. It invests primarily in SGD-denominated beneficiary certificates of
the Singapore-domiciled offshore investment trust Nikko AM Straits Trading Asia
ex Japan REIT, which is listed on the Singapore Securities Exchange.
If investment in the beneficiary certificates becomes impossible due to theirdelisting or other such circumstances, the Fund may invest directly in thecomposite names of the index.
* The investment management described above may not be carried out due tomarket and financial conditions.

are listed on Tokyo Stock Exchange and can be traded at any time Units
during trading hours.
•Units may be traded in blocks of 10 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 business day after the subscription is
accepted.

may be redeemed for cash before maturity with a request for Unitsexchange.
• Units may be redeemed by the NAV on the business day after redemption is accepted.

⑤ Units may not be exchanged for investment trust beneficiary certificates.
Investment Restrictions
 There is no restriction on the investment ratio for stocks.
 There is no restriction on the investment ratio for assets denominated in foreign currencies.
Distribution Policy
・ As a general rule, the full amount of dividends and other income arising from the trust assets is
distributed after deduction of expenses.
*There is no guarantee on the payment or the amount of dividend.

5Investment Risks
Please refer to "Matters to Consider" on our website below for the related risk.
https://en.nikkoam.com/etf/1495-asian-reit

Past Performance
Please refer to “Net Asset Value and Performance” on our website below for the past performance.
https://en.nikkoam.com/etf/1495-asian-reit

6

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

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

Subscription
Price

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

Subscription
Payment

To be paid by the day indicated by the distributor.

Redemption
Units

One unit of at least 1,000 units* Units to be determined by the distributor.
*A beneficiary may ask a Distributor to buyback his or her Units where the total
number of Units owned is less than the minimum-trading unit for the Units establishedby the stock exchange. Please contact the distributors for details.

Redemption
Price

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

Redemption
Proceeds

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

Business Hours
for Subscription
and Redemption

As a rule, applications for subscriptions and redemptions that are completed by
11a.m. on the days Distributors are open for business are deemed to have been
accepted on that day. It must be pursuant to the procedures established by theDistributor.

Subscription
PeriodFrom April 20, 2024 to October 18, 2024
* Extended by submission of a securities registration statement before the end of theabove period.

Non-acceptanceDays for
Subscriptions

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

Non-acceptanceDays forRedemptions

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

7

Restrictions on
Redemption

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

Suspension orCancellation of
Subscription,
Redemption
Applications

The Management Company may suspend acceptance of applications forsubscription or requests for redemption, or cancel applications for subscription orrequests for a redemption that have already been accepted in the event that the Fundis unable to invest in target investment trust securities, exchanges of the target
investment trust securities are no longer possible, trading on a stock exchange issuspended, trading of foreign exchange is suspended, settlement functions arehalted, emergencies in invested countries (such as financial crises, government
default due to financial reasons, significant policy changes or introductions of new
regulations including asset freezes, natural disasters, coups or significant politicalchanges, or war) results in market suspension or substantial decrease in liquidity or
it determines that there is a possibility that investments in accordance with the basic
investment policies set forth in the trust deeds will be hindered or circumstances
beyond their control develops.

Trust Term

Unlimited (launch date: June 22, 2017)
Early termination may be carried out in any of the following cases:
・If the Units are delisted from all the financial instruments exchanges on which they
have been listed.
・If the FTSE EPRA/NAREIT Asia ex Japan REITS 10% Capped Index is discontinued.

Early
Termination

・If any amendment to the trust deed deemed necessary by the Management Company
or Trustee because of a change in the calculation method or similar of the FTSE
EPRA/NAREIT Asia ex Japan REITS 10% Capped Index is not accepted by a written
resolution.
Early termination is possible in any of the following cases:
・If the total net asset value falls below 500,000,000 yen on or after July 21, 2020;
・If early termination is deeded advantageous for beneficiaries
・If any unavoidable circumstances arise.

Closing of
Account

20th of January, April, July and October every year
Dividends are paid four times a year in accordance with the following income
distribution policy:

IncomeDistribution* In general, the Trustee will pay to each beneficiary their income distribution by wiretransfer on the day specified by the Management Company but within 40 days of theend of each calculation period in the bank account designated in advance by thebeneficiary. Where a beneficiary has signed a separate agreement with his or her
broker in connection with the treatment of income distribution, payment will be madepursuant to the provisions of such agreement.

Maximum
Amount of Trust
Money

100 billion yen

PublicNotification

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

8

Investment
Reports

Tax Treatment

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

9

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

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

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

Redemption
Fee

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

Amount to be
Retained in
Trust Assets

None

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

0.7500% (TER includes Trust Fee, management fee and other costs below)※ This represents the actual TER for the period of January 23, 2023 - January 19
2024.

No more than 0.11%(0.1% excluding taxes) per annum of thedaily total NAV of the Fund
 The investment management fee is daily recorded and paid out of thetrust assets at the end of each calculation period or at the time oftermination of the Trust.

<Distribution of Investment Management Expenses(annualrate)>

Investment
Management
Expenses(Trust fee)

When above is 0.1%, as of the date of filing of the securities
registration statement:
Investment Management Expenses(Trust fee)
=NAV of investment period X Trust fee rate
The Fund

Total

Management
Company

Trustee

0.10%

0.07%

0.03%

Management
Company

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

Trustee10*Figures are excluding tax. Consumption tax will be added.

Approximately 0.66%(0.65% excluding taxes) per annum of net
assets.

Actual Cost

※ If investing in SGD-denominated beneficiary certificates of theSingapore-domiciled offshore investment trust Nikko AM Straits
Trading Asia ex Japan REIT, a separate cost of about 0.55% perannum of net assets is also incurred in addition to the trust fee
above.
※Subject to change based on changes in the constituents’
weighting or changes of the target investment trust securities.

Other
Expensesand Fees

Expenses(Expenses
forpreparatio
n ofprospectus
es andother
expenses)

No more than 0.1% per annum of the daily total NAV of the Fund
1. Expenses for the preparation and distribution of prospectuses, 2.
Accounting and other administrative costs, 3. Preparation for the financialsummary (includes outsourcing costs for 1. to 3. where applicable), 4.
Auditing fee, 5. Expenses for listing of the Fund, as well as 6. Royalties for
the FTSE EPRA/NAREIT Asia ex Japan REITS 10% Capped Index are paidout of the trust assets at the times specified by the Management Company.
*Auditing fee is an expense paid to audit firm for auditing of the Fund.*Brokeragecommissio
ns andother fees

Brokerage commissions on securities in the portfolio, expenses for custodyof assets in foreign countries, interest on borrowings, interest on advances,lending fee (in case security lending is conducted, the amount obtained bymultiplying a lending fee on securities lent by a figure which is profit for Trust
Assets, not exceeding 0.55* (0.5 excluding taxes) (0.5 excluding taxes asof the date of the filing of the securities registration statement), and otherfees are paid out of the trust assets each time they are incurred.
* The figures for items such as the rate and maximum amount cannot beprovided in advance as they fluctuate in line with investment performanceand other factors.

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

11

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

1213