< Disclaimer for the English Overview of the Delivery Prospectus of
Listed Index Fund J-REIT (Tokyo Stock Exchange REIT Index)
Bi-Monthly Dividend Payment Type >This document provides an overview of the Japanese “Summary Prospectus”(the “Delivery Prospectus”) of Listed Index Fund J-REIT (Tokyo Stock Exchange
REIT Index) Bi-Monthly Dividend Payment Type (the “Fund”) in English. The
Japanese Delivery Prospectus is the offering document. This document inEnglish 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 J-REIT(Tokyo Stock Exchange REIT Index)
Bi-Monthly Dividend Payment Type
Nickname: JoJo J-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)
Mitsubishi UFJ Trust and Banking Corporation

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 J-REIT (Tokyo
Stock Exchange REIT Index) Bi-Monthly Dividend Payment Type, 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 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
Unit Type/
Open-end
Investment
Trust

Eligible
MarketEligible
Investments(Source ofIncome)Independent
Segment

Open-end

Domestic

REITs

ETF

Segmentation by AttributeSupplementary
EligibleClassification Investments

Index type

REITs

Timing of
Accounting
PeriodGeographicalAreas ofInvestment

Investment
Style

Index
Followed

6 times yearly(bimonthly)Japan

Fund of Funds

Other(Tokyo Stock
Exchange REIT
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:
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: 28,894.6billionyen(As of the end of January 2024)

3

Objective and Characteristics of the Fund
Objective of the FundThis Fund invests in Real Estate Investment Trust (REIT) securities and structures its portfolio in
accordance with the calculation method of the Tokyo Stock Exchange REIT Index, and in principle
by maintaining such portfolio aims to keep the NAV of the fund closely linked with the movement of
the Index.
*The Tokyo Stock Exchange (TSE) Real Estate Investment Trust (REIT) Index is a weighted
aggregate market price type index for all Real Estate Investment Trusts (J-REIT) listed on theTokyo Stock Exchange. The Index is calculated, with the base date set as March 31, 2003 (closing
price). It assumes the aggregate market price on that day to be 1,000, by creating an Index for
aggregate market price after the above base date.
If and when necessary, the aggregate market price is modified to avoid being affected by nonmarket factors such as capital increase, new listings and delistings, etc., to ensure Index
continuity.
Tokyo Stock
Exchange REIT
Index =

Total market value (yen) at computation time
Total market value (yen) as of the base time

×1,000

Copyright of the Tokyo Stock Exchange REIT Index
 The TSE REIT Index Value and the TSE REIT Index marks or trademarks are intellectual property rights
owned by JPX Market Innovation & Research, Inc. or its affiliates (hereinafter, “JPX”). All rights and knowhow relating to the TSE REIT Index, including calculation, publication and use of the TSE REIT Index Valueas well as those relating to the TSE REIT Index marks or trademarks belong to JPX.
 JPX reserves the rights to change the methods of calculation or publication, to cease the calculation or
publication of the TSE REIT Index Value or to change the TSE REIT Index marks or trademarks or cease theuse thereof.
 JPX makes no warranty or representation as to the results derived from the TSE REIT Index Value and theuse of the TSE REIT Index marks or trademarks, and as to the TSE REIT Index Value on any particular day.
 JPX does not guarantee the accuracy or completeness of the TSE REIT Index Value and data contained
therein. Further, JPX shall not be liable for the miscalculation, incorrect publication, delayed or interrupted
publication of the TSE REIT 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 to any
purchaser of this Fund or to the public.
 JPX does not consider the needs of Nikko Asset Management or the Fund's purchasers in the component
stocks or calculation of the TSE REIT Index Values.
 Including but not limited to the foregoing, JPX shall not be responsible for any damage resulting from thecreation, 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 100 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 stocks designated by the management companies for eachname in the TSE 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.

 The units may be exchanged for REIT securities.
* The TSE REIT Index component issues selected upon subscription do not necessarily fully
match the issues selected upon exchange.
* The number of the units created upon subscription does not necessarily match the number ofunits 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 theexecution of settlements by the Financial Instruments Clearing Institution assuming obligation of securities
pertaining to subscription and exchange of ETF.

5

Fund StructureThis fund is a fund of funds investing in investment trust securities.

Investment Restrictions


There is no restriction on the investment ratio in REIT securities.



The Fund does not invest in assets denominated in foreign currencies.

The Fund invests mainly in shares of the component REIT securities of the TSE REIT Index.
However, this does not apply to REIT securities that are acquired through shareholder
allotments.

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/1345-j-reit

Past Performance
Please refer to“Net Asset Value and Performance” on our website below for the past performance.
https://en.nikkoam.com/etf/1345-j-reit7

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 TSE REIT Index on the dayof the exchange that is equivalent to the total market value of the component
stocks of the TSE 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 theexchange as specified by the management company.

Exchange Price

The NAV on the day the 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 the 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.

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 the ex-dividend day) of any TSE REIT Index component
issues.
2) For a period of six business days, beginning three business days prior to thedate on which TSE REIT Index component issues are changed or 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 the ex-dividend day) of any TSE REIT Index component
issues.
2) For a period of six business days, beginning three business days prior to thedate on which TSE REIT Index component issues are changed, or the total
number of their shares and units 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 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 afinancial 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: October 20, 2008)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 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 TSE 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.
 If early termination is deemed advantageous for beneficiaries, or If any unavoidable circumstances arise.

Closing of
Account

On the 8th of January, March, May, July, September and November of each year
Dividends are paid six 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 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 dependingon 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.

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)

0.3705% (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 0.33%(0.3% excluding taxes) per annum of the daily total NAVof 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 0.3%, 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

0.30%

0.25%

0.05%

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.
Trustee11No more than 0.1% per annum of the daily total NAV of the Fund
Expenses
Expenses for the preparation and distribution of prospectuses,(Expenses for auditing fee, expenses for listing of the Fund, as well as royalties for
preparation of the TSE REIT Index are paid out of the trust assets at the times
prospectuses specified by the Management Company.
and other* Auditing fee is an expense paid to audit firm for auditing of theexpenses)
Fund
Other
Expensesand Fees
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.

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.

12

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.

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