Investment Risks and Fees

Factors causing fluctuations in NAV and market price : NAV fluctuates due to price fluctuations in portfolio shares caused by stock market fluctuations,price fluctuations in portfolio public and corporate bonds caused by interest rate fluctuations,price fluctuations in portfolio REIT caused by REIT market fluctuations, exchange rate fluctuations, price fluctuations of stock index futures caused by stock market fluctuations, price fluctuation of stock index options caused by stock market fluctuation, and other factors. Furthermore, NAV is affected by changes in business and financial conditions of issuers of portfolio securities, etc., and external evaluation related thereto. In addition to NAV fluctuations, the market price is affected by market factors. All the gains and losses accrued to the trust assets are attributable to the investors. Therefore, the investors' investment principal is not guaranteed and a loss of principal may occur due to a loss caused by a decline in NAV, etc. Investment trusts are different from deposits and savings.
Major factors causing fluctuations are price fluctuation risks, exchange rate risks, credit risks, liquidity risks, country risks, risks related to stock index futures, risks related to stock index options, risks of combining a long position in shares and a short position in stock index futures (including stock index option trading (short call and long put)) and risks related to China.
The above is a list of major risks; risks are not limited to those listed. For details, please see the mutual fund information document (issued prospectus).

• MAXIS NIKKEI225 ETF, MAXIS TOPIX ETF, MAXIS JPX-Nikkei Index 400 ETF, MAXIS J-REIT ETF, MAXIS J-REIT Core ETF, MAXIS High Yield J-REIT ETF, MAXIS S&P Tokai ETF, MAXIS JAPAN Proactive Investment in Physical and Human Capital 200 Index ETF, MAXIS TOPIX Ex-Financials ETF, MAXIS Carbon Efficient Japan Equity ETF, MAXIS High Dividend Japan Equity Actively Managed ETF:
  Major factors causing fluctuations are price fluctuation risks, credit risks and liquidity risks.
• MAXIS Global Equity (MSCI Kokusai)ETF, MAXIS S&P500 US Equity ETF, MAXIS S&P500 US Equity ETF (JPY Hedged), MAXIS NASDAQ100 Equity ETF, MAXIS NASDAQ100 Equity ETF (JPY Hedged), MAXIS US Treasury Bond 7-10 Year ETF (Unhedged), MAXIS US Treasury Bond 7-10 Year ETF (JPY Hedged), MAXIS NY Dow Industrial Average ETF, MAXIS NY Dow Industrial Average ETF (JPY Hedged), MAXIS US Treasury Bond 1-3 Year ETF (Unhedged), MAXIS US Treasury Bond 20+ Year ETF (Unhedged), MAXIS US Treasury Bond 20+ Year ETF (JPY Hedged) :
  Major factors causing fluctuations are price fluctuation risks, exchange rate risks, credit risks and liquidity risks.
• MAXIS Japan Equity High Dividend 70 Market Neutral ETF:
  Major factors causing fluctuations are price fluctuation risks, credit risks, liquidity risks, risks related to stock index futures, risks related to stock index options and risks of combining a long position in shares and a short position in stock index futures (including stock index option trading (short call and long put)).
• MAXIS HuaAn China Equity (SSE 180 index) ETF:
  Major factors causing fluctuations are price fluctuation risks, exchange rate risks, credit risks, liquidity risks and risks related to China.
• MAXIS World Equity (MSCI ACWI) ETF:
  Major factors causing fluctuations are price fluctuation risks, exchange rate risks, credit risks, liquidity risks and country risks.

The amount set by distributing companies
(The amount varies according to distributing companies. For details, please contact your distributing companies.)

None
For MAXIS Global Equity (MSCI Kokusai) ETF, MAXIS World Equity (MSCI ACWI) ETF:the amount calculated by multiplying the NAV of the business day following the day when an application for exchange for cash is received by 0.1%

The amount set by distributing companies
(The amount varies according to distributing companies. For details, please contact your distributing companies.)

Trading through stock exchanges incurs a brokerage commission set by type I financial instruments business operators (securities firms) that handle the transactions. The amount is charged separate from the trading value.
(Since the amount varies according to securities firms, the maximum amount cannot be listed.)

The total management fee is calculated as the sum of (1) and (2) below.

• MAXIS NIKKEI225 ETF:
  (1) The amount calculated by multiplying the Fund's daily total net assets by the ratio up to 0.132% (0.12% exclusive of taxes) per annum (2) Where instructions for securities lending are executed, the amount up to 55% (50% exclusive of taxes) of the lending fee

• MAXIS TOPIX ETF:
  (1) The amount calculated by multiplying the Fund's daily total net assets by the ratio up to 0.066% (0.06% exclusive of taxes) per annum (2) Where instructions for securities lending are executed, the amount up to 55% (50% exclusive of taxes) of the lending fee

• MAXIS JPX-Nikkei Index 400 ETF:
  (1) The amount calculated by multiplying the Fund's daily total net assets by the ratio up to 0.0858% (0.078% exclusive of taxes) per annum (2) Where instructions for securities lending are executed, the amount up to 55% (50% exclusive of taxes) of the lending fee

• MAXIS J-REIT ETF, MAXIS J-REIT Core ETF, MAXIS High Yield J-REIT ETF:
  (1) The amount calculated by multiplying the Fund’s daily total net assets by the ratio up to 0.1595%(0.145% exclusive of taxes) per annum (2) Where instructions for securities lending are executed, the amount up to 55% (50% exclusive of taxes) of the lending fee

  • *
    Fees for ETFs are not listed since the price is determined by supply and demand of the ETF (REIT) market.

• MAXIS JAPAN Proactive Investment in Physical and Human Capital 200 Index ETF:
  (1) The amount calculated by multiplying the Fund's daily total net assets by the ratio up to 0.242% (0.22% exclusive of taxes) per annum (2) Where instructions for securities lending are executed, the amount up to 55% (50% exclusive of taxes) of the lending fee

• MAXIS TOPIX Ex-Financials ETF:
  (1) The amount calculated by multiplying the Fund's daily total net assets by the ratio up to 0.1188% (0.108% exclusive of taxes) per annum (2) Where instructions for securities lending are executed, the amount up to 55% (50% exclusive of taxes) of the lending fee

• MAXIS S&P500 US Equity ETF, MAXIS S&P500 US Equity ETF (JPY Hedged):
  (1) The amount calculated by multiplying the Fund’s daily total net assets by the ratio up to 0.077% (0.07% exclusive of taxes) per annum (2) Where instructions for securities lending are executed, the amount up to 49.5% (45% exclusive of taxes) of the lending fee

• MAXIS World Equity (MSCI ACWI) ETF:
  (1) The amount calculated by multiplying the Fund's daily total net assets by the ratio up to 0.0858% (0.078% exclusive of taxes) per annum (2) Where instructions for securities lending are executed, the amount up to 55% (50% exclusive of taxes) of the lending fee

• MAXIS Carbon Efficient Japan Equity ETF:
  (1) The amount calculated by multiplying the Fund's daily total net assets by the ratio up to 0.1375% (0.125% exclusive of taxes) per annum (2) Where instructions for securities lending are executed, the amount up to 55% (50% exclusive of taxes) of the lending fee

• MAXIS NASDAQ100 Equity ETF, MAXIS NASDAQ100 Equity ETF (JPY Hedged):
  (1) The amount calculated by multiplying the Fund's daily total net assets by the ratio up to 0.22% (0.2% exclusive of taxes) per annum (2) Where instructions for securities lending are executed, the amount up to 55% (50% exclusive of taxes) of the lending fee

• MAXIS NY Dow Industrial Average ETF, MAXIS NY Dow Industrial Average ETF (JPY Hedged):
  (1) The amount calculated by multiplying the Fund’s daily total net assets by the ratio up to 0.22% (0.2% exclusive of taxes) per annum (2) Where instructions for securities lending are executed, the amount up to 49.5% (45% exclusive of taxes) of the lending fee

• MAXIS US Treasury Bond 7-10 Year ETF (Unhedged), MAXIS US Treasury Bond 7-10 Year ETF (JPY Hedged):
  (1) The amount calculated by multiplying the Fund's daily total net assets by the ratio up to 0.132% (0.12% exclusive of taxes) per annum (2) Where instructions for securities lending are executed, the amount up to 55% (50% exclusive of taxes) of the lending fee

• MAXIS US Treasury Bond 1-3 Year ETF (Unhedged):
  (1) The amount calculated by multiplying the Fund's daily total net assets by the ratio up to 0.132% (0.12% exclusive of taxes) per annum (2) Where instructions for securities lending are executed, the amount up to 49.5% (45% exclusive of taxes) of the lending fee

• MAXIS US Treasury Bond 20+ Year ETF (Unhedged), MAXIS US Treasury Bond 20+ Year ETF (JPY Hedged) :
  (1) The amount calculated by multiplying the Fund's daily total net assets by the ratio up to 0.132% (0.12% exclusive of taxes) per annum (2) Where instructions for securities lending are executed, the amount up to 49.5% (45% exclusive of taxes) of the lending fee

• MAXIS Japan Equity High Dividend 70 Market Neutral ETF:
  The amount calculated by multiplying the Fund's daily total net assets by the ratio up to 0.44% (0.400% exclusive of taxes) per annum

• MAXIS Global Equity (MSCI Kokusai) ETF:
  The amount calculated by multiplying the Fund's daily total net assets by the ratio up to 0.165% (0.15% exclusive of taxes) per annum

• MAXIS HuaAn China Equity (SSE 180 index) ETF:
  • Fund: The amount calculated by multiplying the total net assets by the ratio up to 0.198% (0.18% exclusive of taxes) per annum
  • ETF subject to investment: 0.6% per annum

  • Real costs borne by customers: Approximately 0.798% (approximately 0.78% exclusive of taxes) per annum

    • *
      Real management fee calculated by adding up management fees of investment trust securities subject to investment

• MAXIS High Dividend Japan Equity Actively Managed ETF:
  The amount calculated by multiplying the Fund’s daily total net assets by the ratio up to 0.4125% (0.375% exclusive of taxes) per annum

• The Fund's audit fees paid to audit firms
• Commissions paid to securities firms, etc.,for trading securities, etc.
• Fees related ETFs subject to investment and taxes : MAXIS HuaAn China Equity (SSE 180 index) ETF
• Fees paid to overseas custodians when holding securities, etc., outside Japan
• Redemption fees , etc. when exchanging for investment trust securities : MAXIS Global Equity (MSCI Kokusai) ETF,MAXIS World Equity (MSCI ACWI) ETF
• Other fees for trust administration

• *
  Since the fees and commissions above vary according to trading and other conditions, a specific amount or upper limit cannot be stated. In addition to the above, the following fees and commissions will be paid from the trust assets.

The following fees and commissions will be paid from the trust assets.

• Expenses related to listing of beneficial interests (additional listing fee (0.00825% (0.0075% exclusive of taxes) of the amount of increase at the time of additional listing), annual listing fee (up to 0.00825% (0.0075% exclusive of taxes) of total net assets at year-end))
• Annual fees for use of trademarks of index followed (including related trademarks) (the amount calculated by multiplying the total net assets of the trust assets by the ratio below the rate.
  • MAXIS NIKKEI225 ETF: 0.0275% (0.025% exclusive of taxes) per annum
  • MAXIS TOPIX ETF, MAXIS J-REIT ETF, MAXIS TOPIX Ex-Financials ETF: 0.033% (0.03% exclusive of taxes) per annum (upper limit)
  • MAXIS JPX-Nikkei Index 400 ETF: 0.044% (0.04% exclusive of taxes) per annum (upper limit)
  • MAXIS J-REIT Core ETF, MAXIS High Yield J-REIT ETF, MAXIS Global Equity (MSCI Kokusai) ETF, MAXIS Japan Equity High Dividend 70 Market Neutral ETF, MAXIS World Equity (MSCI ACWI) ETF: 0.055% (0.05% exclusive of taxes) per annum (upper limit)
  • MAXIS HuaAn China Equity (SSE 180 index) ETF: 0.002% per annum (upper limit)
  • MAXIS Carbon Efficient Japan Equity ETF: 0.015% per annum (upper limit)
  • MAXIS US Treasury Bond 7-10 Year ETF (Unhedged), MAXIS US Treasury Bond 7-10 Year ETF (JPY Hedged): 0.02% per annum (upper limit)
  • MAXIS S&P Tokai ETF, MAXIS JAPAN Proactive Investment in Physical and Human Capital 200 Index ETF, MAXIS S&P500 US Equity ETF, MAXIS S&P500 US Equity ETF (JPY Hedged), MAXIS NY Dow Industrial Average ETF, MAXIS NY Dow Industrial Average ETF (JPY Hedged): 0.05% per annum (upper limit)
  • MAXIS NASDAQ100 Equity ETF, MAXIS NASDAQ100 Equity ETF (JPY Hedged): 0.08% per annum (upper limit)
  • MAXIS US Treasury Bond 1-3 Year ETF (Unhedged), MAXIS US Treasury Bond 20+ Year ETF (Unhedged), MAXIS US Treasury Bond 20+ Year ETF (JPY Hedged) : 0.0054% per annum (upper limit)

• *
  Management fee, audit fee, expenses related to listing of beneficial interests, and annual fees for use of trademarks of index followed are calculated on a daily basis and paid from the trust assets at the time of each account settlement (including at the end of the first six months in the calculation period for annual account settlement) or redemption.
• *
  Since the fees (commissions) above vary according to subscription (holding) and execution amount, holding period, and other conditions, total amount and other information cannot be listed.

(MAXIS NIKKEI225 ETF, MAXIS TOPIX ETF, MAXIS JPX-Nikkei Index 400 ETF, MAXIS JAPAN Proactive Investment in Physical and Human Capital 200 Index ETF, MAXIS TOPIX Ex-Financials ETF, MAXIS S&P Tokai ETF, MAXIS Carbon Efficient Japan Equity ETF)

• *
  Where applicants are issuers of shares included in the index followed or its subsidiary (issuers, etc.), of the securities related to subscription applications, applications shall be made with cash for the amount equivalent to the market capitalization of individual shares of the said securities firms, etc. In such a case, the amount set by the management company as equivalent to the expenses necessary to acquire the issuers' shares for the trust assets will be incurred.
• *
  Where applicants make subscription applications with cash for the amount equivalent to the market capitalization of ex-dividend issues, etc., the amount set by the management company as equivalent to the expenses necessary to acquire shares such as ex-dividend issues for the trust assets will be incurred.