The WisdomTree Europe Hedged Equity Fund (NYSEArca: HEDJ) is WisdomTree’s (NasdaqGS: WETF) latest exchange traded fund to top $1 billion in assets under management. To be precise, HEDJ had $1.1 billion in assets as of April 4.

Just as the WisdomTree Europe Hedged Equity Fund (NYSEArca: DXJ) does with the USD/JPY currency pair, HEDJ is designed to provide hedge EUR/USD exposure while delivering upside to investors as Eurozone equities rise. HEDJ excludes Switzerland and the U.K. from its country lineup.

HEDJ could be a sign that some investors believe the rally in European equities can continue, but also that the euro is overvalued. [Currency Hedged ETFs on the Rise]

WisdomTree reconfigured the ETF in the third quarter of 2012 from a multi-country, multi-currency fund to its current form, a move that combined with the resurgence in European equities has helped HEDJ rapidly grow its AUM tally.

“Investors who want to participate in Europe’s economic recovery, but are concerned about the fluctuation of the currency should consider the WisdomTree Europe Hedged Equity Fund (HEDJ),” said Jeremy Schwartz, WisdomTree Director of Research, in a statement. “Currency moves are difficult to predict. Investors should ask themselves: ‘Do I want a secondary currency exposure on top of local equity returns?’ If there is little cost to hedge, as is currently the case in Europe, we believe taking the risk unhedged should be left to investors with full-faith in the direction of the euro.”

Countries receiving double-digit weights in HEDJ are Germany, France, Spain and the Netherlands. That quartet combines for over 82% of the ETF’s weight. The ETF’s largest sector weights are industrials, consumer discretionary, staples and financial services.