Plastic Film Capacitors Metallized Polypropylene Film Capacitor ECWFE series Non-inductive construction using metallized polypropylene film with flame retardant plastic case. Features Small size Excellent frequency characteristics Low loss Flame retardant plastic case and non-combustible resin Low hum sound noise RoHS compliant Recommended applications Active filter circuit High frequency circuit Explanation of part number Standard 1 2 3 4 5 E C W F E Product code Dielectric & construction 6 7 8 Rated voltage Code 2W 2J 9 10 Capacitance R.voltage [DC] 450 V 630 V 11 Cap. Tol. Code J K Cap. Tol. 5 10 12 Suffix Code Blank A Lead form Straight Cut lead Special lead space product 1 2 3 4 5 E C W F E Product code Dielectric & construction 6 7 Rated voltage Code 2W 2J R.voltage [DC] 450 V 630 V 8 9 10 Capacitance Code P Q 11 12 Cap. Tol. Suffix Cap. Tol. 5 10 Code 1,,8 A,D,L Lead form Straight Cut lead Specifications Category temp. range -40 to +105 (Including temperature-rise on unit surface) 450 V Rated voltage [DC] 630 V Capacitance range Capacitance tolerance Dissipation factor (tan ) Withstand voltage Insulation resistance (IR) 450 V 630 V 450 V 630 V Peak to peak voltage applied on the capacitor should be less than 240 Vp-p, and zero to peak voltage should be less than 450 Vo-p. (Derating of rated voltage by 1.25 %/ at more than 85 ) Peak to peak voltage applied on the capacitor should be less than 400 Vp-p, and zero to peak voltage should be less than 630 Vo-p. (Derating of rated voltage by 1.0%/ at more than 85 ) 0.1 F to 4.7 F 0.1 F to 2.2 F 5% (J), 10 % (K) tan 0.1 % (20 , 1 kHz) Between terminals : Rated voltage (V)x150 % 60 s C 0.33 FIR 30,000 M (20 , 100 V, 60 s) C > 0.33 FIR 10,000 MF C 0.33 FIR 9,000 M (20 , 500 V, 60 s) C > 0.33 FIR 3,000 MF In case of applying voltage in alternating current (50 Hz or 60 Hz sine wave) to a capacitor with DC rated voltage, please refer to the page of "Permissible voltage (R.M.S) in alternating current corresponding to DC rated voltage". Design and specifications are each subject to change without notice. Ask factory for the current technical specifications before purchase and/or use. Should a safety concern arise regarding this product, please be sure to contact us immediately. 31-May-19 Plastic Film Capacitors ECWFE series Dimensions L0.5 Cut lead T0.5 Marking H0.5 WFE2W 105J 4.00.5 20 min. F0.4 Marking example (Suffix A,D,L d0.05 Date code. Tin-plated copper-clad steel wire Q +1.4 -0.6 P(Lead location limits from center) Unit: Rating * Dimensions * Quantity Rated voltage [DC] : 450 V, Capacitance tolerance : 5 %(J), 10 %(K) Part No. Cap. Dimensions Min. order Q'ty PCS) F L T H F d P Q 0.10 13.0 5.0 10.5 10.0 0.6 00.8 1.5 0.10 17.5 5.0 10.5 15.0 0.6 00.8 1.25 0.15 13.0 5.0 10.5 10.0 0.6 00.8 1.5 0.15 17.5 5.0 10.5 15.0 0.6 00.8 1.25 0.22 13.0 6.0 12.0 10.0 0.6 00.8 1.5 0.22 17.5 5.0 10.5 15.0 0.6 00.8 1.25 0.33 13.0 6.0 12.0 10.0 0.6 00.8 1.5 0.33 17.5 5.0 10.5 15.0 0.6 00.8 1.25 0.47 13.0 7.0 12.5 10.0 0.6 00.8 1.5 ECWFE2W474( ) 0.47 17.5 6.0 11.5 15.0 0.8 00.8 1.3 ECWFE2W684( ) 0.68 17.5 7.0 12.5 15.0 0.8 00.8 1.3 ECWFE2W105( ) 1.0 17.5 7.0 12.5 15.0 0.8 00.8 1.3 ECWFE2W155( ) 1.5 17.5 10.0 15.5 15.0 0.8 00.8 1.3 1.5 31.0 9.0 19.0 27.5 0.8 00.8 1.75 400 300 2.2 17.5 10.0 15.5 15.0 0.8 00.8 1.3 1000 600 2.2 31.0 11.0 21.0 27.5 0.8 00.8 1.75 200 200 3.3 26.0 10.0 17.0 22.5 0.8 00.8 1.8 500 300 3.3 31.0 13.0 23.0 27.5 0.8 00.8 1.75 200 200 4.7 26.0 12.0 19.0 22.5 0.8 00.8 1.8 300 200 4.7 31.0 15.5 25.5 27.5 0.8 00.8 1.75 150 100 ECWFE2W104( ) ECWFE2W104P( ) ECWFE2W104Q( ) ECWFE2W154( ) ECWFE2W154P( ) ECWFE2W154Q( ) ECWFE2W224( ) ECWFE2W224P( ) ECWFE2W224Q( ) ECWFE2W334( ) ECWFE2W334P( ) ECWFE2W334Q( ) ECWFE2W474P( ) ECWFE2W474Q( ) ECWFE2W155P( ) ECWFE2W155Q( ) ECWFE2W225( ) ECWFE2W225P( ) ECWFE2W225Q( ) ECWFE2W335( ) ECWFE2W335P( ) ECWFE2W335Q( ) ECWFE2W475( ) ECWFE2W475P( ) ECWFE2W475Q( ) Capacitance tolerance code ( )Suffix for lead crimped Straight 1000 Cut lead 1000 600 NotePart number marked with bold is special lead space product. The capacitance of 0.10 F, 0.15 F, 0.22 F, 0.33 F, 3.3 F, 4.7 F are "5" or "D" The capacitance of 0.47 F is "1" or "A" The capacitance of 1.5 F, 2.2 F are "8" or "L" Design and specifications are each subject to change without notice. Ask factory for the current technical specifications before purchase and/or use. Should a safety concern arise regarding this product, please be sure to contact us immediately. 31-May-19 Plastic Film Capacitors ECWFE series Rating * Dimensions * Quantity Rated voltage [DC] : 630 V [DC], Capacitance tolerance : 5 %(J), 10 %(K) Part No. Cap. Dimensions Min. order Q'ty F L T H F d P Q 0.10 17.5 5.0 10.5 15.0 0.6 00.8 0.10 26.0 6.0 13.0 22.5 0.8 0.15 17.5 6.0 11.5 15.0 0.15 26.0 6.0 13.0 0.22 17.5 7.0 0.22 26.0 0.33 PCS) Straight Cut lead 1.3 1000 1000 00.8 1.75 900 700 0.6 00.8 1.3 1000 1000 22.5 0.8 00.8 1.75 900 700 12.5 15.0 0.6 00.8 1.3 1000 1000 6.0 13.0 22.5 0.8 00.8 1.75 900 700 17.5 8.5 14.5 15.0 0.6 00.8 1.3 1000 800 0.33 26.0 7.0 14.0 22.5 0.8 00.8 1.75 700 500 0.47 17.5 10.0 15.5 15.0 0.6 00.8 1.3 1000 600 0.47 26.0 8.0 15.0 22.5 0.8 00.8 1.75 600 400 ECWFE2J684( ) 0.68 17.5 11.0 17.5 15.0 0.6 00.8 1.3 600 600 ECWFE2J105( ) 1.0 26.0 10.0 17.0 22.5 0.8 00.8 1.8 500 1.0 31.0 9.0 19.0 27.5 0.8 00.8 1.75 400 1.5 26.0 12.0 19.0 22.5 0.8 00.8 1.8 300 1.5 31.0 11.0 21.0 27.5 0.8 00.8 1.75 2.2 26.0 16.0 23.0 22.5 0.8 00.8 1.8 2.2 31.0 13.0 23.0 27.5 0.8 00.8 1.75 ECWFE2J104( ) ECWFE2J104P( ) ECWFE2J104Q( ) ECWFE2J154( ) ECWFE2J154P( ) ECWFE2J154Q( ) ECWFE2J224( ) ECWFE2J224P( ) ECWFE2J224Q( ) ECWFE2J334( ) ECWFE2J334P( ) ECWFE2J334Q( ) ECWFE2J474( ) ECWFE2J474P( ) ECWFE2J474Q( ) ECWFE2J105P( ) ECWFE2J105Q( ) ECWFE2J155( ) ECWFE2J155P( ) ECWFE2J155Q( ) ECWFE2J225( ) ECWFE2J225P( ) ECWFE2J225Q( ) Capacitance tolerance code ( )Suffix for lead crimped 200 300 200 NotePart Number marked with bold is Special Lead space product. The capacitance of 0.10 F, 0.15 F, 0.22 F, 0.33 F, 0.47 F, 1.0 F, 1.5 F, 2.2 F are "5" or "D" Design and specifications are each subject to change without notice. Ask factory for the current technical specifications before purchase and/or use. Should a safety concern arise regarding this product, please be sure to contact us immediately. 31-May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b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bWDSSO\H[FHVVLYHORDGWRWKHOHDGZLUHDWWKHWLPHRIUHSURFHVVLQJRIOHDGZLUH HWF ,IWKHFDSDFLWRULVGURSSHGE\PLVWDNHLWVFKDUDFWHULVWLFVPD\EHGDPDJHG'RQb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n6DIHW\$SSOLFDWLRQ*XLGHIRUIL[G SODVWLFILOPFDSDFLWRUVIRUXVHLQHOHFWURQLFHTXLSPHQW|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