This Fund seeks to achieve net worth per unit which closely correlates with the movement of the yen-converted S&P 500 Index by mainly investing in some or all of the separately specified investment trust securities.

Key information
Name: Listed Index Fund US Equity (S&P500)

ProspectusProspectus

Earnings ReportEarnings Report

Code: 1547

Net Asset Value and Performance

NAV (per 100 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

Net Asset Value (per Shares) (excluding dividend payment) (¥)
S&P 500 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.
  • Trademarks and all other intellectual property for all labels containing "S&P 500 Index" are the sole property of STANDARD & POOR'S.
  • The performance, data, etc., noted above are based on past information and neither guarantee nor promise future performance.

Structure of the Fund

This Fund of Funds invests on the securities held for investment trust.

  • Index Fund US Equity (for Institutional Investors)
    The Fund seeks to achieve investment results that correlate to the movement of the yen converted S&P500 Index by investing mainly in “US Equity Index Mother Fund”.
  • Money Account Mother Fund
    The Fund aims to ensure stable returns by investing in public and corporate bonds.

Listed Index Fund US Equity (S&P500)

Fund Name Listed Index Fund US Equity (S&P500)
Open-end/Overseas/Equities/ETF/Index type
Listed Exchange Tokyo Stock Exchange
Issue Code 1547
Targeted Investments This fund invests in investment trust securities that aim to match fluctuation in the JPY-converted S&P500 Index
Date Listed 29 October 2010 (launched on 22 October 2010)
Exchange Trading Unit 10 units
Trust period Unlimited
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.

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.
Redemption 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 An amount calculated by multiplying NAV at the time of a redemption by 0.3% (per unit)

■Costs paid indirectly by the customer for the trust assets (paid from the fund)

TER(Total Expense Ratio) 0.2546% (TER includes Trust Fee, management fee and other costs below)
※This represents the actual TER for the period of January 21, 2018 -January 20, 2019
Investment Management Expenses
(Trust fee)
Listed Index Fund US Equity (S&P500)

No more than 0.0648%*(0.06% excluding taxes) per annum of the daily total NAV of the Fund
*0.066% when the consumption tax increases to 10%.

*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 0.06% 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
0.06% 0.03% 0.03%
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.

Investment Management Expenses
(Trust fee)
Target Investment Trust

Approximately 0.0972% *(0.09% excluding tax) per annum of the total NAV
*0.099% when the consumption tax increases to 10%.

Investment Management Expenses
(Trust fee)
Expenses borne by the investors

Approximately 0.162%*(0.15% excluding taxes) per annum of the total NAV
*0.165% when the consumption tax increases to 10%.

*The actual annual rate of trust fees paid by beneficiaries varies depending on the percentage of target investment trust securities, changes to such investment trust securities and other factors.

Other Expenses and Fees
Expenses
(Expenses for preparation of prospectuses and other expenses)

No more than 0.1% per annum of the daily total NAV of the Fund

Expenses for preparation and distribution of prospectuses, auditing fee, expenses for listing of the Fund, as well as royalties for the S&P 500 are paid out of the trust assets at the times specified by the Management Company.

*Auditing fee is an expense paid to audit firm for auditing of the Fund.

Other Expenses and Fees
Brokerage commissions and other fees

Brokerage commissions on securities in the portfolio, interest on advances, and other fees are paid out of the trust assets each time they are incurred. These fees are incorporated in the TER stated.

*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

  • This Fund will not invest in any securities other than commercial paper and designated money trusts, such as investment trust securities and investment corporate bonds.
  • There are no restrictions on the ratio of investment in foreign currency-denominated assets.

Trustee Companies

  • The Sumitomo Mitsui Trust Bank, Limited

The S&P 500 Index is an equity index developed by Standard & Poor's Financial Services LLC and calculated by determining the weighted average after subsequent flotation adjustment by market capitalization ratio of 500 leading listed stocks on the New York Stock Exchange (NYSE Arca, NYSE Amex) and NASDAQ, then assigning index values accordingly.

What is S&P 500 Index?

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".

Standard & Poor's

  • S&P 500 Index
  • Fact Sheet, Methodology, Directory (In the left menu)
  • Constituents
    Downloading Index Data. (Free registration is required)
    1. Click on "+ Download Index Data"
    2. You will be asked for your email address and password. New users should click "register here" and enter their details to register.
    3. Click "Index Constituents" to open or save data as in Excel format.

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 "S&P 500 Index"

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 500 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 MANAGEMNT CO., LTD. IS THE LICENSING OF CERTAIN TRADEMARKS AND TRADE NAMES AND OF THE S&P 500 INDEX WHICH IS DETERMINED, COMPOSED AND CALCULATED BY S&P WITHOUT REGARD TO NIKKO ASSET MANAGEMNT CO., LTD. OR THE FUND. S&P HAS NO OBLIGATION TO TAKE THE NEEDS OF NIKKO ASSET MANAGEMNT CO., LTD. OR THE OWNERS OF THE FUND INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE S&P 500 INDEX. 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 500 INDEX 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 MANAGEMNT CO., LTD., OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500 INDEX 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 500 INDEX 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 500 INDEX OR ANY DATA INCLUDED THEREIN, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

Daily Fund Data (CSV)

Portfolio data (XLS)

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

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:

Authorized Participants

  • SMBC Nikko Securities Inc.
  • Citigroup Global Markets Japan Inc.
  • ABN AMRO Clearing Tokyo Co., Ltd.
  • BNP Paribas Securities (Japan) Limited
  • Merrill Lynch Japan Securities Co., Ltd.
  • Mitsubishi UFJ Morgan Stanley 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 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

Cash Creation/Redemption Type ETFs

Redemption 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.

This Fund will invest mainly in stocks, therefore, due to the effects of falls in the prices of stocks or worsening financial standing or business results of the organizations that issue stocks, it is possible that the NAV will fall and the Fund may incur losses.
Losses may also be incurred due to exchange rate fluctuation when investing in assets denominated in foreign currencies.

Major risks of the investment trust securities targeted for investment are as follows:

1. Price Fluctuation Risk
Stock prices fluctuate due to the changes in the information of the company's growth and profitability, and any 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 may incur material losses if unexpected changes occur in stock price movements or liquidity.

Public and corporate bonds contain a risk of price fluctuation due to interest rate fluctuation. In general, when interest rates rise, bond prices decline, resulting in a decline in the fund's NAV. However, the range of price fluctuation varies by bond depending on duration and issuance conditions of coupon rate and others.

2. Liquidity Risk
There is a risk that the Fund will incur unexpected losses when the market size or trading volumes is 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.

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's NAV.

In cases where default has occurred or is expected to occur, for issuers of public and corporate bonds or money market instruments, the prices of such corporate bonds or money market instruments decline (the value could even fall to zero). This results in a decline in the Fund's NAV. Also, 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.

Major discrepancy factors for yen-converted S&P 500 Index and NAV

Whereas the Fund seeks to match the NAV volatility with that of the yen-converted S&P 500 Index, it does not guarantee movements that are identical to those of the Index for the following reasons:

  • The lag in the timing from fund inflow to the purchase of investment trust certificates.
  • The potential investment in selected issues other than S&P 500 Index, potential market impact from the trading, etc., of individual issues or expenses from trust fees when portfolio adjustments are made due to changes in selected issues on the S&P 500 Index or capital transfers, costs borne by the Fund such as brokerage commission, audit costs, etc.
  • The management fee from securities or dividends loan of incorporated issues.
  • 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 500 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 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.
*Since the prices of the investment trust securities targeted by the Fund fluctuate due to the impact of these factors, the Fund itself is subject to the same risks.
*The factors that contribute to fluctuations in the NAV are not limited to those listed above.

Additional Considerations

  • This document is meant as promotional material whose purpose is for Nikko Asset Management to provide information about its "Listed Index Fund US Equity (S&P 500)" and for investors to gain further understanding about the 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.