News Release

Nomura to Launch New ETF Designed to Track Performance of JPX
JGB Futures Double Inverse Index on TSETokyo, May 30, 2023—Nomura Asset Management Co., Ltd. (NAM), the core company within theInvestment Management Division of Nomura Group, today announced that it will launch a new ETF
designed to track the performance of the JPX JGB Futures Double Inverse Index. The ETF is thefirst bond-inverse ETF in Japan.
CodeNameIndex

2251

NEXT FUNDS JPX JGB Futures
Double Inverse Index Exchange TradedFund

JPX JGB Futures
Double Inverse IndexManagementfee
0.418%
annually(0.38%, taxexcluded) 1

The ETF was today approved for listing by the Tokyo Stock Exchange (TSE) with a listing date ofJune 23, 2023. From the listing date, investors will be able to trade the ETF on the TSE throughsecurities dealers and traders in Japan.
The minimum investment amount for the ETF is expected to be approximately 7,500 yen (per 10units).
The ETF is part of Nomura’s NEXT FUNDS range and brings the total to 68.
For further details on the NEXT FUNDS, please refer to https://nextfunds.jp/en/.

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

ends
NomuraNomura 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 creativesolutions and considered thought leadership. For further information about Nomura, visit www.nomura.com.

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Management fee is not more than 0.418% annually (0.38%, tax excluded) (0.418% annually (0.38%, tax excluded) as of June 21,2023).

Matters to be aware of concerning the nature of the JPX JGB Futures Double Inverse Index
The percentage change (i.e., the market price from a certain business day versus that of a business day
occurring after) of the JPX JGB Futures Double Inverse Index is calculated as doubly inverse to (i.e.,multiplied by minus 2) that of the JGB Futures where the business days are consecutive. However, incomparing the percentage change in a period of two or more business days, the percentage change of theJPX JGB Futures Double Inverse Index is generally not doubly inverse to (i.e., multiplied by minus 2) that of
the JGB Futures. This discrepancy is unavoidable due to the calculation method.
The discrepancy above will fluctuate according to the movement of the JGB Futures during the period of twoor more business days, meaning the spread may turn positive or negative. Generally, it is likely that thespread will turn negative if the JGB Futures repeatedly cycles up and down, and the spread will tend to belarger as the period is longer.
Therefore, the Fund is a financial product suited to the investment made for purposes of following relatively
short-term market movement, as opposed to being suitable for mid to long-term investment.
Matters to be aware of regarding the discrepancy between movements of indexes and actual
movements of the market price of the Fund
There is no guarantee that the Fund will achieve its management target because the actual NAV of the Fundis affected by costs such as trust fees, additional creation/partial redemptions, and difference of the timing of
the rollover in the JGB Futures contract month between the Fund and the index calculation rules.
The market price of the Fund is based upon supply and demand, as calculated through competitive buying
and selling on the exchange. Therefore, market price may differ from the NAV itself.
Disclaimer of "JPX JGB Futures Double Inverse Index”
The JPX JGB Futures Double Inverse Index Value and the JPX JGB Futures Double Inverse Index Marksare subject to the proprietary rights owned by JPX Market Innovation & Research, Inc. or affiliates of JPX
Market Innovation & Research, Inc. (hereinafter collectively referred to as "JPX") and JPX owns all rights andknow-how relating to JPX JGB Futures Double Inverse Index such as calculation, publication and use of theJPX JGB Futures Double Inverse Index Value and relating to the JPX JGB Futures Double Inverse Index
Marks. JPX shall not be liable for the miscalculation, incorrect publication, delayed or interrupted publicationof the JPX JGB Futures Double Inverse Index Value. No Licensed Product is in any way sponsored, endorsed
or promoted by JPX, and JPX shall not be responsible for any damage resulting from the issue and sale of
the Licensed Product.
Disclaimer of Nomura Asset Management
The contents of this material are based on an English translation of a Japanese announcement made on May30, 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 offer
to buy any securities or provide any services in any jurisdiction in which such distribution or offer is notauthorized.
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.

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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.
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 subject
indexes), 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