FLEU vs HEDJ: Grades, Fees and Holdings Compared

Franklin FTSE Eurozone ETF

FLEUANYSE Arca

WisdomTree Europe Hedged Equity Fund

HEDJCNYSE Arca

Overlap

42.1%by weight

Expense ratio

FLEU −0.49pt a year

FLEU0.09%HEDJ0.58%

Avg volume · 30D

HEDJ 7.2×the volume

FLEU6.32KHEDJ45.8K

5Y return · a year

FLEU +0.3pt

FLEU+10.6%HEDJ+10.3%

FLEU vs HEDJ Performance

Nov 9, 2021 – Nov 9, 2026

+65.7%FLEU+62.9%HEDJ

Expense ratio: FLEU 0.09%, better; HEDJ 0.58%
Fund size: FLEU $68M; HEDJ $1.76B
1Y total return: FLEU +12.7%; HEDJ +14.2%, better
Yield (12M): FLEU 2.74%, better; HEDJ 1.78%
Holdings: FLEU 266; HEDJ 156
Avg volume (30D): FLEU 6.32K sh; HEDJ 45.8K sh, better
NAV per share: FLEU $34.07; HEDJ $56.82
52W range

ETF.net Grade

Pillar letters and Scores for FLEU, HEDJ, with each pillar’s weight
Pillar	FLEU	HEDJ
Cost30% weight	A89Higher	D30
Mission25% weight	A100	Not scored
Risk15% weight	C48	B62Higher
Tradability15% weight	D25	C45Higher
Holdings10% weight	A76Higher	B57
Durability5% weight	D29	C52Higher

Rank among Europe Region funds

How we build Categories ›

Same Category. FLEU and HEDJ are both graded against the same 12 Europe Region funds, so their Grades compare head to head.

Europe Region⁠

Category · 12 funds

See all 12 ›

FLEU ranks 4th and HEDJ 9th of 12 funds in the Europe Region Category.

Rank 1ASPEUState Street SPDR Portfolio Europe ETFScore 85
Rank 2AEZUiShares MSCI Eurozone ETFScore 75
Rank 3AFEZState Street SPDR EURO STOXX 50 ETFScore 72
Rank 4AFLEUFranklin FTSE Eurozone ETFScore 71
Rank 5BDAXGlobal X DAX Germany ETFScore 65
Rank 8BEWDiShares MSCI Sweden ETFScore 59
Rank 9CHEDJWisdomTree Europe Hedged Equity FundScore 44
Rank 10CFGMFirst Trust Germany AlphaDEX FundScore 41

Our read on each fund

ETF.net Research

FLEUAFranklin FTSE Eurozone ETF

HEDJCWisdomTree Europe Hedged Equity Fund

In short

FLEU The euro bloc, straight up: no UK, no Swiss francs, no hedging overlay. Franklin charges 0.09% a year to track the FTSE Developed Eurozone Index, a fraction of the median fee among index funds in its peer group.

HEDJ Less a bet on Europe's economy than on Europe's exporters. HEDJ owns euro-traded dividend payers that earn most of their money elsewhere, then hedges the euro out of the picture, leaving the stocks and not the exchange rate.

Stated mandate

FLEU The Fund uses a passive indexing approach and seeks to track, before fees and expenses, the FTSE Developed Eurozone Index.

HEDJ The fund seeks exposure to European equities while hedging fluctuations between the U.S. dollar and the euro.

Why people hold it

FLEU 0.09% a year against a 0.45% median for index funds in its peer group. Cheap beta is the entire pitch, and Franklin delivers it.
Roughly 300 stocks across developed eurozone markets, so the exposure reaches past the handful of household-name blue chips that dominate the region.
A plain mandate with nowhere to hide: passively track the FTSE Developed Eurozone Index before fees. No factor tilts, no active overlay, no discretion.sec.gov
Sits in the upper half of its index-wrapper peer group on the strength of that fee and a mandate it follows tightly.

HEDJ Every holding must draw at least half its revenue from outside Europe, so the basket rides global demand more than the domestic European economy.wisdomtree.com wisdomtree.com 2
Currency forwards neutralize euro-versus-dollar swings, so what shows up in a US account is the stock move, not the FX move.wisdomtree.com
Dividend-weighted rather than cap-weighted: roughly 140 euro-listed payers, each above $1 billion in market value, sized by the dividends they actually pay.wisdomtree.com wisdomtree.com 2
Trading since 2009 and now a multi-billion-dollar fund, it is the long-running standard-bearer for hedged Europe and sits in the upper half of its regional peer group.

Worth knowing

FLEU Thinly traded. On smaller orders the bid-ask spread can cost more than a year of the 0.09% fee.
It launched in 2017 as the Franklin FTSE Europe Hedged ETF and was renamed to the Eurozone strategy in 2023, so the early record reflects a different, hedged mandate.sec.gov
Euro-currency countries only. The UK, Switzerland and the non-euro Nordics are out, and the euro's move against the dollar rides along unhedged.

HEDJ The hedge cuts both ways. Euro strength does not flow through to dollar returns, and the forward contracts carry a cost tied to rate differences between the two currencies.wisdomtree.com
At 0.58%, the fee runs a touch above the peer-group median, and plainer regional options cost less (Global X's DAX charges 0.20%).
Euro-traded names only, so UK and Swiss listings are off the menu, and the exporter screen narrows Europe to about 140 stocks rather than a broad sweep.wisdomtree.com

Full FLEU profile⁠

Full HEDJ profile⁠

FLEU vs HEDJ Holdings

How FLEU and HEDJ differ

Overlap by weight

42.1%

Shared holdings make up 88.8% of HEDJ and 49.5% of FLEU.

Level by level

Holdings85 in both42.1%
Sector11 Sectors73.3%
Countryby domicile90.7%
Asset classStocks100%

Sector

Sector weights in FLEU and HEDJ, widest gap first
Sector	Gap	FLEU	HEDJ
Financials	FLEU +14.6 points	26.8%	12.2%
Consumer Staples	HEDJ +7.7 points	5.6%	13.3%
Utilities	FLEU +6.7 points	7.1%	0.4%
Health Care	HEDJ +5.1 points	6.6%	11.7%
Consumer Discretionary	HEDJ +4.6 points	7.7%	12.3%
Materials	HEDJ +3.8 points	4.5%	8.3%
Communication	HEDJ +3.4 points	3.2%	6.6%
Technology	FLEU +3.0 points	14.5%	11.5%
Industrials	HEDJ +2.2 points	18.9%	21.1%
Energy	FLEU +1.5 points	4.2%	2.7%
Real Estate	FLEU +1.0 points	1.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in FLEU and HEDJ, widest gap first
Country	Gap	FLEU	HEDJ
Italy	FLEU +5.5 points	9.2%	3.7%
Belgium	HEDJ +2.5 points	2.8%	5.3%
Spain	HEDJ +2.1 points	11.2%	13.3%
Finland	HEDJ +2.0 points	2.4%	4.4%
Netherlands	HEDJ +1.3 points	16.4%	17.7%
Greece	FLEU +0.9 points	0.9%	0.0%
Sweden	FLEU +0.8 points	0.8%	0.0%
United States	HEDJ +0.6 points	2.2%	2.8%
Other countries (10)	FLEU +1.4 points	54.2%	52.8%

Outside the US: FLEU 99% developed, 1% emerging. HEDJ 100% developed, 0% emerging.

Concentration

Weight in the 10 largest Holdings

FLEU28.6%
HEDJ40.1%

Securities held

FLEU264
HEDJ153

Asset class

FLEU: Stocks
HEDJ: Stocks

Holdings

Only in FLEU179
In both85
Only in HEDJ68

Only in FLEU

179 securities, 50.5% of FLEU by weight

Allianz Se-Reg2.57%
Totalenergies SE2.40%
Iberdrola SA2.26%
Unicredit Spa1.63%
Intesa Sanpaolo1.41%
Bnp Paribas1.35%
Ing Groep NV1.24%
Enel Spa1.09%
Axa SA1.09%
Muenchener Rueckver Ag-Re1.07%
Industria De Diseno Texti0.98%
Deutsche Boerse AG0.88%
Deutsche Bank Ag-Register0.81%
Vinci SA0.81%
Dhl AG0.80%
Nordea Bank Abp0.79%
Argenx SE0.76%
Eni Spa0.69%
Prosus NV0.67%
Engie0.67%
Ferrari NV0.66%
Caixabank SA0.65%
Societe Generale SA0.65%
E.on SE0.64%
Danone0.63%
Generali0.62%
Rwe AG0.62%
Rheinmetall AG0.56%
Compagnie De Saint Gobain0.50%
Repsol SA0.48%
Orange0.47%
Mercedes-Benz Group AG0.47%
Erste Group Bank AG0.47%
Kbc Group NV0.39%
Ferrovial NV0.39%
Commerzbank AG0.37%
Abn Amro Bank Nv-Cva0.37%
Stmicroelectronics NV0.36%
Adyen NV0.36%
Sampo Oyj-A Shs0.36%
Aib Group PLC0.35%
Arcelormittal0.35%
Banca Monte Dei Paschi Si0.33%
Fresenius SE0.32%
Veolia Environnement0.32%
Nn Group NV0.31%
Thales SA0.30%
Capgemini SE0.30%
Aena Sme SA0.29%
Bper Banca Spa0.29%

Only in HEDJ

68 securities, 10.5% of HEDJ by weight

Ferrovial Se1.13%
Ferrari NV0.99%
Davide Campari-Milano NV0.40%
STMicroelectronics NV0.40%
Konecranes Oyj0.37%
Koninklijke Vopak NV0.35%
SBM Offshore NV0.35%
Valmet Corp0.33%
Glanbia Plc0.29%
DiaSorin SpA0.28%
Reply SpA0.28%
Maire Tecnimont Spa0.27%
Arcadis NV0.26%
Acerinox SA0.23%
Fluidra SA0.23%
Puig Brands Sa-B0.20%
Brembo N.V.0.19%
Huhtamaki Oyj0.19%
CIE Automotive SA0.18%
Azelis Group Nv0.18%
Ebro Foods SA0.18%
Carel Industries Spa0.17%
Cargotec Oyj-B Share0.16%
Elecnor SA0.15%
Solvay SA0.15%
Viscofan SA0.15%
Kemira Oyj0.15%
Melexis NV0.15%
Hbx Group International Plc0.12%
Kalmar Oyj-B Share0.12%
Bekaert SA0.12%
Havas Nv0.11%
Fagron0.11%
Prosegur Cia de Seguridad SA0.10%
Gestamp Automocion Sa0.10%
Csm0.09%
Intercos Spa0.09%
FAES Farma SA0.09%
Mota Engil SGPS Sa0.09%
El.En. Spa0.08%
Krones AG0.07%
D'Amico International Shippi0.07%
Gaztransport Et Technigaz SA0.06%
Palfinger AG0.06%
AMG Advanced Metallurgical Grp0.05%
Arkema SA0.05%
Rubis0.05%
Prosegur Cash Sa0.04%
Nexans SA0.03%
Duerr AG0.03%

Weight gaps

All 85 Holdings in both funds, largest gap first.

Holding weights in FLEU and HEDJ, widest gap first
Holding	Gap	FLEU	HEDJ
Asml Holding NV	FLEU +4.02 points	7.42%	3.40%
Lvmh Moet Hennessy Louis	HEDJ +3.62 points	1.51%	5.13%
Sanofi	HEDJ +3.44 points	1.35%	4.79%
Deutsche Telekom Ag-Reg	HEDJ +3.09 points	1.33%	4.42%
Banco Bilbao Vizcaya Arge	HEDJ +2.58 points	1.92%	4.50%
Anheuser-Busch Inbev Sa/N	HEDJ +2.43 points	1.08%	3.51%
L'oreal	HEDJ +2.13 points	1.54%	3.67%
Banco Santander SA	HEDJ +1.61 points	2.32%	3.93%
Hannover Rueck SE	HEDJ +1.31 points	0.26%	1.57%
Heineken NV	HEDJ +1.19 points	0.33%	1.52%
Basf SE	HEDJ +1.16 points	0.72%	1.88%
Tenaris SA	HEDJ +1.14 points	0.13%	1.27%
Universal Music Group NV	HEDJ +1.13 points	0.26%	1.39%
Koninklijke Philips NV	HEDJ +0.99 points	0.33%	1.32%
Daimler Truck Holding AG	HEDJ +0.97 points	0.30%	1.27%
Siemens Healthineers AG	HEDJ +0.96 points	0.25%	1.21%
Koninklijke Ahold Delhaiz	HEDJ +0.95 points	0.45%	1.40%
Kone Oyj-B	HEDJ +0.84 points	0.27%	1.11%
Siemens Ag-Reg	HEDJ +0.77 points	2.86%	3.63%
Talanx AG	HEDJ +0.76 points	0.12%	0.88%
Wolters Kluwer	HEDJ +0.76 points	0.30%	1.06%
Essilorluxottica	HEDJ +0.74 points	0.85%	1.59%
Heineken Holding NV	HEDJ +0.74 points	0.12%	0.86%
Mapfre SA	HEDJ +0.69 points	0.06%	0.75%
Safran SA	FLEU +0.66 points	1.52%	0.86%
Hermes International	HEDJ +0.66 points	0.70%	1.36%
Schneider Electric SE	HEDJ +0.65 points	1.94%	2.59%
Dsm-Firmenich AG	HEDJ +0.64 points	0.30%	0.94%
Amadeus It Group SA	HEDJ +0.63 points	0.38%	1.01%
Siemens Energy AG	FLEU +0.63 points	1.34%	0.71%
Aegon Ltd	HEDJ +0.57 points	0.14%	0.71%
Acs Actividades Cons Y SE	HEDJ +0.53 points	0.24%	0.77%
Metso Corp	HEDJ +0.54 points	0.17%	0.71%
Infineon Technologies AG	FLEU +0.53 points	0.90%	0.37%
Michelin (Cgde)	HEDJ +0.51 points	0.31%	0.82%
Moncler Spa	HEDJ +0.49 points	0.15%	0.64%
Akzo Nobel N.v.	HEDJ +0.46 points	0.16%	0.62%
Saipem Spa	HEDJ +0.43 points	0.08%	0.51%
Andritz AG	HEDJ +0.42 points	0.08%	0.50%
Henkel AG & Co Kgaa	HEDJ +0.41 points	0.10%	0.51%
Bayer Ag-Reg	FLEU +0.40 points	0.82%	0.42%
Pirelli & C Spa	HEDJ +0.40 points	0.04%	0.44%
Edp Renewables SA	HEDJ +0.39 points	0.07%	0.46%
Continental AG	HEDJ +0.35 points	0.11%	0.46%
Evonik Industries AG	HEDJ +0.32 points	0.08%	0.40%
Heidelberg Materials AG	HEDJ +0.32 points	0.33%	0.65%
Hochtief AG	HEDJ +0.32 points	0.08%	0.40%
Syensqo SA	HEDJ +0.31 points	0.08%	0.39%
Brunello Cucinelli Spa	HEDJ +0.31 points	0.04%	0.35%
Kerry Group Plc-A	HEDJ +0.31 points	0.23%	0.54%
Wartsila Oyj Abp	HEDJ +0.29 points	0.18%	0.47%
Imcd NV	HEDJ +0.28 points	0.09%	0.37%
Legrand SA	FLEU +0.27 points	0.49%	0.22%
Fresenius Medical Care AG	HEDJ +0.23 points	0.12%	0.35%
Grifols SA	HEDJ +0.23 points	0.05%	0.28%
Ucb SA	HEDJ +0.22 points	0.52%	0.74%
Nokia Oyj	HEDJ +0.22 points	0.52%	0.74%
Airbus SE	HEDJ +0.21 points	1.72%	1.93%
Schaeffler AG	HEDJ +0.18 points	0.02%	0.20%
Knorr-Bremse AG	HEDJ +0.18 points	0.09%	0.27%
Mtu Aero Engines AG	FLEU +0.14 points	0.28%	0.14%
Air Liquide SA	FLEU +0.14 points	1.79%	1.65%
Asm International NV	FLEU +0.13 points	0.45%	0.32%
Brenntag SE	HEDJ +0.12 points	0.11%	0.23%
Be Semiconductor Industri	HEDJ +0.13 points	0.15%	0.28%
Adidas AG	HEDJ +0.09 points	0.43%	0.52%
Beiersdorf AG	HEDJ +0.08 points	0.13%	0.21%
Accor SA	FLEU +0.07 points	0.16%	0.09%
Qiagen NV	FLEU +0.07 points	0.14%	0.07%
Fuchs SE	HEDJ +0.08 points	0.01%	0.09%
Publicis Groupe	HEDJ +0.07 points	0.36%	0.43%
Prysmian Spa	FLEU +0.06 points	0.44%	0.38%
Sartorius Stedim Biotech	HEDJ +0.06 points	0.09%	0.15%
Bureau Veritas SA	FLEU +0.06 points	0.16%	0.10%
Scor SE	FLEU +0.05 points	0.09%	0.04%
Sap SE	HEDJ +0.04 points	3.09%	3.13%
Merck Kgaa	FLEU +0.05 points	0.29%	0.24%
Symrise AG	HEDJ +0.04 points	0.19%	0.23%
Dassault Systemes SE	FLEU +0.03 points	0.26%	0.23%
Biomerieux	HEDJ +0.01 points	0.06%	0.07%
Gea Group AG	HEDJ +0.02 points	0.15%	0.17%
Nemetschek SE	FLEU +0.01 points	0.06%	0.05%
Ipsen	HEDJ +0.01 points	0.08%	0.09%
Rexel SA	FLEU +0.01 points	0.11%	0.10%
Sodexo SA	Same weight	0.07%	0.07%

All 268 FLEU holdings⁠All 135 HEDJ 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.

FLEU vs HEDJ Cost

Overpaying HEDJ vs FLEU

$9,555

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

FLEU 0.09%
$1,898
HEDJ 0.58%
$11,453

Amount$10,000

Years30 years

Cost over time

FLEU 0.09%
HEDJ 0.58%
Overpaying

Year by year

Year	FLEU	HEDJ	Overpaying
10	$165	$1,041	$876
20	$646	$3,986	$3,340
30	$1,898	$11,453	$9,555

Expense ratio

0.09%FLEU, cheaper
0.58%HEDJ

FLEU0.09%HEDJ0.58%

0.07%0.80%

Middle half of Europe Region funds
Median 0.51%

FLEU 2nd cheapest of 12 funds

HEDJ 9th cheapest of 12 funds

FLEU vs HEDJ Dividends

Last 12 months to Nov 9, 2026

Yield (12M): FLEU 2.74%, better; HEDJ 1.78%
Payout (12M): FLEU $0.96; HEDJ $1.03
Last payment: FLEU $0.58; HEDJ $0.05
Ex-dividend: FLEU Jun 26, 2026; HEDJ Sep 25, 2026
Paid on: FLEU Jul 6, 2026; HEDJ Sep 29, 2026
Frequency: FLEU Twice a year; HEDJ Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

FLEUTwice a year · 20 paymentsAll FLEU payments⁠

HEDJTwice a year · 31 paymentsAll HEDJ payments⁠

FLEU vs HEDJ Risk

Fall from peak · 5 years

FLEU
HEDJ

Risk facts

VolatilityStd dev, 3 years: FLEU 14.1%HEDJ 11.4%, better
Return per unit of riskSharpe ratio, 3 years: FLEU 1.07, betterHEDJ 0.96
Worst fallMax drawdown, 5 years: FLEU −18.7%, betterHEDJ −22.2%
Market sensitivityBeta, 5 years: FLEU 1.02HEDJ 0.75; Market = 1

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