At a glance
FJP charges 0.8% a year, above the 0.28% average of the 5 funds most like it (the most expensive of 6). It has $253.8M in assets, the 5th largest of that group; it paid 2.59% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +14.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 6 funds; over three years it returned +19.8% a year. At its worst it fell 25.8% in the 2020 crash (S&P 500: 33.7%) and 25.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 10 months after the lows. Its ten largest positions make up 28.8% of the fund, out of 101 in all.
The short version
First Trust Japan AlphaDEX Fund (FJP) is an index ETF that tracks the Nasdaq AlphaDEX Japan Index. The index picks 100 larger Japanese stocks and weights them by growth and value scores, not by company size. That rules-based stock picking sets it apart from Japan funds that simply hold the market. It also costs more: 0.80% a year, against a 0.28% average for the similar funds compared here.
Price history
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FJP +14.3% 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 | |
|---|---|---|---|---|---|---|
| FJP official prospectus, to Dec 31, 2025 | — | +32.14% | — | +8.38% | +5.87% | +5.49% |
| FJP price data to Oct 27, 2026 | +11.8% | +14.3% | +19.8% | +10.9% | +6.5% | +5.7% |
- Over the year to Oct 27, 2026, FJP returned +14.3%, 6th of 6 among similar funds.
- Its 5-year annualized return was +10.9% and its 10-year +6.5%.
- In the 2020 COVID crash it fell 25.8% and regained its old high 2.8 months after the low.
- Its worst full calendar year was 2018 (-18.6%); its best was 2025 (+33.6%).
- The deepest fall in its price history was 41.5% (Jan 23, 2018 to Mar 16, 2020), recovered by Mar 22, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.8% | — |
| 2025 | +33.6% | +32.14% |
| 2024 | +5.8% | +5.84% |
| 2023 | +23.0% | +22.42% |
| 2022 | -12.9% | -12.04% |
| 2021 | -1.1% | -0.69% |
| 2020 | +3.6% | +1.71% |
| 2019 | +7.7% | +8.27% |
| 2018 | -18.6% | -17.66% |
| 2017 | +27.6% | +26.70% |
| 2016 | +2.4% | +2.91% |
| 2015 | +5.4% | — |
| 2014 | -2.3% | — |
| 2013 | +29.4% | — |
| 2012 | -1.4% | — |
| 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 23.1% over that stretch · deepest drop along the way 25.8%, back to its old high 2.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 22.6% over that stretch · deepest drop along the way 25.8%, back to its old high 9.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5900 | |
| 2025 | $1.8000 | +9.8% |
| 2024 | $1.6400 | -6.8% |
| 2023 | $1.7600 | +87.2% |
| 2022 | $0.9400 | -23.0% |
| 2021 | $1.2200 | +139.2% |
| 2020 | $0.5100 | -63.8% |
| 2019 | $1.4100 | +90.5% |
| 2018 | $0.7400 | -5.1% |
| 2017 | $0.7800 | +13.0% |
| 2016 | $0.6900 | +68.3% |
| 2015 | $0.4100 | -16.3% |
| 2014 | $0.4900 | +48.5% |
| 2013 | $0.3300 | -43.1% |
| 2012 | $0.5800 |
What's inside
As of Jun 30, 2026, the fund held 101 securities; the ten largest made up 28.76% of assets.
| Holding | Weight | |
|---|---|---|
| RBC DOMINION SECURITIES INC. RA | 7.12% | |
| MITSUI KINZOKU CO LTD | 3.38% | |
| NGK CORP | 3.14% | |
| IBIDEN CO LTD | 2.98% | |
| FUJIKURA LTD | 2.40% | |
| RESONAC HOLDINGS CORP | 2.28% | |
| SUMITOMO ELECTRIC INDUSTRIES LTD | 2.07% | |
| KANDENKO CO LTD | 1.87% | |
| ADVANTEST CORP | 1.86% | |
| KOKUSAI ELECTRIC CORP | 1.65% | |
| TOKYO OHKA KOGYO CO LTD | 1.64% | |
| KAWASAKI KISEN KAISHA LTD | 1.59% | |
| TOYOTA TSUSHO CORP | 1.58% | |
| MITSUI O.S.K.LINES LTD | 1.55% | |
| SEIKO EPSON CORP | 1.52% |
By country
Japan 99.65%United States 7.12%By asset type
Stocks 99.65%RA 7.12%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $11.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.66%, +2.85%, -2.54%.
How it works
FJP aims to track the Nasdaq AlphaDEX Japan Index, which Nasdaq, Inc. builds and maintains. The fund normally invests at least 90% of its net assets in the index's stocks. The index starts with the Nasdaq Japan Index, a broad measure of companies that Nasdaq assigns to Japan, mainly by where they are incorporated and listed. It then removes duplicate share classes, stocks that trade too thinly and smaller companies at or below the midpoint of the size range ($4.450 billion as of March 31, 2026).
The remaining stocks are ranked on growth factors and on value factors, and each stock keeps its higher score. The top 100 make the index. They are split into five groups (quintiles), and higher-scoring groups get bigger weights. A company's size does not set its weight. No industry can make up more than 15 percentage points above its share of the base index. A stock that would break that limit moves to a lower-weighted group, or is dropped if it already sits in the lowest one.
The index is rebalanced and rebuilt twice a year, and the fund follows shortly after. That churn shows up in a 91% portfolio turnover rate. As of March 31, 2026, the fund had large positions in industrial companies. It uses no leverage or options. Its stocks are priced in yen, so a weaker yen against the dollar can lower returns for US holders.
What it really costs
- FJP charges 0.8% a year, versus an average of 0.28% for the similar funds below (6th of 6, cheapest first).
In a retirement portfolio
It is a single-country fund with a factor-based stock-picking approach, swings of about 21% a year and the highest fee among the similar funds compared.
FJP could add Japanese stocks to a portfolio, with a tilt toward industrial companies. As of June 30, 2026, its largest stock holdings included Mitsui Kinzoku, NGK and Ibiden. The ride has been rough at times. The fund fell 25.8% in the 2020 COVID crash and recovered in about three months. It fell 25.8% again in 2022 and took about 10 months to recover. It launched in 2011, so it has no 2008 record. Its deepest drop, 41.5% from January 2018 to March 2020, did not fully recover until March 2024. Anyone forced to sell shares during that stretch would have locked in losses. The fund's trailing yield was 2.59% as of October 27, 2026, paid twice a year. Its 0.80% expense ratio is the highest of the six funds compared. Past results don't predict future returns, 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 chosen by growth and value scores rather than company size, and who accept a 0.80% fee for that approach.
- People adding a small Japan position tilted toward industrial firms, with NGK, Ibiden and Fujikura among the top holdings as of June 30, 2026.
- Holders comfortable with annual volatility of about 21% who want twice-yearly dividends, with a trailing yield of 2.59% as of October 27, 2026.
Look elsewhere if
- Cost-focused investors: Franklin FTSE Japan (FLJP) charges 0.09% and JPMorgan BetaBuilders Japan (BBJP) charges 0.19%, against FJP's 0.80%.
- Those wanting a record of beating cheaper rivals: FJP ranked last of six similar funds on 1- and 3-year returns as of October 27, 2026.
- People who may need to sell in a slump: its 41.5% drop from 2018 to 2020 did not fully recover until March 2024.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FJP this fund | — | 0.8% | $253.8M | +14.3% | +19.8% |
| JPXN iShares JPX-Nikkei 400 ETF | 29% | 0.48% | $134.4M | +20.2% | +22.0% |
| BBJP JPMorgan BetaBuilders Japan ETF | 26% | 0.19% | $17.98B | +14.9% | +18.2% |
| FLJP Franklin FTSE Japan ETF | 26% | 0.09% | $3.79B | +18.6% | +21.6% |
| EWJ iShares MSCI Japan ETF | 26% | 0.5% | $22.69B | +16.1% | +18.5% |
| EWJV iShares MSCI Japan Value ETF | 24% | 0.15% | $767.9M | +26.0% | +25.4% |
Questions investors ask
What does FJP invest in?
FJP holds about 100 Japanese mid- and large-company stocks selected by the Nasdaq AlphaDEX Japan Index. The index ranks stocks on growth and value factors and gives more weight to higher scorers. As of June 30, 2026, the largest stock positions were Mitsui Kinzoku (3.4%), NGK (3.1%), Ibiden (3.0%), Fujikura (2.4%) and Resonac (2.3%). The 10 largest positions made up about 29% of the fund. The prospectus notes significant exposure to industrial companies.
What's the difference between FJP and JPXN?
The main differences are how they pick stocks and what they cost. FJP uses Nasdaq's AlphaDEX scoring to choose and weight 100 stocks. The iShares JPX-Nikkei 400 ETF (JPXN) follows the JPX-Nikkei 400 index. The two shared about 29% of holdings, based on June 30, 2026 reports. JPXN charges 0.48% a year and FJP charges 0.80%. As of October 27, 2026, JPXN returned 20.2% over one year and 22% a year over three years. FJP returned 14.3% and 19.8%.
Does FJP pay dividends?
Yes. FJP pays dividends twice a year. Over the 12 months through October 27, 2026, it paid $1.93 per share, a trailing yield of 2.59%. Payments depend on dividends from the Japanese companies it owns and on the yen-dollar exchange rate, so the amount can change from one payment to the next. The prospectus notes that growth-oriented stocks may pay little or no dividend, which can limit income from part of the portfolio.
How has FJP performed over the long term?
FJP's long-term returns have been modest, with big swings along the way. Its prospectus reports average annual returns through December 31, 2025, of 32.14% over one year, 8.38% over five years, 5.87% over 10 years and 5.49% since its 2011 launch. Calendar years ranged from a 17.66% loss in 2018 to a 32.14% gain in 2025. Its worst quarter was a 20.55% drop in early 2020. Over 10 years, price-based returns were 6.5% a year as of October 27, 2026.
Is FJP good for retirement?
FJP may suit retirees only as a small part of a broader mix. It is a single-country fund with annual volatility of about 21%, and its 0.80% fee is the highest among the six funds compared. Its deepest drop, 41.5% from January 2018 to March 2020, did not fully recover until March 2024. That is a long wait for anyone drawing money from their savings. It does pay income twice a year, with a 2.59% trailing yield as of October 27, 2026.