DFJ vs JPXN: Grades, Fees and Holdings Compared

WisdomTree Japan SmallCap Dividend Fund

DFJBNYSE Arca

iShares JPX-Nikkei 400 ETF

JPXNANYSE Arca

Overlap

4.5%by weight

Expense ratio

JPXN −0.10pt a year

DFJ0.58%JPXN0.48%

Avg volume · 30D

DFJ 1.9×the volume

DFJ30.5KJPXN16.5K

10Y return · a year

JPXN +0.2pt

DFJ+8.3%JPXN+8.5%

DFJ vs JPXN Performance

Nov 2, 2021 – Nov 2, 2026

+67.2%DFJ+53.6%JPXN

Expense ratio: DFJ 0.58%; JPXN 0.48%, better
Fund size: DFJ $435M; JPXN $166M
1Y total return: DFJ +24.4%, better; JPXN +18.1%
Yield (12M): DFJ 2.50%; JPXN 2.73%, better
Holdings: DFJ 929; JPXN 402
Avg volume (30D): DFJ 30.5K sh, better; JPXN 16.5K sh
NAV per share: DFJ $111.44; JPXN $100.45
52W range

ETF.net Grade

Pillar letters and Scores for DFJ, JPXN, with each pillar’s weight
Pillar	DFJ	JPXN
Cost30% weight	C44	B68Higher
Mission25% weight	A83	A100Higher
Risk15% weight	A72Higher	C53
Tradability15% weight	B69Higher	B64
Holdings10% weight	A88Higher	A82
Durability5% weight	B64	A70Higher

Rank among Japan funds

How we build Categories ›

Same Category. DFJ and JPXN are both graded against the same 18 Japan funds, so their Grades compare head to head.

Japan⁠

Category · 18 funds

See all 18 ›

JPXN ranks 4th and DFJ 8th of 18 funds in the Japan Category.

Rank 1AFLJPFranklin FTSE Japan ETFScore 82
Rank 2ABBJPJPMorgan BetaBuilders Japan ETFScore 80
Rank 3AFLJHFranklin FTSE Japan Hedged ETFScore 75
Rank 4AJPXNiShares JPX-Nikkei 400 ETFScore 74
Rank 4ASCJiShares MSCI Japan Small-Cap ETFScore 74
Rank 7BGSJYGoldman Sachs ActiveBeta Japan Equity ETFScore 68
Rank 8BDFJWisdomTree Japan SmallCap Dividend FundScore 66
Rank 9BDBJPXtrackers MSCI Japan Hedged Equity ETFScore 63

Our read on each fund

ETF.net Research

DFJBWisdomTree Japan SmallCap Dividend Fund

JPXNAiShares JPX-Nikkei 400 ETF

In short

DFJ Japan's small caps, filtered down to the ones that actually pay dividends. Running since 2006, holding roughly 800 names and sending cash out every quarter.

JPXN Most Japan ETFs just buy Tokyo. JPXN follows the JPX-Nikkei 400, an index that screens for profitability and shareholder-oriented practices, making it the corporate-reform cut of Japan rather than plain country beta.

Stated mandate

DFJ The fund provides exposure to Japanese small-cap equities issued by companies that pay dividends.

JPXN JPXN seeks to follow an index of Japanese equities that applies profitability and shareholder-oriented practice screens. It is intended to provide targeted exposure to Japan as a single-country allocation.

Why people hold it

DFJ The dividend screen does the work: holdings are Japanese small caps that pay out, not the whole sprawling small-cap universe.
Roughly 800 holdings, so no single Japanese small cap steers the fund.
Launched in 2006, with a long track record through Japan's deflation years and its corporate governance overhaul.
Distributions land quarterly, tracking a rules-based index rather than a manager's stock picks.

JPXN The screen picks on capital discipline, not just size: about 400 Japanese companies filtered for profitability and shareholder-oriented management.
0.48% a year, a touch below the typical single-country Japan fund, which is unusual for a screened index rather than a plain market cap build.
Listed since 2001, it is one of the longer-running US-listed Japan funds, and it has tracked its stated index closely with no side bets.
Sits among the stronger implementations in a Japan single-country peer group that runs to well over a dozen funds.

Worth knowing

DFJ At 0.58% a year, it costs more than the typical Japan fund, and plain-beta rivals FLJP (0.09%) and BBJP (0.19%) charge a fraction of it.
Trades lighter than the headline Japan funds, so spreads and limit orders matter, especially on larger tickets.
Screening for dividend payers leaves out Japanese small caps that reinvest instead of paying, a real tilt away from the full market.

JPXN Broad Japan trackers cost far less: FLJP at 0.09% and BBJP at 0.19%. The profitability and governance screen is what the extra fee buys.
It trades lightly next to the giant Japan funds, so bid-ask spreads matter more here than with the category heavyweights.
One country, one screen. Japanese equities only, so it moves with Japan's market and offers no cushion from other regions.

Full DFJ profile⁠

Full JPXN profile⁠

DFJ vs JPXN Holdings

How DFJ and JPXN differ

Overlap by weight

4.5%

Shared holdings make up 24.0% of DFJ and 4.5% of JPXN.

Level by level

Holdings128 in both4.5%
Sector11 Sectors85.8%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in DFJ and JPXN, widest gap first
Sector	More in DFJMore in JPXN	DFJ	JPXN
Materials	DFJ +9.5 points	14.2%	4.7%
Communication	JPXN +4.5 points	1.7%	6.2%
Financials	JPXN +3.6 points	10.8%	14.5%
Consumer Staples	DFJ +2.5 points	7.5%	5.0%
Technology	JPXN +2.4 points	12.3%	14.7%
Consumer Discretionary	DFJ +1.7 points	16.7%	15.0%
Industrials	JPXN +1.6 points	27.2%	28.8%
Health Care	JPXN +1.2 points	4.5%	5.7%
Energy	JPXN +0.9 points	0.5%	1.4%
Real Estate	DFJ +0.2 points	2.5%	2.4%
Utilities	DFJ +0.2 points	1.9%	1.7%

Country, concentration and asset class

Country by domicile

Country weights in DFJ and JPXN, widest gap first
Country	More in DFJMore in JPXN	DFJ	JPXN
Japan	Same weight	100.0%	100.0%

Outside the US: DFJ 100% developed, 0% emerging. JPXN 100% developed, 0% emerging.

Concentration

Weight in the 10 largest Holdings

DFJ5.5%
JPXN17.6%

Securities held

DFJ926
JPXN398

Asset class

DFJ: Equity
JPXN: Equity

Holdings

Only in DFJ798
In both128
Only in JPXN270

Only in DFJ

798 securities, 74.8% of DFJ by weight

Nippon Shokubai Co Ltd0.55%
Seino Holdings Corp0.50%
Exedy Corp0.49%
Zeon Corp0.45%
NSK Ltd0.43%
Casio Computer Co Ltd0.43%
Suruga Bank Ltd0.41%
UBE Corp0.39%
Juroku Financial Group Inc0.38%
North Pacific Bank Ltd0.36%
Seven Bank Ltd0.36%
Nippon Kayaku Co Ltd0.36%
Aozora Bank Ltd0.35%
Alfresa Holdings Corp0.35%
Lintec Corp0.35%
Toda Corp0.34%
Kaneka Corp0.34%
Alps Alpine Co Ltd0.33%
Nagase & Co Ltd0.32%
Rengo Co Ltd0.32%
Lixil Corp0.31%
DIC Corp0.30%
San-In Godo Bank Ltd/The0.29%
Bank of Nagoya Ltd/The0.29%
Pola Orbis Holdings Inc0.29%
Nanto Bank Ltd/The0.28%
Tokai Carbon Co Ltd0.27%
Okinawa Cellular Telephone0.27%
Anritsu Corp0.27%
Tokuyama Corp0.27%
Kamigumi Co0.27%
Mabuchi Motor Co0.27%
Aichi Financial Group Inc0.27%
Tsumura & Co0.27%
Hyakujushi Bank Ltd/The0.26%
Pigeon Corp0.26%
Sumitomo Rubber Industries Ltd0.26%
Kurabo Industries Ltd0.25%
Awa Bank Ltd/The0.25%
Tokai Tokyo Financial Holdings Inc0.25%
Nohmi Bosai Ltd0.25%
AOKI Holdings Inc0.25%
Okasan Securities Group Inc0.25%
San ju San Financial Group Inc0.24%
Teijin Ltd0.24%
Takara Holdings Inc0.24%
First Bank of Toyama Ltd/The0.24%
Takara Standard Co Ltd0.24%
Tsubakimoto Chain Co0.24%
Onward Holdings Co Ltd0.23%

Only in JPXN

270 securities, 94.7% of JPXN by weight

Recruit Holdings Ltd2.65%
Itochu1.83%
Tokio Marine Holdings1.76%
Sony Group1.75%
Advantest1.71%
Hitachi1.66%
Mitsui1.61%
Mitsubishi Ufj Financial Group1.57%
Keyence1.52%
Toyota Motor1.51%
Mitsubishi1.49%
Sumitomo Mitsui Financial Group1.47%
Mizuho Financial Group1.46%
Nintendo1.46%
Mitsubishi Heavy Industries1.36%
Fast Retailing1.35%
Hoya1.28%
Ntt1.25%
Shin Etsu Chemical1.25%
Panasonic Holdings1.19%
Sumitomo1.18%
Mitsubishi Electric1.14%
Japan Tobacco1.12%
Marubeni1.11%
Softbank Group Corp1.09%
Softbank0.99%
MS&AD Insurance Group Holdings0.99%
Orix0.95%
Honda Motor0.95%
Fujitsu0.92%
Nec0.90%
Daiichi Life Group0.90%
Sompo Holdings0.89%
Tokyo Electron0.89%
Fujikura0.82%
Daikin Industries Ltd0.79%
Komatsu0.78%
Otsuka Holdings0.75%
Murata Manufacturing0.74%
Renesas Electronics Corp0.73%
Fanuc Corp0.72%
Sumitomo Electric Industries0.71%
Resona Holdings0.70%
Daiichi Sankyo Ltd0.64%
Sumitomo Mitsui Trust Group0.64%
Astellas Pharma0.63%
Ajinomoto0.63%
Nomura Holdings0.63%
Disco Corp0.62%
Tdk0.59%

Weight gaps

The 100 widest of 128 Holdings in both funds.

Holding weights in DFJ and JPXN, widest gap first
Holding	More in DFJMore in JPXN	DFJ	JPXN
Sanki Engineering Co Ltd	DFJ +0.46 points	0.50%	0.04%
ADEKA Corp	DFJ +0.45 points	0.49%	0.04%
Hazama Ando Corp	DFJ +0.41 points	0.45%	0.04%
Kanematsu Corp	DFJ +0.39 points	0.45%	0.06%
Daicel Corp	DFJ +0.35 points	0.39%	0.04%
Nippon Gas Co Ltd	DFJ +0.33 points	0.36%	0.03%
Inaba Denki Sangyo Co Ltd	DFJ +0.32 points	0.37%	0.05%
Aica Kogyo Co Ltd	DFJ +0.32 points	0.36%	0.04%
Matsui Securities Co Ltd	DFJ +0.31 points	0.33%	0.02%
Chugoku Electric Power Co Inc/	DFJ +0.30 points	0.35%	0.05%
Toa Corp	DFJ +0.29 points	0.31%	0.02%
Daido Steel Co Ltd	DFJ +0.30 points	0.34%	0.04%
Dai-Dan Co Ltd	DFJ +0.29 points	0.34%	0.05%
Itochu Enex Co Ltd	DFJ +0.29 points	0.31%	0.02%
Shikoku Electric Power Co Inc	DFJ +0.29 points	0.34%	0.05%
Meitec Group Holdings Inc	DFJ +0.28 points	0.31%	0.03%
Hanwa Co Ltd	DFJ +0.26 points	0.31%	0.05%
Relo Group Inc	DFJ +0.26 points	0.29%	0.03%
Senko Group Holdings Co Ltd	DFJ +0.26 points	0.31%	0.05%
Koei Tecmo Holdings Co Ltd	DFJ +0.26 points	0.29%	0.03%
Dowa Holdings Co Ltd	DFJ +0.26 points	0.33%	0.07%
Marui Group Co Ltd	DFJ +0.25 points	0.30%	0.05%
Iwatani Corp	DFJ +0.25 points	0.31%	0.06%
Takeuchi Mfg Co	DFJ +0.25 points	0.28%	0.03%
Daiwabo Holdings Co Ltd	DFJ +0.23 points	0.28%	0.05%
Sankyo Co Ltd	DFJ +0.24 points	0.29%	0.05%
Meidensha Corp	DFJ +0.23 points	0.27%	0.04%
Tokyo Kiraboshi Financial Grp	DFJ +0.23 points	0.28%	0.05%
Amano Corp	DFJ +0.22 points	0.25%	0.03%
Starts Corp Inc	DFJ +0.21 points	0.23%	0.02%
Nihon M&A Center Inc	DFJ +0.21 points	0.23%	0.02%
Kaga Electronics Co Ltd	DFJ +0.21 points	0.23%	0.02%
Dexerials Corp.	DFJ +0.21 points	0.28%	0.07%
Morinaga Milk Industry Co Ltd	DFJ +0.20 points	0.24%	0.04%
Sangetsu Co Ltd	DFJ +0.19 points	0.22%	0.03%
Resorttrust Inc	DFJ +0.20 points	0.24%	0.04%
Life Corp	DFJ +0.19 points	0.20%	0.01%
Nissui Corp	DFJ +0.19 points	0.23%	0.04%
DMG Mori Co Ltd	DFJ +0.19 points	0.24%	0.06%
Katitas Co Ltd	DFJ +0.19 points	0.22%	0.03%
Sho-Bond Holdings Co Ltd	DFJ +0.18 points	0.21%	0.03%
Kansai Paint Co Ltd	DFJ +0.19 points	0.25%	0.06%
Nippon Shinyaku Co Ltd	DFJ +0.18 points	0.21%	0.03%
Sundrug Co Ltd	DFJ +0.18 points	0.20%	0.03%
GS Yuasa Corp	DFJ +0.17 points	0.23%	0.06%
Tamron Co Ltd	DFJ +0.16 points	0.18%	0.02%
DTS Corp	DFJ +0.17 points	0.19%	0.02%
Toyota Boshoku Corp	DFJ +0.16 points	0.19%	0.03%
Calbee Inc	DFJ +0.16 points	0.20%	0.04%
Okamura Corp	DFJ +0.16 points	0.18%	0.02%
Inabata & Co Ltd	DFJ +0.15 points	0.19%	0.04%
Tomy Co Ltd	DFJ +0.16 points	0.21%	0.06%
Kyushu Railway Company	DFJ +0.16 points	0.23%	0.07%
Keikyu Corp	DFJ +0.16 points	0.21%	0.05%
Morinaga & Co Ltd	DFJ +0.15 points	0.17%	0.02%
Rinnai Corp	DFJ +0.15 points	0.19%	0.04%
ARE Holdings Inc	DFJ +0.15 points	0.19%	0.04%
Tosei Corp	DFJ +0.14 points	0.16%	0.02%
UACJ Corp	DFJ +0.15 points	0.18%	0.03%
H2O Retailing Corp	DFJ +0.15 points	0.18%	0.03%
Jeol	DFJ +0.14 points	0.17%	0.03%
Goldwin Inc	DFJ +0.14 points	0.18%	0.04%
Mitsubishi Motors Corp	DFJ +0.14 points	0.18%	0.04%
BIPROGY Inc	DFJ +0.14 points	0.18%	0.04%
NSD Co Ltd	DFJ +0.14 points	0.17%	0.03%
Glory Ltd	DFJ +0.14 points	0.16%	0.02%
Systena Corp	DFJ +0.14 points	0.15%	0.01%
Open Up Group Inc	DFJ +0.13 points	0.15%	0.02%
Miura Co Ltd	DFJ +0.12 points	0.16%	0.04%
Nojima Corp	DFJ +0.13 points	0.17%	0.04%
Hokuriku Electric Power Co	DFJ +0.12 points	0.15%	0.03%
Kotobuki Spirits Co Ltd	DFJ +0.13 points	0.17%	0.04%
Sun Frontier Fudousan Co Ltd	DFJ +0.12 points	0.13%	<0.01%
JAC Recruitment Co Ltd	DFJ +0.12 points	0.13%	<0.01%
Ulvac Inc	DFJ +0.12 points	0.18%	0.06%
Japan Airport Terminal Co Ltd	DFJ +0.12 points	0.17%	0.05%
Create SD Holdings Co Ltd	DFJ +0.12 points	0.13%	0.01%
Sankyu Inc	DFJ +0.11 points	0.15%	0.04%
Exeo Group Inc	DFJ +0.12 points	0.18%	0.06%
Tsugami Corp	DFJ +0.11 points	0.13%	0.02%
Hokkaido Electric Power Co	DFJ +0.11 points	0.14%	0.03%
Oki Electric Industry Co Ltd	DFJ +0.10 points	0.13%	0.03%
Fields Corp	DFJ +0.10 points	0.11%	0.01%
Nifco Inc/Japan	DFJ +0.10 points	0.15%	0.05%
Penta-Ocean Construction Co Ltd	DFJ +0.10 points	0.15%	0.05%
Keio Corp	DFJ +0.10 points	0.15%	0.05%
Nichirei Corp	DFJ +0.10 points	0.15%	0.05%
Ki-Star Real Estate Co Ltd	DFJ +0.10 points	0.11%	0.01%
Simplex Holdings Inc	DFJ +0.10 points	0.12%	0.02%
Sotetsu Hldgs Inc	DFJ +0.09 points	0.12%	0.03%
Round One Corp	DFJ +0.09 points	0.12%	0.03%
Tobu Railway Co Ltd	DFJ +0.08 points	0.17%	0.09%
Santen Pharmaceutical Co Ltd	DFJ +0.09 points	0.17%	0.08%
Adastria Co Ltd	DFJ +0.09 points	0.10%	0.01%
Sugi Holdings Co Ltd	DFJ +0.08 points	0.12%	0.04%
Pal Group Holdings Co Ltd	DFJ +0.08 points	0.10%	0.02%
Shibaura Mechatronics Corp	DFJ +0.08 points	0.11%	0.03%
Daiei Kankyo Co Ltd	DFJ +0.07 points	0.09%	0.02%
SWCC Corp	DFJ +0.07 points	0.12%	0.05%
Workman Co Ltd	DFJ +0.07 points	0.09%	0.02%

All 773 DFJ holdings⁠All 398 JPXN holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DFJ vs JPXN Cost

Overpaying DFJ vs JPXN

$1,848

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

DFJ 0.58%
$11,453
JPXN 0.48%
$9,605

Amount$10,000

Years30 years

Cost over time

DFJ 0.58%
JPXN 0.48%
Overpaying

Year by year

Year	DFJ	JPXN	Overpaying
10	$1,041	$865	$176
20	$3,986	$3,328	$658
30	$11,453	$9,605	$1,848

Expense ratio

0.58%DFJ
0.48%JPXN, cheaper

JPXN0.48%DFJ0.58%

0.09%1.92%

Middle half of Japan funds
Median 0.54%

JPXN 6th cheapest of 18 funds

DFJ 10th cheapest of 18 funds

DFJ vs JPXN Dividends

Last 12 months to Nov 2, 2026

Yield (12M): DFJ 2.50%; JPXN 2.73%, better
Payout (12M): DFJ $2.77; JPXN $2.75
Last payment: DFJ $0.07; JPXN $0.64
Ex-dividend: DFJ Sep 25, 2026; JPXN Jun 15, 2026
Paid on: DFJ Sep 29, 2026; JPXN Jun 18, 2026
Frequency: DFJ Quarterly; JPXN Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

DFJQuarterly · 28 paymentsAll DFJ payments⁠

JPXNTwice a year · 19 paymentsAll JPXN payments⁠

DFJ vs JPXN Risk

Fall from peak · 5 years

DFJ
JPXN

Risk facts

VolatilityStd dev, 3 years: DFJ 13.5%JPXN 12.3%, better
Return per unit of riskSharpe ratio, 3 years: DFJ 1.11JPXN 1.21, better
Worst fallMax drawdown, 5 years: DFJ −24.2%, betterJPXN −29.1%
Market sensitivityBeta, 5 years: DFJ 0.83JPXN 0.85; Market = 1

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