S&P500 S&P500 Short S&P 500 Fund ProShares UltraShort S&P500 ProShares Ultra S&P500 ProShares Direxion ProShares S&P500 SPDR S&P 500 ETF Vanguard S&P

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2 S&P500 S&P500 Short S&P 500 Fund ProShares UltraShort S&P500 ProShares Ultra S&P500 ProShares Direxion ProShares S&P500 SPDR S&P 500 ETF Vanguard S&P 500 ETF ishares S&P 500 ETF

3 SPDR S&P 500 ETF (SPY) Shares ETF (LLSP) ETF (SPUU) Shares ETF (SPXL) 184, , ,132 ProShares ishares S&P 500 ProShares Ultra UltraPro S&P 500 ETF (IVV) S&P500 (SSO) Index Fund (UPRO) 73,150 1, ,536 5,231 3,797 Vanguard S&P 500 ETF (VOO) 234,260 11, ,460 3, ,644 1,666 S&P500 ETF ,475 3, ,878 9,282 S&P500 ETF Direxion Daily Direxion Daily S&P Direxion Daily S&P 500 Bull 1.25x 500 Bull 2x Shares S&P 500 Bull 3x ProShares Short S&P 500 Fund (SH) (SDS) Shares ETF (SPXS) 3,000 2, ,150 6,641 2,353 ProShares UltraShort S&P500 Direxion Daily S&P 500 Bear 3x

4 SPDR S&P 500 ETF S&P500 SPDR S&P 500 ETF ProShares Short S&P500 ProShares Ultra S&P500 State Street Global Advisors ProShares Trust ProShares Trust Apple Inc S&P 500 Index Swap S&P 500 Index Swap Citibank Na Morgan Stanley & Co. International Plc Microsoft Corporation Exxon Mobil Corporation ProShares Ultra S&P500 Facebook Inc. Class 1.46 E-mini S&P 500 A June16 AT&T Inc S&P 500 Index Swap Morgan Stanley & Co. International Plc Amazon.com Inc S&P 500 Index Swap Ubs Ag Wells Fargo & 1.24 Spdr S&P 500 (Spy) Company Swap Deutsche Bank Ag ProShares Short 2.43 S&P 500 Index Swap Credit Suisse International 1.93 S&P 500 Index Swap Bank Of America Na Johnson & Johnson 1.66 S&P 500 Index Swap Deutsche Bank Ag General Electric Company Berkshire Hathaway Inc. Class B 1.65 S&P 500 Index Swap Goldman Sachs International 1.48 S&P 500 Index Swap Societe Generale SPDR S&P 500 ETF S&P 500 Index Swap Deutsche Bank Ag S&P 500 Index Swap Citibank, N.A. S&P 500 Index Swap Ubs Ag Spdr S&P 500 (Spy) Swap Deutsche Bank Ag Spdr S&P 500 (Spy) Swap Goldman Sachs International 9.88 S&P 500 Index Swap Societe Generale 8.28 S&P 500 Index Swap Goldman Sachs International 6.11 E-mini S&P 500 June S&P 500 Index Swap Bank Of America, Na

5 ProShares Short S&P500 ProShares Ultra S&P500 Nadig (2015) S&P500

7 FINRA (2009) S&P500

8 18f-4 Mutual funds

9 18(f) (a) 18(f) 18(f) 61 Release10666

10 Investment Company Use of Derivatives and Leverage Task Force American Bar Association (2010)

11 SEC (2015a) Runyan (2016), "No Longer Conceptual: SEC Proposes Significant Regulations Governing the Use of Derivatives and Other Transactions by Registered Funds and BDCs" financialcommitmenttransaction 18

12 18 61

13 Value at Risk (VaR) VaR

14 VaR VaR

19 material VaR Dodd-Frank Wall Street Reform

20 and Consumer Protection Act SEC (2015b) "SEC Proposes Liquidity Management Rules For Mutual Funds And ETFs"

21 Nadig (2015) ProShares 2X 2

22 2 2 ProShares (2016)

23 SEC (2015a) "Use of Derivatives by Registered Investment Companies and Business Development Companies" "BDCs are closed end investment companies (BDCs were created by Congress in 1980 in order to create a form of investment vehicle that would supply capital to private and thinly traded U.S. based operating companies and that could do so within a modified regulatory framework compared to registered investment companies." Securities Trading Practices of Registered Investment Companies, Investment Company Act Release No , 44FR25128 (April 27, 1979) ("Release 10666") ( Section 18(g) of the Investment Company Act defines "senior security," in part, as "any bond, debenture, note, or similar obligation or instrument constituting a security and evidencing indebtedness," and "any stock of a class having priority over any other class as to the distribution of assets or payment of dividends." The definition excludes certain limited temporary borrowings. ((Concept release "Use of Derivatives by Investment Companies under the Investment Company Act of 1940" (Release No. IC-29776; File No. S ))

24 SEC (2015a), "Use of Derivatives by Registered Investment Companies and Business Development Companies" (Release No. IC- com/news/statement_from_proshares_regarding_the_sec_derivatives_proposal.html) ProShares (2016), "Statement from ProShares Regarding the SEC Derivatives Proposal" 2016 Feb 9. ( publications/no-longer-conceptual-sec-proposes-significant-regulations-governing-the-use-of-derivatives-and-othertransactions-by-registered-funds-and) Other Transactions by Registered Funds and BDCs", Stroock Special Bulletin, January 11, 2016, ( Runyan, Nicole M., (2016), "No Longer Conceptual: SEC Proposes Significant Regulations Governing the Use of Derivatives and Funds" (Regulatory Notice 09-31) (2009 June) ( FINRA (2009), "FINRA Reminds Firms of Sales Practice Obligations Relating to Leveraged and Inverse Exchange-Traded nagement%20products%20and%20activities.pdf Activities Docket No. FSOC " FINANCIAL STABILITY OVERSIGHT COUNCIL (2014) "Notice Seeking Comment on Asset Management Products and sec-chases-etf-boogeyman-geared-funds?nopaging=1) Nadig, David.,(2015), "SEC Chases ETF Bogeyman: Geared Funds", December 10, 2015, ( ( American Bar Association (2010) "Investment Company Use of Derivatives and Leverage Task Force", 2010 July,

25 31933; File No. S ), 2015 December, ( SEC (2015b), "SEC Proposes Liquidity Management Rules For Mutual Funds And ETFs", 2015 September, ( gov/news/pressrelease/ html) nicmr.com/nicmr/report/repo/2016/2016win09web.pdf

野村資本市場研究所｜ASEAN投資信託市場の現状と課題（PDF）

野村資本市場研究所｜ASEAN投資信託市場の現状と課題（PDF） 213 Spring ASEAN 1. 2. 5.7 ASEAN 3. 3.3 4. 2.4 5. ASEAN 76 1 ASEAN 213 ASEAN 4 ASEAN ASEAN 2 1 1 1 1 1 OECD The Emerging Middle Class in Developing Countries January 21 2 Cerulli Associates Asset Management