What Is the JPXN ETF? A Complete Guide to Returns, Expense Ratio, Holdings and Alternative ETFs
The iShares JPX-Nikkei 400 ETF (JPXN) offers dollar-denominated, diversified exposure to Japanese large and mid-cap stocks selected on profitability, capital efficiency and governance criteria. The key decision factors are how its dividends and fees differ from broad Japan ETFs such as EWJ and BBJP.
SubscribeWhat Is the iShares JPX-Nikkei 400 ETF?
This is a US-listed ETF that tracks the Japan JPX-Nikkei 400 Index. It holds Japanese large and mid-cap stocks, weighted by market capitalization, that are selected on profitability and capital efficiency measures such as return on equity and operating profit, as well as qualitative criteria such as governance and disclosure.
It suits investors who want diversified exposure to Japanese equities that reflects profitability and governance standards rather than a simple market-cap index.
It is a passive (index-tracking) ETF managed by BlackRock (iShares).
How Does the iShares JPX-Nikkei 400 ETF Invest?
| Item | Details |
|---|---|
| Tracked Index | JPX-Nikkei 400 |
| Management Style | Passive (index tracking) |
| Issuer | BlackRock (iShares) |
| Rebalancing Frequency | Annual scheduled reconstitution |
| Dividend Frequency | Semiannual dividends |
| Expense Ratio | 0.48% |
The JPX-Nikkei 400 Index selects among Japanese listed companies by scoring profitability and capital efficiency, such as return on equity and operating profit, along with qualitative factors such as governance and English-language disclosure. The ETF holds the resulting stocks at market-cap weights, tracking the performance of high-quality Japanese companies as a whole.
- Stock selection based on profitability and capital efficiency
- Qualitative factors such as governance and disclosure taken into account
iShares JPX-Nikkei 400 ETF Size and Costs (AUM and Management Fee)
Assets under management (AUM) stand at $168.1M, and the expense ratio is 0.48% per year.
What sets it apart from broad Japan ETFs is the added screening process based on profitability and governance.
iShares JPX-Nikkei 400 ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeJapanese equities have been influenced by the yen exchange rate, global risk appetite and the trend of improving corporate governance among Japanese companies, and returns fluctuate with these factors. The long-term trend of high-quality Japanese stocks as a whole matters more than short-term moves.
Fund flows vary with diversification demand for Japanese equities and with the yen and global liquidity environment. When investors want to adjust their Japan allocation, money tends to move in and out of ETFs in this category.
iShares JPX-Nikkei 400 ETF Pros and Cons
Its strength is Japan exposure based on profitability and governance criteria, while its weaknesses are volatility from currency moves and concentration in the Japanese market.
💪 Key Strengths
⚠️ Points to Watch
iShares JPX-Nikkei 400 ETF Alternative ETFs and Related Products
EWJ is a flagship ETF tracking broad Japanese large caps and is often compared with this fund. BBJP and FLJP are also broad Japan exposure alternatives that advertise lower fees. Meanwhile, to compare Korea exposure within East Asia, you can look at EWY, and if you want to reduce currency swings, you can also consider DXJ, a currency-hedged Japan ETF.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 EWJ | iShares MSCI Japan ETF | $92.91 | -2.1% | $23.8B | 0.49% | 3.66% | +11.9% |
 EWY | iShares MSCI South Korea ETF | $152.89 | -5.5% | $23.7B | 0.59% | 1.33% | +60.5% |
 BBJP | JPMorgan BetaBuilders Japan ETF | $75.07 | -2.1% | $19.1B | 0.19% | 4.71% | +9.3% |
 FLJP | Franklin FTSE Japan ETF | $39.59 | -2.0% | $4.3B | 0.09% | 4.27% | +11.1% |
 FLKR | Franklin FTSE South Korea ETF | $50.42 | -5.2% | $1.9B | 0.09% | 2.92% | +58.1% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
| MFG | Mizuho Financial Group Inc ADR | 0.04% | $9.66 | -3.3% | $116.4B | 13.3 | 1.99% |
| SMFG | Sumitomo Mitsui Financial Group Inc ADR | 0.04% | $24.20 | -1.9% | $152.8B | 27.8 | 3.01% |
| MUFG | Mitsubishi UFJ Financial Group Inc ADR | 0.03% | $21.56 | -1.7% | $242.7B | 14.1 | 2.94% |
| TM | Toyota Motor Corp ADR | 0.03% | $195.71 | -0.5% | $231.8B | 8.6 | 3.35% |
| SONY | Sony Group Corp ADR | 0.02% | $25.30 | -0.7% | $148.6B | - | 0.85% |
iShares JPX-Nikkei 400 ETF Investor Checkpoints
Here are the points to review before investing in JPXN. It is a core Japan exposure product, but you should check the yen/dollar exchange rate, concentration in the single country of Japan, cumulative fee burden and the profitability and governance screening method before investing.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 💵 Expense Ratio | Check the cumulative cost impact over a long holding period | Annual fee applies |
| 💱 Exchange Rate | Impact of yen/dollar conversion on returns | Not currency-hedged |
| 🗾 Country Concentration | Exposure to the single Japanese market | Single-country concentration |
| 📊 Selection Criteria | Understand the profitability and governance screening method | Review needed |
The yen exchange rate and concentration in the Japanese market are the main drivers of short-term volatility. Short-term losses can grow during changes in the Japanese economy or policy, or during global risk-off periods.
If you want Japan exposure that reflects profitability and governance criteria, this is a suitable choice. If cost and broad exposure are your priorities, we recommend comparing EWJ and BBJP, and if you want to reduce currency swings, also the currency-hedged ETF DXJ.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of June 26, 2026.
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