EWJ Fund Description

The iShares MSCI Japan ETF tracks a market-cap-weighted index of Japanese stocks. The fund covers roughly 85% of the investable universe of securities traded in Japan.

EWJ ETF.com Insight

EWJ provides broad exposure to the Japanese equity market. Launched in 1996, EWJ was the first Japan-focused ETF to launch and quickly became the bellwether for US-based investors wantingIt's massive AUM and strong liquidity sets EWJ apart from its competitors Japanese market exposure since. Unfortunately, its 50 bp expense ratio makes EWJ one of the more expensive funds in the segment. EWJ tilts large, since it covers only 85% of Japan's total market-cap and excludes most small-caps. Industry tilts are present, but very minor. When it comes to liquidity, EWJ is a titan. The fund trades hundreds of millions of dollars on most days, at pennywide spreads. Its high block liquidity score is a nod to the fact that large investors are likely to get a fair deal when using a liquidity provider. It's massive AUM and strong liquidity sets EWJ apart from its competitors. (Insight updated 09/02/2014)

  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max
Performance [as of 10/28/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
EWJ -4.79% -7.05% -5.94% -3.18% 6.14% 5.28% 2.64%
EWJ (NAV) -4.90% -7.55% -5.91% -4.50% 5.87% 4.81% 2.54%
MSCI Japan Index -4.83% -7.40% -5.58% -4.08% 6.39% 5.36% 3.07%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

EWJ Top 10 Countries

EWJ Top 10 Sectors

EWJ Top 10 Holdings View All

EWJ Summary Data

BlackRock

A company that produces and manages ETFs.

03/12/96

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

Open-Ended Fund

The organizational structure of the fund or ETN.

0.50%

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

$13.5 B

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

$313.37 M

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

0.09%

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.

EWJ Portfolio Data

$35.96 B

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

14.80

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

1.24

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

1.51%

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

12/17/14

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

308

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.

EWJ Index Data

MSCI Japan Index

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

Market Cap

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

Market Cap

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

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 EWJ

JPP, DXJ, FJP, DBJP, NKY

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

EWJ ETF.com Efficiency Insight

EWJ's 50 bp expense ratio makes it one of the more expensive Japan ETF options. Tracking can be sporadic, as the fund lagged its index by as much as 103 bps during a particularly bad 12-month period in the past 2 years. EWJ also engages in securities lending, which brings revenue into the fund, at the cost of additional counterparty risk. EWJ's massive asset base makes the fund a staple in the segment. (Insight updated 09/02/2014)

Total Return - 10/28/2014
  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max
Performance [as of 10/28/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
EWJ -4.79% -7.05% -5.94% -3.18% 6.14% 5.28% 2.64%
EWJ (NAV) -4.90% -7.55% -5.91% -4.50% 5.87% 4.81% 2.54%
MSCI Japan Index -4.83% -7.40% -5.58% -4.08% 6.39% 5.36% 3.07%
MSCI Japan Investable Markets -4.83% -7.61% -5.01% -3.86% 6.53% 5.64% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

EWJ Portfolio Management

0.50%

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

-0.44%

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.

-0.21%

Largest deviation in a positive direction of a fund's returns vs. its underlying index over the past 12 months.

-1.02%

Largest deviation in a negative direction of a fund's returns vs. its underlying index over the past 12 months.

EWJ Tax Exposures

20.00% / 39.60%

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

0.00%

The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.

Qualified dividends

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

No

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

EWJ Fund Structure

Open-Ended Fund

The organizational structure of the fund or ETN.

No

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

Yes

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

75% / 25%

The division of securities lending revenue between the fund and the issuer.

N/A

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

N/A

The risk of default by the ETN counterparty.

Low

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

Daily

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

EWJ ETF.com Tradability Insight

EWJ is a titan when it comes to both on-screen and block liquidity. The fund trades hundreds of millions of dollars on most days, at pennywide spreads. EWJ trades more than 30 creation units per day—a sign of competitive market making. Its high block liquidity score also indicates large investors will get a fair deal when using a liquidity provider. (Insight updated 09/02/2014)



Average Spread
Premium/Discount
Volume

EWJ ETF.com/ Block LiquidityAs of 10/29/2014

5
4
3
2
1

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

EWJ Tradability

27,274,884

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

$313.37 M

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

26,259,202

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

$310.17 M

Median dollar value of shares traded over the past 45 trading days.

0.09%

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.

$0.01

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

0.17%

The middle value in the ranked set of all premium/discount values over a maximum 12-month period.

2.05% / -3.02%

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.

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.

0.00%

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

600,000

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.

43.77

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.

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.

0.06%

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.

702,674

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

$11.26

The total market value of the assets that an ETF holds less fund expenses.

5

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

EWJ ETF.com Fit Insight

EWJ holds a broad, comprehensive basket of Japanese large- and midcap companies. It excludes the bottom 15% of companies by market cap, which tilts it slightly larger than our benchmark. The fund slightly overweights telecoms and consumer cyclicals. EWJ takes on slightly more risk, although it should generally behave very similarly to our benchmark. (Insight updated 09/02/2014)

EWJ Sector/Industry BreakdownView All

EWJ Segment Benchmark
24.76% 24.30%

20.91% 21.41%

19.11% 18.96%

8.17% 8.25%

5.92% 6.18%

6.04% 5.06%

2.07% 2.38%

1.08% 1.16%

EWJ Geographic Exposure

EWJ Segment Benchmark
100.00% 100.00%

EWJ Segment Benchmark
100.00% 100.00%

100.00% / 0% 100.00% / 0%

EWJ Performance Statistics

1.00

The degree to which the fund and its segment benchmark move up and down in unison.

1.01

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.

1.02

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.

1.00

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.

0.07%

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.

MSCI Japan Investable Markets

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

EWJ Benchmark Comparison

EWJ
308 Holdings
Segment Benchmark
1169 Constituents
Shared Holdings
308 (Count)
 
82.47% (Weight)
EWJSegment Benchmark
$30.32 B$35.96 B

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

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

53%63%
31%35%
14%2%
3%0%
14.9514.80

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

1.211.24

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

1.86%1.88%

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

1169308

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.

LowLow

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