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Notice regarding consolidation of ETFs under the NEXT FUNDS brand, and amendments to management fees of some ETFs

May 29, 2020 marked the 25th anniversary of Nomura Asset Management's pioneering launch of the first ETF in Japan, the Nikkei 300 Index Exchange Traded Fund.
We will take this opportunity to integrate all of our ETF product range within the "NEXT FUNDS" brand identity by renaming some of our funds. We will also make further amendments to the management fees of some ETFs in the range.
Nomura Asset Management is committed to the objective of contributing to asset formation by investors through improvements in convenience, accessibility and active promotion of ETF products.

  1. 1.Integration of ETFs under NEXT FUNDS brand (effective from September 30, 2020)
    CodeName (new)Name (old)
    1306NEXT FUNDS TOPIX Exchange Traded FundTOPIX Exchange Traded Fund
    1311NEXT FUNDS TOPIX Core 30 Exchange Traded FundTOPIX Core 30 Exchange Traded Fund
    1312NEXT FUNDS Russell/Nomura Small Cap Core Index Exchange Traded FundRussell/Nomura Small Cap Core Index Linked Exchange Traded Fund
    1319NEXT FUNDS Nikkei 300 Index Exchange Traded FundNikkei 300 Index Exchange Traded Fund
    1321NEXT FUNDS Nikkei 225 Exchange Traded FundNikkei 225 Exchange Traded Fund
    1328NEXT FUNDS Gold Price Exchange Traded FundGold-Price-Linked Exchange Traded Fund
    1615NEXT FUNDS TOPIX Banks Exchange Traded FundTOPIX Banks Exchange Traded Fund
  2. 2.Amendments to management fees (effective from September 30, 2020)
    1. (1)Amendments to terms and conditions of the trust deed

      TOPIX Core 30 Exchange Traded Fund (Code: 1311)

      Prior to the amendment0.242% annually (0.22%, exclusive of taxes, annually)
      After the amendmentThe sum of the following two items:
      (i) 0.209% annually (0.19%, exclusive of taxes, annually), (ii) part of revenue from stock lending of trust assets to be attributed to management fees.

      Nikkei 300 Index Exchange Traded Fund (Code:1319)

      Prior to the amendmentNo greater than 0.572% annually (No greater than 0.52%, exclusive of taxes, annually)
      After the amendmentThe sum of the following two items:
      (i) No greater than 0.5555% annually (no greater than 0.505%, exclusive of taxes, annually), (ii) part of revenue from stock lending of trust assets to be attributed to management fees

      Nikkei 225 Exchange Traded Fund (Code:1321)

      Prior to the amendment0.242% annually (0.22%, exclusive of taxes, annually)
      After the amendmentThe sum of the following two items:
      (i) 0.198% annually (0.18%, exclusive of taxes, annually), (ii) part of revenue from stock lending of trust assets to be attributed to management fees

      TOPIX Banks Exchange Traded Fund (Code:1615)

      Prior to the amendment0.242% annually (0.22%, exclusive of taxes, annually)
      After the amendmentThe sum of the following two items:
      (i) 0.209% annually (0.19%, exclusive of taxes, annually), (ii) part of revenue from stock lending of trust assets to be attributed to management fees

      <Abstract>

      • We will amend the terms and conditions of the trust deeds of the above mentioned ETFs, so that the funds can pay the listing fees and index licensing fees that are currently paid by the management company.
      • We will amend the terms and conditions of the trust deeds such that part of the lending revenues related to stock lending is attributed to management fees.
      • At the same time, we will reduce the management fees accordingly as outlined above.
      • We will amend the terms and conditions of the trust deeds, so that the total amount of "listing fees for the beneficiary interests" and "index licensing fees" that are hereafter to be paid directly by the fund do not exceed the amount of the maximum management fee that applied prior to the management fee amendment.
    2. (2)Reduction in management fees

      TOPIX Exchange Traded Fund (Code: 1306)

      1. (i)Reduction in management fees
        Prior to the amendmentThe sum of the following two items:
        (i) 0.121% annually (0.11%, exclusive of taxes, annually), (ii) part of revenue from stock lending of trust assets to be attributed to management fees
        After the amendmentThe sum of the following two items:
        (i) no greater than 0.0968% annually (no greater than 0.088%, exclusive of taxes, annually), (ii) part of revenue from stock lending of trust assets to be attributed to management fees
      2. (ii)Management fee scale according to total net assets of the fund
        Total net assets of the fundPart of assets up to
        5 trillion yen
        Part of assets greater than
        5 trillion yen and up to 10 trillion yen
        Part of assets greater than
        10 trillion yen
        Management fees
        (exclusive of taxes)
        0.968% annually
        (0.088% annually)
        0.066% annually
        (0.060% annually)
        0.0429% annually
        (0.039% annually)

      <Abstract>

      • Listing fees for the beneficiary interests (maximum 0.0165% annually [0.015% exclusive of taxes, annually]) that are currently paid by the management company, shall be paid from the fund.
      • At the same time, the management fee shall be reduced accordingly (at least 0.0242% annually [0.022% exclusive of taxes, annually]) and we will introduce staged management fee rates, whereby fees are reduced according to the total net assets of the fund.
      • Subsequently, the daily management fee rate will be reduced in stages according to the total net assets of the fund.

For further details, please refer to the respective prospectuses to be issued on October 1, 2020.