Market Making Incentive Scheme

List of Market Makers

Nomura Securities Co., Ltd.

Nomura Nomura Securities Co., Ltd. (NSC) plays the central role in the Group's core securities business. As the leading securities and investment banking company in Japan, we provide individual investors and corporate clients with a broad range of services, including investment advisory services and securities underwriting.

We provide individual clients with wealth management services meeting their individual long-term needs and risk tolerance.
We provide corporate clients with a wide array of specialized services based on our strong research and solution-delivering capabilities. These include investment management support for institutional investors, M&A financial advisory services for raising company shareholder value, and underwriting stock and bond issues to procure funds from the capital markets.

By providing clients with high value-added products and services, we aim to both expand on our leading position in, and contribute to the continued growth of Japan's securities industry.

Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.

Mitsubishi UFJ Morgan Stanley Under our corporate vision, we are "committed to meeting the needs of our customers, serving society, and fostering shared and sustainable growth for a better world, to be a foundation of strength."
We provide optimal solutions while emphasizing risk management, compliance, and information management, in order to continue to meet the expectations of our customers. Through these efforts, we seek to establish our position as the leading company in the Japanese securities industry, inspiring the greatest trust of customers, and being No. 1 in terms of "Trust," "Innovation," and "Growth ."

Flow Traders Hong Kong Ltd

Flow Traders Asia Pte Ltd Flow Traders is a leading global technology-enabled liquidity provider, specialized in Exchange Traded Products (ETPs). Our trading desks in Europe, the Americas and Asia provide liquidity across all major exchanges globally, on- and off exchange, 24 hours a day. Founded in 2004, we continue to cultivate the entrepreneurial, innovative and team-oriented culture that has been with us since the beginning. Market participants benefit from higher execution quality and lower overall trading costs, while the markets benefit from greater efficiency and more transparency. Our strategies are designed to use information that is publicly available and we use fairly simple, non-controversial and transparent order types. We are a strong supporter of fair, transparent and orderly markets. We do not have a directional opinion on the markets and aim to be hedged perfectly and instantaneously. This focus on risk management is at the heart of our organization.

Email: fit.apac@hk.flowtraders.com

Optiver Australia Pty Limited

Optiver Australia Pty Limited Optiver Australia Pty Limited (Optiver) is part of the Optiver group of companies (Optiver group) which is a leading global market making group, focused on pricing and risk management.We provide liquidity to financial markets using our own capital, at our own risk, trading a wide range of products: listed derivatives, cash equities and ETFs. We strive to improve the markets and provide efficiencies for end investors. Optiver Group has offices in Sydney, Hong Kong, Shanghai, Taipei, Amsterdam, Chicago and London.

Optiver has been trading and providing liquidity in the Japanese market since 2008.

Optiver is committed to the Global ETF market and provides liquidity both on-exchange and off-exchange. In APAC, we are expanding our presence - we trade ETFs in Japan and Hong Kong. In Europe, Optiver Group has an award-winning ETF platform partnering with a diverse range of investors, including asset managers, pension funds, hedge funds and banks.

Email: apac_etf_trading@optiver.com.au

Vivienne Court Trading

Vivienne Court Trading VivCourt is a global market making firm with our Head Office in Sydney, Australia. We provide liquidity across global markets and asset classes, and are particularly active in Japan's Cash and Derivatives markets, having been a partner of the Japanese Market since our founding.
With historical roots and expertise in traditional market making, we recognise the importance of maintaining deep liquidity and competitive markets in listed products.
We provide dedicated market maker coverage across a leading range of TSE ETFs and make markets across all the asset classes - equity, fixed income and commodities.
Vivcourt makes markets for both Japanese and foreign underlyings and are proud to promote fair and competitive pricing on and off exchange for all counterparties investing in Japan.

Phone: +61 2 9356 5112
Email: ETF.Japan@vivcourt.com

Grasshopper Pte Ltd

Grasshopper Pte Ltd Grasshopper is a leading Singaporean proprietary trading firm providing liquidity in global markets.

We are technology-led,innovation-driven and heavily invested in developing the competencies of our people.

We are committed to facilitating a strong,sustainable ecosystem of integrity in all the financial markets we participate in.

JPMorgan Securities Japan Co., Ltd.

JPモルガン証券株式会社 JPMorgan Chase & Co. is a leading global financial service firm headquartered in New York, USA.
As a Japan local subsidiary, JPMorgan Securities Japan Co., Ltd. provides leading financial services such as investment banking, fixed income, equities and intermediary custody services and advisory within Japan.
In equities, the firm provides securities and brokerage services for both domestic and foreign stocks as well as derivatives, market making, and diversified equity investment strategies, based on client needs.The firm also provides its clients with electronic trading platforms such as direct market access and algorithmic trading.

Within the ETF business and based on our global risk management experience, J.P. Morgan provides competitive pricing on index related products by utilizing our sound balance sheet.
We also offer diverse trading plans to meet our customers' needs for large ETF transactions. Furthermore, based on competitive prices obtained through active system development and strengthening of our trading division, we provide liquidity in and outside of the market and investment opportunities to our global investors.

Virtu Financial Singapore Pte Ltd

Virtu Financial Singapore Pte Ltd Virtu is a leading provider of financial services and products that leverages cutting-edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to its clients.

Leveraging its global market making expertise and infrastructure, Virtu provides a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology.

IMC Pacific Pty Ltd

IMC Pacific Pty Ltd IMC Pacific Pty Ltd("IMC Pacific"), trading as IMC Financial Markets, is a wholly-owned subsidiary of IMC BV, and belongs to the IMC Group, a Netherlands based global proprietary trading firm established in Amsterdam in 1989.

Since its establishment, IMC has specialized in making a market for a range of financial products, including derivatives, equities and ETFs, on over 100 exchanges around the world. In addition to Sydney, IMC presently has offices in Amsterdam, Chicago, Hong Kong and New York and employs over 700 people globally. The IMC Group trades across markets in Europe, the United States and the Asia Pacific region, including Japan, Hong Kong, Singapore and Korea.

IMC Pacific's ETF desk leverages deep product knowledge and pricing expertise to offer the best market available to qualified counterparties. With leading on-exchange market share and high RFQ win rate, we can add value to your business.

Email: APACJapanETFTraders@imc.com

Susquehanna Pacific Pty Ltd

Susquehanna Pacific Pty Ltd The Susquehanna International Group of Companies("SIG") is a global quantitative trading firm founded with an entrepreneurial mindset and a rigorous analytical approach to decision making. First established in the U.S. in 1987, SIG is today one of the largest privately-held financial institutions in the world, with over 2,000 employees globally.

SIG's trading operations span equities, fixed income, commodities, energy and foreign exchange, among others, across four continents around the globe. Throughout its history and expansion, SIG has remained focused on its core businesses in listed derivatives and index products and has long been one of the biggest liquidity providers in options and ETFs in the U.S. and European markets. SIG's traders, quants, developers, and systems engineers work side-by-side to develop and implement virtually all of our trading technology. Dedicated to providing efficient liquidity to the markets in which SIG is active, each individual brings their unique expertise every day to help SIG make optimal decisions in the complex and dynamic global financial markets.

Jane Street Asia Trading Limited

Jane Street Asia Trading Limited Jane Street is one of the largest ETF market makers in the world and an award-winning global liquidity provider with 20 years of cross-asset expertise. We have offices in New York, London, Hong Kong, and Amsterdam, which enable us to offer competitive pricing around the clock and across all markets.

We actively trade the majority of Asia-listed ETFs and particularly excel at complex trades where inter-desk collaboration is critical and it is generally considered as difficult practice, making us one of the top liquidity providers across many major markets in the region.

We provide a wide range of ETF-related services, including trading over 7000 ETFs listed in the world, serving as Lead Market Maker on exchange, and providing differentiated liquidity in both ETFs and their underlying assets to a broad base of institutional investors. Our trading spans all asset classes, including a robust client business in fixed income and credit portfolio trading that have been getting more common among investors.
Our comprehensive in-house 24 hour offering allows us to facilitate creations and redemptions quickly and with ease, and our committed ample capital makes us a reliable & long-term partner with investors regardless of market condition.

AP Capital Management (Hong Kong) Limited

AP Capital Management (Hong Kong) Limited AP Capital HK, a Licensed Corporation regulated by the Hong Kong Securities and Futures Commission (SFC CE No. BFD387). Since business commencement from 2015, it has steadily grown and become an active ETF Market Maker on relevant exchanges of Hong Kong, Mainland China, Taiwan, Japan and the United States.

AP Capital HK is playing a pivotal role in this rapid-changing market. Through its powerful trading tools, AP Capital is able to help ensure the liquidity, access and efficiency to ETF trading, in a cost-effective manner.