ZPDJ vs XM1D

State Street® SPDR® MSCI Japan UCITS ETF (ZPDJ) and Xtrackers MSCI Japan UCITS ETF 1d (XM1D) overlap by 99.7% — the share of capital both funds put into the same companies. 150 names appear in both. Both track MSCI Japan; the question here is not overlap but what cost, construction and income treatment do differently.

Data note 1

The Two Funds

Data note 2

What Both Funds Hold

The 15 largest shared positions, ranked by the weight both funds carry at once.

Shared holdings

#	Stock	ZPDJ	XM1D	both
1	Mitsubishi UFJ Financial Group Inc.	4.47%	4.46%	4.46%
2	Advantest Corp.	3.58%	3.57%	3.57%
3	Tokyo Electron Ltd.	3.22%	3.23%	3.22%
4	Hitachi Ltd.	2.95%	2.95%	2.95%
5	Sumitomo Mitsui Financial Group Inc.	2.85%	2.85%	2.85%
6	Sony Group Corporation	2.56%	2.57%	2.56%
7	Kioxia Holdings Corporation	2.45%	2.45%	2.45%
8	Mizuho Financial Group Inc.	2.32%	2.31%	2.31%
9	Keyence Corporation	1.80%	1.80%	1.80%
10	Mitsubishi Corporation	1.68%	1.67%	1.67%
11	Tokio Marine Holdings Inc.	1.65%	1.66%	1.65%
12	Fast Retailing Co. Ltd.	1.62%	1.63%	1.62%
13	Murata Manufacturing Co. Ltd.	1.60%	1.59%	1.59%
14	Itochu Corporation	1.42%	1.41%	1.41%
15	Mitsubishi Heavy Industries Ltd.	1.41%	1.40%	1.40%

Data note 3

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