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Many NISA guides in Japan mention eMAXIS Slim All Country and eMAXIS Slim S&P 500. Both are index funds that follow a stock market index. This guide explains what they track, which NISA quota they can go in, and what to compare between any two index funds. All facts are as of October 2026, and we give no performance numbers or forecasts.
Key facts (as of October 2026)
- What an index fund is: An investment trust that aims to move in line with a market index.
- Tsumitate quota: Only funds that meet FSA rules can go in. 371 products qualified on September 30, 2026.
- Both eMAXIS Slim funds: On the FSA’s tsumitate list. The issuer lists them for the growth quota too.
- Main costs to check: Purchase fee, yearly management fee (shintaku hoshu, 信託報酬), and any fee when you sell.
- Risk: Index funds can lose value. Your principal is not guaranteed.
What is an index fund?
An index fund buys the stocks in a market index so its value moves with that index. An index is one number that sums up the prices of a group of stocks under a set formula. (FSA leaflet)
In Japan, funds are sold as investment trusts (toshi shintaku, 投資信託). The FSA leaflet compares two styles:
| Index fund | Active fund | |
|---|---|---|
| Goal | Move in line with an index | Beat an index |
| What it holds | Roughly the same stocks as the index | Stocks picked by the manager |
| Cost | Relatively low | Relatively high |
Source: FSA leaflet
The FSA also notes that active funds can do worse than the index. An index fund doesn’t try to beat the market. It only tries to follow it, including when the market falls.
What do “All Country” and “S&P 500” funds track?
The name tells you the index. “All Country” funds usually follow a world index, and “S&P 500” funds follow a US index. Always confirm the exact index in the prospectus, because names can differ.
Here are the two indexes behind the eMAXIS Slim funds, as described in each fund’s prospectus.
| eMAXIS Slim All Country | eMAXIS Slim S&P 500 | |
|---|---|---|
| Japanese name | eMAXIS Slim 全世界株式（オール・カントリー） | eMAXIS Slim 米国株式（S&P500） |
| Index | MSCI All Country World Index (dividends included, yen basis) | S&P 500 (dividends included, yen basis) |
| What the index covers | Stocks in developed and emerging countries, including Japan | 500 US stocks listed on exchanges such as the NYSE, weighted by market value |
| Currency hedge | None | None |
Sources: All Country prospectus, July 25, 2026, S&P 500 prospectus, July 25, 2026
So the basic difference is scope. One spreads across many countries. The other holds only large US companies. Which fits you depends on your own goals, and we don’t make that call for you.
Which NISA quota can index funds go in?
Index funds can go in either quota if they meet the rules. The tsumitate investment quota is stricter.
The tsumitate quota accepts only “certain investment trusts suited to long-term, regular investing.” The growth investment quota accepts listed stocks and investment trusts, with some exclusions. (FSA leaflet)
For an index fund to enter the tsumitate quota, the FSA requires the following:
- A designated index. Examples include MSCI ACWI and the S&P 500.
- No purchase fee. Selling fees (other than the trust’s own retention amount) and account fees must also be zero.
- A low management fee. For index funds holding overseas assets, the cap is 0.75% a year before tax.
- A long life and no monthly payouts. The trust period must be unlimited or at least 20 years.
- Cost reporting. The fund must tell investors the actual fees they paid.
Source: FSA leaflet
As of September 30, 2026, 371 products qualified. Of these, 284 were designated index funds. Both eMAXIS Slim funds in this article appear on that list. (FSA tsumitate product list)
The growth quota excludes funds with a trust period under 20 years, monthly-dividend funds, and certain funds using derivatives. (FSA) The issuer’s fund pages show both eMAXIS Slim funds as eligible for the growth quota too. (All Country page, S&P 500 page)
The yearly limits are ¥1.2 million in the tsumitate quota and ¥2.4 million in the growth quota. (FSA) See NISA for Foreigners for the full rules.
Why do so many people search for eMAXIS Slim?
eMAXIS Slim is a widely discussed fund series run by Mitsubishi UFJ Asset Management. Its All Country fund even has a Japanese nickname, “Orukan” (オルカン), shown on the issuer’s page. (MUFG AM)
Being discussed often does not make a fund right for you. Here are the facts the issuer publishes, so you can compare them with other funds yourself.
| All Country | S&P 500 | |
|---|---|---|
| Started | October 31, 2018 | July 3, 2018 |
| Trust period | Unlimited | Unlimited |
| Purchase fee | None | None |
| Fee when selling (shintaku zaisan ryuhogaku, 信託財産留保額) | None | None |
| Management fee, max per year incl. tax | 0.05775% | 0.08140% |
| Fund size (net assets, October 2, 2026) | About ¥13.9 trillion | About ¥12.96 trillion |
Sources: prospectuses dated July 25, 2026 (All Country, S&P 500), fund pages (All Country, S&P 500)
The management fee rate drops a little as the fund grows, so the actual rate can be lower. Funds also carry other indirect costs, such as audit fees and trading costs. (FSA leaflet) Fees and size change, so check the latest prospectus before you buy.
What should you compare between index funds?
Compare the index first, then the costs. Two funds that track the same index should move in a similar way. When indexes differ, the funds hold different stocks.
Use this neutral checklist for any index fund:
| What to check | Why it matters | Where to find it |
|---|---|---|
| Index tracked | Decides which stocks and countries you hold | Prospectus, first pages |
| Management fee (信託報酬) | Charged every day on your balance, for as long as you hold | Prospectus, fees section |
| Other costs | Purchase fee, selling fee, and indirect costs add up | Prospectus and annual report |
| Fund size (純資産総額) | A very small fund can be ended early under its rules | Fund page, monthly report |
| How long it has run | A longer record shows how closely it followed the index | Fund page, monthly report |
| Currency hedge | Unhedged funds rise and fall with the yen | Prospectus, fund features |
For context, the FSA reported an average management fee of 0.34% for overseas and global designated index funds. That figure is as of September 30, 2026. (FSA product overview)
Prospectuses list when a fund can end early. For eMAXIS Slim All Country, this includes units falling below 1 billion or the index being discontinued. (All Country prospectus)
What are the risks?
Index funds are not savings deposits. Their value goes up and down, and you can get back less than you paid. Both eMAXIS Slim prospectuses state that your principal is not guaranteed. (All Country prospectus, S&P 500 prospectus)
The main risks are these:
- Market risk. When the index falls, the fund falls with it. Index funds don’t try to avoid a downturn.
- Currency risk. Funds holding foreign assets move with exchange rates. A stronger yen lowers their value in yen. (FSA leaflet)
- Concentration. A fund that holds one country depends on that one market.
- Tracking gaps. Fees and costs mean a fund won’t match its index exactly.
NISA removes the tax on gains, which is about 20% outside NISA. It does not remove any of these risks. Losses in NISA also can’t be offset against gains in a regular account. (FSA, FSA leaflet)
How can you check a fund’s details yourself?
You can check any fund in four steps, even if you don’t read much Japanese.
- Check the FSA list. Search the fund name in the tsumitate product list (PDF or Excel). (FSA)
- Open the issuer’s fund page. Look for the quota labels つみたて投資枠 and 成長投資枠.
- Read the prospectus (kofu mokuromisho, 交付目論見書). Find the index (対象インデックス), fees (運用管理費用), and risks (投資リスク).
- Confirm at your broker. Each broker chooses which funds it sells, so check its NISA fund search.
A translation app helps with the prospectus. Copy the Japanese terms above into it to find each section faster.
To compare brokers by English support and NISA, see Best NISA Accounts for Foreigners. To open an account, see How to Open a NISA Account in English.
FAQ
What is eMAXIS Slim All Country?
It is an index fund from Mitsubishi UFJ Asset Management. It follows the MSCI All Country World Index, which covers developed and emerging stocks including Japan. (Prospectus)
What is eMAXIS Slim S&P 500?
It is an index fund from the same company that follows the S&P 500. The S&P 500 is made up of 500 US stocks weighted by market value. (Prospectus)
Can I buy eMAXIS Slim in the NISA tsumitate quota?
Both funds appear on the FSA’s tsumitate list dated September 30, 2026. Your broker must also sell the fund. (FSA)
Which is better, All Country or S&P 500?
We can’t answer that for you. They track different indexes, so they hold different stocks. Compare the index, costs, and currency risk against your own goals.
Is an index fund in NISA safe?
No investment fund is guaranteed. The value can fall below what you paid, including in NISA. NISA only removes the tax on gains.
Do index funds pay dividends?
Many reinvest instead. Both eMAXIS Slim funds decide payouts once a year and have a policy of holding them back in principle. (All Country prospectus, S&P 500 prospectus)
This article is general information, not investment or tax advice. We don’t recommend specific funds or brokers, and we don’t predict returns. Investment trusts are not principal-guaranteed. Information is as of October 5, 2026. Fees and fund details change, so check the latest prospectus before you act. Sources: FSA NISA site, FSA leaflet, FSA tsumitate product list, and the Mitsubishi UFJ Asset Management pages linked above.