At a glance
EWJ charges 0.49% a year, above the 0.34% average of the 5 funds most like it (the 5th cheapest of 6). It has $22.69B in assets, the largest of that group; it paid 3.83% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +16.1% with distributions reinvested (S&P 500: +11.5%), 4th of those 6 funds; over three years it returned +18.5% a year. At its worst it fell 24.8% in the 2020 crash (S&P 500: 33.7%) and 27.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 15 months after the lows. Its ten largest positions make up 30.1% of the fund, out of 169 in all.
The short version
The iShares MSCI Japan ETF (EWJ), launched in 1996 and managed by BlackRock, tracks the MSCI Japan Index of large and mid-size Japanese companies such as Mitsubishi UFJ Financial Group, Toyota and Tokyo Electron. With $22.7 billion in net assets as of August 31, 2026, it is the biggest of its closest peers. Its 0.49% annual fee, though, is well above the 0.19% charged by the JPMorgan BetaBuilders Japan ETF, which holds largely the same stocks.
Price history
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EWJ +16.1% over the year to Nov 2, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| EWJ official prospectus, to Dec 31, 2024 | — | +6.80% | — | +4.13% | +5.73% | — |
| MSCIACWI Ex USA Index index, same period | — | +5.53% | — | +4.10% | +4.80% | — |
| EWJ price data to Nov 2, 2026 | +15.6% | +16.1% | +18.5% | +8.6% | +8.5% | +5.7% |
- Over the year to Nov 2, 2026, EWJ returned +16.1%, 4th of 6 among similar funds.
- Its 5-year annualized return was +8.6% and its 10-year +8.5%.
- In the 2020 COVID crash it fell 24.8% and regained its old high 2.8 months after the low.
- Its worst full calendar year was 2008 (-27.0%); its best was 2013 (+26.0%).
- The deepest fall in its price history was 54.5% (May 9, 2006 to Mar 9, 2009), recovered by May 26, 2017.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +15.6% | — |
| 2025 | +25.9% | — |
| 2024 | +7.0% | +6.80% |
| 2023 | +20.3% | +19.78% |
| 2022 | -17.7% | -17.36% |
| 2021 | +1.2% | +1.56% |
| 2020 | +15.4% | +14.03% |
| 2019 | +19.3% | +19.19% |
| 2018 | -14.1% | -13.17% |
| 2017 | +24.3% | +23.56% |
| 2016 | +2.8% | +1.96% |
| 2015 | +9.2% | +9.34% |
| 2014 | -6.2% | — |
| 2013 | +26.0% | — |
| 2012 | +9.2% | — |
| 2011 | -14.7% | — |
| 2010 | +13.6% | — |
| 2009 | +3.1% | — |
| 2008 | -27.0% | — |
| 2007 | -5.5% | — |
| 2006 | +5.8% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 51.6% over that stretch · deepest drop along the way 51.6%, back to its old high 73 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 22.3% over that stretch · deepest drop along the way 24.8%, back to its old high 2.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 26.6% over that stretch · deepest drop along the way 27.6%, back to its old high 15 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5000 | |
| 2025 | $3.6500 | +132.5% |
| 2024 | $1.5700 | +20.8% |
| 2023 | $1.3000 | +94.0% |
| 2022 | $0.6700 | -51.8% |
| 2021 | $1.3900 | +98.6% |
| 2020 | $0.7000 | -42.1% |
| 2019 | $1.2100 | +39.1% |
| 2018 | $0.8700 | +16.0% |
| 2017 | $0.7500 | -20.2% |
| 2016 | $0.9400 | +46.9% |
| 2015 | $0.6400 | +6.7% |
| 2014 | $0.6000 | +7.1% |
| 2013 | $0.5600 | -26.3% |
| 2012 | $0.7600 | -5.0% |
| 2011 | $0.8000 | +42.9% |
| 2010 | $0.5600 | 0.0% |
| 2009 | $0.5600 | +7.7% |
| 2008 | $0.5200 | -7.1% |
| 2007 | $0.5600 | +40.0% |
| 2006 | $0.4000 |
What's inside
As of Aug 31, 2026, the fund held 169 securities; the ten largest made up 30.1% of assets.
| Holding | Weight | |
|---|---|---|
| Mitsubishi UFJ Financial Group, Inc. | 4.62% | |
| TOYOTA MOTOR CORPORATION | 3.53% | |
| Tokyo Electron Limited | 2.98% | |
| Sumitomo Mitsui Financial Group, Inc. | 2.96% | |
| ADVANTEST CORPORATION | 2.91% | |
| Hitachi, Ltd. | 2.85% | |
| Recruit Holdings Co.,Ltd. | 2.85% | |
| Sony Group Corporation | 2.74% | |
| Mizuho Financial Group, Inc. | 2.39% | |
| SoftBank Group Corp. | 2.27% | |
| KEYENCE CORPORATION | 1.86% | |
| Kioxia Holdings Corporation | 1.84% | |
| Mitsubishi Corporation | 1.72% | |
| FAST RETAILING CO., LTD. | 1.64% | |
| Tokio Marine Holdings, Inc. | 1.63% |
By country
Japan 99.9%By asset type
Stocks 99.78%Other 0.12%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $762.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.89%, -1.33%, +3.90%.
How it works
EWJ follows the MSCI Japan Index, which MSCI Inc. designs to measure the large- and mid-size segments of Japan's stock market. MSCI, not BlackRock, picks the companies in the index and sets how much each one counts, and the lineup changes over time. BlackRock manages the fund. It does not try to beat the index or move into cash when markets fall. Portfolio turnover, the share of holdings traded in a year, was a low 6%.
The fund does not have to own every stock in the index. BlackRock uses representative sampling: it picks a set of securities that together resemble the index in company size, industry mix, price swings, yield and ease of trading. At least 80% of assets go into index stocks or close equivalents. Up to 20% can go into futures, options, swaps, cash and other holdings meant to help the fund track the index. As of August 31, 2026, the fund held 169 companies, with 99.9% of assets in Japan. The 10 largest made up 30.1%, led by Mitsubishi UFJ Financial Group at 4.6%, Toyota at 3.5% and Tokyo Electron at 3.0%.
The fund's value is calculated in US dollars, so a weaker yen can pull it down even when Japanese shares rise. The fund may also lend out securities worth up to one-third of its assets to earn extra income.
What it really costs
- EWJ charges 0.49% a year, versus an average of 0.34% for the similar funds below (5th of 6, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $50 in the first year and $616 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EWJ | $50 | $157 | $274 | $616 |
In a retirement portfolio
Nearly all its assets sit in one country's stocks and currency, and it has fallen more than 50% before, so it tends to fit as a smaller add-on to broader holdings.
EWJ could add Japanese companies and yen exposure to a portfolio built mostly on US stocks, but it has not protected investors in market slumps. It fell 51.6% in the 2008 financial crisis and did not get back to its October 2007 level until April 2015. It dropped 24.8% in the 2020 COVID crash and recovered by June. It fell 27.6% in 2022 and recovered by January 2024. Its worst calendar year since mid-2005 was 2008, when it lost about 27%. Its deepest drop was 54.5%, from 2006 to 2009, and it took until May 2017 to recover. Anyone who had to cash out in years like those would have locked in steep losses.
Its trailing yield, meaning the past year's income as a share of the price, was 3.75% as of October 29, 2026. It pays out twice a year. Its 0.49% annual fee is above the 0.34% average for similar funds. 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 wanting one fund for Japan's large and mid-size companies. As of August 31, 2026, top holdings included Mitsubishi UFJ, Toyota and Sony.
- Those who prefer a large, long-running fund: launched in 1996, EWJ held $22.7 billion as of August 31, 2026, the most among similar funds.
- Investors who want exposure to the yen as well as Japanese shares, since the fund's dollar value rises and falls with the currency.
Look elsewhere if
- Cost-focused investors: its 0.49% fee compares with 0.19% for JPMorgan BetaBuilders Japan and 0.09% for Franklin FTSE Japan, both with heavily overlapping holdings.
- Those seeking protection in downturns: EWJ fell 51.6% in the 2008 crisis and took until April 2015 to get back to its 2007 peak.
- Investors wanting broad international diversification: as of August 31, 2026, 99.9% of assets were in Japan, so one economy and one currency drive results.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| EWJ this fund | — | 0.49% | $22.69B | +16.1% | +18.5% |
| BBJP JPMorgan BetaBuilders Japan ETF | 95% | 0.19% | $17.98B | +14.9% | +18.2% |
| FLJP Franklin FTSE Japan ETF | 81% | 0.09% | $3.79B | +18.6% | +21.6% |
| JPXN iShares JPX-Nikkei 400 ETF | 77% | 0.48% | $134.4M | +20.2% | +22.0% |
| EWJV iShares MSCI Japan Value ETF | 57% | 0.15% | $767.9M | +26.0% | +25.4% |
| FJP First Trust Japan AlphaDEX Fund | 26% | 0.8% | $253.8M | +14.3% | +19.8% |
Questions investors ask
Is EWJ good for retirement?
It depends on the role it plays. EWJ could add Japanese companies and yen exposure to a portfolio built mostly on US stocks, but it is a single-country stock fund with sharp swings. It fell 51.6% in the 2008 financial crisis and did not get back to its 2007 peak until April 2015. It also dropped 27.6% in 2022. Its 0.49% annual fee is above the 0.34% average for similar funds. That history suggests it may suit a smaller slice of a retirement portfolio rather than its core.
What's the difference between EWJ and BBJP?
The main difference is cost. EWJ charges 0.49% a year, while the JPMorgan BetaBuilders Japan ETF (BBJP) charges 0.19%, and the two share about 95% of their holdings. EWJ is larger, with $22.7 billion in net assets as of August 31, 2026, compared with $18.0 billion for BBJP as of July 31, 2026. Returns have been close. As of October 29, 2026, EWJ returned 19% over one year, compared with 17.7% for BBJP. Over three years the figures were 21.5% and 21.1% a year.
Does EWJ pay monthly dividends?
No. EWJ pays distributions twice a year, not monthly. A distribution is the dividend income the fund passes on from the stocks it holds. Over the 12 months to October 29, 2026, it paid about $3.56 per share, a trailing yield of 3.75%. Payment sizes can vary because they depend on the dividends Japanese companies pay and on the yen's value against the dollar. Anyone using the fund for regular cash would get two uneven payments a year, not a steady monthly check.
How does the yen affect EWJ?
Directly. EWJ's value is calculated in US dollars, so if the yen weakens against the dollar, the fund can lose value even when Japanese share prices rise. A stronger yen works the other way and can lift returns. The prospectus lists currency risk among the fund's main risks and warns that exchange rates can change quickly and unpredictably. For a US investor, owning EWJ means exposure to both Japanese companies and the yen.
How has EWJ performed over the last 10 years?
EWJ returned an average of 5.73% a year over the 10 years to December 31, 2024, according to its December 2025 prospectus. That compares with 4.8% a year for the MSCI ACWI ex USA Index, a broad measure of stocks outside the US. Based on market prices through October 29, 2026, its 10-year average was 8.7% a year, or 130% in total. The path was bumpy. It lost 17.36% in 2022 and 13.17% in 2018, but gained 23.56% in 2017 and 19.78% in 2023.