ETF/ETN Monthly Report Apr-2014

issue month

◆Market Summary Daily average trading value surpassed JPY 100 billion for the fifth consecutive month ■ The ETF/ETN market remained vibrant in March 2014, with a daily average trading value of about JPY 119.2 billion and monthly trading value reaching about JPY 2.38 trillion.

■ Leveraged ETFs continued to be a driving force in the market, with NEXT FUNDS Nikkei 225 Leveraged Index Exchange Traded Fund (1570) sustaining its more than 60% share of ETF/ETN market trading value.

■ NEXT FUNDS Russia RTS Linked Exchange Traded Fund (1324) also saw considerable gains in trading.

◆Trading Value - Monthly（Auction）（Mar-2014） Total（JPY） Daily Average (JPY) ◆Trading days：20 Month on Month 2,384,353,893,283 119,217,694,664 -12.52% ◆Rankings ETF 155 ● Monthly trading value （Mar-2014） ETN 23

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

1 1570 NEXT FUNDS Nikkei 225 Leveraged Index Exchange Traded Fund Nikkei 225 Leveraged Index Domestic Stock Indices 1,626,285,772 -3.93% Nomura AM

2 1321 Nikkei 225 Exchange Traded Fund Nikkei 225 Domestic Stock Indices 170,140,431 -25.13% Nomura AM

3 1568 TOPIX Bull 2x ETF TOPIX Leveraged (2x) Index Leveraged / Inverse Index 99,946,878 -40.08% Simplex AM

4 1306 TOPIX Exchange Traded Fund TOPIX Japanese Equitiy Index (market) 91,338,166 -16.38% Nomura AM

5 1579 Nikkei 225 Bull 2x ETF Nikkei 225 Leveraged Index Leveraged / Inverse Index 85,918,970 -24.26% Simplex AM

6 1330 Listed Index Fund 225 Nikkei 225 Japanese Equitiy Index (market) 85,106,513 -33.03% Nikko AM

7 1320 Daiwa ETF – Nikkei 225 Nikkei 225 Domestic Stock Indices 47,087,227 -19.49% Daiwa AM

8 1571 NEXT FUNDS Nikkei 225 Inverse Index Exchange Traded Fund Nikkei 225 Inverse Index Domestic Stock Indices 41,344,635 -24.40% Nomura AM Mitsubishi UFJ 9 1346 MAXIS NIKKEI225 ETF Nikkei 225 Domestic Stock Indices 21,641,058 -17.31% AM 10 1308 Listed Index Fund TOPIX TOPIX Japanese Equitiy Index (market) 19,315,638 -27.83% Nikko AM

11 1305 Daiwa ETF-TOPIX TOPIX Japanese Equitiy Index (market) 19,060,159 -32.63% Daiwa AM

12 1580 Nikkei 225 Bear -1x ETF Nikkei 225 Inverse Index Leveraged / Inverse Index 14,816,985 -21.45% Simplex AM

13 1552 KOKUSAI S&P500 VIX SHORT-TERM FUTURES INDEX ETF S&P500 VIX SHORT-TERM FUTURES INDEX Foreign Stock Indices 10,041,459 -28.37% KOKUSAI AM Mitsubishi UFJ 14 1540 Japan Physical Gold ETF Gold Commodity/Commodity Index 5,651,011 +7.84% TB 15 1569 TOPIX Bear -1x ETF TOPIX Inverse (-1x) Index Leveraged / Inverse Index 5,544,802 -23.97% Simplex AM

16 1343 NEXT FUNDS REIT INDEX ETF Tokyo Stock Exchange REIT Index Real Estate 5,083,886 -13.44% Nomura AM Mitsubishi UFJ 17 1348 MAXIS TOPIX ETF TOPIX Japanese Equitiy Index (market) 4,715,164 -23.77% AM Gold World Gold 18 1326 SPDR® Gold Shares Commodity/Commodity Index 3,215,297 - Council 19 1615 TOPIX Banks Exchange Traded Fund TOPIX Banks Japanese Equitiy Index (sector) 2,994,230 -20.91% Nomura AM

20 1345 Listed Index Fund J-REIT (Tokyo Stock Exchange REIT Index) Bi-Monthly Dividend Payment Type Tokyo Stock Exchange REIT Index Real Estate 2,140,069 +19.72% Nikko AM [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 (%) (Mar-2014) Value (unit: JPY 1,000 (rank by Fund # Code Name Underlying index/commodity Category Monthly Change (%) trading value)) Administrator

1 1324 NEXT FUNDS Russia RTS Linked Exchange Traded Fund RTS Index Foreign Stock Indices 535,578 （32） +1102.02% Nomura AM Nikkei-TOCOM Leveraged 2 2038 NEXT NOTES Nikkei-TOCOM Leveraged Crude Oil ETN ETN 38,056 （86） +513.22% Nomura Crude Oil Index NEXT FUNDS Nikkei-TOCOM Platinum Index Linked Exchange 3 1682 Nikkei-TOCOM Platinum Index Commodity Indices 25,115 （93） +216.60% Nomura AM Traded Fund 4 1678 NEXT FUNDS S&P CNX Nifty Linked Exchange Traded Fund S&P CNX Nifty Foreign Equitiy Index 264,165 （48） +215.60% Nomura AM iPath® S&P GSCI® Grain Index Total Return Barclays Bank 5 2026 S&P GSCI® Grain Index Total Return ETN 23,135 （95） +213.66% JDR PLC 6 2037 NEXT NOTES Nikkei-TOCOM Inverse Gold ETN Nikkei-TOCOM Inverse Gold Index ETN 123,702 （59） +162.03% Nomura Mitsubishi UFJ 7 1593 MAXIS JPX-Nikkei Index 400 ETF JPX-Nikkei Index 400 Japanese Equitiy Index (market) 1,279,549 （23） +161.51% AM Mitsubishi UFJ 8 1597 MAXIS J-REIT ETF Tokyo Stock Exchange REIT Index Real Estate 101,801 （68） +129.22% AM Citigroup Nonyen World Government Bond 9 1677 Listed Index Fund International Bond (Citigroup WGBI) Monthly Dividend Payment Type Index - Japanese Investment Trust ("Nonyen Foreign Bond Index 302,195 （44） +127.02% Nikko AM WGBI JIT") DJIA TR JPY-Monthly Hedged Inverse (x1) 10 2041 NEXT NOTES DJIA TR JPY-Monthly Hedged Inverse (x1) ETN ETN 889,545 （26） +120.28% Nomura Index 11 1624 NEXT FUNDS TOPIX-17 MACHINERY ETF TOPIX-17 MACHINERY Japanese Equitiy Index (sector) 31,827 （88） +99.52% Nomura AM China Asset 12 1575 ChinaAMC CSI 300 Index ETF-JDR CSI300 Index Foreign Equitiy Index 21,201 （98） +97.53% Management (Hong Kong) State Street 13 1349 ABF PAN ASIA BOND INDEX FUND Markit iBoxx ABF Pan-Asia Index Foreign Bond Index 49,725 （82） +75.54% Global Advisors 14 1325 NEXT FUNDS Ibovespa Linked Exchange Traded Fund Ibovespa Foreign Equitiy Index 365,653 （41） +72.23% Nomura AM Mitsubishi UFJ 15 1543 Japan Physical Palladium ETF Palladium Commodity/Commodity Index 91,539 （71） +70.55% TB 16 1621 NEXT FUNDS TOPIX-17 PHARMACEUTICAL ETF TOPIX-17 PHARMACEUTICAL Japanese Equitiy Index (sector) 41,124 （84） +69.94% Nomura AM

17 1560 NEXT FUNDS FTSE Bursa Malaysia KLCI Exchange Traded Fund FTSE Bursa Malaysia KLCI Foreign Equitiy Index 55,840 （77） +55.86% Nomura AM

18 2036 NEXT NOTES Nikkei-TOCOM Leveraged Gold ETN Nikkei-TOCOM Leveraged Gold Index ETN 386,938 （38） +53.58% Nomura

19 1329 iShares Nikkei 225 ETF Nikkei 225 Japanese Equitiy Index (market) 2,105,880 （22） +50.85% BlackRock MSCI Emerging Markets Investable Market 20 1582 iShares Core MSCI Emerging Markets ETF-JDR Foreign Stock Indices 179,506 （54） +50.26% BlackRock Index [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 31-Mar-2014) Value (unit: JPY 1,000 (rank Fund # Code Name Benchmark index Category Volatility by trading value)) Administrator S&P500 VIX SHORT-TERM 1 1552 KOKUSAI S&P500 VIX SHORT-TERM FUTURES INDEX ETF Foreign Stock Indices 49.15% (67.75%) 10,041,459 (13) KOKUSAI AM FUTURES INDEX

2 1570 NEXT FUNDS Nikkei 225 Leveraged Index Exchange Traded Fund Nikkei 225 Leveraged Index Domestic Stock Indices 48.48% (56.14%) 1,626,285,772 (1) Nomura AM

3 1579 Nikkei 225 Bull 2x ETF Nikkei 225 Leveraged Index Leveraged / Inverse Index 47.78% (56.85%) 85,918,970 (5) Simplex AM

4 1572 China H-share Bull 2x ETF HSCEI Leveraged Index Leveraged / Inverse Index 44.56% (50.74%) 397,300 (37) Simplex AM 2030(E iPath® S&P 500 VIX Short-Term Futures™ Barclays Bank 5 S&P 500 VIX Short-Term Futures™ Index Total Return ETN 44.53% (62.5%) 104,964 (66) TN) JDR PLC 6 1568 TOPIX Bull 2x ETF TOPIX Leveraged (2x) Index Leveraged / Inverse Index 43.10% (58.23%) 99,946,878 (3) Simplex AM

7 1551 JASDAQ-TOP20 ETF JASDAQ-TOP20 Domestic Stock Indices 39.71% (47%) 639,315 (28) Simplex AM

8 1563 TSE Mothers Core ETF Tokyo Stock Exchange Mothers Core Index Japanese Equitiy Index (market) 38.75% (53.27%) 1,121,203 (25) Simplex AM 2042(E 9 NEXT NOTES Tokyo Stock Exchange Mothers Index ETN Tokyo Stock Exchange Mothers Index ETN 38.70% (59.42%) 554,340 (30) Nomura TN) 10 1324 NEXT FUNDS Russia RTS Linked Exchange Traded Fund RTS Index Foreign Stock Indices 35.53% (20.49%) 535,578 (32) 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.

◆IPO

ＥＴF Daiwa ETF JPX-Nikkei 400 (1599) listed on March 27, 2014 Management Company： Daiwa Asset Management Co., Ltd Underlying Index : JPX-Nikkei Index 400 http://www.tse.or.jp/english/news/08/140310_a.html

ＥＴF

◆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.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 March 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.