The fund seeks to achieve a NAV that closely correlates with the movement of the JPX/S&P CAPEX & Human Capital Index by investing in shares of the component stocks of the JPX/S&P CAPEX & Human Capital Index, and maintaining, in principle, a portfolio constructed consistent with the calculation method of the JPX/S&P CAPEX & Human Capital Index.

Key information
Name: Listed Index Fund Japanese
Economy Contributor Stocks

Overview of the Delivery ProspectusOverview of the Delivery Prospectus

Earnings ReportEarnings Report

Code: 1481

Net Asset Value and Performance

NAV (per 10 shares): ¥{{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 - Since Listing on 25 May 2016

Net Asset Value (per Shares) (excluding dividend payment) (¥)
JPX/S&P CAPEX & Human Capital Index

  • NAV value is listed after deducting trust fees.
  • The benchmark in the graph is set in accordance with the NAV as of the graph’s starting point.
  • Details of copyright are disclosed at the copyright section.
  • The performance, data, etc., noted above are based on past information and neither guarantee nor promise future performance.
Fund Name Listed Index Fund Japanese Economy Contributor Stocks
Open-end/Domestic/Equities/ETF/Index type
Listed Exchange Tokyo Stock Exchange
Issue Code 1481
Targeted Investments This fund aims to achieve investment returns that link with the movement of the JPX/S&P CAPEX & Human Capital Index.
Date Listed May 25, 2016 (scheduled)
Exchange Trading Unit 1 unit
Trust period Unlimited (Launch date: May 24, 2016)
Computation Period From 9 January to 8 April, 9 April to 8 July, 9 July to 8 October of each year, and from 9 October to 8 January of the following year
Closing Date 8th of January and July (every year)
Dividends 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.

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)

(Total Expense Ratio)

0.2651% (TER includes Trust Fee, management fee and other costs below)
※ This represents the actual TER for the period of January 10, 2023 - January 5, 2024.

Costs paid indirectly by the customer for the trust assets (paid from 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.

Main Investment Restrictions

  • There is no restriction as to the investment ratio in stocks.
  • There is no restriction on the investment ratio for assets denominated in foreign currencies.

Trustee Companies

  • The Sumitomo Mitsui Trust Bank, Limited

JPX/S&P CAPEX & Human Capital Index is an index underlying the stocks of firms who proactively making investment in physical and human capital. Within its universe of TOPIX, investment names are selected by liquidity, credit, and market valuation stability screening and by evaluation of capital investment growth, increased profitability by capital investment, and human resource circumstances and its profitability. Indexation setting September 16, 2005 as 1,000 points.

Further Information

Japan Exchange Group (JPX)

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

S&P Global

Standard & Poor's

*Link to external sites.

Copyrights and Other Rights of JPX/S&P CAPEX & Human Capital Index

The “JPX/S&P CAPEX & Human Capital Index" (hereinafter, “the Index”) is a product of S&P Dow Jones Indices LLC (hereinafter, “SPDJI”), Japan Exchange Group Inc. (hereinafter, “JPX”), and JPX Market Innovation & Research, Inc. (hereinafter, “JPX soken”), and has been licensed for use by Nikko Asset Management Co., Ltd. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (hereinafter, “S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (hereinafter, “Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Nikko Asset Management Co., Ltd. JPX® is a trademark of JPX and has been licensed for use by SPDJI and sublicensed for certain purposes by Nikko Asset Management Co., Ltd. The TOPIX Index Value and the TOPIX mark or trademark are intellectual property of JPX soken, and JPX soken owns all rights and know-how relating to the TOPIX such as calculation, publication and use of the TOPIX Index Value, as well as all rights concerning the TOPIX marks and trademarks. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, JPX or JPX soken, none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Index.

Daily Fund Data (CSV)

Portfolio data (XLS)

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Authorized Participants

  • SMBC Nikko Securities Inc.
  • ABN AMRO Clearing Tokyo Co., Ltd.
  • BNP Paribas Securities Japan Ltd.
  • Citigroup Global Markets Japan Inc.
  • 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

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 underlying asset 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 Cash Creation/Redemption Type ETFs

Cash Creation/Redemption Type ETF

Redemption flow for in-kind Creation/Redemption Type ETF

Redemption flow for cash 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 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.

Risks of Discrepancy between the JPX/S&P CAPEX & Human Capital Index and the NAV

The Fund seeks to match the NAV volatility with that of the JPX/S&P CAPEX & Human Capital Index, 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 JPX/S&P CAPEX & Human Capital Index 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 JPX/S&P CAPEX & Human Capital Index.

Discrepancy between the market prices at which stocks are traded on 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.
* Factors that contribute to NAV fluctuations are not limited to those listed above.

Additional Considerations

  • The provision stipulated in Article 37-6 of the Financial Instruments and Exchange Act ("cooling-off period") is 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 the Fund faces big redemption causing short term cash requirement or sudden change in the main trading market condition, there can be temporal decline in the liquidity of holding assets, resulting in the risks that Fund unable to trade securities at the expected market prices or appraised prices, or encounters limitation in trading volume. This may result in the negative influence on NAV, suspension of redemption applications, or delay in making payment of redemption.

Risk Management System

  • The departments in charge of risk management and compliance perform the evaluation and analysis of risks and performance, risk management, and monitoring of the status of compliance with laws, and are independent from fund management departments.
  • To maintain an appropriate management system, the departments in charge of risk management and compliance will report and make proposals to the committees associated with risk management and compliance, and instruct fund management departments to take corrective actions as necessary.
    * The system described above is as of the end of February 2016, and may be subject to change in the future.