Mitsubishi UFJ Asset Management's paired MAXIS products linked to the Dow Jones Industrial Average ended May telling a useful story about product choice, not just performance. The currency-hedged fund, code 2242, closed the six months to May 26 with ¥12.96bn in net assets, up from ¥4.00bn in the previous period, while net asset value per 100 units rose to 65,237 yen from 61,724 yen. Units outstanding reached 19,866,867 after 34,114 thousand units were created and 20,735 thousand redeemed. The distribution fell to 22 yen per 10 units from 44 yen, and the fund reported ¥540.3mn in net income.
The sister fund, code 2241, which tracks the Dow on a yen-converted basis, moved more modestly. Net assets edged up to ¥4.07bn from ¥3.95bn and NAV per 100 units rose to 89,122 yen from 81,574 yen. But units outstanding slipped to 4,567,320 from 4,843,320, as 3,660 thousand units were created and 3,936 thousand redeemed. Its distribution also dropped, to 43 yen per 10 units from 95 yen, and net income came in at ¥348.6mn.
| Fund | Index basis | Net assets | NAV per 100 units | Distribution per 10 units | Units outstanding |
|---|---|---|---|---|---|
| MAXIS NY Dow ETF (with Exchange Rate Hedging), 2242 | Dow Jones Industrial Average (TTM, JPY-denominated, JPY-hedged) | ¥12.96bn | 65,237 yen | 22 yen | 19,866,867 |
| MAXIS NY Dow ETF, 2241 | Dow Jones Industrial Average (yen-converted basis) | ¥4.07bn | 89,122 yen | 43 yen | 4,567,320 |
Taken together, the filings are more revealing than either would be on its own. Both products offer a Tokyo Stock Exchange-listed route into the Dow, but 2242 explicitly tracks a yen-denominated, yen-hedged version of the index, while 2241 follows a yen-converted version. On the disclosed numbers, the hedged version drew the heavier issuance and ended the period far larger by assets.
The caveat is that the documents do not say why the flows diverged, and they do not pin the lower distributions on any single driver. Still, for readers outside Japan, the pair shows how much the currency setting can matter inside otherwise similar U.S. equity products. Both funds are due to start paying their latest distributions on July 3.