This Fund invests in stocks that comprise the Nikkei Stock Average (Nikkei 225) 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.

Key information
Name: Listed Index Fund 225

ProspectusProspectus (summarized)
ProspectusProspectus (full version)

Monthly ReportMonthly Report
Earnings ReportEarnings Report

Code: 1330

Net Asset Value and Performance

NAV (per 1 share): ¥{{numberFormat net_per_unit}}   (As of: {{dateFormat distribution_date 'Y-m-d'}}) Net Assets: {{numberFormat (M:floor total_net_assets)}} million
Day change: ¥{{numberFormat change_from_previous}} Issued: {{numberFormat unit_of_beneficial_interest}} shares

Performance Chart

Net Asset Value (per Shares) (excluding dividend payment) (¥)
Nikkei Stock Average

  • NAV value is listed after deducting trust fees.
  • Trademarks and all other intellectual property for all labels containing "Nikkei Stock Average" are the sole property of Nikkei.
  • The performance, data, etc., noted above are based on past information and neither guarantee nor promise future performance.
Transactions for: {{dateFormat sr_date 'Y-m-d'}}
{{#each sr}}
{{numberFormat value}}

Fund Name Listed Index Fund 225
Open-end/Domestic/Equities/ETF/Index type
Listed Exchange Tokyo Stock Exchange
Issue Code 1330
Targeted Investments This fund mainly invests in stock issues adopted for the Nikkei Stock Average.
Date Listed 10 July 2001 (launched on 9 July 2001)
Exchange Trading Unit 10 units
Trust period Unlimited
Computation Period From 9 July of each year to 8 July of the next 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

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 of clerical processing of the subscription.
Exchange 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 (Total Expense Ratio) 0.2900%(TER includes Trust Fee, management fee and other costs below)
※This represents the actual TER for the period of July 9, 2018-July 8, 2019
Investment Management Expenses(Trust fee)

No more than 0.308%(0.28% 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)

When above is 0.225%, as of the date of filing of the securities registration statement:

Investment Management Expenses(Trust fee)
=NAV of investment period X Trust fee rate
Total Management Company Trustee
0.225% 0.155% 0.070%
Management Company Compensation for investment management
Trustee Compensation for administration of assets under management and execution of orders from Management Company
*Figures are excluding tax. Consumption tax will be added.
Other Expenses and Fees

Auditing fees, brokerage commissions on securities in the portfolio, interest on advances, fees related to the listing of the fund, trademark usage fees for “Nikkei 225”. These fees are incorporated in the TER stated.

*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 in advance as they fluctuate in line with investment performance and other factors.

■Securities lending

Lending Fee

Nikko Asset Management runs a securities lending program to enhance the net return of the fund for investors. Nikko Asset management receives the amount obtained by multiplying a lending fee on securities lent by a figure not exceeding 55%(50% excluding taxes) as of the date of the filling of the securities registration statement) to cover all the operational costs of engaging in this activity for the fund.

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

  • 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.

Trustee Companies

  • Mitsubishi UFJ Trust and Banking Corporation

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 First Section of the Tokyo Stock Exchange. The Nikkei 225 is a Dow-style adjusted price-weighted average, and the divisor is adjusted as required to maintain continuity.

What is Nikkei 225?

Further Information

Japan Exchange Group (JPX)

  • Listed ETF Prices

    To see the Listed ETF Prices, please follow this link and click "Display of stock price".

Nikkei Inc.

The current calculation method was first adopted in 1950, and the Index is calculated retroactive to 1949. The Nikkei Stock Average has the longest history among stock indices in Japan, and is well known by investors and others concerned with the stock market in Japan and around the world. The 225 components are reviewed annually based on market liquidity and sector balance criteria. In addition, they are reviewed in response to mergers or delisting of component issues.

Japan Exchange Group publishes summaries and lists of the ETFs, as well as other valuable information on their website.

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.

Daily Fund Data (CSV)

Portfolio data (XLS)

  • {{#tag 'a' href=url download=filename}} {{#if @first}}Latest Portfolio{{else}}{{filenameToDate filename}}{{/if}} {{/tag}}

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:

Authorized Participants

  • SMBC Nikko Securities Inc.
  • Citigroup Global Markets Japan Inc.
  • ABN AMRO Clearing Tokyo Co., Ltd.
  • BNP Paribas Securities (Japan) Limited
  • BofA Securities Japan Co., Ltd.
  • Credit Suisse Securities (Japan) Limited
  • Daiwa Securities Co. Ltd.
  • Goldman Sachs (Japan) Co., Ltd.
  • JPMorgan Securities Japan Co., Ltd.
  • Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
  • Mizuho Securities Co., Ltd.
  • Morgan Stanley MUFG Securities Co., Ltd.
  • Nomura Securities Co., Ltd.
  • Societe Generale Securities Japan Limited
  • Tokai Tokyo Securities Co.,Ltd.
  • UBS Securities Japan 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(Using obligation assumption service by JSCC)

Creation Flow for In-kind Creation/Redemption Type ETFs(Using obligation assumption service by JSCC)

Creation Flow for In-kind Creation/Redemption Type ETFs(Not using obligation assumption service by JSCC)

Creation Flow for In-kind Creation/Redemption Type ETFs(Not using obligation assumption service by JSCC)

Essential Considerations

  • 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(Using obligation assumption service by JSCC)

Redemption flow for in-kind Creation/Redemption Type ETF(Using obligation assumption service by JSCC)

Redemption flow for in-kind Creation/Redemption Type ETF(Not using obligation assumption service by JSCC)

Redemption flow for in-kind Creation/Redemption Type ETF(Not using obligation assumption service by JSCC)

As of: {{dateFormat date 'Y-m-d'}}
  Code Issue Name % Net Asset
{{add @index 1}} {{code}} {{issue_name}} {{net_asset_percentage}}
As of: {{dateFormat record_date 'Y-m-d'}}
Balance of Stock Lending (A) {{numberFormat (M:round lending_amount)}}
Received Collateral (B) {{numberFormat (M:round secured_call_amount)}}
% Collateralisation (B) / (A) {{numberFormat (M:round collateralisation)}}

* Balance of stock lending is the amount of each lent stock on the day of calculation multiplied by the market value of two business days earlier.

  • Acceptable Collateral: JPY Cash
% of AUM on Loan {{numberFormat aum_loan_percentage}}

* Total percentage of market value of lent stock multiplied by balance of net assets.

The lending fee spilt between fund (50%), Management Co. (25%) and Trustee (25%).

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 or liquidity.

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

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 decline (possibly to zero) due to fears of default or corporate bankruptcy, which can contribute to decline in the Fund NAV.

4. 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, 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 Discrepancy between the Nikkei 225 and NAV>

The Fund seeks to match the NAV volatility with that of the Nikkei 225, but it cannot guarantee that movements 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 to changes 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 price movements of such transactions 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.
* The factors that contribute to fluctuations in the NAV are not limited to those listed above.

Additional Considerations

  • These materials are distribution materials created by Nikko Asset Management in order to increase investors' understanding of "Listed Index Fund 225".
  • 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.