< Disclaimer for the English Overview of the Delivery Prospectus of
Listed Index Fund Nikkei ESG REIT >This document provides an overview of the Japanese “Summary Prospectus”(the “Delivery Prospectus”) of Listed Index Fund Nikkei ESG REIT (the “Fund”)
in English. The Japanese Delivery Prospectus is the offering document. This
document in English is not required by law or any regulation.
While every effort has been made to ensure the accuracy or completeness ofthe content of this document, Nikko Asset Management Co., Ltd. cannot
guarantee the accuracy or completeness as differences of interpretation may
arise between the English and Japanese languages. In the event of any
inconsistency between this document in English and the Japanese version, theJapanese version shall prevail, except to the extent prohibited by the applicablelaw of any jurisdiction where the units of the Fund are sold. In addition, thisdocument is not a translation of the entire Delivery Prospectus, but an English
overview of the Delivery Prospectus, which means that some of the informationin the Delivery Prospectus has been simplified, modified, or omitted.
Except as otherwise indicated herein, this material is based on the most recent
Japanese version of the Delivery Prospectus. In case of any update to or
modification of the Japanese version of the terms and conditions, there is no
guarantee that a corresponding update or modification will be made to thisEnglish document.
This English overview of the Delivery Prospectus has been prepared by Nikko
Asset Management Co., Ltd. for English speaking investors for information
purposes. Investors should not subscribe for these securities solely relying on
this document, as this is not a full translation of the original Delivery Prospectus.
As this English document may differ from the Japanese Delivery Prospectus as
explained above, this document does not contain or constitute, and should not
be relied upon as an offer or invitation to make an offer for the purchase of thesesecurities (including units of the Fund) to any person or entity in any jurisdiction.
Neither this material nor any part hereof may be reproduced, transmitted,
reprinted, or redistributed without the prior written authorization of Nikko AssetManagement Co., Ltd.
1

Explanatory Booklet on the Investment Trust(English Overview of the Delivery Prospectus)
April 9, 2024

Listed Index Fund Nikkei ESG REIT
Nickname: JoJo ESG REIT

Open-end Investment Trust, Domestic, REITs, ETF, Index Type
This document is not a translation of the entire Delivery Prospectus, but an English
overview of the Delivery Prospectus, which means that some of the information in the
Delivery Prospectus has been simplified, modified, or omitted.

●This prospectus is published pursuant to the provisions of Article 13 of the Financial Instruments
and Exchange Act (No. 25 of 1948).
Please read this document carefully before deciding to subscribe to units of the Fund.
●The prospectus for the Fund provided under Article 15, Paragraph 3 of the Financial Instruments andExchange Act (hereinafter referred to as the "Prospectus Issued upon Request") can be read or
downloaded from the website of the Management Company. You can also obtain a copy of theProspectus Issued upon Request from a Distributor. If you do so, please make a personal record tothat effect.
●This document includes the main contents outlined in the trust deeds. The complete text of the trust
deeds is provided in the Prospectus Issued upon Request.
●For information on the NAV or Distributors of the Fund, please contact the Management Company.
Management Company (the party issuing investment instructions for the Fund)
Nikko Asset Management Co., Ltd.
Registration Number: Director of the Kanto Local Financial Bureau (Financial instruments firms) No.
368
Website: www.nikkoam.com/+813-6447-6653 (9 a.m.-5 p.m., excluding Saturdays, Sundays and public holidays)
Trustee (the party responsible for custody and management of Fund assets)
Sumitomo Mitsui Trust Bank, Limited

Established and managed by

Nikko Asset Management Co., Ltd.
2 When a significant amendment is made to the content of the Fund, we will confirm theintention of investors (beneficiaries) in advance under the Act on Investment Trust andInvestment Corporations (No. 198 of 1951).
 The Fund assets are classified and managed by the Trustee under the Trust Act (No.
108 of 2006).
 In connection with the invitation for subscription to Listed Index Fund Nikkei ESG REIT,
which is extended by way of this prospectus, the Management Company filed asecurities registration statement with the Director-General of the Kanto Local Finance
Bureau on April 8, 2024 pursuant to the provisions of Article 5 of the Financial
Instruments and Exchange Act. The filing became effective on the next business day
after the filing date.

Product Classification

Segmentation by Attribute

Unit Type/
Open-end
Investment
Trust

Eligible
MarketEligible
Investments(Source ofIncome)Independent
Segment

SupplementaryClassification

Eligible
Investments

Timing of
Accounting
PeriodGeographicalAreas ofInvestment

Index
Followed

Open-end

Domestic

REITs

ETF

Index type

REITs

Quarterly

Japan

Other
(Nikkei ESGREIT Index)

Please refer to The Investment Trusts Association, Japan website for definitions of product classification and segmentation by
attribute at https://www.toushin.or.jp/.

The Fund is defined as an "ESG investment trust" by Nikko Asset Management based on the"Comprehensive Supervisory Guidelines for Financial Instruments Business Operators, etc.".

Management Company Details

Name:
Date of establishment:
Capital:Nikko Asset Management Co., Ltd.
December 1, 1959
17,363.04 million yen

Total net asset value of investment trust assets under management: 28,894.6 billion yen(As of the end of January 2024)

3

Objective and Characteristics of the Fund
Objective of the FundThis Fund seeks the net asset value per unit to track the performance of the Nikkei ESG-REIT
Index by mainly investing in Real Estate Investment Trust (REIT) securities of the components of
the Nikkei ESG-REIT Index. The investment weighting of component stocks in the Nikkei ESGREIT Index is predominantly determined by the ESG evaluation factor.
*The Nikkei ESG-REIT Index reflects the assessment of ESG (Environmental, Social andGovernance) initiatives of real estate investment trusts.
*The Nikkei ESG-REIT Index is an aggregate market value×ESG coefficient weighted type index,
which applied ESG coefficient granted in accordance with ESG rating by GRESB, an international
ESG rating standard, to Real Estate Investment Trusts (J-REIT) listed on the Tokyo Stock
Exchange. The Index is calculated with a starting value 1,000 point, the base date November 30,
2016.
*The component stocks are adjusted every November, in principle.
Copyright, etc. of the Nikkei ESG-REIT Index
 The Nikkei ESG-REIT Index is a copyrighted material calculated in a methodology independently developed
and created by Nikkei Inc. and Nikkei Inc. is the sole exclusive owner of the copyright and other intellectual
property rights in the Nikkei ESG-REIT Index itself and the methodology to calculate the Nikkei ESG-REIT
Index;
 The trademark rights and any other intellectual property and any other rights in the marks to indicate Nikkei
and the Nikkei ESG-REIT Index shall be vested in Nikkei Inc.; The ETF is managed exclusively at the risk of the Licensee and Nikkei Inc. shall assume no obligation or
responsibility for its management and transactions of the ETF.
 Nikkei Inc. shall not have the obligation to continuously announce the Nikkei ESG-REIT Index and shall not
be liable for any error, delay, interruption, suspension or cessation of announcement thereof; and Nikkei Inc. shall have the right to change the composition of the stocks included in the Nikkei ESG-REIT
Index, the calculation methodology of the Nikkei ESG-REIT Index or any other details of the Nikkei ESG-REIT
Index and shall have the right to discontinue the publication of the Nikkei ESG-REIT Index.
 All intellectual property rights to the GRESB Assessment data belong exclusively to GRESB BV. All rights
reserved. GRESB BV has no liability to any person (including a natural person, corporate or unincorporatedbody) for any losses, damages, costs, expenses or other liabilities suffered as a result of any use of or relianceon any of the information which may be attributed to it.
 All intellectual property rights to the GRESB Assessment data belong exclusively to GRESB BV. All rights
reserved. GRESB BV has no liability to any person (including a natural person, corporate or unincorporatedbody) for any losses, damages, costs, expenses or other liabilities suffered as a result of any use of or relianceon any of the information which may be attributed to it.

About stewardship policy
Nikko Asset Management (hereinafter, "Nikko AM") considers the ESG factors as an integral part of its
fiduciary duty to its clients. Engagement (purposeful and constructive dialogue) with investee
companies on ESG issues and the exercise of voting rights are the main means of stewardship
activities in stock investment, and Nikko AM takes great care to ensure that the exercise of voting
rights serves the interests of its clients. In fixed income management, Nikko AM aims to be an active
investor by using other stewardship tools, such as engagement with issuers.
Details of Nikko Asset Management's stewardship policy can be found on our website.
https://www.nikkoam.com/about/stewardshipcode/policy
4Characteristics of the Fund
fund aims to achieve investment returns that link with the movement Thisof the Nikkei ESG-REIT Index.
• This Fund seeks the net asset value per unit to track the performance of the
Nikkei ESG-REIT Index. It invests primarily in Real Estate Investment Trusts (JREIT) of the component of Nikkei ESG-REIT Index.
* The investment management described above may not be carried out due tomarket and financial conditions.

are listed on Tokyo Stock Exchange and can be traded at any time Units
during trading hours.
 Units may be traded in blocks of 10 units (as of the date when the securities
registration statement was filed).
 Brokers determine brokerage commissions.
 The method of trading is generally the same as that for stocks.
* Please contact your broker for further information.

 The units are subscribed by delivering REIT securities.
The integer multiple for subscription units are set by dividing the market value ofthe unit REIT securities by the NAV on the day the subscription is accepted (rounded
up to the nearest 100 units).
*”Unit REIT securities” are all the securities designated by the managementcompanies for each name in the Nikkei ESG-REIT Index universe.
* Units may be subscribed using Clearing Service offered by the Financial
Instruments Clearing Institution.

may not be redeemed for cash with a request for exchange prior to Units
redemption.

⑤ The units may be exchanged for REIT securities.
* The Nikkei ESG-REIT Index component issues selected upon subscription do notnecessarily fully match the issues selected upon exchange.
* The number of the units created upon subscription does not necessarily matchthe number of units required upon exchange.

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

* ”Clearing Service offered by the Financial Instruments Clearing Institution” is a scheme toguarantee the execution of settlements by the Financial Instruments Clearing Institution
assuming obligation of securities pertaining to subscription and exchange of ETF.
Investment Restrictions


The investment ratio in REIT securities (except listed REIT securities) is no more than 5%.
The Fund does not invest in assets denominated in foreign currencies.

5Distribution PolicyAs a general rule, the full amount of dividends and other income arising from the trust assets is
distributed after deduction of expenses.

*There is no guarantee on the payment or the amount of dividend.

Reasons for selecting “Nikkei ESG-REIT Index” as a benchmark
The Nikkei ESG-REIT Index is Japan's first J-REIT index*1 that is calculated by adding the factor of"ESG initiatives," and is an index based on the aggregate market value × ESG coefficient weighted
method for REITs listed on the Tokyo Stock Exchange, which reflects the assessment points on E
(environment), S (society) and G (governance) by GRESB*2. The benchmark was selected toprovide more ESG-conscious investment opportunities because REITs with higher ESG ratings are
more likely to obtain higher weightings.
*1 As of the launch of the fund (based on Nikko Asset Management research.)*2 GRESB is an organization established in the Netherlands in 2009 by European pension funds toevaluate the ESG performance of the real estate sector based on the environmental performance ofproperties it owns. ESG evaluations are conducted annually, and a rating (5 levels) is assigned. The
evaluation items include the establishment of ESG-related internal rules and regulations, theassignment of managers, information disclosure, and other management systems, as well as efforts
to measure and reduce energy consumption and carbon dioxide (CO2) emissions of owned
properties.

6Index Construction Process
REITs listed on Tokyo Stock Exchange●Screening for uninvestable stocks
・Stocks that have been listed for less than two months are excluded (except for stocks
whose market value exceeds 1% of the total market value of all listed REITs as of theend of the month of listing).
・Stocks designated as "Securities to Be Delisted" are excluded.
●Liquidity Screening
・Market value of at least 20 billion yen as of the base date・Average daily trading value for the most recent one-year is JPY 50 million or above(for stocks listed for less than one year, the value is measured up to the base datefrom the listing date).
※However, for stocks selected in the previous year, stocks with a market value of atleast 10 billion yen and an average daily trading value of at least 25 million yen for themost recent one-year will be targets.
※The base date is the end of October of each year, and a regular review is conducted
once a year at the end of November.
●Weighting of component stocks
・Using coefficients (The ESG coefficient) set according to the ESG evaluation by the
GRESB and calculated based on the aggregate market value × ESG coefficient weighting
method.
【About ESG coefficients】
・Determined based on the ESG evaluation by the GRESB・The ESG evaluation by the GRESB is calculated based on responses to questions along
two axes, "management" and "performance," with each question classified as E
(environment), S (society), or G (governance).
✓E (Environmental) questions
Measures to monitor and reduce environmental impact, such as management of energy,
water, and other consumption in owned properties.
✓Questions related to S (Society)
Questions about the relationship between the company and its stakeholders and its
impact on them, as well as the working environment and health and safety managementof its employees✓Questions about G (Governance)
Specific goals and procedures for ESG-related initiatives, establishment of persons incharge of its enforcement, etc.

Nikkei ESG-REIT Index

7

※The above information is as of the end of June 2023 and is subject to change.
※All stocks in which the Fund invests are stocks that are included or have been decides to be included in thetarget ESG index. The Target Index is calculated with an emphasis on ESG characteristics as shown in theindex construction process above.

Investment Risks
Please refer to "Matters to Consider" on our website below for the related risk.
https://en.nikkoam.com/etf/2566-esgreit

Past Performance
Please refer to "Net Asset Value and Performance" on our website below for the past performance.
https://en.nikkoam.com/etf/2566-esgreit

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

The integer multiple for subscription units are set by dividing the market valueof the unit REIT securities by the NAV on the day the subscription is accepted(rounded up to the nearest 100 units).

Subscription
Price

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

Subscription
MethodSubscriber may apply for the units by delivering REIT securities in accordancewith the procedures specified by the respective Distributors.
*Units may be subscribed using Clearing Service offered by the Financial
Instruments Clearing Institution.

Request for
Redemption

Requests for redemption will not be accepted.

Request for
Exchange

The units may be exchanged for REIT securities.
*Units may be exchanged using Clearing Service offered by the Financial
Instruments Clearing Institution.

Exchange Units

In principle, an exchange will be accepted in a multiple of units which isequivalent to the minimum number of units as specified by the Management
Company.
*The minimum number of units for exchange will be a number of units the
management company believes will correlate to the Nikkei ESG-REIT Index on
the day of the exchange that is equivalent to the total market value of thecomponent issues of the Nikkei ESG-REIT Index on the day of the exchange
equaling the total of the number of units in question multiplied by the NAV on
the day of the exchange as specified by the management company.

Exchange Price

The NAV on the day the request for exchange is accepted.

Exchange
Proceeds

As a rule, REIT securities that belong to trust assets will be delivered from thethird business day after and including the day on which an application for an
exchange is made.

Request for
Buyback

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

Business Hours
for Subscription
and Exchange

As a rule, applications for subscriptions and exchanges that are completed by 3
p.m. on the days Distributors are open for business are deemed to have been
accepted on that day. It must be pursuant to the procedures established by theDistributor.

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

9

Applications for subscription and exchange will not be accepted on thefollowing days:
1) For a period of three business days, beginning one business day prior to theex-right day (excluding the ex-dividend day) of any Nikkei ESG-REIT Index
component issues.
2) For a period of six business days, beginning three business days prior to thedate on which Nikkei ESG-REIT Index component issues are changed or the
Non-acceptance total number of their REIT securities changes.
3) For a period of two business days, beginning two business days prior to theDays for
Subscription and accounting date. (For a period of three business days, beginning threebusiness days prior to the accounting date when the accounting date falls on
Exchanges
non-business day.)4) For a period of five business days immediately preceding the termination of
the trust, in the event that the Fund terminates the trust.
5) In addition to the days referred to in 1) through 4) above, any time theManagement Company determines that unavoidable circumstances may
prevent it from making investment in accordance with the basic policies set
forth in the trust deed.

Suspension orCancellation of
Subscription,
Exchange or
Buyback
Applications

The Management Company may suspend acceptance of applications forsubscription, requests for exchanges or buyback applications, or cancel
applications for subscription, requests for an exchange or buyback applications
that have already been accepted in the event that the trading on a financial
instruments exchange is suspended, settlement functions are halted, it
determines that there is a possibility that investments in accordance with thebasic investment policies set forth in the trust deed will be hindered, or
circumstances beyond their control develops.

Trust Term

Unlimited (launch date: September 3, 2020)

Early
Termination

Early termination is possible in any of the following cases: If the units are delisted from all the financial instruments exchanges on
which they have been listed.
 If the Nikkei ESG-REIT Index is discontinued.
 If any amendment to the trust deed deemed necessary by the Management
Company or Trustee because of a change in the calculation method orsimilar of the Nikkei ESG-REIT Index is not accepted by a written resolution.
Early termination may be carried out in any of the following cases: If net assets of the Fund fall below 1.0 billion yen after January 9, 2024.
 If early termination is deemed advantageous for beneficiaries, or If any unavoidable circumstances arise.

Closing of
Account

On the 8th of January, April, July and October of each year
Dividends are paid four times a year in accordance with the following income
distribution policy:

IncomeDistribution*In general, the Trustee will pay to beneficiaries their income distribution by wiretransfer on the day specified by the Management Company but within 40 daysof the end of each calculation period in the bank account designated inadvance by the beneficiary. When a beneficiary has signed a separate
agreement with his or her broker in connection with the treatment of income
distribution, payment will be made pursuant to the provisions of suchagreement.

10MaximumAmount of Trust
Money

Equivalent to 500 billion yen

PublicNotification

Public notifications are posted on the website of the Management Company.
URL: www.nikkoam.com/*In the event that a public notification cannot be posted online due to unavoidable
circumstances, this will be published in The Nikkei.

Investment
Reports

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

Tax Treatment

For tax purposes, the Fund is treated as an exchange-trade fund (ETF).
 Publicly-offered Equity Investment Trusts are eligible for the Nippon Individual
Savings Account (NISA) if they meet certain requirements under the tax law.
The Fund is eligible for the "Growth Quota (Specific Tax Exemption
Management Account)" under the NISA, but the handling may differ
depending on the distributor. Please contact your distributor for details.
 The dividends received deduction will not apply.
 The system excluding dividends from gross revenue will not apply.

11

There is additional information on this page that does not appear on the original
Japanese Delivery Prospectus.

 Fund Expenses and Taxes
Fund Expenses
Expenses to be borne directly by investors
Subscription
Fee

Independently set by Distributors* Please contact your Distributor for further information.
* Subscription Fee is compensation for explanation and information providing
about the Fund or investment environment, and is also including expense ofclerical processing of the subscription.

Exchange(Buyback) Fee

Independently set by Distributors* Please contact your Distributor for further information.
* Exchange Fee is compensation for clerical processing of the exchange.

Amount to be
Retained in
Trust Assets

None.

Costs paid indirectly by the customer for the trust assets (paid from the fund)
TER(TotalExpenseRatio)

0.2560% (TER includes Trust Fee, management fee and other costs below)※ This represents the actual TER for the period of January 10, 2023 - January 5,2024.

No more than 0.165%(0.15% excluding taxes) per annum of the daily total
NAV of the Fund
※Additionally, there are costs related to the management of the REITs in which
the fund invests, and as the target REIT issues are not fixed, the rate or
maximum amount cannot be shown.
 The investment management fee is daily recorded and paid out of the trust assets
at the end of each calculation period or at the time of termination of the Trust.

<Distribution of Investment Management Expenses(annual rate)>
Investment
Management
Expenses(Trust fee)

When above is 0.15%, as of the date of filing of the securities registration
statement:
Investment Management Expenses(Trust fee)
=NAV of investment period X Trust fee rate
Total

Management
Company

Trustee

0.15%

0.11%

0.04%

Management
Company

Compensation for investment management

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

12Expenses(Expenses for
preparation ofprospectuses
and other
expenses)

No more than 0.1% per annum of the daily total NAV of the Fund
1. Expenses for preparation and distribution of prospectuses etc.,
2. Expenses for accounting and operations incidental to the same,
3. Expenses for preparation of financial statements (including feesfor outsourcing operations described in 1.-3.), 4. Auditing fee, 5.
Expenses for listing of the Fund, as well as 6. Royalties for the
Nikkei ESG-REIT Index are paid out of the trust assets at thetimes specified by the Management Company.
* Auditing fee is an expense paid to audit firm for auditing of the
Fund.

Brokeragecommissions
and other
fees

Brokerage commissions on securities in the portfolio, expenses forcustody of assets in foreign countries, interest on advances, lending fee(in case security lending is conducted, the amount obtained bymultiplying a lending fee on securities lent by a figure which is profit for
Trust Assets, not exceeding 0.55 (0.5 excluding taxes) (0.5 excluding
taxes as of the date of the filing of the securities registration statement)
and other fees are paid out of the trust assets each time they are
incurred. These fees are incorporated in the TER stated.
* The figures for items such as the rate and maximum amountcannot be provided in advance as they fluctuate in line withinvestment performance and other factors.

Other
Expensesand Fees

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

13

Tax Treatment
Tax treatment for individual investors
1) Taxation upon sale of beneficiary units
 Gains on sale (capital gains) are deemed to be income from transfer and thus have to be filed
to declare for separate taxation at 20.315%. When a beneficiary has chosen a designatedaccount with tax withholding (an account with tax withholding at the taxpayer’s option), tax will
be withheld at source at 20.315%. (As a rule, tax filing is not necessary.)2) Taxation upon receipt of income distributions
 Income distributions are regarded as dividend income, and tax is withheld at source at
20.315%. (As a rule, tax filing is not necessary.) You can also file a tax return, and choose
either separated taxation, based on declaration, or consolidated taxation (under which thedividends received deduction is available).
3) Exchanges between the units and REIT securities
 Exchanges of the units for REIT securities are treated as transfers of the units and arehandled the same way as sale of units.
- By filing a tax return, you can offset losses upon sale (capital losses) against capital gains
from listed stocks, dividends etc. from listed stocks, and interest income from public andcorporate bonds and such like (as long as separated taxation has been chosen upondeclaration). In addition, gains on sale (capital gains), income distributions, and interest
income from public and corporate bonds etc. (if separated taxation has been chosen upondeclaration) can be offset against capital losses from listed stocks and such like.
- When investing through the Nippon Individual Savings Account (NISA), dividend income andtransfer income from newly purchased publicly offered equity investment trusts are exempt
from taxation for an unlimited period up to a certain amount each year. The tax exemption isavailable only to those who meet certain conditions, such as opening a tax-exempt accountwith a distributor, and who purchase products that meet the requirements of the tax law. For
details, please contact the distributor.
- In cases of being applied to the foreign tax deduction, tax on distributions may differ from theaforementioned descriptions.
- The aforementioned descriptions do not apply to Japanese corporations.
- Above tax rates are as of the date when the securities registration statement was filed, so
those may change in the event that tax laws are revised. We recommend that investors
consult a tax or similar specialist for details of tax treatment.

1415