Market Making Incentive Scheme
ETF Market Making Scheme Version 2.0
ETF Market Making Scheme Version 2.0 is to develop ETFs which represent each asset classes. To that end, TSE will set limited-time incentives and obligations and ask market makers to display continuous quotes of around JPY 100 million.
Liquidity for the eligible ETFs 1 is expected to further improve thanks to supplying of additional orders in a limited time, making it possible to trade instantly at a low cost even for relatively large transactions.
| Index | Code | Issue Name | Obligation 2 |
| JPX Prime 150 | 2017 | iFreeETF JPX Prime 150 | 100 mil. JPY /2ticks or 0.2% |
| S&P500 | 1655 | iShares S&P 500 ETF | 100 mil. JPY /2ticks or 0.2% |
| 2563 | iShares S&P 500 JPY Hedged ETF | ||
| NASDAQ100 | 1545 | NEXT FUNDS NASDAQ-100(R) (Unhedged) Exchange Traded Fund | 100 mil. JPY /2ticks or 0.3% |
| 2569 | Listed Index Fund US Equity (NASDAQ100) Currency Hedge | ||
| Dow Jones Industrial | 1546 | NEXT FUNDS DJIA (Unhedged) Exchange Traded Fund | |
| 2562 | Listed Index Fund US Equity (Dow Average) Currency Hedge | ||
| DAX | 2860 | NEXT FUNDS German Equity DAX (Yen-Hedged) Exchange Traded Fund | |
| FTSE 100 | 363A | iFreeETF FTSE100 | |
| EURO STOXX 50 | 2859 | NEXT FUNDS EURO STOXX 50 (Yen-Hedged) Exchange Traded Fund | |
| MSCI Kokusai | 2513 | NEXT FUNDS International Equity MSCI-KOKUSAI (Unhedged) Exchange Traded Fund | 100 mil. JPY /2ticks or 0.2% |
| 2514 | NEXT FUNDS International Equity MSCI-KOKUSAI (Yen-Hedged) Exchange Traded Fund | ||
| MSCI Emerging | 1681 | Listed Index Fund International Emerging Countries Equity | 100 mil. JPY /2ticks or 0.4% |
| MSCI ACWI | 2559 | MAXIS World Equity (MSCI ACWI) ETF | 15 mil. JPY /2ticks or 0.4% |
| US Treasury 5-10 years | 1486 | Listed Index Fund US Bond (No Currency Hedge) | 100 mil. JPY /2ticks or 0.2% |
| 1487 | Listed Index Fund US Bond (Currency Hedge) | ||
| US Treasury 1-5 years | 2620 | iShares 1-3 Year US Treasury Bond ETF | 100 mil. JPY /2ticks or 0.15% |
| US Treasury over 10 years | 2255 | iShares 20+ Year US Treasury Bond ETF | 100 mil. JPY /2ticks or 0.25% |
| 2621 | iShares 20+ Year US Treasury Bond JPY Hedged ETF | ||
| German Government Bond | 2857 | iShares Germany Government Bond JPY Hedged ETF | 100 mil. JPY /2ticks or 0.25% |
| French Government Bond | 2861 | Listed Index Fund France Government Bond (No Currency Hedge) | 100 mil. JPY /2ticks or 0.4% |
| 2862 | Listed Index Fund France Government Bond (Currency Hedge) | ||
| FTSE WGBI | 2511 | NEXT FUNDS International Bond FTSE World Government Bond Index (ex Japan Unhedged) Exchange Traded Fund | 100 mil. JPY /2ticks or 0.4% |
| 2512 | NEXT FUNDS International Bond FTSE World Government Bond Index (ex Japan Yen-Hedged) Exchange Traded Fund | ||
| TOPIX Sector Indices TOPIX-17 series | 1617 | NEXT FUNDS TOPIX-17 FOODS ETF | 30 mil. JPY/ 3ticks or 0.25% |
| 1618 | NEXT FUNDS TOPIX-17 ENERGY RESOURCES ETF | ||
| 1619 | NEXT FUNDS TOPIX-17 CONSTRUCTION & MATERIALS ETF | ||
| 1620 | NEXT FUNDS TOPIX-17 RAW MATERIALS & CHEMICALS ETF | ||
| 1621 | NEXT FUNDS TOPIX-17 PHARMACEUTICAL ETF | ||
| 1622 | NEXT FUNDS TOPIX-17 AUTOMOBILES & TRANSPORTATION EQUIPMENT ETF | ||
| 1623 | NEXT FUNDS TOPIX-17 STEEL & NONFERROUS ETF | ||
| 1624 | NEXT FUNDS TOPIX-17 MACHINERY ETF | ||
| 1625 | NEXT FUNDS TOPIX-17 ELECTRIC APPLIANCES & PRECISION INSTRUMENTS ETF | ||
| 1626 | NEXT FUNDS TOPIX-17 IT & SERVICES,OTHERS ETF | ||
| 1627 | NEXT FUNDS TOPIX-17 ELECTRIC POWER & GAS ETF | ||
| 1628 | NEXT FUNDS TOPIX-17 TRANSPORTATION & LOGISTICS ETF | ||
| 1629 | NEXT FUNDS TOPIX-17 COMMERCIAL & WHOLESALE TRADE ETF | ||
| 1630 | NEXT FUNDS TOPIX-17 RETAIL TRADE ETF | ||
| 1631 | NEXT FUNDS TOPIX-17 BANKS ETF | ||
| 1632 | NEXT FUNDS TOPIX-17 FINANCIALS (EX BANKS) ETF | ||
| 1633 | NEXT FUNDS TOPIX-17 REAL ESTATE ETF | ||
| TSE REIT Logistics Focus Index | 2565 | Global X Logistics J-REIT ETF | 30 mil. JPY/ 1tick or 0.25% |
| TSE REIT Office Focus Index | 2096 | Global X Office J-REIT ETF | |
| TSE REIT Residential Focus Index | 2097 | Global X Residential J-REIT ETF | |
| TSE REIT Hotel & Retail Focus Index | 2098 | Global X Hotel & Retail J-REIT ETF | |
| Actively managed ETFs for REIT | 258A | SMT ETF Selected J-REIT Active | 50 mil. JPY/ 1tick or 0.3% |
- All of the conditions are from April to September 2025, TSE will announce updates after October 2025 by September 17, 2025. (Depending on the result, extension will be examined.)
- Quoting time period is 80%.
Enquiry
Tokyo Stock Exchange, Inc. Equities Department
TEL:Tel: +81-3-3666-0141