FLJH vs JPAN: Grades, Fees and Holdings Compared

Franklin FTSE Japan Hedged ETF

FLJHANYSE Arca

Matthews Japan Active ETF JPAN

JPANCNYSE Arca

Overlap

37.6%by weight

Expense ratio

FLJH −0.70pt a year

FLJH0.09%JPAN0.79%

Avg volume · 30D

FLJH 23.7×the volume

FLJH34.4KJPAN1.45K

3Y return · a year

FLJH +3.3pt

FLJH+25.6%JPAN+22.3%

FLJH vs JPAN Performance

Nov 7, 2025 – Nov 9, 2026

+22.2%FLJH+15.4%JPAN

Expense ratio: FLJH 0.09%, better; JPAN 0.79%
Fund size: FLJH $188M; JPAN $11M
1Y total return: FLJH +22.2%, better; JPAN +15.4%
Yield (12M): FLJH 6.22%, better; JPAN 4.45%
Holdings: FLJH 447; JPAN 52
Avg volume (30D): FLJH 34.4K sh, better; JPAN 1.45K sh
NAV per share: FLJH $41.82; JPAN $38.73
52W range

ETF.net Grade

Pillar letters and Scores for FLJH, JPAN, with each pillar’s weight
Pillar	FLJH	JPAN
Cost30% weight	A97Higher	D26
Mission25% weight	Not scored	A100
Risk15% weight	B64Higher	C44
Tradability15% weight	C49Higher	F7
Holdings10% weight	A74Higher	D35
Durability5% weight	C54Higher	D26

Rank among Japan funds

How we build Categories ›

Same Category. FLJH and JPAN 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 4th and JPAN 14th of 18 funds in the Japan Category.

Rank 1AFLJPFranklin FTSE Japan ETFScore 83
Rank 2ABBJPJPMorgan BetaBuilders Japan ETFScore 81
Rank 3ASCJiShares MSCI Japan Small-Cap ETFScore 75
Rank 4AFLJHFranklin FTSE Japan Hedged ETFScore 74
Rank 4AJPXNiShares JPX-Nikkei 400 ETFScore 74
Rank 12CJPYLazard Japanese Equity ETFScore 49
Rank 14CJPANMatthews Japan Active ETF JPANScore 45
Rank 15CMJSCMUFG Japan Small Cap Active ETFScore 44

Our read on each fund

ETF.net Research

FLJHAFranklin FTSE Japan Hedged ETF

JPANCMatthews Japan Active ETF JPAN

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.

JPAN The Japan aisle is stacked with cheap index trackers. JPAN is the other thing: an active, stock-picked Japan portfolio from an Asia-only shop, launched in 2023 and priced like the research effort it is.

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.

JPAN The fund seeks long-term capital appreciation.

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.

JPAN Actively managed by Matthews, a firm built around Asia, with one stated job: long-term capital appreciation from Japanese equities.
The portfolio stays inside the Japan mandate on the label, with no drift into the wider Asia-Pacific region.
Standard 1940 Act fund structure: no leverage, no commodity-pool plumbing, no derivative overlay to decode.

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.

JPAN At 0.79% a year it sits well above the typical Japan ETF, where index rivals like FLJP (0.09%) and BBJP (0.19%) set the floor.
A small, thinly traded fund, so spreads can run wider than the giant index names in the same aisle.
Launched in 2023, so the record is short, and cash comes back once or twice a year rather than quarterly.

Full FLJH profile⁠

Full JPAN profile⁠

FLJH vs JPAN Holdings

How FLJH and JPAN differ

Overlap by weight

37.6%

Shared holdings make up 91.7% of JPAN and 39.7% of FLJH.

Level by level

Holdings45 in both37.6%
Sector11 Sectors93.7%
Asset classStocks100%
Countryby domicile100%

Sector

Sector weights in FLJH and JPAN, widest gap first
Sector	Gap	FLJH	JPAN
Financials	JPAN +3.1 points	17.8%	20.9%
Technology	JPAN +2.2 points	19.1%	21.3%
Materials	FLJH +1.8 points	3.8%	1.9%
Utilities	FLJH +1.2 points	1.2%	0.0%
Health Care	FLJH +1.0 points	5.8%	4.8%
Energy	FLJH +0.9 points	0.9%	0.0%
Consumer Discretionary	JPAN +0.7 points	12.7%	13.4%
Communication	FLJH +0.5 points	8.4%	7.9%
Real Estate	FLJH +0.5 points	2.7%	2.2%
Consumer Staples	FLJH +0.2 points	4.3%	4.0%
Industrials	JPAN +0.2 points	23.3%	23.5%

Country, concentration and asset class

Country by domicile

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

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

Concentration

Weight in the 10 largest Holdings

FLJH25.0%
JPAN39.1%

Securities held

FLJH444
JPAN51

Asset class

FLJH: Stocks
JPAN: Stocks

Holdings

Only in FLJH399
In both45
Only in JPAN6

Only in FLJH

399 securities, 59.8% of FLJH by weight

Toyota Motor Corp3.81%
Itochu Corp1.53%
Mitsui & Co Ltd1.23%
Mitsubishi Heavy Industri1.03%
Mitsubishi Electric Corp0.97%
Nintendo Co Ltd0.92%
Net Current Assets0.90%
Kddi Corp0.86%
Hoya Corp0.82%
Panasonic Holdings Corp0.75%
Marubeni Corp0.75%
Honda Motor Co Ltd0.75%
Japan Tobacco Inc0.75%
Softbank Corp0.74%
Daiichi Life Group Inc0.64%
Sompo Holdings Inc0.63%
Daikin Industries Ltd0.63%
Fujitsu Limited0.59%
Japan Post Bank Co Ltd0.57%
Komatsu Ltd0.56%
Otsuka Holdings Co Ltd0.55%
Fanuc Corp0.54%
Daiichi Sankyo Co Ltd0.54%
Fujikura Ltd0.52%
Resona Holdings Inc0.51%
Bridgestone Corp0.48%
Seven & I Holdings Co Ltd0.47%
Astellas Pharma Inc0.47%
Chugai Pharmaceutical Co0.47%
Ntt Inc0.47%
Renesas Electronics Corp0.45%
Mitsui Fudosan Co Ltd0.45%
Sumitomo Electric Industr0.44%
Tdk Corp0.44%
Sumitomo Mitsui Trust Gro0.43%
Suzuki Motor Corp0.43%
Fujifilm Holdings Corp0.42%
Oriental Land Co Ltd0.40%
Canon Inc0.40%
Japan Post Holdings Co Lt0.39%
Bandai Namco Holdings Inc0.39%
Disco Corp0.38%
Kyocera Corp0.38%
Central Japan Railway Co0.38%
Nippon Steel Corp0.36%
Denso Corp0.35%
Eneos Holdings Inc0.34%
Ibiden Co Ltd0.34%
Smc Corp0.33%
Inpex Corp0.32%

Only in JPAN

6 securities, 4.9% of JPAN by weight

Panasonic Holdings Corp.1.93%
Go, Inc.0.88%
Japan Steel Works, Ltd.0.78%
Ns Group, Inc.0.60%
Timee, Inc.0.45%
Itoki Corp.0.26%

Weight gaps

All 45 Holdings in both funds, largest gap first.

Holding weights in FLJH and JPAN, widest gap first
Holding	Gap	FLJH	JPAN
Recruit Holdings Co Ltd	JPAN +2.37 points	2.48%	4.85%
Tokio Marine Holdings Inc	JPAN +2.33 points	1.71%	4.04%
Asics Corp	JPAN +2.20 points	0.35%	2.55%
Misumi Group Inc	JPAN +2.19 points	0.11%	2.30%
Sony Group Corp	JPAN +2.11 points	2.65%	4.76%
Nec Corp	JPAN +2.05 points	0.59%	2.64%
MS&AD Insurance Group Hol	JPAN +1.96 points	0.71%	2.67%
Konami Group Corp	JPAN +1.95 points	0.28%	2.23%
Sumitomo Corp	JPAN +1.92 points	0.71%	2.63%
East Japan Railway Co	JPAN +1.86 points	0.44%	2.30%
Mizuho Financial Group In	JPAN +1.76 points	1.85%	3.61%
Kao Corp	JPAN +1.76 points	0.37%	2.13%
Yokohama Rubber Co Ltd	JPAN +1.76 points	0.10%	1.86%
Ryohin Keikaku Co Ltd	JPAN +1.71 points	0.25%	1.96%
Niterra Co Ltd	JPAN +1.64 points	0.15%	1.79%
Mitsubishi Estate Co Ltd	JPAN +1.64 points	0.46%	2.10%
Mitsubishi Corp	JPAN +1.57 points	1.70%	3.27%
Kawasaki Heavy Industries	JPAN +1.53 points	0.16%	1.69%
Hitachi Ltd	JPAN +1.47 points	2.18%	3.65%
Advantest Corp	JPAN +1.38 points	2.21%	3.59%
Toyota Tsusho Corp	JPAN +1.37 points	0.47%	1.84%
Shionogi & Co Ltd	JPAN +1.33 points	0.25%	1.58%
Sumitomo Mitsui Financial	JPAN +1.25 points	2.36%	3.61%
Yamaha Motor Co Ltd	JPAN +1.21 points	0.15%	1.36%
Food & Life Companies Ltd	JPAN +1.10 points	0.12%	1.22%
Infroneer Holdings Inc	JPAN +1.02 points	0.07%	1.09%
Terumo Corp	JPAN +1.02 points	0.39%	1.41%
Keyence Corp	JPAN +1.02 points	1.42%	2.44%
Softbank Group Corp	FLJH +0.99 points	1.45%	0.46%
Isuzu Motors Ltd	JPAN +0.97 points	0.13%	1.10%
Resonac Holdings Corp	JPAN +0.96 points	0.21%	1.17%
Archion Corp	JPAN +0.86 points	0.03%	0.89%
Ajinomoto Co Inc	JPAN +0.84 points	0.43%	1.27%
Kinden Corp	JPAN +0.78 points	0.06%	0.84%
Takeda Pharmaceutical Co	JPAN +0.69 points	1.15%	1.84%
Fast Retailing Co Ltd	FLJH +0.62 points	1.53%	0.91%
Orix Corp	JPAN +0.58 points	0.65%	1.23%
Rohto Pharmaceutical Co L	JPAN +0.44 points	0.06%	0.50%
Mitsubishi Ufj Financial	JPAN +0.43 points	3.80%	4.23%
Shin-Etsu Chemical Co Ltd	FLJH +0.33 points	1.04%	0.71%
Socionext Inc	JPAN +0.32 points	0.03%	0.35%
Kioxia Holdings Corp	JPAN +0.32 points	1.07%	1.39%
Nomura Holdings Inc	JPAN +0.30 points	0.46%	0.76%
Murata Manufacturing Co L	FLJH +0.09 points	0.92%	0.83%
Tokyo Electron Ltd	JPAN +0.04 points	1.98%	2.02%

All 490 FLJH holdings⁠All JPAN 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 JPAN Cost

Overpaying JPAN vs FLJH

$13,276

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

FLJH 0.09%
$1,898
JPAN 0.79%
$15,174

Amount$10,000

Years30 years

Cost over time

FLJH 0.09%
JPAN 0.79%
Overpaying

Year by year

Year	FLJH	JPAN	Overpaying
10	$165	$1,405	$1,240
20	$646	$5,331	$4,685
30	$1,898	$15,174	$13,276

Expense ratio

0.09%FLJH, cheaper
0.79%JPAN

FLJH0.09%JPAN0.79%

0.09%1.92%

Middle half of Japan funds
Median 0.54%

FLJH cheapest of 18 funds

JPAN 13th cheapest of 18 funds

FLJH vs JPAN Dividends

Last 12 months to Nov 9, 2026

Yield (12M): FLJH 6.22%, better; JPAN 4.45%
Payout (12M): FLJH $2.74; JPAN $1.83
Last payment: FLJH $0.29; JPAN $1.83
Ex-dividend: FLJH Jun 26, 2026; JPAN Dec 17, 2025
Paid on: FLJH Jul 6, 2026; JPAN Dec 22, 2025
Frequency: FLJH Twice a year; JPAN Annual

Distribution history

Per share, 2017 to 2026, same scale for both

FLJHTwice a year · 13 paymentsAll FLJH payments⁠

JPANAnnual · 3 paymentsAll JPAN payments⁠

FLJH vs JPAN Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FLJH 12.4%, betterJPAN 14.7%
Return per unit of riskSharpe ratio, 3 years: FLJH 1.60, betterJPAN 1.20
Worst fallMax drawdown, 5 years: FLJH −20.4%JPAN −15.2%since Sep 2023
Market sensitivityBeta, 5 years: FLJH 0.64JPAN 0.86; Market = 1

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