Overview (ETFs)

Differences with Other Investment Trusts


	Stocks	ETF	Investment Trusts
Place of Purchase	All issues available at any securities company in Japan	Same as left	Only at certain securities companies by issue
Purchase/Sale Price	Set by investor	Same as left	Not able to be set
Order	able to be placed as limit orders or market orders	Same as left	purchase and realize before the announce of net asset value
Trust Fees	N/A	Trust fees of ETFs are said to be cheaper than those of regular investment trusts. (0.060% - 0.950%)	Same as left (0.100% - 1.650%) *
Liquidity	Same as ETF	designated participants place bids and offers based on the net assets	purchase by securities firm
Risk	Risk pertaining to individual issues	Risk pertaining to individual issues is dispersed via investment in multiple issues	Same as left
Margin Trading	possible(able to be selected as loan trading issues from the date of listing)	possible	No
Application of Insider Regulation	Yes	No	No
Submission of Report on Large Shareholders	Yes	No	No

Source: The Investment Trusts Association, Japan (Only Index Funds, As of August 2017)