ETF/ETN Monthly Report Jan-2015

issue month

◆Market Summary ETF/ETN trading in December remained strong, with one new ETF listing. ■ In December 2014, trading in the ETF/ETN market continued near record highs, with monthly trading value of approximately JPY 3.9 trillion and daily average trading value of about JPY 188 billion.

■ Activity in the Simplex WTI ETF (1671) grew sharply, as it rose to 18th in trading value. Other ETFs and ETNs tracking oil sector indices also saw significant gains.

■ NEXT NOTES S&P 500 Dividend Aristocrats Net Total Return Index ETN (2044), listed in November 2014, was ranked 20th overall again.

◆Trading Value - Monthly（Auction）（Dec-2014） Total（JPY） Daily Average (JPY) ◆Trading days：21 Month on Month 3,940,493,727,840 187,642,558,469 -15.34% ◆Rankings ETF 163 ● Monthly trading value （Dec-2014） ETN 27

Monthly Trading Value, Fund # Code Name Underlying index/commodity Category Monthly Change (%) Value (unit: JPY 1,000) Administrator

1 1570 NEXT FUNDS Nikkei 225 Leveraged Index Exchange Traded Fund Nikkei 225 Leveraged Index Domestic Stock Indices 2,590,240,484 -13.11% Nomura AM

2 1321 Nikkei 225 Exchange Traded Fund Nikkei 225 Domestic Stock Indices 253,902,243 -30.77% Nomura AM

3 1579 Nikkei 225 Bull 2x ETF Nikkei 225 Leveraged Index Leveraged / Inverse Index 171,281,433 -11.30% Simplex AM

4 1357 NEXT FUNDS Nikkei 225 Double Inverse Index Exchange Traded Fund Nikkei 225 Double Inverse Index Leveraged / Inverse Index 163,756,627 -11.59% Nomura AM

5 1568 TOPIX Bull 2x ETF TOPIX Leveraged (2x) Index Leveraged / Inverse Index 147,919,649 -29.52% Simplex AM

6 1306 TOPIX Exchange Traded Fund TOPIX Japanese Equitiy Index (market) 116,502,230 -40.88% Nomura AM

7 1330 Listed Index Fund 225 Nikkei 225 Japanese Equitiy Index (market) 94,967,634 -22.24% Nikko AM

8 1320 Daiwa ETF – Nikkei 225 Nikkei 225 Domestic Stock Indices 63,942,895 -29.52% Daiwa AM

9 1591 NEXT FUNDS JPX-Nikkei Index 400 Exchange Traded Fund JPX-Nikkei Index 400 Japanese Equitiy Index (market) 57,523,107 -0.25% Nomura AM S&P500 VIX SHORT-TERM FUTURES 10 1552 KOKUSAI S&P500 VIX SHORT-TERM FUTURES INDEX ETF Foreign Stock Indices 33,899,667 +113.60% KOKUSAI AM INDEX Mitsubishi UFJ 11 1346 MAXIS NIKKEI225 ETF Nikkei 225 Domestic Stock Indices 25,935,305 -0.89% AM 12 1571 NEXT FUNDS Nikkei 225 Inverse Index Exchange Traded Fund Nikkei 225 Inverse Index Domestic Stock Indices 23,106,237 -34.52% Nomura AM

13 1308 Listed Index Fund TOPIX TOPIX Japanese Equitiy Index (market) 19,594,361 -23.58% Nikko AM

14 1356 TOPIX Bear -2x ETF TOPIX Double Inverse (-2x) Index Leveraged / Inverse Index 16,858,714 -4.35% Simplex AM

15 1305 Daiwa ETF-TOPIX TOPIX Japanese Equitiy Index (market) 14,955,208 -36.30% Daiwa AM

16 1343 NEXT FUNDS REIT INDEX ETF Tokyo Stock Exchange REIT Index Real Estate 9,720,030 +0.35% Nomura AM

17 1364 iShares JPX-Nikkei 400 ETF JPX-Nikkei Index 400 Japanese Equitiy Index (market) 9,068,833 BlackRock Prompt contract settlement prices of 18 1671 Simplex WTI ETF Commodity Indices 8,439,135 +538.99% Simplex AM Light, Sweet Crude Oil Futures (WTI 19 1309 SSE50 Index Linked Exchange Traded Fund SSE50 Index Foreign Stock Indices 8,358,936 +153.18% Nomura AM S&P 500 Dividend Aristocrats Net Total 20 2044（ETN）NEXT NOTES S&P 500 Dividend Aristocrats Net Total Return Index ETN ETN 8,124,340 +36.26% Nomura Europe Return Index [Notes] -The list shows the top 20 by monthly trading value, which only includes auction trades. (ToSTNeT trading is not included.) -Monthly change is calculated based on ADV. ● Rate of Increase in Monthly Trading Value (%) (Dec-2014) Value (unit: JPY 1,000 (rank Fund # Code Name Underlying index/commodity Category Monthly Change (%) by trading value)) Administrator

1 1324 NEXT FUNDS Russia RTS Linked Exchange Traded Fund RTS Index Foreign Stock Indices 3,768,774 （29） +2025.23% Nomura AM NEXT FUNDS NOMURA Crude Oil Long Index Linked Exchange NOMURA Crude Oil Long Commodity/Commodity 2 1699 5,776,642 （22） +1373.73% Nomura AM Traded Fund Index Index Nikkei-TOCOM Inverse 3 2039（ETN）NEXT NOTES Nikkei-TOCOM Inverse Crude Oil ETN ETN 532,088 （57） +858.83% Nomura Crude Oil Index 4 1363 iShares $ Treasury Bond 7-10yr UCITS ETF-JDR Barclays US Treasury 10 Year Term Index Foreign Bond Index 671,361 （55） +641.63% BlackRock

5 1626 NEXT FUNDS TOPIX-17 IT & SERVICES,OTHERS ETF TOPIX-17 IT & SERVICES,OTHERS Japanese Equitiy Index (sector) 32,700 （116） +613.87% Nomura AM

6 2037（ETN）NEXT NOTES Nikkei-TOCOM Inverse Gold ETN Nikkei-TOCOM Inverse Gold Index ETN 78,978 （100） +593.83% Nomura Prompt contract settlement prices of 7 1671 Simplex WTI ETF Commodity Indices 8,439,135 （18） +538.99% Simplex AM Light, Sweet Crude Oil Futures (WTI +474.58% CSOP Asset 8 1576 CSOP FTSE CHINA A50 ETF FTSE CHINA A50 Index Foreign Equitiy Index 37,222 （112） Management Limited 9 2038（ETN）NEXT NOTES Nikkei-TOCOM Leveraged Crude Oil ETN Nikkei-TOCOM Leveraged Crude Oil Index ETN 4,309,564 （28） +418.06% Nomura China Asset 10 1575 ChinaAMC CSI 300 Index ETF-JDR CSI300 Index Foreign Equitiy Index 89,424 （95） +415.02% Management 11 1595 NZAM ETF J-REIT Index Tokyo Stock Exchange REIT Index Real Estate 98,197 （92） +363.11% NZAM

12 1583 iShares MSCI Frontier 100 ETF-JDR MSCI Frontier Markets 100 Index Foreign Stock Indices 332,863 （72） +265.50% BlackRock

13 1561 KOKUSAI S&P500 VIX MID-TERM FUTURES INDEX ETF S&P500 VIX MID-TERM FUTURES INDEX Foreign Stock Indices 115,541 （88） +225.82% KOKUSAI AM 14 1322 Listed Index Fund China A Share (Panda) CSI 300 CSI300 Foreign Equitiy Index 2,711,764 （33） +224.67% Nikko AM Markit iBoxx USD Liquid High Yield Capped 15 1361 iShares $ High Yield Corporate Bond UCITS ETF-JDR Foreign Bond Index 509,800 （60） +190.93% BlackRock Index 16 1617 NEXT FUNDS TOPIX-17 FOODS ETF TOPIX-17 FOODS Japanese Equitiy Index (sector) 81,308 （98） +189.28% Nomura AM

17 1618 NEXT FUNDS TOPIX-17 ENERGY RESOURCES ETF TOPIX-17 ENERGY RESOURCES Japanese Equitiy Index (sector) 108,643 （90） +179.31% Nomura AM

18 1588 iShares Russell 2000 ETF-JDR Russell 2000 Index Foreign Stock Indices 144,151 （86） +175.82% BlackRock 19 1565 Nikkei 225 Covered Call ETF Nikkei 225 Covered Call Index Enhanced Index 36,097 （114） +154.80% Simplex AM

20 1309 SSE50 Index Linked Exchange Traded Fund SSE50 Index Foreign Stock Indices 8,358,936 （19） +153.18% Nomura AM [Notes] - The list shows the top 20 by rate of increase in monthly trading value (%), which only includes issues with ADV of at least JPY 1 million. ● Volatility (as of 30-Dec-2014) Value (unit: JPY 1,000 Fund # Code Name Benchmark index Category Volatility (rank by trading value)) Administrator

Dow Jones-UBS Natural Gas Commodity/Commodity ETFS 1 1689 ETFS Natural Gas 98.72% (61.78%) 51,299 (108) Subindex Index(ETC) Management

2 1324 NEXT FUNDS Russia RTS Linked Exchange Traded Fund RTS Index Foreign Stock Indices 96.26% (24.86%) 3,768,774 (29) Nomura AM

S&P500 VIX SHORT-TERM 3 1552 KOKUSAI S&P500 VIX SHORT-TERM FUTURES INDEX ETF Foreign Stock Indices 63.98% (56.82%) 33,899,667 (10) KOKUSAI AM FUTURES INDEX

4 1572 China H-share Bull 2x ETF HSCEI Leveraged Index Leveraged / Inverse Index 62.62% (36.31%) 531,142 (58) Simplex AM iPath® S&P 500 VIX Short-Term Futures™ Barclays Bank 5 2030(ETN) S&P 500 VIX Short-Term Futures™ Index Total Return ETN 60.58% (55.97%) 790,343 (49) JDR PLC CSOP Asset 6 1576 CSOP FTSE CHINA A50 ETF FTSE CHINA A50 Index Foreign Equitiy Index 58.69% (N/A) 37,222 (112) Management Limited 7 2038(ETN) NEXT NOTES Nikkei-TOCOM Leveraged Crude Oil ETN Nikkei-TOCOM Leveraged Crude Oil Index ETN 55.05% (52.96%) 4,309,564 (28) Nomura China Asset 8 1575 ChinaAMC CSI 300 Index ETF-JDR CSI300 Index Foreign Equitiy Index 53.26% (N/A) 89,424 (95) Management 9 1317 Listed Index Fund TOPIX Mid400 Japan Mid Cap Equity TOPIX Mid400 Japanese Equitiy Index (size) 46.10% (N/A) 34,811 (115) Nikko AM

10 1309 SSE50 Index Linked Exchange Traded Fund SSE50 Index Foreign Stock Indices 44.99% (23.81%) 8,358,936 (19) Nomura AM

[Notes] The list shows the top 10 by 30-day historical volatility. Data source: Bloomberg L.P.. Issues in the ranking only includes those with ADV of at least JPY 1 million that were traded for more than 27 out of the most recent 30 trading days.

◆New Listings

ＥＴF Daiwa ETF Japan Nikkei225 Leveraged Index （1365） Listed on Tuesday, January 6, 2015

Management Company： Daiwa Asset Management Co., Ltd. Underlying Index： Nikkei 225 Leveraged Index

http://www.tse.or.jp/english/news/08/141219_a.html

Daiwa ETF Japan Nikkei225 Double Inverse Index （1366） Listed on Tuesday, January 6, 2015

Management Company： Daiwa Asset Management Co., Ltd. Underlying Index： Nikkei 225 Double Inverse Index http://www.tse.or.jp/english/news/08/141219_a.html

Daiwa ETF Japan TOPIX Leveraged (2x) Index （1367） Listed on Tuesday, January 6, 2015

Management Company： Daiwa Asset Management Co., Ltd. Underlying Index： TOPIX Leveraged (2x) Index http://www.tse.or.jp/english/news/08/141219_a.html

Daiwa ETF Japan TOPIX Double Inverse (-2x) Index （1368） Listed on Tuesday, January 6, 2015

Management Company： Daiwa Asset Management Co., Ltd. Underlying Index： TOPIX Double Inverse (-2x) Index http://www.tse.or.jp/english/news/08/141219_a.html

DIAM ETF Nikkei225 （1369） Listed on Thursday, January 15, 2015 (Scheduled)

Management Company： DIAM Co., Ltd. Underlying Index： Nikkei225 http://www.tse.or.jp/english/news/08/141226_a.html

ＥＴN NEXT NOTES S&P 500 Dividend Aristocrats Net Total Return Index ETN （2044） Listed on Tuesday, November 18, 2014 (Scheduled)

Management Company： Nomura Europe Finance N.V. Underlying Index： S&P 500 Dividend Aristocrats Net Total Return Index

http://www.tse.or.jp/english/news/08/141024_b.html

◆Website

Please refer to the TSE website with regards to ETF/ETN information as below: ◆ ETF/ETN list http://www.tse.or.jp/english/rules/etfs/list/index.html http://www.tse.or.jp/english/rules/etfs/list-etn/etn.html - Confirm all ETF/ETN listings on the TSE categorized by underlying asset and find weekly reports for each name indicating the market price and underlying index.

◆ FAQ http://www.tse.or.jp/english/rules/etfs/qa.html - FAQ with regards to ETF/ETN listed on TSE. ◆ iNAV http://www.tse.idmanagedsolutions.com/iopv/table?language=en&iopv=1 - Confirm PCF and real-time iNAV (Indicative Net Asset Value) calculated by the real-time price of the portfolio.

[Note] - The description in this document are intended solely for the purpose of providing information on ETF and ETN. It is not material disclosed under the Financial Instruments and Exchange Act or intended to be prepared and publicized to solicit investment or promote trading with specified financial instruments firms, etc. - The data in the description are preliminary figures and are subject to change. - Losses may be incurred due to fluctuation of indices, the foreign exchange rate, underlying asset, and downturn of the issuer etc., and the entire deposited margin or a portion of such may be lost. Losses may also exceed deposited margin. - When trading ETF, investors must carefully review the documents provided by their financial services provider before contract signing, and must trade on their own responsibility based on their own judgment only after fully understanding the product qualities, the trading mechanism, relevant fees, the risk involved, etc. - The description is as of December 2014. TSE reserves the right to change the contents of this publication without prior notice. While every effort is taken to ensure the accuracy of the information contained in this document, Tokyo Stock Exchange, Inc. (TSE) does not guarantee, nor assume responsibility for any damages caused by any errors, misunderstanding or omissions.