BBJP vs HEWJ: Grades, Fees and Holdings Compared

JPMorgan BetaBuilders Japan ETF

BBJPACboe

iShares Currency Hedged MSCI Japan ETF

HEWJCNYSE Arca

Overlap

95.2%by weight

Expense ratio

BBJP −0.83pt a year

BBJP0.19%HEWJ1.02%

Avg volume · 30D

BBJP 21.1×the volume

BBJP1.32MHEWJ62.6K

5Y return · a year

HEWJ +11.6pt

BBJP+8.9%HEWJ+20.5%

BBJP vs HEWJ Performance

Oct 29, 2021 – Oct 30, 2026

+53.1%BBJP+153.8%HEWJ

Expense ratio: BBJP 0.19%, better; HEWJ 1.02%
Fund size: BBJP $18.7B; HEWJ $625M
1Y total return: BBJP +14.9%; HEWJ +22.4%, better
Yield (12M): BBJP 4.71%, better; HEWJ 4.18%
Holdings: BBJP 177; HEWJ 171
Avg volume (30D): BBJP 1.32M sh, better; HEWJ 62.6K sh
NAV per share: BBJP $75.10; HEWJ $62.49
52W range

ETF.net Grade

Pillar letters and Scores for BBJP, HEWJ, with each pillar’s weight
Pillar	BBJP	HEWJ
Cost30% weight	A88Higher	F9
Mission25% weight	A100	Not scored
Risk15% weight	C41	C54Higher
Tradability15% weight	A87Higher	A81
Holdings10% weight	B59Higher	C52
Durability5% weight	A76	A76

Rank among Japan funds

How we build Categories ›

Same Category. BBJP and HEWJ are both graded against the same 18 Japan funds, so their Grades compare head to head.

Japan⁠

Category · 18 funds

See all 18 ›

BBJP ranks 2nd and HEWJ 16th of 18 funds in the Japan Category.

Rank 1AFLJPFranklin FTSE Japan ETFScore 82
Rank 2ABBJPJPMorgan BetaBuilders Japan ETFScore 80
Rank 3AFLJHFranklin FTSE Japan Hedged ETFScore 75
Rank 15CJPANMatthews Japan Active ETF JPANScore 45
Rank 16CHEWJiShares Currency Hedged MSCI Japan ETFScore 42
Rank 17CNBJPNeuberger Berman Japan Equity ETFScore 39

Our read on each fund

ETF.net Research

BBJPAJPMorgan BetaBuilders Japan ETF

HEWJCiShares Currency Hedged MSCI Japan ETF

In short

BBJP Japan's whole board for 0.19% a year. JPMorgan's BetaBuilders fund holds roughly 170 large and mid-cap Japanese stocks and has grown into a multi-billion-dollar way to own Tokyo without paying legacy-tracker prices.

HEWJ Japanese stocks with the yen taken out of the equation. Since 2014, HEWJ has tracked MSCI's 100% USD-hedged Japan index, so what drives the fund is the Japanese market, not the currency.

Stated mandate

BBJP The fund seeks to closely track, before fees and expenses, the performance of a Japan-focused equity index.

HEWJ The fund seeks to track an index of Japanese equities while reducing the effect of yen currency fluctuations.

Why people hold it

BBJP 0.19% a year, well under what the older iShares Japan trackers (EWJ at 0.49%, JPXN at 0.48%) charge for similar broad exposure.
Roughly 170 Japanese large and mid caps in one line item, tracking a Morningstar Japan index closely rather than making stock calls.
A multi-billion-dollar fund that trades actively, which tends to keep the cost of getting in and out modest.
Running since 2018 and one of the stronger implementations in the single-country Japan group.

HEWJ The hedge is built into the mandate: it follows the MSCI Japan 100% Hedged to USD Index, which aims to strip yen-versus-dollar moves out of the result.
Launched in January 2014 under the iShares banner, so this is a long-running hedged-Japan wrapper rather than a recent launch chasing a theme.
A clean single-country mandate: Japanese equities, nothing else blended in, with distributions paid quarterly.

Worth knowing

BBJP One country, one market cycle. Japan-only equity means no cushion from anywhere else when Tokyo has a bad stretch.
Not the cheapest ticket to Japan: Franklin's FLJP runs 0.09%, and FLJH is the currency-hedged option in the same peer set.
Distributions land once or twice a year, not quarterly, so income arrives in lumps.

HEWJ Cost is the sticking point: a 1.02% expense ratio sits well above the typical Japan fund, and Franklin's hedged rival FLJH lists 0.09%.
A hedge cuts both ways. Removing yen weakness also removes the lift a strengthening yen would otherwise give a dollar-based holder.
Everything rides on one market. Japan-only exposure means no cushion from other regions when Japanese equities wobble.

Full BBJP profile⁠

Full HEWJ profile⁠

BBJP vs HEWJ Holdings

How BBJP and HEWJ differ

Overlap by weight

95.2%

Shared holdings make up 98.9% of BBJP and 97.7% of HEWJ.

Level by level

Sector11 Sectors93.0%
Holdings164 in both95.2%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in BBJP and HEWJ, widest gap first
Sector	More in BBJPMore in HEWJ	BBJP	HEWJ
Consumer Discretionary	HEWJ +4.4 points	11.1%	15.5%
Technology	BBJP +3.8 points	20.9%	17.1%
Communication	BBJP +2.6 points	9.1%	6.5%
Industrials	HEWJ +0.8 points	24.0%	24.8%
Health Care	HEWJ +0.7 points	5.2%	5.9%
Financials	BBJP +0.6 points	19.2%	18.6%
Materials	HEWJ +0.5 points	3.1%	3.6%
Consumer Staples	HEWJ +0.4 points	3.6%	4.0%
Energy	HEWJ +0.1 points	1.0%	1.1%
Real Estate	HEWJ +0.1 points	1.9%	2.0%
Utilities	Same weight	1.0%	1.0%

Country, concentration and asset class

Country by domicile

Country weights in BBJP and HEWJ, widest gap first
Country	More in BBJPMore in HEWJ	BBJP	HEWJ
Japan	Same weight	100.0%	100.0%

Outside the US: BBJP 100% developed, 0% emerging. HEWJ 100% developed, 0% emerging.

Concentration

Weight in the 10 largest Holdings

BBJP29.3%
HEWJ29.6%

Securities held

BBJP174
HEWJ168

Asset class

BBJP: Equity
HEWJ: Equity

Holdings

Only in BBJP10
In both164
Only in HEWJ4

Only in BBJP

10 securities, 0.9% of BBJP by weight

Niterra Co Ltd Common0.16%
Shimadzu Corp Common0.15%
Jfe Holdings Inc Common0.13%
Toyo Suisan Kaisha Ltd0.12%
Yaskawa Electric Corp0.12%
M3 Inc Common Stock Jpy0.10%
Hitachi Construction0.05%
Japan Airlines Co Ltd0.05%
Oracle Corp Japan Common0.04%
Crasus Chemical Inc<0.01%

Only in HEWJ

4 securities, 1.4% of HEWJ by weight

Jpy/Usd0.75%
Ryohin Keikaku0.29%
Kokusai Electric0.20%
Sanrio0.14%

Weight gaps

The 100 widest of 164 Holdings in both funds.

Holding weights in BBJP and HEWJ, widest gap first
Holding	More in BBJPMore in HEWJ	BBJP	HEWJ
Kioxia Holdings Corp	HEWJ +0.56 points	1.45%	2.01%
Advantest Corp Common	HEWJ +0.37 points	2.90%	3.27%
Itochu Corp Common Stock	BBJP +0.37 points	1.92%	1.55%
Softbank Group Corp	HEWJ +0.25 points	1.88%	2.13%
Mitsubishi Corp Common	BBJP +0.25 points	2.06%	1.81%
Tokyo Electron Ltd	HEWJ +0.20 points	2.49%	2.69%
Toyota Motor Corp Common	BBJP +0.17 points	3.69%	3.52%
Fujitsu Ltd Common Stock	HEWJ +0.13 points	0.74%	0.88%
Recruit Holdings Co Ltd	BBJP +0.13 points	3.14%	3.01%
Marubeni Corp Common	BBJP +0.12 points	0.95%	0.83%
Sumitomo Realty &	BBJP +0.11 points	0.35%	0.24%
Shin-Etsu Chemical Co	BBJP +0.10 points	1.29%	1.19%
Central Japan Railway Co	BBJP +0.10 points	0.45%	0.35%
Tokio Marine Holdings	BBJP +0.10 points	1.93%	1.83%
Bandai Namco Holdings Inc	BBJP +0.09 points	0.45%	0.36%
Aeon Co Ltd Common Stock	BBJP +0.08 points	0.39%	0.31%
Sumitomo Corp Common	BBJP +0.08 points	0.94%	0.86%
East Japan Railway Co	BBJP +0.07 points	0.48%	0.41%
Ntt Inc Common Stock Jpy	HEWJ +0.07 points	0.55%	0.62%
Fanuc Corp Common Stock	HEWJ +0.07 points	0.58%	0.65%
Panasonic Holdings Corp	HEWJ +0.06 points	0.97%	1.03%
Ibiden Co Ltd Common	HEWJ +0.06 points	0.49%	0.55%
Mitsubishi Ufj Financial	BBJP +0.06 points	4.52%	4.46%
Pan Pacific	BBJP +0.06 points	0.23%	0.17%
Mitsubishi Estate Co Ltd	BBJP +0.06 points	0.54%	0.48%
Renesas Electronics Corp	HEWJ +0.06 points	0.56%	0.62%
Seven & I Holdings Co	BBJP +0.06 points	0.53%	0.47%
Kubota Corp Common Stock	BBJP +0.06 points	0.35%	0.29%
Lasertec Corp Common	HEWJ +0.06 points	0.33%	0.39%
Nintendo Co Ltd Common	BBJP +0.05 points	1.13%	1.08%
Oriental Land Co	BBJP +0.06 points	0.47%	0.41%
Suzuki Motor Corp Common	BBJP +0.05 points	0.45%	0.40%
Sompo Holdings Inc Common	BBJP +0.05 points	0.74%	0.69%
Otsuka Holdings Co Ltd	BBJP +0.05 points	0.67%	0.62%
Honda Motor Co Ltd	BBJP +0.05 points	0.82%	0.77%
Daikin Industries Ltd	BBJP +0.04 points	0.68%	0.64%
Mitsui & Co Ltd Common	BBJP +0.05 points	1.50%	1.45%
Tdk Corp Common Stock	HEWJ +0.04 points	0.59%	0.63%
Fast Retailing Co Ltd	BBJP +0.04 points	1.67%	1.63%
Ajinomoto Co Inc Common	BBJP +0.04 points	0.57%	0.53%
Murata Manufacturing Co	HEWJ +0.04 points	1.30%	1.34%
Mitsubishi Electric Corp	HEWJ +0.04 points	1.07%	1.11%
Daiichi Sankyo Co Ltd	BBJP +0.04 points	0.57%	0.53%
Terumo Corp Common Stock	BBJP +0.04 points	0.42%	0.38%
Hoya Corp Common Stock	HEWJ +0.04 points	1.02%	1.06%
Chiba Bank Ltd/The	BBJP +0.03 points	0.20%	0.17%
Nippon Yusen Kk Common	BBJP +0.04 points	0.36%	0.32%
Nomura Research	BBJP +0.04 points	0.30%	0.26%
Sumitomo Mitsui Trust	BBJP +0.04 points	0.54%	0.50%
Japan Tobacco Inc Common	HEWJ +0.03 points	0.95%	0.98%
Hitachi Ltd Common Stock	HEWJ +0.03 points	2.67%	2.70%
Kikkoman Corp Common	BBJP +0.03 points	0.17%	0.14%
Daiwa House Industry Co	BBJP +0.03 points	0.33%	0.30%
Japan Post Bank Co Ltd	HEWJ +0.03 points	0.63%	0.66%
Softbank Corp Common	HEWJ +0.03 points	0.78%	0.81%
Mitsui Fudosan Co Ltd	BBJP +0.03 points	0.50%	0.47%
Shionogi & Co Ltd Common	BBJP +0.03 points	0.30%	0.27%
Osaka Gas Co Ltd Common	BBJP +0.03 points	0.26%	0.23%
Screen Holdings Co Ltd	BBJP +0.03 points	0.25%	0.22%
Asics Corp Common Stock	BBJP +0.02 points	0.40%	0.38%
Tokyo Gas Co Ltd Common	BBJP +0.03 points	0.26%	0.23%
Nidec Corp Common Stock	BBJP +0.02 points	0.21%	0.19%
Keyence Corp Common	HEWJ +0.02 points	1.71%	1.73%
MS&AD Insurance Group	BBJP +0.02 points	0.77%	0.75%
Hulic Co Ltd Common	BBJP +0.02 points	0.12%	0.10%
Kawasaki Heavy	BBJP +0.03 points	0.22%	0.19%
Mizuho Financial Group	HEWJ +0.02 points	2.18%	2.20%
Kajima Corp Common Stock	BBJP +0.02 points	0.25%	0.23%
Toppan Holdings Inc	BBJP +0.02 points	0.14%	0.12%
Idemitsu Kosan Co Ltd	BBJP +0.02 points	0.16%	0.14%
Disco Corp Common Stock	HEWJ +0.02 points	0.52%	0.54%
Orix Corp Common Stock	HEWJ +0.02 points	0.75%	0.77%
Aisin Corp Common Stock	BBJP +0.02 points	0.13%	0.11%
Capcom Co Ltd Common	BBJP +0.02 points	0.14%	0.12%
Furukawa Electric Co Ltd	HEWJ +0.02 points	0.22%	0.24%
Shimano Inc Common Stock	BBJP +0.01 points	0.18%	0.17%
Yokohama Financial Group	BBJP +0.02 points	0.22%	0.20%
T&D Holdings Inc Common	BBJP +0.02 points	0.28%	0.26%
Fujikura Ltd Common	HEWJ +0.01 points	0.75%	0.76%
Jx Advanced Metals Corp	HEWJ +0.02 points	0.19%	0.21%
Astellas Pharma Inc	BBJP +0.02 points	0.54%	0.52%
Ebara Corp Common Stock	HEWJ +0.02 points	0.20%	0.22%
Canon Inc Common Stock	BBJP +0.02 points	0.47%	0.45%
West Japan Railway Co	BBJP +0.02 points	0.17%	0.15%
Nippon Steel Corp Common	BBJP +0.02 points	0.40%	0.38%
Asahi Kasei Corp Common	BBJP +0.02 points	0.26%	0.24%
Sekisui House Ltd Common	BBJP +0.02 points	0.26%	0.24%
Mitsubishi Heavy	HEWJ +0.01 points	1.34%	1.35%
Dai Nippon Printing Co	BBJP +0.01 points	0.14%	0.13%
Resonac Holdings Corp	HEWJ +0.01 points	0.29%	0.30%
Komatsu Ltd Common Stock	HEWJ +0.01 points	0.64%	0.65%
Daiwa Securities Group	BBJP +0.02 points	0.28%	0.26%
Mitsubishi Chemical	BBJP +0.02 points	0.19%	0.17%
Ihi Corp Common Stock	BBJP +0.02 points	0.29%	0.27%
Fujifilm Holdings Corp	BBJP +0.01 points	0.48%	0.47%
Kirin Holdings Co Ltd	BBJP +0.01 points	0.28%	0.27%
Nomura Holdings Inc	HEWJ +0.01 points	0.51%	0.52%
Toho Co Ltd/Tokyo Common	BBJP +0.01 points	0.11%	0.10%
Daifuku Co Ltd Common	BBJP +0.02 points	0.22%	0.20%
Nippon Building Fund Inc	BBJP +0.01 points	0.12%	0.11%

All 174 BBJP holdings⁠All HEWJ holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BBJP vs HEWJ Cost

Overpaying HEWJ vs BBJP

$15,060

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

BBJP 0.19%
$3,952
HEWJ 1.02%
$19,012

Amount$10,000

Years30 years

Cost over time

BBJP 0.19%
HEWJ 1.02%
Overpaying

Year by year

Year	BBJP	HEWJ	Overpaying
10	$347	$1,797	$1,450
20	$1,351	$6,746	$5,395
30	$3,952	$19,012	$15,060

Expense ratio

0.19%BBJP, cheaper
1.02%HEWJ

BBJP0.19%HEWJ1.02%

0.09%1.92%

Middle half of Japan funds
Median 0.54%

BBJP 3rd cheapest of 18 funds

HEWJ 17th cheapest of 18 funds

BBJP vs HEWJ Dividends

Last 12 months to Oct 30, 2026

Yield (12M): BBJP 4.71%, better; HEWJ 4.18%
Payout (12M): BBJP $3.54; HEWJ $2.61
Last payment: BBJP $3.54; HEWJ $0.35
Ex-dividend: BBJP Dec 23, 2025; HEWJ Jul 2, 2026
Paid on: BBJP Dec 26, 2025; HEWJ Jul 8, 2026
Frequency: BBJP Annual; HEWJ Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

BBJPAnnual · 8 paymentsAll BBJP payments⁠

HEWJTwice a year · 21 paymentsAll HEWJ payments⁠

BBJP vs HEWJ Risk

Fall from peak · 5 years

BBJP
HEWJ

Risk facts

VolatilityStd dev, 3 years: BBJP 12.5%HEWJ 12.5%
Return per unit of riskSharpe ratio, 3 years: BBJP 1.14HEWJ 1.58, better
Worst fallMax drawdown, 5 years: BBJP −29.1%HEWJ −20.9%, better
Market sensitivityBeta, 5 years: BBJP 0.82HEWJ 0.41; Market = 1

BBJP and HEWJ in the news

All news⁠

News
Japan wholesale prices rise 7.6%, confirming a Bank of Japan hike already priced for next week
Sep 11, 2026BBJPHEWJ
Deep Dive
Hedged Japan funds rose 0.7% as the yen fell; VGK dropped 1.8%
Sep 20, 2026HEWJ
Deep Dive
Unhedged Japan funds rose 0.3% on the yen; VGK fell 1.9% after the ECB hike
Sep 13, 2026HEWJ
Deep Dive
Unhedged Japan rose 2.5% on the yen; Europe funds slipped
Sep 5, 2026HEWJ

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BBJP vs HEWJ

In short

Stated mandate

Why people hold it