iShares Currency Hedged MSCI Emerging Markets ETF
ETF
HEEM
Price as of:
$27.53
+ $0.01
+ 0.04%
Primary Theme
fund company
Name
As of 11/22/2024Price
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
Vitals
YTD Return
12.8%
1 yr return
16.0%
3 Yr Avg Return
0.5%
5 Yr Avg Return
4.7%
Net Assets
$121 M
Holdings in Top 10
101.1%
52 WEEK LOW AND HIGH
$27.5
$23.46
$29.78
Expenses
OPERATING FEES
Expense Ratio 1.49%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 6.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 11/22/2024Price
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
HEEM - Profile
Distributions
- YTD Total Return 12.8%
- 3 Yr Annualized Total Return 0.5%
- 5 Yr Annualized Total Return 4.7%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 1.41%
- Dividend Yield 1.3%
- Dividend Distribution Frequency SemiAnnual
Fund Details
-
Legal NameiShares Currency Hedged MSCI Emerging Markets ETF
-
Fund Family NameBlackRock-advised Funds
-
Inception DateSep 23, 2014
-
Shares Outstanding6230000
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJennifer Hsui
Fund Description
The Fund seeks to track the investment results of the MSCI Emerging Markets 100% Hedged to USD Index (the “Underlying Index”), which has been developed by MSCI Inc. (the “Index Provider” or “MSCI”) as an equity benchmark for global emerging markets stock performance 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, the Underlying Index consisted of securities from the following 24 emerging market countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia,
Kuwait, Malaysia, Mexico, Peru, the Philippines, Poland, Qatar, Saudi Arabia, South Africa, South Korea, Taiwan, Thailand, Turkey and the United Arab Emirates. The Underlying Index includes large- and mid-capitalization companies and may change over time. As of August 31, 2023, a significant portion of the Underlying Index is represented by securities of companies in the financials and technology 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 non-U.S. dollar component currencies 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 non-U.S. dollar component currencies are weakening relative to the U.S. dollar and appreciation in some of the non-U.S. dollar component currencies does not exceed the aggregate depreciation of the others. Conversely, the Underlying Index is designed to have lower returns than an equivalent unhedged investment when the non-U.S. dollar component currencies are 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 non-U.S. dollar component currencies. 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 non-U.S. dollar component currencies. 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 non-U.S. dollar component currencies. The return of the foreign currency forward contracts may not perfectly offset the actual fluctuations in value between the non-U.S. dollar component currencies 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, 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.
HEEM - Performance
Return Ranking - Trailing
| Period | HEEM Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 12.8% | -11.9% | 35.8% | 11.33% |
| 1 Yr | 16.0% | -7.8% | 39.0% | 17.85% |
| 3 Yr | 0.5%* | -13.5% | 11.1% | 19.68% |
| 5 Yr | 4.7%* | -5.3% | 11.9% | 30.24% |
| 10 Yr | 4.3%* | -2.0% | 6.4% | 21.80% |
* Annualized
Return Ranking - Calendar
| Period | HEEM Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 7.1% | -6.5% | 35.5% | 63.89% |
| 2022 | -22.5% | -50.1% | -2.4% | 32.02% |
| 2021 | -3.7% | -33.1% | 22.5% | 39.60% |
| 2020 | 16.0% | -22.1% | 80.1% | 50.40% |
| 2019 | 15.0% | -0.7% | 42.0% | 74.17% |
Total Return Ranking - Trailing
| Period | HEEM Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 12.8% | -11.9% | 35.8% | 11.33% |
| 1 Yr | 16.0% | -7.8% | 39.0% | 17.85% |
| 3 Yr | 0.5%* | -13.5% | 11.1% | 19.68% |
| 5 Yr | 4.7%* | -5.3% | 11.9% | 30.24% |
| 10 Yr | 4.3%* | -2.0% | 6.4% | 21.80% |
* Annualized
Total Return Ranking - Calendar
| Period | HEEM Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 10.2% | -2.7% | 42.0% | 57.83% |
| 2022 | -16.9% | -42.2% | 1.9% | 16.01% |
| 2021 | -1.8% | -32.5% | 33.1% | 53.47% |
| 2020 | 17.9% | -20.0% | 81.6% | 48.95% |
| 2019 | 18.5% | 2.3% | 42.0% | 66.83% |
HEEM - Holdings
Concentration Analysis
| HEEM | Category Low | Category High | HEEM % Rank | |
|---|---|---|---|---|
| Net Assets | 121 M | 682 K | 103 B | 73.38% |
| Number of Holdings | 71 | 9 | 7534 | 72.11% |
| Net Assets in Top 10 | 165 M | 290 K | 23.8 B | 49.15% |
| Weighting of Top 10 | 101.09% | 2.9% | 101.1% | 0.14% |
Top 10 Holdings
- iShares MSCI Emerging Markets ETF 100.95%
- PURCHASED USD / SOLD MXN 0.10%
- PURCHASED USD / SOLD INR 0.02%
- PURCHASED TWD / SOLD USD 0.01%
- PURCHASED KRW / SOLD USD 0.00%
- PURCHASED USD / SOLD MXN 0.00%
- PURCHASED KRW / SOLD USD 0.00%
- PURCHASED CNH / SOLD USD 0.00%
- PURCHASED IDR / SOLD USD 0.00%
- PURCHASED USD / SOLD INR 0.00%
Asset Allocation
| Weighting | Return Low | Return High | HEEM % Rank | |
|---|---|---|---|---|
| Stocks | 100.95% | 0.00% | 107.82% | 3.66% |
| Cash | 0.05% | -2.03% | 98.08% | 90.28% |
| Preferred Stocks | 0.00% | 0.00% | 13.31% | 98.87% |
| Convertible Bonds | 0.00% | 0.00% | 7.40% | 97.16% |
| Bonds | 0.00% | 0.00% | 88.10% | 97.18% |
| Other | -1.00% | -1.11% | 26.93% | 99.86% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | HEEM % Rank | |
|---|---|---|---|---|
| Financial Services | 21.68% | 0.00% | 48.86% | 52.35% |
| Technology | 21.04% | 0.00% | 47.50% | 58.92% |
| Consumer Cyclical | 12.44% | 0.00% | 48.94% | 42.94% |
| Communication Services | 10.78% | 0.00% | 39.29% | 28.53% |
| Basic Materials | 9.01% | 0.00% | 30.03% | 38.23% |
| Industrials | 5.68% | 0.00% | 43.53% | 55.21% |
| Consumer Defense | 5.63% | 0.00% | 25.90% | 63.77% |
| Energy | 5.09% | 0.00% | 24.80% | 35.09% |
| Healthcare | 3.92% | 0.00% | 16.53% | 51.93% |
| Utilities | 2.74% | 0.00% | 39.12% | 27.10% |
| Real Estate | 1.99% | 0.00% | 17.15% | 39.51% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | HEEM % Rank | |
|---|---|---|---|---|
| US | 100.95% | 0.00% | 100.95% | 0.14% |
| Non US | 0.00% | 0.00% | 100.18% | 100.00% |
HEEM - Expenses
Operational Fees
| HEEM Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.49% | 0.03% | 29.98% | 40.11% |
| Management Fee | 0.78% | 0.00% | 2.00% | 35.12% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.01% | 0.85% | N/A |
Sales Fees
| HEEM 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% | 5.00% | N/A |
Trading Fees
| HEEM Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 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.
| HEEM Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 6.00% | 0.00% | 189.00% | 2.60% |
HEEM - Distributions
Dividend Yield Analysis
| HEEM | Category Low | Category High | HEEM % Rank | |
|---|---|---|---|---|
| Dividend Yield | 1.32% | 0.00% | 9.74% | 29.72% |
Dividend Distribution Analysis
| HEEM | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | SemiAnnual | Annually | Annual | Annual |
Net Income Ratio Analysis
| HEEM | Category Low | Category High | HEEM % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 1.41% | -1.98% | 17.62% | 30.70% |
Capital Gain Distribution Analysis
| HEEM | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Quarterly | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Jul 02, 2024 | $0.182 | OrdinaryDividend |
| Dec 22, 2023 | $0.472 | OrdinaryDividend |
| Jul 03, 2023 | $0.204 | OrdinaryDividend |
| Dec 23, 2022 | $0.365 | OrdinaryDividend |
| Dec 02, 2022 | $1.126 | OrdinaryDividend |
| Jul 05, 2022 | $0.228 | OrdinaryDividend |
| Dec 30, 2021 | $0.016 | OrdinaryDividend |
| Dec 23, 2021 | $0.414 | OrdinaryDividend |
| Jul 02, 2021 | $0.143 | OrdinaryDividend |
| Dec 24, 2020 | $0.313 | OrdinaryDividend |
| Jul 02, 2020 | $0.146 | OrdinaryDividend |
| Dec 24, 2019 | $0.565 | OrdinaryDividend |
| Jul 02, 2019 | $0.239 | OrdinaryDividend |
| Dec 28, 2018 | $0.361 | OrdinaryDividend |
| Jul 03, 2018 | $0.184 | OrdinaryDividend |
| Dec 28, 2017 | $0.410 | OrdinaryDividend |
| Jul 06, 2017 | $0.132 | OrdinaryDividend |
| Dec 28, 2016 | $0.209 | OrdinaryDividend |
| Jul 06, 2016 | $0.182 | OrdinaryDividend |
| Dec 28, 2015 | $0.300 | OrdinaryDividend |
| Dec 02, 2015 | $0.360 | CapitalGainShortTerm |
| Dec 02, 2015 | $0.421 | CapitalGainLongTerm |
| Jul 02, 2015 | $0.173 | OrdinaryDividend |
| Dec 26, 2014 | $0.481 | OrdinaryDividend |
HEEM - Fund Manager Analysis
Managers
Jennifer Hsui
Start Date
Tenure
Tenure Rank
Sep 23, 2014
7.69
7.7%
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.
Orlando Montalvo
Start Date
Tenure
Tenure Rank
Sep 23, 2014
7.69
7.7%
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
Sep 23, 2014
7.69
7.7%
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.
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 |
|---|---|---|---|
| 0.09 | 33.71 | 6.65 | 13.42 |