DXJ Fund Description

The WisdomTree Japan Hedged Equity ETF tracks a dividend-weighted index of Japanese stocks. The fund is hedged for currency fluctuations between the US dollar and Japanese yen.

DXJ ETF.com Insight

Opportunity fund DXJ has a narrow investment thesis, with an Abenomics-targeted, dividend-focused portfolio. It selects export-oriented, dividend-paying Japanese firms, dividend-weightsAbenomics-targeted, dividend-focused portfolio them and hedges its yen exposure, positioning itself to gain from increased trade and a devalued currency, to the extent that dividend-paying firms benefit. The fund's yen-hedged competitor DBJP tracks a broad, cap-weighted index, a distinction that has helped DBJP lately, a counterpoint to DXJ's complexity. DXJ wasn't always currency-hedged or export-oriented. At launch, it tracked a dividend-weighted index, adding a currency hedge in 2010, and shifting the portfolio toward exporters in November 2012. DXJ's recent popularity makes it easy to trade, and its low expense ratio makes it relatively cheap to hold. (Insight updated 09/26/2014)

  • 1 Month

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  • YTD

  • 1 Year

  • 3 Years

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  • Max

Performance [as of 12/18/14]
1 Month
3 Month
YTD
1 Year
3 Years
5 Years
10 Years

DXJ
0.42% 5.32% 9.11% 12.41% 23.15% 8.63% --

DXJ (NAV)
-1.28% 4.00% 8.03% 11.79% 22.05% 8.30% --

WisdomTree Japan Hedged Equity Index
-1.14% 4.35% -- 12.55% 22.48% 8.76% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

DXJ Top 10 Countries

DXJ Top 10 Sectors

DXJ Top 10 Holdings View All

DXJ Summary Data

Issuer WisdomTree

A company that produces and manages ETFs.

Inception Date 06/16/06

The first date of a fund's operations, as documented by the issuer.

Legal Structure Open-Ended Fund

The organizational structure of the fund or ETN.

Expense Ratio 0.48%

The net total annual fee a fund holder pays to the issuer.

Assets Under Management $12.12 B

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

Average Daily $ Volume $398.12 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

(%) | The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent." href="javascript:void(0)" class="term">Average Spread (%) 0.02%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

DXJ Portfolio Data

Weighted Average Market Cap $36.79 B

Describes the average of each stock's market cap (share price x shares outstanding) scaled by its weight in the portfolio.

Price / Earnings Ratio 12.54

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

Price / Book Ratio 1.18

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

Distribution Yield 1.71%

The ratio of distributions paid by the fund over the past 12 months, divided by the fund’s NAV.

Next Ex-Dividend Date 12/19/14

The date on which a security's price excludes an upcoming dividend.

Number of Holdings 324

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

DXJ Index Data

Index Tracked WisdomTree Japan Hedged
Equity Index

This is the benchmark an ETF is desigend to track or replicate.

Index Weighting Methodology Dividend

A set of rules that the underlying index provider follows to weight its constituent securities.

Index Selection Methodology Fundamental

A set of rules that the underlying index provider follows to select its constituent securities.

Segment Benchmark MSCI Japan Investable Markets

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to DXJ

Top Competing ETFs DBJP, EWJ, JPP, FJP, NKY

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

DXJ ETF.com Efficiency Insight

At 48 bps, DXJ isn't overly cheap, but not expensive considering the fund's added costs for hedging out the yen. The fund tracks its index loosely, trailing it by a median 81 bps over rolling 12-month periods. DXJ has yet to pay out capital gains distributions since its inception in June 2006. (Insight updated 09/26/2014)


Total Return - 12/18/2014

  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 12/18/14]
1 Month
3 Month
YTD
1 Year
3 Years
5 Years
10 Years

DXJ
0.42% 5.32% 9.11% 12.41% 23.15% 8.63% --

DXJ (NAV)
-1.28% 4.00% 8.03% 11.79% 22.05% 8.30% --

WisdomTree Japan Hedged Equity Index
-1.14% 4.35% -- 12.55% 22.48% 8.76% --

MSCI Japan Investable Markets
-3.00% -3.65% -4.90% -2.64% 9.81% 5.46% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

DXJ Portfolio Management

Expense Ratio 0.48%

The net annual fee a fund holder pays to the issuer.

(12 Mo) | Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results." href="javascript:void(0)" class="term">Median Tracking Difference (12 Mo) -0.68%

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

DXJ Tax Exposures

Max LT/ST Capital Gains Rate 20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

Tax on Distributions Qualified dividends

IRS treatment of the majority of the fund's distributions.

Distributes K1 No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

DXJ Fund Structure

Legal Structure Open-Ended Fund

The organizational structure of the fund or ETN.

OTC Derivative Use Yes

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

Securities Lending Active Yes

An indicator of whether or not a fund actively lends its portfolio holdings.

ETN Counterparty N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

ETN Counterparty Risk N/A

The risk of default by the ETN counterparty.

Fund Closure Risk Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Portfolio Disclosure Daily

The frequency of an issuer's disclosure of all fund holdings.

DXJ ETF.com Tradability Insight

DXJ is the second-most-liquid fund in its segment, though spreads still average 1 cent. It trades over 50 creation units per day on average, while its high block liquidity score confirms market makers are able to provide competitive markets to those who want to trade in size. Both small and large investors will find the fund easy to trade. (Insight updated 09/26/2014)

Average Spread

Premium/Discount

Volume

DXJ ETF.com/ Block LiquidityAs of 12/19/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of DXJ. DXJ is rated a 5 out of 5.

DXJ Tradability

Avg. Daily Share Volume 7,450,710

It is the daily number of shares traded, averaged over the past 45 trading days.

Average Daily $ Volume $398.12 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

Median Daily Share Volume 6,059,705

Median number of shares traded over the past 45 trading days.

(%) | The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent." href="javascript:void(0)" class="term">Average Spread (%) 0.02%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

($) | The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars." href="javascript:void(0)" class="term">Average Spread ($) $0.01

The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars.

(12 Mo) | The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period." href="javascript:void(0)" class="term">Max. Premium / Discount (12 Mo) 6.30% / -3.34%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period.

Impediment to Creations None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

Market Hours Overlap 0.00%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

(Shares) | The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund." href="javascript:void(0)" class="term">Creation Unit Size (Shares) 50,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

(45 Day Average) | The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots." href="javascript:void(0)" class="term">Creation Unit/Day (45 Day Average) 121.19

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

(%) | The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit." href="javascript:void(0)" class="term">Creation Unit Cost (%) 0.08%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

Underlying Volume / Unit 0.04%

This metric serves as a way of understanding the impact of executing 1 creation unit worth of an ETF in terms of the volume of its underlying components.

Open Interest on ETF Options 1,009,779

The total number of net outstanding options contracts for an ETF.

ETF.com Implied Liquidity 5

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

DXJ ETF.com Fit Insight

DXJ reflects only part of Japan's overall economy, by design. Its exporter focus produces a portfolio full of US household names, like Toyota and Canon, minus Japanese utilities, telecoms like NTT, or domestic financial firms. DXJ's dividend-oriented selection and weighting come through to deliver the segment's highest yield, as well as a P/E ratio below our benchmark's, and a tilt to large-caps. Meanwhile, it's currency-hedged feature neutralizes the yen exposure in the fund. (Insight updated 09/26/2014)

DXJ Sector/Industry Breakdown

Sector DXJ Segment Benchmark
Industrials 24.70% 26.80%

Consumer Cyclicals 21.20% 26.32%

Financials 19.16% 11.09%

Technology 8.43% 10.13%

Basic Materials 6.16% 9.09%

Healthcare 5.72% 7.73%

Energy 0.87% 0.37%

DXJ Geographic Exposure

Countries DXJ Segment Benchmark
Japan 100.00% 100.00%

Regions DXJ Segment Benchmark
Asia-Pacific 100.00% 100.00%

Developed /
Emerging Split
100.00% / 0% 100.00% / 0%

DXJ Performance Statistics

Beta 0.94

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

Annualized Alpha 14.63%

The excess return of fund relative to ETF.com segment benchmark on a risk adjusted basis. Only reported if statistically significant.

Up Beta 0.95

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

Down Beta 1.02

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

Downside Standard Deviation 0.42%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

Segment Benchmark MSCI Japan Investable Markets

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

DXJ Benchmark Comparison

DXJ
324 Holdings
Segment Benchmark
1194 Constituents
Shared Holdings
317 (Count)
 
53.40% (Weight)
DXJSegment Benchmark
Market Cap | The average market capitalization of the firms in the portfolio based on each firm’s weighting in the portfolio." href="javascript:void(0)" class="term">Weighted Average
Market Cap
$30.98 B$36.79 B

The average market capitalization of the firms in the portfolio based on each firm’s weighting in the portfolio.

Size Split

The breakdown of the portfolio’s holdings into each market capitalization bucket based on each firm’s weighting in the portfolio.

Large (>12.9B)53%65%
Mid (>2.7B)31%26%
Small (>600M)13%7%
Micro (<600M)3%1%
Price / Book Ratio1.261.18

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

Dividend Yield1.98%2.50%

The weighted average of the current yield on the portfolio’s holdings.

Holdings | The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper." href="javascript:void(0)" class="term">Number Of
Holdings
1194324

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

ConcentrationLowLow

The level of return contribution attributable to the average portfolio constituent.