<Disclaimer for English Overview of Delivery Prospectus of
Listed Index Fund JPX-Nikkei Index 400>
This document provides an overview of the Japanese “Summary Prospectus” (the “Delivery
Prospectus”) of “Listed Index Fund JPX-Nikkei Index 400” (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.

1

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

Listed Index Fund JPX-Nikkei Index 400
Nickname: JoJo JPX-Nikkei 400
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 theManagement Company. You can also 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)

The Sumitomo Mitsui Trust & Banking Co., Ltd.

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 JPX-Nikkei Index
400, which is extended by way of this prospectus, the Management Company filed asecurities 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 filingdate.

Product Classification
Unit Type/
Open-end
Investment
Trust

Eligible
MarketOpen-end

Domestic

Segmentation by Attribute

Eligible
Investments Independent Supplementary
Eligible
Segment
Classification Investments(Source ofIncome)Equities

ETF

Index type

Equities inGeneralTiming of
Accounting
PeriodGeographicalAreas ofInvestment

Index
Followed

Semi-annually

Japan

Other
(JPX-Nikkei
Index 400)

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 FundThe fund seeks to achieve a NAV that closely correlates with the movement of the JPXNikkei Index 400 by investing in shares of the component stocks of the JPX-Nikkei Index
400, and maintaining, in principle, a portfolio constructed consistent with the calculation
method of the JPX-Nikkei Index 400.
* The JPX-Nikkei Index 400 is a stock index of the top 400 stocks selected from ordinary shares
listed on the Tokyo Stock Exchange's Prime Market, Standard Market and Growth Market.
Selection of constituent stocks is based on 1) screening of eligibility criteria and market liquidity
indicators, 2) quantitative indicator-based scoring (3 year average ROE, 3 year cumulative
operating profit, market capitalization), and 3) qualitative factor-based scoring (appointment of
independent outside directors, IFRS adoption, disclosure of earnings in English). The calculation
method employs the closing price of August 30, 2013 as its base date, assigns a value of 10,000
as that day's market capitalization, and indexes market capitalization thereafter.

JPX-Nikkei Index
400 =Market capitalization of index at the time of
calculation (JPY)
Base date market capitalization (JPY)×10,000* Market capitalization of index at the time of calculation is a total of the market value based on thenumber of shares of index for each issue.
Copyrights and Other Rights of JPX-Nikkei Index 400•The JPX-Nikkei Index 400 will be managed via a proprietary calculation method that was co-developed by
JPX Market Innovation & Research, Inc.(hereinafter, “JPX soken”) and the Nikkei Inc. (hereinafter, “Nikkei”). JPX
soken and the Nikkei hold the copyrights and all intellectual property rights for the calculation methods of the
JPX-Nikkei Index 400.
•JPX soken, Japan Exchange Group, Inc. and the Nikkei hold all trademark rights and intellectual property rights
concerning the logo of the JPX-Nikkei Index 400.
•The management of the Listed Index Fund JPX-Nikkei Index 400 is the responsibility of investment trust andmanagement companies. JPX soken or the Nikkei bear no responsibility in regard to the management andtrading of the fund.
•It is not the duty of JPX soken and the Nikkei to continuously publicize the JPX-Nikkei Index 400 and the twoparties are not responsible for publicized errors, delays or stoppages.
•JPX soken and the Nikkei hold the right to change the stocks that make up the JPX-Nikkei Index 400, thecalculation method and other aspects of the JPX-Nikkei 400, as well as the right to stop publication.

4

Characteristics of the Fund
fund aims to achieve investment returns that link with the movement Thisof the JPX-Nikkei Index 400.
• This fund seeks to match the change in net assets per trust asset unit with therate of change in “JPX-Nikkei Index 400” and in principle invests in the equities
that make up the “JPX-Nikkei Index 400” (including depositary receipts).
* The investment management described above may not be carried out due tomarket and financial conditions.

are listed on Tokyo Stock Exchange and can be traded at any time Units
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 for cash before maturity with a request for
exchange.
• Units may be redeemed by the NAV on the day redemption is accepted.

⑤ 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 on the payment or the amount of dividend.

5Investment Risks
Please refer to "Matters to Consider" on our website below for the related risk.
https://en.nikkoam.com/etf/1592-jpx-nikkei-index-400

Past Performance
Please refer to "Net Asset Value and Performance" on our website below for the past performance.
https://en.nikkoam.com/etf/1592-jpx-nikkei-index-400

6Procedures, Fees, and Other Items
 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
MethodPlease make the payment by the day designated by the distributor.

Redemption Unit

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.

Redemption Price

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.

Business Hours for As a rule, applications for subscription and redemption that are completed by 2
p.m. on the days Distributors are open for business are deemed to have accepted
Subscription andon that day. It must be pursuant to the procedures established by the Distributor.
Redemption
From April 9, 2024 to October 8, 2024
Subscription Period *The subscription period can be renewed by filing another securities registration
statement before the expiration date shown above.

Non-acceptanceDays for
Subscription and
Redemption

In principle, even on days when distributors are open, no subscription orredemption application shall be accepted if its subscription or redemption datefalls within the period of two business days, beginning two business days prior to
the accounting date (For a period of three business days, beginning threebusiness days prior to the accounting date when the accounting date falls on nonbusiness day.). Please contact the distributors for details.

Restrictions on
Redemption

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.

Suspension orCancellation of
Subscription,
Redemption
Applications

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.

Trust Term

Unlimited (launch date: January 27, 2014)7

Early Termination

The fund will be terminated early in any of the following cases:• If the units are delisted on all the financial exchanges.
• If the JPX-Nikkei Index 400 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 JPX-Nikkei Index 400 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.

Closing Date

January 8 and July 8 each year

Distributions are paid twice a year in accordance with the distribution policy.
*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
Income Distribution 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.

Maximum Amountof Trust Money

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 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.

8

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.

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 be
Retained in
Trust Assets

None

Costs paid indirectly by the customer for the trust assets (paid from the fund)
TER(Total Expense
Ratio)

0.1599% (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 0.11%(0.10% excluding taxes) per annum of total daily net
assets of the fund.
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 (excluding taxes)>

Investment
Management
Expenses(Trust fee)

When the above is 0.1%, 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
0.10%
Management
Company
Trustee

0.07%

0.03%

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
Expenses andFees(Expenses for
preparation of
Prospectus andother expenses)

Not more than 0.1% per annum of total daily net assets during trust period of thefund.
1. Expenses for the preparation and distribution of prospectuses, 2. Cost for accounting
and its incidental operations, 3. Cost for preparation of financial summary statement(including outsourcing fee in case of outsourcing the (1) - (3) operations), 4. Auditing
fee, 5. Fees related to the listing of the fund, 6. Royalties for the “JPX-Nikkei Index 400”,
and others are paid out of the trust assets at the times specified by the Management
Company.

9

* Auditing fee is an expense paid to audit firm for auditing of the Fund.

Other
Expenses andFees(Brokerage
Commissions
and Other Fees)

Brokerage commissions on securities in the portfolio, expenses for custody of assets inforeign countries, interest on borrowings, interest on advances, lending fee (in casesecurity lending is conducted, the amount obtained by multiplying a lending fee on
securities lent by a figure which is profit for Trust Assets, not exceeding 0.55* (0.5excluding 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.
* The figures for items such as the rate and maximum amount cannot be provided inadvance 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 lengthand investment status, and thus cannot be shown.

10

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) Taxation upon cancellation or termination
 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. 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 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.

1112