Nomura NEXT FUNDS Nikkei 225 Inverse Index ETF - JPY Stock

The Fund aims to track the performance of the Nikkei 225 Inverse Index by trading primarily Stock Index Futures and by investing mainly in short-term yen-denominated bonds and call loans. The Fund may also invest in Nikkei 225 constituent equities and in investment trusts that track the Nikkei 225 or the Nikkei 225 Inverse Index. The Nikkei 225 Inverse Index represents the inverse performance of the Nikkei Stock Average (Nikkei 225). The index value on a given day is calculated by multiplying the index value on the previous day by the inverse (reversed sign) daily return based on the percentage change in the Nikkei 225 on the current day. The base date for the Nikkei 225 Inverse Index is December 28, 2001, with a base value of 10000.