Listed Tracers US Government Bond 0-2years Ladder (No Currency Hedge)

Investors are not guaranteed the investment principal that they commit. Investors may incur losses and the value of their investment principal may fall below par as the result of a decline in the market price or NAV. All profits and losses arising from investments in the Fund belong to the investors (beneficiaries). The Fund is different from saving deposits.

The Fund invests primarily in bonds. The NAV of the Fund may fall and you may suffer losses for reasons such as a drop in the price of bonds or deterioration in financial conditions and business performance of an issuer of bonds. Investors may also incur losses due to exchange rate fluctuations when investing in assets denominated in foreign currencies.

Major risks are as follows:

Price Fluctuation RiskCorporate and government bonds generally have a price fluctuation risk arising from changes in interest rates. Generally, their prices go down when interest rates rise, causing the NAV of the Fund to fall. The degree of price fluctuation varies by bonds depending on a remaining maturity, issuance conditions such as coupon rate and others.

Liquidity RiskThere is a risk that the fund will incur unexpected losses when the market size or trading volumes is small. The purchase and sale prices of securities are influenced by the trading volume, resulting in the risks that they cannot be traded at prices expected to be realized in light of the prevailing market trend, cannot be sold at the estimated prices, or that the trading volume is limited regardless of the level of prices.

Credit RiskIf a default has occurred or is expected to occur, for issuers of public and corporate bonds or short-term financial assets, the prices of such public and corporate bonds or short-term financial assets decline (the value could even fall to zero). This results in a decline of the Funds’ NAV. In addition, if default in fact occurs, there is a high possibility of being unable to collect invested cash.

Currency Fluctuation RiskFor foreign-currency-denominated assets, in general, if the yen is stronger than the currencies of such assets, the fund’s NAV will decline.Discrepancies between the market price on the Tokyo Stock Exchange and the NAVAlthough the Fund is listed and publicly traded on the Tokyo Stock Exchange, the market price of the Fund depends primarily on the demand for the Fund, the Fund's performance and investors' assessment of the Fund's attractiveness compared with other investments. Therefore, it is not possible to predict whether the market price of the Fund will trade below or above its NAV.

* Factors that may cause fluctuations in the NAV are not limited to those listed above.

Additional Considerations

• This document is meant as promotional material whose purpose is for Amova Asset Management to provide information about its ''Listed Tracers US Government Bond 0-2years Ladder (No Currency Hedge)'' and for investors to gain further understanding about the fund.
• The provisions stipulated in Article 37-6 of the Financial Instruments and Exchange Act (the “cooling-off period”) are not applicable to Fund transactions.
• This Fund differs from deposits or insurance policies in that it is not protected by the Deposit Insurance Corporation of Japan or the Policyholders Protection Corporation of Japan. Nor are investment trusts protected by investor protection funds when purchased at banks or other registered financial institutions.
• When the Fund faces big redemption causing short term cash requirement or sudden change in the main trading market condition, there can be temporal decline in the liquidity of holding assets, resulting in the risks that Fund unable to trade securities at the expected market prices or appraised prices, or encounters limitation in trading volume. This may result in the negative influence on NAV, suspension of redemption applications, or delay in making payment of redemption.
• When applying to invest in the Fund, please make the decision to invest carefully after taking the time to read the delivered pre-agreement document and other relevant materials in detail.