Nomura Asset Management is splitting beneficiary units in six of its NEXT FUNDS exchange traded funds, with ratios ranging from 50-for-1 up to 400-for-1. The steepest split applies to the NEXT FUNDS DJIA (Unhedged) ETF (1546); the gentlest applies to the gold-price fund and the Nikkei 225 leveraged fund, which each split 50-for-1.
Alongside the splits, the Tokyo Stock Exchange minimum order size for all six funds rises from one unit to ten. Because every split ratio is larger than that tenfold jump in lot size, the smallest order still costs fewer yen than before the change, even though investors must now buy in blocks of ten rather than one.
The changes roll out on a staggered schedule running from October 2026 to March 2027, and each fund will briefly halt new-unit creation and either exchanges or partial redemptions around its record date to process the split.
| Ticker | Fund | Split ratio | Split effective date | New TSE trading-unit date |
|---|---|---|---|---|
| 1321 | NEXT FUNDS Nikkei 225 ETF | 100-for-1 | Oct 7, 2026 | Oct 5, 2026 |
| 1328 | NEXT FUNDS Gold Price ETF | 50-for-1 | Nov 2, 2026 | Oct 29, 2026 |
| 1546 | NEXT FUNDS DJIA (Unhedged) ETF | 400-for-1 | Nov 6, 2026 | Nov 4, 2026 |
| 1570 | NEXT FUNDS Nikkei 225 Leveraged Index ETF | 50-for-1 | Mar 1, 2027 | Feb 25, 2027 |
| 1577 | NEXT FUNDS Japan Equity High Dividend 70 ETF | 200-for-1 | Feb 1, 2027 | Jan 28, 2027 |
| 1591 | NEXT FUNDS JPX-Nikkei 400 ETF | 100-for-1 | Feb 1, 2027 | Jan 28, 2027 |
Institutional creation and redemption minimums, which apply only to authorized participants dealing directly with the trust rather than on the exchange, are being scaled up proportionally for five of the six funds; the Nikkei 225 ETF's minimums are left unchanged.