London Stock Exchange ETF segment · UCITS ETF
Invest in N400 ETF from India
Indian and foreign residents can buy Invesco JPX-Nikkei 400 UCITS ETF (N400) units directly through Paasa.
By Paasa · Updated
N400 at a glance
- Price
- $294.45+$5.20 (1.80%)
- Expense ratio
- 0.19%
- Day range
- $293.10 – $295.35
- Assets
- $217.2M
- Domicile
- Ireland
- Holdings
- —
- Launched
- 2014
- Dividends
- —
- 1 month
- +1.22%
- 6 months
- +15.41%
- YTD
- +19.82%
- 1 year
- +25.01%
- 5 years
- +51.89%
Price change, excluding dividends.
Top 10 holdings
- 1RECRUIT HOLDINGS ORD6098.T2.1%
- 2HITACHI ORD6501.T1.8%
- 3ITOCHU ORD8001.T1.8%
- 4MITSUI ORD8031.T1.6%
- 5SONY GROUP CORP ORD6758.T1.6%
- 6MITSUB UFJ FG ORD8306.T1.6%
- 7MITSUBISHI ORD8058.T1.6%
- 8TOKIO MARINE HLD ORD8766.T1.6%
- 9MITSUBISHI HEAVY ORD7011.T1.6%
- 10MIZUHO FINANCIAL ORD8411.T1.6%
These 10 are 17.0% of the fund.
Where the money is invested
Sectors
- Industrials27.8%
- Technology18.4%
- Financial Services15.2%
- Consumer Cyclical11.7%
- Communication Services6.6%
- Healthcare5.8%
Countries
- Japan100.0%
- Other0.0%
Similar funds
| Fund | Expense ratio | Assets |
|---|---|---|
| JPXNAMEXiShares JPX-Nikkei 400 ETF | 0.48% | 137.5M |
| 1364JPXiShares JPX-Nikkei 400 ETF | 0.05% | 607.6B |
| NS4EXETRAInvesco JPX-Nikkei 400 UCITS ETF | 0.19% | 188.9M |
| N4USLSEInvesco JPX-Nikkei 400 UCITS ETF | 0.19% | 214.9M |
Assets are shown in each fund's own reporting currency.
How to invest in N400 from India
Step 1
Open your Paasa account
KYC takes a few minutes: PAN, Aadhaar and address proof. Your brokerage account is opened in your own name with Interactive Brokers.
Step 2
Add funds from your Indian bank account
Remit up to $250,000 a year under the RBI's Liberalised Remittance Scheme. Your bank converts the rupees to US dollars at its rate on the day you remit.
Step 3
Search N400 and buy
Find the fund by its ticker, N400, on the London Stock Exchange ETF segment, and place your order.
Why invest in N400 from India
What N400 holds
The Invesco JPX-Nikkei 400 UCITS ETF Acc is designed to mirror the overall post-fee performance of its benchmark, the JPX-Nikkei 400 Index (referred to as the 'Reference Index'). This Reference Index offers comprehensive coverage of 400 companies listed on the Tokyo Stock Exchange, spanning large-cap, small-cap, growth, and innovative sectors.
Outside US estate tax
N400 is domiciled in Ireland, not the US, so it is not a US-situs asset and US estate tax does not apply to it.
Hold a dollar asset
N400 is priced in US dollars, so a weaker rupee adds to what it's worth in rupees. The rupee depreciated over 85% against the dollar between 2010 and 2025.
Paasa handles the paperwork
Investing abroad brings paperwork with it: remittance filings, capital gains reporting, foreign asset disclosure. Paasa prepares all of it for you. Your India-ready tax reports arrive at year end, ready to file.
Why N400's UCITS structure matters for Indian investors
N400 is domiciled in Ireland, not the US, so it is not a US-situs asset and US estate tax does not apply to it.
On the US shares the fund holds, the 15% US dividend withholding is paid inside the fund, and you cannot claim it as a Foreign Tax Credit in India.
Capital gains are taxed in India the same way as on a US-listed ETF.
Frequently asked questions
Can I buy N400 from India?
Yes. Indian residents can buy Invesco JPX-Nikkei 400 UCITS ETF (N400) through Paasa. It is listed on the London Stock Exchange ETF segment and trades in US dollars. Your money leaves India under the RBI's Liberalised Remittance Scheme, and the units are held in your own name at Interactive Brokers.
What does N400 invest in?
Its largest holdings are RECRUIT HOLDINGS ORD (2.1%), HITACHI ORD (1.8%) and ITOCHU ORD (1.8%). Industrials is its largest sector at 27.8%. The fund is domiciled in Ireland.
What is the expense ratio of N400?
Invesco JPX-Nikkei 400 UCITS ETF has an expense ratio of 0.19% a year, taken from the fund's assets rather than billed to you. The fund manages about $217.2M.
Is N400 a UCITS ETF, and why does that matter for Indian investors?
Yes. Invesco JPX-Nikkei 400 UCITS ETF is a UCITS fund domiciled in Ireland. Because it is domiciled outside the US, it is not a US-situs asset, so US estate tax does not apply to it. On the US shares the fund holds, the 15% US dividend withholding is paid inside the fund, and you cannot claim it as a Foreign Tax Credit in India.
What tax do I pay in India when I sell N400?
In India, gains on foreign ETF units held for more than 24 months are long-term and taxed at 12.5% without indexation, and gains on units held for 24 months or less are short-term and taxed at your income-tax slab rate. Both are worked out in rupees at the USD/INR rate on the day you bought and the day you sold, so the currency move is part of the gain. Paasa's capital-gains statement gives you the figures for your return.