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How to invest in Japan using ETFs
How do I invest in Japanese stocks?
The easiest way to invest in the whole Japanese stock market is to invest in a broad market index. This can be done at low cost by using ETFs.
On the Japanese stock market you'll find 6 indices which are tracked by ETFs. Besides these indices 3 alternative indices on small and mid caps or equity strategies can be considered.
A speciality for ETFs on Japan is the large number of currency hedged ETFs that are available. In total there are 12 currency hedged indices tracked by 19 ETFs.
Performance of Japanese stocks (MSCI Japan)
1 month: 1.50%
1 year: 12.99%
3 years: 38.58%
5 years: 24.70%
Indices in comparison
The best indices for ETFs on Japan
For an investment in the Japanese stock market, there are 6 indices available which are tracked by 21 ETFs. On the FTSE Japan index there are 3 ETFs. On the JPX-Nikkei 400 index there are 2 ETFs. On the MSCI Japan index there are 9 ETFs. On the MSCI Japan IMI index there is 1 ETF. On the Nikkei 225® index there are 2 ETFs. On the TOPIX® index there are 4 ETFs. The total expense ratio (TER) of ETFs on these indices is between 0.09% p.a. and 0.48% p.a..
| Index | Investment focus | Number of ETFs | Number of constituents | Short description |
|---|---|---|---|---|
FTSE Japan | Japan | 3 ETFs | 515 (31.08.23) | The FTSE Japan index tracks Japanese large and mid cap stocks. Index factsheet |
JPX-Nikkei 400 | Japan | 2 ETFs | 400 | The JPX-Nikkei 400 index tracks 400 Japanese stocks. The stocks are mainly selected by return on equity and cumulative operating profit. Index factsheet |
MSCI Japan | Japan | 9 ETFs | 182 (28.11.25) | The MSCI Japan index tracks leading Japanese stocks. Index factsheet |
MSCI Japan IMI | Japan | 1 ETF | 1,088 (31.08.23) | The MSCI Japan IMI index tracks stocks from Japan. It covers securities across large, mid and small cap size segments. Index factsheet |
Nikkei 225® | Japan | 2 ETFs | 225 | The Nikkei 225® index tracks the 225 most actively traded stocks on the first section of the Tokyo Stock Exchange. Index factsheet |
TOPIX® | Japan | 4 ETFs | 2,159 (31.08.23) | The TOPIX® index tracks a broad selection of Japanese stocks listed on the TSE First Section segment of Tokyo Stock Exchange. Index factsheet |
| ETF ISIN | Fund size in m CHF | TER in % | Use of profits | Fund domicile | Replication method | |
|---|---|---|---|---|---|---|
| iShares Core MSCI Japan IMI UCITS ETFIE00B4L5YX21 | 5,548 | 0.12% p.a. | Accumulating | Ireland | Optimized sampling | |
| Xtrackers MSCI Japan UCITS ETF 1CLU0274209740 | 3,446 | 0.12% p.a. | Accumulating | Luxembourg | Full replication | |
| UBS Core MSCI Japan UCITS ETF JPY accLU0950671825 | 3,109 | 0.12% p.a. | Accumulating | Luxembourg | Full replication | |
| Vanguard FTSE Japan UCITS ETF (USD) DistributingIE00B95PGT31 | 2,127 | 0.10% p.a. | Distributing | Ireland | Full replication | |
| iShares MSCI Japan UCITS ETF (Dist)IE00B02KXH56 | 1,445 | 0.12% p.a. | Distributing | Ireland | Full replication | |
| Xtrackers Nikkei 225 UCITS ETF 1DLU0839027447 | 1,401 | 0.09% p.a. | Distributing | Luxembourg | Full replication | |
| UBS Core MSCI Japan UCITS ETF JPY disLU0136240974 | 1,039 | 0.12% p.a. | Distributing | Luxembourg | Full replication | |
| Vanguard FTSE Japan UCITS ETF (USD) AccumulatingIE00BFMXYX26 | 1,039 | 0.10% p.a. | Accumulating | Ireland | Full replication | |
| iShares MSCI Japan UCITS ETF USD (Acc)IE00B53QDK08 | 1,006 | 0.12% p.a. | Accumulating | Ireland | Full replication | |
| SPDR MSCI Japan UCITS ETFIE00BZ0G8B96 | 687 | 0.12% p.a. | Accumulating | Ireland | Optimized sampling | |
| iShares Nikkei 225 UCITS ETF (Acc)IE00B52MJD48 | 355 | 0.48% p.a. | Accumulating | Ireland | Full replication | |
| Amundi Core MSCI Japan UCITS ETF DistLU2090063673 | 326 | 0.12% p.a. | Distributing | Luxembourg | Full replication | |
| Amundi Japan TOPIX II UCITS ETF EUR DistFR0010245514 | 303 | 0.45% p.a. | Distributing | France | Full replication | |
| Amundi Japan Topix UCITS ETF EURLU1681037609 | 299 | 0.20% p.a. | Accumulating | Luxembourg | Unfunded swap | |
| Amundi Japan Topix UCITS ETF JPYLU1681037781 | 183 | 0.20% p.a. | Accumulating | Luxembourg | Unfunded swap | |
| HSBC MSCI Japan UCITS ETF USDIE00B5VX7566 | 157 | 0.12% p.a. | Distributing | Ireland | Full replication | |
| Amundi Japan TOPIX II UCITS ETF JPY DistFR0010377028 | 100 | 0.45% p.a. | Distributing | France | Full replication | |
| UBS ETF (LU) MSCI Japan UCITS ETF (JPY) A-UKdisLU1107559616 | 46 | 0.12% p.a. | Distributing | Luxembourg | Full replication | |
| Amundi JPX Nikkei 400 UCITS ETF EUR (C)LU1681038912 | 41 | 0.18% p.a. | Accumulating | Luxembourg | Unfunded swap | |
| Amundi JPX Nikkei 400 UCITS ETF JPYLU1681039050 | 34 | 0.18% p.a. | Accumulating | Luxembourg | Unfunded swap | |
| Franklin FTSE Japan UCITS ETF (Acc)IE000D0T0BO1 | 8 | 0.09% p.a. | Accumulating | Ireland | Full replication |
| Index | 1 month in % | 3 months in % | 6 months in % | 1 year in % | 3 years in % | |
|---|---|---|---|---|---|---|
| JPX-Nikkei 400 | 0.79% | 4.87% | 8.95% | 12.78% | 34.92% | |
| MSCI Japan | 0.73% | 5.48% | 10.29% | 12.84% | 37.03% | |
| FTSE Japan | 1.05% | 5.00% | 10.50% | 13.14% | 36.55% | |
| MSCI Japan IMI | 1.30% | 4.84% | 10.46% | 13.36% | 36.14% | |
| TOPIX® | 1.47% | 4.69% | 9.42% | 14.18% | 35.06% | |
| Nikkei 225® | -2.86% | 11.97% | 20.07% | 17.59% | 42.53% |
| Index | 2025 in % | 2024 in % | 2023 in % | 2022 in % | 2021 in % | |
|---|---|---|---|---|---|---|
| JPX-Nikkei 400 | 9.93% | 16.73% | 8.80% | -14.22% | 3.18% | |
| TOPIX® | 10.87% | 14.51% | 7.71% | -14.80% | 3.88% | |
| MSCI Japan | 11.99% | 17.01% | 9.08% | -15.98% | 5.49% | |
| FTSE Japan | 12.44% | 16.39% | 8.49% | -14.88% | 4.73% | |
| MSCI Japan IMI | 12.86% | 16.17% | 7.91% | -15.15% | 4.46% | |
| Nikkei 225® | 16.43% | 17.84% | 10.38% | -18.69% | -1.44% |
Source: justETF.com; As of 30.11.25; Calculations in CHF based on the largest ETF of the respective index.
The best Japan ETFs
by 1 year return
| 1 | Xtrackers Nikkei 225 UCITS ETF 1D | 17.59% |
| 2 | iShares Nikkei 225 UCITS ETF (Acc) | 17.08% |
| 3 | Amundi Japan Topix UCITS ETF EUR | 14.19% |
The cheapest Japan ETFs
by total expense ratio (TER)
| 1 | Franklin FTSE Japan UCITS ETF (Acc) | 0.09% p.a. |
| 2 | Xtrackers Nikkei 225 UCITS ETF 1D | 0.09% p.a. |
| 3 | Vanguard FTSE Japan UCITS ETF (USD) Accumulating | 0.10% p.a. |
Japan ETFs with hedged currency risk
Currency hedged investing in Japanese stocks is popular. In total, you can consider 12 currency hedged Japan indices tracked by 19 ETFs. The total expense ratio (TER) of ETFs on Japan indices with currency hedge is between 0.15% p.a. and 0.64% p.a..
| Index | Investment focus | Number of ETFs | Number of constituents | Short description |
|---|---|---|---|---|
| JPX-Nikkei 400 (CHF Hedged) | Japan | 1 ETF | 400 | The JPX-Nikkei 400 Daily (CHF Hedged) index tracks 400 Japanese stocks. The stocks are mainly selected by return on equity and cumulative operating profit. Daily Currency hedged to Swiss Francs (CHF). Index factsheet |
| JPX-Nikkei 400 (EUR Hedged) | Japan | 1 ETF | 400 | The JPX-Nikkei 400 Daily (EUR Hedged) index tracks 400 Japanese stocks. The stocks are mainly selected by return on equity and cumulative operating profit. Daily Currency hedged to Euro (EUR). Index factsheet |
| JPX-Nikkei 400 (GBP Hedged) | Japan | 1 ETF | 400 | The JPX-Nikkei 400 (GBP Hedged) index tracks 400 Japanese stocks. The stocks are mainly selected by return on equity and cumulative operating profit. Currency hedged to British Pound (GBP). Index factsheet |
| JPX-Nikkei 400 (USD Hedged) | Japan | 1 ETF | 400 | The JPX-Nikkei 400 Daily (USD Hedged) index tracks 400 Japanese stocks. The stocks are mainly selected by return on equity and cumulative operating profit. Currency hedged to US dollar. Index factsheet |
| MSCI Japan (CHF Hedged) | Japan | 3 ETFs | 272 (30.11.22) | The MSCI Japan (CHF Hedged) index tracks leading stocks on the Japanese market. Currency hedged to Swiss Francs (CHF). Index factsheet |
| MSCI Japan (EUR Hedged) | Japan | 2 ETFs | 237 (30.11.22) | The MSCI Japan (EUR Hedged) index tracks leading stocks on the Japanese market. Currency hedged to Euro (EUR). Index factsheet |
| MSCI Japan (GBP Hedged) | Japan | 2 ETFs | 272 (30.07.21) | The MSCI Japan (GBP Hedged) index tracks around 320 leading stocks on the Japanese market. Currency hedged to British Pounds (GBP). Index factsheet |
| MSCI Japan (USD Hedged) | Japan | 3 ETFs | 272 (30.11.22) | The MSCI Japan (USD Hedged) index tracks leading stocks on the Japanese market. Currency hedged to US Dollar (USD). Index factsheet |
| TOPIX® (CHF Hedged) | Japan | 1 ETF | 2,188 (30.07.21) | The TOPIX® (CHF Hedged) index tracks Japanese stocks on the TSE First Section segment of the Tokyo Stock Exchange, which comprises the largest market capitalisations. Currency hedged to Swiss Francs (CHF). |
| TOPIX® (EUR Hedged) | Japan | 2 ETFs | The TOPIX® (EUR Hedged) index tracks Japanese stocks on the TSE First Section segment of the Tokyo Stock Exchange, which comprises the largest market capitalisations. Currency hedged to Euro (EUR). | |
| TOPIX® (GBP Hedged) | Japan | 1 ETF | 2,188 (30.07.21) | The TOPIX® (GBP Hedged) index tracks Japanese stocks on the TSE First Section segment of the Tokyo Stock Exchange, which comprises the largest market capitalisations. Currency hedged to British Pound (GBP). |
| TOPIX® (USD Hedged) | Japan | 1 ETF | The TOPIX® (USD Hedged) index tracks Japanese stocks on the TSE First Section segment of the Tokyo Stock Exchange, which comprises the largest market capitalisations. Currency hedged to US-Dollar (USD). |
| ETF ISIN | Fund size in m CHF | TER in % | Use of profits | Fund domicile | Replication method | |
|---|---|---|---|---|---|---|
| iShares MSCI Japan EUR Hedged UCITS ETF (Acc)IE00B42Z5J44 | 917 | 0.64% p.a. | Accumulating | Ireland | Optimized sampling | |
| iShares MSCI Japan USD Hedged UCITS ETF (Acc)IE00BCLWRG39 | 373 | 0.64% p.a. | Accumulating | Ireland | Optimized sampling | |
| UBS Core MSCI Japan UCITS ETF hCHF accLU1169821888 | 264 | 0.15% p.a. | Accumulating | Luxembourg | Full replication | |
| Amundi Japan Topix UCITS ETF Daily Hedged EUR (C)LU1681037864 | 257 | 0.48% p.a. | Accumulating | Luxembourg | Unfunded swap | |
| iShares MSCI Japan CHF Hedged UCITS ETF (Acc)IE00B8J37J31 | 199 | 0.64% p.a. | Accumulating | Ireland | Optimized sampling | |
| Xtrackers MSCI Japan UCITS ETF 2D USD hedgedLU0927735406 | 138 | 0.40% p.a. | Distributing | Luxembourg | Full replication | |
| UBS Core MSCI Japan UCITS ETF hUSD accLU1169822779 | 137 | 0.15% p.a. | Accumulating | Luxembourg | Full replication | |
| UBS Core MSCI Japan UCITS ETF hGBP disLU1169822340 | 111 | 0.15% p.a. | Distributing | Luxembourg | Full replication | |
| Amundi JPX Nikkei 400 UCITS ETF Daily Hedged USDLU1681039217 | 59 | 0.18% p.a. | Accumulating | Luxembourg | Unfunded swap | |
| Amundi JPX Nikkei 400 UCITS ETF Daily Hedged EUR (C)LU1681039134 | 59 | 0.18% p.a. | Accumulating | Luxembourg | Unfunded swap | |
| Amundi Japan TOPIX II UCITS ETF EUR Hedged DistFR0011475078 | 57 | 0.45% p.a. | Distributing | France | Full replication | |
| UBS Core MSCI Japan UCITS ETF hEUR disLU1169822001 | 40 | 0.15% p.a. | Distributing | Luxembourg | Full replication | |
| Amundi Japan Topix UCITS ETF Daily Hedged USDLU1681037948 | 27 | 0.48% p.a. | Accumulating | Luxembourg | Unfunded swap | |
| Xtrackers MSCI Japan UCITS ETF 7C - CHF HedgedLU1215827756 | 17 | 0.25% p.a. | Accumulating | Luxembourg | Full replication | |
| Amundi Core MSCI Japan UCITS ETF GBP Hedged AccLU1781541682 | 10 | 0.20% p.a. | Accumulating | Luxembourg | Full replication | |
| Amundi Japan Topix UCITS ETF Daily Hedged GBPLU1681038086 | 7 | 0.48% p.a. | Accumulating | Luxembourg | Unfunded swap | |
| Amundi ETF JPX Nikkei 400 UCITS ETF Daily Hedged CHFLU1681047665 | 6 | 0.18% p.a. | Accumulating | Luxembourg | Unfunded swap | |
| Amundi JPX Nikkei 400 UCITS ETF Daily Hedged GBPLU1681039308 | 6 | 0.18% p.a. | Accumulating | Luxembourg | Unfunded swap | |
| Amundi Japan Topix UCITS ETF Daily Hedged CHFLU1681038169 | 6 | 0.48% p.a. | Accumulating | Luxembourg | Unfunded swap |
| Index | 1 month in % | 3 months in % | 6 months in % | 1 year in % | 3 years in % | |
|---|---|---|---|---|---|---|
| MSCI Japan (USD Hedged) | 2.13% | 12.62% | 20.87% | 20.48% | 71.46% | |
| JPX-Nikkei 400 (USD Hedged) | 2.47% | 12.19% | 20.14% | 21.35% | 74.50% | |
| TOPIX® (USD Hedged) | 2.81% | 11.87% | 20.96% | 22.49% | 73.49% | |
| JPX-Nikkei 400 (GBP Hedged) | 3.18% | 10.18% | 17.57% | 25.95% | 89.44% | |
| MSCI Japan (GBP Hedged) | 3.11% | 10.99% | 18.54% | 26.46% | 90.37% | |
| JPX-Nikkei 400 (CHF Hedged) | 1.79% | 10.51% | 19.81% | 26.62% | 80.47% | |
| TOPIX® (GBP Hedged) | 3.52% | 9.86% | 18.34% | 27.10% | 88.31% | |
| MSCI Japan (CHF Hedged) | 1.89% | 11.36% | 20.76% | 27.73% | 82.54% | |
| TOPIX® (CHF Hedged) | 2.13% | 10.20% | 20.63% | 27.82% | 79.46% | |
| MSCI Japan (EUR Hedged) | 2.13% | 11.22% | 21.90% | 29.74% | 81.58% | |
| JPX-Nikkei 400 (EUR Hedged) | 2.44% | 10.74% | 21.00% | 29.77% | 82.75% | |
| TOPIX® (EUR Hedged) | 2.78% | 10.39% | 21.76% | 30.92% | 81.61% |
| Index | 2025 in % | 2024 in % | 2023 in % | 2022 in % | 2021 in % | |
|---|---|---|---|---|---|---|
| JPX-Nikkei 400 (USD Hedged) | 13.06% | 35.31% | 22.74% | -0.24% | 15.79% | |
| TOPIX® (USD Hedged) | 13.48% | 34.69% | 22.05% | -0.26% | 15.71% | |
| MSCI Japan (USD Hedged) | 15.21% | 35.75% | 22.10% | -1.33% | 16.32% | |
| JPX-Nikkei 400 (GBP Hedged) | 20.16% | 33.15% | 28.61% | -12.00% | 13.92% | |
| TOPIX® (GBP Hedged) | 20.60% | 32.55% | 27.90% | -11.98% | 13.86% | |
| MSCI Japan (GBP Hedged) | 20.77% | 32.82% | 27.97% | -13.26% | 15.84% | |
| JPX-Nikkei 400 (CHF Hedged) | 21.73% | 21.63% | 29.27% | -4.02% | 10.29% | |
| TOPIX® (CHF Hedged) | 22.20% | 21.06% | 28.60% | -4.04% | 10.20% | |
| MSCI Japan (CHF Hedged) | 23.30% | 21.86% | 28.63% | -5.41% | 12.59% | |
| JPX-Nikkei 400 (EUR Hedged) | 23.42% | 25.38% | 24.22% | -8.34% | 5.87% | |
| TOPIX® (EUR Hedged) | 23.81% | 24.81% | 23.55% | -8.36% | 5.80% | |
| MSCI Japan (EUR Hedged) | 24.03% | 25.98% | 23.87% | -9.75% | 7.17% |
Source: justETF.com; As of 30.11.25; Calculations in CHF based on the largest ETF of the respective index.
Alternative investment opportunities
Japan indices on small and mid caps or equity strategies
Alternatively, you may invest in indices on small and mid caps or equity strategies. In total, you can invest in 3 alternative indices on Japan tracked by 3 ETFs. The total expense ratio (TER) of ETFs on these alternative indices is between 0.15% p.a. and 0.58% p.a..
| Index | Investment focus | Number of ETFs | Number of constituents | Short description |
|---|---|---|---|---|
| MSCI Japan SRI Select Reduced Fossil Fuels | Japan Social/Environmental | 1 ETF | 52 (30.11.22) | The MSCI Japan SRI Select Reduced Fossil Fuels index tracks Japanese stocks considering only companies with very high Environmental, Social and Governance (ESG) ratings relative to their sector peers, to ensure the inclusion of the best of class companies from an ESG perspective and avoiding companies incompatible with values screen or having exposure to fossil fuels through extraction and production activities, power generation activities or reserves ownership. The weight of each company is capped to 5%. Index factsheet |
| MSCI Japan Screened | Japan Social/Environmental | 1 ETF | 232 (30.11.22) | The MSCI Japan Screened index tracks Japanese companies. The index excludes companies that are involved in businesses related to thermal coal, controversial weapons, tobacco and other controversial industries. Index factsheet |
| MSCI Japan Small Cap | Japan Small Cap | 1 ETF | 783 (28.11.25) | The MSCI Japan Small Cap index tracks Japanese small cap stocks. Index factsheet |
| ETF ISIN | Fund size in m CHF | TER in % | Use of profits | Fund domicile | Replication method | |
|---|---|---|---|---|---|---|
| iShares MSCI Japan Screened UCITS ETF USD (Acc)IE00BFNM3L97 | 1,462 | 0.15% p.a. | Accumulating | Ireland | Optimized sampling | |
| iShares MSCI Japan Small Cap UCITS ETF (Dist)IE00B2QWDY88 | 398 | 0.58% p.a. | Distributing | Ireland | Optimized sampling | |
| iShares MSCI Japan SRI UCITS ETF USD (Acc)IE00BYX8XC17 | 385 | 0.20% p.a. | Accumulating | Ireland | Full replication |
| Index | 1 month in % | 3 months in % | 6 months in % | 1 year in % | 3 years in % | |
|---|---|---|---|---|---|---|
| MSCI Japan SRI Select Reduced Fossil Fuels | 2.29% | 5.02% | 5.02% | 6.18% | 18.17% | |
| MSCI Japan Screened | 0.76% | 5.41% | 9.95% | 12.37% | 34.48% | |
| MSCI Japan Small Cap | 3.54% | 2.57% | 11.03% | 15.08% | 30.98% |
| Index | 2025 in % | 2024 in % | 2023 in % | 2022 in % | 2021 in % | |
|---|---|---|---|---|---|---|
| MSCI Japan SRI Select Reduced Fossil Fuels | 6.52% | 12.48% | 2.71% | -17.31% | 4.85% | |
| MSCI Japan Screened | 11.24% | 16.31% | 8.54% | -16.23% | 4.75% | |
| MSCI Japan Small Cap | 15.74% | 12.57% | 2.59% | -11.58% | 0.78% |
Source: justETF.com; As of 30.11.25; Calculations in CHF based on the largest ETF of the respective index.