Global equities
eMAXIS Slim All Country (Orukan)
Market scope
Stocks in developed and emerging markets
Concentration
The U.S. is often a large share, and it is not the whole fund
Question it answers
Do you want one fund across world stock markets?
eMAXIS Slim
What Is eMAXIS Slim? Understanding the Fund Series
eMAXIS Slim is a Japanese index-fund series, not a single fund. eMAXIS Slim All Country, commonly known in Japan as “Orukan,” and eMAXIS Slim U.S. Equity (S&P 500) belong to the same family and still invest in different markets. This page maps how the series splits by market.
What eMAXIS Slim is
eMAXIS Slim is an index-fund series from Mitsubishi UFJ Asset Management. Each fund is built to track a market index. “Slim” names the series. It is not a nickname for one product inside it.
The rest of a fund’s name usually says where the money goes. A worldwide equity fund, a U.S. equity fund, and a Japan equity fund do not hold the same markets. Sharing the series name does not mean the same portfolio, the same risk, or the same NISA treatment. NISA is Japan’s tax-advantaged investment account system.
Same series means same product family. It does not mean the same investments. Start with the market.
eMAXIS Slim series map
The map groups the series by market, not by how often a name is mentioned. Two examples are eMAXIS Slim All Country (Orukan) and eMAXIS Slim U.S. Equity (S&P 500). The other rows describe that market’s role. Fees, fund size, and NISA eligibility are on each fund’s page.
U.S. equities
eMAXIS Slim U.S. Equity (S&P 500)
Market scope
Large U.S. companies in the S&P 500
Concentration
Exposure is concentrated in the United States
Question it answers
Do you want U.S. large companies only?
Developed-market equities
A developed-market equity fund in the series
Market scope
Developed stock markets, not emerging markets
Concentration
Whether Japan is included depends on the fund
Question it answers
Do you want developed markets without emerging markets?
Japan equities
A Japan equity fund in the series
Market scope
The Japanese stock market
Concentration
Concentrated in one country
Question it answers
Do you want Japan equities as their own holding?
Emerging-market equities
An emerging-market equity fund in the series
Market scope
Emerging stock markets
Concentration
A different source of returns from developed markets
Question it answers
Do you want emerging markets as their own holding?
Multi-asset
A balanced fund in the series
Market scope
Equities plus other assets, such as bonds
Concentration
Risk does not come from equities alone
Question it answers
Do you want more than a stock portfolio?
Why the series comes up so often in Japan
Being discussed is not the same as being a fund you should buy. eMAXIS Slim shows up in personal-investing conversations because it is a broad index-fund family, because low ongoing costs are part of how people compare funds, and because the names recur in regular-contribution discussions.
Individual funds also travel under nicknames. Orukan is the usual one for All Country. Availability at major Japanese online brokers makes the names easier to encounter. How often a name appears does not describe future results.
Choose the market first, then research the fund
When several eMAXIS Slim funds sit side by side, the first question is not which name is popular. It is which market the fund invests in.
Developed and emerging stock markets
Large U.S. companies
Developed markets, without emerging markets
The Japanese stock market
Emerging stock markets
Equities plus other assets
This map shows what market each category represents.
How the major choices differ
All Country, an S&P 500 fund, and a developed-market equity fund can share a series name and still cover different maps. The table compares market coverage, not which one will rise more.
| Question | All Country (Orukan) | S&P 500 | Developed-market equities |
|---|---|---|---|
| Geography | World stock markets | Large U.S. companies | Developed stock markets |
| U.S. weight | Often large, and not the entire fund | Concentrated in the U.S. | Depends on the fund |
| Japan equities | Included | Not included | Check the specific fund |
| Emerging markets | Included | Not included | Not included |
| Concentration | Broad, with a potentially large U.S. share | U.S. large companies | Inside developed markets |
| Main source of risk | Global stock markets | U.S. large companies | Developed stock markets |
| Decision you are making | Hold the world in one fund? | Hold U.S. large companies only? | Leave out emerging markets? |
More funds do not automatically mean more diversification
All Country already holds a substantial amount of U.S. equities. Adding an S&P 500 fund can raise the U.S. weight of the combined holding. Two fund names are not two separate markets.
A global fund plus a developed-market fund can overlap in the same countries and companies. Current country weights are in the fund materials.
The number of funds is not the amount of diversification. Look for overlapping markets first.
How to evaluate costs
The trust fee (信託報酬) is the ongoing charge for holding the fund. For index funds, a difference in that charge can remain in long-term results. Funds in the same series can charge different fees. Funds that track the same market can too.
The stated trust fee is not always the whole cost of holding the fund. Tracking difference, trading, and changes in fund scale also affect how closely the fund follows its market. Open the fund in the catalog, and the asset manager’s materials, for the current number.
eMAXIS Slim and NISA
eMAXIS Slim is a series name, not a NISA category. The Tsumitate quota and the Growth quota accept different kinds of products. Membership in the series does not mean every fund qualifies for both.
Eligibility is checked fund by fund, at the time you look. The quota rules live on the NISA pages, not in a repeated table here.
Comparing eMAXIS Slim with other low-cost index funds
When you set eMAXIS Slim next to another index-fund family, the first check is whether the funds track the same market. If they do not, a fee comparison is comparing different investments.
After the market matches, look at the ongoing fee, other implementation costs, fund scale, tracking quality, distribution policy, NISA eligibility, which brokers offer the fund, and how long it has operated.
Common misconceptions
eMAXIS Slim means Orukan
What is actually trueOrukan is the usual nickname for the All Country fund inside the series, not the whole series.
Funds in the series have similar risk
What is actually trueDifferent countries and asset types mean different sources of risk.
More funds means more diversification
What is actually trueAnother fund can hold the same markets and the same companies. That is overlap.
The lowest fee is automatically the best choice
What is actually trueCost matters. The index, the market, tracking, and scale still have to be checked.
Every eMAXIS Slim fund has the same NISA treatment
What is actually trueEach quota’s eligibility is checked per fund. The series name does not decide it.
Where to go next
After the series map, open one product, one comparison, or the NISA rules.
All Country
What the Orukan nickname refers to.
All Country vs S&P 500
World stocks, or U.S. large companies.
Fund catalog
Names, fees, and fund materials.
NISA
The account, and the two quotas.
Tsumitate quota
The quota aimed at long-term regular contributions.
Growth quota
What the other quota can hold.
Explore investments
Funds, ETFs, and stocks.
Ask AI
Questions that depend on an amount or a time horizon.
Questions
Is eMAXIS Slim one fund?
No. It is the name of an index-fund series. A worldwide equity fund and a U.S. equity fund are different products inside it.
Is Orukan part of eMAXIS Slim?
Orukan usually means eMAXIS Slim All Country. That is one fund in the series, not the name of the whole series.
How does eMAXIS Slim relate to the S&P 500?
The S&P 500 is an index of large U.S. companies. eMAXIS Slim U.S. Equity (S&P 500) is the fund in the series aimed at that index. Its market is not the same as All Country.
Can eMAXIS Slim be used in NISA?
The series name is not enough. The Tsumitate quota and the Growth quota have to be checked for each fund.
What are the main types in eMAXIS Slim?
The usual split is global, U.S., developed-market, Japan, and emerging-market equities, plus balanced funds that are not equities alone. The current list is in the asset manager’s materials.
Does holding All Country and an S&P 500 fund add diversification?
Not automatically. All Country already includes U.S. equities. Adding an S&P 500 fund can increase the U.S. weight.
How should eMAXIS Slim be compared with other index funds?
First check that they track the same market. Then look at cost, tracking, scale, NISA eligibility, and where the fund can be bought.
Turn the map into your question
Once the markets are distinct, questions that depend on residence, a time horizon, or an amount can go to Ask AI. Check a fund’s fee and NISA eligibility on the product page first.
eMAXIS official site (lineup and fund materials) · Japan Financial Services Agency: NISA
This page explains the series. It is not a recommendation to buy a fund and it does not forecast returns. Trust fees, fund size, and NISA eligibility change. Check the fund company and your broker. You can lose the money you invest.