< Disclaimer for the English Overview of the Delivery
Prospectus of Listed Index Fund International Developed
Countries Equity (MSCI-KOKUSAI) >This document provides an overview of the Japanese “Summary Prospectus” (the “Delivery
Prospectus”) of Listed Index Fund International Developed Countries Equity (MSCIKOKUSAI) (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 of the content of
this document, Nikko Asset Management Co., Ltd. cannot guarantee the accuracy orcompleteness as differences of interpretation may arise between the English and Japanese
languages. In the event of any inconsistency between this document in English and theJapanese version, the Japanese version shall prevail, except to the extent prohibited by theapplicable law 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 information in the Delivery Prospectus
has been simplified, modified, or omitted.
Except as otherwise indicated herein, this material is based on the most recent Japaneseversion of the Delivery Prospectus. In case of any update to or modification of the Japaneseversion of the terms and conditions, there is no guarantee that a corresponding update or
modification will be made to this English document.
This English overview of the Delivery Prospectus has been prepared by Nikko AssetManagement 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 fulltranslation of the original Delivery Prospectus. As this English document may differ from theJapanese Delivery Prospectus as explained above, this document does not contain orconstitute, and should not be relied upon as an offer or invitation to make an offer for thepurchase of these securities (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 Asset Management Co., Ltd.
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Explanatory Booklet on the Investment Trusts(English Overview of the Delivery Prospectus)

Listed Index Fund

April 20, 2024

International Developed Countries Equity(MSCI-KOKUSAI)
Nickname: JoJo MSCI KOKUSAI Equity
Open-end Investment Trust, Overseas, Equities, 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 and Exchange 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 the Prospectus Issued upon Request from a Distributor. If you do so, please
make a personal record to that 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 the intentionof investors (beneficiaries) in advance under the Act on Investment Trust and Investment
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 International Developed
Countries Equity (MSCI-KOKUSAI), which is extended by way of this prospectus, theManagement Company filed a securities registration statement with the Director-General of the
Kanto Local Finance Bureau on April 19, 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
Unit Type
Open-end
Investment
Trust

Open-end

Eligible
MarketOverseas

Eligible
Investments(Source ofIncome)Equities

Segmentation by AttributeIndependent
Segment

ETF

SupplementaryClassification

Eligible
Investments

Index type

Other Assets(Investment
Trust
Securities(Equities inGeneral))Timing of
Accounting
PeriodGeographicalAreas ofInvestment

Investment
Category

Annually

Global(ex Japan)

Fund Of
Funds

Currency
Hedge

Index
Followed

Other(MSCINo hedge
KOKUSAI
Index)

Please refer to the Investment Trusts Association, Japan website for definitions of products classification and segmentation by attribute athttps://www.toushin.or.jp/.
*Currency Hedging described in segmentation by attribute indicates whether or not to hedge the currency fluctuation risk
against Japanese yen.

Management Company Details:
Name:

Nikko Asset Management Co., Ltd.

Date of establishment: December 1, 1959
Capital: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 Fund
The Fund seeks the net asset value per unit to track the performance of the yenconverted MSCI-KOKUSAI Index by mainly investing in the separately stipulated
investment trust securities.
*MSCI-KOKUSAI Index is an equity index developed by MSCI Inc. calculated to be anindex of the total return of equities in major countries excluding Japan in the world
weighted by the market capitalization of each respective market.
Aggregate market value at thetime of calculation
MSCI-KOKUSAI Index =×100
Aggregate market value atbase point in time

Copyright and Other Rights of the "MSCI-KOKUSAI Index"
This Fund is not supported, sold, or promoted by MSCI Inc.(hereinafter referred to as "MSCI"), its affiliatedcompanies, information provider, and other third parties who were involved or related in edit, calculation,or creation of MSCI index (hereinafter referred to as "MSCI related companies"). MSCI index is an
exclusive property of MSCI. Name of MSCI and MSCI index is a service mark of MSCI and its affiliatedcompanies, and Nikko Asset Management Co., Ltd. has been licensed to use it for a specific purpose.
MSCI related companies make no representation or warranty, expressed or implied, to the owners or
issuing company of the Fund or any other members or organizations regarding the suitability of investingin funds generally or in the Fund particularly or the ability of MSCI index to track return of thecorresponding stock markets. MSCI or its related companies are licensers of MSCI index which were
determined, edited, calculated by MSCI regardless of specific trade marks, service marks or names, andthe Fund or issuing company, owner and other members or organizations of the Fund. MSCI relatedcompanies are not responsible for considering the requests of issuing company or owner of the Fund, orother members or organizations when determining, editing and calculating MSCI index. MSCI relatedcompanies are not responsible for or have participated in the determination of the timing of, price at, or
amount of the Fund to be issued or in the determination or calculation of the equation by which the Fundis to be converted into cash. MSCI related companies are not under any obligation to or take responsibility
for the issuing company or owner of the Fund, or other members or organizations regarding management,
marketing, or subscription of the Fund.
MSCI obtains information required for calculation and use of MSCI index from sources they think arereliable. MSCI related companies do not guarantee of the originality, accuracy or completeness of MSCI
index or its data included. MSCI related companies do not guarantee, expressed or implied, the result
obtained by the use of MSCI index or its data included by the issuing company or owner of the Fund orother members or organizations. MSCI related companies are not responsible for error, omission or
discontinuation of MSCI index or its data included. MSCI related companies do not guarantee, expressedor implied, the accuracy of MSCI index and its data included. MSCI related companies expressly disclaim
all the warranty regarding the suitability of market characteristics or special purpose concerned. Without
limiting any of the foregoing, MSCI related companies are not responsible for any direct, indirect, special,punitive, or consequential damages, and all other damages (including lost gains), even if notified of thepossibility of such damages.
No purchasers, distributors or owner or other members or organizations of the Securities, the Product, or
the Fund can use or mention MSCI's name, trademark or service mark for the purpose of sponsor,
endorsement, sales, or sales promotion of the Securities without asking MSCI beforehand whether
MSCI’s approval is required. Members or organizations cannot mention the relationship with MSCI withoutobtaining written approval from MSCI's beforehand.

4Characteristics of the Fund
●While the Fund is a contractual-type investment trust, it is structured differently fromordinary investment trusts with respect to the following points:

Units are listed on Tokyo Stock Exchange and can be tradedat any time 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 trading commissions.
・The method of trading is generally the same as that for stocks.
*Please contact your broker for further information.
●This Fund of Funds invests in securities held for investment trust.
Index Fund Developed Countries Equity (for Institutional Investors):
The Fund seeks the net asset value per unit to track the performance of the yenconverted MSCI-KOKUSAI Index by mainly investing mainly in the “International Stock
Index MSCI-KOKUSAI No Hedge Mother Fund”.
Money Account Mother FundThis fund seeks to achieve stable returns through stable management by investing inpublic and corporate bonds.

Fund Structure

Investment Restrictions
・The fund will not directly invest in any portfolio, stocks and bonds other than securities held forinvestment trust, short term corporate bonds, etc., commercial paper and designated money intrust.
・ There is no restriction on the investment ratio for assets denominated in foreign currencies.
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.

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

Investment Risks

Please refer to "Matters to Consider" on our website below for the related risk.
https://en.nikkoam.com/etf/1680-developed-countries-equity

Past Performance
Please refer to "Net Asset Value and Performance" on our website below for the past
performance.
https://en.nikkoam.com/etf/1680-developed-countries-equity

6Procedures, Fees,
Fees,and
andOther
OtherItems
Items
Procedures,■ Subscription Memorandum
Subscription Units

Units to be determined by the distributors starting at no less than 2,000*Please contact the distributor.

Subscription Price

The NAV as of the next business day on which the subscription is accepted.

Subscription
MethodRequest for
Redemption

Redemption Price

To be paid by the day indicated by the distributor.
Unit of 2,000 or more
* Units to be determined by the distributor.
* A beneficiary may ask a Distributor to buyback his or her Units where the total
number of Units owned is less than the minimum-trading unit for the Units establishedby the stock exchange. Please contact the distributors for details.
The NAV on the following business day after the redemption is accepted after
deducting the trust asset reserves.

Redemption

As a rule, payment will be made from the seventh business day after and including

Proceeds

the day on which a request for a redemption is made.

Business Hours for

As a rule, applications for subscription and redemption that are completed by 2p.m.
on the days Distributors are open for business are deemed to have accepted on thatday.

Subscription and
Redemption
Subscription
PeriodFrom April 20, 2024 to October 18, 2024
* The subscription period can be renewed by filing another securities registration
statement prior to the expiration date shown above.
On the days Distributors are open for business, applications for subscriptions will
still not be accepted on the days below. Please contact the distributors for details.

1) When the application day for subscriptions is two business days prior to theaccounting date. (For a period of two business days, beginning three businessdays prior to the accounting date when the accounting date falls on nonbusiness day.)Non-acceptance Days
2） When the application day for subscriptions is non-business day for thefor Subscriptions
following exchanges and banks: the London Stock Exchange, the New York
Stock Exchanges, the Frankfurt Stock Exchanges, banks in London and New
York.
3) In addition to the days referred to in 1) and 2), any time the Management
Company determines that unavoidable circumstances may prevent it frommaking investment in accordance with the basic policies set forth in the trust
deeds.
On the days Distributors are open for business, applications for redemptions will
still not be accepted on the days below. Please contact the distributors for details.

Non-acceptanceDays forRedemptions

1) When the application day for redemptions is for a period of four businessdays, beginning five business days prior to the accounting date. (For a periodof five business days, beginning six business days prior to the accounting datewhen the accounting date falls on non-business day.)2）When the application day for redemptions is non-business day for thefollowing exchanges and banks: the London Stock Exchange, the New York
Stock Exchanges, the Frankfurt Stock Exchanges, banks in London and New

7

York.
3) In addition to the days referred to in 1) and 2), any time the Management
Company determines that unavoidable circumstances may prevent it frommaking investment in accordance with the basic policies set forth in the trust
deeds.

Restrictions on
Redemption

Suspension orCancellation of
Subscription,
Redemption
Applications
Trust Term

Based on the size or product qualities of the fund, restrictions may be placed on thetiming or volume of large redemption units to avoid adverse effects on the fund's
management.
The Management Company may suspend acceptance of applications forsubscription or requests for redemptions, or cancel applications for subscription
or requests for a redemption that have already been accepted in the event that
the Fund is unable to invest in target investment trust securities, exchanges of
the target investment trust securities are no longer possible, trading on a stock
exchange is suspended, settlement functions are halted, it determines that there
is a possibility that investments in accordance with the basic investment policies
set forth in the trust deeds will be hindered, or circumstances beyond theircontrol develops.
Unlimited (launch date: January 22, 2010)8

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 MSCI-KOKUSAI 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 or similarof the MSCI-KOKUSAI Index is not accepted by a written resolution.
Early termination may be carried out in any of the following cases:
・If the total net asset value falls below 500,000,000 yen;・If early termination is deeded advantageous for beneficiaries, or・If any unavoidable circumstances arise.

Closing of AccountJanuary 20 of each year
Dividends are paid once a year in accordance with the following income distribution
policy:Income Distribution

Maximum Amountof Trust Money

Public Notification
Investment
Reports

Tax Treatment*In general, the Trustee will pay to each beneficiary their income distribution by wiretransfer on the day specified by the Management Company but within 40 days ofthe end of each calculation period in the bank account designated in advance by thebeneficiary. Where a beneficiary has signed a separate agreement with his or her
broker in connection with the treatment of income distribution, payment will be madepursuant to the provisions of such agreement.

Equivalent to 1 trillion yen
Notifications are posted on the Management Company website.
URL: www.nikkoam.com/*In the event that the notification cannot be posted due to unavoidable circumstances,
this will be published in The Nikkei.
As defined in the Act on Investment Trust and Investment Corporations,investment reports are not prepared and published.
For tax purposes, the Fund is treated as an exchange-traded 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)" and the "Installment-type Quota (Specific Accumulated Investment
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.

9

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

Redemption
Fee

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

Amount to be
An amount calculated by multiplying NAV at the time of a redemption by 0.3%
Retained in(per unit)
Trust Assets
Costs paid indirectly by the customer for the trust assets (paid from the fund)
TER(Total0.3074% (TER includes Trust Fee, management fee and other costs below)
Expense※ This represents the actual TER for the period of January 23, 2023 - January 19, 2024.
Ratio)

No more than 0.165%(0.15% excluding taxes) per annum of thedaily total NAV of the FundThe investment management fee is daily recorded and paid out of thetrust assets at the end of each calculation period or at the time oftermination of the Trust.

The FundInvestment
Management
Expenses(Trust fee)<Distribution of Investment Management Expenses (annual rate)>
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
Management
Total
TrusteeCompany
0.15％
0.12％
0.03％
Management
Company
Trustee

Compensation for investment
management
Compensation for administration ofassets under management andexecution of orders from Management
Company*Figures are excluding tax. Consumption tax will be added.

TargetInvestment
Trust

Approximately 0.099%(0.09% excluding taxes) per annum of net assets.

Securities
Expensesborne bythe investors

Approximately 0.264%(0.24% excluding taxes) per annum of net
assets.

10

※The actual annual rate of trust fees paid by beneficiaries varies

depending on the percentage of target investment trust securities, changes
to such investment trust securities and other factors.

Other
Expensesand Fees

Expenses
No more than 0.1% per annum of the daily total NAV of the Fund
(Expenses for Expenses for the preparation and distribution of prospectuses,
preparation of auditing fee, expenses for listing of the Fund, as well as royalties forthe "MSCI-KOKUSAI Index" are paid out of the trust assets at theprospectus
times specified by the Management Company.
and other* Auditing fee is an expense paid to audit firm for auditing of the Fund.
expenses)
Brokerage commissions on securities in the portfolio, expenses for custodyof assets in foreign countries, interest on borrowings, interest on advances,
Brokeragecommissions and other fees are paid out of the trust assets each time they are incurred.
and other fees * The figures for items such as the rate and maximum amount cannot beprovided in advance as they fluctuate in line with investment performanceand other factors.

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

11

Tax Treatment
Tax treatment for individual investors
1) Taxation upon sale of 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 sources at 20.315%(As a general 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 general rule, tax filing is not necessary.) Investors can also file a tax return,and choose either separated taxation, based on declaration, or consolidated taxation (underwhich the dividends received deduction is available).
3) Tax on Redemption and Termination Fee
・Gains upon cancellation or termination (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 designated account with tax withholding (an account with tax withholding at the
taxpayer's option), tax will be withheld at source at 20.315%. (As a general rule, tax filing is
not necessary).
- 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.

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