NEXT FUNDS NASDAQ-100 EXCHANGE TRADED FUND

The Fund is an open-end type equity investment trust. Its benchmark is the NASDAQ-100 Index®*. The Fund aims to track the performance of the benchmark index converted into Japanese yen by investing all, or substantially all of its assets, in stocks (including DRs) that are included or are due to be included in the NASDAQ-100 Index®. The NASDAQ-100 Index® is a stock price index which comprises the stocks of the 100 largest non-financial companies in terms of market capitalization listed on the Nasdaq Stock Market in the U.S. (these stocks include the stocks of non-U.S. companies as well as those of U.S. companies). The calculation method of the index is the Modified Weighted-Average Market Capitalization Method. NASDAQ reviews the selected stocks of the index every December and, in addition, may undertake irregular reviews. The NASDAQ-100 Index® has been calculated since January 31, 1985 and is calculated with a base date set as January 31, 1985, and the current index assumes the index value on that day to be 125. 'The NASDAQ-100 Index®' is different from 'The NASDAQ Composite Index', which includes all the stocks listed on the Nasdaq Stock Market.