< Disclaimer for the English Overview of the Delivery
Prospectus of Listed Index Fund MSCI Japan HighDividend Low Volatility>
This document provides an overview of the Japanese “Summary Prospectus” (the“Delivery Prospectus”) of Listed Index Fund MSCI Japan High Dividend Low
Volatility (the “Fund”) in English. The Japanese Delivery Prospectus is the offering
document. This document in English is not required by law or any regulation.
While every effort has been made to ensure the accuracy or completeness of thecontent of this document, Nikko Asset Management Co., Ltd. cannot guarantee
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 9, 2024

Listed Index Fund MSCI Japan
High Dividend Low Volatility
Nickname: JoJo High Dividend Low Volatility
Open-end Investment Trust, Domestic, Equities, ETF, Index typeThis document is not a translation of the entire Delivery Prospectus, but an English overview of the
Delivery Prospectus, which means that some of the information in the Delivery Prospectus has been
simplified, modified, or omitted.

●This prospectus is published pursuant to the provisions of Article 13 of the Financial
Instruments and Exchange Act (No. 25 of 1948).
Please read this document carefully before deciding to subscribe to units of the Fund.
●The prospectus for the Fund provided under Article 15, Paragraph 3 of the Financial
Instruments and Exchange Act (hereinafter referred to as 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 the trust
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 offering for subscription to the Listed Index Fund MSCI Japan HighDividend Low Volatility, which is extended by way of this prospectus, the Management
Company filed a securities registration statement with the Director-General of the Kanto
Local Finance Bureau on April 8, 2024 pursuant to the provisions of Article 5 of the
Financial Instruments and Exchange Act. The filing became effective on the next business
day after the filing date.

Product Classification
Unit Type/
Open-end
Investment
Trust

Open-end

Eligible
MarketDomestic

Segmentation by Attribute

Eligible
Investments Independent Supplementary
Eligible
Segment
Classification Investments(Source ofIncome)Equities

ETF

Index type

Equities inGeneralTiming of
Accounting
PeriodQuarterly

GeographicalAreas ofInvestment

Index
Followed

Japan

Other
(MSCI JapanIMI Custom
Liquidity andYield Low
Volatility 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/.

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 seeks to achieve NAV that closely correlates with the movement of the MSCI Japan IMICustom Liquidity and Yield Low Volatility Index by investing in component stocks of the index andby principally maintaining a portfolio constructed according to the calculation method of the index.
※MSCI Japan IMI Custom Liquidity and Yield Low Volatility Index is an equity index developed by
MSCI, Inc. It is indexation of performance of securities that are optimized based on theinvestment ratio to minimize price fluctuation after analyzing historical prices by mathematicalmodel, and its securities universe has relatively high liquidity and high dividend securities among
the component shares of the MSCI Japan IMI index*.(excluding finance-related stocks and listed
REITs)*MSCI Japan IMI index is designed to measure performance of entire Japanese equity market
and covers almost all market value after floating shares adjustment.
※List of component shares is reviewed in every February, May, August and November.
Copyrights of the "MSCI Japan IMI Custom Liquidity and Yield Low Volatility Index"
This Fund is not sponsored, endorsed, sold, or promoted by MSCI Inc and its affiliated companies, information provider,and other third parties (hereinafter refers to "MSCI"), who were involved or related in the editing, calculation, or creationof the MSCI index. MSCI index is an exclusive property of MSCI. The name of MSCI and MSCI Index is a service markof MSCI and its affiliated companies and Nikko Asset Management Co., Ltd. is allowed to use this for specific apurpose. Any companies related to MSCI make no expression or warranty, expressed or implied, as specified to theFund’s owners or issuers, or any member of the public or organizations regarding the advisability of investing insecurities generally or in the Fund particularly or in the ability of MSCI Index to track the performances of certain
financial markets. MSCI and its related companies are licensers of MSCI Index and determine, create, and calculate
the MSCI index regardless of specific trademarks, service marks or names, the Fund’s issuer or owners, and any
member of the public or organizations. Any companies related to MSCI have no obligation to consider the requests of
the Fund’s issuers or owners, or any member of the public or organizations when determining, editing and calculating
MSCI Index. Any companies related to MSCI are not responsible for or been involved in the determination of the timingof, price at, or amount of the Fund to be issued, or in determination or calculation of the equation by which the Fundto be converted into cash, or the Fund’s conversion price. Any companies related to MSCI assume no obligation to theFund’s issuer or owner, any member of the public or organizations regarding, nor do they take any responsibility for
management, marketing or trading of the Fund whatsoever.
MSCI obtains information required for calculating and using in the MSCI Index from sources it thinks are reliable,
however, any companies related to MSCI do not make any guarantee of the originality, accuracy or completeness of
MSCI Index or the data of the Index. Any companies related to MSCI make no guarantee, expressed or implied, of theresults to be obtained by the Fund’s issuer or owner, or any member of the public or organizations from the use of thisIndex or data included therein. Any companies related to MSCI take no responsibility for any error, omission in thedata included or the discontinuation of MSCI Index. Furthermore, any companies related to MSCI expressively disclaim
all warranties or conditions of merchantability or suitability for a particular purpose or use of this Index or the datacontained therein, and make no guarantee, express or implied, on merchantability or suitability of this Index or the datacontained therein. Without limiting any of the foregoing, any companies related to MSCI are not responsible for any
direct, indirect, special, punitive, or consequential damages, and all other damages (including lost profits) arising fromthe use of the data contained therein, even if notified of the possibility of such damages in advance.
The Fund’s purchasers, distributors, owners or any member of the public or organizations cannot use or mention
MSCI's name, trademark or service mark for the purpose of sponsoring, endorsing, selling, or promoting the Fund
without checking whether it is necessary to obtain MSCI’s prior consent. Any member of the public or organizations
cannot mention their relationship with MSCI without obtaining MSCI's written approval in advance.

4Characteristics of the Fund
While the Fund is a contractual-type investment trust, it is structured differently fromordinary investment trusts with respect to the following points:

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 units (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 by delivering stocks.
The integer multiple for subscription units are set by dividing the market value of the unit
stock valuation by the NAV of the day on which the subscription is accepted (rounded up
to the nearest whole unit).
*“Unit stock” indicates all securities names designated by the management companies in the
MSCI Japan IMI Custom Liquidity and Yield Low Volatility Index.
*Units may be subscribed using Clearing Service offered by the Financial Instruments Clearing
Institution.

may not be redeemed for cash before maturity with a request for Unitsexchange.

 Units may be exchanged for stocks.
* The component stocks of the MSCI Japan IMI Custom Liquidity and Yield Low Volatility
Index delivered upon subscription do not necessarily fully match the stocks uponexchange.
* The number of beneficiary certificates created upon subscription does not necessarily
match the number of units required upon exchange.
* Units may be exchanged using Clearing Service offered by the Financial Instruments Clearing
Institution.
* ”Clearing Service offered by the Financial Instruments Clearing Institution” is a scheme to guarantee theexecution of settlements by the Financial Instruments Clearing Institution assuming obligation of securities
pertaining to subscription and exchange of ETF.

Investment Restrictions


There is no restriction as to the investment ratio in stocks.



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

The Fund may invest in shares of the component stocks of the MSCI Japan IMI Custom Liquidity
and Yield Low Volatility Index principally. However, this does not apply to shares that are
acquired through shareholder allotments.

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/1399-msci-japan-high-dividend-low-volatility

Past Performance
Please refer to “Net Asset Value and Performance” on our website below for the past performance.
https://en.nikkoam.com/etf/1399-msci-japan-high-dividend-low-volatility

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

The integer multiple for subscription units are set by dividing the units stock valuationby the NAV of the day the subscription is accepted (rounded up to the nearest 100
units).

Subscription
Price

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

Subscription
MethodSubscriber may apply for subscription by delivering stocks in accordance with theprocedures specified by the respective Distributors.
*Units may be subscribed using Clearing Service offered by the Financial
Instruments Clearing Institution.

Request for
Redemption

Requests for redemption will not be accepted.

Request for
Exchange

Units may be exchanged for stocks.
*Units may be exchanged using Clearing Service offered by the Financial
Instruments Clearing Institution.

Exchange Units

In principle, an exchange will be accepted in a multiple of units which is equivalent
to the minimum number of units as specified by the Management Company.
*The minimum number of units for exchange will be a number of units equivalents
to the total market value of the component stocks of the MSCI Japan IMI Custom
Liquidity and Yield Low Volatility Index on the day of the exchange equaling thetotal of the number of units in question multiplied by the NAV on the day of theexchange as specified by the management company.

Exchange Price

The NAV on the day the exchange is accepted.

Exchange
Proceeds

As a general rule, stocks that belong to trust assets will be delivered from the third
business day after and including the day on which a request for an exchange is
made.

Request for
Buyback

A beneficiary may ask a Distributor to buyback his or her units in cases where thetotal number of units owned is less than the minimum-trading unit for the Units
established by the stock exchange.

Business Hours
for Subscription
and Exchange

As a general rule, requests for subscriptions and exchanges that are completed by
3 p.m. on the days Distributor are open for business are deemed to have acceptedon that day. It must be pursuant to the procedures established by the Distributor.

Subscription
PeriodFrom April 9, 2024 to October 8, 2024.
* The subscription period can be renewed by filing another securities registration
statement prior to the expiration date shown above.

7

Non-acceptanceDays for
Subscription

Applications for subscription will not be accepted on the following days:
1) For a period of three business days, beginning one business day prior to the exright day (excluding the ex-dividend day) of any the MSCI Japan IMI Custom
Liquidity and Yield Low Volatility Index component stocks.
2) For a period of six business days, beginning three business days prior to the dateon which the MSCI Japan IMI Custom Liquidity and Yield Low Volatility Index
component stocks are changed or the total number of their shares changes due
to a capital increase or decrease.
3) For a period of two business days, beginning two business days prior to theaccounting date. (For a period of three business days, beginning three businessdays prior to the accounting date when the accounting date falls on non-businessday.)4) For a period of five business days immediately preceding the termination of thetrust, in the event that the Fund terminates the trust.
5) In addition to the days referred to in 1) through 4) 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.
Requests for exchanges will not be accepted on the following days:
1) For a period of three business days, beginning one business day prior to ex-rightday (excluding the ex-dividend day) of any the MSCI Japan IMI Custom Liquidity
and Yield Low Volatility Index component stocks.

Non-acceptanceDays forExchanges

2) For a period of six business days, beginning three business days prior to the dateon which the MSCI Japan IMI Custom Liquidity and Yield Low Volatility Index
component stocks are changed, or the total number of their shares and units
changes due to a capital increase or decrease.
3) For a period of two business days, beginning two business days prior to theaccounting date. (For a period of three business days, beginning three businessdays prior to the accounting date when the accounting date falls on non-businessday.)4) For a period of five business days immediately preceding the termination of thetrust, in the event that the Fund terminates the trust.
5) In addition to the days referred to in 1) through 4) above, any time the Management
Company determines that unavoidable circumstances have developed that may
prevent it from investing in accordance with the basic policies set forth in the trust
deed.

Suspension orCancellation of
Subscription,
Exchange or
Buyback
Applications

The Management Company may suspend acceptance of applications forsubscription or requests for exchanges, or cancel applications for subscription orrequests for an exchange 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, settlement functions are halted, it determines that there is a possibility
that investments in accordance with the basic investment policies set forth in the trust
deed will be hindered, or circumstances beyond their control develops.

Trust Term

Unlimited (launch date: November 30, 2015)8

EarlyTermination

The fund will be terminated early in any of the following cases:• If the units are delisted on all the financial exchanges.
• If the MSCI Japan IMI Custom Liquidity and Yield Low Volatility Index is
discontinued.
• If any amendment to the trust deed deemed necessary by the Management Company
or Trustee as a result of a change in the calculation method or similar of the MSCIJapan IMI Custom Liquidity and Yield Low Volatility Index is not accepted by awritten resolution.
The fund may be terminated early in any of the following cases:• If the total number of unit decreases below 500,000• If it is deemed advantageous for beneficiaries, or• If unavoidable circumstances arise.

Closing Date

8th of January, April, July, and October every year

IncomeDistribution

Distributions are paid four time a year in accordance with the following income
distribution policy:* 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

Equivalent to 5 trillion yen

PublicNotification

Via electric public notice and it is published on website of the Management Company.
www.nikkoam.com/※It may be published on the Nikkei newspaper if electric public notice is not available
with inevitable reasons.

Investment
Reports

As defined in the Act on Investment Trust and Investment Corporations, investment
reports are not prepared and published.

Tax Treatment

For tax purposes, the Fund is treated as a Special Equity Investment Trust.
 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 apply.
 As a general rule, the system excluding dividends from gross revenue will 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.

Exchange(Buyback) 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)

0.4860% (TER includes Trust Fee, management fee and other costs below)※ This represents the actual TER for the period of January 10, 2023 - January 5,2024.

No more than 0.385%(0.35% excluding taxes) per annum of the daily total
NAV of the Fund
 The investment management fee is daily recorded and paid out of the trust assets at
the end of each calculation period or at the time of termination of the Trust.
<Distribution of Investment Management Expenses(annual rate)>

Investment
Management
Expenses(Trust fee)

When above is 0.35%, as of the date of filing of the securities registration
statement:
Investment Management Expenses(Trust fee)
=NAV of investment period X Trust fee rate
Management
Total
TrusteeCompany
0.35%Management
Company

0.30%

0.05%

Compensation for investment management

Compensation for administration of assets
under management and execution of orders
from Management Company*Figures are excluding tax. Consumption tax will be added.
Trustee

Other
Expensesand Fees(Expenses for
preparation of
Prospectus
and other
expenses)

Not more than 0.1% per annum of total daily net assets during trust period of thefund.
1. Expenses for the preparation and distribution of prospectuses, 2. Cost for accounting
and its incidental operations, 3. Cost for preparation of financial summary statement(including outsourcing fee in case of outsourcing the (1) - (3) operations), 4. Auditing fee,
5. Fees related to the listing of the fund, 6. Royalties for the MSCI Japan IMI Custom
Liquidity and Yield Low Volatility Index, and others are paid out of the trust assets at thetimes specified by the Management Company.
* Auditing fee is an expense paid to audit firm for auditing of the Fund.

10

OtherExpensesand Fees(Brokerage
Commissions
and Other
Fees)

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

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

11

Tax Treatment
Tax treatment for Japanese individual investors
1) Taxation upon sale of units
 Gains on sale (capital gains) are deemed to be income from transfer and thus have to be filed todeclare for separate taxation at 20.315%. When a beneficiary has chosen a designated accountwith 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, and choose either
separated taxation, based on declaration, or consolidated taxation (under which the dividends
received deduction is available).
3) Exchanges between units and shares of stocks
 Exchanges of units for stocks are treated as transfers of units and are handled the same way assale of units.
※ 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 public and corporate
bonds etc. (if separated taxation has been chosen upon declaration) can be offset against capital
losses from listed stocks and such like.
※ When investing through the Nippon Individual Savings Account (NISA), dividend income andtransfer income from newly purchased publicly offered equity investment trusts are exempt 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 orsimilar specialist for details of tax treatment.

1213