<Disclaimer for the English Overview of
the Delivery Prospectus of
Listed Index Fund Japan High Dividend(TSE Dividend Focus 100)>
This document provides an overview of the Japanese “Summary Prospectus” (the“Delivery Prospectus”) of Listed Index Fund Japan High Dividend (TSE Dividend
Focus 100) (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 thecontent of this document, Nikko Asset Management Co., Ltd. cannot guarantee theaccuracy or completeness as differences of interpretation may arise between the
English and Japanese languages. In the event of any inconsistency between thisdocument in English and the Japanese version, the Japanese version shall prevail,except to the extent prohibited by the applicable law of any jurisdiction where the unitsof the Fund are sold. In addition, this document is not a translation of the entire
Delivery Prospectus, but an English overview of the Delivery Prospectus, which meansthat 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
Japanese version of the Delivery Prospectus. In case of any update to or modificationof the Japanese version of the terms and conditions, there is no guarantee that acorresponding 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 full translation of the original Delivery Prospectus. As this English
document may differ from the Japanese Delivery Prospectus as explained above, thisdocument does not contain or constitute, and should not be relied upon as an offer or
invitation to make an offer for the purchase of these securities (including units of theFund) 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.

1

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

Listed Index FundJapan High Dividend(TSE Dividend Focus 100)
Nick Name: JoJo High Dividend
Open-end Investment Trust, Domestic, Composite Assets, 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 thetrust 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 Japan HighDividend (TSE Dividend Focus 100), which is extended by way of this prospectus, theManagement Company filed a securities registration statement with the DirectorGeneral of the Kanto Local Finance Bureau on April 8, 2024 pursuant to the provisionsof Article 5 of the Financial Instruments and Exchange Act. The filing became effectiveon the next business day after the filing date.

Product Classification
Unit Type/
Open-end
Investment Trust

Open-end

Eligible
MarketDomestic

Eligible
Investments(Source ofIncome)Composite
AssetsSegmentation by AttributeIndependent
Segment

ETF

SupplementaryClassification

Eligible
Investments

Timing of
Accounting
PeriodGeographicalArea ofInvestment

Index
Followed

Index type

Composite
Assets(Stocks,
REITS)Fixed
Allocation
Type

Quarterly

Japan

Other
(TSE Dividend
Focus 100 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/.

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 FundThis Fund seeks the net asset value per unit to track the performance of the TSE Dividend Focus 100
Index by investing in stocks and real estate investment trust securities (REITs) listed on the TSE
Dividend Focus 100 Index.

* The TSE Dividend Focus 100 Index consists of 100 issues (90 stocks and 10 REITs) that havebeen selected based on market capitalization and expected dividend yield. The Index was developedwith a base value of 1,000 as of February 26, 2010.

*The constituent issues of this index are reviewed every January and July. The TSE Dividend Focus
100 Index includes the constituent issues from the TOPIX 1000 and the Tokyo Stock Exchange REIT
Index (accounts are settled in March, June, September and December) that rank highly in terms ofmarket capitalization and expected dividend yield.
Index Value =Aggregate market value at adjustment dateAggregate market value as of the base date

×1,000

Copyright for the TSE Dividend Focus 100 Index• The TSE Dividend Focus 100 Index Value and the TSE Dividend Focus 100 Index Marks or
Trademark are the intellectual property of JPX Market Innovation & Research, Inc. or its affiliate(hereinafter referred to as JPX"). All rights and expertise relating to the TSE Dividend Focus 100 Index(including calculation of the stock price index and publication and use of the index value) and all rights
relating to the TSE Dividend Focus 100 Index Marks or Trademark belong to JPX.
• JPX reserves the right to change the methods of calculation or publication for the TSE Dividend Focus
100 Index Value, to cease the calculation or publication of the TSE Dividend Focus 100 Index Value,or to change the TSE Dividend Focus 100 Index Marks or Trademark or cease the use thereof.
• JPX makes no guarantee or representation as to the results derived from the TSE Dividend Focus 100
Index Value and the use of the TSE Dividend Focus 100 Index Marks or Trademark, and as to the TSE
Dividend Focus 100 Index Value on a specific date.
• JPX does not guarantee the accuracy or completeness of the TSE Dividend Focus 100 Index Valueand data contained therein. Furthermore, JPX shall not be liable for the miscalculation, incorrect
publication, delayed or interrupted publication of the TSE Dividend Focus 100 Index Value.
• This fund is not in any way sponsored, endorsed or promoted by JPX.
• JPX does not bear any obligation to give an explanation of this Fund or advice on investments in thisFund to any purchaser of this Fund or to the public.
• JPX does not consider the needs of the Nikko Asset Management or purchasers of this Fund inselecting constituent issues used for the calculation of the TSE Dividend Focus 100 Index Value orwhen making any other related calculations.
• Including but not limited to the foregoing, JPX shall not be responsible for any damage resulting fromthe creation, sale, and promotion of this Fund.

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:

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.

 Units are subscribed for by delivering stocks and listed REITs.
The integer multiple for subscription units are set by dividing the market value ofthe unit securities’ valuation by the NAV of the day on which the subscription is
accepted (rounded up to the nearest 100 units).
*“Unit Securities” refers to the all of the unit listed REITs and stocks of the shares designated by
the Management Company of the component stocks of the TSE Dividend Focus 100 Index
that the Management Company believes will correlate with the TSE Dividend Focus 100
Index.
* Units may be subscribed using Clearing Service offered by the Financial Instruments Clearing
Institution.

may not be redeemed for cash prior to maturity with a request for Unitsexchange.

 Units may be exchanged for stocks and listed REITs.
* The component stocks of TSE Dividend Focus 100 Index delivered upon subscription do notnecessarily match the shares of stocks or listed REITs upon exchange.
* The number of Units created upon subscription does not necessary match the numberof 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 to guarantee
the execution of settlements by the Financial Instruments Clearing Institution assuming obligation of
securities pertaining to subscription and exchange of ETF.

Investment Restrictions


There is no restriction as to the investment ratio in stocks.



The Fund may invest, in principle, in shares of the component stocks of TSE Dividend Focus 100
Index. However, this does not apply to stocks that are acquired through shareholder allotments.

The Fund may invest, in principle, in the listed REITs of the component TSE Dividend Focus 100
Index. However, this does not apply to listed REITs that are acquired through shareholder
allotments.

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.

6Investment Risks
Please refer to "Matters to Consider" on our website below for the related risk.
https://en.nikkoam.com/etf/1698-tse-dividend-focus-100

Past Performance
Please refer to "Net Asset Value and Performance" on our website below for the past performance.
https://en.nikkoam.com/etf/1698-tse-dividend-focus-100

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

The integer multiple for subscription units are set by dividing the units securities
valuation by the NAV of the day the subscription is accepted (rounded up to thenearest 100 units).

Subscription
Price

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

Subscription
MethodSubscriber may apply for subscription by delivering stocks and listed REITs inaccordance with 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

Units may be exchanged for stocks and listed REITs.
*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 that 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 TSE Dividend Focus 100
Index on the day of the exchange equaling the total of the number of units inquestion multiplied by the NAV on the day of the exchange as specified by the
management company.

Exchange Price

The NAV on the day the exchange is accepted.

Exchange
Proceeds

As a general rule, stocks and listed REITs that belong to trust assets will bedelivered from the third business day after and including the day on which arequest 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 Units owned is less than the minimum-trading Unit for the
Units established by the stock exchange.

Business Hours
for Subscription
and Exchange

As a general rule, requests for subscriptions and exchanges that are completed
by 3 p.m. on the days Distributors are open for business are deemed to haveaccepted 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.

8

Non-acceptanceDays for
Subscription

Applications for subscription will not be accepted on the following days:
1) For a period of three business days, beginning one business day prior to theex-right day (excluding ex-dividend day and ex-distribution day) of any TSE
Dividend Focus 100 Index component stocks.
2) For a period of six business days, beginning three business days prior to thedate on which TSE Dividend Focus 100 Index component stocks are changedor the total number of their shares changes due to a capital increase or
decrease.
3) For a period of two business days, beginning two business days prior to theaccounting date. (For a period of three business days, beginning threebusiness days prior to the accounting date when the accounting date falls on
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.

Non-acceptanceDays forExchanges

Requests for exchanges will not be accepted on the following days:
1) For a period of three business days, beginning one business day prior to theex-right day (excluding ex-dividend day and ex-distribution day) of any TSE
Dividend Focus 100 Index component stocks.
2) For a period of six business days, beginning three business days prior to thedate on which TSE Dividend Focus 100 Index component stocks are changed,
or the total number of their shares and units changes due to a capital increaseor decrease.
3) For a period of two business days, beginning two business days prior to theaccounting date. (For a period of three business days, beginning threebusiness days prior to the accounting date when the accounting date falls on
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 havedeveloped that may prevent it from investing 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 or requests for exchanges, or cancel applications for subscription
or requests for an exchange 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 deed will be hindered, or circumstances beyond
their control develops.

Trust Term

Unlimited (launch date: May 13, 2010)9

EarlyTermination

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 TSE Dividend Focus 100 Index is discontinued.
 If any amendment to the trust deed deemed necessary by the Management
Company or Trustee as a result of a change in the calculation method orsimilar of the TSE Dividend Focus 100 Index is not accepted by a written
resolution.
Early termination may be carried out in any of the following cases: If the number of Units of the Fund falls below 500,000.
 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
Distributions 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.

Maximum
Amount of Trust
Money

Equivalent to 1 trillion 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 tounavoidable 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 exchanged-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)" under the NISA, but the handling may differ depending on the distributor.
Please contact your distributor for details.
 The dividends received deduction will apply.
 The system excluding dividends from gross revenue will not apply.

10

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)

0.3474% (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 0.308% (0.28% 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 0.28% 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

0.28%

0.23%

0.05%

Management
Company
Trustee

Compensation for investment management
Compensation for administration of assets undermanagement and execution of orders fromManagement Company*Figures are excluding tax. Consumption tax will be added.

Other
Expensesand Fees

Expenses(Expenses for
preparation ofprospectuses
and other
expenses)

No more than 0.1% per annum of the daily total NAV of the Fund
Expenses for the preparation and distribution of prospectuses,
auditing fee, expenses for listing of the Fund, as well as royalties
for the TSE Dividend Focus 100 Index are paid out of the trust
assets at the times specified by the Management Company.
* Auditing fee is an expense paid to audit firm for auditing of the
Fund.

11

Brokeragecommissions
and other fees

Brokerage commissions on securities in the portfolio, expenses forcustody of assets in foreign countries, interest on advances, lendingfee (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) (0.5excluding taxes as of the date of the filing of the securities registration
statement) and other fees are paid out of the trust assets each timethey 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.

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

12

Tax Treatment
Tax treatment for Japanese 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 source 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.) You can also file a tax return, andchoose either separated taxation, based on declaration, or consolidated taxation (under which
the dividends received deduction is available).
3) Exchanges between Units and shares of stocks and listed REITs
 Exchanges of units for stocks and listed REITs are treated as transfers of 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.

1314