EZJ provides 2x levered exposure to the MSCI Japan Index, which aims to capture the broad Japanese equity market. The underlying index comprises of market-cap-weighted large- and midcap Japanese firms, which covers approximately 85% of the Japanese investable universe. The fund achieves leverage primarily through the use of swap agreements. As a geared product with daily resets, EZJ is designed as a short-term trading tool and not a long-term investment vehicle. As a result, long-term returns could materially differ from those of the underlying index due to daily compounding. EZJ is the long version of its sister fund EWV, which provides 2x inverse exposure to the same index. On the other hand, unleveraged exposure can be attained through iShares EWJ.
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