At a glance
FLJP charges 0.09% a year, below the 0.42% average of the 5 funds most like it (the cheapest of 6). It has $3.79B in assets, the 3rd largest of that group; it paid 4.17% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +18.6% with distributions reinvested (S&P 500: +11.5%), 3rd of those 6 funds; over three years it returned +21.6% a year. At its worst it fell 25.2% in the 2020 crash (S&P 500: 33.7%) and 26.6% 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 25.4% of the fund, out of 476 in all.
The short version
Franklin FTSE Japan ETF (FLJP) is an index fund that tracks the FTSE Japan RIC Capped Index, a basket of hundreds of large and midsize Japanese companies such as Mitsubishi UFJ Financial, Tokyo Electron and Toyota. Its main difference from similar funds is cost. Its expense ratio is 0.09%, compared with 0.50% for the much larger iShares MSCI Japan ETF and an average of 0.42% among similar funds.
Price history
The interactive chart needs JavaScript.
FLJP +18.6% 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 | |
|---|---|---|---|---|---|---|
| FLJP official prospectus, to Dec 31, 2025 | — | +25.30% | — | +6.60% | — | +6.44% |
| FTSE Japan Index-NR (USD) index, same period | — | +25.30% | — | +6.59% | — | +6.39% |
| FTSE Japan Capped Index-NR index, same period | — | +25.30% | — | +6.59% | — | +6.39% |
| FLJP price data to Oct 27, 2026 | +18.2% | +18.6% | +21.6% | +9.8% | — | +7.8% |
- Over the year to Oct 27, 2026, FLJP returned +18.6%, 3rd of 6 among similar funds.
- Its 5-year annualized return was +9.8%.
- In the 2020 COVID crash it fell 25.2% and regained its old high 2.8 months after the low.
- Its worst full calendar year was 2022 (-16.5%); its best was 2025 (+26.8%).
- The deepest fall in its price history was 32.5% (Sep 15, 2021 to Oct 14, 2022), recovered by Mar 6, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +18.2% | — |
| 2025 | +26.8% | +25.30% |
| 2024 | +7.0% | +7.76% |
| 2023 | +20.0% | +19.68% |
| 2022 | -16.5% | -15.78% |
| 2021 | +1.0% | +1.16% |
| 2020 | +15.8% | +14.35% |
| 2019 | +19.0% | +19.09% |
| 2018 | -14.0% | -13.10% |
| 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 22.5% over that stretch · deepest drop along the way 25.2%, back to its old high 2.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 25.3% over that stretch · deepest drop along the way 26.6%, back to its old high 15.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.1700 | |
| 2025 | $1.7700 | +35.1% |
| 2024 | $1.3100 | +56.0% |
| 2023 | $0.8400 | +78.7% |
| 2022 | $0.4700 | -32.9% |
| 2021 | $0.7000 | +55.6% |
| 2020 | $0.4500 | -23.7% |
| 2019 | $0.5900 | +73.5% |
| 2018 | $0.3400 |
What's inside
As of Jun 30, 2026, the fund held 476 securities; the ten largest made up 25.4% of assets.
| Holding | Weight | |
|---|---|---|
| MITSUBISHI UFJ FINANCIAL GROUP INC | 3.46% | |
| TOKYO ELECTRON LTD | 3.37% | |
| KIOXIA HOLDINGS CORP | 2.99% | |
| TOYOTA MOTOR CORP | 2.89% | |
| ADVANTEST CORP | 2.33% | |
| SUMITOMO MITSUI FINANCIAL GROUP INC | 2.27% | |
| SOFTBANK GROUP CORP | 2.23% | |
| MURATA MANUFACTURING COMPANY LTD | 1.97% | |
| HITACHI LTD | 1.96% | |
| SONY GROUP CORP | 1.92% | |
| MIZUHO FINANCIAL GROUP INC | 1.81% | |
| KEYENCE CORP | 1.51% | |
| RECRUIT HOLDINGS CO LTD | 1.50% | |
| FAST RETAILING COMPANY LTD | 1.50% | |
| MITSUBISHI CORP | 1.37% |
By country
Japan 99.58%By asset type
Stocks 99.58%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $501.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.89%, +5.07%, -0.88%.
How it works
FLJP is an index fund. It doesn't pick stocks. It tries to match the FTSE Japan RIC Capped Index, before fees. FTSE Russell builds that index from the FTSE Japan Index, which covers Japanese large and midsize companies. Stocks are weighted by free-float market capitalization: a company's value counting only the shares available to the public. Each quarter, caps keep any single company under 25% of the index and hold companies above 5% to 50% combined. As of May 31, 2026, the index had 476 securities, valued at $1.13 billion to $268.17 billion each.
The fund can hold every stock in the index at its index weight, or a representative sample of them. It trades little: portfolio turnover, the share of holdings replaced in a year, was 5%. As of June 30, 2026, 99.6% of assets were in Japanese stocks and the 10 largest positions made up 25.4%. A small TOPIX futures contract helped keep cash invested. As of May 31, 2026, the index was concentrated in industrials, and the fund follows that concentration.
The fund may use currency forwards and futures to settle local trades and to manage currency moves around distributions. The prospectus doesn't describe it as hedging the yen.
What it really costs
- FLJP charges 0.09% a year, versus an average of 0.42% for the similar funds below (1st of 6, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $9 in the first year and $116 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FLJP | $9 | $29 | $51 | $116 |
In a retirement portfolio
It offers low-cost exposure to a single developed market outside the US, which can spread a US-heavy stock portfolio across another economy and currency.
FLJP could add Japanese large and midsize companies to a portfolio made up mostly of US stocks. Its record is short. It launched in November 2017, so it has no history from the 2008 crisis. In the 2020 COVID crash it fell 25.2% in less than a month, then recovered by June 8, 2020. The 2022 slump was harder. Its deepest drop was 32.5%, from September 2021 to October 2022, and it took about 17 months to climb back from the low. Its worst calendar year was 2022, at -15.78%. Anyone who had to sell during that stretch would have locked in losses.
The trailing yield was 4.17% as of October 27, 2026, paid twice a year. Costs are low. On $10,000, the SEC's standard example shows $9 in the first year and $116 over 10 years. 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
- Cost-conscious investors who want broad Japanese large and midsize stocks for 0.09% a year, compared with 0.50% for EWJ and 0.19% for BBJP.
- Investors with mostly US holdings who want a slice of Japanese companies such as Mitsubishi UFJ, Tokyo Electron, Toyota and Sony.
- Holders who are fine with income arriving twice a year; the trailing yield was 4.17% as of October 27, 2026.
Look elsewhere if
- Investors who want protection from yen swings. The fund isn't described as currency-hedged, so a weaker yen can reduce returns in dollars.
- Anyone who may need to sell in a downturn. It fell 32.5% from September 2021 to October 2022 and didn't recover until March 2024.
- Investors who want broad international diversification. As of June 30, 2026, 99.6% of assets were in Japanese stocks.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FLJP this fund | — | 0.09% | $3.79B | +18.6% | +21.6% |
| EWJ iShares MSCI Japan ETF | 81% | 0.5% | $22.69B | +16.1% | +18.5% |
| BBJP JPMorgan BetaBuilders Japan ETF | 81% | 0.19% | $17.98B | +14.9% | +18.2% |
| JPXN iShares JPX-Nikkei 400 ETF | 79% | 0.48% | $134.4M | +20.2% | +22.0% |
| EWJV iShares MSCI Japan Value ETF | 46% | 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 FLJP good for retirement income?
It can supply some income, but it's a stock fund first. The trailing 12-month yield was 4.17% as of October 27, 2026, about $1.69 per share, paid twice a year. Stock dividends can change from year to year, and the share price can swing widely. The fund fell 32.5% between September 2021 and October 2022. It may suit investors who want Japanese stocks as one part of a wider mix, rather than as a main source of income.
What's the difference between FLJP and EWJ?
Both hold large and midsize Japanese stocks, and their holdings overlap by about 81%. The biggest difference is cost. FLJP tracks the FTSE Japan RIC Capped Index and charges 0.09% a year. EWJ, the iShares MSCI Japan ETF, charges 0.50%. EWJ is much larger: about $22.7 billion in net assets as of August 31, 2026, against about $3.8 billion for FLJP as of June 30, 2026. One-year returns were similar: 18.6% for FLJP and 19% for EWJ, as of late October 2026.
Does FLJP pay monthly dividends?
No. FLJP pays distributions twice a year, not monthly. Over the 12 months to October 27, 2026, it paid about $1.69 per share, a trailing yield of 4.17%. Retirees who draw monthly income may need to plan around the uneven timing, for example by keeping some cash on hand. Payout amounts can vary, because they depend on the dividends paid by the Japanese companies the fund owns.
Does FLJP hedge the Japanese yen?
The prospectus doesn't describe FLJP as a currency-hedged fund. It may use currency forwards and futures, but the stated purposes are to help settle trades in local securities and to manage currency moves around distributions to shareholders. Because the fund owns stocks priced in yen, a US investor's returns generally rise when the yen strengthens against the dollar and fall when it weakens. Those currency moves come on top of moves in the stocks themselves.
What is FLJP's 5-year return?
According to its prospectus, FLJP returned an average of 6.6% a year over the five years ended December 31, 2025. Over the same period, it returned 25.3% over one year and 6.44% a year since its November 2017 launch, closely matching its index. Calendar-year results ranged from -15.78% in 2022 to 25.3% in 2025. Based on share prices, it was up 18.2% in 2026 through October 27, 2026.