This Fund invests in Real Estate Investment Trust (REIT) securities, adopted for the calculation of the Tokyo Stock Exchange REIT Index structures its portfolio in accordance with the calculation method of the Tokyo Stock Exchange REIT Index, and in principle by maintaining such portfolio aims to keep the NAV of the fund closely linked with the movement of the Index.
Net Asset Value and Performance
|NAV (per 100 shares):||¥ (As of: )||Net Assets:||
This fund is a fund of funds investing in investment trust securities.
|Fund Name||Listed Index Fund J-REIT, Tokyo Stock Exchange REIT Index, Bi-Monthly Dividend Payment Type
Open-ended type/Domestic/REITs/ETF/Index fund
|Listed Exchange||Tokyo Stock Exchange|
|Targeted Investments||Securities of real estate investment trust which are employed for the calculation of Tokyo Stock Exchange REIT Index|
|Date Listed||21 October 2008 (launched on 20 October 2008)|
|Exchange Trading Unit||100 units|
|Computation Period||Annually, 9 Jan - 8 Mar, 9 Mar - 8 May, 9 May - 8 Jul, 9 Jul - 8 Sep, 9 Sep - 8 Nov, and 9 Nov - 8 Jan of following year.|
|Closing Date||Annually, on the 8th day of odd-numbered month|
|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 the broker for details.|
|Amount to be Retained in Trust Assets||None.|
No more than 0.324% (0.3% excluding taxes) per annum of the daily total NAV of the fund.*Additionally, there are costs related to the management of the REITs in which the fund invests, and as the target REIT issues are not fixed, the rate or maximum amount cannot be shown.
|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 TSE REIT 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 Tokyo Stock Exchange (TSE) Real Estate Investment Trust (REIT) Index is a weighted aggregate market price type index for all Real Estate Investment Trusts (J-REIT) listed on the Tokyo Stock Exchange. The Index is calculated, with the base date set as 31 March 2003 (closing price). It assumes the aggregate market price on that day to be 1,000, by creating an Index for aggregate market price after the above base date.
If and when necessary, the aggregate market price is modified in order to avoid being affected by factors other than market conditions, such as capital increase, new listings and delistings, etc., so that the continuity of the Index is maintained.
Japan Exchange Group (JPX)
- Listed ETF Prices
To see the Listed ETF Prices, please follow this link and click "Display of stock price".
Japan Exchange Group publishes summaries and lists of the ETFs, as well as other valuable information on their website.
Copyright of the Tokyo Stock Exchange REIT Index
The TSE REIT Index Value and the TSE REIT Index trademarks are intellectual property rights owned by the Tokyo Stock Exchange Group, Inc. All rights relating to the TSE REIT Index, including calculation, publication and use of the TSE REIT Index Value as well as those relating to the TSE REIT Index trademarks belong to the Tokyo Stock Exchange Group, Inc.
The Tokyo Stock Exchange Group, Inc. reserves the rights to change the methods of calculation or publication, to cease the calculation or publication of the TSE REIT Index Value or to change the TSE REIT Index trademarks or cease the use thereof.
The Tokyo Stock Exchange Group, Inc. makes no warranty or representation as to the results derived from the use of the TSE REIT Index.
The Tokyo Stock Exchange Group, Inc. does not guarantee the accuracy or completeness of the TSE REIT Index Value and data contained therein. Further, the Tokyo Stock Exchange Group, Inc. shall not be liable for the miscalculation, incorrect publication, delayed or interrupted publication of the TSE REIT Index Value.
There is a possibility that the net asset value of this Fund may substantially deviate from the TSE REIT Index although the investment objective of this Fund is to seek investment results that generally correspond to the TSE REIT Index Value.
This Fund is not in any way sponsored, endorsed or promoted by the Tokyo Stock Exchange Group, Inc.
The Tokyo Stock Exchange Group, Inc. does not bear any obligation to give an explanation of this Fund or advice on investments to any purchaser of this Fund or to the public.
Including but not limited to the foregoing, the Tokyo Stock Exchange Group, Inc. shall not be responsible for any damage resulting from the issue and sale of this Fund.
- 21 Feb 2017 — Earnings Report for Fiscal Year ended Jan 2017 (9 Jul 2016 - 8 Jan 2017)
- 19 Aug 2016 — Earnings Report for Fiscal Year ended Jul 2016 (9 Jan 2016 - 8 Jul 2016)
- 19 Feb 2016 — Earnings Report for Fiscal Year ended Jan 2016 (9 Jul 2015 - 8 Jan 2016)
- 21 Aug 2015 — Earnings Report for Fiscal Year ended Jul 2015 (9 Jan 2015 - 8 Jul 2015)
- 20 Feb 2015 — Earnings Report for Fiscal Year ended Jan 2015 (9 Jul 2014 - 8 Jan 2015)
- 21 Aug 2014 — Earnings Report for Fiscal Year ended Jul 2014 (9 Jan 2014 - 8 Jul 2014)
- 20 Feb 2014 — Earnings Report for Fiscal Year ended Jan 2014 (9 Jul 2013 - 8 Jan 2014)
- 21 Aug 2013 — Earnings Report for Fiscal Year ended Jul 2013 (9 Jan 2013 - 8 Jul 2013)
- 21 Feb 2013 — Earnings Report for Fiscal Year ended Jan 2013 (9 Jul 2012 - 8 Jan 2013)
- 15 Aug 2012 — Earnings Report for Fiscal Year ended Jul 2012 (9 Jan 2012 - 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.
- 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.
- Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.v
- Morgan Stanley MUFG Securities Co., Ltd.v
- 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 ETFs
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 REITs. 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
Income and profits from the sale of real estate and real estate securitized products form the source of earnings for REITs, and REIT prices can fluctuate due to various factors including the circumstances surrounding the real estate, real estate market conditions, trends in long- and short-term interest rates and changes in the macroeconomic environment. Aging and changes in property conditions as well as the loss of or damage to properties from fire or natural disasters can also affect the price. Deterioration in dividends, financial conditions, earnings, and the market environment can cause a decline in the price of the REIT and a loss in the fund.
2. Liquidity Risk
In a situation where the market or trading volume is small, the price at which a security can be purchased or sold can be greatly influenced by the size of the transaction, giving rise to the risk that a transaction cannot be completed at the price expected from the market conditions, that a security cannot be sold as appraised, or that the transaction volume is limited regardless of the price level. This could lead to an unexpected loss.
3. Credit Risk
If Real Estate Investment Trusts become or are anticipated to become insolvent or to enter a state of holding excessive debt, there is a risk that the Fun will incur material losses.
4. Risk Contingent to the Lending of Real Estate Investment Trust Securities
The engaging in security lending incurs counterparty risk (the risk that the lending agreement is not honored or the agreement is canceled due to reasons including a counterparty's bankruptcy) and could cause an unexpected loss as a result. Even when liquidating the position by offsetting it with the collateral upon the default of the lending agreement or cancelation of the agreement, there is the possibility that the acquisition cost of the security from the market may exceed the value of the collateral due to market price fluctuations. In such a case, the fund would need to make up for the price difference, and therefore incur a loss.
Risk of Discrepancies between TSE REIT Index and NAV
This Fund seeks to match with NAV volatility with that of the TSE REIT 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 the selected issues on the TSE REIT Index or capital transfers, or the 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 TSE REIT Index.
Discrepancy between the market prices at which stocks are traded on financial instruments exchange and the NAV
This Fund is listed on and will be publicly traded on the Tokyo Stock Exchange; however, the market price of units will depend mainly on the Fund's demand, its investment performance, and how attractive it is to investors in comparison to alternative investments, etc. We cannot predict whether the units of this Fund will be traded at the market value, below the NAV or above the NAV
*The prices of REIT securities targeted for investment of this Fund will fluctuate due to the effects of the aforementioned risks. Therefore, please note that this Fund itself has these risks as well.
*The factors that contribute to fluctuations in the NAV are not limited to those listed above.
- This document is prepared by Nikko Asset Management Co., Ltd. as sales material for the purpose of providing information on Listed Index Fund J-REIT (Tokyo Stock Exchange REIT Index) Bi-Monthly Dividend Payment Type and promoting investor understanding of this Fund.
- 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.