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Factor Model Indicators | Explanation of Indices/Indicators (ETFs) | Japan Exchange Group Factor Model Indicators Examples of ETFs Tracking Factor Model Indicators Explanation of Indices/ Indicators Factor Model Indicators 　 Covered-Call Indicator Risk Control Indicator Market Neutral Indicator Leveraged Indicators Inverse Indicators Currency-Hedged Indicators Factors refer to common attributes that may affect price movements of investment assets such as equities, bonds, and REITs. Some examples include market volatility, company size, price book-value ratio (PBR), price earnings ratio (PER), return on equity (ROE), currency fluctuations, and interest-rate fluctuations. Factor investing has become popular in recent years due to its usability as a risk management tool given that the return on various types of investment assets can be explained by a select number of common factors. Quintessential factors used under such investment strategies include: a) high yield, where issues that produce high stock dividends or dividend yields are selected; b) ...

Covered-Call Indicator | Explanation of Indices/Indicators (ETFs) | Japan Exchange Group Covered Call Indicator Difference with Underlying Asset Traits of Covered Call Indicators Differences in Profit/Loss with ETFs tracking Underlying Assets Notes on Investment Styles Explanation of Indices/ Indicators Factor Model Indicators Covered-Call Indicator 　 Risk Control Indicator Market Neutral Indicator Leveraged Indicators Inverse Indicators Currency-Hedged Indicators A Covered Call Indicator is modeled to represent profits in the case where the Covered Call strategy was employed for a given asset (individual stocks, stock price indices, etc.; hereinafter “underlying assets”, including the referenced indices). This type of indicator is generally a type of Enhanced Indicator (an index which represents investment results for a certain investment strategy). The Covered Call strategy is a leading investment strategy using options trading. This strategy is employed when the underlying stocks or stock price index is not expected to fluctuate largely over the short-...

Risk Control Indicator | Explanation of Indices/Indicators (ETFs) | Japan Exchange Group Risk Control Indicator Traits of Risk Control Indicators Differences in Profit/Loss with ETFs tracking Underlying Indicator Notes on Investment Styles Explanation of Indices/ Indicators Factor Model Indicators Covered-Call Indicator Risk Control Indicator 　 Market Neutral Indicator Leveraged Indicators Inverse Indicators Currency-Hedged Indicators A Risk Control Indicator is an index expressing income from an investment strategy which reduces deviations in income by adjusting cash holding ratio of an investment portfolio tracking a certain indicator (hereinafter "underlying indicator") as needed, according to certain standards. This type of indicator is generally a type of Enhanced Indicator (an index which expresses an investment strategy pursuing certain investment results for a certain investment strategy). The following is a specific explanation of the traits of Risk Control Indicators. Example Investment portfolios tracking TOPIX (Tokyo Stock Price Index) are composed of cash stocks of ...

Market Neutral Indicator | Explanation of Indices/Indicators (ETFs) | Japan Exchange Group Market Neutral Indicator Traits of Market Neutral Indicators Differences in Returns Compared to ETFs Tracking the Underlying Indicator Notes on Investment Style Explanation of Indices/ Indicators Factor Model Indicators Covered-Call Indicator Risk Control Indicator Market Neutral Indicator 　 Leveraged Indicators Inverse Indicators Currency-Hedged Indicators A market neutral indicator seeks profits from an investment strategy that is based on an investment portfolio created to track a certain indicator (hereinafter "underlying indicator"). The strategy combines short positions to hedge market risk in accordance with certain rules. It is generally a type of enhanced indicator (an index that seeks certain investment results based on an investment strategy). If the underlying indicator is not a market capitalization weighted indicator of the broad market ("conventional indicator") but an indicator that selects constituents and adjusts their incorporation ratio based on certain rules (e.g., ...

Leveraged Indicators | Explanation of Indices/Indicators (ETFs) | Japan Exchange Group Leveraged Indicator Traits of Leveraged Indicators Differences in Profit/Loss with ETFs tracking Underlying Indicator Notes on Investment Styles Explanation of Indices/ Indicators Factor Model Indicators Covered-Call Indicator Risk Control Indicator Market Neutral Indicator Leveraged Indicators 　 Inverse Indicators Currency-Hedged Indicators A Leveraged Indicator is an indicator calculated by multiplying the daily fluctuation rate of the underlying indicator (TOPIX, etc.) by a certain factor. Traits Leveraged Indicators have price movements and returns that differ with those of regular indicators. The following is a specific explanation of the traits of TOPIX Leveraged (2x) Index. TOPIX Leveraged (2x) Index is calculated so that the fluctuation rate will be twice the daily fluctuation rate of TOPIX. Therefore, it will be 2x if compared to the TOPIX fluctuation rate for the preceding business day, however for periods longer than two business days, the ...

Inverse Indicators | Explanation of Indices/Indicators (ETFs) | Japan Exchange Group Inverse Indicator Traits of Inverse Indicators Differences in Profit/Loss with ETFs tracking Underlying Indicator Notes on Investment Styles Explanation of Indices/ Indicators Factor Model Indicators Covered-Call Indicator Risk Control Indicator Market Neutral Indicator Leveraged Indicators Inverse Indicators 　 Currency-Hedged Indicators An Inverse Indicator is an indicator calculated by multiplying the daily fluctuation rate of the underlying indicator (TOPIX, etc.) by a certain factor. Traits Inverse Indicators have price movements and returns that differ with those of regular indicators. The following is a specific explanation of the traits of TOPIX Double Inverse (-2x) Index. TOPIX Double Inverse (-2x) Index is calculated so that the fluctuation rate will be -2x the daily fluctuation rate of TOPIX.　Therefore, it will be -2x if compared to the TOPIX fluctuation rate for the preceding business day, however for periods longer than two business ...

Details of Proof of Concept Testing for HTML Disclosure of Earnings Reports (Kessan Tanshin) | Japan Exchange Group Dec. 17, 2021 JPXTSE Details of Proof of Concept Testing for HTML Disclosure of Earnings Reports (Kessan Tanshin) Objective of the PoC Expected benefits from HTML conversion Scope HTML file specifications Method of disclosure of HTML files Schedule Sample Files As previously announced, Tokyo Stock Exchange, Inc. (TSE) will start Proof of Concept (PoC) testing in conjunction with the upcoming replacement of TDnet scheduled for December 18, 2021, to enable disclosure in HTML format of listed companies* annual and quarterly earnings reports and listed REITs' annual and interim earnings reports (listed companies and listed REITs are hereinafter collectively referred to as “Listed Companies, etc.”) with the cooperation of PRONEXUS Inc. and TAKARA PRINTING CO., LTD. (in alphabetical order; hereinafter, the “Printing Companies.”) Participation of Listed Companies, etc. in this PoC and disclosure in ...

Delisting Criteria pertaining to Reexamination due to Violation against a Written Oath | Details of Delisting Criteria | Japan Exchange Group Delisting Criteria pertaining to Reexamination due to Violation against a Written Oath Delisting Criteria pertaining to Reexamination due to Violation against a Written Oath 　 Delisting Criteria pertaining to Ceasing to Be a Substantial Survivor due to Merger, etc. The Delisting Criteria shall apply to a listed company when the listed company has, at the time of application for initial listing or segment transfer, filed documents containing false statements, or other actions that violate the written oath that the company has filed stating that all required contents are reported without omission and that all contents are true; and, in cases where TSE has deemed that a listed company does not meet the Initial Listing Criteria or Criteria for Segment Transfers (hereinafter, "Initial Listing Criteria, etc."), when the listed company does not qualify ...

Market Makers | Market Making Incentive Scheme | ETFs | Japan Exchange Group List of Market Makers Market making system Market Makers 　 Application Form Sponsored Market Making Q&A ETF Market Making Scheme Ver2.0 Awards for outstanding ETF market makers Nomura Securities Co., Ltd. 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 ...

Application Form | Market Making Incentive Scheme | ETFs | Japan Exchange Group Application / Report Format Overview Market Makers Application Form 　 Sponsored Market Making Q&A ETF Market Making Scheme Ver2.0 Awards for outstanding ETF market makers Application documents and report format related to ETF Market Making Incentive Scheme are as follows. For Market Maker (from Market Maker to TSE) MT-1 Application for designation to MM MT-2 Application of ETF & Virtual Server MT-3 Contacts MT-4 Application for canceling designation For Market Maker (from TSE to Market Maker) TM-1 Notification of Designation - TM-2 Market Maker Report (Sample) TM-3 Notification of Cancellation - For Asset Management (from AM to TSE) AT-1 NDA - AT-2 Application to receive Report AT-3 Sponsored Market Making Incentive Scheme Usage Contract - AT-4 Sponsored MM Application For Asset Management (from TSE to AM) TA-1 Report by ETF (Sample)...