JJapan Finance

Developed countries index fund excluding US?

  • November 15, 2025

Hello all,

I'm building up my stock portfolio with these weights in mind:

50% US(Russell or CSRP, not just S&P), 25% developed countries(excluding US), 25% emerging markets.

For the life of me, I couldn't find any appropriate index funds in NISA or otherwise that provide exposure to international markets excluding US. All country is ~66%US, 23% International, 11%emerging. One option is to go with US ETF like VTMGX but I don't want to invest in USD dominated ETF with yen along with FX charges.

I'm hoping to get some recommendations on what index funds would be appropriate for getting close to this percentage allocation.

EDIT: Thanks everyone! Based on all comments, I’m thinking to go with:

  • 40%: Emaxis Orcan
  • 40%: Emaxis developed countries(including Japan)
  • 20%: Emaxis emerging markets

Expense ratio for emerging markets is slightly higher but not too high for my liking. I’m gonna be rebalancing myself annually I’m hoping this can be readjusted later if needed. Let me know your thoughts.

by Mobile_Challenge_821

4 comments

  1. Why do you want these weights? Total market cap weighted is the basket of everything that includes the winners.

  2. I faced the same issue; I picked up a DAX fund and a Nikkei dividend fund to diversify it out a little.

    It doesn’t need to be emerging markets to balance out the USA just needs to not be USA. Europe has some solid options; there is an Australian mining investment fund too (the fees are high though) so there are at least a few non USA options.

  4. > I don’t want to invest in USD dominated ETF with yen along with FX charges.

    FX is a one time cost, and it doesn’t matter what currency a stock fund is denominated in since the value of the holdings is what matters.

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