EWJ vs FLJP

EWJAiShares MSCI Japan ETF

FLJPAFranklin FTSE Japan ETF

In short

EWJ The 1996 original. iShares' Japan fund was the default way to own Tokyo's biggest names before most of its rivals existed, and it still trades like it: roughly 170 large and mid-cap stocks, yen exposure unhedged.

FLJP Japan's whole market for nine basis points. FLJP tracks the FTSE Japan RIC Capped Index across roughly 500 stocks at 0.09%, a fraction of what the typical Japan fund charges.

Stated mandate

EWJ The fund seeks to track an index of Japanese equities, providing targeted exposure to companies in Japan.

FLJP The fund seeks to track, before fees and expenses, the performance of the FTSE Japan RIC Capped Index.

Why people hold it

• EWJ Launched in 1996 and still one of the most heavily traded funds in the Japan category, which generally means tight spreads and room to trade size.
• Tracks the MSCI Japan Index closely, holding roughly 170 large and mid-cap Japanese companies.
• A multi-billion-dollar iShares fund: the kind of scale and sponsorship that keeps a product well supported.

• FLJP 0.09% a year, against a Japan-cohort median near 0.50%. Same country, same broad exposure, a fraction of the toll.
• Roughly 500 names via the FTSE Japan RIC Capped Index, whose capping rules trim outsized positions so no single stock runs away with the portfolio.
• Running since 2017 and now a multi-billion-dollar, actively traded fund, it tracks its index tightly and ranks among the strongest builds in its Japan peer group.
• Cheaper than the bigger brand-name Japan trackers it competes with, including EWJ at 0.49% and BBJP at 0.19%.

Worth knowing

• EWJ Cheaper Japan beta exists. FLJP charges 0.09% and BBJP 0.19% against this fund's 0.49%. The extra fee buys the liquidity and the long record.
• No currency hedge here, so yen moves against the dollar flow straight into the return, up or down. Hedged Japan funds such as FLJH take the other approach.
• One country, roughly 170 names, and cash comes back only once or twice a year rather than quarterly.

• FLJP The yen rides along. Currency moves hit returns here; Franklin's hedged twin, FLJH, strips that out for the same 0.09%.
• One country, one market cycle. Everything inside depends on Japan, so this is a slice of a portfolio rather than a diversified core.
• Distributions land annually or semiannually, not monthly, so cash flow arrives in lumps.

Full EWJ profile⁠

Full FLJP profile⁠