Performance data is updated to 31 May 2026.
BetaShares Japan Currency Hedged ETF (HJPN) — Review & Analysis
HJPN tracks an index of large globally competitive Japanese companies, with the yen exposure hedged back to Australian dollars. AUM is $306.45 million as at May 2026 with a 0.56% p.a. management fee. Compare HJPN against unhedged Japan options on our Asia ETF page or use the Compare ETFs tool to put it side-by-side with IJP.
The hedging decision is everything with Japan exposure. IJP (iShares MSCI Japan, 0.50% unhedged) returned +16.7% over one year to May 2026 — versus HJPN's stand-out +54.3% over the same period. That 37 percentage point gap reflects a sharp yen depreciation against the AUD: when the yen falls, unhedged Japan ETFs lose value in AUD terms even when underlying Japanese equities rise, while hedged products like HJPN capture the full domestic-currency move.
Structurally, HJPN runs a quality-tilted index focused on Japan's globally competitive multinationals — Toyota, Sony, Mitsubishi, Keyence and similar names — rather than the full MSCI Japan universe. The currency hedge is reset periodically and adds a small ongoing cost (already included in the 0.56% MER). For Australian investors, the trade-off is straightforward: if you think the yen will recover from current lows, IJP wins; if you think AUD/JPY stays elevated or rises further, HJPN wins.
HJPN's 12-month performance is the headline number — but it sits inside a broader currency call that needs revisiting periodically. Read our hedged vs unhedged ETF guide for the framework on when hedging adds value across each major region.
Performance (% return)
Investment Focus
Themes
Exposure Regions
Portfolio Breakdown
| Company Name | % assets |
|---|---|
| MITSUBISHI UFJ FINANCIAL GROUP | 5.40% |
| TOYOTA MOTOR CORP | 4.80% |
| TOKYO ELECTRON LTD | 4.30% |
| HITACHI LTD | 3.40% |
| SUMITOMO MITSUI FINANCIAL GROU | 3.40% |
| SONY GROUP CORP | 3.10% |
| ADVANTEST CORP | 2.90% |
| MITSUBISHI CORP | 2.80% |
| MIZUHO FINANCIAL GROUP INC | 2.70% |
| MURATA MANUFACTURING CO LTD | 2.60% |
| Sector | % assets |
|---|---|
| Industrials | 27.8% |
| Consumer Discretionary | 21.8% |
| Information Technology | 15.9% |
| Financials | 14% |
| Health Care | 8.3% |
| Materials | 4.9% |
| Consumer Staples | 3.9% |
| Communication Services | 2.9% |
| Energy | 0.5% |
Related Reads
Hedged vs Unhedged ETFs: The Best Option in Every Category
Every international ETF investor in Australia faces the same question: hedged or unhedged? The answer depends almost entirely on one thing: what the Australian dollar does.
Hedged vs Unhedged ETFs: When to Use Each (and the Hidden Cost of Getting It Wrong)
Currency is the biggest hidden factor in your international ETF returns. Over the past 5 years, the falling Australian dollar added up to 43 percentage points of bonus return for unhedged investors. But in the last 12 months, the AUD rallied — and unhedged ETFs gave back 12–14% compared to their hedged equivalents.
Emerging Markets ETFs on the ASX: How to Access India, China, Asia, and the World's Fastest-Growing Economies
There are 29 ETFs on the ASX covering emerging markets, Asia, China, India, Japan, and Korea — with a combined $11.3 billion in assets under management. These funds give Australian investors access to economies that represent roughly 80% of the world's population and the lion's share of global GDP growth over the next two decades.
Similar ETFs
| Stock | Name | 1 Year % |
|---|---|---|
| ASIA | BetaShares Asia Technology Tigers ETF | +105.36% |
| CNEW | VanEck China New Economy ETF | +16.28% |
| DRGN | Global X China Tech ETF | +40.99% |
| CETF | VanEck FTSE China A50 ETF | +16.34% |
| ASAO | abrdn Sustainable Asian Opportunities Active ETF | +41.20% |
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Last updated: January 2026
