< Disclaimer for the English Overview of
the Delivery Prospectus of
Listed Index Fund World Equity (MSCI ACWI) ex Japan>
This document provides an overview of the Japanese “Summary Prospectus”(the “Delivery Prospectus”) of Listed Index Fund World Equity (MSCI ACWI) ex
Japan (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 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 20, 2024

Listed Index Fund World Equity(MSCI ACWI) ex Japan
Nickname: JoJo MSCI World Equity

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 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.
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 World Equity(MSCI ACWI) ex Japan, 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 filing became effective on the next
business day after the filing date.

Product Classification
Unit Type/
Open-end
Investment
Trust

Open-end

Eligible
MarketOverseas

Eligible
Investments(Source ofIncome)Equities

Independent
Segment

Segmentation by AttributeSupplementaryClassification

ETF

Index type

Timing of GeographicalInvestmen
Eligible
Areas of
Accountingt Category
Investments
Investment
PeriodOther Assets(investment
trust
securities(Equities ingeneral))Annually

Global (exJapan)

Fund of
Funds

Currency
Hedging

Index
Followed

No hedge

Other
（MSCI
ACWI exJapan
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/.
*Currency Hedging described in segmentation by attribute indicates whether or not to hedge the currency fluctuation risk
against Japanese yen.

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 Fund
The Fund seeks the net asset value per unit to track the performance of the yen-converted
MSCI ACWI ex Japan Index by mainly investing in the separately stipulated investment
trust securities.
* NB: MSCI ACWI ex Japan Index is an equity index developed by MSCI Inc., and it is theweighted-average of overall investment return of equities in developed and emerging countries
excluding Japan by market capitalization ratio and then assigning index values accordingly.
MSCI ACWI ex Japan
Index

＝

Aggregate market value
at the time of calculation
Aggregate market value
at base point in time

X 100

Copyrights of the "MSCI ACWI ex Japan Index"
This Fund is not sponsored, endorsed, sold, or promoted by MSCI Inc and its affiliated companies, information
provider, and other third parties (hereinafter refers to "MSCI"), who were involved or related in the editing,calculation, or creation of the MSCI index. MSCI index is an exclusive property of MSCI. The name of MSCI
and MSCI Index is a service mark of MSCI and its affiliated companies and Nikko Asset Management Co., Ltd.
is allowed to use this for specific a purpose. MSCI related companies make no expression or warranty,
expressed or implied, as specified to the Fund’s owners or issuers, or any member of the public ororganizations regarding the advisability of investing in securities generally or in the Fund particularly or in theability of MSCI Index to track the performances of certain financial markets. MSCI and its related companies
are licensers of MSCI Index and determine, create, and calculate the MSCI index regardless of specific trade
marks, service marks or names, the Fund’s issuer or owners, and any member of the public or organizations.
MSCI related companies have no obligation to consider the requests of the Fund’s issuers or owners, or any
member of the public or organizations when determining, editing and calculating MSCI Index. MSCI relatedcompanies are not responsible for or been involved in the determination of the timing of, price at, or amount of
the Fund to be issued, or in determination or calculation of the equation by which the Fund to be converted
into cash, or the Fund’s conversion price. MSCI related companies assume no obligation to the Fund’s issuer
or owner, any member of the public or organizations regarding, nor do they take any responsibility for
management, marketing or trading of the Fund whatsoever.
MSCI obtains information required for calculating and using in the MSCI Index from sources it thinks arereliable, however, MSCI related companies do not make any guarantee of the originality, accuracy orcompleteness of MSCI Index or the data of the Index. MSCI related companies make no guarantee, expressedor implied, of the results to be obtained by the Fund’s issuer or owner, or any member of the public ororganizations from the use of this Index or data included therein. MSCI related companies take no
responsibility for any error, omission in the data included or the discontinuation of MSCI Index. Furthermore,
MSCI related companies expressively disclaim all warranties or conditions of merchantability or suitability for aparticular purpose or use of this Index or the data contained therein, and make no guarantee, express or
implied, on merchantability or suitability of this Index or the data contained therein. Without limiting any of theforegoing, MSCI related companies are not responsible for any direct, indirect, special, punitive, orconsequential damages, and all other damages (including lost profits) arising from the use of the datacontained therein, even if notified of the possibility of such damages in advance.
The Fund’s purchasers, distributors, owners or any member of the public or organizations cannot use or
mention MSCI's name, trademark or service mark for the purpose of sponsoring, endorsing, selling, or
promoting the Fund without checking whether it is necessary to obtain MSCI’s prior consent. Any member ofthe public or organizations cannot mention their relationship with MSCI without obtaining MSCI's written
approval in advance.

4Characteristics of the Fund•

While the Fund is a contractual-type investment trust, it is structured differently
from ordinary 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 trading 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 in securities held for investment trust.
Index Fund Developed Countries Equity (for Institutional Investors)

The Fund invests mainly in International Developed Stock Index MSCI-KOKUSAI (NoHedge) Mother Fund, and aims to link its investment performance with the movement of
yen-converted MSCI-KOKUSAI Index＊.
＊MSCI-KOKUSAI Index is an index that represents the synthesized performance of the world
major stock markets excluding Japan being published by MSCI Inc.
Index Fund Emerging Countries Equity (for Institutional Investors)
The Fund invests mainly in International Emerging Stock Index MSCI Emerging (NoHedge) Mother Fund, and aims to link its investment performance with the movement of
yen-converted MSCI Emerging Market Index＊.
＊MSCI Emerging Market Index is an index that represents the synthesized performance of theworld emerging countries' stock markets being published by MSCI Inc.
Money Account Mother FundThis fund seeks to achieve stable returns through stable management by investing in publicand corporate bonds.
Fund Structure

5Investment Restrictions
 This fund will not invest in any portfolio, stocks and bonds other than securities held for investment
trust, short-term corporate bonds, commercial paper and designated money in 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.

6Investment Risks
Please refer to "Matters to Consider" on our website below for the related risk.

https://en.nikkoam.com/etf/1554-world-equity

Past Performance
Please refer to “Net Asset Value and Performance” on our website below for the past performance.

https://en.nikkoam.com/etf/1554-world-equity

7

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

Units to be determined by the distributors starting at no less than 2,000.
*Please contact the distributor.

Subscription
Price

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

Subscription
Payment

To be paid by the day indicated by the distributor.

Redemption
Units

Units of 2,000 or more
* 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

The NAV on the business day after the redemption is accepted after deducting thetrust asset reserves.

Redemption
Proceeds

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

Business Hours
for Subscription
and Redemption

As a rule, applications for subscriptions and redemption that are completed by
10a.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 20, 2024 to October 18, 2024
*The subscription period can be renewed by filing another securities registration
statement before the expiration date shown above.

Non-acceptanceDays for
Subscriptions

On the days Distributors are open for business, applications for subscriptions will
still not be accepted on the days below. Please contact the distributors for details.
1) When the application day for subscriptions is two business days prior to theaccounting date. (For a period of two business days, beginning three days prior
to the accounting date when the accounting date falls on non-business day.)2）When the application day for subscriptions is non-business day on the following
exchanges: the London Stock Exchange; the New York Stock Exchange; theFrankfurt Stock Exchange; the Hong Kong Stock Exchange; the Korea Stock
Exchange; the Taiwan Stock Exchange; the Sao Paulo Stock Exchange; theSingapore Stock Exchange; the Mumbai Stock Exchange; the Johannesburg
Stock Exchange; and the Swiss Stock Exchange. Bank holidays in the following
cities: London; New York; Hong Kong.
3 ） In addition to the days referred to in 1) and 2) 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.

8Non-acceptanceDays forRedemptions

On the days Distributors are open for business, applications for redemptions will
still not be accepted on the days below. Please contact the distributors for details.
1) When the application day for redemptions is for a period of six business days,
beginning seven business days prior to the accounting date. (For a period ofseven business days, beginning eight days prior to the accounting date when theaccounting date falls on non-business day.)2）When the application day for redemptions is non-business day on the following
exchanges: the London Stock Exchange; the New York Stock Exchange; theFrankfurt Stock Exchange; the Hong Kong Stock Exchange; the Korea Stock
Exchange; the Taiwan Stock Exchange; the Sao Paulo Stock Exchange; theSingapore Stock Exchange; the Mumbai Stock Exchange; the Johannesburg
Stock Exchange; and the Swiss Stock Exchange. Bank holidays in the following
cities: London; New York; Hong Kong.
3）In addition to the days referred to in 1) and 2) above, any time the Management
Company determines that unavoidable circumstances may prevent it frommaking investment in accordance with the basic policies set forth in the trust
deed.

Restrictions on
Redemption

Based on the size or product characteristics of the fund, restrictions may be placedon the timing or volume of large redemption units to avoid adverse effects on thefund’s management.

Suspension orCancellation of
Subscription,
Redemption
Applications

The Management Company may suspend acceptance of applications forsubscription or requests for redemptions, or cancel applications for subscription orrequests for a redemption that have already been accepted in the event that theFund is unable to invest in target investment trust securities, exchanges of thetarget investment trust securities are no longer possible, trading on a stock
exchange is suspended, settlement functions are halted, crises in the investment
target countries (such as financial crisis, government default due to financial
reasons, significant policy changes or introduction of new regulations including
asset freezes, natural disasters, coup d’état or significant political changes, or war)that results in market suspensions or substantial decrease in liquidity or
circumstances beyond their control develops.

Trust Term

Unlimited (launch date: March 3, 2011)

Early
Termination

Early termination may be 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.
・MSCI ACWI ex Japan 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 or similar of
the MSCI ACWI ex Japan Index is not accepted by a written resolution.
Early termination is possible in any of the following cases:
・If net assets of the Fund fall below 300,000,000 yen;・If early termination is deemed advantageous for beneficiaries; or・If any unavoidable circumstances arise.

Closing of
Account

January 20th of every year.

9IncomeDistribution

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

Maximum
Amount of TrustMoney

1 trillion yen

PublicNotification

Notifications are posted on the Management Company website.
URL: http://www.nikkoam.com/*In the event that the 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 publishedTax 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)" and the "Installment-type Quota (Specific Accumulated Investment
Account)" under the NISA, but the handling may differ depending on 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 of clerical
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

0.3% of NAV at the time of Redemption

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

0.3327% (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.

The amount obtained by multiplying the total net assets of theFund by an annual rate not exceeding 0.165%(0.15% excluding
taxes).
・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 above is 0.15%, as of the date of filing of the securities
registration statement:
Investment Management Expenses(Trust fee)

Investment
Management
Expenses(Trust fee)

The Fund=NAV of investment period X Trust fee rate
Total

Management
Company

Trustee

0.15%

0.12%

0.03%

Management
Company
Trustee

Compensation for investment
management
Compensation for administration ofassets under management andexecution of orders from Management
Company*Figures are excluding tax. Consumption tax will be added.
TargetInvestment
Trust
Securities

Annual rate of approx. 0.099%(0.09% excluding taxes) of the total
net assets

11

No more than 0.264%(0.24% excluding taxes) per annum of
net assets.
Expensesborne by the *The actual annual rate of trust fees paid by beneficiaries varies
investors
depending on the percentage of target investment trust securities,changes to such investment trust securities and other factors.

Other
Expenses andFees

Expenses(Expenses
forpreparatio
n ofprospectus
es andother
expenses)

No more than 0.1% per annum of the daily total NAV of the Fund
1. Expenses for the preparation and distribution of prospectuses, 2.
Accounting and other administrative costs, 3. Preparation for the financialsummary (includes outsourcing costs for 1. to 3. where applicable), 4.
Auditing fee, 5. Expenses for listing of the Fund, as well as 6. Royalties for
the MSCI ACWI ex Japan Index are paid out of the trust assets at thetimes specified by the Management Company.
* Auditing fee is an expense paid to audit firm for auditing of the
Fund.

Brokeragecommissio
ns andother fees

Brokerage commissions on securities in the portfolio, expenses forcustody of assets in foreign countries, interest on borrowings, interest on
advances, 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 in advance as they fluctuate in line withinvestment performance and other factors.

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

12

Tax Treatment
Tax treatment for 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 not 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
not necessary.)- By filing a tax return, you can offset losses upon sale (capital losses) against capital gains
from listed stocks, dividends etc. from listed stocks, and interest income from public andcorporate bonds and such like (as long as separated taxation has been chosen upondeclaration). In addition, gains on sale (capital gains), income distributions, and interest
income from public and corporate bonds etc. (if separated taxation has been chosen upondeclaration) can be offset against capital losses from listed stocks and such like.
- When investing through the Nippon Individual Savings Account (NISA), dividend income andtransfer income from newly purchased publicly offered equity investment trusts are exempt
from taxation for an unlimited period up to a certain amount each year. The tax exemption isavailable only to those who meet certain conditions, such as opening a tax-exempt accountwith a distributor, and who purchase products that meet the requirements of the tax law. For
details, please contact the distributor.
- In cases of being applied to the foreign tax deduction, tax on distributions may differ from theaforementioned descriptions.
- The aforementioned descriptions do not apply to Japanese corporations.
- Above tax rates are as of the date when the securities registration statement was filed, so
those may change in the event that tax laws are revised. We recommend that investors
consult a tax or similar specialist for details of tax treatment.

1314