This Fund invests in stocks that comprise the S&P Japan Emerging Stock 100 and create a portfolio in accordance with the calculation method of the Index. As a rule, by maintaining the portfolio constructed in this way, this Fund strives to achieve a high level of linkage between the NAV and the movements of the index.
Net Asset Value and Performance
|NAV (per 100 shares):||¥ (As of: )||Net Assets:||
|Fund Name||Listed Index Fund S&P Japan Emerging Equity 100
Open-ended type/Domestic/Stocks/ETF/Index fund
|Listed Exchange||Tokyo Stock Exchange|
|Targeted Investments||This Fund mainly invests in constituents of the S&P Japan Emerging Market 100 Index|
|Date Listed||11 March 2008 (launched on 10 March 2008)|
|Exchange Trading Unit||100 units|
|Computation Period||From 9 July of each year to 8 July of the following year|
|Closing Date||8 July of each year|
|Dividends||All revenue from dividends arising from the trust assets will be, in principle, paid as dividends on the last day of the fiscal year after deducting expenses.
*There is no guarantee on the payment or the amount of dividend
Overview of Fees & Expenses
|Trading Fee||Stipulated by the broker. Please contact your broker for details.|
|Amount to be Retained in Trust Assets||None.|
No more than 0.54% (0.5% excluding taxes) per annum of the daily total NAV of the fund.
|Other Fees and Costs||
An amount no more than the total amount for the trust period reached by multiplying an annual rate of 0.1% on the fund's daily net asset value.
Expenses for the preparation and distribution of prospectuses, audit costs, expenses for listing of the Fund, as well as royalties for the S&P Japan Emerging Stock 100 Index are paid out of the trust assets at the times specified by the Management Company.
Brokerage commissions on securities in the portfolio, interest on advances, 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, not exceeding 0.54 (0.5 excluding taxes) (0.5 excluding taxes as of the date of the filling 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 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 and investment status, and thus cannot be shown.
Major Investment Restrictions
The S&P Japan Emerging Stock 100 Index is an Index calculated by the adjusted total market values of floating stocks for the top 100 issues representative of Japan's emerging markets. These markets are the JASDAQ Securities Exchange, Inc. (including NEO), Tokyo Stock Exchange Mothers, Osaka Securities Exchange Hercules, Nagoya Stock Exchange Centrex, Sapporo Securities Exchange Ambitious and Fukuoka Stock Exchange Q-Board. The 100 issues are selected from all the issues listed with Japan's emerging equity markets from the perspective of total market value and liquidity after flotation adjustments. The computation method used sets 14 September 2000 (closing price) as the base time with a total market value of 1,000 and then the subsequent total market value is indexed.
The continuity of the Index is secured by adjusting the total market value in order not to be influenced by paid capital increases, new listings and delistings, which are not true factors of market conditions. The S&P Japan Emerging Stock 100 Index is a representative Index of Japan's emerging equity markets that Standard & Poor's has released to the public.
Japan Exchange Group (JPX)
- Listed ETF Prices
To see the Listed ETF Prices, please follow this link and click "Display of stock price".
Standard & Poor's
- Daily index value of S&P Japan Emerging Stock 100 Index
* Factsheet and the methodology are available.
Japan Exchange Group publishes summaries and lists of the ETFs, as well as other valuable information on their website.
Standard & Poor's® and S&P® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by Nikko Asset Management. The Listed Index Fund S&P Japan Emerging Equity 100 is not sponsored, endorsed, sold or promoted by S&P or its Affiliates, and S&P and its Affiliates make no representation, warranty or condition regarding the advisability of buying, selling or holding units/shares in the Listed Index Fund S&P Japan Emerging Equity 100.
This fund is not sponsored, endorsed, sold or promoted by Standard & Poor's and its affiliates ("S&P"). S&P makes no representation, condition or warranty, express or implied, to the owners of the fund or any member of the public regarding the advisability of investing in securities generally or in the fund particularly or the ability of the S&P Japan Emerging Equity 100 to track the performance of certain financial markets and/or sections thereof and/or of groups of assets or asset classes. S&P's only relationship to Nikko Asset Management is the licensing of certain trademarks and trade names and of the S&P Japan Emerging Equity 100 which is determined, composed and calculated by S&P without regard to Nikko Asset Management or the fund. S&P has no obligation to take the needs of Nikko Asset Management or the owners of the fund into consideration in determining, composing or calculating the S&P Japan Emerging Equity 100. S&P is not responsible for and has not participated in the determination of the prices and amount of the fund or the timing of the issuance or sale of the fund or in the determination or calculation of the equation by which the fund shares are to be converted into cash. S&P has no obligation or liability in connection with the administration, marketing, or trading of the fund.
S&P does not guarantee the accuracy and/or the completeness of the S&P Japan Emerging Equity 100 or any data included therein and S&P shall have no liability for any errors, omissions, or interruptions therein. S&P makes no warranty, condition or representation, express or implied, as to results to be obtained by Nikko Asset Management, owners of the fund, or any other person or entity from the use of the S&P Japan Emerging Equity 100 or any data included therein. S&P makes no express or implied warranties, representations or conditions, and expressly disclaims all warranties or conditions of merchantability or fitness for a particular purpose or use and any other express or implied warranty or condition with respect to the S&P Japan Emerging Equity 100 or any data included therein. Without limiting any of the foregoing, in no event shall S&P have any liability for any special, punitive, indirect, or consequential damages (including lost profits) resulting from the use of the S&P Japan Emerging Equity 100 or any data included therein, even if notified of the possibility of such damages.
- 21 Feb 2017 — Interim Earnings Report for Fiscal Year ending Jul 2017 (9 Jul 2016 – 8 Jan 2017)
- 19 Aug 2016 — Earnings Report for Fiscal Year ended Jul 2016 (9 Jul 2015 – 8 Jul 2016)
- 19 Feb 2016 — Interim Earnings Report for Fiscal Year ending Jul 2016 (9 Jul 2015 – 8 Jan 2016)
- 21 Aug 2015 — Earnings Report for Fiscal Year ended Jul 2015 (9 Jul 2014 - 8 Jul 2015)
- 20 Feb 2015 — Interim Earnings Report for Fiscal Year ending Jul 2015 (9 Jul 2014 - 8 Jan 2015)
- 21 Aug 2014 — Earnings Report for Fiscal Year ended Jul 2014 (9 Jul 2013 - 8 Jul 2014)
- 20 Feb 2014 — Interim Earnings Report for Fiscal Year ending Jul 2014 (9 Jul 2013 - 8 Jan 2014)
- 21 Aug 2013 — Earnings Report for Fiscal Year ended Jul 2013 (9 Jul 2012 - 8 Jul 2013)
- 21 Feb 2013 — Interim Earnings Report for Fiscal Year ending Jul 2013 (9 Jul 2012 - 8 Jan 2013)
- 15 Aug 2012 — Earnings Report for Fiscal Year ended Jul 2012 (9 Jul 2011 – 8 Jul 2012)
A unit stock is a unit in a stock basket that an investor applying for an acquisition through addition contributes to. A unit stock is also a unit in a stock basket that an investor who applies for an exchange receives in trade for a beneficial interest.
This Fund can be applied for as a direct addition and exchange at Authorised Participants in addition to the Tokyo Stock Exchange. In this case, "unit stock" is referred to as a unit. When applying as a direct addition and exchange, please keep in mind that we cannot accept your application on the following dates:
- SMBC Nikko Securities Inc.
- ABN AMRO Clearing Tokyo Co., Ltd.
- BNP Paribas Securities Japan Ltd.
- Citigroup Global Markets Japan Inc.
- Credit Suisse Securities (Japan) Limited
- Daiwa Securities Co. Ltd.
- Deutsche Securities Inc.
- Goldman Sachs (Japan) Co., Ltd.
- J.P. Morgan Securities Asia Pte. Co., Ltd.
- Merrill Lynch Japan Securities Co., Ltd.
- Mizuho Securities Co., Ltd.
- Morgan Stanley MUFG Securities Co., Ltd.
- Nomura Securities Co., Ltd.
Daily Creation and redemption are based on ETF's NAV calculated in early evening. Confirm non-tradable days by referring to trading calendar on our official homepage. Basket for creation is continually-updated on our official homepage.
Basically sell/buy at last price of T day's market.
The flow chart below is showing the creation/redemption process for Nikko AM ETFs. Please note that transactions cannot be processed for days on which applications are not accepted.
Creation Flow for In-kind Creation/Redemption Type ETFs
- Please secure the basket for creation ETF when making application.
- We recommend you to take measures like borrowing stocks in order to secure the basket for settlement for ETF creation.
Redemption flow for in-kind Creation/Redemption Type ETF
Investors are not guaranteed the investment principal that they commit. Investors may incur a loss and the value of their investment principal may fall below par as the result of a decline in market price or 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:
1. Price Fluctuation Risk
Stock prices fluctuate as they are affected by information on the company's growth rate and profitability as well as changes in such information. They also fluctuate as they are affected by economic and political conditions in Japan and abroad. There is a risk that the Fund will suffer material losses if unexpected changes occur in stock price movements or liquidity.
The prices of small- and mid-cap stocks and the stocks of emerging companies tend to fluctuate more than the average of the overall equity market, and may largely affect the Fund's NAV.
2. Liquidity Risk
There is a risk that the Fund will incur unexpected losses when the market size or trading volumes are small. The purchase and sale prices of securities are influenced by the trading volume, resulting in the inability of the Fund to sell certain stocks in its portfolio at prices that are expected to be realized in light of the prevailing market trend, that a security can sold as appraised, or that the transaction volume is limited regardless of the price levels. As a result, the Fund may incur unexpected losses.
In general the market size and trading volumes for the small- and mid-cap stocks and the stocks of emerging companies tend to be smaller than the average of the overall equity market and are believed to have high liquidity risk.
3. Credit Risk
There is a risk that the Fund will incur material losses in the event of a crisis that directly or indirectly affects the business of 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's NAV.
4. Security-lending Risk
Lending of securities is accompanied by counterparty risks, which are the risks of default or cancellation of lending agreements as a result of bankruptcy, etc., of the counterparties. As a result, there is a risk that the Fund will 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, the procurement cost of buying back the securities can surpass the collateral value, due to price fluctuations in the market. In such cases, the Fund is required to pay the difference, which may cause the Fund to incur losses.
Risk of Discrepancies in S&P Japan Emerging Stock 100 Index and NAV
This Fund seeks to match NAV volatility with that of the S&P Japan Emerging Stock 100 Index, however, we cannot guarantee that movements will be identical to those of the Index for the following reasons:
- The potential market impact from the trading, etc., of individual issues when portfolio adjustments are made due to changes in selected issues on the S&P Japan Emerging Stock 100 Index or capital transfers, or costs borne by the Fund such as trust fees, brokerage commission, and audit costs, etc.
- 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 price movements of all or some of such transactions and that of the S&P Japan Emerging Stock 100 Index.
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.
* The factors that contribute to fluctuations in the NAV are not limited to those listed above.
- These materials are distribution materials created by Nikko Asset Management in order to increase investors' understanding of "Listed Index Fund S&P Japan Emerging Equity 100".
- The provisions stipulated in Article 37-6 of the Financial Instruments and Exchange Act ("cooling-off period") are not applicable to Fund transactions.
- This Fund differs from deposits or insurance policies in that it is not protected by the Deposit Insurance Corporation of Japan or the Policyholders Protection Corporation of Japan. Furthermore, units purchased from registered financial institutions, such as banks, are exempted from compensation by the Japan Investor Protection Fund.
- When applying to invest in the Fund, please make the decision to invest carefully after taking the time to read the delivered pre-agreement document and other relevant materials in detail.