News Release

Nomura to Launch Japan’s First Actively Managed ETFs on TSETokyo, August 21, 2023—Nomura Asset Management Co., Ltd. (NAM), the core company within
the Investment Management Division of Nomura Group, today received approval from the Tokyo
Stock Exchange to list the NEXT FUNDS Japan Growth Equity Active Exchange Traded Fund andthe NEXT FUNDS Japan High Dividend Equity Active Exchange Traded Fund, the first actively
managed ETFs in Japan.
Actively managed ETFs are investment products that can benefit from the added value of active
management through stock selection, while providing the characteristics of existing ETFs:
transparency through daily disclosure of constituent stocks, convenience of tradability at market
value in real time, and generally lower costs than investment trusts.
Outside Japan, the number of actively managed ETFs has already increased to 2,075 with assets
under management of approximately $583 billion 1, and similar growth is expected in Japan. The
introduction of actively managed ETFs will provide investors with more investment options at a time
when the NISA scheme is scheduled to be expanded and perpetuated, and the trend from savings
to asset formation is accelerating. As such, NAM applied for the listing of actively managed ETFs
on June 30, 2023, when the listing rules were implemented.
Code2083
2084

Name
NEXT FUNDS Japan Growth Equity
Active Exchange Traded Fund
Nickname: NF Japan Growth Active ETF
NEXT FUNDS Japan High Dividend Equity
Active Exchange Traded Fund
Nickname: NF Japan High Dividend Active ETF

Management fee
0.6875% annually(0.625%, tax excluded) 2
0.5225% annually(0.475%, tax excluded) 3

The ETFs are scheduled to list on September 7, 2023. From the listing date, investors will be able
to trade the ETFs on the TSE through securities dealers and traders in Japan. The minimum
investment amount for both ETFs is expected to be approximately 2,000 yen (per unit).
NF Japan Growth Active ETF evaluates a company's business model, management strategy, andfinancial strategy based on research and analysis of individual companies, and invests mainly instocks that are expected to achieve a high return on equity in the medium to long term. The NF
Japan High Dividend Active ETF aims to achieve medium to long term total returns by capturing
stable dividends (income gains) and flexible gains in stock prices (capital gains).
For further details on the NEXT FUNDS, please refer to https://nextfunds.jp/en/.

1
2

According to ETFGI as of the end of June 2023.

Management fee is not more than 0.6875% annually (0.625%, tax excluded) (0.6875% annually (0.625%, tax excluded) as of
September 6, 2023)
3
Management fee is not more than 0.5225% annually (0.475%, tax excluded) (0.5225% annually (0.475%, tax excluded) as of
September 6,2023)

† “NEXT FUNDS” is the brand name for the ETF product range of Nomura AssetManagement Co., Ltd., representing “Nomura Exchange Traded Funds”.

The ETFs are part of Nomura’s NEXT FUNDS range and bring the total to 70.

Nomuraends

Nomura is a global financial services group with an integrated network spanning over 30 countries and regions. By
connecting markets East & West, Nomura services the needs of individuals, institutions, corporates and governments
through its three business divisions: Retail, Investment Management, and Wholesale (Global Markets and Investment
Banking). Founded in 1925, the firm is built on a tradition of disciplined entrepreneurship, serving clients with creative
solutions and considered thought leadership. For further information about Nomura, visit www.nomura.com.

Disclaimer of Nomura Asset Management
The contents of this material are based on an English translation of a Japanese announcement made on
August 21, 2023 by Nomura Asset Management Co., Ltd. Whilst every effort has been made to translate theJapanese document into English, the accuracy and correctness of this translation are not guaranteed,
therefore please refer to the original Japanese document.
Please note that the information contained in this document is for reference purposes only and does notconstitute an offer to sell or the solicitation of an offer to buy securities by Nomura Asset Management Co.,
Ltd. to any person in Japan and does not constitute a distribution, an offer to sell or the solicitation of an offerto buy any securities or provide any services in any jurisdiction in which such distribution or offer is not
authorized.
Furthermore, none of the shares of the Fund have been or will be registered under the United States
Securities Act of 1933, as amended (“1933 Act”), or under the securities laws of any state or politicalsubdivision of the United States of America or any of its territories, possessions or other areas subject to its
jurisdiction including the Commonwealth of Puerto Rico (the “United States”). The Fund has not been andwill not be registered under the United States Investment Company Act of 1940, as amended, nor under any
other US federal laws.
Accordingly, the information in this document is not made or directed to any person in the United States andunder no circumstance shall the provision of the information on this document be deemed to constitute anoffer of securities or an offer to provide any services to any person in the United States or to any U.S. Person
as the term is defined under 1933 Act.
Furthermore, the information in this document is not made or directed to any person in the United Kingdom
and under no circumstances shall the provision of the information in this document be deemed to constitutean offer of securities or an offer to provide any services to any person in the United Kingdom.
Disclosures required in JapanETF Investment Risks
Since the Fund invests primarily in securities and futures contracts, there is a risk that the market price ofsuch securities or the NAV per unit of the Fund could decline and cause an investment loss due to a decline
in the index, a price decline in securities comprising the index, the bankruptcy of a security issuer, ordeterioration in the financial conditions of an issuer, in addition to other market factors.
Also, because some securities in the Fund are influenced by exchange rates, the NAV may fall due tofluctuations in the foreign exchange rate. An investor’s principal is therefore not guaranteed.
Furthermore, investment trusts are different from deposits and savings.
*ETF risks are not limited to the above.
Before investing in the Fund, prospective investors should carefully read the summary prospectus and basedecisions on their own judgement.
ETF Investment Costs
An investor shall bear the following costs when investing in the Fund.

2

Trading Fee:
Trading of the Fund incurs brokerage commission fees set by a Type-1 financial instruments businessprovider (securities firm) that handles the transaction. These commissions are separate from the actual
transaction value. (Because the commissions charged by each securities firm differ, it is not possible tospecify a maximum amount.)
Management Fees:
The total management fee is obtained by adding the amount determined in (2) below to the amountdetermined in (1) below. Management fees are paid from the trust assets, and therefore are charged indirectly
according to the period that the ETF is held.
(1) The amount obtained by multiplying the total net assets by a rate determined by the Management
Company not to exceed 1.045% annually* (0.95% exclusive of taxes).
*The maximum management fee of each ETF is indicated above. For some ETFs, the management fees arecalculated based on the Fund’s principal.
(2) If the securities belonging to the trust assets have been loaned, an amount no more than 55%* (50%exclusive of taxes) of the loan fees.**The highest loan fee of the ETFs is indicated.
Other Fees:
ETF-related taxes, expenses necessary for trust administrative procedures (including various expenses
necessary for safekeeping of overseas assets), interest on advances provided by the trustee, salesconsignment fees incurred when securities included in the fund are traded, audit fees, other expenses(including expenses relating to listing of Beneficiary Interests and fees for the use of trademarks to subjectindexes), and consumption taxes on these fees are incurred, when applicable, during the trust period. These
expenses are paid from the trust assets and are charged indirectly during the period that the ETF is held.
Other expenses will vary according to investment circumstances, and consequently, rates and maximum
amounts cannot be specified in advance.
The total amount of the above fees and expenses will vary according to investment duration, so they cannot
be specified ahead of time.
For further details, please refer to the “Fund Expense and Taxes” section of the summary prospectus.
Notes
Nomura Asset Management Co., Ltd. does not directly handle order requests for the Fund from investors. To
invest in the Fund it is necessary to open an account with a nearby Type-1 financial instruments businessprovider (securities firm) that handles ETFs and make a request to the broker.
Registered Company Name: Nomura Asset Management Co., Ltd.
Registration Number: Director of the Kanto Local Financial Bureau (Financial instruments firms) No. 373
Member Associations: The Investment Trusts Association, Japan; Japan Securities Investment Advisers
Association; Type II Financial Instruments Firms Association3