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THEME INDICES

iSTOXX MUTB Japan Defense

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Index Description

The iSTOXX MUTB Japan Defense Index is designed to capture the performance of Japanese companies involved in defense-related activities. The defense revenue exposure is defined using Revere (RBICS) data. 

Key facts

  • The index provides targeted exposure to Japanese companies involved in defense-related activities.
  • Companies that are non-compliant based on the ISS ESG Norms Based Screening assessment or are involved in Controversial Weapons are not eligible for selection.
  • ICB Classification ensures an accurate classification of companies in their respective business environments.
  • FactSet Revere data allow detailed and accurate revenue breakdown of eligible companies.
  • The index is price weighted with weight factors based on revenue exposure to the theme.
  • The index is reviewed semi-annually in June and December.

Descriptive Statistics

Index Market Cap (JPY bn) Components (JPY bn) Component weight (%) Turnover (%)
Full Free-float Mean Median Largest Smallest Largest Smallest Last 12 monts
iSTOXX MUTB Japan Defense N/A 19,127.7 659.6 569.6 1,569.6 133.3 8.2 0.7 N/A
STOXX Japan 600 1,112,549.5 965,053.1 1,608.4 516.6 37,442.6 137.5 3.9 0.0 3.2

Supersector weighting (top 10)

Country weighting

Risk and return figures1

Index returns Return (%) Annualized return (%)
Last month YTD 1Y 3Y 5Y Last month YTD 1Y 3Y 5Y
iSTOXX MUTB Japan Defense -16.6 5.2 54.1 159.3 216.1 N/A N/A 54.1 37.4 25.9
STOXX Japan 600 -10.7 3.4 34.4 83.4 94.1 N/A N/A 35.0 22.8 14.4
Index volatility and risk Annualized volatility (%) Annualized Sharpe ratio2
iSTOXX MUTB Japan Defense N/A N/A 29.3 25.5 23.6 N/A N/A 1.3 1.1 0.9
STOXX Japan 600 N/A N/A 22.8 20.5 18.9 N/A N/A 1.1 0.9 0.6
Index to benchmark Correlation Tracking error (%)
iSTOXX MUTB Japan Defense 1.0 0.9 0.9 0.9 0.9 12.2 12.8 12.3 10.4 9.9
Index to benchmark Beta Annualized information ratio
iSTOXX MUTB Japan Defense 1.2 1.2 1.2 1.2 1.1 -6.4 0.7 1.3 1.1 1.0

1For information on data calculation, please refer to STOXX calculation reference guide

2Based on EURIBOR1M

(JPY, Net Return), all data as of March 31, 2026

THEME INDICES

iSTOXX MUTB Japan Defense

Fundamentals

Index Price/earnings incl. negative Price/earnings excl. negative Price/book Dividend yield (%)3 Price/sales Price/cash flow
Trailing Projected Trailing Projected Trailing Trailing Trailing
iSTOXX MUTB Japan Defense 19.0 19.8 19.0 19.8 1.9 2.0 1.2 29.8
STOXX Japan 600 18.5 16.8 16.9 16.2 1.7 2.1 1.2 31.4

Performance and annual returns

Methodology

The index universe is defined by all the stocks included in the STOXX Japan Total Market Index.
Selection List
All securities in the universe are screened for the information below:
I. ISS Sustainability Solutions Norms Based Screening assessment.
II. Selected definitions for Controversial Weapons.
III. ICB Sector Classification: exclusion of Mortgage Real Estate Investment Trusts (302030) and Real Estate Investment Trusts (351020).
IV. Revenue exposure, as defined by the defense theme revenue sectors.
V. 3-month Median Daily Traded Volume (MDTV) in JPY.
VI. Company’s Total revenues.
Composition List
VII. The remaining securities after the RBICS Sector Selection is applied are ranked in descending order of their aggregate defense revenue ratio and up to 30 companies are selected for the composition list.

Versions and symbols

Index ISIN Symbol Bloomberg Reuters
Gross Return EUR CH1487683265 ISXJDGR .ISXJDGR
Net Return EUR CH1487683257 ISXJDR .ISXJDR
Price EUR CH1487683240 ISXJDP .ISXJDP
Price JPY CH1487683307 ISXJDJP ISXJDJP INDEX .ISXJDJP
Net Return JPY CH1487683315 ISXJDJN ISXJDJN INDEX .ISXJDJN
Gross Return JPY CH1487683323 ISXJDJG ISXJDJG INDEX .ISXJDJG
Price USD CH1487683273 ISXJDL .ISXJDL
Gross Return USD CH1487683299 ISXJDGV .ISXJDGV
Net Return USD CH1487683281 ISXJDV .ISXJDV

Quick Facts

Weighting Price Weighted
Cap Factor 0.15
No. of components 30
Review frequency Quarterly in March, June, September and December
Calculation/distribution Realtime 15 sec
Calculation hours 00:00:00 22:30:00
Base value/base date 1000 as of June. 20, 2016
History na
Inception date January. 16, 2026
To learn more about the inception date, the currency, the calculation hours and historical values, please see our data vendor code sheet.

Top 10 Components4

Company Supersector Country Weight
IHI Corp. Industrial Goods and Services Japan 8.206%
Mitsubishi Heavy Industries Lt Industrial Goods and Services Japan 7.866%
Mitsubishi Electric Corp. Industrial Goods and Services Japan 7.847%
Kawasaki Heavy Industries Ltd. Industrial Goods and Services Japan 7.628%
Hitachi Ltd. Industrial Goods and Services Japan 6.572%
Fujitsu Ltd. Technology Japan 5.325%
Yokogawa Electric Corp. Industrial Goods and Services Japan 4.558%
Isuzu Motors Ltd. Industrial Goods and Services Japan 4.508%
SUBARU CORPORATION Automobiles and Parts Japan 4.311%
Shimadzu Corp. Industrial Goods and Services Japan 4.138%

3Net dividend yield is calculated as net return index return minus price index return

4Based on the composition as of March 31, 2026

CONTACT DETAILS

  • STOXX customer support
  • P +41 43 430 7272
  • customersupport@stoxx.com
  • https://stoxx.com/support/

DISCLAIMER

STOXX, Deutsche Börse Group and their licensors, research partners or data providers do not make any warranties or representations, express or implied, with respect to the timeliness, sequence, accuracy, completeness, currentness, merchantability, quality or fitness for any particular purpose of its index data and exclude any liability in connection therewith. STOXX, Deutsche Börse Group and their licensors, research partners or data providers are not providing investment advice through the publication of indices or in connection therewith. In particular, the inclusion of a company in an index, its weighting, or the exclusion of a company from an index, does not in any way reflect an opinion of STOXX, Deutsche Börse Group or their licensors, research partners or data providers on the merits of that company. Financial instruments based on the STOXX indices, DAX indices or on any other indices supported by STOXX are in no way sponsored, endorsed, sold or promoted by STOXX, Deutsche Börse Group or their licensors, research partners or data providers.

BACKTESTED PERFORMANCE

This document contains index performance data based on backtesting, i.e. calculations of how the index might have performed prior to launch if it had existed using the same index methodology and based on historical constituents. Backtested performance information is purely hypothetical and is provided in this document solely for information purposes. Backtested performance does not represent actual performance and should not be interpreted as an indication of actual performance.

CUSTOMIZATION

The index can be used as a basis for the definition of STOXX Customized Indices, which can be tailored to specific client or mandate needs. STOXX offers a wide range of customization, in terms of component selection, weighting schemes and personalized calculation methodologies.

CONTACT DETAILS

  • STOXX customer support
  • P +41 43 430 7272
  • customersupport@stoxx.com
  • https://stoxx.com/support/

DISCLAIMER

STOXX, Deutsche Börse Group and their licensors, research partners or data providers do not make any warranties or representations, express or implied, with respect to the timeliness, sequence, accuracy, completeness, currentness, merchantability, quality or fitness for any particular purpose of its index data and exclude any liability in connection therewith. STOXX, Deutsche Börse Group and their licensors, research partners or data providers are not providing investment advice through the publication of indices or in connection therewith. In particular, the inclusion of a company in an index, its weighting, or the exclusion of a company from an index, does not in any way reflect an opinion of STOXX, Deutsche Börse Group or their licensors, research partners or data providers on the merits of that company. Financial instruments based on the STOXX indices, DAX indices or on any other indices supported by STOXX are in no way sponsored, endorsed, sold or promoted by STOXX, Deutsche Börse Group or their licensors, research partners or data providers.

BACKTESTED PERFORMANCE

This document contains index performance data based on backtesting, i.e. calculations of how the index might have performed prior to launch if it had existed using the same index methodology and based on historical constituents. Backtested performance information is purely hypothetical and is provided in this document solely for information purposes. Backtested performance does not represent actual performance and should not be interpreted as an indication of actual performance.

CUSTOMIZATION

The index can be used as a basis for the definition of STOXX Customized Indices, which can be tailored to specific client or mandate needs. STOXX offers a wide range of customization, in terms of component selection, weighting schemes and personalized calculation methodologies.