TSE News

The Commencement Date, etc. of "Indicative Net Asset Value" for Exchange Traded Funds

Update : Feb. 25, 2011

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[Tokyo Stock Exchange, Inc.]

Tokyo Stock Exchange (TSE) will begin calculating and publishing real-time Indicative Net Asset Value (Indicative NAV) per share for Exchange Traded Funds (ETFs) in order to improve investor convenience as announced on December 29, 2010.
Currently each ETF sponsor discloses Net Asset Value (NAV) for ETFs once a day, but through the calculation and release of Indicative NAV investors are provided with an understanding of NAV in real time, thus improving transparency and comparability with market price when buying and selling ETFs.

TSE has decided upon the commencement date, etc for calculating and publishing. Indicative NAV as follows.

[Overview of the Indicative NAV]

Commencement Date for Calculating and Publishing (Scheduled) Monday, April 11, 2011
Calculation Method For more details, please refer to the Indicative NAV Guidebook to be published in the near future.
Dissemination - Indicative NAV will be published via the FLEX Standard service through the TSE Market Information System (every 15 seconds).
- Indicative NAV will be published on the TSE website.
ETFs to Be Subject to Calculation/Publication (As of Feburuary 25, 2011) PDF
ETFs to Be Subject to Calculation/Publication (As of April 1, 2011) *2ETFs are added PDF
  • (*)Indicative NAV will be calculated based on portfolio composition files of a previous business day offered by ETFs sponsors. When TSE has any difficulty for calculating Indicative NAV in cases where information related to corporate action for the portfolio composition files of ETFs cannot be reflected etc., TSE may halt calculation and dissemination of Indicative NAV.

Indicative NAV is widely used as real-time indicative reference data based on ETF assets in foreign markets for ETFs. TSE also publishes Indicative NAV as reference data. TSE does not publish such data as disclosure documents required by the Financial Instruments and Exchange Act of Japan. TSE Indicative NAV is not intended as solicitation for investment or recommendation to trade with specific securities companies.
TSE will devote its best efforts to calculate and publish Indicative NAV. However TSE may suspend calculation and dissemination of Indicative NAV based on its own judgment in cases of a computer malfunction, natural disaster, or other unavoidable circumstances. Furthermore, TSE and ETF sponsors shall not be liable for any direct or indirect damage or loss arising from the use of the Indicative NAV.

DISCLAIMER: This translation may be used only for reference purposes. This English version is not an official translation of the original Japanese document. In cases where any differences occur between the English version and the original Japanese version, the Japanese version shall prevail. Tokyo Stock Exchange, Inc., Tokyo Stock Exchange Group, Inc., and/or Tokyo Stock Exchange Regulation shall individually or jointly accept no responsibility or liability for damage or loss caused by any error, inaccuracy, or misunderstanding with regard to this translation.

Contact

(General Inquiries on Indicative NAV)
Information Services Department.
TEL: +81-3-3665-1355
e-mail:index@tse.or.jp
(Market Information System) Market Information Desk, IT Development Department.
TEL: +81-3-3666-0141
e-mail:mainscall@tse.or.jp

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