Q: I prepared a question on EWJ but when I hit “submit” your website logged me out; I will prepare it again but if you see the first one of course please ignore this.

A couple of questions. First, what is your outlook for this investment going forward? The ETF is based on the Japan index; does the market in Japan seem favourable? In particular, there has been a suggestion that the “carry trade” will be winding down as interest rates begin to rise; will this affect the investment prospects? Or does the ETF being in US currency shield it from any effect?

Second, what is the expected yield going forward? Different profiles for the fund show different rates. 5i I has it at 1.9%; BMO shows it at 4.53%. However, in December, I received a payment that was probably just over 4%, but that was a semi-annual payment. Can you see what it might be going forward to the next one in May? And can you explain why the December payment seems so high, especially compared to distributions in the past years?

Many thanks for your excellent service.

Q: Wanting to diversify my holdings to include international markets.

Could you please recommend an ETF for India, Japan, Europe and emerging markets.

What percentage do you recommend to be outside North America?

Thanks Dave

Q: Do you have a preference between DXJ and EWJ for Japan equity exposure? DXJ has outperformed historically—largely due to currency hedging but this may not continue. I would value your detailed view —and reasoning on:
• attractiveness of hedged vs. unhedged Japan exposure in the current reckless debt levels,
• fundamental index differences (TOPIX-based vs. WisdomTree dividend/quality tilt),
• concentration risks and sector biases of each,
• DXJ is already held and I could add to it but I wonder what you think of how each ETF fits into strategic vs. tactical allocations,
(whether holding both funds offers diversification? Or would that be unnecessary overlap?)