Real Estate

iShares Core Japan REIT ETF Traded on TSE





Growth of Hypothetical¥10,000

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Record Date Total Distribution
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Total Return (%)

as of 2023/09/30

27.13 -17.56 24.26 -2.76 -0.67
Index (%)

as of 2023/09/30

27.45 -17.39 24.51 -2.54 -0.46
  1y 3y 5y 10y Incept.
-2.49 6.83 4.09 - 4.76
Index (%) -2.41 7.01 4.30 - 4.98
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
1.11 1.93 -1.77 0.17 -2.49 21.93 22.22 - 45.95
Index (%) 1.17 1.91 -1.84 0.15 -2.41 22.54 23.40 - 48.42
  2018 2019 2020 2021 2022
Total Return (%) 10.91 25.28 -13.57 19.75 -5.00
Index (%) 11.11 25.58 -13.38 19.98 -4.78

Growth of Hypothetical of ¥10,000 chart, returns data, and distributions data, are based on past performance and are not indicative of future performance. Investment results are not guaranteed.
Growth of Hypothetical of ¥10,000 chart reflects a hypothetical ¥10,000 investment and assumes reinvestment of dividends before taxes. Fund expenses, including management fees and other expenses are deducted. The performance quoted represents past performance and does not guarantee future results.
The fund returns shown above assumes reinvestment of returns. Fund expenses, including management fees and other expense are deducted. The total return performance represents cumulative changes to the NAV and assumes reinvestment of distributions before taxes.
The Distributions data shows historical distributions based on the fund distributions policy. The distribution amount is quoted on a per unit basis before taxes. As a general rule, accumulated dividend income after the deduction of expenses will be distributed from the fund on each record date. There is no guarantee that distributions will be paid in the future.

The cumulative index performance prior to October 31, 2022 reflects the performance of the price return index the fund was tracking before the benchmark change.

Please click here (Japanese only) for more information on the benchmark change, effective November 10, 2022

Key Facts

Key Facts

Net Assets of Fund as of 2023/12/05 ¥329,398,439,378
Fund Inception 2015/10/19
Exchange Tokyo Stock Exchange
Fund Base Currency JPY
Asset Class Real Estate
Benchmark Index TOPIX REIT Total Return Index
Shares Outstanding as of 2023/12/05 175,629,951
Trust Fee excl. tax 0.1500%
ISIN JP3048130003
Trust Fee incl. tax 0.1650%
Domicile Japan
Management Company BlackRock Japan Co., Ltd
Trustee Mitsubishi UFJ Trust and Banking Corporation
Bloomberg iNAV 1476IV
Trading Board Lot 1
Number of Holdings as of 2023/12/04 58
Distribution Frequency

Record Date

Portfolio Characteristics

Portfolio Characteristics

12m Trailing Yield 3.90
The investment results shown above reflect past and most recent performance and are not indicative of future performance. Investment results are not guaranteed.

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics provide investors with specific non-traditional metrics. Alongside other metrics and information, these enable investors to evaluate funds on certain environmental, social and governance characteristics. Sustainability Characteristics do not provide an indication of current or future performance nor do they represent the potential risk and reward profile of a fund. They are provided for transparency and for information purposes only. Sustainability Characteristics should not be considered solely or in isolation, but instead are one type of information that investors may wish to consider when assessing a fund.

The metrics are not indicative of how or whether ESG factors will be integrated into a fund. Unless otherwise stated in fund documentation and included within a fund’s investment objective, the metrics do not change a fund’s investment objective or constrain the fund’s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a fund's investment strategy, please see the fund's prospectus.

Review the MSCI methodologies behind Sustainability Characteristics using the links below.

MSCI ESG Fund Rating (AAA-CCC) as of 2023/10/25 BBB
MSCI ESG % Coverage as of 2023/10/25 98.06
MSCI ESG Quality Score (0-10) as of 2023/10/25 5.12
MSCI ESG Quality Score - Peer Percentile as of 2023/10/25 31.94
Fund Lipper Global Classification as of 2023/10/25 Equity Sector Real Est Japan
Funds in Peer Group as of 2023/10/25 72
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 2023/10/25 86.23
MSCI Weighted Average Carbon Intensity % Coverage as of 2023/10/25 96.62
MSCI Implied Temperature Rise (0-3.0+ °C) as of 2023/10/25 > 1.5° - 2.0° C
MSCI Implied Temperature Rise % Coverage as of 2023/10/25 96.62

What is the Implied Temperature Rise (ITR) metric? Learn what the metric means, how it is calculated, and about the assumptions and limitations for this forward-looking climate-related metric.

Climate change is one of the greatest challenges in human history and will have profound implications for investors. To address climate change, many of the world's major countries have signed the Paris Agreement. The temperature goal of the Paris Agreement is to limit global warming to well below 2°C above pre-industrial levels, and ideally 1.5 °C, which will help us avoid the most severe impacts of climate change.

What is the ITR metric?

The ITR metric is used to provide an indication of alignment to the temperature goal of the Paris Agreement for a company or a portfolio. Scientific consensus suggests that reducing emissions until they reach net zero around mid-century (2050-2070) is how this goal could be met. A net zero emissions economy is one that balances emissions and removals.

How is the ITR metric calculated?

The ITR metric is calculated by looking at the current emissions intensity of companies within the fund's portfolio as well as the potential for those companies to reduce its emissions over time. If emissions in the global economy followed the same trend as the emissions of companies within the fund's portfolio, global temperatures would ultimately rise within this band.

Note, only corporate issuers are covered within the calculation. A summary explanation of MSCI’s methodology and assumptions for its ITR metric can be found here.

Because the ITR metric is calculated in part by considering the potential for a company within the fund’s portfolio to reduce its emissions over time, it is forward-looking and prone to limitations. As a result, BlackRock publishes MSCI’s ITR metric for its funds in temperature range bands. The bands help to underscore the underlying uncertainty in the calculations and the variability of the metric.

Thermometer-style chart of yellow to red temperature bands showing an investment’s position relative to the Paris Agreement temperature goals. Metric data source MSCI

What are the key assumptions and limitations of the ITR metric?

This forward-looking metric is calculated based on a model, which is dependent upon multiple assumptions. Also, there are limitations with the data inputs to the model. Importantly, an ITR metric may vary meaningfully across data providers for a variety of reasons due to methodological choices (e.g., differences in time horizons, the scope(s) of emissions included and portfolio aggregation calculations).

There is not a universally accepted way to calculate an ITR. There is not a universally agreed upon set of inputs for the calculation. At present, availability of input data varies across asset classes and markets. To the extent that data becomes more readily available and more accurate over time, we expect that ITR metric methodologies will evolve and may result in different outputs. Where data is not available, and / or if data changes, the estimation methods vary, particularly those related to a company’s future emissions.

The ITR metric estimates a fund’s alignment with the Paris Agreement temperature goal. However, there is no guarantee that these estimates will be reached. The ITR metric is not a real time estimate and may change over time, therefore it is prone to variance and may not always reflect a current estimate.

The ITR metric is not an indication or estimate of a fund’s performance or risk. Investors should not rely on this metric when making an investment decision and instead should refer to a fund’s prospectus and governing documents. This estimate and the associated information is not intended as a recommendation to invest in any fund, nor is it intended to indicate any correlation between a fund’s ITR metric and its future investment performance.

All data is from MSCI ESG Fund Ratings as of 2023/10/25, based on holdings as of 2023/09/30. As such, the fund’s sustainable characteristics may differ from MSCI ESG Fund Ratings from time to time.

To be included in MSCI ESG Fund Ratings, 65% (or 50% for bond funds and money market funds) of the fund’s gross weight must come from securities with ESG coverage by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities.

Business Involvement

Business Involvement

Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.

Business Involvement metrics are not indicative of a fund’s investment objective, and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a fund's investment strategy, please see the fund's prospectus.

Review the MSCI methodology behind the Business Involvement metrics, using links below.

MSCI - Controversial Weapons as of 2023/12/04 0.00%
MSCI - UN Global Compact Violators as of 2023/12/04 0.00%
MSCI - Nuclear Weapons as of 2023/12/04 0.00%
MSCI - Thermal Coal as of 2023/12/04 0.00%
MSCI - Civilian Firearms as of 2023/12/04 0.00%
MSCI - Oil Sands as of 2023/12/04 0.00%
MSCI - Tobacco as of 2023/12/04 0.00%

Business Involvement Coverage as of 2023/12/04 100.00%
Percentage of Fund not covered as of 2023/12/04 0.00%
BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal 0.00% and for Oil Sands 0.00%.

Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this data to provide a summed up view across holdings and translates it to a fund's market value exposure to the listed Business Involvement areas above.

Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. This information should not be used to produce comprehensive lists of companies without involvement. Business Involvement metrics are only displayed if at least 1% of the fund’s gross weight includes securities covered by MSCI ESG Research.



Ticker Name Sector Asset Class Market Value Weight (%) Notional Value Shares CUSIP ISIN SEDOL Price Location Exchange Currency FX Rate Market Currency
Sorry, top holdings are not available at this time.

※ Holdings are subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 2023/12/04

% of Market Value

Type Fund
* Based on the TSE 33 industry classification
* The data source for the holdings data has changed on June 30th 2019. Exposure Breakdowns on or after June 30th 2019 is based on data sourced in-house. Exposure Breakdowns shown prior to June 30th 2019 is based on accounting book of records
Allocations are subject to change.

How to Buy

Financial Instruments Business Operators Handling iShares ETFs


Please refer to this page for information related to trading iShares ETFs and Financial Instruments Business Operators handling iShares ETFs. (Japanese Only)




Participating Dealers

Participating Dealers

ABN AMRO Clearing Tokyo Co., Ltd.
Barclays Securities Japan Limited
BNP Paribas Securities (Japan) Limited
Citigroup Global Markets Japan Inc.
Daiwa Securities Co. Ltd.
Goldman Sachs Japan Co., Ltd.
JPMorgan Securities Japan Co., Ltd
BofA Securities Japan Co., Ltd.
Morgan Stanley MUFG Securities Co., Ltd.
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
Mizuho Securities Co., Ltd.
Nomura Securities Co., Ltd.
Société Générale Securities Japan Limited
SMBC Nikko Securities Inc.
Tokai Tokyo Securities Co., Ltd
UBS Securities Japan Co., Ltd.

Important Information

Review the MSCI methodology behind the Sustainability Characteristics and Business Involvement metrics: 1ESG Fund Ratings; 2Index Carbon Footprint Metrics; 3Business Involvement Screening Research; 4ESG Screened Index Methodology; 5ESG Controversies; 6MSCI Implied Temperature Rise

For funds with an investment objective that include the integration of ESG criteria, there may be corporate actions or other situations that may cause the fund or index to passively hold securities that may not comply with ESG criteria. Please refer to the fund’s prospectus for more information. The screening applied by the fund's index provider may include revenue thresholds set by the index provider. The information displayed on this website may not include all of the screens that apply to the relevant index or the relevant fund. These screens are described in more detail in the fund’s prospectus, other fund documents, and the relevant index methodology document.

Certain information contained herein (the “Information”) has been provided by MSCI ESG Research LLC, a RIA under the Investment Advisers Act of 1940, and may include data from its affiliates (including MSCI Inc. and its subsidiaries (“MSCI”)), or third party suppliers (each an “Information Provider”), and it may not be reproduced or redisseminated in whole or in part without prior written permission. The Information has not been submitted to, nor received approval from, the US SEC or any other regulatory body. The Information may not be used to create any derivative works, or in connection with, nor does it constitute, an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product or trading strategy, nor should it be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. Some funds may be based on or linked to MSCI indexes, and MSCI may be compensated based on the fund’s assets under management or other measures. MSCI has established an information barrier between equity index research and certain Information. None of the Information in and of itself can be used to determine which securities to buy or sell or when to buy or sell them. The Information is provided “as is” and the user of the Information assumes the entire risk of any use it may make or permit to be made of the Information. Neither MSCI ESG Research nor any Information Party makes any representations or express or implied warranties (which are expressly disclaimed), nor shall they incur liability for any errors or omissions in the Information, or for any damages related thereto. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited.

Important Information


[About iShares ETF]

Information on this website is for the purpose of providing product information pertaining to domestic and foreign listed iShares ETFs (hereinafter referred to as “iShares ETF”) managed by BlackRock Japan and BlackRock Group companies, (collectively hereinafter be referred to as "BlackRock").  This website is not intended for the purpose of soliciting foreign domiciled funds that have not been filed for notification to the Financial Services Agency for distribution in Japan.

BlackRock does not accept liability for any loss or damage which may arise from investment decisions based on information provided on this website.  Fund performance is calculated in the base currency of the fund. Yen based investments will be affected by fluctuations in foreign exchange rates and may differ from the fund performance displayed on this website. Refer to the individual fund product pages for further details. Information disclosed within this website is not pursuant to the Financial Instruments and Exchange Act.

Data updates and or changes within this website may be subject to delay due to unavailability of information in the fund domicile or listing country. iShares ® is a registered trademark that represents BlackRock exchange-traded funds domiciled and listed globally including Japan and does not refer to any individual product.


[Risk and Expenses]

You may incur brokerage commissions and other charges from Financial Instruments Business Operators (hereinafter referred to as “FIBO”) e.g. brokerage firms, when buying or selling shares of any of the ETFs on this website.  Investment into iShares ETFs may lead to loss of principal due to fluctuations of the underlying index of the ETF.   Before making any investment decisions, you are advised to read and understand the contents of the fund prospectus. The appropriate legal documentation (including but not limited to the document concerning transactions on listed securities) is to be provided by an authorized FIBO and such documentation should also be read and understood in advance of making any investment decisions. Please contact an authorized FIBO for details. Investment into an iShares ETF should be made based on your own judgement after understanding the risks and expenses involved.

Investors owning or trading units of iShares ETFs will incur fees and expenses including, but not limited to the below.


[Trading Costs] Brokerage commissions for iShares funds are determined by each FIBO, please contact the respective FIBO for further details. For iShares ETFs listed outside of Japan investors may be liable for any foreign exchange transaction fees or other costs related to trading on foreign financial instruments exchanges.


[Management Fee] Investors will indirectly incur fees and expenses during the period they own unit(s) of an iShares ETF, including, but not limited to, investment management fees. Fees and expenses may fluctuate depending on the holding period and the performance of the fund. A fee cap cannot be disclosed in advance. Refer to the individual fund product pages for further details.


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