< Disclaimer for the English Overview of
the Delivery Prospectus of
Listed Index Fund Nikkei Leveraged Index>
This document provides an overview of the Japanese “Summary Prospectus” (the “Delivery Prospectus”) of
Listed Index Fund Nikkei Leveraged Index (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 or completeness as differences ofinterpretation may arise between the English and Japanese languages. In the event of any inconsistency
between this document in English and the Japanese version, the Japanese version shall prevail, except tothe extent prohibited by the applicable 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 Japanese version of the
Delivery Prospectus. In case of any update to or modification of the Japanese version of the terms andconditions, 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 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 thisEnglish 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 forthe purchase 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 Trust(English Overview of the Delivery Prospectus)
April 11, 2024

Listed Index Fund
Nikkei Leveraged Index
Nickname: JoJo Nikkei Double
Open-end Investment Trust, Domestic, Equities, ETF, Index typeThis 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 canalso obtain a copy of the Prospectus Issued upon Request from a Distributor. If you do so, please make apersonal 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 intention of
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 subscription to "Listed Index Fund Nikkei Leveraged Index", which iscarried out via this prospectus, the management company submitted a securities registration
statement on April 10, 2024 to the Director-General of the Kanto Local Finance Bureau as
stipulated in the provisions of Article 5 of the Financial Instruments and Exchange Act. The filingbecame effective on the next business day after the filing date.

Product Classification
UnitType/Open-end
Investment
Trust

Eligible
MarketOpen-end Domestic

Segmentation by Attribute

Eligible
Investments Independent Supplementary(Source of Segment Classification
Income)Equities

ETF

Index typeEligible
Investments

Timing of GeographicalAccounting
Areas of
PeriodInvestment

Composite
assets (otherassets (securities
investment
Annually
trusts), equities,
Stock price index
futures trade))

Japan

Index
Followed

Other(Nikkei 225
Leveraged Index)

Please refer to the Investment Trusts Association, Japan website for definitions of products 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)

Contents
Page No.
Objective and Characteristics of the Fund .................................................. 1
Investment Risks ............................................................................................ 3
Past Performance ......................................................................................... 3
Procedures, Fees, and Other Considerations ............................................. 4
Additional Items .............................................................................................. 9

Objective and Characteristics of the Fund
Objective of the Fund
In order to achieve investment results that track the price fluctuations of the Nikkei 225
Leveraged Index, the Fund seeks the net asset value per unit to track the performanceof the Nikkei 225 Leveraged Index by composing and maintaining portfolio in principle
so that the sum of total amount of listed investment trust securities linked to the Nikkei
Stock Average and the total market value of long stock index futures position is about
twice the net asset value.
* Nikkei 225 Leveraged Index is an index calculated by doubling the daily return of the Nikkei
Stock Average. The base date is December 28, 2001 and the index value on that date is
calculated as 10,000 points.

Nikkei 225 Leveraged Index =The same index of the previous day × (1 + 2 × Nikkei
Average fluctuation rate compared to the previous day)Copyrights of the "Nikkei 225 Leveraged Index"
 The "Nikkei 225 Leveraged Index" is copyrighted work calculated through a method developed
independently by Nikkei Inc. Nikkei Inc. holds the copyrights as well as any other intellectual
property for the "Nikkei 225 Leveraged Index" itself, the calculation method of the "Nikkei 225
Leveraged Index", and the "Nikkei Stock Average", which is the foundation to calculate the "Nikkei
225 Leveraged Index".
 All trademark rights and other intellectual property rights relating to trademarks of the “Nikkei” andthe “Nikkei 225 Leveraged Index” belong to Nikkei Inc.
 The fund is solely the responsibility of the investment trust service provider, and Nikkei Inc. has no
responsibility for its management or transactions in regards to the fund.
 Nikkei Inc. has no obligation to continue to publish the "Nikkei 225 Leveraged Index" and the"Nikkei Stock Average" and is not responsible for mistakes, delays or suspensions in its publication.
 Nikkei Inc. has the right to stop the publication of and change the contents (i.e. calculation method)of the “Nikkei 225 Leveraged Index” and the “Nikkei Stock Average”.

－1－Characteristics of the FundThis Fund seeks investment results that track the movement of
the Nikkei 225 Leveraged Index which is twice that of the Nikkei
Stock Average.

• This Fund seeks the net asset value per unit to track the performance of the
Nikkei 225 Leveraged Index by making daily adjustments so that the sum of
total amount of listed investment trust securities linked to the Nikkei Stock
Average and the total market value of long stock index futures position isabout twice the net asset value. The investment ratio for the Listed Index
Fund 225 shall be up to 70% of the total net assets of the trust assets.
Instead of investing in the Listed Index Fund 225, the Fund may invest in the
Listed Index Fund Nikkei 225 (Mini) or in stocks included in the Nikkei Stock
Average.
* The investment management described above may not be carried out due
to market and financial conditions.

Units are listed on Tokyo Stock Exchange and can be tradedat any time during trading hours.
• Units may be traded in blocks of 1 unit (as of the date when the securities
registration statement was filed).
• The brokers determine trading commissions.
• The method of trading is generally the same as that for stocks.
* Please contact your broker for further information.

Units are subscribed for with cash.
• Units are subscribed using the NAV on the day the subscription is
accepted.

Units may be redeemed with a request for redemption.
• Units may be redeemed by the NAV on the day redemption is accepted.

Units may not be exchanged for stocks.

Main Investment Restrictions• There is no restriction as to the investment ratio in stocks.
• There is no restriction on the investment ratio for assets denominated in foreign currencies.
Dividend 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 for the amount and payment of dividends in the future.

－2－

Investment Risks
Please refer to “Matters to Consider” on our website below for the related risk.
https://en.nikkoam.com/etf/1358-nikkei-leveraged-index

Past Performance
Please refer to “Net Asset Value and Performance” on our website below for the past performance.
https://en.nikkoam.com/etf/1358-nikkei-leveraged-index－3－Procedures, Fees, and Other Considerations
Subscription Memorandum
Subscription Units

Units to be determined by the distributors starting at no less than 1,000*Please contact the distributor.

Subscription Price

NAV on the day the subscription is accepted.

Subscription

Please make the payment by the day designated by the distributor.

MethodRedemption Price

One unit of at least 1,000 units*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
established by the stock exchange. Please contact the distributors for details.
NAV on the day the redemption is accepted.

Redemption
Proceeds

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

Redemption Unit

Business Hours for As a rule, applications for subscription and redemption that are completed by 2 p.m.
Subscription and on the days Distributors are open for business are deemed to have accepted onthat day. It must be pursuant to the procedures established by the Distributor.
Redemption
From April 11, 2024 to October 10, 2024
*The subscription period can be renewed by filing another securities registration
statement before the expiration date shown above.

Subscription
PeriodNon-acceptance
Days

for

Subscription

andRedemption
Restrictions
Redemption

In principle, even on days when distributors are open, no purchase or redemption
application shall be accepted if its purchase or redemption date falls within the
period of two business days, beginning two business days prior to the accounting
date (For a period of three business days, beginning three business days prior to
the accounting date when the accounting date falls on non-business day.). Pleasecontact the distributors for details.

on Based on the size of the fund or the product characteristics, the redemption
application time and amount may be restricted for large number of units to avoid
interference with investment management.
The Management Company may stop accepting requests for subscriptions orredemption in the following cases:
Regarding stock index futures in which the Fund primarily trades

Suspension orCancellation of
Subscription,
Redemption
Applications

Trust Term

1. When the afternoon session for financial instruments exchange is not held orsuspended (for the stock price index futures trading mentioned above)
2. When all or a part of trading of the stock index futures contracts are notexecuted due to unavoidable circumstances such as bit and offer price at theend of the afternoon session in the exchange reach the daily price limit set byfinancial instruments exchange.
The Management Company may suspend acceptance of applications forsubscription or requests for redemption, or cancel applications for subscription orrequests for a redemption that have already been accepted in the event thattrading on the financial instruments exchanges is suspended, trading of foreignexchange is suspended, settlement functions are halted, or any unavoidable
circumstances arise.
Unlimited (set up date: August 25, 2014)－4－

The fund will be terminated early in any of the following cases:• If the units are delisted on all the financial exchanges.
Early Termination

Closing Date

• Nikkei 225 Leveraged Index is delisted.
• 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 or similarof the Nikkei 225 Leveraged Index is not accepted by a written resolution.
The fund may be terminated early in any of the following cases:• If the total NAV falls below JPY 500 million• If it is deemed advantageous for beneficiaries, or• If unavoidable circumstances arise.
July 10th each year
Distributions are paid once a year in accordance with the distribution policy.

Income Distribution

Maximum Amountof Trust Money* In general, the Trustee will pay to each beneficiary their income distribution by
wire transfer on the day specified by the Management Company but within 40
days of the end of each calculation period in the bank account designated inadvance by the beneficiary. Where 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 such agreement.
Equivalent to JPY 5 trillion

Public Notification

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

Investment Report

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-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 not eligible for the NISA.
• The dividends received deduction will not apply.
• The system excluding dividends from gross revenue will not apply.

－5－

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
Independently set by Distributors*Please contact your Distributor for further information.
Fee
Redemption
Fee

Independently set by Distributors*Please contact your Distributor for further information.

Amount to be
Retained in
None
Trust Assets
Expenses to be borne indirectly by investors from trust assets

TER(TotalExpense0.8511% (TER includes Trust Fee, management fee and other costs below.)※ This represents the actual TER for the period of July 11, 2022 - July 10, 2023.

Ratio)
No more than 0.605% (0.55% excluding taxes) per annum of the daily
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 oftermination of the Trust.
<Distribution of Investment Management Expenses(annual rate)>
When the above is 0.55%, as of the filing date of the securities
registration statement.
This Fund

Total
0.55%

Trust Fee Rate (annual rate)
Managementcompany
0.50%

Management
Company

Investment
Management
Expenses(Trust fee)

Trustee

Trustee
0.05%

Compensation for investment
management
Compensation for administration ofassets under management andexecution of orders from Management
Company*The rate in the table is excluding taxes. Consumption tax is separately charged.

Actual Cost

An annual rate of approximately 0.77825% (0.7075%
excluding tax) of the total NAV.
* When investing in “the Listed Index Fund 225” or the “Listed
Index Fund Nikkei 225 (Mini)”, 0.17325% per annum (0.1575%
excluding tax as of the filing date of the securities registration
statement) of the net asset will be separately charged in addition
to the trust fee of the Fund mentioned above. The trust fee is an
estimate based on the assumption that 70% of "Listed Index
Fund 225" or "Listed Index Fund Nikkei 225 (Mini)" isincorporated.
* The actual cost to be born will vary depending on factors such as thepercentage of listed investment trust securities in which the fund－6－

invests.

Not more than 0.1% per annum of total daily net assets during

Other
Expenses andFeestrust period of the fund.
Expenses
1. Expenses for the drawing up and issuing prospectus, 2. Cost for(Expenses for accounting and its related duties 3. Cost for preparation of apreparation of consolidated financial summary (including outsourcing fees if (1) - (3)are outsourced), 4. Auditing fees, 5. Fees related to listing the fund, 6.
Prospectus"Nikkei 225 Leveraged Index" trademark fees and others are paid out
andother of the trust assets at the times specified by the Management
expenses)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, intereston advances, lending fee (in case security lending is conducted, theamount obtained by multiplying a lending fee on securities lent by a
Brokerage
Commissions 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
and
Other
registration statement), and other fees are paid out of the trust assets
Feeseach time they are incurred.
* The figures for items such as the rate and maximum amount cannot
be provided in advance as they fluctuate in line with investment
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.

－7－

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 adesignated 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 notnecessary).
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
dividends received deduction will not apply).
3) Tax on Cancellation 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 notnecessary).
* By filing a tax return, you can offset losses upon sale (capital losses) against capital gains fromlisted stocks, dividends, etc. interest income from specified public and corporate bond, etc. andsuch like (as long as separated taxation upon declaration has been chosen). In addition, gains
on sale (capital gains), income distributions and interest income from specified public andcorporate bond, etc. (if separated taxation upon declaration has been chosen) can be offset
against capital losses from listed stocks and such like.
* 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.

－8－Additional Items
Q&A: About the Fluctuation of the NAV
Q. If the daily movement of NAV is twice that of the Nikkei Stock Average (hereinafter, the "Nikkei 225"), is the investment
result also doubled during the holding period?
A. Even if the daily movement of the NAV is twice that of the Nikkei 225, it does not mean that each investor will receive
twice investment results if the holding period is more than two days.

Charts Demonstrating the NAV Price Changes (when the Nikkei 225 is on the rise)＜Move in one direction＞
160＜Move with fluctuation＞
158

Nikkei 225
Fund

140

110

100

105

80

Base Date

127

112

After one day

After threeday●Upside-Downside Ratio from the previous day
Base date

130

120

116

115

100

After two day

155

Nikkei 225
Fund

140

125

120

160

80

Base Date

After one day

127

109

After two day

After threeday●Upside-Downside Ratio from the previous day

After one day After two days After three days

Base date

After one day After two days After three days

Nikkei 225

－

5.0%

6.7%

13.4%

Nikkei 225

－

15.0%

-5.2%

16.5%

This Fund

－

10.0%

13.3%

26.8%

This Fund

－

30.0%

-10.4%

33.0%

Daily price change is twice of that of the Nikkei 225●Upside-Downside Ratio from the base date●Upside-Downside Ratio from the base date

Base date

Base date

After one day After two days After three days

After one day After two days After three days

Nikkei 225

－

5.0%

12.0%

27.0%

Nikkei 225

－

15.0%

9.0%

27.0%

This Fund

－

10.0%

24.7%

58.1%

This Fund

－

30.0%

16.4%

54.9%

The more there is upward and downward motion, however, the lower results in volatility*Calculation of the above upside-downside ratio is rounded to one decimal place.
*Graphs and data are only examples of calculations and highlight the relation between the price change of the overall
stock market and NAV. They do not indicate the actual price movement.

－9－

Charts Demonstrating the NAV Price Changes (when the Nikkei 225 is on the decline)＜Move with fluctuation＞＜Move in one direction＞
120

120

100

95

80

90

100

89
78

60

Nikkei 225
Fund

40

Base Date

After one day

After two day

77

80

57

60

After threeday

Base date

77

82

70

55

Nikkei 225
Fund

40

Base Date●Upside-Downside Ratio from the previous day

92

85

After one day

After two day

After threeday●Upside-Downside Ratio from the previous day

After one day After two days After three days

Base date

After one day After two days After three days

Nikkei 225

－

-5.0%

-6.7%

-13.4%

Nikkei 225－-15.0%

8.2%-16.5%

This Fund－-10.0%-13.3%-26.8%

This Fund－-30.0%

16.5%-33.1%

Daily price change is twice of that of the Nikkei 225●Upside-Downside Ratio from the base date●Upside-Downside Ratio from the base date

Base date

Base date

After one day After two days After three days

After one day After two days After three days

Nikkei 225

－

-5.0%

-11.3%-23.2%

Nikkei 225－-15.0%-8.0%-23.2%

This Fund－-10.0%-22.0%-42.9%

This Fund－-30.0%-18.5%-45.4%The more there is upward and downward motion, however, the lower results in volatility*Calculation of the above upside-downside ratio is rounded to one decimal place.
*Graphs and data are only examples of calculations and highlight the relation between the price change of the overall
stock market and NAV. They do not indicate the actual price movement.

－10－

－11－