At a glance
OPPJ charges 0.58% a year, above the 0.23% average of the 4 funds most like it (the most expensive of 5). It has $280.2M in assets, the 5th largest of that group; it paid 1.09% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +34.7% with distributions reinvested (S&P 500: +11.5%), the best of those 5 funds; over three years it returned +31.2% a year. At its worst it fell 31.5% in the 2020 crash (S&P 500: 33.7%) and 8.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 3 months after the lows. Its ten largest positions make up 51.3% of the fund, out of 88 in all.
The short version
WisdomTree Japan Opportunities Fund (OPPJ) is an index ETF that tracks the WisdomTree Japan Opportunities Index. The index is a rules-based mix of Japanese stocks linked to Berkshire Hathaway's Japan holdings, high shareholder payouts, low valuations and policy-driven themes, and it can hedge the yen when its signals call for it. Its 0.58% fee is the highest among similar Japan ETFs, which average 0.23%. Its 34.7% one-year return through October 27, 2026 led that group.
Price history
The interactive chart needs JavaScript.
OPPJ +34.7% 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 | |
|---|---|---|---|---|---|---|
| OPPJ official prospectus, to Dec 31, 2025 | — | +36.21% | — | +21.87% | +13.18% | — |
| Wisdom Tree Japan Hedged Small Cap Equity/Wisdom Tree Japan Opportunities Spliced Index (Reflects no deduction for fees, expenses or taxes) index, same period | — | +36.94% | — | +22.45% | +13.84% | — |
| MSCI Japan Small Cap Local Currency/MSCI Japan Local Currency Spliced Index (Reflects no deduction for fees, expenses or taxes) index, same period | — | +29.66% | — | +14.94% | +10.00% | — |
| MSCI Japan Value Index (Reflects no deduction for fees, expenses or taxes) index, same period | — | +32.00% | — | +12.45% | +8.74% | — |
| OPPJ price data to Oct 27, 2026 | +27.3% | +34.7% | +31.2% | +24.9% | +16.4% | +15.0% |
- Over the year to Oct 27, 2026, OPPJ returned +34.7%, 1st of 5 among similar funds.
- Its 5-year annualized return was +24.9% and its 10-year +16.4%.
- In the 2020 COVID crash it fell 31.5% and regained its old high 7.8 months after the low.
- Its worst full calendar year was 2018 (-18.7%); its best was 2023 (+38.9%).
- The deepest fall in its price history was 39.3% (Jan 8, 2018 to Mar 16, 2020), recovered by Mar 15, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +27.3% | — |
| 2025 | +37.1% | +36.21% |
| 2024 | +20.7% | +20.68% |
| 2023 | +38.9% | +36.69% |
| 2022 | +5.0% | +6.84% |
| 2021 | +11.6% | +11.98% |
| 2020 | -3.2% | -4.64% |
| 2019 | +18.3% | +18.33% |
| 2018 | -18.7% | -17.82% |
| 2017 | +29.6% | +29.46% |
| 2016 | +8.5% | +6.88% |
| 2015 | +15.8% | — |
| 2014 | +9.1% | — |
| 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 22.1% over that stretch · deepest drop along the way 31.5%, back to its old high 7.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 3.4% over that stretch · deepest drop along the way 8.8%, back to its old high 3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4000 | |
| 2025 | $0.8300 | -40.3% |
| 2024 | $1.3900 | +71.6% |
| 2023 | $0.8100 | +38.5% |
| 2022 | $0.5850 | -8.6% |
| 2021 | $0.6400 | +5.8% |
| 2020 | $0.6050 | +31.5% |
| 2019 | $0.4600 | +21.1% |
| 2018 | $0.3800 | +7.0% |
| 2017 | $0.3553 | +16.5% |
| 2016 | $0.3050 | -50.4% |
| 2015 | $0.6150 | -53.2% |
| 2014 | $1.3150 |
What's inside
As of Jun 30, 2026, the fund held 88 securities; the ten largest made up 51.34% of assets, and 2.22% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| SUMITOMO CORP | 7.33% | |
| KIOXIA HOLDINGS CORP | 7.01% | |
| MARUBENI CORP | 6.84% | |
| MITSUBISHI CORP | 6.82% | |
| MITSUI & CO. LTD | 6.21% | |
| ITOCHU CORP | 5.17% | |
| TOKIO MARINE HOLDINGS INC | 3.68% | |
| TOKYO ELECTRON LTD | 3.18% | |
| PANASONIC HOLDINGS CORP | 2.59% | |
| TSUGAMI CORP | 2.52% | |
| HANWA CO LTD | 1.87% | |
| SOFTBANK GROUP CORP | 1.81% | |
| FAST RETAILING COMPANY LTD | 1.78% | |
| FUJIFILM HOLDINGS CORP | 1.77% | |
| RIGAKU HOLDINGS CORP | 1.72% |
By country
Japan 99.74%By asset type
Stocks 99.74%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $10.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +7.50%, +4.19%, -2.73%.
How it works
OPPJ tracks the WisdomTree Japan Opportunities Index, designed by WisdomTree, parent of the fund's adviser. It uses representative sampling, holding a subset of index stocks chosen to mirror the index's overall risk and return. Eligible companies must do most of their business in Japan, list on the Tokyo Stock Exchange, be worth at least $100 million and pass trading-volume tests.
An index committee sorts eligible stocks into four groups: companies in which Berkshire Hathaway owns or has owned over 5% of shares (0–45% of the index); companies with generous dividends and share buybacks (15–33%); stocks priced low relative to book value (net assets) but with growing earnings and dividends (15–33%); and companies tied to themes such as defense, trade policy and technology (15–33%). Weights reflect shareholder payouts, trading volume and company size. The index is rebuilt at least quarterly, so trading is heavy, with 146% yearly turnover. As of June 30, 2026, the fund held 88 stocks, led by Sumitomo Corp. (7.3%), Kioxia Holdings (7.0%) and Marubeni (6.8%).
Because the stocks trade in yen, a weaker yen cuts their dollar value. The index can hedge, or offset, 0% to 100% of that risk, based on signals such as a falling yen and interest-rate gaps. The fund hedges mainly with derivatives; its June 30, 2026 holdings report listed none.
What it really costs
- OPPJ charges 0.58% 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 $59 in the first year and $726 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| OPPJ | $59 | $186 | $324 | $726 |
In a retirement portfolio
It is a single-country, concentrated and costly fund whose rules-based picks set it apart from broad Japan index funds.
OPPJ could add a focused, value-leaning position in Japan alongside a broader core. It has had big swings. It launched in 2013, so it has no record from 2008. In the 2020 COVID crash it fell 31.5% in under a month and was back to its peak by November 9, 2020. In 2022 it held up, dipping 8.8% and recovering in three months. Its worst calendar year was 2018, when it lost 18.7%. Its deepest drop, 39.3%, ran from January 2018 to March 2020, and it did not regain its old high until March 15, 2021. Anyone cashing out shares in a stretch like that would lock in losses. Income is small: the yield was 1.09% as of October 27, 2026, paid twice a year. Under the SEC's $10,000 example, the 0.58% fee costs $59 in the first year. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking a Japan tilt toward value and shareholder payouts, with about half the fund in ten stocks led by trading houses like Sumitomo.
- Those who want the yen hedge turned on or off by set rules, rather than a fund that is always or never hedged.
- People holding a small satellite position who accept 21.2% one-year volatility and 146% turnover in exchange for a distinct approach.
Look elsewhere if
- Cost-focused investors: OPPJ charges 0.58%, against 0.09% for Franklin FTSE Japan ETF and 0.19% for JPMorgan BetaBuilders Japan ETF.
- Income seekers: the yield was 1.09% as of October 27, 2026, paid only twice a year.
- Those wanting broad Japan exposure: OPPJ held 88 stocks and, at about $280 million, was the smallest fund among its peers.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| OPPJ this fund | — | 0.58% | $280.2M | +34.7% | +31.2% |
| BBJP JPMorgan BetaBuilders Japan ETF | 26% | 0.19% | $17.98B | +14.9% | +18.2% |
| EWJ iShares MSCI Japan ETF | 26% | 0.5% | $22.69B | +16.1% | +18.5% |
| FLJP Franklin FTSE Japan ETF | 25% | 0.09% | $3.79B | +18.6% | +21.6% |
| EWJV iShares MSCI Japan Value ETF | 23% | 0.15% | $767.9M | +26.0% | +25.4% |
Questions investors ask
What does OPPJ invest in?
OPPJ owns Japanese stocks chosen by the WisdomTree Japan Opportunities Index. Up to 45% can go to companies in which Berkshire Hathaway owns or has owned over 5% of the shares. The rest goes to big dividend-and-buyback payers, cheap stocks with growing earnings, and companies tied to themes such as defense and trade policy. As of June 30, 2026, it held 88 stocks, led by Sumitomo Corp. (7.3%), Kioxia Holdings (7.0%) and Marubeni (6.8%). The top 10 made up 51% of assets.
Does OPPJ hedge the Japanese yen?
Sometimes. OPPJ's index can hedge anywhere from 0% to 100% of the yen's moves against the dollar, guided by signals such as whether the yen has been weakening and interest-rate differences. Hedging uses contracts to offset currency swings, so a falling yen hurts less but a rising yen helps less. The fund hedges mainly with derivatives, which may not work as intended. Its June 30, 2026 holdings report listed no derivative positions, which suggests the yen exposure was unhedged on that date.
What's the difference between OPPJ and EWJ?
OPPJ costs more, owns a different mix and is far smaller. Its yearly fee, 0.58% of assets, compares with 0.50% for the iShares MSCI Japan ETF (EWJ) and a 0.23% average across four similar Japan funds. Only about 26% of their holdings overlap. OPPJ had about $280 million in net assets as of June 30, 2026, against $22.7 billion for EWJ as of August 31, 2026. OPPJ's annualized three-year return was 31.2% through October 27, 2026, versus 20.3% for EWJ through October 30, 2026.
Is OPPJ good for retirement income?
Its income is modest, so it works more as a growth holding. OPPJ pays dividends twice a year, and its yield over the past 12 months was 1.09% ($0.64 a share) as of October 27, 2026. Price swings can be large: the fund fell 39.3% from January 8, 2018, to March 16, 2020, and did not recover until March 15, 2021. It may suit retirees who want a small Japan slice within a diversified portfolio more than those seeking steady cash.
How has OPPJ performed long term?
It has outpaced the MSCI Japan Value Index over one, five and 10 years. As of December 31, 2025, its average annual returns were 36.21%, 21.87% and 13.18%, versus 32%, 12.45% and 8.74% for that index. One caveat: the fund's benchmark joins an older WisdomTree Japan Hedged Small Cap Equity index to the current one, which indicates the fund followed a different, small-cap index for part of that record. It also lost 17.82% in 2018, and past returns may not repeat.