FLJH vs OPPJ

FLJHAFranklin FTSE Japan Hedged ETF

OPPJBWisdomTree Japan Opportunities Fund

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.

OPPJ Most Japan funds just hand you the index. OPPJ builds around the reform story: Berkshire's trading-house stakes, buyback-heavy payers, cheap governance improvers, and a yen hedge that resets between 0% and 100% every month.

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.

OPPJ The Fund seeks to track the price and yield performance of the WisdomTree Japan Opportunities Index before fees and expenses. It uses passive indexing and generally representative sampling, investing at least 80% of assets in Index constituents or economically similar investments.

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.

• OPPJ The Buffett tell, written into the rulebook: up to 45% of the index can sit in Japanese companies where Berkshire Hathaway owns more than 5% of the shares.sec.govwisdomtree.com
• The yen hedge is a dial, not a switch. Each month the index sets its hedge anywhere from 0% to 100% using signals like yen momentum and US versus Japan interest rate differentials.wisdomtree.comsec.gov
• Three more sleeves take 15-33% each: high shareholder yield (dividends plus buybacks), cheap governance improvers with growing earnings, and geopolitical or tech themes.sec.gov
• Active-sounding story, passive plumbing: a published rules-based index, at least 80% of assets in its constituents, and close tracking of the index it names. Pays 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.

• OPPJ You pay for the design. The 0.58% fee runs above the typical Japan fund and well above plain trackers like FLJP at 0.09% and BBJP at 0.19%.
• Concentrated by construction: the Berkshire sleeve alone can reach 45% of the index and the fund is non-diversified, so a few trading houses can steer results.sec.gov
• New engine in an old chassis. This was the WisdomTree Japan Hedged SmallCap Equity Fund (DXJS) until July 2025, so returns before that date reflect a different small-cap strategy.wisdomtree.comsec.gov

Full FLJH profile⁠

Full OPPJ profile⁠