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 12/18/14]
1 Month
3 Month
YTD
1 Year
3 Years
5 Years
10 Years

EWJ
-1.90% -2.31% -4.47% -2.31% 10.22% 4.85% 2.39%

EWJ (NAV)
-3.54% -3.70% -5.77% -3.61% 9.30% 4.52% 2.14%

MSCI Japan Index
-3.45% -3.50% -5.37% -3.18% 9.84% 5.07% 2.68%
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

Issuer BlackRock

A company that produces and manages ETFs.

Inception Date 03/12/96

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 0.50%

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

Assets Under Management $14.42 B

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

Average Daily $ Volume $423.08 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 (%) 0.09%

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

Weighted Average Market Cap $36.83 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 14.19

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

Price / Book Ratio 1.29

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

Distribution Yield 1.33%

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

Next Ex-Dividend Date 12/29/14

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

Number of Holdings 310

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

Index Tracked MSCI Japan Index

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

Index Weighting Methodology Market Cap

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

Index Selection Methodology Market Cap

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 EWJ

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

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

EWJ Commentary & News

18 December 2014
ETF Analytics & Data
15 December 2014
Hedged Japan ETFs Set For Big Cap Gains | ETF.com
Dennis Hudachek
2 December 2014
Making Wise Currency Hedging Decisions | ETF.com
Deborah Frame
13 November 2014
Why Did Your ETF Reverse Split? | ETF.com
Dave Nadig

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 - 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

EWJ
-1.90% -2.31% -4.47% -2.31% 10.22% 4.85% 2.39%

EWJ (NAV)
-3.54% -3.70% -5.77% -3.61% 9.30% 4.52% 2.14%

MSCI Japan Index
-3.45% -3.50% -5.37% -3.18% 9.84% 5.07% 2.68%

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.

EWJ Portfolio Management

Expense Ratio 0.50%

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) -0.40%

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.

EWJ 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.

EWJ Fund Structure

Legal Structure Open-Ended Fund

The organizational structure of the fund or ETN.

OTC Derivative Use No

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.

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 12/19/2014

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

Avg. Daily Share Volume 36,530,246

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

Average Daily $ Volume $423.08 M

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

Median Daily Share Volume 30,360,599

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 (%) 0.09%

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.

($) | The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars." href="javascript:void(0)" class="term">Average Spread ($) $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) 6.77% / -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.

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) 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.

(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) 50.60

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 (%) 0.07%

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 0.05%

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 1,076,915

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.

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

Sector EWJ Segment Benchmark
Industrials 24.70% 24.43%

Consumer Cyclicals 21.20% 21.92%

Financials 19.16% 18.75%

Technology 8.43% 8.54%

Healthcare 5.72% 5.95%

Basic Materials 6.16% 5.09%

Utilities 2.07% 2.40%

Energy 0.87% 0.93%

EWJ Geographic Exposure

Countries EWJ Segment Benchmark
Japan 100.00% 100.00%

Regions EWJ Segment Benchmark
Asia-Pacific 100.00% 100.00%

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

EWJ Performance Statistics

Beta 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.

Up Beta 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.

Down Beta 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.

Downside Standard Deviation 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.

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.

EWJ Benchmark Comparison

EWJ
310 Holdings
Segment Benchmark
1194 Constituents
Shared Holdings
310 (Count)
 
82.69% (Weight)
EWJSegment 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$36.83 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%63%
Mid (>2.7B)31%35%
Small (>600M)13%1%
Micro (<600M)3%0%
Price / Book Ratio1.261.29

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

Dividend Yield1.98%2.00%

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
1194310

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.