For Large Investors

Frequently Asked Questions (for Institutional Investors)

Update : Oct. 29, 2012


Below are answers to frequently asked questions from large investors regarding ETFs/ETNs.

Report of Large Holdings

(Q) In cases where we conduct large transactions of an ETF and hold 5% or more of outstanding units, is it necessary to submit a large holdings report, as with stocks?


For ETFs, there is no obligation to submit a large holdings report within 5 days as is required for stocks.
In cases where an ETF has small net assets, investors may limit trading because of a mistake assumption that large transactions will fall under the 5% rule and a large holdings report will need to be submitted. However, there is no such requirement for ETFs.


This FAQ is an outline of the nature of ETFs and their trading rules. When trading ETFs, there is a possibility of incurring losses due to movements in the price of the product or the underlying securities. Additionally, when conducting margin trading, there is a possibility that losses could exceed deposited collateral. Please adequately read the documents distributed by the financial instruments business operator before concluding an agreement and ensure you sufficiently understand the products, rules, fees, and risks involved, before trading under your own responsibility and judgment. Tokyo Stock Exchange, Inc. reserves all rights pertaining to this FAQ. Separate use or duplication of this FAQ, in full or in part, without permission is expressly prohibited.

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