[Disclaimer]
1. This document is an English translation of the Japanese language Summary Prospectus of theNEXT FUNDS Ibovespa Linked Exchange Traded Fund (hereinafter referred to as “the Fund”).
This document is based on the Summary Prospectus of the Fund as of March 28, 2024, except asotherwise indicated herein. There is no guarantee that this docum ent 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:
March 28, 2024
Code: 1325
NEXT FUNDS
Ibovespa Linked Exchange Traded FundNF Brazil Ibovespa ETF (nickname)Open-ended Investment Trust, Overseas, 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

Geographical

Currency

Index

Open-ended

MarketInvestments

Segment

Classification

Investments

Accounting

Areas ofHedge

followed

PeriodInvestment

Stocks1 timeCentral andNone

OthersGeneralyearlySouth America(BOVESPA

Emerging

Index)

Investment(Source of

Trust

Income)Open-ended

Overseas

StocksETF

Index Type

Investment
Trust

Markets*The “Currency Hedge” column in the above “Segmentation by Attribute” column provides
information on whether or not currency risks due to volatility of the Brazilian Real/Japanese Yen
exchange rate are hedged in the Fund.
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>
N om ura 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 February 2024)



Total net asset value of investment trust assets under management: 58,331.1 billion yen(as of January 31, 2024)<Trustee>
Mitsubishi UFJ Trust and Banking Corporation (Re-trustee: The Master Trust Bank of Japan, 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 Ibovespa
Linked 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 Managem ent Co., Ltd. (the Management Company), the Issuerof beneficiary certificates of the Fund, filed a securities registration statem ent with the Director of
the Kanto Local Finance Bureau on September 28, 2023, pursuant to the provisions of Article 5 of the
Financial Instruments and Exchange Act. The filing took effect on September 29, 2023.
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 am endment 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 Investm ent
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 yen converted BOVESPA Index ※(hereinafter referred to as the “Benchmark Index”), which means NAV volatility is to correspondwith that of the Benchmark Index.
※ The BOVESPA Index (IBOVESPA) is a representative Brazilian stock price index. It is
composed of the highly liquid stocks listed on the Bolsa de Valores de São Paulo S.A. (BOVESPA).
The BOVESPA Index is an index calculated considering dividend yields and calculated using the
Weighted-Average Market Capitalization Method, in which Free-float stocks are used in thecalculation of market capitalization. The BOVESPA Index is calculated with a base date of
February 1, 1968, and it assumes the index value on that day to be 100.
The Brazilian Real based Benchmark Index is converted into yen, in principle, using the
Telegraphic Transfer Middle Rate (hereinafter referred to as the “TTM”) on the next business day
after any date on which the Benchmark Index is calculated. In the event that the TTM is notannounced, the Management Company could use an exchange rate which it considers
appropriate or equivalent to the TTM.
2. Features of the Fund

Main Subject of Investment-Stocks (including DRs (Depositary Receipts)), etc., that are included or are due to be
included in the Benchmark Index are to be the main subject of investment by the Fund. The
Fund may make purchases of stock index futures and use foreign exchange forward
transactions to keep investment performance tracking the yen converted Benchmark Index.



Investment Policy(i) The Fund is investing mainly in stocks (including DRs (Depositary Receipts)), etc., thatare included or are due to be included in the Benchmark Index, and the Fund aims atinvestment performance tracking the yen converted Benchmark Index.
(ii) When an additional issue of beneficial certificates occurs, the Management Company may
adjust the trust assets such that the trust assets remain in compliance with above policy (i).
(iii) In principle, the Fund adjusts foreign currency exposure so that the proportion of thestocks in the trust assets which have exposure to foreign currency are held in a proportion
approximately equivalent to the Fund’s total net assets. Moreover, the Fund may accordingly
use foreign exchange forward transactions or other transactions to adjust foreign currency
exposure. Furthermore, with the aim of keeping investment performance tracking the yen
converted Benchmark Index, the Fund uses foreign exchange forward transactions with the4aim of limiting exposure to an exchange rate fluctuation risk.
(iv) In principle, the Fund does not hedge for the foreign exchange rate fluctuation risk
applicable to assets denominated in foreign currencies.
(v) To keep investm ent performance tracking the yen converted Benchmark Index, the Fund
may complem entarily make purchases of stock index futures and incorporate securities that
aim to keep investment performance tracking the Benchmark Index into the Fund.
Furthermore, the Fund makes the purchases of the stock index futures to realize the sameprofits and losses equivalent to those that arise as a result of holding assets that are subjectsof the investment.
(vi) Upon accepting a request to execute a partial redemption, the Management Company
will liquidate the securities or other assets in the trust assets corresponding to the beneficial
interest held by the requester of such redemption. However, the redemption above shall not
be applicable where the Management Com pany delivers cash, received for any additional
issue of beneficial interests, to meet a partial redemption request.
(vii) In addition to those described above, the Managem ent Company may give instructions
in order to adjust the components of the trust assets, when any of the cases listed below
occur:- (a) If a calculation method of the Benchmark Index is changed or announced to bechanged;- (b) If adjustm ents to the component proportion of individual stocks included in the
Benchmark Index in terms of total market capitalization are made or announced to bemade due to causes such as interchanges of the selected stocks in the Benchmark Index,
capital transfers of any of the selected stocks, or other similar events or if the saidinterchanges in the selected stocks are announced to be made;- (c) In addition to (a) and (b) above, if necessary to ensure the link between the NAV andthe yen converted Benchmark Index, etc.
Management described above may not be achieved depending on funding trends, market trends, etc.


Copyright, etc., of IBOVESPAIBOVESPA is a trademark owned by the Bolsa de Valores de São Paulo S.A. (BOVESPA) andhas been licensed for use by Nomura Asset Managem ent Co., Ltd. for the Fund. The Fund is
not issued, supported, endorsed, sold or promoted by BOVESPA, neither does BOVESPA
make any warranties nor bear any responsibility or liability with respect to the Fund.
Regarding the index management, BOVESPA reserves the right to change any of
IBOVESPA’s characteristics if judged necessary.



Investment Restrictions
5

Investment ratio in stocks

There is no restriction on the investment ratio instocks.

Investment ratio in assets
denominated in foreign currencies
Use of derivatives

There is no restriction on the investment ratio inassets denominated in foreign currencies.
Use of derivatives is not limited to hedging
purposes.



Distribution Policy-Dividends are due on the 8th of July of each year.
-As a general rule, the full am ount of dividends and other income arising from the trust
assets are distributed after deduction of expenses. However, the amount of dividends thatare payable may in some circumstances amount to zero. Even if any profits are realized fromthe sale and purchase of individual securities, 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 par as the result of a decline in
the N AV. 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. In particular, the stock pricefluctuation risk of stocks listed on Brazilian stock exchanges
which the Fund invests in is predicted to be greater than thatof stocks listed on stock exchanges in industrialized countries.

Exchange

Rate

Risk

Fluctuation

The Fund may be influenced by exchange rate fluctuations
since the Fund, as a general rule, does not hedge for foreignexchange rate fluctuation risk to limit such risk. This isespecially with regard to Brazilian currency, which is theinvestment subject of the Fund, as liquidity of Braziliancurrency is highly likely to be limited com pared to that ofcurrencies of industrialized countries, such that the exchange
rate fluctuations of Brazilian currency are predicted to begreater than that of currencies of industrialized countries.

* 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 yen converted Benchmark Index; however, in managing the investment assets,
we cannot guarantee that m ovements will be identical to those of the yen converted Benchmark
Index primarily for the following reasons:(i) As the calculation method of the Benchmark Index is the Weighted-Average Method, wecannot make individual stocks’ incorporated ratio in the Fund completely the same as thecomponent proportion of component stocks in the Benchmark Index in terms of total market
capitalization.
(ii) The incorporated ratio in the Fund of the selected stocks in the Benchmark Index (hereinafterreferred to as the “Selected Stocks”) and the Brazilian Real currency exposure cannot be always
maintained to be 100%, as the amount of money left in the Fund may be less than the amount ofmoney required to purchase a whole unit of the Selected Stocks and there may be a disparity
between (a) the timing of capital flow and (b) the time the Selected Stocks etc. are actually tradedin accordance with the said capital flow.
7

(iii) By the trading of individual stocks, there may be a disparity in the timing between the
selling and buying of individual stocks and the Fund may incur market impact and bear costs
such as brokerage commission, etc. when portfolio adjustments are made due to changes of thecomponent stocks in the Benchmark Index, capital transfers of any individual stocks in the
Benchmark Index, or any other causes.
(iv) There may be a price spread between the sale price and the appraised value of the object
stocks (including a price spread due to fluctuations of currency exchange rates).
(v) When futures transactions are made, there may be a disparity between the prices of theforwards and the Benchmark Index. When margins pertaining to futures transactions aredeposited in a currency different from Brazilian Real, there may be a price spread due tofluctuations of currency exchange rates.
(vi) The Fund bears certain costs, such as trust fees.
* 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 in the event that asudden change in the market environment in the primary trading market occurs etc., there
is a risk that the Fund may not be able to trade at an expected price (based on prevailingmarket prices) or the trading volume may be limited due to a temporary decline in theliquidity of the assets incorporated in the Fund. As a result of these risks, there is thepossibility that the 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/redem ption 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 yen converted Benchmark Index may differ because of costs andother factors. It is not guaranteed that the Fund’s investm ent performance will track or
exceed the yen converted Benchmark Index.

In Brazil, wherein the Fund invests, impacts that changes of political, economic, or social
8situations have on a financial market are predicted to be greater than in industrializedcountries. Moreover, in the event that Brazilian authorities introduce foreign investm ent
restrictions as an emergency measure or the country’s policies are changed, etc., there is apossibility that there will be a significant adverse effect on a financial market or that thefund management will be highly constrained in its actions. New investments by the Fund
may be prevented or significantly reduced, depending on how the investm ent environments,
such as those described above, are changed. The Fund may be directly or indirectly affectedby legal or tax reform or other reform in Brazil.
Pursuant to the provisions of the basic terms and conditions of the investm ent trust of theFund, the Management Company may use its discretion to suspend acceptance of
applications for subscription/redemption of the beneficial interests of the Fund, or cancel
applications for subscription/redem ption that have already been accepted in the event thattrading on the financial instruments exchanges (including trading of individual stocks),
foreign exchange transactions, or clearing functions are suspended, or any othercircumstances beyond its control (such as closure of markets or extrem ely steep decline inliquidity due to a state of emergency in a country which is the subject of investment by theFund (financial crisis, default, significant changes of governmental policies, introduction ofregulations including asset freeze, natural disasters, coup d’état, significant changes in apolitical system, wars or other similar events)) occur.



The market price of the Fund is based upon supply and demand, as calculated throughcompetitive buying and selling on the exchange. Therefore, market price may differ from theNAV itself.



Beneficiaries cannot exchange their own beneficial interests in the Fund for the securities
corresponding to their share of the beneficial interests in the trust assets.

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 divisional management 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
9

measures. The committee oversees the appropriate implementation of liquidity risk
administration and oversees the liquidity risk administration system.

10

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

Feb. 2019

Jan. 2020

Jan. 2021

Jan. 2022

Jan. 2023

Jan. 2024* The dividend re-investm ent 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 February 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 February 2019 to January 2024.

11

<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

T he

Japanese

Advanced

Emerging

Japanese

Advanced

Emerging

F undStocksEconomies

Economies

Government

Economies

Economies

StocksStocks

Bonds

Bonds

Bonds

51. 0

42.1

59.8

62.7

5.4

14.8

21.5

△42.1

△11.4

△12.4

△19.4

△5.5

△6.1

△8.8

8. 1

9.1

16.8

7.6

△0.7

3.9

5.2

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 February 2019 to January 2024.
* The above numbers may not apply as of the accounting date.
* The Fund uses the return of the dividend re-investment net asset value.
# 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.
12

<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
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.
13

○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 JP Morgan 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 em ployees 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 accom panying 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.)

14

Historical Performance (As of January 31, 2024)
1. Changes in NAV/Net Assets (per day)NAV (price per 100 units of the beneficial interest after dividend) [Left Axis]
Total net asset value [Right Axis]
Yen

Jan. 2014

Mil. Yen

Jan. 2016

Jan. 2018

Jan. 2020

Jan. 2022

Jan. 2024

2. Dividends Paid (per 100 units, before tax)
July 2023

1,752 Yen

July 2022

1,807 Yen

July 2021

0 Yen

July 2020

0 Yen

July 2019

0 Yen

Cumulative since inception

3,559 Yen

3. Status of Major Assets
Top 10 component sharesCompany

Sector% of NAV

1

VALE SA

Metals & Mining

13.2

2

PETROBRAS-PETROLEO BRAS-PR

Oil, Gas & Consumable Fuels

8.4

3

ITAU UNIBANCO HOLDING SA-PREF

Banks

7.1

4

PETROBRAS-PETROLEO BRAS

Oil, Gas & Consumable Fuels

4.6

5

BANCO DO BRASIL SA

Banks

3.7

6

BANCO BRADESCO SA-PREF

Banks

3.6

7

CENTRAIS ELETRICAS BRASILIERElectric Utilities

3.6

8

B3 SA-BRASIL BOLSA BALCAO

Capital Markets

3.3

9

AMBEV SA

Beverages

2.6

10

ITAUSA SA

Banks

2.4

15

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

Yea-The annual rates of return are calculated with dividends re-invested (before tax).
-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 Fund’s investment performance may be disclosed on the Management Company’s
website.

16

Procedures, Fees, and Other Items
1. Subscription Memorandum
Subscription Units

1,500,000 units or more

Subscription Price

The amount of the NAV as of the next business day after thesubscription application day (the day on which a subscription
application is accepted) multiplied by 100.3%.
(The NAV of the Fund is indicated per 100 units)

Payment of cash

In principle, please pay the distributing company where thesubscription application is made, by the day the distributing
company designates.

Initial Principal

408 yen per 1 unit

Liquidation Units

1,500,000 units or more

Liquidation Price

The amount calculated by subtracting the amount to be retainedin trust assets from the NAV of the next business day after theliquidation application day.

Receipt of the cash

In principle, cash will be paid beginning from the sixth business
day from the liquidation application day at the distributing
company where the application was accepted. In the event thatsales of eligible investments or paym ents of the proceeds of salesof eligible investments are delayed or another similar event
occurs, the payment of cash described above may be postponed.

Business Hours for
Subscription/Liquidation<Subscription>
Applications for subscription that are completed by 3:30 p.m. aredeemed to have been accepted on the next business day.
<Liquidation>
Applications for liquidation that are completed by 3:30 p.m. on aparticular day are deemed to have been accepted on that day.

Subscription Period

From September 29, 2023 to September 25, 2024
*The subscription period can be renewed by filing anothersecurities registration statem ent prior to the expiration dateshown above.

Restrictions on Liquidation

Liquidation of large amounts may be restricted.

Non-acceptance Days for

In principle, applications for subscription/Liquidation will be

Subscription/Liquidationsuspended on the following days/period:<Subscription>-The subscription application day, if the said subscription
application day, the next business day, or two business days after
such subscription application day is the same date as “a holiday
17

in a foreign country, as specified below”※.
-The subscription application day, if there are two or more days
that are both non-business days in Japan and not “a holiday(s) ina foreign country, as specified below”※ within a period of time
beginning from the next business day after the said subscription
application day to the fourth business day beginning from thesaid subscription application day.
-The subscription application day, if any particular day is both a
non-business day in Japan and not “a holiday in a foreign country,
as specified below”※, and falls within a period of time beginningfrom the next business day after the said subscription application
day to two business days after the said subscription application
day.
-The subscription application day, if a non-business day for banks
in New York or “a holiday in a foreign country, as specified below”※

is within a period of time beginning from the next business day

after the said subscription application day to the fifth business
day beginning from the said subscription application day and theManagement Company decides that it is difficult to remit monies
for purchase of stocks etc., on the said subscription application
day.
-For a period of three business days, beginning from four businessdays prior to any accounting date of the Fund. However, if theaccounting date of the Fund is a holiday (m eaning not a businessday), the period shall be four business days, beginning from fivebusiness days prior to the accounting date of the Fund.
-In addition to the period above, any tim e the Management
Company determines that unavoidable circumstances occur thatprevent it from making investments in accordance with theinvestment policies.
<Liquidation>-Theliquidation

application

day,

if

the

said

liquidation

application day is the same date as “a holiday in a foreign country,
as specified below”※.
-One business day prior to any particular day that is both a
non-business day in Japan, a business day for banks in New York,and not “a holiday in a foreign country, as specified below”※.
-The liquidation application day, if a non-business day for banks
18

in New York or “a holiday in a foreign country, as specified below”※

is within six business days beginning from the said liquidation

application day, and the Management Company decides that it isdifficult to collect proceeds of sales of stocks etc., on the saidliquidation application day.
-For a period of three business days, beginning from four businessdays prior to any accounting date of the Fund. However, if theaccounting date of the Fund is a holiday (m eaning not a businessday), the period shall be four business days, beginning from fivebusiness days prior to the accounting date of the Fund.
-In addition to the period above, any tim e the Management
Company determines that unavoidable circumstances occur thatprevent it from making investments in accordance with theinvestment policies.
※“A holiday in a foreign country, as specified below” is a day
which falls under any of the following items below.
-BOVESPA’s non-business days (including days on which
BOVESPA closes early) or non-business days for banks in São
Paulo.
*Notwithstanding

theprovisions

above,

applicationsforsubscription/liquidation may be accepted on or during the days
referred to above if the Management Com pany determines thatthe impact of such subscription/liquidation on the trust assets is
minimal in view of the condition of the trust assets, funding
trends, market trends, etc.
Suspension or Cancellation of

In the event that trading on the financial instruments exchanges

Subscription/Liquidation

is suspended (including suspension of trading of the individual
stocks) or any other circumstances beyond the Management
Company’s control occur, the Managem ent Company

maysuspend acceptance of applications for subscription/liquidation orcancel applications for subscription/liquidation that have alreadybeen accepted. If the difference between the value of subscription
applications and the value of liquidation applications on a certain
subscription application day exceeds the Fund’s total net assets
on the said subscription application day, the Management
Company may suspend acceptance of applications for subscription
or cancel applications for subscription that have already been
accepted.
19

Trust Term

Unlimited (inception date: July 16, 2008)

Listed Market

Tokyo Stock Exchange

Early Termination

Early termination may be carried out if the number of units of thebeneficial interests falls below 4,000,000 or another similar
condition occurs.
Early termination shall be carried out if the Fund is delisted fromall 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.

Accounting Date
Income Distribution

On the 8th of July of each year
Dividends are due one time a year on the date of each closing ofaccount.

Maximum Amount of Trust
Public Notification

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

Investment Reports

No investment report is made.

20

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 subscription etc., at the time of thesubscription of the Fund.

Other Expenses

Subscription Price uses the amount of the NAV multiplied by
100.3%. Therefore, in the event of subscription, the am ountcalculated by multiplying the NAV by 0. 3%, and from this amountdetermining the per unit amount, which in turn will be multipliedby the number of subscription units, shall be paid.

Amount to be Retained in

In the event of liquidation, the am ount calculated by multiplying

Trust Assets

the NAV by 0. 3%, and from this amount determining the per unit
amount, which in turn will be multiplied by the number ofliquidation units, shall be paid.
However, in the event that a tax on capital gains with respect totrading of the securities that are the main subject of investment isintroduced or another similar event occurs in the future, theamount to be retained in the trust assets may be increased to an
amount calculated by multiplying the NAV per unit by a percentage
determined by the Management Company upon consideration of the
impact or level of these events.

Liquidation Commission

Set independently by the distributing company(Please contact the distributing company for further information)
The Liquidation Commission is received in consideration of theoffice procedures related to Fund liquidation etc., at the time of theliquidation 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 larger than 1.045%(0.95% exclusive of taxes)(1. 045% (0.95% exclusiveof taxes) as of March 27,

212024)The payee<Management

distribution

Company>(exclusive ofFund operations,taxes) and theinvestigations

service details

related to Fund

0.90%

operations,
instructions totrustees, preparationof legal documents,
etc., calculating
NAV, etc.
<Trustee>

0.05%

The
storage/managementof property of theFund, execution of
instructions from theManagement
Company, etc.
*The distribution above is calculated using the annual Trust F ee
Rate as of March 27, 2024.
(ii)When the Fund lends securities, the amount within 44% (40%exclusive of taxes) of the lending fee, which accrues on a daily basis.
The distribution of the above am ount 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 total amount of the Trust Fee is paid
from the Fund (a) on every last day of the first six months of any
accounting period and every last day of any accounting period or (b)the termination date of the trust.
Other Expenses and Fees

Annual fees for use of trademarks pertaining to the Benchmark
Index (as of March 27, 2024)
0.05% per year of the Fund’s total net assets.
※Under the trademark license agreem ent with BOVESPA, inthe event that 0.05% of the Fund’s total net assets is less than
the amount equivalent to 10,000 euros in an accounting period,
22

then the fee will be set at the amount equivalent to 10,000
euros. The difference between such amount equivalent to 0.05%
of the Fund’s total net assets and the amount equivalent to
10,000 euros will be borne by the Management Company.
Expenses pertaining to listing of the Fund (as of March 27,
2024)-Additional listing fee: 0.00825% (0.0075% exclusive of taxes) of
the amount of increase in value of the total net asset value atthe 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 largestof the total net asset values at the end of each subsequent 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 fees listed above and any consumption and other tax are to
be borne by investors and can be paid out of the trust assets.
Amounts not paid out of the trust assets are to be borne by theManagement Company.
Other expenses and fees are as follows:-Brokerage commission on transactions in portfolio securities-Expenses for maintaining custody of assets denominated inforeign currency.
-Costs paid to auditors for Fund audits-Tax related to the Fund, etc.

These expenses and fees above are paid out of the trust assets when
they are incurred. These expenses and fees vary according tomanagement and other conditions, so details of rates and upper
limits cannot be provided ahead of time.

23

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, liquidations(redemptions) and termination

Income tax,

Taxed as capital gains

special reconstruction income

20.315% of the profit on sales,

tax and local tax

liquidations (redemptions) andtermination*The foregoing descriptions are as of the end of January 2024. Therefore, in the event that tax laws
are revised, 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 exem pt 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 requirem ents 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 investm ent assets denominated in foreign
currency, the amount of the tax at the time of receipt of the distribution may differ from the amountmentioned 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.

24