Listed Index Fund 225 (1330)

July 2024

Product Description/Investment Objective
The Fund seeks to achieve a NAV that closely correlates with the movement of the Nikkei 225 by investing in shares of the component stocks of
the Nikkei 225, and maintaining, in principle, a portfolio constructed consistent with the calculation method of the Nikkei 225.
* The Nikkei 225 is an equity index developed by Nikkei, Inc., and is calculated using 225 stocks representing the equity market from thecomponent stocks of the Prime Market of the Tokyo Stock Exchange. The Nikkei 225 is a Dow-style adjusted price-weighted average, and thedivisor is adjusted as required to maintain continuity.

Sector Allocation Top10

Key Facts
Electric Appliances

DomicileJapan

Benchmark Index

Nikkei 225

Information & Communication

Number of Holdings

Chemicals

Product Methodology

225
Full Physical Replication

Rebalance Frequency

AnnualFiscal Year End
Total Net Assets (JPY)8 JulyNAV per Share (JPY)40,314Services

Use of Income

Wholesale Trade

Dividend Frequency

Distributing
YearlyRetail Trade

Pharmaceutical
MachineryTransportation Equipment

Last dividend paidFoods

Management and Trustee Fee (bps)*

The other

5,084,118million

08 July 2024
No more than 14

Inception Date

09 July 2001
JPY
NKYTR

Sector Allocations Top10

WeightBase Currency
Total Return Index Ticker

Electric Appliances

26.69%

Price Index Ticker

NKY

Retail Trade12.93%ISIN

JP3027660004

Information & Communication

10.48%

Bloomberg Ticker

1330 JP Equity

Chemicals

6.80%

Trading Currency

JPY

Pharmaceutical

6.26%

Round Lot

1

Machinery

5.13%

Transportation Equipment

4.33%

Services

4.25%

Wholesale Trade

3.37%

Foods

3.08%

*The above date are the infomation of the Fund. *As percentage of total assets.

Product Performance*Excluding taxes. Please refer to p.3 for more details.

Portfolio Holdings

Cumulative PerformanceFund(NAV)

Index(Price)

Top 10 Holdings

Weight

YTD

16.04%

16.85%

Fast Retailing Co.,Ltd.

10.43%

1 Months-2.69%-1.22%

Tokyo Electron Limited

7.76%

3 Months

0.40%

1.81%

Softbank Group Corp.

4.59%

6 Months

7.02%

7.76%

Advantest Corporation

4.02%

1 Year

18.09%

17.88%

Shin-Etsu Chemical Co.,Ltd.

2.82%

Since Inception

229.35%219.47%

TDK Corporation

2.64%

KDDI Corporation

2.26%

2023

28.53%

28.24%

Recruit Holdings Co.,Ltd.

2.17%

2022

-9.23%-9.37%

Fanuc Corporation1.88%

2021

5.05%

4.91%

Daikin Industries,Ltd.

1.83%

2020

15.94%

16.01%

201918.17%

18.20%*The above date are the infomation of the Fund.
*As percentage of total assets.
*The above data are not recomendations of individual stocks.
*The above holdings do not guarantee future holdings.

Calendar Year Performance*The above graph represents past performance and does not guarantee future investment results.
All information is as at 31 July 2024

Listed Index Fund 225 (1330)
Performance Chart

July 2024(2001/7/9 - 2024/7/31)(Yen)(Bln Yen)

45,000Total Net Assets40,000

Fund(NAV)

35,000Benchmark(Price Index)

30,00025,00020,00015,00010,0005,000
07/20017/20037/20057/20077/20097/20117/20137/20157/20177/20197/2021

7/2023*NAV is the price per 1 unit after management fees (trust fees) have been deducted.
*Benchmark is Price Index - excluding dividends. Timing difference between distributions of companies and the Fund may cause ashort-term performance dispersion between Fund performance and the Index between end of March and the Fund distribution date.
*The benchmark in the graph is set in accordance with the NAV as of the graph’s starting point.

Overview of Fees & Expenses<Expenses to be borne directly by investors>-Subscription FeeDistributors may collect from applicants a fee that is determined independently by the Distributors together with an amount equal to theconsumption taxes levied on such a fee.
* Please contact your Distributor for further information.
* The subscription fee is the fee for describing the products, for describing the related investment environments, for providing theinformation, and for the administration activities related to the purchase.

-Exchange Fee

A Distributor may collect from a unitholder a fee that is determined independently by the Distributor together with an amount equal tothe consumption taxes levied on such a fee in the event that the unitholder makes a request for redemption or Units are bought back.
* Please contact your Distributor for further information.
-Amount to be Retained in Trust Assets None-Trading Fee Stipulated by the broker. Please contact your broker for details.

<Costs paid indirectly by the customer for the trust assets (paid from the fund)>-Trust Fee

Not to exceed 0.154% (or 0.14% without tax). The trust fee (and an amount equal to consumption taxes levied on the trust fee) is daily
recorded and paid out of the trust assets at the end of each calculation period or upon termination of the trust.

-Other Expenses and Fees

Auditing fees, brokerage commissions on securities in the portfolio, expenses for custody of assets in foreign countries,
interest on advances, fees related to the listing of the fund, trademark usage fees for "Nikkei 225", lending fee (in case security lending
is conducted, the amount obtained by multiplying a lending fee on securities lent by a figure which is a profit for Trust Assets, notexceeding 0.55 (0.5 excluding taxes) (0.5 excluding taxes as of the date of the filling of the securities registration statement), and otherfees are paid out of the trust assets each time they are incurred.*Audit fees are the fee for auditing the fund such as audit companies'fees.
*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 lengthand investment status, and thus cannot be shown.*Pease read the delivered pre-agreement document and other relevant materials indetail.

7,000
6,500
6,000
5,500
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0

Listed Index Fund 225 (1330)

July 2024

Investment Risk
The major risks associated with investment in the Fund are outlined below. Investors should ensure they carefully examine
and understand fully these risks before deciding to subscribe to units of the Fund.

Factors that contribute to fluctuations in the NAV

Investors are not guaranteed the investment principal that they commit. Investors may incur a loss and the value of theirinvestment principal may fall below par as the result of a decline in the market price or the NAV. All profits and losses
arising from investments in the Fund belong to the investors (beneficiaries). This fund is different from saving deposit.
The Fund invests primarily in stocks. The NAV of the Fund may fall and investors may suffer a loss due to a decline in stock
prices or deterioration in the financial conditions and business performance of an equity issuer.
Major risks are as follows:<Price Fluctuation Risk>

Stock prices fluctuate as they are affected by information on the company's growth rate and profitability as well as changes insuch information. They also fluctuate as they are affected by economic and political conditions in Japan and abroad. There is arisk that the Fund will suffer material losses if unexpected changes occur in stock price or liquidity.

<Liquidity Risk>

The Fund may incur unexpected losses when the size of the market or trading volumes is small. The purchase and sale prices ofsecurities are influenced by trading volume, resulting in the risks that they cannot be traded at prices expected to be realized inlight of the prevailing market trend, sold at the estimated prices, or that the trading volume is limited regardless of the level ofprices.

<Credit Risk>

There is a risk that the Fund will incur material losses in the event of a serious crisis that directly or indirectly affects the businessof a corporation in which the Fund invests. The prices of stocks of issuers may substantially decline (possibly to zero) due to fears
of default or corporate bankruptcy, which can contribute to decline in the Fund NAV.

<Security-lending Risk>

Lending of securities involves counterparty risks, which are the risks of contractual default or cancellation following bankruptcy,etc., by the counterparty. As a result, the Fund may suffer unexpected losses. Following the default or cancellation of a lending
agreement, when liquidation procedures are implemented by using the collateral that is set aside in the lending agreement, theprocurement cost of buying back the securities can surpass the collateral value, due to price fluctuations in the market. In suchcases, the Fund is required to pay the difference, which may cause the Fund to incur losses.

Risks of Discrepancy between the Nikkei 225 and the NAV

The Fund seeks to match the NAV volatility with that of the Nikkei 225, but it cannot guarantee thatmovements will be consistent with the Index for the following reasons:-The Fund may be subjected to a market impact when buying or selling individual stocks as it adjusts its portfolio in response tochanges in the stocks that comprise the Nikkei 225 and capital changes among corporations. In addition, the Fund will incur
various expenses, including trust fees, brokerage commissions, and audit fees.
- Dividends may be paid by stocks in the portfolio and fees may be earned for securities lent.
- When derivative transactions such as futures are made, there may be disparity between the p ricemovements of suchtransactions and that of some or all of the constituents of the Nikkei 225.

Discrepancy between the market prices at which stocks are traded on financial instruments exchanges and the NAV

The Fund is listed on the Tokyo Stock Exchange and the units are traded on that exchange. The market price of the units is affected primarily by
the size of demand for the Fund, its performance, and how attractive it is to investors in comparison with their other investments. It is not possible
to predict whether the units will sell in the market above or below the NAV.
* Factors that contribute to NAV fluctuations are not limited to those listed above.

Listed Index Fund 225 (1330)

July 2024

Additional Considerations-These materials are distribution materials created by Nikko Asset Management in order to increase investors' understanding of "ListedIndex Fund 225".
-The provisions stipulated in Article 37-6 of the Financial Instruments and Exchange Act ("cooling-off period") are not applicable to Fundtransactions.
-This Fund differs from deposits or insurance policies in that it is not protected by the Deposit Insurance Corporation of Japan or thePolicyholders Protection Corporation of Japan. Furthermore, units purchased from registered financial institutions, such as banks, areexempted from compensation by the Japan Investor Protection Fund.
-When the Fund faces big redemption causing short term cash requirement or sudden change in the main trading market condition,
there can be temporal decline in the liquidity of holding assets, resulting in the risks that Fund unable to trade securities at the expectedmarket prices or appraised prices, or encounters limitation in trading volume. This may result in the negative influence on NAV,
suspension of redemption applications, or delay in making payment of redemption.
-When applying to invest in the Fund, please make the decision to invest carefully after taking the time to read the delivered prospectus
and other relevant materials in detail.

Copyright and Other Rights of the "Nikkei 225"
-The "Nikkei 225" is a copyrighted work calculated through a method developed independently by the Nikkei, and Nikkei Inc. holds
the copyrights and all other intellectual property rights related to Nikkei 225 itself and its calculation method.
-All trademark rights and other intellectual property rights relating to trademarks of "Nikkei" and "Nikkei 225" belong to Nikkei Inc.
-Management of the fund is the responsiblity of the management company, and Nikkei Inc. has no responsiblity for its management
or the transactions of the fund.
-Nikkei Inc. has no obligation to continue to publish Nikkei 225, and are not responsible for mistakes, delays or suspensions in its
announcement.
-Nikkei Inc. has the right to change the component shares, calculations method and other contents of Nikkei 225 and to cancel its
announcement.

Nikko Asset Management Co., Ltd.
Director of Kanto Local Finance Bureau (Financial instruments firms) No.368
Associations in which a Member: The Investment Trusts Association, Japan, The Japan Investment Advisers Association