< Disclaimer for the English Overview of
the Delivery Prospectus of
Listed Index Fund US Equity (S&P500) Currency Hedge>
This document provides an overview of the Japanese “Summary Prospectus” (the “Delivery
Prospectus”) of Listed Index Fund US Equity (S&P500) Currency Hedge (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, 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.
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.

Explanatory Booklet on the Investment Trusts(English Overview of the Delivery Prospectus)
April 20, 2024

Listed Index FundUS Equity (S&P500) Currency Hedge
Nickname: JoJo S&P 500 US Equity (Currency Hedge)
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 reador 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 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.

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 US Equity (S&P500) Currency
Hedge, which is extended by way of this prospectus, the Management 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
filling became effective on the next business day after the filing date.

Product Classification
Eligible
Unit-Type
Investments
Open-end
Eligible Market(Source ofInvestment Type
Income)Open-end

Overseas

Equities

Independent
Segment

ETF

Segmentation by AttributeSupplemen
taryClassificati
onIndex-type

Eligible
Investments

Timing of GeographicalInvestment
Areas of
Accounting
Category
Investment
PeriodOther
Assets(investment
trust
securities(Equities ingeneral))Annually

North
America

Fund
of
Funds

Currency
Hedge

Other
Yes
(S&P 500(Full
JPY
hedging)
Hedged)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 Japaneseyen.

Management Company Details
Name:

Nikko Asset Management Co., Ltd.

Date of establishment: December 1, 1959
Capital:Index
Followed

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)

Objective and Characteristics of the Fund
Objective of the FundThis Fund seeks the net asset value per unit to track the performance of the yen-converted
S&P 500 JPY Hedged by mainly investing in the separately specified investment trust
securities.
*The S&P 500 Index is a float-adjusted, market capitalization-weighted index which iscomposed of 500 stocks selected among companies listed on U.S. financial instruments
exchanges in view of their market capitalization, liquidity, and industry balance.
*The S&P 500 Index is calculated by S&P Dow Jones Indices LLC and the component
stocks are reviewed and replaced on a regular basis.
*The S&P 500 JPY Hedged is the result of the JPY currency hedging of the USDdenominated S&P 500 Index by Nikko Asset Management Co., Ltd.

S&P 500 Index =Market capitalization at the time of
calculation
Market capitalization on the base
date

×10

Copyright and Other Rights of the “S&P 500® Index”"Standard & Poor's®", "S&P®", "Standard & Poor's" are registered trademarks owned by Standard & Poor's
Financial LLC and Nikko Asset Management uses these trademarks under the license. Standard & Poor's
does not support, recommend, distribute, or promote Listed Index Fund US Equity (S&P500) Currency
Hedge (hereinafter "The Fund") and makes no expression, guarantee, or condition on the suitability ofinvestment in this Fund.
The Fund is not supported, guaranteed, distributed, or promoted by S&P and its affiliated companies(hereinafter "S&P"). S&P makes no representation, condition, or warranty, express or implied, to theowners of the Fund or any member of the public regarding the advisability of investing in securities
generally or in the Fund particularly or the ability of the S&P 500 Index to track general stock market
performance. The relationship of S&P and Nikko Asset Management is only in respect of the licensing ofregistered trademarks of S&P and S&P 500 Index. S&P does not take the needs of Nikko AssetManagement or the owners of the Fund into consideration in determining, composing or calculating S&P
500 Index. S&P is not responsible for or has participated in the determination of the timing of, prices at,
or amount of the Fund to be issued or in the determination or calculation of the equation by which theFund is to be converted into cash. S&P assumes no obligation regarding, nor does it take any
responsibility for management, marketing, or trading of this Fund whatsoever.
S&P does not make any guarantee of the accuracy or completeness of the calculation or basic data of
the S&P 500 Index. S&P takes no responsibility for any error, lack, or fault included in the S&P 500 Index.
S&P makes no explicit or implicit guarantee whatsoever of the results arising from use of the S&P 500
Index or data incorporated therein on Nikko Asset Management Co., Ltd., owners of the Fund, or any
other persons or organizations. S&P does not make any guarantee, explicit or implicit, of merchantability
or suitability of the S&P 500 Index or the data contained therein. Without limiting any of the foregoing,
S&P expressly disclaim any special, punitive, indirect, or consequential damages (including lost profits),
even if notified of the possibility of such damages.

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 traded at 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 brokerage 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 on the securities held for investment trust.
Index Fund US Equity Currency Hedge (for Institutional Investors):
The Fund will invest mainly in "Nikko US Equity Index Mother Fund" and seeks to see its
performance to correlate with the movement of the yen-converted S&P 500 JPY Hedged.
Money Account Mother Fund
The Fund aims to ensure stable returns by investing in public and corporate bonds.

Fund Structure

Major Investment Restrictions
・The Fund will not invest in any securities other than securities held for investment trust, short-term
corporate bonds, etc., commercial paper and designated money trust.
・There is no restriction as to 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.

Investment Risks
Please refer to "Matters to Consider" on our website below for the related risk.
https://en.nikkoam.com/etf/2521-us-equity-currency-hedge

Past Performance
Please refer to "Net Asset Value and Performance" on our website below for the past performance.
https://en.nikkoam.com/etf/2521-us-equity-currency-hedge

Procedures, Fees, and Other Items■Subscription Memorandum
Subscription Units

Units to be determined by the distributors starting at no less than 5,000*Please contact the distributor for information on subscription units.

Subscription Price

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

Subscription
MethodPlease make the payment by the day designated by the distributor.

Redemption Units

Units of 5,000 or more
*Units to be determined by the distributor*A beneficiary may ask a Distributor to buyback his or her Units in cases where thetotal number of Units owned is less than the minimum-trading unit for the Units
established by the financial instruments exchanges. Please contact the
distributors for details.

Redemption Price

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

Redemption
Proceeds

As a rule, the payment will be made from the fifth business day after and including
the day on which a request for redemption is made.

Business Hours

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

for 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.

Even on the days where the distributor is open for business, applications forsubscription will not be accepted on the following days. Please contact the
distributors for details.
1) When the application day for subscription is two business days prior to
the accounting date. (For a period of two business days, beginning three bu
Non-acceptance Days
siness days prior to the accounting date when the accounting date falls on n
for Subscription
on-business day.)2) When the application day for subscription is non-business day for the New York
Stock Exchange and banks in New York; and3) In addition to the days referred to 1) and 2), any time the Management Company
determines that unavoidable circumstances have developed that may prevent it frominvesting in accordance with the basic policies set forth in the trust deeds.
Even on the days where the distributor is open for business, applications forredemption will not be accepted on the following days. Please contact the
distributors for details.
1) When the application day for redemption is for a period of two business days,
beginning three business days prior to the accounting date. (For a period of three
Non-acceptance Days business days, beginning four business days prior to the accounting date when theaccounting date falls on non-business day.)for Redemption2) When the application day for redemption is non-business day for the New York
Stock Exchange and banks in New York; and3) In addition to the days referred to 1) and 2), any time the Management Company
determines that unavoidable circumstances have developed that may prevent itfrom investing in accordance with the basic policies set forth in the trust deeds.
Redemption

Based on the size of the Fund or the product characteristics, restrictions may beplaced on the timing and amount of large number of units for redemption to avoid

Restrictions

Subscription orCancellation of
Subscription,
Redemption
Applications

adverse effects on the fund’s management.
The Management Company may suspend acceptance of applications forsubscription or requests for redemptions, or cancel applications for subscriptions
or requests for an redemption that have already been accepted in the event that
the Fund is unable to invest in target investment trust securities, redemptions of
the target investment trust securities are no longer possible, trading on a financial
instruments exchange is suspended, trading of foreign exchange is suspended,settlement functions are halted, or any unavoidable circumstances arise, 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 their control develops.

Trust Term

Unlimited (launch date: July 31, 2018)

Early Termination

Early termination is carried out 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 S&P 500 JPY Hedged is discontinued.
・If any amendment to the trust deeds deemed necessary by the Management
Company or Trustee because of a change in the calculation method or similar of
the S&P 500 JPY Hedged is not accepted by a written resolution.
Early termination may be possible in any of the following cases:
・If the total net assets fall below JPY 500 million after January 21,2022;
・If early termination is deemed advantageous for beneficiaries; or・If any unavoidable circumstances arise.

Closing of
Account

January 20 of each year

IncomeDistribution

Dividends are paid once a year in accordance with the following income distribution policy:* In general, the Trustee will pay to beneficiaries 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
the beneficiary. When a beneficiary has signed a separate agreement with his or
her distributor in connection with the treatment of income distribution, payment
will be made pursuant to the provisions of such agreement.

Maximum Amountof Trust Money

1 trillion yen

Public Notification

Public notices are posted on the website of the Trustee.
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

Tax Treatment

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 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 reduction will not apply.
・The system excluding dividends from gross revenue will not apply.

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

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

Amount to beretained in
Trust Assets

None.

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

0.2206% (TER includes Trust Fee, management fee and other costs below)※This represents the actual TER for the period of January 23, 2023 - January 19,2024.
No more than 0.066%(0.06% excluding taxes) per annum of thedaily total NAV of the Fund
・The investment management fee is daily recorded and paid out of thetrust assets at the end of each calculation period or at the time of terminationof the Trust.

ListedIndex FundUS Equity(S&P 500)
Investment
Management
Expenses(Trust fee)<Distribution of Investment Management Expenses(annual rate)>
When above is 0.06 ％ 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
TrusteeCompany
0.06％
0.03％
0.03％
Management
Company

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

TargetInvestment
Trust

Approximately 0.099% (0.09% excluding tax) per annum of the total NAV

Expensesborne by theinvestors

Approximately 0.165%(0.15% excluding taxes) per annum of thetotal NAV
※ 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.

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 fees foroutsourcing operations described in 1.-3.), 4. Auditing fee, 5.
Expenses for listing of the Fund, as well as 6. Royalties for the S&P
500 JPY Hedged 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.
Brokerage commissions on securities in the portfolio, expenses forcustody of assets in foreign countries, interest on borrowings, interest on
Brokeragecommission advances, and other fees are paid out of the trust assets each time they
are incurred. These fees are incorporated in the TER stated.
s* The figures for items such as the rate and maximum amount cannot
and otherbe provided in advance as they fluctuate in line with investment
fees
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.
Expenses(Expenses
forpreparationofprospectuses and other
Other Expenses expenses)
and Fees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 position), tax will
be withheld at sources 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 general 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 the dividends
received deduction is available).
3) Tax on Redemption and Termination Fee
・Gains on termination and redemption (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 position), tax will be withheld at sources at 20.315%. (As a rule, tax filing is notnecessary.)- By filing a tax return, you can offset losses upon sale (capital losses) against capital gains fromlisted stocks, dividends etc. from listed stocks, and interest income from public and corporate
bonds and such like (as long as separated taxation has been chosen upon declaration). In
addition, gains on sale (capital gains), income distributions, and interest income from publicand corporate bonds etc. (if separated taxation has been chosen upon declaration) can beoffset 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 fromtaxation for an unlimited period up to a certain amount each year. The tax exemption is available
only to those who meet certain conditions, such as opening a tax-exempt account with 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 there
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.