I realised that an ETF, iShares Currency Hedged MSCI Japan ETF (ticker symbol HEWJ) suddenly paid ~33% dividend on 2 Dec 2022. I couldn’t find any news related to it, and its counterpart (unhedged version, EWJ) does not pay such large amount. Is there any legitimate reason in general that an ETF pays such dividend?
I consider it detrimental to the ETF holders since as a foreigner, 30% of the dividend goes to tax.