iShares MSCI Japan Minimum Volatility (ex-REITs) 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 2024/03/31

-8.89 18.86 0.46 6.04 35.62
Index (%)

as of 2024/03/31

-8.68 19.02 0.66 6.35 36.00
  1y 3y 5y 10y Incept.
35.62 13.05 9.36 - 7.25
Index (%) 36.00 13.34 9.61 - 7.52
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
13.35 3.28 13.35 14.82 35.62 44.47 56.44 - 80.74
Index (%) 13.44 3.29 13.44 14.99 36.00 45.58 58.24 - 84.60
  2019 2020 2021 2022 2023
Total Return (%) 10.59 -1.58 6.23 0.75 24.94
Index (%) 10.81 -1.42 6.45 1.05 25.26

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 2024/04/23 ¥10,853,741,288
Fund Inception 2015/10/19
Exchange Tokyo Stock Exchange
Fund Base Currency JPY
Asset Class Equity
Benchmark Index MSCI Nihonkabu (Japan ex-REITs) Minimum Volatility Index - Total Return
Shares Outstanding as of 2024/04/23 4,290,291
Trust Fee excl. tax 0.1900%
ISIN JP3048140002
Trust Fee incl. tax 0.2090%
Domicile Japan
Management Company BlackRock Japan Co., Ltd
Trustee Mitsubishi UFJ Trust and Banking Corporation
Bloomberg iNAV 1477IV
Trading Board Lot 1
Number of Holdings as of 2024/04/22 137
Distribution Frequency

Record Date

Portfolio Characteristics

Portfolio Characteristics

12m Trailing Yield 1.82
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 2024/04/21 AA
MSCI ESG % Coverage as of 2024/04/21 100.00
MSCI ESG Quality Score (0-10) as of 2024/04/21 7.42
MSCI ESG Quality Score - Peer Percentile as of 2024/04/21 80.07
Fund Lipper Global Classification as of 2024/04/21 Equity Japan
Funds in Peer Group as of 2024/04/21 853
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 2024/04/21 74.65
MSCI Weighted Average Carbon Intensity % Coverage as of 2024/04/21 98.59
MSCI Implied Temperature Rise (0-3.0+ °C) as of 2024/04/21 > 2.0° - 2.5° C
MSCI Implied Temperature Rise % Coverage as of 2024/04/21 98.59

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.

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. ITR employs open source 1.55° C decarbonization pathways derived from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS). These pathways can be regional and sector specific and set a net zero target of 2050, in line with GFANZ (Glasgow Financial Alliance for Net Zero) industry standards. We make use of this feature for all GHG scopes. This enhanced ITR model was implemented by MSCI on February 19, 2024.

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. Funds may change bands as methodologies evolve. 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 based on a credibility assessment of stated decarbonization targets. 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 2024/04/21, based on holdings as of 2024/03/31. 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 2024/04/22 0.00%
MSCI - UN Global Compact Violators as of 2024/04/22 0.00%
MSCI - Nuclear Weapons as of 2024/04/22 0.00%
MSCI - Thermal Coal as of 2024/04/22 0.25%
MSCI - Civilian Firearms as of 2024/04/22 0.00%
MSCI - Oil Sands as of 2024/04/22 0.00%
MSCI - Tobacco as of 2024/04/22 1.54%

Business Involvement Coverage as of 2024/04/22 100.00%
Percentage of Fund not covered as of 2024/04/22 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 4.49% 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 2024/04/22

% 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
* Geographic exposure relates principally to the domicile of the issuers of the securities held in the product, added together and then expressed as a percentage of the product’s total holdings. However, in some instances it can reflect the country where the issuer of the securities carries out much of their business.
*The data source for Exposure Breakdowns data is sourced in-house.
Allocations are subject to change.

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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.