The Fund seeks to achieve net asset volatility per unit of trust assets which closely correlates with the movement of the MSCI ACWI (All Country World Index) Index ex Japan by investing mainly in all or a portion of separately stipulated investment trust securities.

While the Fund is a contractual-type investment trust, it is structured differently from ordinary investment trusts with respect to the following points:

• Units may be traded in blocks of 10 units (as of the date when the securities registration statement was filed).
• Brokers determine trading commissions.
• The method of trading is generally the same as that for stocks.

*Please contact your broker for further information.

This Fund of Funds invests in securities held for investment trust.

• International Developed Countries Equity Index Fund (for Institutional Investors)
  The Fund invests mainly in rights for stock price index futures trading in developed countries' equities (including DR (depositary receipts) and country funds) excluding Japan, and aims to link its investment performance with the movement of yen-converted MSCI-KOKUSAI Index.
  ＊MSCI-KOKUSAI Index is an index that represents the synthesized performance of the world major stock markets excluding Japan being published by MSCI Inc.

• International Emerging Countries Equity Index Fund (for Institutional Investors)
  The Fund invests mainly in rights for stock price index futures trading in emerging countries' equities (including DR (depositary receipts) and country funds) excluding Japan, and aims to link its investment performance with the movement of yen-converted MSCI Emerging Market Index.
  ＊MSCI Emerging Market Index is an index that represents the synthesized performance of the world emerging countries' stock markets being published by MSCI Inc.
• Money Account Mother Fund
  This fund seeks to achieve stable returns through stable management by investing in public and corporate bonds. Fund Structure

Fund of Funds Structure
This Fund of Funds invests in securities held for investment trust.

Major Investment Restrictions

• This fund will not invest in any portfolio, stocks and bonds other than securities held for investment trust, short-term corporate bonds, commercial paper and designated money in trust.
• There is no restriction as to the investment ratio for assets denominated in foreign currencies.

Further Information

Further information is available from the following sources:

Tokyo Stock Exchange

• Listed ETF Prices
  Note: Click the "Listed Index Fund World Equity (MSCI ACWI) ex Japan" from the list of ETF brands.

MSCI Homepage

• MSCI Index Calculation Methodologies
• MSCI Global Investable Market Indices Methodology

Tokyo Stock Exchange also publishes “ETF Square” – an elusive site providing an introduction to ETFs as well as investor Q&A Section and other valuable information.