Markets

Japan Currency-Hedged ETF (HEWJ) Hits New 52-Week High

For investors looking for momentum, iShares Currency Hedged MSCI Japan ETF HEWJ is probably a suitable pick. The fund just hit a 52-week high — up roughly 19.0% from its 52-week low of $27.33/share.

Does it have more gains in store? Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:

HEWJ in Focus

The underlying MSCI Japan 100% Hedged to USD Index consists of stocks traded primarily on the Tokyo Stock Exchange with the currency risk of the securities included in the underlying index hedged against the U.S. dollar on a monthly basis. It charges 48 bps in fees (see all Asia-Pacific (Developed) ETFs here).

Why the Move?

Global stocks have staged a decent stretch lately on hopes of a Brexit deal by the end of this month and reports of a “Phase 1” trade deal between the United States and China. Risk-on trade sentiments subdued the strength of the yen, which in turn benefited this currency-hedged Japan ETF.

More Gains Ahead?

The fund has a Zacks ETF Rank #1 (Strong Buy). Also, HEWJ has a positive weighted alpha of 4.40, which gives cues of further rally.

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iShares Currency Hedged MSCI Japan ETF (HEWJ): ETF Research Reports

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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