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2523 ETF · MAXIS TOPIX Ex-Financials ETF
The 2523 Exchange Traded Fund (ETF) is provided by Mitsubishi UFJ Asset Management. It is built to track an index: TOPIX Ex-Financials Index. The 2523 ETF provides physical exposure, so by buying it you actually own parts of all the 1,371 underlying holdings. This share class generates a stream of income by distributing dividends.
Last update 3/13/2026, 12:00 AM UTC
LIVE
CLOSED
This fund is part ofJapan Blended Cap1M perf.-10.06%
Last price
Â¥2,879.5
1M perf.
-3.35%
1M flows
N/A
AuM
€30M
E/R
0.108%
Rating
Not rated
ESG Consensus®
2523
Â¥2,879.5
Performance & flows
Segment for quartile rank
December 11, 2025 → March 11, 2026
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2523
Â¥3,081.42
+9.81%
Japan Blended Cap
+7.24%
Historic performance and flows
| 1M | 3M | 1Y | 3Y | 5Y | MTD | QTD | YTD | ||
|---|---|---|---|---|---|---|---|---|---|
| Perf. | -3.35%  | +9.81% | +40.01%  | +86.45% | +97.24% | -5.49% | +8.45% | +8.45% | |
| Flows |
Key fund info
Segment for quartile rank
This ETF's jurisdiction country is not in your region (Europe and Middle East) ·
Main characteristics
ISIN
JP3048800001
AuM
€30M
E/R
0.108%
Replication rating
Not rated
ESG Consensus®
More details
NAV
3/11/2026
Â¥3,081.42
1D NAV change
+1.24%
Dividend policy
Replication method
Direct (Physical)
Replication model
Full replication
No. of holdings
1371
Inception date
1/11/2019
Jurisdiction
Japan
Distribution
Japan
Legal structure
Open-end Fund
Base currency
JPY
Dividend distribution
Trailing 12-month distr. yield
Distribution frequency
Last distribution
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Classification
Investment strategy
The objective of the ETF is to provide investment resultes that corresponded to the performance of the index, TOPIX Ex-Financials.
Tax optimisation
PEA
France
UK Reporting Status
United Kingdom
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Enterprise
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Risk profile
Segment for quartile rank
Historical risk/return profile
| 3M | 1Y | 3Y | 5Y | |
|---|---|---|---|---|
| Returns | +9.81% | +40.01% | +86.45% | +97.24% |
| Volatility | ||||
| Perf./Volatility | ||||
| Max drawdown |
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Synthetic Risk and Reward Indicator (SRRI)
UCITS
N/A
PRIIPS
N/A
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Enterprise
Trackinsight Enterprise helps professional and institutional ETF investors tackle operational, regulatory, and analytical challenges at every stage of the investment process.
Learn more about Trackinsight EnterpriseExposure
Countries
Japan
99.57%
Unavailable
0.43%
Sectors
Industrials
31.87%
Consumer Discretionary
18.78%
Information Technology
15.40%
Communication Services
7.87%
Health Care
6.79%
Materials
6.15%
Consumer Staples
6.03%
Real Estate
2.43%
Unavailable
1.32%
Other
3.35%
Diversification
Total weight of top 15 holdings out of 1371
Top 15 holdings
Data as of January 31, 2026
TOYOTA
HITACHI
SONY GROUP CORPORATION
TOKYO ELECTRON
MITSUBISHI
MITSUBISHI HVY
SOFTBANK GROUP CORP
ADVANTEST
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MITSUI
ITOCHU
NINTENDO
RECRUIT HLDGS CO LTD
KEYENCE
MITSUBISHI ELECTRIC
HOYA
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Built for professionals: access exclusive exposure metrics in Trackinsight Enterprise.
Enterprise
Trackinsight Enterprise helps professional and institutional ETF investors tackle operational, regulatory, and analytical challenges at every stage of the investment process.
Learn more about Trackinsight EnterpriseSustainability
Integrates ESG criteria
No
SDG
ESG Consensus® by Conser
Data as of December 31, 2025
MethodologyOur partner Conser gathers the industry's consensus on the business practices of the underlying holdings. We have computed the following metrics about 2523 ETF's sustainability, based on their methodology.
ESG Consensus®
ESG Consensus® is based on the Final Sustainability Grade, which itself consists of 10 grades. Our partner Conser calculates the exact grade, based on market intelligence, using their proprietary ESG Consensus® methodology.
2523’s has a Final Sustainability Grade of either C+, C, C-, or D.
A+
A
A-
B+
B
B-
C+
C
C-
D
This fund’s exact Final Sustainability Grade is available in Trackinsight Enterprise.
Learn more about Trackinsight EnterpriseHoldings review
69.05% of holdings have positive scoring
31.38% of holdings have negative scoring
5.83%
44.44%
18.78%
5.77%
24.20%
Consensus levels
Strong
Medium
Weak
Built for professionals: access exclusive sustainability metrics in Trackinsight Enterprise.
Enterprise
Trackinsight Enterprise helps professional and institutional ETF investors tackle operational, regulatory, and analytical challenges at every stage of the investment process.
Learn more about Trackinsight EnterpriseReplication
Trackinsight replication rating:
Not rated
Replication quality
Calculated over 12m, as of February 27, 2026
Tracking error
Tracking difference
Replication information
Index
TOPIX Ex-Financials Index - JPY
Index ticker
TPXEXF Index
Index dividend policy
PI
Replication method
Replication model
Built for professionals: access exclusive replication metrics in Trackinsight Enterprise.
Enterprise
Trackinsight Enterprise helps professional and institutional ETF investors tackle operational, regulatory, and analytical challenges at every stage of the investment process.
Learn more about Trackinsight EnterpriseIssuer
Mitsubishi UFJ Asset Management
Mitsubishi UFJ Asset Management ID Card
Number of funds
30
Total AuM
€53.76B
Expense ratio range
0.04% - 0.78%
Average expense ratio
0.1827%
Top 5 funds by Mitsubishi UFJ Asset Management
| AuM | ||
|---|---|---|
1348 | MAXIS TOPIX ETF | €24.58B |
1346 | MAXIS Nikkei 225 ETF | €18.95B |
1593 | MAXIS JPX-Nikkei 400 ETF | €6.03B |
1597 | MAXIS J-REIT ETF | €1.27B |
2558 | MAXIS S&P500 US Equity ETF | €573M |
Frequently asked questions about 2523
What does MAXIS TOPIX Ex-Financials ETF, 2523, invest in?
2523 is a Passive ETF. This ETF provides exposure to Japanese Equities.
Which benchmark or index does 2523 replicate?
2523 tracks the TOPIX Ex-Financials Index - JPY, through a full replication replication method.
What is the Total Expense ratio (TER) of 2523?
2523 carries a total expense ratio (TER) of 0.108%, indicating the annual cost for holding the fund.
When was 2523 launched?
2523 was introduced to the market on January 11, 2019. It trades on Japan
Who is the ETF issuer of 2523?
MAXIS TOPIX Ex-Financials ETF, 2523, is provided by Mitsubishi UFJ Asset Management. Learn more about Mitsubishi UFJ Asset Management here.
What is the current assets under management (AUM) of 2523?
2523 oversees €30M in assets as of March 11, 2026.
How has 2523 performed lately?
Based on data from March 11, 2026, 2523 returned -3.35% over the past month, 9.81% over the last three months and 8.45% year-to-date.
What are the latest inflows or outflows for 2523?
As of March 11, 2026, 2523 recorded net flows of -€137 over the last month and +€24M year-to-date.
Does 2523 distribute dividends?
2523 follows a distributing dividend policy, meaning it pays out income to investors. As of March 11, 2026, its 12-month trailing yield was 1.60%.
What are the main country or region exposures of 2523?
As of January 31, 2026, 2523 has significant geographic allocations in Japan.
In which sector or theme does 2523 invest in?
As of January 31, 2026, 2523 focuses largely on Industrials, Consumer Discretionary and Information Technology.
How many securities does 2523 hold and how diversified is it?
As of January 31, 2026, 2523 holds 1371 positions in its portfolio, with 30.56% of assets concentrated in its top 15 holdings.
What are the main positions in 2523?
As of January 31, 2026, 2523 top three holdings include TOYOTA, HITACHI and SONY GROUP CORPORATION.
What is the base currency of 2523?
The base currency of 2523 is JPY.
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