The Fund invests primarily in Real Estate Investment Trust (REIT) securities through investment in the mother fund, and structures its portfolio in accordance with the calculation method of the Tokyo Stock Exchange REIT Index, and aims to closely link the NAV of the fund with the movement of the Index.

Key information
Name: Listed Index Fund J-REIT (Tokyo Stock Exchange REIT Index) Bi-Monthly Dividend Payment Type (Mini)

ProspectusProspectus

Code: 2552

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


Structure of the Fund

Listed Index 		Fund J-REIT (Tokyo Stock Exchange REIT Index) Bi-Monthly Dividend Payment Type (Mini)

*The benchmark of the Fund is the TSE REIT Index, and the benchmark for the main investment target "Index Mother Fund J-REIT" is the TSE REIT Index (including dividends).
The movement of the benchmarks of the two funds differ depending on the presence or absence of dividends.

Fund Name Listed Index Fund J-REIT (Tokyo Stock Exchange REIT Index) Bi-Monthly Dividend Payment Type (Mini)
Open-end Investment Trust/Domestic/REITs/ETF/Index type
Listed Exchange Tokyo Stock Exchange
Issue Code 2552
Targeted Investments This fund aims to achieve investment result that is linked to the movement of the Tokyo Stock Exchange REIT Index.
Date Listed June 4, 2019
Exchange Trading Unit 1 units
Trust period Unlimited (launch date: June 3, 2019)
Computation Period Annually, 9 Feb - 8 Apr, 9 Apr - 8 Jun, 9 Jun - 8 Aug, 9 Aug - 8 Oct, 9 Oct - 8 Dec, 9 Dec - 8 Feb of following year.
Closing Date On the 8th of February, April, June, August, October and December of each year.
*The first closing will be August 8, 2019.
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.

Overview of Fees & Expenses

Trading Fee Stipulated by the broker. Please contact your broker for details.
Amount to be Retained in Trust Assets None.
Investment Management Expenses
(Trust fee)

No more than 0.2646%*(0.245% excluding taxes) per annum of the daily total NAV of the fund.

*0.2695% when the consumption tax increases to 10%
*Additionally, there are costs related to the management of the REITs , which is the main investment target of the Index Mother Fund J-REIT, in which the fund invests, and as the target REIT issues are not fixed, the rate or maximum amount cannot be shown.

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 0.245%, 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
0.245% 0.205% 0.04%
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
Expenses(Expenses for preparation of prospectuses and other expenses)

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

1. Expenses related to the preparation and distribution of such prospectus, 2. Expenses related to the total management and operations associated with this, 3. Expenses related to the creation of the Financial Results (Including commission costs when outsourcing tasks 1 to 3), 4. Audit costs, 5. Expenses related to fund listing. 6. The license fee related to the “TSE REIT Index”, will be paid from the trust assets at a time determined 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, lending fee (in case security lending is conducted, the amount obtained by multiplying a lending fee on securities lent by a figure which is profit for Trust Assets, not exceeding 0.54* (0.5 excluding taxes) (0.5 excluding taxes as of the date of the filing of the securities registration statement) and other fees are paid out of the trust assets each time they are incurred. These fees are incorporated in the TER stated.

*0.55 when the consumption tax increases to 10%
*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.

Investment Restrictions

  • There is no restriction on the investment ratio in stocks.
  • The actual investment ratio in foreign currency denominated assets shall be 10% or less of the total net assets.

Trustee Companies

  • Sumitomo Mitsui Trust Bank, Limited

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 March 31, 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 to avoid being affected by non-market factors such as capital increase, new listings and delistings, etc., to ensure Index continuity.

What is Tokyo Stock Exchange REIT 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".

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 Tokyo Stock Exchange REIT Index Value and the Tokyo Stock Exchange REIT Index Marks are subject to the proprietary rights owned by Tokyo Stock Exchange, Inc., and Tokyo Stock Exchange, Inc. owns all rights and know-how relating to the Tokyo Stock Exchange REIT Index such as calculation, publication and use of the Tokyo Stock Exchange REIT Index Value and all rights relating to the Tokyo Stock Exchange REIT Index Marks.
Tokyo Stock Exchange, Inc. shall reserve the right to change the methods of calculation or publication, to cease the calculation or publication of the Tokyo Stock Exchange REIT Index Value or to change the Tokyo Stock Exchange REIT Index Marks or cease the use thereof.
Tokyo Stock Exchange, Inc. makes no warranty or representation whatsoever, either as to the results stemmed from the use of the Tokyo Stock Exchange REIT Index Value and the Tokyo Stock Exchange REIT Index Marks or as to the figure at which the Tokyo Stock Exchange REIT Index Value stands on any particular day.
Tokyo Stock Exchange, Inc. gives no assurance regarding accuracy or completeness of the Tokyo Stock Exchange REIT Index Value and data contained therein. Furthermore, Tokyo Stock Exchange, Inc. shall not be liable or responsible for the miscalculation, incorrect publication, or delayed or interrupted calculation or publication of the Tokyo Stock Exchange REIT Index Value.
No Licensed Product is in any way sponsored, endorsed or promoted by Tokyo Stock Exchange, Inc.
Tokyo Stock Exchange, Inc. shall not bear any obligation to give an explanation of the Licensed Product or advice on investments to any purchaser of the Licensed Product or to the public.
Tokyo Stock Exchange, Inc. shall not take into account any needs of the issuing company or any purchaser of the Licensed Product when it selects component REITs or groups thereof or calculates the Tokyo Stock Exchange REIT Index Value.
Including but not limited to the foregoing, Tokyo Stock Exchange, Inc. shall not be liable or responsible for any damage or loss resulting from the issue, sale, or promotion of the Licensed Product.

Daily Fund Data (CSV)

Portfolio data (XLS)

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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:

For additional subscription and partial redemption applications, the fund can accept up to 3 billion yen per day.If the amount reaches the upper limit, applications for additional subscription and partial redemption cannot be accepted.Please contact authorized participant for additional subscription and partial redemption.

Authorized Participants

  • ABN AMRO Clearing Tokyo Co., Ltd.
  • BNP Paribas Securities (Japan) Limited
  • JPMorgan Securities Japan Co., Ltd.
  • Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
  • Nomura Securities Co., Ltd.
  • SMBC Nikko Securities Inc.

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 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 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 . In addition, in the case of investment in foreign currency assets, it may suffer a loss due to fluctuations in exchange rates.

Major risks are as follows:

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.

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.

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 Fund will incur material losses.

Currency Fluctuation Risk

In a situation where foreign currency depreciates against the currency of the asset, it will have adverse effect on the price of foreign denominated asset, which can cause a decline in NAV.

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.
  • The timing and amount of payment for the distribution of the Fund will not be completely the same as the distribution from the underlying stocks.
  • 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 NAV and the market prices on financial exchange.

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 factors that contribute to fluctuations in the NAV are not limited to those listed above.

Additional Considerations

  • The provisions stipulated in Article 37-6 of the Financial Instruments and Exchange Act (the “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.

Risk Management System

  • The departments in charge of risk management and compliance, which are independent from fund management departments, evaluate and analyze risks and performance, risk management, and monitor the status of legal compliance.
  • To maintain an appropriate management system, the departments in charge of risk management and compliance 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 2019, and may be subject to change in the future.