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BlackRock Institutional Trust Company N.A. - BTC iShares Adaptive Currency Hedged MSCI EAFE ETF
ETF
DEFA
Payout Change
None
Price as of:
$
+0.0
+0.0%
primary theme
N/A
DEFA (ETF)
BlackRock Institutional Trust Company N.A. - BTC iShares Adaptive Currency Hedged MSCI EAFE ETF
Payout Change
None
Price as of:
$
+0.0
+0.0%
primary theme
N/A
DEFA (ETF)
BlackRock Institutional Trust Company N.A. - BTC iShares Adaptive Currency Hedged MSCI EAFE ETF
Payout Change
None
Price as of:
$
+0.0
+0.0%
primary theme
N/A
Name
As of 08/24/2021Price
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
BlackRock Institutional Trust Company N.A. - BTC iShares Adaptive Currency Hedged MSCI EAFE ETF
DEFA | ETF
-
$8.3 M
0.00%
-
Vitals
YTD Return
N/A
1 yr return
N/A
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$8.3 M
Holdings in Top 10
100.8%
52 WEEK LOW AND HIGH
N/A
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio N/A
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 08/24/2021Price
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
BlackRock Institutional Trust Company N.A. - BTC iShares Adaptive Currency Hedged MSCI EAFE ETF
DEFA | ETF
-
$8.3 M
0.00%
-
DEFA - Profile
Distributions
- YTD Total Return N/A
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio N/A
- Dividend Yield 0.0%
- Dividend Distribution Frequency SemiAnnual
Fund Details
-
Legal NameBlackRock Institutional Trust Company N.A. - BTC iShares Adaptive Currency Hedged MSCI EAFE ETF
-
Fund Family NameBlackRock-advised Funds
-
Inception DateN/A
-
Shares OutstandingN/A
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJennifer Hsui
Fund Description
The Fund seeks to track the investment results of the MSCI EAFE Adaptive Hedge to USD Index (the “Underlying Index”), which has been developed by MSCI Inc. (the “Index Provider” or “MSCI”) as an equity benchmark for
international stock performance with the foreign currency exposure of the securities included in the Underlying Index dynamically hedged against the U.S. dollar. The Index Provider systematically determines the hedging weights through analysis of four currency risk indicators: carry, momentum, value, and volatility. As of July 31, 2020, the Underlying Index consisted of securities from the following countries or regions: Australia, Austria, Belgium, 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.”). The Underlying Index includes large- and mid-capitalization companies and may change over time. As of July 31, 2020, a significant portion of the Underlying Index is represented by securities of companies in the financials 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 a “passive” or 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 90% 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 the Underlying
Index (, depositary receipts representing securities of the Underlying Index) and may invest up to 10% 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 non-deliverable) designed to hedge against non-U.S. currency fluctuations. The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund.
i.e.
In order to track the “hedging” component of the Underlying Index, which attempts to mitigate currency risk, the Fund intends to enter into currency forward contracts designed to offset the Fund’s holdings in component securities denominated in a non-U.S. dollar currency. A 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 currency forward contracts is based on the exposure of the Fund to the component securities and a hedge ratio (“Hedge Ratio”), as calculated by MSCI.
The Underlying Index applies a methodology, based on the Hedge Ratio, that sells the total value or a portion of the total value of each non-U.S. dollar currency in which the securities of the Underlying Index are denominated in the form of a one-month currency contract to create a “hedge” against fluctuations in the relative value of the currencies in
relation to the U.S. dollar. The Hedge Ratio is based on four commonly used indicators for measuring currency risk, which are equally weighted and include: value (relative purchasing power between the foreign currency and the U.S. dollar based on exchange rates over a long-term average), momentum (relative price momentum of the foreign currency compared against the U.S. dollar over the previous six months), carry (differences in short-term interest rates between the foreign currency and the U.S. dollar over a long-term average), and volatility (relative price volatility of the foreign currency based on the currency’s one-month average against its six-month average). The overall effect, since the four indicators are equally weighted, is that each foreign currency represented by constituent weights in the Underlying Index can be unhedged, 25% hedged, 50% hedged, 75% hedged or fully hedged relative to the U.S. dollar.
The hedge (based on the Hedge Ratio) is reset on a monthly basis by MSCI and will not be adjusted intra-month based on movement in the value of the underlying equity securities and/or currencies, or based on the four indicators. 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 therefore intended 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. Conversely, the Underlying Index is therefore intended to have lower returns than an equivalent unhedged investment when the non-U.S. dollar component currencies are
strengthening relative to the U.S. dollar.
While the use of currency forward contracts, based on the Hedge Ratio, is designed to minimize the impact of the strengthening or weakening of a foreign currency 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 use non-deliverable forward (“NDF”) contracts to execute its hedging transactions. An NDF is a contract where there is no physical settlement of two currencies at maturity. Rather, based on the movements of the currencies and the contractually agreed-upon exchange rate, a net cash settlement will be made by one party to the other.
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.
DEFA - Performance
Return Ranking - Trailing
| Period | DEFA Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | N/A | -28.5% | 10.4% | 57.64% |
| 1 Yr | N/A | -37.3% | 101.6% | 17.46% |
| 3 Yr | N/A* | -14.5% | 120.6% | 74.37% |
| 5 Yr | N/A* | -11.2% | 57.9% | 36.54% |
| 10 Yr | N/A* | -5.9% | 10.1% | N/A |
* Annualized
Return Ranking - Calendar
| Period | DEFA Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | N/A | -45.5% | 71.3% | 87.01% |
| 2022 | N/A | -15.4% | 11.9% | 49.21% |
| 2021 | N/A | -10.4% | 121.9% | 15.84% |
| 2020 | N/A | -33.7% | 8.5% | 88.13% |
| 2019 | N/A | -13.0% | 27.5% | N/A |
Total Return Ranking - Trailing
| Period | DEFA Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | N/A | -28.5% | 10.4% | 57.89% |
| 1 Yr | N/A | -37.3% | 101.6% | 15.71% |
| 3 Yr | N/A* | -14.5% | 120.6% | 69.04% |
| 5 Yr | N/A* | -11.2% | 57.9% | 33.92% |
| 10 Yr | N/A* | -3.2% | 10.1% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | DEFA Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | N/A | -45.5% | 71.3% | 87.01% |
| 2022 | N/A | -15.4% | 11.9% | 49.21% |
| 2021 | N/A | -10.4% | 121.9% | 27.33% |
| 2020 | N/A | -18.0% | 8.5% | 91.97% |
| 2019 | N/A | -13.0% | 29.4% | N/A |
DEFA - Holdings
Concentration Analysis
| DEFA | Category Low | Category High | DEFA % Rank | |
|---|---|---|---|---|
| Net Assets | 8.3 M | 1.02 M | 369 B | 96.35% |
| Number of Holdings | 26 | 1 | 10801 | 10.26% |
| Net Assets in Top 10 | 6.5 M | 0 | 34.5 B | 98.29% |
| Weighting of Top 10 | 100.78% | 1.6% | 100.0% | 86.77% |
Top 10 Holdings
- iShares MSCI EAFE ETF 100.78%
- PURCHASED ILS / SOLD USD 0.00%
- PURCHASED CHF / SOLD USD 0.00%
- PURCHASED JPY / SOLD USD 0.00%
- PURCHASED USD / SOLD HKD 0.00%
- PURCHASED HKD / SOLD USD 0.00%
- PURCHASED USD / SOLD GBP 0.00%
- PURCHASED USD / SOLD SGD 0.00%
- PURCHASED USD / SOLD NZD 0.00%
Asset Allocation
| Weighting | Return Low | Return High | DEFA % Rank | |
|---|---|---|---|---|
| Stocks | 100.78% | 0.00% | 122.60% | 25.23% |
| Cash | 0.05% | -65.15% | 100.00% | 74.47% |
| Preferred Stocks | 0.00% | 0.00% | 1.87% | 55.79% |
| Convertible Bonds | 0.00% | 0.00% | 4.18% | 51.71% |
| Bonds | 0.00% | -10.79% | 71.30% | 55.72% |
| Other | -0.82% | -16.47% | 17.36% | 22.76% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | DEFA % Rank | |
|---|---|---|---|---|
| Utilities | 0.00% | 0.00% | 13.68% | 32.57% |
| Technology | 0.00% | 0.00% | 36.32% | 66.09% |
| Real Estate | 0.00% | 0.00% | 14.59% | 19.57% |
| Industrials | 0.00% | 5.17% | 99.49% | 45.44% |
| Healthcare | 0.00% | 0.00% | 21.35% | 37.13% |
| Financial Services | 0.00% | 0.00% | 47.75% | 64.21% |
| Energy | 0.00% | 0.00% | 16.89% | 74.26% |
| Communication Services | 0.00% | 0.00% | 21.69% | 62.73% |
| Consumer Defense | 0.00% | 0.00% | 32.29% | 33.65% |
| Consumer Cyclical | 0.00% | 0.00% | 36.36% | 25.87% |
| Basic Materials | 0.00% | 0.00% | 23.86% | 52.55% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | DEFA % Rank | |
|---|---|---|---|---|
| US | 100.78% | -7.78% | 68.98% | 68.16% |
| Non US | 0.00% | 0.00% | 125.24% | 20.53% |
DEFA - Expenses
Operational Fees
| DEFA Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | N/A | 0.01% | 3.96% | 84.64% |
| Management Fee | N/A | 0.00% | 1.60% | 21.34% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.01% | 1.00% | N/A |
Sales Fees
| DEFA 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
| DEFA 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.
| DEFA Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 0.00% | 247.00% | 6.31% |
DEFA - Distributions
Dividend Yield Analysis
| DEFA | Category Low | Category High | DEFA % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 13.87% | 79.58% |
Dividend Distribution Analysis
| DEFA | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | SemiAnnual | Annually | Semi-Annually | Annually |
Net Income Ratio Analysis
| DEFA | Category Low | Category High | DEFA % Rank | |
|---|---|---|---|---|
| Net Income Ratio | N/A | -0.93% | 6.38% | 29.62% |
Capital Gain Distribution Analysis
| DEFA | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Jul 09, 2021 | $0.447 | OrdinaryDividend |
| Dec 31, 2020 | $0.285 | OrdinaryDividend |
| Jul 09, 2020 | $0.356 | OrdinaryDividend |
| Dec 31, 2019 | $0.326 | OrdinaryDividend |
| Jul 09, 2019 | $0.602 | OrdinaryDividend |
| Jan 04, 2019 | $0.249 | OrdinaryDividend |
| Jul 10, 2018 | $0.558 | OrdinaryDividend |
| Dec 08, 2017 | $0.305 | OrdinaryDividend |
| Jul 12, 2017 | $0.433 | OrdinaryDividend |
| Jan 04, 2017 | $0.252 | OrdinaryDividend |
| Jul 12, 2016 | $0.483 | OrdinaryDividend |
DEFA - Fund Manager Analysis
Managers
Jennifer Hsui
Start Date
Tenure
Tenure Rank
Jan 05, 2016
5.57
5.6%
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
Jan 05, 2016
5.57
5.6%
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 05, 2016
5.57
5.6%
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.
Alan Mason
Start Date
Tenure
Tenure Rank
Apr 15, 2016
5.3
5.3%
Alan Mason is a Managing Director of BlackRock Advisors, LLC since 2009. Previously, Mr. Mason was a Managing Director of Barclays Global Investors from 2008 to 2009 and a Principal from 1996 to 2008.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 30.35 | 6.1 | 2.92 |
