Fidelity Japan Equity Research Enhanced UCITS ETF
Equity · Japan · Large Cap Blend
Figures refer to the share class ISIN IE00BNGFMX61, currency JPY, retail share class.
Key facts
- Management company
- FIL Investment Management (Luxembourg) S.A., Ireland Branch
- Asset class
- Equity
- Geography
- Japan
- Strategy
- Large Cap Blend
- Share class currency
- JPY
- Share class inception
- 01.12.2020
- Fund size
- 266 million (as at 14.09.2026)
- Management fee
- 0.30%
- Performance fee
- No
- Liquidity
- Not available in this publication
- UCITS
- Yes
- Risk grade (SRRI)
- Not available in this publication
- Registered in Switzerland
- Yes
Price history
Fund and benchmark rebased to 100 at 02.10.2023.
Table view
| Period | From | Fund (100 at start) | Benchmark (100 at start) |
|---|---|---|---|
| 1Y | 03.10.2025 | 130.8 | 127.7 |
| Since 2023 | 02.10.2023 | 178.9 | 195.7 |
Total return: distributions reinvested.
In JPY, the currency of the share class shown.
Fund history to 29.09.2026.
Benchmark history to 28.09.2026.
The table shows each series at its own ending date; the comparison periods are not identical.
Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.
Performance against the benchmark
| 1M | 3M | 6M | YTD | 2025 | 2024 | 2023 | 1Y | 3Y | 5Y | Volatility | Sharpe R. | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FundISIN IE00BNGFMX61, currency JPY, retail share class | 3.66 | 4.48 | 8.31 | 22.73 | 21.38 | 20.47 | 26.50 | 37.16 | 22.01 | 18.04 | 13.93 | 1.58 | -10.54 |
| BenchmarkMSCI Japan NR JPY | 3.65 | 4.40 | 6.82 | 23.15 | 24.27 | 20.74 | 28.56 | 39.03 | 23.75 | 18.60 | 14.15 | 1.56 | -10.76 |
| Differencefund minus benchmark, in percentage points | 0.01 | 0.07 | 1.49 | -0.43 | -2.89 | -0.27 | -2.06 | -1.87 | -1.74 | -0.56 | – | – | – |
Within the list: OpenList — Active ETFs
Compared with the equity funds on OpenList — Active ETFs (8 funds), each in the share class and currency its list shows. Returns are in each share class's own currency and are not converted.
| This fund | Group median | Position | |
|---|---|---|---|
| Return 1Y | 37.16 | 27.02 | 2 of 8 |
| Return 3Y p.a. | 22.01 | 21.65 | 3 of 8 |
| 3Y p.a. over its own benchmark | -1.74 | 0.42 | 8 of 8 |
| Volatility 3Y | 13.93 | 13.59 | 5 of 7 (1 without a value) |
| Sharpe ratio 3Y | 1.58 | 1.17 | 1 of 7 (1 without a value) |
| Max drawdown 3Y | -10.54 | -8.63 | 7 of 8 |
| Management fee | 0.30% | 0.30% | 2 of 8 |
Position 1 is the highest value, except for volatility and the management fee, where 1 is the lowest; for max drawdown, 1 is the smallest fall.
Return against risk, 3 years
WSP report
Ask WSP which research is available for this fund and what it covers.
Enquire about WSP researchBack to the list: OpenList — Active ETFs
Performance: in %, in the currency of the share class shown. 3Y and 5Y are annualised. Volatility and Sharpe ratio are over three years; Max DD is the largest fall over three years.
– means not applicable. "Not available in this publication" means no value is shown here; it does not mean zero.
Period figures as of 31.08.2026.
This page is advertising within the meaning of the Swiss Financial Services Act. It is not an offer, a recommendation or investment advice. The prospectus and key information document for any fund shown may be obtained free of charge from its management company or Swiss representative
WSP commentary
Draft commentary, machine-generated from the fund's monthly factsheet dated 31.08.2026; monthly factsheet; key information document (PRIIPs), not yet reviewed by WSP.
Investment rationale
This fund is an actively managed Japan equity UCITS ETF designed to achieve long-term capital growth from a portfolio primarily invested in Japanese equities. It has a summary risk indicator of 4 out of 7 and a recommended holding period of 5 years. The Key Information Document says it may appeal to investors with basic knowledge and no or limited experience of investing in funds, who seek capital growth over that period and income, and who understand the risk of losing some or all invested capital. Its role is a Japan equity allocation that remains broadly representative of the MSCI Japan Index while applying Fidelity sustainable and fundamental research and exclusions, making it a distinct way to access the Japanese market.
Investment strategy
The fund’s stated objective is to achieve long-term capital growth from a portfolio primarily made up of equity securities of companies in Japan. It invests primarily in equities of companies domiciled in Japan or exercising the predominant part of their economic activity there, and may use derivatives for efficient portfolio management and currency hedging purposes. The fund references the MSCI Japan (Net Total Return) Index / MSCI Japan Index (Net) as its benchmark for investment selection, risk monitoring, performance and carbon footprint comparison, and aims to outperform it by a target of 1% annualised gross returns over 5 years or more. The benchmark does not take ESG characteristics into account, while the fund promotes environmental and social characteristics under SFDR Article 8, aims for a portfolio ESG score above the benchmark, is accumulating, and reinvests dividends.
Investment philosophy
• The portfolio invests primarily in Japanese equities, specifically companies domiciled in Japan or deriving the predominant part of their economic activity there, and currently holds 125 securities from 125 issuers.
• It is actively managed using a quantitative approach that usually focuses the portfolio on the highest conviction stock recommendations identified by Fidelity’s research analysts, combining sustainable and fundamental research.
• The fund excludes companies involved in certain activities and, on an ongoing basis, considers environmental and social characteristics including carbon intensity, carbon emissions, energy efficiency, water and waste management, biodiversity, product safety, supply chain, health and safety, and human rights.
• The MSCI Japan Index is used for investment selection, risk monitoring, performance and carbon-footprint comparison; the fund has limited discretion relative to the benchmark and may hold non-index securities or different weights, but the documents state portfolio and performance are unlikely to vary significantly from the benchmark.
• Current positioning is overwhelmingly in Japan at 99.0%, with largest holdings including Mitsubishi UFJ Financial Group, Toyota Motor, Recruit Holdings, Sumitomo Mitsui Financial Group, Hitachi, and Mizuho Financial Group; sector weights are led by Industrials, Financials, Information Technology and Consumer Discretionary.
The asset manager
The management company is FIL Investment Management (Luxembourg) S.à r.l., Ireland Branch. The documents state that this entity is a member of the Fidelity group of companies, and that Fidelity International refers to the group of companies forming the global investment management organisation providing information on products and services in designated jurisdictions outside North America. The fund itself is a sub-fund of Fidelity UCITS ICAV, domiciled in Ireland and authorised as a UCITS by the Central Bank of Ireland.
Strengths
The fund combines active management with ETF structure while seeking exposure representative of the broad Japanese equity market. Its product features specifically highlight Fidelity sustainable and fundamental research, company exclusions tied to certain activities, and an ESG tilt within an Article 8 framework. It also has low stated ongoing charges of 0.25% on the share class. The strategy keeps close alignment with the MSCI Japan Index while still allowing active stock selection and non-benchmark positions.
Risks
The Key Information Document classifies the fund in risk class 4 out of 7, described as a medium risk class, reflecting potential medium-level losses from future performance and sensitivity to poor market conditions. Because the portfolio is primarily Japanese equities and is 99.0% exposed to Japan, returns are driven largely by the Japanese equity market and the concentration of exposure in one country. The documents also name currency risk, noting that investors may receive payments in a different currency, and liquidity risk. The fund may use derivatives for efficient portfolio management and currency hedging, and the documents also warn that the focus on securities with sustainable characteristics may affect performance unfavourably relative to similar funds without that focus; sustainable characteristics may change over time.