TSE News

Publication of "Portfolio Composition File" for Exchange Traded Funds

Update : Jul. 20, 2011

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[Tokyo Stock Exchange, Inc.]

Among those listed exchange-traded funds (ETFs) for which the TSE calculates the per-share indicative net asset value (Indicative NAV), we will begin publishing the Portfolio Composition File (PCF)(*)for the following issues on July 25, 2011.

The TSE began calculating and distributing indicative NAV values in real time on April 11 of this year, and by publishing PCF information we aim to further enhance investor usability and deepen market liquidity through increased arbitrage and other trades that utilize the ETF market.

1. ETFs for which PCF information is scheduled to be published

List of ETFs for which PCF information is scheduled to be published PDF

2. Publication Method

3. Sample File

Sample File PDF

4. Guidelines

Guidelines PDF

(*) PCF information is a list of the composite issues, etc (e.g. number of shares and futures contracts for positions held per issue) held by an ETF. The TSE receives the previous day's PCF information from the ETF sponsor and revises this information to reflect corporate actions such as share splits, as well as ETF distributions and projected dividends of the composite issues held by the ETF.

Disclaimer for Indicative NAV and PCF

- The Indicative Net Asset Value calculated and published by Tokyo Stock Exchange, Inc. (TSE Indicative NAV) is the intellectual property of Tokyo Stock Exchange, Inc. and Tokyo Stock Exchange, Inc. owns all rights relating to the TSE Indicative NAV pertaining to calculation, publication and other usage of the data.
- The PCF published by Tokyo Stock Exchange, Inc. is based on data provided by ETF sponsors for the purpose of calculating the TSE Indicative NAV. Tokyo Stock Exchange, Inc., when it deems necessary, reflects the results of corporate actions such as stock splits or dividends etc. in the data received to calculate and publish the PCF.
- Tokyo Stock Exchange, Inc. reserves the right to change the method of calculation or publication, or to postpone or cease calculation or publication of the TSE Indicative NAV.
- Tokyo Stock Exchange, Inc. and each of their respective officers, directors, employees, agents and outsourcing agents ("its affiliates") make no guarantee or representation whatsoever, of results obtained from the use of the TSE Indicative NAV and/or PCF or of the value of the TSE Indicative NAV and/or PCF on any particular day.
- Tokyo Stock Exchange, Inc. and its affiliates give no assurance regarding accuracy or completeness of TSE Indicative NAV, PCF and data contained therein. Further, Tokyo Stock Exchange, Inc retains the right to change and make corrections in relation to the TSE Indicative NAV and/or PCF.
- Tokyo Stock Exchange, Inc. and its affiliates shall not be obligated to continuously publish the TSE Indicative NAV and/or PCF and shall not be liable for the miscalculation, incorrect publication, delayed or interrupted publication of the TSE Indicative NAV and/or PCF.
- The TSE Indicative NAV and/or PCF is intended to serve as reference data and is not intended as solicitation for investment. Furthermore, Tokyo Stock Exchange, Inc. and its affiliates do not guarantee the values of any financial instruments.
- Tokyo Stock Exchange, Inc., its affiliates and the ETF Providers shall not be held esponsible or liable for any claims or losses of any nature, arising indirectly or directly from use of the Indicative NAV and/or PCF.

Contact

Tokyo Stock Exchange, Inc.,Information Services Department.

TEL: +81-3-3665-1355

e-mail:index@tse.or.jp

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.

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