At a glance
JPY charges 0.6% a year, above the 0.23% average of the 4 funds most like it (the most expensive of 5). It has $78.3M in assets, the 5th largest of that group; it paid 1.15% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +20.6% with distributions reinvested (S&P 500: +11.5%), 2nd of those 5 funds. Its ten largest positions make up 35.3% of the fund, out of 62 in all.
The short version
Lazard Japanese Equity ETF (JPY) is an actively managed fund. Instead of tracking an index, its manager picks Japanese stocks, and it held 62 of them as of June 30, 2026. Its 0.60% expense ratio is the highest among comparable Japan ETFs, whose average is 0.23%. Its record is short, at about 1.6 years. Its 1-year return of 20.6% through October 27, 2026, ranked second of five similar funds.
Price history
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JPY +20.6% 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 | |
|---|---|---|---|---|---|---|
| JPY price data to Oct 27, 2026 | +20.8% | +20.6% | — | — | — | +40.1% |
- Over the year to Oct 27, 2026, JPY returned +20.6%, 2nd of 5 among similar funds.
- The deepest fall in its price history was 15.1% (Feb 11, 2026 to Mar 20, 2026), recovered by Jun 15, 2026.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +20.8% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2300 |
What's inside
As of Jun 30, 2026, the fund held 62 securities; the ten largest made up 35.31% of assets.
| Holding | Weight | |
|---|---|---|
| Mitsubishi UFJ Financial Group Inc | 5.17% | |
| Tokyo Electron Ltd | 4.79% | |
| Sumitomo Mitsui Financial Group Inc | 4.39% | |
| Mizuho Financial Group Inc | 3.46% | |
| Recruit Holdings Co Ltd | 3.46% | |
| Hitachi Ltd | 3.04% | |
| Sony Group Corp | 2.91% | |
| SoftBank Group Corp | 2.86% | |
| Tokio Marine Holdings Inc | 2.73% | |
| TDK Corp | 2.50% | |
| Disco Corp | 2.49% | |
| Keyence Corp | 2.42% | |
| Resona Holdings Inc | 2.22% | |
| Shin-Etsu Chemical Co Ltd | 2.19% | |
| Mitsubishi Electric Corp | 2.09% |
By country
Japan 98.39%By asset type
Stocks 98.39%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $6K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +9.45%, +6.61%, -1.76%.
How it works
JPY does not follow an index. Lazard's investment manager puts at least 80% of net assets into stocks and stock-related securities traded in Japan. These can include common and preferred stock, warrants and rights. The manager first researches which sectors show greater growth potential at a given point in the economic cycle. It then picks companies of any size, without focusing on one industry. Even so, the prospectus warns that the fund may at times lean heavily toward a sector such as industrials. It also lists value investing as a risk.
The fund is "non-diversified," which means it can put more of its money into fewer companies. As of June 30, 2026, the top 10 holdings made up 35.3% of assets. The largest were Mitsubishi UFJ Financial Group (5.2%), Tokyo Electron (4.8%), Sumitomo Mitsui Financial Group (4.4%), Mizuho Financial Group (3.5%) and Recruit Holdings (3.5%). Portfolio turnover, the share of holdings replaced over a year, was a low 8%.
The manager may use currency forward contracts to protect against the yen falling versus the dollar, but doesn't have to. The holdings report as of June 30, 2026, showed no derivatives at all. The fund may also use futures or swaps to hedge or to try to raise returns, and it may own other ETFs.
What it really costs
- JPY charges 0.6% a year, versus an average of 0.23% for the similar funds below (5th of 5, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $60 in the first year and $749 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| JPY | $60 | $191 | $334 | $749 |
In a retirement portfolio
It is a single-country, non-diversified, actively managed fund with a short record and a higher fee, so it fits better as a small add-on than as a core position.
JPY could add Japanese stocks that many US-focused portfolios own little of, such as Mitsubishi UFJ, Tokyo Electron and Sumitomo Mitsui. It launched April 3, 2025, so it missed the 2008, 2020 and 2022 downturns and has no full calendar year of results. Its deepest drop was 15.1%, from February 11 to March 20, 2026. It recovered by June 15, 2026, about 2.9 months later. That was a short, mild test. A longer slump in Japanese stocks, or a weaker yen, could hurt someone who has to sell shares in a bad year. The yield was 1.15% as of October 27, 2026, paid twice a year. Under the SEC's standard example, the 0.60% fee costs about $60 on $10,000 in year one and $749 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
- Investors who want a manager to pick Japanese stocks of all sizes rather than own an index, and accept a 0.60% fee for that.
- Those comfortable with concentration: the top 10 holdings were 35.3% of assets as of June 30, 2026, led by Mitsubishi UFJ and Tokyo Electron.
- Investors adding a small Japan slice who accept that dollar returns can swing with the yen, since currency hedging is optional.
Look elsewhere if
- Cost-focused investors: Franklin FTSE Japan ETF (FLJP) charges 0.09% and JPMorgan BetaBuilders Japan ETF (BBJP) 0.19%, versus JPY's 0.60%.
- Those wanting a long, tested record: JPY launched April 3, 2025, and has about $78.3 million in net assets as of June 30, 2026.
- Income seekers: the yield was 1.15% as of October 27, 2026, paid only twice a year, and the stated goal is capital growth.
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
Is JPY an actively managed ETF?
Yes. JPY doesn't track an index. Lazard's investment manager researches which sectors show greater growth potential at a given point in the economic cycle. It then picks Japanese stocks of any size. The fund held 62 stocks as of June 30, 2026. Its portfolio turnover was 8%, so the manager traded only a small slice of the portfolio over the year. Because results depend on those choices, JPY can trail or beat index-based Japan ETFs.
What's the difference between JPY and EWJ?
Mainly approach, size and cost. The iShares MSCI Japan ETF (EWJ) is the most similar fund by holdings, sharing about 48% of its portfolio with JPY. EWJ had about $22.7 billion in net assets as of August 31, 2026. JPY had about $78.3 million as of June 30, 2026. EWJ charges 0.50% a year. JPY charges 0.60% and has a manager pick its stocks. Over one year, JPY returned 20.6% through October 27, 2026, and EWJ returned 16.5% through October 30, 2026.
Is JPY expensive compared with other Japan ETFs?
Yes. Its 0.60% expense ratio is the highest among five comparable Japan funds, and the other four average 0.23%. Franklin FTSE Japan ETF (FLJP) charges 0.09%, and JPMorgan BetaBuilders Japan ETF (BBJP) charges 0.19%. In the SEC's standard example, $10,000 earning 5% a year would cost about $60 in year one, $334 over five years and $749 over 10 years. The higher fee pays for active stock picking, which may or may not add value.
Does JPY pay dividends?
Yes, twice a year. Over the 12 months through October 27, 2026, it paid $0.44 per share, a yield of 1.15%. The fund's stated goal is long-term growth, not income, so the payout is modest. Its companies are Japanese, so the dollar value of the dividends can rise or fall with the exchange rate. People who rely on steady cash income may find the twice-a-year schedule and low yield limiting.
Does JPY hedge the yen?
Not necessarily. The prospectus lets the manager use currency forward contracts to hedge some or all of the yen exposure against the US dollar. It also lets the manager choose not to. The holdings report as of June 30, 2026, showed no derivatives, so the yen exposure appears to have been unhedged at that point. A falling yen can cut returns in dollar terms even when Japanese stocks rise, and a rising yen can add to them.