FLJH vs HEWJ: Grades, Fees and Holdings Compared

Franklin FTSE Japan Hedged ETF

FLJHANYSE Arca

iShares Currency Hedged MSCI Japan ETF

HEWJCNYSE Arca

Overlap

84.4%by weight

Expense ratio

FLJH −0.93pt a year

FLJH0.09%HEWJ1.02%

Avg volume · 30D

HEWJ 1.8×the volume

FLJH34.3KHEWJ62.6K

5Y return · a year

FLJH +0.2pt

FLJH+20.7%HEWJ+20.5%

FLJH vs HEWJ Performance

Oct 29, 2021 – Oct 30, 2026

+156.4%FLJH+153.8%HEWJ

Expense ratio: FLJH 0.09%, better; HEWJ 1.02%
Fund size: FLJH $201M; HEWJ $625M
1Y total return: FLJH +21.9%; HEWJ +22.4%, better
Yield (12M): FLJH 6.20%, better; HEWJ 4.18%
Holdings: FLJH 448; HEWJ 171
Avg volume (30D): FLJH 34.3K sh; HEWJ 62.6K sh, better
NAV per share: FLJH $44.77; HEWJ $62.49
52W range

ETF.net Grade

Pillar letters and Scores for FLJH, HEWJ, with each pillar’s weight
Pillar	FLJH	HEWJ
Cost30% weight	A97Higher	F9
Mission25% weight	Not scored	Not scored
Risk15% weight	B62Higher	C54
Tradability15% weight	C52	A81Higher
Holdings10% weight	A74Higher	C52
Durability5% weight	C53	A76Higher

Rank among Japan funds

How we build Categories ›

Same Category. FLJH 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 ›

FLJH ranks 3rd 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 3ASCJiShares MSCI Japan Small-Cap 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

FLJHAFranklin FTSE Japan Hedged ETF

HEWJCiShares Currency Hedged MSCI Japan ETF

In short

FLJH Japan stocks with the yen taken out of the equation. FLJH hedges the currency back to dollars for 0.09% a year, the same fee as Franklin's unhedged twin and a fraction of the typical Japan fund.

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

FLJH The Fund seeks to closely track, before fees and expenses, the performance of the FTSE Japan Capped Hedged Index through passive indexing, using replication or representative sampling.

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

Why people hold it

FLJH 0.09% a year. Currency hedging usually carries a surcharge; here it costs the same as Franklin's unhedged FLJP and far less than the median Japan fund.
The hedge is the whole point: it aims to strip out yen-dollar moves so what you own is Japanese share prices, not a bet on the currency.
Broad and deliberately un-top-heavy: roughly 500 Japanese companies tracked through a capped index, so no single name can swell into an outsized slice.
Live since 2017 and one of the stronger builds in a crowded Japan peer group of index trackers.

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

FLJH The hedge cuts both ways. When the yen strengthens against the dollar, you give up the tailwind an unhedged Japan fund would capture.
Thinly traded and small next to the Japan heavyweights, so bid-ask spreads can run wider than headline fee comparisons suggest.
Distributions land once or twice a year, not monthly or 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 FLJH profile⁠

Full HEWJ profile⁠

FLJH vs HEWJ Holdings

How FLJH and HEWJ differ

Overlap by weight

84.4%

Shared holdings make up 98.4% of HEWJ and 84.4% of FLJH.

Level by level

Holdings167 in both84.4%
Sector11 Sectors93.7%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in FLJH and HEWJ, widest gap first
Sector	More in FLJHMore in HEWJ	FLJH	HEWJ
Consumer Discretionary	HEWJ +3.5 points	12.0%	15.5%
Technology	FLJH +3.3 points	20.4%	17.1%
Communication	FLJH +2.0 points	8.5%	6.5%
Industrials	HEWJ +1.4 points	23.4%	24.8%
Health Care	HEWJ +0.7 points	5.2%	5.9%
Real Estate	FLJH +0.5 points	2.5%	2.0%
Financials	HEWJ +0.5 points	18.1%	18.6%
Materials	FLJH +0.3 points	3.9%	3.6%
Energy	HEWJ +0.2 points	0.9%	1.1%
Utilities	FLJH +0.2 points	1.2%	1.0%
Consumer Staples	Same weight	4.0%	4.0%

Country, concentration and asset class

Country by domicile

Country weights in FLJH and HEWJ, widest gap first
Country	More in FLJHMore in HEWJ	FLJH	HEWJ
Japan	Same weight	100.0%	100.0%

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

Concentration

Weight in the 10 largest Holdings

FLJH25.1%
HEWJ29.6%

Securities held

FLJH444
HEWJ168

Asset class

FLJH: Equity
HEWJ: Equity

Holdings

Only in FLJH277
In both167
Only in HEWJ1

Only in FLJH

277 securities, 15.1% of FLJH by weight

Net Current Assets0.36%
Baycurrent Inc0.17%
Nippon Express Holdings I0.14%
Niterra Co Ltd0.13%
Ngk Corp0.13%
Shizuoka Financial Group0.13%
Mebuki Financial Group In0.13%
Isetan Mitsukoshi Holding0.13%
Shimadzu Corp0.13%
Fukuoka Financial Group I0.13%
Food & Life Companies Ltd0.12%
Rohm Co Ltd0.12%
Misumi Group Inc0.11%
Nissan Chemical Corp0.11%
Brother Industries Ltd0.11%
Taiyo Yuden Co Ltd0.11%
Hachijuni Nagano Bank Ltd0.10%
Ricoh Co Ltd0.10%
Meiji Holdings Co Ltd0.10%
Kyoto Financial Group Inc0.10%
Yaskawa Electric Corp0.10%
Jfe Holdings Inc0.10%
Sojitz Corp0.10%
Sekisui Chemical Co Ltd0.10%
Ono Pharmaceutical Co Ltd0.10%
Gunma Bank Ltd/The0.09%
Toyo Suisan Kaisha Ltd0.09%
Omron Corp0.09%
Tisi Inc0.09%
Toto Ltd0.09%
Seiko Epson Corp0.09%
Trend Micro Inc0.09%
Yokohama Rubber Co Ltd0.09%
Sumitomo Chemical Co Ltd0.09%
Horiba Ltd0.09%
Kobe Steel Ltd0.09%
Square Enix Holdings Co L0.09%
Matsukiyococokara & Co0.08%
Kyuden Holdings Inc0.08%
Sapporo Breweries Ltd0.08%
Sumco Corp0.08%
Iyogin Holdings Inc0.08%
Sony Financial Group Inc0.08%
Sysmex Corp0.08%
J Front Retailing Co Ltd0.08%
Tokyo Ohka Kogyo Co Ltd0.08%
M3 Inc0.08%
Asahi Intecc Co Ltd0.08%
Uss Co Ltd0.08%
Mitsui Chemicals Inc0.08%

Only in HEWJ

1 security, 0.8% of HEWJ by weight

Jpy/Usd0.75%

Weight gaps

The 100 widest of 167 Holdings in both funds.

Holding weights in FLJH and HEWJ, widest gap first
Holding	More in FLJHMore in HEWJ	FLJH	HEWJ
Advantest Corp	HEWJ +0.69 points	2.58%	3.27%
Mitsubishi Ufj Financial	HEWJ +0.65 points	3.81%	4.46%
Tokyo Electron Ltd	HEWJ +0.55 points	2.14%	2.69%
Sumitomo Mitsui Financial	HEWJ +0.46 points	2.38%	2.84%
Kioxia Holdings Corp	HEWJ +0.42 points	1.59%	2.01%
Softbank Group Corp	HEWJ +0.41 points	1.72%	2.13%
Hitachi Ltd	HEWJ +0.40 points	2.30%	2.70%
Recruit Holdings Co Ltd	HEWJ +0.38 points	2.63%	3.01%
Sony Group Corp	HEWJ +0.38 points	2.38%	2.76%
Mizuho Financial Group In	HEWJ +0.33 points	1.87%	2.20%
Mitsubishi Corp	HEWJ +0.27 points	1.54%	1.81%
Fujitsu Limited	HEWJ +0.26 points	0.62%	0.88%
Keyence Corp	HEWJ +0.24 points	1.49%	1.73%
Fast Retailing Co Ltd	HEWJ +0.24 points	1.39%	1.63%
Toyota Motor Corp	HEWJ +0.23 points	3.29%	3.52%
Mitsubishi Heavy Industri	HEWJ +0.22 points	1.13%	1.35%
Murata Manufacturing Co L	HEWJ +0.21 points	1.13%	1.34%
Tokio Marine Holdings Inc	HEWJ +0.20 points	1.63%	1.83%
Panasonic Holdings Corp	HEWJ +0.20 points	0.83%	1.03%
Nintendo Co Ltd	HEWJ +0.21 points	0.87%	1.08%
Mitsui & Co Ltd	HEWJ +0.20 points	1.25%	1.45%
Japan Tobacco Inc	HEWJ +0.17 points	0.81%	0.98%
Kddi Corp	HEWJ +0.17 points	0.80%	0.97%
Mitsubishi Electric Corp	HEWJ +0.17 points	0.94%	1.11%
Hoya Corp	HEWJ +0.16 points	0.90%	1.06%
Takeda Pharmaceutical Co	HEWJ +0.15 points	1.10%	1.25%
Sumitomo Corp	HEWJ +0.16 points	0.70%	0.86%
Ntt Inc	HEWJ +0.14 points	0.48%	0.62%
Tdk Corp	HEWJ +0.13 points	0.50%	0.63%
Renesas Electronics Corp	HEWJ +0.13 points	0.49%	0.62%
Ibiden Co Ltd	HEWJ +0.12 points	0.43%	0.55%
Softbank Corp	HEWJ +0.12 points	0.69%	0.81%
Daiichi Life Group Inc	HEWJ +0.12 points	0.64%	0.76%
Fujikura Ltd	HEWJ +0.11 points	0.65%	0.76%
Nec Corp	HEWJ +0.11 points	0.62%	0.73%
Disco Corp	HEWJ +0.10 points	0.44%	0.54%
Orix Corp	HEWJ +0.11 points	0.66%	0.77%
Fanuc Corp	HEWJ +0.10 points	0.55%	0.65%
Sumitomo Electric Industr	HEWJ +0.10 points	0.54%	0.64%
Japan Post Bank Co Ltd	HEWJ +0.10 points	0.56%	0.66%
Chugai Pharmaceutical Co	HEWJ +0.10 points	0.44%	0.54%
Komatsu Ltd	HEWJ +0.09 points	0.56%	0.65%
Marubeni Corp	HEWJ +0.10 points	0.73%	0.83%
Shin-Etsu Chemical Co Ltd	HEWJ +0.09 points	1.10%	1.19%
Lasertec Corp	HEWJ +0.09 points	0.30%	0.39%
Honda Motor Co Ltd	HEWJ +0.09 points	0.68%	0.77%
Otsuka Holdings Co Ltd	HEWJ +0.08 points	0.54%	0.62%
Nomura Holdings Inc	HEWJ +0.07 points	0.45%	0.52%
Inpex Corp	HEWJ +0.07 points	0.36%	0.43%
Toyota Tsusho Corp	HEWJ +0.08 points	0.48%	0.56%
Sumitomo Mitsui Trust Gro	HEWJ +0.07 points	0.43%	0.50%
Bridgestone Corp	HEWJ +0.08 points	0.43%	0.51%
Canon Inc	HEWJ +0.07 points	0.38%	0.45%
Sompo Holdings Inc	HEWJ +0.07 points	0.62%	0.69%
Kyocera Corp	HEWJ +0.07 points	0.44%	0.51%
Daikin Industries Ltd	HEWJ +0.07 points	0.57%	0.64%
Eneos Holdings Inc	HEWJ +0.07 points	0.38%	0.45%
Resona Holdings Inc	HEWJ +0.06 points	0.51%	0.57%
Kao Corp	HEWJ +0.06 points	0.34%	0.40%
Itochu Corp	HEWJ +0.06 points	1.49%	1.55%
Astellas Pharma Inc	HEWJ +0.06 points	0.46%	0.52%
Mitsui Osk Lines Ltd	HEWJ +0.06 points	0.24%	0.30%
Mitsui Fudosan Co Ltd	HEWJ +0.06 points	0.41%	0.47%
Smc Corp	HEWJ +0.06 points	0.36%	0.42%
Mitsubishi Estate Co Ltd	HEWJ +0.06 points	0.42%	0.48%
Resonac Holdings Corp	HEWJ +0.06 points	0.24%	0.30%
Kansai Electric Power Co	HEWJ +0.05 points	0.26%	0.31%
Ryohin Keikaku Co Ltd	HEWJ +0.05 points	0.24%	0.29%
Olympus Corp	HEWJ +0.06 points	0.17%	0.23%
Asics Corp	HEWJ +0.05 points	0.33%	0.38%
Japan Post Holdings Co Lt	HEWJ +0.06 points	0.39%	0.45%
Nippon Steel Corp	HEWJ +0.04 points	0.34%	0.38%
Furukawa Electric Co Ltd	HEWJ +0.05 points	0.19%	0.24%
Ihi Corp	HEWJ +0.04 points	0.23%	0.27%
Fujifilm Holdings Corp	HEWJ +0.05 points	0.42%	0.47%
Oriental Land Co Ltd	HEWJ +0.04 points	0.37%	0.41%
Sumitomo Metal Mining Co	HEWJ +0.05 points	0.20%	0.25%
T&D Holdings Inc	HEWJ +0.05 points	0.21%	0.26%
Nitto Denko Corp	HEWJ +0.04 points	0.23%	0.27%
Fuji Electric Co Ltd	HEWJ +0.04 points	0.18%	0.22%
Ajinomoto Co Inc	HEWJ +0.04 points	0.49%	0.53%
Secom Co Ltd	HEWJ +0.04 points	0.28%	0.32%
Shionogi & Co Ltd	HEWJ +0.04 points	0.23%	0.27%
Jx Advanced Metals Corp	HEWJ +0.04 points	0.17%	0.21%
MS&AD Insurance Group Hol	HEWJ +0.04 points	0.71%	0.75%
Japan Exchange Group Inc	HEWJ +0.04 points	0.21%	0.25%
Ebara Corp	HEWJ +0.04 points	0.18%	0.22%
Yamaha Motor Co Ltd	HEWJ +0.04 points	0.15%	0.19%
Taisei Corp	HEWJ +0.04 points	0.16%	0.20%
Denso Corp	HEWJ +0.04 points	0.32%	0.36%
Daiwa House Industry Co L	HEWJ +0.03 points	0.27%	0.30%
Kirin Holdings Co Ltd	HEWJ +0.04 points	0.23%	0.27%
Obayashi Corp	HEWJ +0.04 points	0.19%	0.23%
Asahi Kasei Corp	HEWJ +0.04 points	0.20%	0.24%
Yokohama Financial Group	HEWJ +0.03 points	0.17%	0.20%
Kokusai Electric Corp	HEWJ +0.04 points	0.16%	0.20%
Asahi Group Holdings Ltd	HEWJ +0.04 points	0.24%	0.28%
Sekisui House Ltd	HEWJ +0.03 points	0.21%	0.24%
Obic Co Ltd	HEWJ +0.03 points	0.20%	0.23%
Terumo Corp	HEWJ +0.03 points	0.35%	0.38%

All 490 FLJH 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.

FLJH vs HEWJ Cost

Overpaying HEWJ vs FLJH

$17,114

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

FLJH 0.09%
$1,898
HEWJ 1.02%
$19,012

Amount$10,000

Years30 years

Cost over time

FLJH 0.09%
HEWJ 1.02%
Overpaying

Year by year

Year	FLJH	HEWJ	Overpaying
10	$165	$1,797	$1,632
20	$646	$6,746	$6,100
30	$1,898	$19,012	$17,114

Expense ratio

0.09%FLJH, cheaper
1.02%HEWJ

FLJH0.09%HEWJ1.02%

0.09%1.92%

Middle half of Japan funds
Median 0.54%

FLJH cheapest of 18 funds

HEWJ 17th cheapest of 18 funds

FLJH vs HEWJ Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FLJH 6.20%, better; HEWJ 4.18%
Payout (12M): FLJH $2.74; HEWJ $2.61
Last payment: FLJH $0.29; HEWJ $0.35
Ex-dividend: FLJH Jun 26, 2026; HEWJ Jul 2, 2026
Paid on: FLJH Jul 6, 2026; HEWJ Jul 8, 2026
Frequency: FLJH Twice a year; HEWJ Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

FLJHTwice a year · 13 paymentsAll FLJH payments⁠

HEWJTwice a year · 21 paymentsAll HEWJ payments⁠

FLJH vs HEWJ Risk

Fall from peak · 5 years

FLJH
HEWJ

Risk facts

VolatilityStd dev, 3 years: FLJH 12.5%HEWJ 12.5%
Return per unit of riskSharpe ratio, 3 years: FLJH 1.59, betterHEWJ 1.58
Worst fallMax drawdown, 5 years: FLJH −20.4%, betterHEWJ −20.9%
Market sensitivityBeta, 5 years: FLJH 0.62HEWJ 0.41; Market = 1

FLJH and HEWJ in the news

All news⁠

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
News
Japan wholesale prices rise 7.6%, confirming a Bank of Japan hike already priced for next week
Sep 11, 2026HEWJ
Deep Dive
Unhedged Japan rose 2.5% on the yen; Europe funds slipped
Sep 5, 2026HEWJ

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FLJH vs HEWJ

In short

Stated mandate

Why people hold it