FLJP vs HEWJ: Grades, Fees and Holdings Compared

Franklin FTSE Japan ETF

FLJPANYSE Arca

iShares Currency Hedged MSCI Japan ETF

HEWJCNYSE Arca

Overlap

84.5%by weight

Expense ratio

FLJP −0.93pt a year

FLJP0.09%HEWJ1.02%

Avg volume · 30D

FLJP 15.6×the volume

FLJP976KHEWJ62.6K

5Y return · a year

HEWJ +11.3pt

FLJP+9.2%HEWJ+20.5%

FLJP vs HEWJ Performance

Oct 29, 2021 – Oct 30, 2026

+55.0%FLJP+153.8%HEWJ

Expense ratio: FLJP 0.09%, better; HEWJ 1.02%
Fund size: FLJP $4.27B; HEWJ $625M
1Y total return: FLJP +16.4%; HEWJ +22.4%, better
Yield (12M): FLJP 4.26%, better; HEWJ 4.18%
Holdings: FLJP 447; HEWJ 171
Avg volume (30D): FLJP 976K sh, better; HEWJ 62.6K sh
NAV per share: FLJP $39.98; HEWJ $62.49
52W range

ETF.net Grade

Pillar letters and Scores for FLJP, HEWJ, with each pillar’s weight
Pillar	FLJP	HEWJ
Cost30% weight	A97Higher	F9
Mission25% weight	A100	Not scored
Risk15% weight	C48	C54Higher
Tradability15% weight	A71	A81Higher
Holdings10% weight	A74Higher	C52
Durability5% weight	B61	A76Higher

Rank among Japan funds

How we build Categories ›

Same Category. FLJP 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 ›

FLJP ranks 1st and HEWJ 16th of 18 funds in the Japan Category.

Rank 1AFLJPFranklin FTSE Japan ETFScore 82
Rank 2ABBJPJPMorgan BetaBuilders Japan ETFScore 80
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

FLJPAFranklin FTSE Japan ETF

HEWJCiShares Currency Hedged MSCI Japan ETF

In short

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.

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

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

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

Why people hold it

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%.

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

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.

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 FLJP profile⁠

Full HEWJ profile⁠

FLJP vs HEWJ Holdings

How FLJP and HEWJ differ

Overlap by weight

84.5%

Shared holdings make up 98.4% of HEWJ and 84.5% of FLJP.

Level by level

Holdings167 in both84.5%
Sector11 Sectors93.7%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in FLJP and HEWJ, widest gap first
Sector	More in FLJPMore in HEWJ	FLJP	HEWJ
Consumer Discretionary	HEWJ +3.6 points	11.9%	15.5%
Technology	FLJP +3.3 points	20.4%	17.1%
Communication	FLJP +2.0 points	8.5%	6.5%
Industrials	HEWJ +1.3 points	23.5%	24.8%
Health Care	HEWJ +0.7 points	5.2%	5.9%
Real Estate	FLJP +0.5 points	2.5%	2.0%
Financials	HEWJ +0.5 points	18.1%	18.6%
Materials	FLJP +0.2 points	3.8%	3.6%
Utilities	FLJP +0.2 points	1.2%	1.0%
Energy	HEWJ +0.2 points	0.9%	1.1%
Consumer Staples	Same weight	4.0%	4.0%

Country, concentration and asset class

Country by domicile

Country weights in FLJP and HEWJ, widest gap first
Country	More in FLJPMore in HEWJ	FLJP	HEWJ
Japan	Same weight	100.0%	100.0%

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

Concentration

Weight in the 10 largest Holdings

FLJP25.1%
HEWJ29.6%

Securities held

FLJP444
HEWJ168

Asset class

FLJP: Equity
HEWJ: Equity

Holdings

Only in FLJP277
In both167
Only in HEWJ1

Only in FLJP

277 securities, 15.5% of FLJP by weight

Net Current Assets0.80%
Baycurrent Inc0.16%
Nippon Express Holdings I0.14%
Shizuoka Financial Group0.14%
Mebuki Financial Group In0.14%
Fukuoka Financial Group I0.13%
Niterra Co Ltd0.13%
Food & Life Companies Ltd0.12%
Ngk Corp0.12%
Shimadzu Corp0.12%
Isetan Mitsukoshi Holding0.11%
Meiji Holdings Co Ltd0.11%
Rohm Co Ltd0.11%
Taiyo Yuden Co Ltd0.11%
Brother Industries Ltd0.11%
Hachijuni Nagano Bank Ltd0.11%
Kyoto Financial Group Inc0.11%
Sojitz Corp0.11%
Jfe Holdings Inc0.11%
Yaskawa Electric Corp0.11%
Misumi Group Inc0.10%
Nissan Chemical Corp0.10%
Sekisui Chemical Co Ltd0.10%
Ricoh Co Ltd0.10%
Omron Corp0.10%
Trend Micro Inc0.10%
Seiko Epson Corp0.09%
Kyuden Holdings Inc0.09%
Tisi Inc0.09%
Toto Ltd0.09%
Gunma Bank Ltd/The0.09%
Matsukiyococokara & Co0.09%
Ono Pharmaceutical Co Ltd0.09%
Toyo Suisan Kaisha Ltd0.09%
Sysmex Corp0.09%
Sumitomo Chemical Co Ltd0.09%
Tokyo Ohka Kogyo Co Ltd0.08%
Horiba Ltd0.08%
Yokohama Rubber Co Ltd0.08%
Sony Financial Group Inc0.08%
Dentsu Group Inc0.08%
Sumco Corp0.08%
Square Enix Holdings Co L0.08%
Hokuhoku Financial Group0.08%
Iyogin Holdings Inc0.08%
Asahi Intecc Co Ltd0.08%
Skylark Holdings Co Ltd0.08%
Tokyu Corp0.08%
77 Bank Ltd/The0.08%
Kobe Steel Ltd0.07%

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 FLJP and HEWJ, widest gap first
Holding	More in FLJPMore in HEWJ	FLJP	HEWJ
Advantest Corp	HEWJ +0.69 points	2.58%	3.27%
Mitsubishi Ufj Financial	HEWJ +0.63 points	3.83%	4.46%
Tokyo Electron Ltd	HEWJ +0.55 points	2.14%	2.69%
Sumitomo Mitsui Financial	HEWJ +0.45 points	2.39%	2.84%
Softbank Group Corp	HEWJ +0.41 points	1.72%	2.13%
Hitachi Ltd	HEWJ +0.41 points	2.29%	2.70%
Kioxia Holdings Corp	HEWJ +0.41 points	1.60%	2.01%
Recruit Holdings Co Ltd	HEWJ +0.37 points	2.64%	3.01%
Sony Group Corp	HEWJ +0.37 points	2.39%	2.76%
Mizuho Financial Group In	HEWJ +0.33 points	1.87%	2.20%
Fujitsu Limited	HEWJ +0.26 points	0.62%	0.88%
Mitsubishi Corp	HEWJ +0.26 points	1.55%	1.81%
Keyence Corp	HEWJ +0.24 points	1.49%	1.73%
Fast Retailing Co Ltd	HEWJ +0.23 points	1.40%	1.63%
Toyota Motor Corp	HEWJ +0.23 points	3.29%	3.52%
Murata Manufacturing Co L	HEWJ +0.21 points	1.13%	1.34%
Mitsubishi Heavy Industri	HEWJ +0.21 points	1.14%	1.35%
Tokio Marine Holdings Inc	HEWJ +0.20 points	1.63%	1.83%
Panasonic Holdings Corp	HEWJ +0.19 points	0.84%	1.03%
Nintendo Co Ltd	HEWJ +0.20 points	0.88%	1.08%
Mitsui & Co Ltd	HEWJ +0.19 points	1.26%	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 +0.16 points	0.95%	1.11%
Hoya Corp	HEWJ +0.16 points	0.90%	1.06%
Takeda Pharmaceutical Co	HEWJ +0.16 points	1.09%	1.25%
Sumitomo Corp	HEWJ +0.16 points	0.70%	0.86%
Renesas Electronics Corp	HEWJ +0.14 points	0.48%	0.62%
Ntt Inc	HEWJ +0.14 points	0.48%	0.62%
Tdk Corp	HEWJ +0.13 points	0.50%	0.63%
Ibiden Co Ltd	HEWJ +0.13 points	0.42%	0.55%
Nec Corp	HEWJ +0.13 points	0.60%	0.73%
Softbank Corp	HEWJ +0.12 points	0.69%	0.81%
Daiichi Life Group Inc	HEWJ +0.13 points	0.63%	0.76%
Fujikura Ltd	HEWJ +0.11 points	0.65%	0.76%
Fanuc Corp	HEWJ +0.11 points	0.54%	0.65%
Sumitomo Electric Industr	HEWJ +0.10 points	0.54%	0.64%
Japan Post Bank Co Ltd	HEWJ +0.11 points	0.55%	0.66%
Orix Corp	HEWJ +0.10 points	0.67%	0.77%
Disco Corp	HEWJ +0.10 points	0.44%	0.54%
Shin-Etsu Chemical Co Ltd	HEWJ +0.10 points	1.09%	1.19%
Honda Motor Co Ltd	HEWJ +0.09 points	0.68%	0.77%
Komatsu Ltd	HEWJ +0.09 points	0.56%	0.65%
Toyota Tsusho Corp	HEWJ +0.09 points	0.47%	0.56%
Lasertec Corp	HEWJ +0.09 points	0.30%	0.39%
Chugai Pharmaceutical Co	HEWJ +0.09 points	0.45%	0.54%
Sumitomo Mitsui Trust Gro	HEWJ +0.08 points	0.42%	0.50%
Nomura Holdings Inc	HEWJ +0.08 points	0.44%	0.52%
Marubeni Corp	HEWJ +0.09 points	0.74%	0.83%
Otsuka Holdings Co Ltd	HEWJ +0.08 points	0.54%	0.62%
Inpex Corp	HEWJ +0.07 points	0.36%	0.43%
Bridgestone Corp	HEWJ +0.08 points	0.43%	0.51%
Resona Holdings Inc	HEWJ +0.07 points	0.50%	0.57%
Sompo Holdings Inc	HEWJ +0.07 points	0.62%	0.69%
Eneos Holdings Inc	HEWJ +0.07 points	0.38%	0.45%
Kyocera Corp	HEWJ +0.07 points	0.44%	0.51%
Kao Corp	HEWJ +0.06 points	0.34%	0.40%
Smc Corp	HEWJ +0.07 points	0.35%	0.42%
Canon Inc	HEWJ +0.06 points	0.39%	0.45%
Daikin Industries Ltd	HEWJ +0.07 points	0.57%	0.64%
Itochu Corp	HEWJ +0.06 points	1.49%	1.55%
Mitsui Fudosan Co Ltd	HEWJ +0.06 points	0.41%	0.47%
Resonac Holdings Corp	HEWJ +0.06 points	0.24%	0.30%
Mitsubishi Estate Co Ltd	HEWJ +0.06 points	0.42%	0.48%
MS&AD Insurance Group Hol	HEWJ +0.05 points	0.70%	0.75%
Astellas Pharma Inc	HEWJ +0.05 points	0.47%	0.52%
Japan Post Holdings Co Lt	HEWJ +0.06 points	0.39%	0.45%
Ihi Corp	HEWJ +0.05 points	0.22%	0.27%
Kansai Electric Power Co	HEWJ +0.05 points	0.26%	0.31%
Nitto Denko Corp	HEWJ +0.05 points	0.22%	0.27%
Furukawa Electric Co Ltd	HEWJ +0.05 points	0.19%	0.24%
Nippon Steel Corp	HEWJ +0.04 points	0.34%	0.38%
Ryohin Keikaku Co Ltd	HEWJ +0.05 points	0.24%	0.29%
Secom Co Ltd	HEWJ +0.05 points	0.27%	0.32%
Ebara Corp	HEWJ +0.05 points	0.17%	0.22%
Olympus Corp	HEWJ +0.05 points	0.18%	0.23%
Asics Corp	HEWJ +0.05 points	0.33%	0.38%
Sumitomo Metal Mining Co	HEWJ +0.05 points	0.20%	0.25%
Ajinomoto Co Inc	HEWJ +0.04 points	0.49%	0.53%
Shionogi & Co Ltd	HEWJ +0.04 points	0.23%	0.27%
Fuji Electric Co Ltd	HEWJ +0.04 points	0.18%	0.22%
Obic Co Ltd	HEWJ +0.04 points	0.19%	0.23%
Fujifilm Holdings Corp	HEWJ +0.04 points	0.43%	0.47%
Oriental Land Co Ltd	HEWJ +0.04 points	0.37%	0.41%
T&D Holdings Inc	HEWJ +0.04 points	0.22%	0.26%
Mitsui Osk Lines Ltd	HEWJ +0.04 points	0.26%	0.30%
Denso Corp	HEWJ +0.03 points	0.33%	0.36%
Jx Advanced Metals Corp	HEWJ +0.04 points	0.17%	0.21%
Sbi Holdings Inc	HEWJ +0.04 points	0.15%	0.19%
Kirin Holdings Co Ltd	HEWJ +0.04 points	0.23%	0.27%
Asahi Group Holdings Ltd	HEWJ +0.04 points	0.24%	0.28%
Daiwa Securities Group In	HEWJ +0.03 points	0.23%	0.26%
Japan Exchange Group Inc	HEWJ +0.03 points	0.22%	0.25%
Yamaha Motor Co Ltd	HEWJ +0.03 points	0.16%	0.19%
Terumo Corp	HEWJ +0.03 points	0.35%	0.38%
Chubu Electric Power Co I	HEWJ +0.03 points	0.19%	0.22%
Asahi Kasei Corp	HEWJ +0.03 points	0.21%	0.24%
Kokusai Electric Corp	HEWJ +0.04 points	0.16%	0.20%
Daiwa House Industry Co L	HEWJ +0.03 points	0.27%	0.30%
Taisei Corp	HEWJ +0.03 points	0.17%	0.20%

All 507 FLJP 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.

FLJP vs HEWJ Cost

Overpaying HEWJ vs FLJP

$17,114

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

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

Amount$10,000

Years30 years

Cost over time

FLJP 0.09%
HEWJ 1.02%
Overpaying

Year by year

Year	FLJP	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%FLJP, cheaper
1.02%HEWJ

FLJP0.09%HEWJ1.02%

0.09%1.92%

Middle half of Japan funds
Median 0.54%

FLJP cheapest of 18 funds

HEWJ 17th cheapest of 18 funds

FLJP vs HEWJ Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FLJP 4.26%, better; HEWJ 4.18%
Payout (12M): FLJP $1.69; HEWJ $2.61
Last payment: FLJP $0.17; HEWJ $0.35
Ex-dividend: FLJP Jun 26, 2026; HEWJ Jul 2, 2026
Paid on: FLJP Jul 6, 2026; HEWJ Jul 8, 2026
Frequency: FLJP Twice a year; HEWJ Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

FLJPTwice a year · 18 paymentsAll FLJP payments⁠

HEWJTwice a year · 21 paymentsAll HEWJ payments⁠

FLJP vs HEWJ Risk

Fall from peak · 5 years

FLJP
HEWJ

Risk facts

VolatilityStd dev, 3 years: FLJP 12.5%HEWJ 12.5%
Return per unit of riskSharpe ratio, 3 years: FLJP 1.17HEWJ 1.58, better
Worst fallMax drawdown, 5 years: FLJP −28.8%HEWJ −20.9%, better
Market sensitivityBeta, 5 years: FLJP 0.96HEWJ 0.41; Market = 1

FLJP and HEWJ in the news

All news⁠

Deep Dive
Unhedged Japan rose 2.5% on the yen; Europe funds slipped
Sep 5, 2026FLJPHEWJ
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

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FLJP vs HEWJ

In short

Stated mandate

Why people hold it