At a glance
DBJP charges 0.45% a year, above the 0.28% average of the 2 funds most like it (the 2nd cheapest of 3). It has $659.8M in assets, the 2nd largest of that group; it paid 1.24% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +26.5% with distributions reinvested (S&P 500: +11.5%), 2nd of those 3 funds; over three years it returned +28.7% a year. At its worst it fell 29.2% in the 2020 crash (S&P 500: 33.7%) and 14.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 9 months after the lows. Its ten largest positions make up 28.1% of the fund, out of 168 in all.
The short version
Xtrackers MSCI Japan Hedged Equity ETF (DBJP), from DWS, tracks the MSCI Japan US Dollar Hedged Index. It holds Japanese stocks such as Mitsubishi UFJ, Toyota and SoftBank Group, and it uses currency contracts to offset swings between the yen and the US dollar. Its fee is 0.45% a year. That is far above Franklin's similar FLJH at 0.09% and just under WisdomTree's DXJ at 0.48%.
Price history
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DBJP +26.5% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DBJP official prospectus, to Dec 31, 2025 | — | +28.09% | — | +19.11% | +12.43% | — |
| DBJP price data to Oct 27, 2026 | +22.3% | +26.5% | +28.7% | +21.3% | +16.0% | +13.9% |
- Over the year to Oct 27, 2026, DBJP returned +26.5%, 2nd of 3 among similar funds.
- Its 5-year annualized return was +21.3% and its 10-year +16.0%.
- In the 2020 COVID crash it fell 29.2% and regained its old high 7.7 months after the low.
- Its worst full calendar year was 2018 (-14.8%); its best was 2013 (+50.1%).
- The deepest fall in its price history was 31.3% (Feb 6, 2020 to Mar 16, 2020), recovered by Nov 9, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +22.3% | — |
| 2025 | +29.6% | +28.09% |
| 2024 | +25.6% | +26.05% |
| 2023 | +36.4% | +34.97% |
| 2022 | -4.2% | -2.54% |
| 2021 | +13.0% | +12.89% |
| 2020 | +10.6% | +9.49% |
| 2019 | +20.9% | +20.78% |
| 2018 | -14.8% | -14.03% |
| 2017 | +21.3% | +20.83% |
| 2016 | -1.0% | -2.00% |
| 2015 | +8.6% | — |
| 2014 | +5.6% | — |
| 2013 | +50.1% | — |
| 2012 | +22.6% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 21.4% over that stretch · deepest drop along the way 29.2%, back to its old high 7.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 4.9% over that stretch · deepest drop along the way 14.5%, back to its old high 8.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.4000 | |
| 2025 | $2.6600 | +25.5% |
| 2024 | $2.1200 | -34.6% |
| 2023 | $3.2400 | +730.8% |
| 2022 | $0.3900 | -66.4% |
| 2021 | $1.1600 | 0.0% |
| 2020 | $1.1600 | +6.4% |
| 2019 | $1.0900 | -22.1% |
| 2018 | $1.4000 | +52.2% |
| 2017 | $0.9200 | +119.0% |
| 2016 | $0.4200 | -81.5% |
| 2015 | $2.2700 | -41.8% |
| 2014 | $3.9000 | +449.3% |
| 2013 | $0.7100 | +73.2% |
| 2012 | $0.4100 |
What's inside
As of May 29, 2026, the fund held 168 securities; the ten largest made up 28.12% of assets.
| Holding | Weight | |
|---|---|---|
| MITSUBISHI UFJ FINANCIAL GROUP INC | 3.86% | |
| TOYOTA MOTOR CORP | 3.48% | |
| SOFTBANK GROUP CORP | 3.35% | |
| TOKYO ELECTRON LTD | 2.83% | |
| HITACHI LTD | 2.76% | |
| SUMITOMO MITSUI FINANCIAL GROUP INC | 2.55% | |
| KIOXIA HOLDINGS CORP | 2.49% | |
| SONY GROUP CORP | 2.43% | |
| ADVANTEST CORP | 2.31% | |
| MIZUHO FINANCIAL GROUP INC | 2.05% | |
| FAST RETAILING COMPANY LTD | 1.89% | |
| MURATA MANUFACTURING COMPANY LTD | 1.88% | |
| MITSUBISHI CORP | 1.85% | |
| KEYENCE CORP | 1.82% | |
| RECRUIT HOLDINGS CO LTD | 1.69% |
By country
Japan 97.86%By asset type
Stocks 97.86%What changed recently
- Over the three months to May 29, 2026, investors added a net $4.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -10.29%, +7.84%, +6.73%.
How it works
DBJP is an index fund. It tracks the MSCI Japan US Dollar Hedged Index, which held 182 Japanese stocks as of July 31, 2026. The average company in the index was worth about $31.35 billion, and the smallest about $4.96 billion. DWS uses full replication, which means the fund buys the stocks in the index in roughly the same weights as the index. If some shares can't be bought, the fund may switch to a representative sample instead. The index rebalances monthly, and portfolio turnover was 11%. As of May 29, 2026, the fund held 168 stocks, and the top 10 made up about 28% of assets. The largest were Mitsubishi UFJ Financial (3.9%), Toyota (3.5%), SoftBank Group (3.4%) and Tokyo Electron (2.8%). The index leans toward industrials, consumer discretionary and financial companies.
The currency hedge is the key difference from an unhedged Japan fund. The fund uses forward contracts, which are agreements to swap yen for dollars at a set rate on a future date. It sizes them at the start of each month to match its yen exposure. When the yen falls against the dollar, the hedge offsets that loss. When the yen rises, the fund gives up that gain. The hedge does not protect against falling stock prices. The fund may also use TOPIX futures and may lend up to one-third of its assets to approved borrowers.
What it really costs
- DBJP charges 0.45% a year, versus an average of 0.28% for the similar funds below (2nd of 3, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $46 in the first year and $567 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DBJP | $46 | $144 | $252 | $567 |
In a retirement portfolio
It is a single-country stock fund with a currency hedge, so it fits better as a smaller add-on than as a portfolio's foundation.
DBJP gives exposure to Japanese stocks without the yen's swings against the dollar, but it carries the full risk of a stock fund. It launched in 2011, so it has no record from 2008. In the 2020 COVID crash it fell 29.2% between February 20 and March 16, 2020, and recovered by November 5, 2020, about 7.7 months later. Its deepest drop was 31.3%, measured from February 6, 2020. In 2022 it fell 14.5% from its January peak, and it ended the calendar year down 2.54%. Its worst calendar year was 2018, down 14.03%. Anyone forced to sell in a stretch like that would lock in losses. The yield was 1.24% as of October 27, 2026, paid twice a year. Costs run $46 in the first year on $10,000 under the SEC example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want Japanese stocks like Toyota, Mitsubishi UFJ and Sony while removing yen-versus-dollar swings from their returns.
- Those adding a small single-country position who can accept drops like the 31.3% fall in early 2020.
- Buyers who want broad, rules-based coverage: 182 index stocks as of July 31, 2026, rebalanced monthly, with 11% turnover.
Look elsewhere if
- Cost-focused investors: Franklin FTSE Japan Hedged ETF (FLJH) charges 0.09% compared with DBJP's 0.45%, with 81% holdings overlap.
- Investors who want to gain when the yen strengthens against the dollar, since the hedge gives up that gain.
- Income seekers: the yield was 1.24% as of October 27, 2026, paid only twice a year.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
What's the difference between DBJP and FLJH?
The main difference is cost. Both funds hedge the yen and hold many of the same Japanese stocks, with 81% holdings overlap. DBJP follows an MSCI index and charges 0.45% a year. Franklin FTSE Japan Hedged ETF (FLJH) charges 0.09%. Through October 27, 2026, DBJP's one-year price return was 26.5%, against 21.1% for FLJH. Over three years the annual averages were 28.7% and 27.4%. DBJP is also larger: about $660 million as of May 29, 2026, against $172 million for FLJH.
Is DBJP the same as DXJ?
No, though both are currency-hedged Japan stock funds. Their holdings overlap by only 58%, so they own noticeably different mixes of companies. WisdomTree Japan Hedged Equity Fund (DXJ) charges 0.48% a year, slightly more than DBJP's 0.45%. DXJ is much larger, at about $7.08 billion as of June 30, 2026. Its one-year price return through October 27, 2026 was 33.6%, against 26.5% for DBJP.
Does DBJP pay dividends?
Yes, DBJP pays dividends twice a year. Over the 12 months through October 27, 2026, it paid $1.42 per share, for a yield of 1.24%. The money comes from dividends paid by the Japanese companies the fund owns, such as Mitsubishi UFJ Financial and Toyota. Payouts can vary from one period to the next. DBJP is built to track Japanese stocks with the yen hedged. Income is not its main purpose.
What does currency hedged mean for DBJP?
It means the fund tries to remove the effect of yen-dollar moves on your returns. Japanese stocks are priced in yen. A falling yen would normally shrink their value in dollars, and a rising yen would boost it. DBJP uses forward currency contracts, which are deals to swap currencies at a set rate later, to offset those moves. You give up gains when the yen strengthens. The hedge does not protect against falling stock prices.
How has DBJP performed over the last 10 years?
DBJP returned an average of 12.43% a year over the 10 years ended December 31, 2025, according to its prospectus. The five-year average was 19.11%, and 2025 returned 28.09%. The ride was uneven. Calendar years ranged from a 14.03% loss in 2018 to a 34.97% gain in 2023. Its worst quarter was a 17.02% drop in early 2020. Through October 27, 2026, the price return for 2026 so far was 22.3%.