[Disclaimer]
1. This document is an English translation of the Japanese language Summary Prospectus of theNEXT FUNDS Nomura Shareholder Yield 70 Exchange Traded Fund (hereinafter referred to as“the Fund”).
This document is based on the Summary Prospectus of the Fund as of June 26, 2024, except asotherwise indicated herein. There is no guarantee that this document is or will be updated or
modified even if an update or modification to the corresponding Japanese language Summary
Prospectus occurs.
2. This English translation is not required by law or any regulation.
3. This document is offered for information purpose only and shall not be considered an offer orsolicitation for any investment, whether in securities, the Fund, or otherwise.
4. This English translation is not an official translation. In the event of any inconsistencies between
this English translation and the official Japanese text of the Summary Prospectus, the Japaneseversion shall prevail.
5. The accuracy, reliability and timeliness of this translation are not guaranteed. Should any error
in translation of this document occur, neither Nomura Asset Management Co., Ltd nor its
translator shall be liable for the error.
6. The Fund is not registered with any applicable administrative organization other than those
applicable to Japan. The Fund is not listed on any exchanges other than those in Japan.
7. A Japanese securities registration statement for the Fund, which is required by Japanese law, isfiled with the proper Japanese authorities. The statement should be referred to for the detailed
information of the Fund.
8. Neither this document nor any part hereof may be (a) copied or reproduced in any form by anymeans or (b) redistributed without the prior written consent of Nomura Asset Management Co.,Ltd.

1

Commencement date:June 26, 2024
Code: 2529
NEXT FUNDS
Nomura Shareholder Yield 70 Exchange Traded FundNF Nomura Shareholder Yield 70 ETF (Nickname)Open-ended Investment Trust, Domestic, Stocks, ETF, Index Type
[Explanatory Booklet on the Investment Trust (Summary Prospectus)]

Product Classification

Segmentation by Attribute

Unit Type /Eligible

Eligible

Independent

Supplementary

Eligible

Timing of

GeographicalOpen-ended

MarketInvestments

Segment

Classification

Investments

Accounting

Areas of

PeriodInvestment

4 times yearly

Japan

Investment(Source of

Trust

Income)Open-ended

Domestic

StocksETF

Index Type

StocksInvestment

GeneralIndex followed

Others(NomuraTrust

Shareholder Yield
70)

Please refer to The Investment Trusts Association, Japan website (http://www.toushin.or.jp/) for
definitions of product classification and segmentation by attribute above.
<Management Company>
Nomura Asset Management Co., Ltd. [the party issuing investment instructions for the Fund]

Registration Number (Financial Instruments Business Operators): Director of the Kanto Local
Financial Bureau (Financial instruments firms) No.373

Date of establishment: December 1, 1959



Capital: 17.1 billion yen (as of the end of May 2024)



Total net asset value of investment trust assets under management: 62,946.3 billion yen(as of April 30, 2024)<Trustee>
Nomura Trust and Banking Co., Ltd. [the party responsible for custody and management of Fund
assets]2

-----Please read this document carefully before deciding to subscribe to the NEXT FUNDS Nomura
Shareholder Yield 70 Exchange Traded Fund (“the Fund”) ----This summary prospectus is published pursuant to the provisions of Article 13 of the Financial
Instruments and Exchange Act (No.25 of 1948).
In connection with public offering for subscription to the Fund, which is made by way of thissummary prospectus, Nomura Asset Management Co., Ltd. (the Management Company), the Issuerof beneficiary certificates of the Fund, filed a securities registration statement with the Director of
the Kanto Local Finance Bureau on June 25, 2024, pursuant to the provisions of Article 5 of the
Financial Instruments and Exchange Act. The filing took effect on June 26, 2024.
 The prospectus for the Fund provided for in Article 15, Paragraph 3 of the Financial Instruments
and Exchange Act (hereinafter referred to as the “Prospectus”) is published on the website of the
Nomura Asset Management Co., Ltd. The complete text of the basic terms and conditions of theinvestment trust of the Fund is provided in the Prospectus.
 When a significant amendment is made to the content of the Fund, we will confirm the intentionof beneficiaries of the Fund in advance under the Act on Investment Trust and Investment
Corporations (No.198 of 1951).
 Investment trust assets are separately managed by the Trustee under the Trust Act.
 You can obtain a copy of the Prospectus from a distributing company. If you request thisdocument, please make a personal record to that effect.
 For information on distributing companies and the net asset value (“NAV”) of the Fund, etc.,
please contact us as follows:

Reference: Nomura Asset Management Co., Ltd.

Homepage: http://www.nomura-am.co.jp/

3Objective and Features of the Fund
1. Objective of the Fund
The Fund aims at investment performance tracking the Nomura Shareholder Yield 70(*)(hereinafter referred to as the “Benchmark Index”), which means NAV volatility is to correspondwith that of the Benchmark Index.
(*) Nomura

Shareholder Yield 70 is a Benchmark Index comprised of 70 component stocks

selected based upon their active shareholder yield, which consists of dividends and sharebuybacks, in the common stocks listed on the financial instruments exchanges in Japan,
excluding financial stocks (Financial stocks includes “Banks”, “Securities & Commodity
Futures”, “Insurance”, and “Other Financing Business” based on the 33 industry sectors of theTokyo Stock Exchange).
2. Features of the Fund

Main Subject of Investment-Stocks listed on the financial instruments exchanges in Japan that are included, or due tobe included, in the Benchmark Index.



Investment Policy(i) The Fund is investing only in stocks that are included and are due to be included in the
Benchmark Index. The goal of the Fund is to be managed so that the proportion of thenumber of shares of the individual stocks in the trust assets is held in a proportion that
corresponds to the proportion of the number of shares of each component stock in the
Benchmark Index, and such proportion is calculated in terms of the component proportion ofeach component stock in the Benchmark Index, which is calculated using the Benchmark
Index’s calculation method, and the Fund aims at investment performance tracking theBenchmark Index.
(ii) The Management Company may issue investment instructions to adjust the component of
the trust assets to meet policy (i) above:-If the calculation method of the Benchmark Index is changed or announced to be changed;-If adjustments to the component proportion of each component stock in the Benchmark
Index are made or announced to be made due to causes such as interchanges in the selected
stocks, capital transfers in the Benchmark Index, or other similar events;-If an addition or exchange of this trust is made; or-In other cases, if necessary to ensure linkage to the Benchmark Index.
(iii) Stocks that are indicated to be invested are stocks which are listed (or due to be listed) in
the financial instruments exchanges or registered (or due to be registered) in the Registry ofOver-the-Counter Traded Securities and which are issued by the issuing corporations whose
issued stocks are included or due to be included in the Benchmark Index. However, this4

indication is not necessary for stocks that are acquired through allotments to stockholders.
As a general rule, the stocks which are excluded from the Benchmark Index shall be soldpromptly, taking market conditions into consideration though the stocks may in certain cases
not be sold promptly because of the liquidity, etc., of the stocks.
(iv) Notwithstanding (i) above, for the purpose of targeting investment performance tracking
the Benchmark Index, the Management Company may make the complementary purchasesof stock index futures connected with the Benchmark Index or another Japanese stock index,
for the purpose of realizing the same profits and losses equivalent to an investment in stocks
whose issued shares are included, or due to be included, in the Benchmark Index.
Management described above may not be achieved depending on funding trends, market trends, etc.


Copyright, etc., of Nomura Shareholder Yield 70
Intellectual property rights and all other rights of Nomura Shareholder Yield 70 belong to
Nomura Fiduciary Research & Consulting Co., Ltd. Furthermore, Nomura Fiduciary
Research & Consulting Co., Ltd. neither warrants nor guarantees the accuracy,completeness, credibility, effectiveness, marketability, eligibility, or suitability of Nomura
Shareholder Yield 70, and assumes no responsibility or liability whatsoever for investment
performance, etc., of this Nomura Shareholder Yield 70-based ETF.

Investment Restrictions
Investment ratio in stocks

There is no restriction on the investment ratio instocks.

Investment ratio in assets

The investment ratio in assets denominated indenominated in foreign currencies

foreign currencies is no more than 10% of the NAV of
the Fund.

Use of derivatives

Use of derivatives is allowed (i) until the Fund
begins investing in stocks in accordance with theinvestment policy or (ii) with the aim of keeping
investment performance tracking the Benchmark
Index. In such cases, the Fund may make thecomplementary purchases of stock index futuresconnected with the Benchmark Index or otherJapanese stock indexes. Furthermore, the Fundmakes the purchases of the stock index futures torealize the same profits and losses equivalent tothose that arise as a result of holding assets that are
subjects of the investment.
5Distribution Policy-Dividends are due on the 7th of January, April, July and October of each year.
-As a general rule, the full amount of dividends and other income arising from the trust
assets are distributed after deduction of expenses. However, the amount of dividends that is
payable may in some circumstances amount to zero. Even if any profits are realized from thesale and purchase of individual stocks, no dividends shall be paid.
* There is no suggestion or guarantee regarding the payment or the amount of future
dividends.

6

Investment Risks
1. Factors that contribute to NAV volatility
The NAV of the Fund is subject to fluctuations in the prices of the securities, etc., in which theFund invests. All profits and losses arising from fund management are borne by the investors.
Any principal invested in the Fund by investors is therefore not guaranteed. Investors may incura loss and the value of their investment principal may fall below as the result of a decline in the
NAV. The investment trust differs from a savings deposit.
Stock Price Fluctuation Risk

NAV of the Fund may be influenced by stock price fluctuations
since the Fund invests in stocks.

* The factors that contribute to fluctuations in the NAV are not limited to those mentioned above.
<<Primary Factors for Discrepancies between the Benchmark Index and NAV>>
The Fund intends to achieve investment performance where the NAV corresponds to thefluctuations of the Benchmark Index; however, in managing the investment assets, we cannot
guarantee that movements will be identical to those of the Benchmark Index primarily for thefollowing reasons:(i) We cannot make individual stocks’ incorporated ratio in the Fund completely the same as thecomponent proportion of component stocks in the Benchmark Index.
(ii) The Fund may incur market impact or bear transaction costs such as brokerage commission,etc., by the trading of individual stocks when portfolio adjustments are made due to changes of
the component stocks in the Benchmark Index, capital transfers of any component stocks in the
Benchmark Index, a partial exchange, or any other causes.
(iii) When cash remains as part of the trust assets as a result of an additional issue partly madeby cash, dividends obtained from individual incorporated stocks, or rights handling, etc.
(iv) There may be a price spread between the sale price and the appraised value of the object
stocks.
(v) When futures transactions are made, there may be a disparity between the prices of theforwards and the Benchmark Index.
(vi) The Fund bears certain costs, such as trust fees etc.,* The factors that contribute to the discrepancy between the Benchmark Index and NAV are notlimited to those listed above.
2. Additional Considerations
The provisions stipulated in Article 37-6 of the Financial Instruments and Exchange Act(so-called “cooling off”) are not applicable to subscription to the Fund.


In the event that a large number of redemptions occur and it becomes necessary to raise
funds for the large number of redemptions within a short period of time or that a suddenchange in the market environment in the primary trading market occurs etc., there is a risk7

that the Fund may not be able to trade at an expected price (based on prevailing market
prices) or the trading volume may be limited due to a temporary decline in the liquidity of
the assets incorporated in the Fund. As a result of these risks, there is the possibility thatthe net asset value will be negatively affected, that acceptance of applications for redemption
will be cancelled, or that the payment of redemption proceeds will be delayed.
Management based upon the investment policy may not be achieved depending on funding
trends, market trends, etc., or unexpected circumstances.



The interest/redemption payment from the issuers of the securities which are incorporated
into the Fund may be delayed.

Transactions pertaining to the Fund, such as an investment in securities and contracts
related to such fund, may default because of the bankruptcy, or other similar event,occurring to a counterparty.



NAV of the Fund and the Benchmark Index may differ because of costs and other factors. It
is not guaranteed that the Fund’s investment performance will track or exceed theBenchmark Index.

The market price of the Fund is based upon supply and demand through competitive buying
and selling on the exchange. Therefore, market price may differ from the NAV itself.



Please be aware that the Fund will be delisted, and the trust will be terminated if thenumber of units of beneficial interests falls below 1,000,000 for 20 successive business days.

3. Risk Management System
The Management Company examines Fund performance and oversees management risks byhaving established a committee to take charge of these matters.


Examination of the Fund performance
The committee reports and deliberates on the results of periodic examinations(analysis/evaluation) of the investment trust’s trust asset performance results.

Administration of management risk
The committee identifies and manages management risk and, based on its findings,
provides guidance to the appropriate management division and any other relevant sections
regarding rectification measures for appropriate administration.
※Administration of Liquidity Risk
The committee establishes rules for the administration of liquidity risk, monitors theliquidity risk of assets incorporated in the Fund, and formulates/verifies emergency
measures. The committee oversees the appropriate implementation of liquidity risk
administration and oversees the liquidity risk administration system.

8

4. Risk Quantitative Comparison (from the end of May 2019 to the end of April 2024, per month)<The Fund’s annual return and the change of dividend re-investment net asset value>
The Fund’s annual return (Right Axis)
Benchmark Index annual return (Right Axis)
Dividend re-investment net asset value (Left Axis)

May. 2019

Apr. 2020

Apr. 2021

Apr. 2022

Apr. 2023

Apr. 2024* The dividend re-investment net asset value is calculated by deeming that the dividend before
income taxes is re-invested. The dividend re-investment net asset value is set by indexing the net
asset value as of the end of May 2019 as 10,000.
* The annual return displays the return in a single year at the end of each month for the five years
from May 2019 to April 2024. Furthermore, the Benchmark Index annual return is displayed until
March 2020.

9

<Comparison of return between the Fund and the major asset class>Maximum Value (Fund)

Maximum Value

Minimum Value

Average

FundMaximum

Minimum Value (Fund)Japanese

Advanced

Emerging

Japanese

Advanced

Emerging

StocksEconomies

Economies

Government

Economies

Economies

StocksStocks

Bonds

Bonds

Bonds

The

Japanese

Advanced

Emerging

Japanese

Advanced

Emerging

Fund

StocksEconomies

Economies

Government

Economies

Economies

StocksStocks

Bonds

Bonds

Bonds

41.1

42.1

59.8

62.7

5.4

15.3

21.5

△15.8

△11.4

△12.4

△19.4

△5.5

△6.1

△8.8

12.5

11.4

18.3

8.9

△0.9

4.5

6.3

Value (%)
Minimum
Value (%)
Average(%)* Not all asset classes are the subject of Fund investment.
* The above graph displays the Maximum Value, the Minimum Value and the Average of the annual
return at the end of each month for the five years from May 2019 to April 2024. Furthermore, theannual return of the Fund until the inception date is calculated using the Benchmark Index of theFund.
* The above numbers may not apply as of the accounting date.
* The Fund uses the return of the dividend re-investment net asset value.
10

# The dividend re-investment net asset value may occasionally differ from the actual net asset value
due to the dividend being deemed re-invested before the application of income taxes.
<The index of the major asset class>○Japanese Stocks: TOPIX Total Return Index○Advanced Economies Stocks: MSCI-KOKUSAI Index (including dividend, based on Japanese Yen)
○ Emerging Economies Stocks: MSCI Emerging Markets Index (including dividend, based onJapanese Yen)
○Japanese Government Bonds: NOMURA-BPI JGB○Advanced Economies Bonds: FTSE World Government Bond Index (excluding Japan, unhedged,
based on Japanese Yen)
○Emerging Economies Bonds: JP Morgan Government Bond Index - Emerging Markets Global
Diversified (based on Japanese Yen)
■Copyright, etc., for the Index of the Major Asset Class■○TOPIX Total Return Index…The TOPIX Total Return Index Value and the TOPIX Total Return
Index Marks are 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 and know-how relating to the TOPIX Total Return Index such as
calculation, publication and use of the TOPIX Total Return Index Value and relating to the TOPIX
Total Return Index Marks. JPX shall not be liable for the miscalculation, incorrect publication,
delayed or interrupted publication of the TOPIX Total Return 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.
○MSCI-KOKUSAI Index (including dividend, based on Japanese Yen), MSCI Emerging Markets
Index (including dividend, based on Japanese Yen)…MSCI-KOKUSAI Index (including dividend,
based on Japanese Yen) and MSCI Emerging Markets Index (including dividend, based on JapaneseYen) are the indexes developed by MSCI. Copyright, intellectual property rights, and all other rights
to these indexes belong to MSCI. In addition, MSCI also retains the right to change the contents andto suspend the disclosure of these indexes.
○NOMURA-BPI JGB…The intellectual property rights concerning NOMURA-BPI JGB belong to
Nomura Fiduciary Research & Consulting Co., Ltd. Furthermore, Nomura Fiduciary Research &Consulting Co., Ltd. does not guarantee the accuracy, integrity, credibility, or usefulness of the
Nomura-BPI JGB, and takes no responsibility for the business activities and services provided by
Nomura Asset Management Co., Ltd. when using the NOMURA-BPI JGB.
○FTSE World Government Bond Index (excluding Japan, unhedged, based on Japanese Yen)…
“FTSE World Government Bond Index (excluding Japan, unhedged, based on Japanese Yen)” is thebond index operated by FTSE Fixed Income LLC for the bond index comprised of the total
investment profits of the government bonds of the major countries in the world, excluding Japan, as
weight-averaged by the market capitalization in each market, and FTSE World Government Bond
11

Index (excluding Japan, unhedged, based on Japanese Yen) is the intellectual property of FTSE
Fixed Income LLC, and all rights regarding the index are retained by FTSE Fixed Income LLC.
○JP Morgan Government Bond Index - Emerging Markets Global Diversified (based on JapaneseYen)…The information provided here regarding the “JP Morgan Government Bond Index - Emerging
Markets Global Diversified (based on Japanese Yen)” (here, for the sake of convenience, referred toas the “Index”.) (the said information includes the Index level but is not limited thereto) is used only
for informative purposes and is not intended as a solicitation for the sale and purchase of financial
instruments, nor does it officially confirm certain sales and purchase, nor does it define the value
and price of certain products related to the Index. Also, the Index does not legally constituteaccounting advice regarding investment strategy and tax. The market price, data and otherinformation included here are considered accurate, but JPMorgan Chase & Co. and its subsidiarycompany (hereinafter referred to as “JPM”) do not guarantee completeness and accuracy. The
information included here may sometimes be changed without notice. Past performance does notsuggest future return. With respect to the financial instruments of the issuers included in thisdocument, JPM and its employees may possess both long and short positions, may perform sales andpurchases, may perform market-making, and may also possibly be a subscriber of issuers, placement
agencies, advisers, and lenders.
The United States J.P. Morgan Securities LLC (here referred to as “JPMSLLC” and “Index sponsors”
for the sake of convenience) does not support, warrant, or promote the sale of securities, financial
instruments, and transactions concerning the Index (here, referred to as the “Products” for the sakeof convenience). The Index sponsors do not make any representation, warranty, conveyance orsuggestion regarding the promotion of an investment in securities, any financial commodity, or,especially, the Products, or regarding whether or not interlocking with the Index in investment
opportunities in the financial market, or intention to do so, can be promoted. The Index sponsors are
not liable for any management, marketing, or trading regarding the Products. The Index is
calculated based on information which is considered to be trustworthy, but the completeness,accuracy, and information accompanying the Index is not guaranteed. The Index is property of theIndex sponsors, and any property rights to the Index shall belong exclusively to the Index sponsors.
JPMSLLC is an NASD, NYSE and SIPC member. JP Morgan is name that is used when JP Morgan
Chase Bank, NA, JPSI, J.P. Morgan Securities PLC., or companies affiliated with these companies
conduct investment banking business.
(Source: Nomura Research Institute, Ltd., FTSE Fixed Income LLC, etc.)

12Historical Performance (As of April 30, 2024)
1. Changes in NAV/Net Assets (per day, since inception)
NAV (price per 100 units of the beneficial interest after dividend) [Left Axis]
Total net asset value [Right Axis]
Yen

Mil. Yen

Apr. 2019

Apr. 2021

Apr. 2023

2. Dividends Paid (per 100 units, before tax)
April 2024

1,900 Yen

January 2024

400 Yen

October 2023

1,600 Yen

July 2023

400 Yen

April 2023

2,000 Yen

Cumulative since inception

17,600 Yen

3. Status of Major Assets
Top 10 component sharesCompany

SectorWholesale Trade% of NAV

1

MITSUBISHI CORPORATION

2.8

2

MITSUBISHI ESTATE COMPANY, LIMITED Real Estate

2.6

3

MITSUI & CO., LTD.

Wholesale Trade

2.5

4

SUMITOMO CORPORATION (SUMITOMO

Wholesale Trade

2.3

SHOJI KAISHA, LTD.)
5

ENEOS HOLDINGS, INC.

Oil & Coal Products

2.2

6

MARUBENI CORPORATION

Wholesale Trade

2.2

7

SOFTBANK GROUP CORP.

Information & Communication

2.2

8

INPEX CORPORATION

Mining

2.2

9

HONDA MOTOR CO., LTD.

Transportation Equipment

2.1

10

JAPAN POST HOLDINGS CO., LTD.

Services

2.1

13

4. Past Annual Returns(based on the calendar year)
Benchmark Index

Fund

Year

-The annual rates of return are calculated with dividends re-invested (before tax).
-Figures from 2015 to 2018 are the annual rate of return for the Benchmark Index.
-The figure for 2019 shows the return rate from the inception date (April 18, 2019) to the end of theyear.
-The figure for 2024 shows the return rate from the beginning of the year to the base date.
The performance data shown above represents historical performance, which is not aguarantee of future investment performance.



The information of the Benchmark Index is just for reference and does not refer to historicalperformance of the Fund.

The Fund’s investment performance may be disclosed on the Management Company’s
website.

14

Procedures, Fees, and Other Items
1. Subscription Memorandum
Subscription of Beneficial
Interests

Subscription of beneficial interests (an additional issue of
beneficial

certificates)isprincipally

limitedtoissuance

corresponding to the actual stocks in the portfolio (hereinafterreferred to as the “Designated Stocks Portfolio”). The Designated
Stocks Portfolio is presented by the Management Company inadvance.
Subscription Units

1 UNIT or more, in increments of 1 UNIT
A “UNIT” is comprised of units of the beneficial interests that,when combined together in a UNIT, correspond to 1 unit of the
spot-trading stock portfolio which the Management Company
deems will correlate to the Benchmark Index.
1 UNIT is comprised of integer multiples of 100,000 units of thebeneficial interests, with the multiplier for the 100,000 units ofthe beneficial interests to be specified by the Management
Company on the day a subscription application is accepted.

Presentation of the Designated

Designated Stocks Portfolios, made in response to the number ofStocks Portfolio

UNITs applied for, shall be presented to the distributing company
no later than two business days prior to the day a subscription
application is accepted.

Subscription Price

The NAV as of the day a subscription application is accepted.
(The NAV of the Fund is indicated per 100 units)

Delivery of the Designated

The subscription applicant shall make a deposit to the safe

Stocks Portfolio

custody of the distributing company within a period of 2 businessdays from the day a subscription application is accepted.
*The distributing company may determine the details separately.
Please contact the distributing company for details.

Initial Principal
Exchange of Beneficial Interests

1,000 yen per 1 unit
Beneficiaries may request an exchange of their own beneficial
interests in the Fund for the stocks corresponding to their shareof the beneficial interests in the trust assets.

Exchange Units

100,000 units or more, in increments of 100,000 units(The number of units in Exchange Units may be changed
depending upon a rise in the Benchmark Index, etc.)

Exchange Price

The NAV as of the day the exchange request is accepted.

Delivery of the Exchanged

In principle, the increased number of stocks that the beneficiary

Stockswho requested the exchange shall be credited to the account of a15

book-entry transfer institution, etc., from the third business dayfrom the day the exchange request is accepted.
Business Hours for
Subscription/Exchange

Applications for subscription and exchange that are completed by
3 p.m. are deemed to have been accepted that same day.
However, if the subscription/exchange applicant is the issuer of
any of the stocks that are components of the Benchmark Index,
applications must be completed by 2 p.m. in order to be deemed
accepted on the same day.

Subscription Period

From June 26, 2024 to June 25, 2025
*The subscription period can be renewed by filing anothersecurities registration statement prior to the expiration dateshown above.

Non-acceptance Days for

In principle, applications for subscription/exchange will be

Subscription/Exchangesuspended on the following days/period. However, applications forsubscription/exchange may be accepted on or during the days
referred to below if the Management Company determines thatthe impact of such subscription/exchange on the trust assets is
minimal in view of the condition of the trust assets, funding
trends, market trends.
<Subscription>-For a period of two business days, beginning from one business
day prior to the ex-dividend or ex-right day of any component
stocks in the Benchmark Index.
-For a period of six business days, beginning from five businessdays prior to the date on which a change of component stocks in
the Benchmark Index becomes effective or a change in thenumber of component stocks becomes effective.
-For a period beginning two business days prior to the lastbusiness day of the month prior to a month containing any
accounting date of the Fund, through to the business day
immediately prior to the accounting date of the Fund.
-For a period of four business days, beginning from three businessdays prior to the termination date of the trust, in the event theFund terminates the trust.
-In addition to the period above, any time the Management
Company determines that unavoidable circumstances occur thatprevent it from making investments in accordance with theinvestment policies.
16

<Exchange>-One business day prior to the ex-dividend or ex-right day of any
component stocks in the Benchmark Index.
-For a period of seven business days, beginning from five businessdays prior to the date on which a change of component stocks in
the Benchmark Index becomes effective or a change in thenumber of component stocks becomes effective.
-For a period beginning two business days prior to the lastbusiness day of the month prior to a month containing any
accounting date of the Fund, through to the business day
immediately prior to the accounting date of the Fund.
-For a period of four business days, beginning from three businessdays prior to the termination date of the trust, in the event theFund terminates the trust.
-In addition to the period above, any time the Management
Company determines that unavoidable circumstances occur thatprevent it from making investments in accordance with theinvestment policies.
Suspension or Cancellation of

In the event that trading on the financial instruments exchanges

Subscription/Exchange

is suspended or any other circumstances beyond the Management
Company’s control occur, the Management Company may
suspend acceptance of applications for subscription/exchange orcancel applications for subscription/exchange that have alreadybeen accepted.

Trust Term
Listed Market
Early Termination

Unlimited (inception date: April 18, 2019)
Tokyo Stock Exchange
Early termination shall be carried out if the number of units ofthe beneficial interests falls below 1,000,000 for 20 successive
business days, if the Fund is delisted from all the financial
instruments exchanges on which the Fund has been listed, or if
the Benchmark Index is discontinued.
If the Fund is delisted from all the financial instruments
exchanges on which the Fund has been listed, the Management
Company will begin the necessary steps for early termination on
the day of the latest delisting day. In addition, early termination
may be carried out if any other circumstances beyond theManagement Company’s control occur.

Accounting Date

On the 7th of January, April, July and October of each year.
17Income Distribution

Dividends are due four times a year on the date of each closing ofaccount.

Upper Limit of the Trust

Equivalent to 200 billion yen

Principal
Public Notification

Public notifications shall principally be posted online on thewebsite below:
URL: http://www.nomura-am.co.jp/

Investment Reports

No investment report is made.

18

2. Fund Expense and Taxes

Fund Expenses

Expenses to be borne directly by investors
Subscription Commission

Set independently by the distributing company(Please contact the distributing company for further information)
The Subscription Commission is received in consideration of theoffice procedures related to Fund acquisition, etc., at the time of theacquisition of the Fund.

Amount to be Retained in

None

Trust Assets
Exchange Commission

Set independently by the distributing company(Please contact the distributing company for further information)
The Exchange Commission is received in consideration of the officeprocedures related to Fund exchange, etc., at the time of theexchange of the Fund.

Expenses to be borne indirectly by investors from trust assets
Management Fee (Trust Fee)

Total amount of the Trust Fee is the sum of the following two items:(i)The amount calculated by multiplying the daily total net assets of
the Fund by the Annual Trust Fee Rate.
The distribution of the Trust Fee Rate is as follows:
Annual Trust Fee Rate

No more than 0.308%(0.28% exclusive of taxes)(0.308% (0.28% exclusive oftaxes) as of June 25, 2024)

The payee<Management

distribution

Company>(exclusive ofFund operations,taxes) andinvestigations

the service

related to Funddetails

operations,0.23%

instructions totrustees,
preparation of legal
documents, etc.,
calculating NAV, etc.

<Trustee>
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0.05%

The
storage/managementof property of theFund, execution of
instructions from theManagement
Company, etc.
*The distribution above is calculated using the annual Trust Fee
Rate as of June 25, 2024.
(ii)When the Fund lends stocks, the amount within 44% (40%exclusive of taxes) of the lending fee, which accrues on a daily basis.
The distribution of the above amount shall be 80% for theManagement Company and 20% for the Trustee.
The Trust Fee of the Fund is summed up daily and reflected within
the NAV of the Fund. Also, the Trust Fee is paid from the Fund on(a) every last day of any accounting period and (b) the termination
date of the trust.
Other Expenses and Fees

Annual fees for use of trademarks pertaining to the Benchmark
Index (as of June 25, 2024)
0.044% per annum (0.04% exclusive of taxes) of the Fund’s total
net assets.



Expenses pertaining to listing of the Fund (as of June 25, 2024)-Additional listing fee: 0.00825% (0.0075% exclusive of taxes) of
the amount of increase in value of the Fund’s total net asset
value at the end of the year as compared with the larger of i)
the total net asset value at the time of the initial listing; or ii)
the largest of the total net asset values at the end of eachsubsequent year up to the year immediately prior to the fee
payment year.
-Annual listing fee: Maximum of 0.00825% (0.0075% exclusiveof taxes) of the total net assets at year-end.

The fee listed above and any consumption tax etc. are to be borne byinvestors and can be paid out of the trust assets. Amounts not paidout of the trust assets are to be borne by the Management Company.
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Other expenses and fees are as follows. These expenses and fees
below are paid out of the trust assets when they are incurred. These
expenses and fees vary according to management and otherconditions, so details of rates and upper limits cannot be provided
ahead of time.
-Brokerage commission on transactions in portfolio securities-Expenses for maintaining custody of assets denominated in foreign
currencies-Costs paid to auditors for Fund audits-Tax related to the Fund, etc.

21

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, etc.
Time
Receipt of distribution

Items

Tax

Income tax,

Taxed as dividend income

special reconstruction income

20.315% of income distributions

tax and local tax
Sales, exchanges andtermination

Income tax,

Taxed as capital gains

special reconstruction income

20.315% of the profit on sales,

tax and local tax

exchanges and termination*The foregoing descriptions are as of the end of April 2024. Therefore, in the event that tax laws arerevised, the tax rates may change.
*If you choose the Japanese version of the Individual Savings Account (known as “NISA”):“NISA” is the (Nippon) Individual Savings Account, a tax exemption structure pertaining to a listed
stock or a publicly offered stock investment trust etc. If you choose to use the NISA structure, income
gains and capital gains from newly purchased ETFs etc., for investments of up to a specified amounteach year, will be tax exempt for an indefinite term. In order to be eligible for NISA, certain
conditions must be met, such as requirements that the NISA account be opened at an eligible
distributing company, and financial products that fulfill requirements under tax laws be purchased
at the company.
Investors should make sure whether or not tax exemptions can be available as this may depend on
the method of receiving dividends.
Please confirm this with the distributing company for further details.
*In the case that foreign tax credit is applied due to the investment assets denominated in foreign
currencies, the amount of the tax at the time of receipt of the distribution may differ from theamount mentioned above.
*The aforementioned descriptions do not apply to Japanese corporations.
*We recommend that investors consult a tax or similar specialist for details of tax treatment.

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