iShares Currency Hedged MSCI EAFE Small-Cap ETF
ETF
HSCZ
Price as of:
$32.01
+ $0.03
+ 0.09%
Primary Theme
fund company
Name
As of 11/19/2024Price
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
10.7%
1 yr return
16.1%
3 Yr Avg Return
4.4%
5 Yr Avg Return
8.3%
Net Assets
$116 M
Holdings in Top 10
102.9%
52 WEEK LOW AND HIGH
$32.0
$28.35
$32.93
Expenses
OPERATING FEES
Expense Ratio 0.82%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 11.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 11/19/2024Price
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
HSCZ - Profile
Distributions
- YTD Total Return 10.7%
- 3 Yr Annualized Total Return 4.4%
- 5 Yr Annualized Total Return 8.3%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 1.85%
- Dividend Yield 2.6%
- Dividend Distribution Frequency SemiAnnual
Fund Details
-
Legal NameiShares Currency Hedged MSCI EAFE Small-Cap ETF
-
Fund Family NameBlackRock-advised Funds
-
Inception DateJun 29, 2015
-
Shares Outstanding3230000
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerOrlando Montalvo
Fund Description
The Fund seeks to track the investment results of the MSCI EAFE Small Cap 100% Hedged to USD Index (the “Underlying Index”), an equity
benchmark which represents the performance of international small-cap stocks, which attempts to mitigate exposure to the currency risk inherent in certain securities included in the Underlying Index by hedging to the U.S. dollar. As of July 31, 2023, the Underlying Index consisted of securities from the following 22 developed market countries or regions: Australia, Austria, Belgium, China, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom (the “U.K.”). Under MSCI’s Global Investable Market Index Methodology, the small-cap universe consists of securities of those companies not included in the large-cap or mid-cap segments of a particular market, which together comprise approximately 85% of each market’s free float-adjusted market capitalization. The small-cap segment covers approximately the 85%-99% range of each market’s free float-adjusted market capitalization. As of July 31, 2023, a significant portion of the Underlying Index is represented by securities of companies in the industrials industry or sector. The
components of the Underlying Index are likely to change over time.
The Fund seeks to achieve 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 the Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its 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 include equity securities and currency forward contracts both deliverable and nondeliverable designed to hedge non U.S. currency fluctuations against the U.S. dollar. The notional exposure to currency forward contracts (both deliverable and nondeliverable) generally will be a short position that hedges the 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 index is 100% hedged to the U.S. dollar by selling each foreign non-U.S. dollar currency forward at the one-month forward weight in order to create a “hedge” against fluctuations in the relative value of the non-U.S. dollar
component currencies in relation to the U.S. dollar. A currency forward contract is an over-the-counter (“OTC”) 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 hedge is reset monthly by MSCI and is not adjusted intra-month based on movement in the value of the component equity securities and/or currencies. The Underlying Index may therefore be slightly “over-hedged” (if equity values decline) or “under-hedged” (if the equity values increase) between the month-end rebalances. 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 currency forward contracts as described above. 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 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 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.
HSCZ - Performance
Return Ranking - Trailing
| Period | HSCZ Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 10.7% | -3.1% | 10.7% | 1.22% |
| 1 Yr | 16.1% | 5.8% | 18.9% | 2.44% |
| 3 Yr | 4.4%* | -7.5% | 4.4% | 1.25% |
| 5 Yr | 8.3%* | 1.2% | 8.3% | 1.32% |
| 10 Yr | N/A* | 3.4% | 7.0% | 85.42% |
* Annualized
Return Ranking - Calendar
| Period | HSCZ Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 13.5% | 1.1% | 25.3% | 21.95% |
| 2022 | -29.9% | -35.4% | -13.9% | 97.50% |
| 2021 | 14.4% | -5.3% | 14.4% | 1.30% |
| 2020 | 4.7% | 3.1% | 17.0% | 92.21% |
| 2019 | 22.0% | 13.1% | 25.4% | 31.43% |
Total Return Ranking - Trailing
| Period | HSCZ Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 10.7% | -3.1% | 10.7% | 1.22% |
| 1 Yr | 16.1% | 5.8% | 18.9% | 2.44% |
| 3 Yr | 4.4%* | -7.5% | 4.4% | 1.25% |
| 5 Yr | 8.3%* | 1.2% | 8.3% | 1.32% |
| 10 Yr | N/A* | 3.4% | 7.0% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | HSCZ Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 17.0% | 2.5% | 25.8% | 12.20% |
| 2022 | -11.4% | -35.4% | -10.9% | 6.25% |
| 2021 | 17.7% | 7.7% | 18.9% | 6.49% |
| 2020 | 6.4% | 3.5% | 18.1% | 92.21% |
| 2019 | 27.7% | 17.4% | 32.7% | 10.00% |
HSCZ - Holdings
Concentration Analysis
| HSCZ | Category Low | Category High | HSCZ % Rank | |
|---|---|---|---|---|
| Net Assets | 116 M | 5.84 M | 12.1 B | 84.15% |
| Number of Holdings | 97 | 2 | 4796 | 73.17% |
| Net Assets in Top 10 | 155 M | 1.63 M | 12.6 B | 30.49% |
| Weighting of Top 10 | 102.87% | 5.7% | 102.9% | 1.22% |
Top 10 Holdings
- iShares MSCI EAFE Small-Cap ETF 102.39%
- PURCHASED USD / SOLD AUD 0.20%
- PURCHASED USD / SOLD SEK 0.08%
- PURCHASED USD / SOLD NOK 0.07%
- BlackRock Cash Funds: Treasury, SL Agency Shares 0.05%
- PURCHASED JPY / SOLD USD 0.03%
- PURCHASED EUR / SOLD USD 0.02%
- PURCHASED USD / SOLD NZD 0.01%
- PURCHASED USD / SOLD ILS 0.01%
- PURCHASED GBP / SOLD USD 0.01%
Asset Allocation
| Weighting | Return Low | Return High | HSCZ % Rank | |
|---|---|---|---|---|
| Stocks | 102.39% | 91.19% | 102.39% | 1.22% |
| Cash | 0.05% | 0.00% | 8.90% | 96.34% |
| Preferred Stocks | 0.00% | 0.00% | 3.71% | 85.37% |
| Convertible Bonds | 0.00% | 0.00% | 0.00% | 75.31% |
| Bonds | 0.00% | 0.00% | 0.21% | 78.05% |
| Other | -2.44% | -2.44% | 44.35% | 100.00% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | HSCZ % Rank | |
|---|---|---|---|---|
| Industrials | 22.29% | 12.46% | 32.63% | 46.91% |
| Consumer Cyclical | 12.93% | 9.23% | 27.42% | 37.04% |
| Financial Services | 11.76% | 2.16% | 21.69% | 37.04% |
| Real Estate | 11.46% | 0.00% | 12.22% | 9.88% |
| Technology | 9.94% | 9.14% | 22.43% | 96.30% |
| Basic Materials | 8.82% | 0.02% | 13.14% | 39.51% |
| Healthcare | 7.23% | 0.00% | 18.67% | 40.74% |
| Consumer Defense | 5.59% | 2.29% | 12.17% | 50.62% |
| Communication Services | 4.41% | 1.47% | 8.56% | 39.51% |
| Utilities | 3.08% | 0.00% | 4.57% | 30.86% |
| Energy | 2.49% | 0.00% | 12.34% | 56.79% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | HSCZ % Rank | |
|---|---|---|---|---|
| US | 102.39% | 0.02% | 102.39% | 1.22% |
| Non US | 0.00% | 0.00% | 99.39% | 100.00% |
HSCZ - Expenses
Operational Fees
| HSCZ Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.82% | 0.08% | 7.36% | 89.02% |
| Management Fee | 0.43% | 0.05% | 1.03% | 13.41% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.03% | 0.25% | N/A |
Sales Fees
| HSCZ Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 0.00% | 5.75% | N/A |
| Deferred Load | N/A | 0.00% | 1.00% | N/A |
Trading Fees
| HSCZ 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.
| HSCZ Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 11.00% | 1.00% | 185.00% | 10.53% |
HSCZ - Distributions
Dividend Yield Analysis
| HSCZ | Category Low | Category High | HSCZ % Rank | |
|---|---|---|---|---|
| Dividend Yield | 2.61% | 0.00% | 3.84% | 20.73% |
Dividend Distribution Analysis
| HSCZ | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | SemiAnnual | Annual | Quarterly | Annual |
Net Income Ratio Analysis
| HSCZ | Category Low | Category High | HSCZ % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 1.85% | 0.03% | 2.41% | 17.28% |
Capital Gain Distribution Analysis
| HSCZ | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Jul 02, 2024 | $0.418 | OrdinaryDividend |
| Dec 22, 2023 | $0.401 | OrdinaryDividend |
| Jul 03, 2023 | $0.473 | OrdinaryDividend |
| Dec 23, 2022 | $0.002 | OrdinaryDividend |
| Dec 02, 2022 | $6.338 | OrdinaryDividend |
| Jul 05, 2022 | $0.607 | OrdinaryDividend |
| Dec 30, 2021 | $0.003 | OrdinaryDividend |
| Dec 23, 2021 | $0.722 | OrdinaryDividend |
| Jul 02, 2021 | $0.342 | OrdinaryDividend |
| Dec 24, 2020 | $0.206 | OrdinaryDividend |
| Jul 02, 2020 | $0.264 | OrdinaryDividend |
| Dec 24, 2019 | $0.618 | OrdinaryDividend |
| Dec 03, 2019 | $0.047 | CapitalGainShortTerm |
| Dec 03, 2019 | $0.269 | CapitalGainLongTerm |
| Jul 02, 2019 | $0.452 | OrdinaryDividend |
| Dec 28, 2018 | $0.351 | OrdinaryDividend |
| Dec 04, 2018 | $0.370 | CapitalGainShortTerm |
| Dec 04, 2018 | $0.495 | CapitalGainLongTerm |
| Jul 03, 2018 | $0.334 | OrdinaryDividend |
| Dec 28, 2017 | $0.404 | OrdinaryDividend |
| Jul 06, 2017 | $0.375 | OrdinaryDividend |
| Dec 28, 2016 | $0.371 | OrdinaryDividend |
| Jul 06, 2016 | $0.285 | OrdinaryDividend |
| Dec 28, 2015 | $0.236 | OrdinaryDividend |
| Dec 02, 2015 | $0.084 | CapitalGainShortTerm |
| Dec 02, 2015 | $0.109 | CapitalGainLongTerm |
HSCZ - Fund Manager Analysis
Managers
Orlando Montalvo
Start Date
Tenure
Tenure Rank
Jun 29, 2015
6.93
6.9%
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
Jun 29, 2015
6.93
6.9%
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
Jun 29, 2015
6.93
6.9%
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 | 21.76 | 7.63 | 18.43 |