The Fund seeks to achieve the net asset volatility per unit of trust assets which closely correlates with the movement of the yen-converted MSCI-KOKUSAI Index by investing mainly in all or a portion of separately stipulated investment trust securities.
Net Asset Value and Performance
|NAV (per 100 shares):||¥ (As of: )||Net Assets:||
Structure of the Fund
This fund is a Fund of Funds in which Nikko AM invests in investment trust securities.
- International Developed Countries Equity Index Fund (for qualified institutional investors)
The Fund seeks to achieve investment results that correlate to the movement of the yen-converted MSCI-KOKUSAI Index by investing mainly in developed countries' equities excluding Japan (including DR (depositary receipts), country funds, etc.) and rights for stock price index futures trading.
- Money Account Mother Fund
This fund seeks to achieve stable returns through stable management by investing in public and corporate bonds.
|Fund Name||Listed Index Fund International Developed Countries Equity (MSCI-KOKUSAI)
Open-ended type/Foreign/Stocks/ETF/Index fund
|Listed Exchange||Tokyo Stock Exchange|
|Targeted Investments||The funds seeks to target investment trust securities whereby investment performance tracks the MSCI-KOKUSAI Index (in yen equivalent)|
|Date Listed||29 January 2010 (launched on 22 January 2010)|
|Exchange Trading Unit||10 units|
|Computation Period||From 21 January of each year to 20 January of the next year|
|Closing Date||20 January 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 the broker for details.|
|Amount to be Retained in Trust Assets||0.3% of NAV at the time of exchange.|
Approximately 0.27% (0.25% excluding taxes) per annum of net assets.
The breakdown of the trust fee rate is as follows: the fund's trust fee rate is no higher than 0.162% per annum (0.15% before tax) and the trust fee rate for incorporating investment trust securities targeted for investment is approximately 0.108% per annum (0.1% before tax).
|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 "MSCI-KOKUSAI 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 borrowings, 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 MSCI-KOKUSAI index, an equity index developed by MSCI Inc., is obtained by weighting the overall return on investment in equity in major countries worldwide except Japan with the ratio of market capitalization for each market.
Japan Exchange Group (JPX)
- Listed ETF Prices
To see the Listed ETF Prices, please follow this link and click "Display of stock price".
- MSCI-KOKUSAI Index Performance Data
After clicking the above link, please chose the following criteria.
Market : Emerging Markets (EM)
Currency : USD
Index Level : Price
Size : Standard
Style : Core
Please click "Search" and choose "EM (EMERGING MARKETS)" in the list.
* For enquiries regarding this fund's holdings, please contact MSCI Barra.
Japan Exchange Group publishes summaries and lists of the ETFs, as well as other valuable information on their website.
Copyright of the MSCI-KOKUSAI indexes, etc.
THIS FUND IS NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY MSCI INC. ("MSCI"), ANY OF ITS AFFILIATES, ANY OF ITS INFORMATION PROVIDERS OR ANY OTHER THIRD PARTY INVOLVED IN, OR RELATED TO, COMPILING, COMPUTING OR CREATING ANY MSCI INDEX (COLLECTIVELY, THE "MSCI PARTIES"). THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES ARE SERVICE MARK(S) OF MSCI OR ITS AFFILIATES AND HAVE BEEN LICENSED FOR USE FOR CERTAIN PURPOSES BY [LICENSEE].
NONE OF THE MSCI PARTIES MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE ISSUER OR OWNERS OF THIS FUND OR ANY OTHER PERSON OR ENTITY REGARDING THE ADVISABILITY OF INVESTING IN FUNDS GENERALLY OR IN THIS FUND PARTICULARLY OR THE ABILITY OF ANY MSCI INDEX TO TRACK CORRESPONDING STOCK MARKET PERFORMANCE. MSCI OR ITS AFFILIATES ARE THE LICENSORS OF CERTAIN TRADEMARKS, SERVICE MARKS AND TRADE NAMES AND OF THE MSCI INDEXES WHICH ARE DETERMINED, COMPOSED AND CALCULATED BY MSCI WITHOUT REGARD TO THIS FUND OR THE ISSUER OR OWNERS OF THIS FUND OR ANY OTHER PERSON OR ENTITY. NONE OF THE MSCI PARTIES HAS ANY OBLIGATION TO TAKE THE NEEDS OF THE ISSUER OR OWNERS OF THIS FUND OR ANY OTHER PERSON OR ENTITY INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE MSCI INDEXES.
NONE OF THE MSCI PARTIES IS RESPONSIBLE FOR OR HAS PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF THIS FUND TO BE ISSUED OR IN THE DETERMINATION OR CALCULATION OF THE EQUATION BY OR THE CONSIDERATION INTO WHICH THIS FUND IS REDEEMABLE. FURTHER, NONE OF THE MSCI PARTIES HAS ANY OBLIGATION OR LIABILITY TO THE ISSUER OR OWNERS OF THIS FUND OR ANY OTHER PERSON OR ENTITY IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR OFFERING OF THIS FUND.
ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE MSCI INDEXES FROM SOURCES THAT MSCI CONSIDERS RELIABLE, NONE OF THE MSCI PARTIES WARRANTS OR GUARANTEES THE ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN.
NONE OF THE MSCI PARTIES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER OF THE FUND, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN.
FURTHER, NONE OF THE MSCI PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE MSCI PARITES HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO EACH MSCI INDEX AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.
- 31 Aug 2017 — Interim Earnings Report for Fiscal Year ending Jan 2018 (21 Jan 2017 - 20 Jul 2017)
- 2 Mar 2017 — Earnings Report for Fiscal Year ended Jan 2017 (21 Jan 2016 - 20 Jan 2017)
- 2 Sep 2016 — Interim Earnings Report for Fiscal Year ending Jan 2017 (21 Jan 2016 - 20 Jul 2016)
- 4 Mar 2016 — Earnings Report for Fiscal Year ended Jan 2016 (21 Jan 2015 - 20 Jan 2016)
- 2 Sep 2015 — Interim Earnings Report for Fiscal Year ending Jan 2016 (21 Jan 2015 - 20 Jul 2015)
- 5 Mar 2015 — Earnings Report for Fiscal Year ended Jan 2015 (21 Jan 2014 - 20 Jan 2015)
- 2 Sep 2014 — Interim Earnings Report for Fiscal Year ending Jan 2015 (21 Jan 2014 - 20 Jul 2014)
- 5 Mar 2014 — Earnings Report for Fiscal Year ended Jan 2014 (21 Jan 2013 - 20 Jan 2014)
- 3 Sep 2013 — Interim Earnings Report for Fiscal Year ending Jan 2014 ((21 Jan 2013 - 20 Jul 2013)
- 6 Mar 2013 — Earnings Report for Fiscal Year ended Jan 2013 (21 Jan 2012 - 20 Jan 2013)
- 31 Aug 2012 — Interim Earnings Report for Fiscal Year ending Jan 2013 (21 Jan 2012 - 20 Jul 2012))
This Fund can be applied for as a cash creation and a cash redemption at Authorised Participants in addition to the Tokyo Stock Exchange. 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.
- Citigroup Global Markets Japan Inc.
- ABN AMRO Clearing Tokyo Co., Ltd.
- Goldman Sachs (Japan) Co., Ltd.
- Merrill Lynch Japan 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 while FX rate is TTM of one business day after the application (10am on T+1)
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 Cash Creation/Redemption Type ETFs
Redemption Flow for Cash 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 equities, rights for stock price index futures trading and short-term bonds. The NAV of the Fund may fall and investors may incur a loss for reasons such as a drop in the price of equities, rights for stock price index futures trading and short-term bonds or deterioration in the financial conditions and business performance of an issuer of the equities and short-term bonds. Losses may also be incurred due to exchange rate fluctuation when investing in assets denominated in foreign currencies.
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 rights relating to stock index futures will fluctuate due to fluctuations in the stock prices of companies used to calculate the stock price index, and the constituent stock markets of the stock price index. In addition, the prices of rights relating to stock index trading can fluctuate due to the fluctuations in other domestic and overseas stock price indices. There is a possibility of an unexpected change in the prices of rights relating to stock index futures trading in the fund if there is an unexpected fluctuation in the prices of stocks related to the stock price index and the constituent stock markets of the stock price index, which creates risk of significant losses.
Corporate and government bonds generally have a price fluctuation risk arising from changes in interest rates. Generally, their prices go down when interest rates rise, causing the NAV of the funds to fall. The degree of price fluctuation varies depending on the remaining time to maturity and the terms of issue in question.
2. Liquidity Risk
Where the market size or trading volume is small, buying and selling prices for securities may be largely affected. This results in the risk that securities cannot be traded at the expected prices, sold at the appraised prices, or that trading volume is limited regardless of prices. This creates the risk of unexpected losses.
3. 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 business of a corporation in which the Fund invests. The prices of stocks of issuers may substantially decrease (possibly to zero) due to fears of default or corporate bankruptcy, which can contribute to a decline in the Fund's NAV.
If a default has occurred or is expected to occur, for issues of public and corporate bonds or short-term financial assets, the prices of such public and corporate bonds or short-term financial assets decline (the value could even fall to zero). This results in a decline of the Fund's NAV. In addition, if default in fact occurs, there is a high possibility of being unable to collect investment funds.
4. Currency Fluctuation Risk
For foreign-currency-denominated assets, in general, if the yen is stronger than the currencies of such assets, the Fund's NAV will decline.
5. Security-lending Risk
Lending of securities is accompanied by counterparty risks, which are the risks of default or cancellation of lending agreements as result of bankruptcy, etc. by the counterparties. As a result, there is a risk that the Fund will incur unanticipated 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.
Risk of Discrepancies in yen-converted MSCI-KOKUSAI Index and NAV
This Fund seeks to ensure that its NAV has the same volatility as the yen-converted MSCI-KOKUSAI Index; however, we cannot always guarantee that the Fund will have the same volatility as the Index due to the following factors attributable to this Fund and to the investment trust securities invested in by this Fund:
- Lag in the timing of fund inflows and to the purchase of investment trust securities;
- The potential investment on selected issues other than MSCI-KOKUSAI Index, when portfolio adjustments are made due to changes in selected issues on the MSCI-KOKUSAI Index or capital transfers, potential market impact from the trading, etc. of individual issues or expenses from trust fees, brokerage commission, audit costs, etc.
- The management fee from lending securities or dividends of incorporated issues.
- When derivative transactions such as futures are conducted, discrepancies in price movements between such transaction and part or all of the constituent issues of the MSCI-KOKUSAI Index.
Discrepancies between the market prices at which bonds are traded on the exchange and the NAV
This Fund is listed on and will be publicly traded on the Tokyo Stock Exchange; however, the market price of the units will depend mainly on the demand for the Fund, its investment performance, and how attractive it is to investors in comparison to alternative investments, etc. We cannot predict whether this fund will be treated at a market value below or above its NAV.
*The prices of securities targeted for investment of this Fund will fluctuate due to 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 sales promotional material produced by Nikko AM is primarily intended to provide information on the Listed Index Fund International Developed Countries Equity (MSCI-KOKUSAI). It has also been prepared to deepen the understanding of investors about 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 for this Fund, investors should fully read documents handed over prior to the conclusion of contracts.