< Disclaimer for the English Overview of
the Delivery Prospectus of Listed Index Fund 225>
This document provides an overview of the Japanese “Summary Prospectus”(the “Delivery Prospectus”) of Listed Index Fund 225 (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 225
Nickname: JoJo 225
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 can also obtain a copy of the Prospectus Issued upon Request from a Distributor. If
you do so, please make a personal record to that effect.
●This document includes the main contents outlined in the trust deeds. The complete text of thetrust 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 225, which isextended 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 andExchange Act. The filing became effective on the next business day after the filing date.

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

AnnuallyJapan

Nikkei 225

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 Fund
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, andmaintaining, 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 the component 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.

Nikkei 225 =Combined price of the 225 stocks used in the index
Divisor* The current calculation method began in 1950 and retroactively calculated back to 1949. The Nikkei
225 is the oldest Japanese stock index, and is well known among market participants in Japan andabroad. The component shares are adjusted yearly based on market liquidity and sector balance. It isalso reviewed based on the merging of component share and delisting.
Copyright and Other Rights of the “Nikkei 225”
THE “NIKKEI 225” IS A COPYRIGHTED WORK CACLUATED THROUGH A METHOD DEVELOPEDINDEPENDENTLY BY THE NIKKEI, AND NIKKEI INC. HOLDS THE COPYRIGHTS AND ALL OTHERINTELLECTUAL PROPERTY RIGHTS RELATED TO NIKKEI 225 ITSELF AND ITS CALCULATIONMETHOD.
ALL TRADEMARK RIGHTS AND OTHER INTELLECTUAL PROPERTY RIGHTS RELATING TO
TRADEMAKRS OF “NIKKEI” AND “NIKKEI 225” BELONG TO NIKKEI INC.
MANAGEMENT OF THE FUND IS THE RESPONSIBILITY OF THE MANAGEMENT COMPANY, AND
NIKKEI INC. HAS NO RESPONSIBILITY FOR ITS MANAGEMENT OR THE TRANSACTIONS OF THE
FUND.
NIKKEI INC. HAS NO OBLIGATION TO CONTINUE TO PUBLISH NIKKEI 225, AND ARE NOTRESPONSIBLE FOR MISTAKES, DELAYS OR SUPSENSIONS 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.

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 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 by delivering stocks.
The integer multiple for subscription units are set by dividing the market value ofthe units stock valuation by the NAV of the day on which the subscription is
accepted.
*“Unit stocks” are all the stocks designated by the management companies for each name in
the Nikkei Average universe.

* Units may be subscribed using Clearing Service offered by the Financial Instruments
Clearing Institution.
* Subscription unit is rounded up to the nearest multiple of 10 units when using Clearing
Service offered by the Financial Instruments Clearing Institution, otherwise it is rounded up to
the nearest multiple of 1 unit.

may not be redeemed for cash before maturity with a request for Unitsexchange.

 Units may be exchanged for stocks.
* The component stocks of the Nikkei 225 are reviewed annually, so the component stocks of
the Nikkei 225 delivered upon subscription do not necessarily fully match the stocks uponexchange.
* The divisor may be adjusted due to changes in stock prices from factors unrelated to market
fluctuations such as, changes in the component stocks of the Nikkei 225 or stocks trading exrights. Accordingly, the number of beneficiary certificates created upon subscription does notnecessarily match the number of units 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.

Investment Restrictions


There is no restriction as to the investment ratio in stocks.



The Fund may invest, in principle, in shares of the component stocks of the Nikkei 225. However,this does not apply to shares that are acquired through shareholder allotments.

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

5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/1330-nikkei-225

Past Performance
Please refer to“Net Asset Value and Performance” on our website below for the past performance.
https://en.nikkoam.com/etf/1330-nikkei-225

7

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

The integer multiple for subscription units are set by dividing the units stock
valuation by the NAV of the day the subscription is accepted.
* Subscription unit is rounded up to the nearest multiple of 10 units when using
Clearing Service offered by the Financial Instruments Clearing Institution, otherwise
it is rounded up to the nearest multiple of 1 unit.

Subscription
Price

The NAV as of the day on which the subscription is accepted.

Subscription
MethodSubscriber may apply for subscription by delivering stocks in accordance with theprocedures 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

Units may be exchanged for stocks.
*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 is equivalent
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 equivalents
to the total market value of the component stocks of the Nikkei 225 on the day ofthe exchange equaling the total of the number of units in question multiplied by
the NAV on the day of the exchange as specified by the management company.

Exchange Price

The NAV on the day the exchange is accepted.

Exchange
Proceeds

As a general rule, stocks that belong to trust assets will be delivered from the third
business day after and including the day on which a request for an exchange is
made.

Request for
Buyback

A beneficiary may ask a Distributor to buyback his or her units in cases where thetotal number of units owned is less than the minimum-trading unit for the Units
established by the stock exchange.

Business Hours
for Subscription
and Exchange

As a general rule, requests for subscriptions and exchanges that are completed by
3 p.m. on the days Distributor are open for business are deemed to have acceptedon that day. It must be pursuant to the procedures established by the Distributor.

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 the exright day (excluding the ex-dividend day) of any Nikkei 225 component stocks.
2) For a period of six business days, beginning three business days prior to thedate on which Nikkei 225 component stocks 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 three 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 thetrust, 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 thetrust 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 the exright day (excluding the ex-dividend day) of any Nikkei 225 component stocks.
2) For a period of six business days, beginning three business days prior to thedate on which Nikkei 225 component stocks 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 three 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 thetrust, 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 orrequests for an exchange 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, it determines that there isa possibility that investments in accordance with the basic investment policies set
forth in the trust deed will be hindered, or circumstances beyond their control
develops.

Trust Term

Unlimited (launch date: July 9, 2001)

Early
Termination

Closing Date

Early termination is possible in any of the following cases: If the number of units of the Fund falls below 200,000.
 If the units are delisted on all the financial exchanges.
 If the Nikkei 225 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 or similarof the Nikkei 225 is not accepted by a written resolution.
July 8 each year9Distributions are paid once a year in accordance with the following income
distribution policy:

IncomeDistribution

Maximum
Amount of Trust
Money* 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 of theend of each calculation period in the bank account designated in advance by thebeneficiary. Where a beneficiary has signed a separate agreement with his or her
broker in connection with the treatment of income distribution, payment will be madepursuant to the provisions of such agreement.

Equivalent to 10 trillion yen

PublicNotification

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 a Special Equity Investment Trust.
 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 depending on the distributor.
Please contact your distributor for details.
 The dividends received deduction will apply.
 As a general rule, the system excluding dividends from gross revenue will 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)

0.2844% (TER includes Trust Fee, management fee and other costs below)※ This represents the actual TER for the period of July 11, 2022 - July 7, 2023.

No more than 0.154%(0.14% excluding taxes) per annum of the daily total
NAV 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(annual rate)>

Investment
Management
Expenses(Trust fee)

as of the date of filing of the securities registration statement
Investment Management Expenses(Trust fee)
=NAV of investment period × Trust fee rate
Asset Under
Total
Management
TrusteeManagement
Company
The portion up to
0.140%
0.075%
0.065%
1 trillion yen
The portion morethan 1 trillion yen
0.125%
0.075%
0.050%
up to 2 trillion yen
The portion morethan 2 trillion yen
0.110%
0.070%
0.040%
up to 3 trillion yen
The portion morethan 3 trillion yen
0.080%
0.040%
0.040%
up to 4 trillion yen
The portion morethan 4 trillion yen
0.044%
0.029%
0.015%
up to 5 trillion yen
The portion more
0.039%
0.029%
0.010%
than 5 trillion yen

11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.
Trustee

Other
Expensesand Fees

Auditing fees, brokerage commissions on securities in the portfolio, expenses for custodyof 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 notexceeding 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 eachtime they are incurred.
* Auditing fee is an expense paid to audit firm for auditing of the Fund
* 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.

12

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 todeclare for separate taxation at 20.315%. When a beneficiary has chosen a designated accountwith 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, and choose either
separated taxation, based on declaration, or consolidated taxation (under which the dividends
received deduction is available).
3) Exchanges between units and shares of stocks
 Exchanges of units for stocks are treated as transfers of units and are handled the same way assale of units.
- 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 public andcorporate bonds etc. (if separated taxation has been chosen upon declaration) 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 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 orsimilar specialist for details of tax treatment.

1314