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Name

As of 11/19/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

iShares Currency Hedged MSCI Japan ETF

HEWJ | ETF

$42.18

$359 M

1.38%

$0.58

1.03%

Vitals

YTD Return

21.6%

1 yr return

21.4%

3 Yr Avg Return

16.0%

5 Yr Avg Return

14.9%

Net Assets

$359 M

Holdings in Top 10

141.4%

52 WEEK LOW AND HIGH

$42.2
$34.59
$45.56

Expenses

OPERATING FEES

Expense Ratio 1.03%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 7.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 11/19/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

iShares Currency Hedged MSCI Japan ETF

HEWJ | ETF

$42.18

$359 M

1.38%

$0.58

1.03%

HEWJ - Profile

Distributions

  • YTD Total Return 21.6%
  • 3 Yr Annualized Total Return 16.0%
  • 5 Yr Annualized Total Return 14.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.38%
DIVIDENDS
  • Dividend Yield 1.4%
  • Dividend Distribution Frequency SemiAnnual

Fund Details

  • Legal Name
    iShares Currency Hedged MSCI Japan ETF
  • Fund Family Name
    BlackRock-advised Funds
  • Inception Date
    Jan 31, 2014
  • Shares Outstanding
    13900000
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Orlando Montalvo

Fund Description

The Fund seeks to track the investment results of the MSCI Japan 100% Hedged to USD Index (the “Underlying Index”), which is designed to measure the performance of the large- and mid-capitalization segments of the Japanese equity market with the currency risk inherent in the securities included in the Underlying Index hedged to the U.S. dollar on a monthly basis. As of August 31, 2023, a significant portion of the Underlying Index is represented by securities of companies in the consumer discretionary and industrials industries or sectors. The components
of the Underlying Index are likely to change over time.
Currently, the Fund achieves its investment objective by investing a substantial portion of its assets in the Underlying Fund.
BFA uses an indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.
Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.
BFA uses a representative sampling indexing strategy to manage the Fund and the Underlying Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments comprising an applicable underlying index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. The Fund and the Underlying Fund may or may not hold all of the securities and other components of the applicable underlying index.
The Fund generally will invest at least 80% of its assets in the component securities (including indirect investments through the Underlying Fund) and other instruments of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of the Underlying Index (i.e., depositary receipts representing securities of the Underlying Index) and may invest up to 20% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. Components of the Underlying Index may include equity securities and foreign currency forward contracts (both deliverable and non-deliverable) designed to hedge against non-U.S. currency fluctuations against the U.S. dollar. The notional exposure of foreign currency forward contracts (both deliverable and non-deliverable) generally will be a short position that hedges currency risk of the equity portfolio. Cash and cash equivalent investments associated with a derivative position will be treated as part of that position for the purposes of calculating the percentage of investments included in the Underlying Index. The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund.
The Underlying Index sells forward the total value of the non-U.S. dollar denominated securities included in the Underlying Index at a one-month forward rate to effectively create a “hedge” against fluctuations in the
relative value of the Japanese yen in relation to the U.S. dollar. The hedge is reset on a monthly basis. The Underlying Index is designed to have higher returns than an equivalent unhedged investment when the Japanese yen is weakening relative to the U.S. dollar. Conversely, the Underlying Index is designed to have lower returns than an equivalent unhedged investment when the Japanese yen is rising relative to the U.S. dollar.
In order to track the “hedging”component of the Underlying Index, the Fund intends to enter into foreign currency forward contracts designed to offset the Fund’s exposure to the Japanese yen. A foreign currency forward contract is a contract between two parties to buy or sell a specified amount of a specific currency in the future at an agreed-upon exchange rate. The Fund's exposure to foreign currency forward contracts is based on the aggregate exposure of the Fund to the Japanese yen. While this approach is designed to minimize the impact of currency fluctuations on Fund returns, it does not necessarily eliminate the Fund’s exposure to the Japanese yen. The return of the foreign currency forward contracts may not perfectly offset the actual fluctuations in value between the Japanese yen and the U.S. dollar.
The Fund may also use non-deliverable forward (“NDF”) contracts to execute its hedging transactions. An NDF contract is a contract where there is no physical settlement of two currencies at maturity. Rather, based on the movement of the currencies and the contractually agreed-upon exchange rate, a net cash settlement will be made by one party to the other in U.S. dollars.
The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any collateral received).
The Underlying Index is sponsored by MSCI Inc. (the “Index Provider” or “MSCI”), which is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities and currency forwards in the Underlying Index and publishes information regarding the market value of the Underlying Index.
Industry Concentration Policy. The Fund will concentrate its investments i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.
Read More

HEWJ - Performance

Return Ranking - Trailing

Period HEWJ Return Category Return Low Category Return High Rank in Category (%)
YTD 21.6% -1.8% 25.3% 10.53%
1 Yr 21.4% 4.3% 24.8% 15.79%
3 Yr 16.0%* -13.6% 23.7% 13.51%
5 Yr 14.9%* -5.3% 18.5% 12.12%
10 Yr 10.2%* 0.5% 11.4% 16.67%

* Annualized

Return Ranking - Calendar

Period HEWJ Return Category Return Low Category Return High Rank in Category (%)
2023 33.4% 0.0% 36.8% 7.89%
2022 -34.0% -34.0% 2.8% 100.00%
2021 10.5% -15.7% 14.9% 8.82%
2020 8.8% -6.2% 31.2% 72.73%
2019 17.4% 4.7% 24.4% 53.13%

Total Return Ranking - Trailing

Period HEWJ Return Category Return Low Category Return High Rank in Category (%)
YTD 21.6% -1.8% 25.3% 10.53%
1 Yr 21.4% 4.3% 24.8% 15.79%
3 Yr 16.0%* -13.6% 23.7% 13.51%
5 Yr 14.9%* -5.3% 18.5% 12.12%
10 Yr 10.2%* 0.5% 11.4% 16.67%

* Annualized

Total Return Ranking - Calendar

Period HEWJ Return Category Return Low Category Return High Rank in Category (%)
2023 36.2% 2.0% 42.0% 10.53%
2022 -4.0% -32.8% 5.9% 10.81%
2021 12.8% -15.1% 18.0% 8.82%
2020 10.3% -3.2% 34.7% 72.73%
2019 20.8% 7.7% 26.7% 40.63%

HEWJ - Holdings

Concentration Analysis

HEWJ Category Low Category High HEWJ % Rank
Net Assets 359 M 5.91 M 16.7 B 44.74%
Number of Holdings 27 27 1791 100.00%
Net Assets in Top 10 578 M 2.5 M 4.17 B 10.53%
Weighting of Top 10 141.42% 3.5% 141.4% 2.63%

Top 10 Holdings

  1. iShares MSCI Japan ETF 102.16%
  2. BlackRock Cash Funds: Institutional, SL Agency Shares 38.78%
  3. PURCHASED JPY / SOLD USD 0.16%
  4. PURCHASED USD / SOLD JPY 0.16%
  5. BlackRock Cash Funds: Treasury, SL Agency Shares 0.06%
  6. PURCHASED JPY / SOLD USD 0.05%
  7. PURCHASED USD / SOLD JPY 0.02%
  8. PURCHASED USD / SOLD JPY 0.02%
  9. PURCHASED JPY / SOLD USD 0.01%
  10. PURCHASED JPY / SOLD USD 0.00%

Asset Allocation

Weighting Return Low Return High HEWJ % Rank
Stocks 		102.16% 94.34% 102.16% 2.63%
Cash 		38.84% 0.02% 38.84% 2.63%
Preferred Stocks 		0.00% 0.00% 0.67% 86.84%
Convertible Bonds 		0.00% 0.00% 0.00% 84.21%
Bonds 		0.00% 0.00% 3.97% 84.21%
Other 		-2.22% -2.22% 2.68% 100.00%

Stock Sector Breakdown

Weighting Return Low Return High HEWJ % Rank
Industrials 		22.43% 13.72% 39.39% 68.42%
Technology 		17.74% 4.23% 23.51% 39.47%
Consumer Cyclical 		15.31% 8.09% 22.65% 47.37%
Financial Services 		10.33% 1.08% 17.47% 60.53%
Healthcare 		9.40% 1.47% 18.00% 50.00%
Communication Services 		8.40% 1.01% 15.74% 23.68%
Consumer Defense 		5.87% 1.07% 10.59% 63.16%
Basic Materials 		4.96% 0.00% 14.36% 81.58%
Real Estate 		3.58% 0.00% 11.26% 28.95%
Utilities 		1.03% 0.00% 4.17% 36.84%
Energy 		0.96% 0.00% 6.19% 44.74%

Stock Geographic Breakdown

Weighting Return Low Return High HEWJ % Rank
US 		102.16% 0.00% 102.16% 2.63%
Non US 		0.00% 0.00% 99.98% 100.00%

HEWJ - Expenses

Operational Fees

HEWJ Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.03% 0.09% 3.46% 31.58%
Management Fee 0.53% 0.09% 0.90% 34.21%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.15% 0.20% N/A

Sales Fees

HEWJ Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.50% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

HEWJ Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 2.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

HEWJ Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 7.00% 2.95% 70.30% 15.15%

HEWJ - Distributions

Dividend Yield Analysis

HEWJ Category Low Category High HEWJ % Rank
Dividend Yield 1.38% 0.00% 21.26% 73.68%

Dividend Distribution Analysis

HEWJ Category Low Category High Category Mod
Dividend Distribution Frequency SemiAnnual Annual SemiAnnual Annual

Net Income Ratio Analysis

HEWJ Category Low Category High HEWJ % Rank
Net Income Ratio 1.38% -0.63% 2.45% 42.11%

Capital Gain Distribution Analysis

HEWJ Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

HEWJ - Fund Manager Analysis

Managers

Orlando Montalvo

Start Date

Tenure

Tenure Rank

Jan 31, 2014

8.33

8.3%

Orlando Montalvo has been employed by BlackRock Fund Advisors and BTC as a senior portfolio manager since 2009. Prior to that, Mr. Montalvo was a senior portfolio manager from 2005 to 2009 for Barclays Global Fund Advisors and Barclays Global Investors, N.A.

Greg Savage

Start Date

Tenure

Tenure Rank

Jan 31, 2014

8.33

8.3%

Greg Savage, Managing Director; has been associated with BlackRock Fund Advisors since 2009. Mr. Savage has been a senior portfolio manager for BFA and BTC since 2009. Prior to his employment with BFA and BTC, Mr. Savage was a senior portfolio manager from 2006 to 2009 for BGFA and BGI and a portfolio manager from 2001 to 2006 for BGFA and BGI.

Jennifer Hsui

Start Date

Tenure

Tenure Rank

Jan 31, 2014

8.33

8.3%

Jennifer Hsui, Managing Director & Portfolio Manager at BlackRock Investment Management LLC has been employed by BlackRock Fund Advisors as a senior portfolio manager since 2007. Prior to that, Ms. Hsui was a portfolio manager from 2006 to 2007 for BGFA. She was a research analyst for RBC Capital Markets from 2003 to 2006.

Paul Whitehead

Start Date

Tenure

Tenure Rank

Jan 01, 2022

0.41

0.4%

Paul Whitehead is responsible for supporting the day-to-day management of the MML Blend Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. Mr. Whitehead is a Managing Director of BlackRock, Inc., Co-Head of Index Equity, and Co-Head of BlackRock’s ETF and Index Investments business. Mr. Whitehead also oversees the management of BlackRock’s Institutional and iShares funds. Mr. Whitehead was previously the Global Head of Equity Trading and the Global Head of Transition Management within BlackRock’s Global Trading Group. Mr. Whitehead’s service with the firm dates back to 1996, including his years with Barclays Global Investors, which merged with BlackRock in 2009. Prior to his current role, Mr. Whitehead was Head of Americas Equity Trading. Previously, he managed the trading team responsible for all Institutional Index funds, Exchange Traded funds, and Transition Management mandates. Mr. Whitehead represents BlackRock on the board of Luminex, a buy-side owned Alternative Trading System launched in 2015.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 24.43 7.11 8.25

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