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Characteristics of ETNs / Differences with ETFs | Overview (ETNs) | Japan Exchange Group Characteristics of ETNs / Differences with ETFs Characteristics of ETNs / Differences with ETFs 　 Mechanism Information Related to Underlying Indicator, Market Price, etc. ETNs (Exchange Traded Note) are listed products called "listed investment securities" or "indicator-tracking securities". ETNs, like ETFs (Exchange Traded Fund), are products whose price tracks a stock price index, commodity price, or other such "specified indicator". As indicated by the word "Note", because the price is ensured to track the specified indicator based on the credibility of a financial institution (issuer), ETNs differ from ETFs in that there are no assets backing the security. ETNs are the most active listed product behind ETFs in European and US stock markets (in Europe they are known as "Listed Certificates"). The following introduces some of the primary characteristics, points of note, and differences with ETFs for ETNs. [Feature 1] No ...

Information on Redemption Values (ETNs) | Japan Exchange Group Redemption Values, etc. Numbers of Beneficiary Rights Tokyo Stock Exchange (TSE) requires ETN issuers to provide investors with information such as redemption value per note. Information Provided Daily remaining total redemption value Daily redemption value per note Disparity between daily redemption value per note and specified indicator Other items deemed necessary by the Exchange* Characteristics, points to note, and other details of indicator for ETNs tracking enhanced indices, leveraged/inverse indices, indices referring to the price of commodity futures contracts or similar, and currency hedged indices In addition to the above information, issuers are requested to make efforts to actively provide indicative NAV and PCF information. Please refer to the page below for indicative NAV and PCF information. Indicative NAV Method of Information Provision This information is provided through the websites of each issuer in Japanese. Please refer to the page below ...

Risks | Risks (ETNs) | Japan Exchange Group Issuer Credit Risk Price Fluctuation Risk Disparity with Market Price Liquidity Risk Other Risks Risks 　 Risk for Futures-Type ETNs Investors should be aware of the following risks when investing in ETNs. ETNs differ from ETFs in that they do not hold backing assets and are issued on the credit of their issuer financial institution. Because of this, an ETN’s price may decline or be nullified due to bankruptcy or a deterioration of financial conditions on the part of the issuer. As such, it is important for investors to take note of such credit risk. Systematic Measures against Credit Risk In order to reduce this type of credit risk, TSE requires ETN issuers to have a certain level of credit and has provided strict listing examination and delisting criteria regarding financial status and credit rating, etc. Specifically, financial criteria, etc., are equivalent to ...

Trading (ETNs) | Japan Exchange Group Trading Rules Reference Price Trading Units Daily Price Limits Tick Size Market Information Trading Method on Initial Listing Date Settlement Date Revision of Short-Selling Restrictions There are no special rules for ETN trading compared to common stocks. Trading is conducted through securities companies, in the same way as common stock investment. Limit and Market Orders are both capable, as with stocks. Tick sizes are also the same as those for stocks. Just as with stocks, order can be placed for "Bid at JPY 903" or "Offer at JPY 894". Additionally, execution of transactions (the principle of price and time priority) and price limits are the same as those for common stock transactions. In addition to auction trading, trading is also available through ToSTNeT trading, which can be used for large-lot transactions. However, off-auction trading of own shares (ToSTNeT-3) is not available....

English-language Disclosure System for Foreign Companies | Japan Exchange Group English-language Disclosure System Listed Foreign Companies conducting English Disclosure Research Group on Creation Guidelines for Foreign Company Report, etc. Issuers of securities are required under the Financial Instruments and Exchange Act (hereinafter "the Act") to submit Securities Registration Statements, Securities Reports, and other disclosure documents. The English-language disclosure system allows foreign companies, etc. to submit English documents (limited to those which are actually disclosed in a foreign country according to its laws and regulations) in place of the above documents if these English documents are deemed not inadequate in consideration of the public interest and investor protection. If a foreign company, etc. submits these English documents (including those required as supplementary documents), the company shall be deemed as having submitted Securities Registration Statements, Securities Reports, and other disclosure documents and the submission shall also have legally equivalent effect. ...

Listed Issues (Foreign Stocks) | Foreign Stocks | Japan Exchange Group Prime Market Foreign Stocks Standard Market Foreign Stocks Growth Market Foreign Stocks Issue name Code IR site Trading unit Country Sector End of fiscal year JDR (*) YTL Corporation Berhad 1773 English site 1000 MALAYSIA Construction June - Issue name Code IR site Trading unit Country Sector End of fiscal year JDR (*) Beat Holdings Limited 9399 English site 1 CAYMAN ISLANDS Information & Communication December - MediciNova,Inc. 4875 English site 100 UNITED STATES Pharmaceutical December - Issue name Code IR site Trading unit Country Sector End of fiscal year JDR (*) OMNI-PLUS SYSTEM LIMITED 7699 English site 100 SINGAPORE Wholesale trade March YCP Holdings (Global) Limited 9257 English site 100 SINGAPORE Services December Listed securities are foreign stock trust beneficiary securities (i.e. Japanese Depositary Receipt: JDR) whose trust assets are common shares. Documents are only available in Japanese....

Initial Listing Criteria | Foreign Stocks | Japan Exchange Group Initial Listing Criteria Initial Listing Criteria 　 Segment Transfers Continued Listing Criteria Delisting Criteria Initial Requirements Companies must meet the criteria for each market segment's initial requirements for foreign stocks, etc. (foreign stocks and foreign stock depositary receipts, etc.) as follows (Rule 206, Paragraph 1, Rule 212, Paragraph 1, and Rule 218, Paragraph 1 of the Securities Listing Regulations). Items Initial Listing on Prime Market Initial Listing on Standard Market Initial Listing on Growth Market Number of Shareholders (Estimate at Time of Listing) 800 or more 400 or more 150 or more Number of Shareholders (Estimate at Time of Listing) a. Number of tradable shares: 20,000 units or more b. Tradable share market capitalization: JPY 10 billion or more 1 a. Number of tradable shares: 2,000 units or more b. Tradable share market capitalization: JPY 1 billion or more 1 ...

Overview (Foreign Stocks) | Japan Exchange Group TSE Foreign Stock Market Why are foreign stocks so attractive to investors? What is the merit of trading foreign stocks on TSE? Tokyo Stock Exchange (TSE) has been proactively engaged in market operations of foreign stocks since it established a foreign stock market in 1973. In particular, TSE has improved the listing system and rules in order to attract high growth companies in Asia and to promote the listing of such companies. TSE has been actively making efforts to establish a firm and unrivaled position as the region’s leading exchange, which grows with the development of Asian economy. Foreign companies listed on TSE consist of two categories: “Blue Chip” companies set up and listed in their home countries such as the U.S., and foreign companies listed only on TSE. The trading rules of foreign stocks at TSE are basically the same as ...

TSE Single Listing Foreign Companies | Japan Exchange Group TSE Single Listing Foreign Companies Company name (Code) Beat Holdings Limited (9399) OMNI-PLUS SYSTEM LIMITED (7699) YCP Holdings (Global) Limited (9257)...

Trading (Foreign Stocks) | Foreign Stocks | Japan Exchange Group Trading Hours Trading Unit Base Price Types of Trading Commissions Management Fees for Foreign Securities Trading Account Others Morning session……… 9:00 a.m. - 11:30 a.m. Afternoon session……… 12:30 p.m. - 3:30 p.m. How trading units are determined Trading units of 1, 10, 50, 100, 500, and 1,000 shares are determined based on the stock price according to TSE rules *. The trading unit is determined as in the following table. The average of the closing price or quotes in the main foreign securities market of the issue (including an organized over-the-counter market) in the one year period before its initial listing on the TSE market is used. This price is converted into yen based on the middle rate of the TTS and TTB in the Tokyo foreign exchange market on the listing application day. ...