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iShares Currency Hedged MSCI United Kingdom ETF
ETF
HEWU
Payout Change
Pending
Price as of:
$24.815
+0.01
+0.04%
primary theme
N/A
HEWU (ETF)
iShares Currency Hedged MSCI United Kingdom ETF
Payout Change
Pending
Price as of:
$24.815
+0.01
+0.04%
primary theme
N/A
HEWU (ETF)
iShares Currency Hedged MSCI United Kingdom ETF
Payout Change
Pending
Price as of:
$24.815
+0.01
+0.04%
primary theme
N/A
Name
As of 10/30/2023Price
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
2.7%
1 yr return
8.8%
3 Yr Avg Return
15.8%
5 Yr Avg Return
5.4%
Net Assets
$8.88 M
Holdings in Top 10
145.7%
52 WEEK LOW AND HIGH
$24.8
$23.91
$26.59
Expenses
OPERATING FEES
Expense Ratio 1.12%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 15.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 10/30/2023Price
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
HEWU - Profile
Distributions
- YTD Total Return 2.7%
- 3 Yr Annualized Total Return 15.8%
- 5 Yr Annualized Total Return 5.4%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 2.82%
- Dividend Yield 0.6%
- Dividend Distribution Frequency SemiAnnual
Fund Details
-
Legal NameiShares Currency Hedged MSCI United Kingdom ETF
-
Fund Family NameBlackRock-advised Funds
-
Inception DateJun 29, 2015
-
Shares Outstanding730000
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerGreg Savage
Fund Description
The Fund seeks to track the investment results of the MSCI United Kingdom 100% Hedged to USD Index (the “Underlying Index”), which is designed to measure the performance of the large- and mid-capitalization segments of the United Kingdom (the “U.K.”) 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, 2022, a significant portion of the Underlying Index is represented by securities of companies in the consumer staples and financials 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 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 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 British pound 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 British pound 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 British pound 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 British pound. 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 British pound. 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 British pound. The return of the foreign currency forward contracts may not perfectly offset the actual fluctuations in value between the British pound 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.
HEWU - Performance
Return Ranking - Trailing
| Period | HEWU Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.7% | -30.1% | 310.3% | 68.69% |
| 1 Yr | 8.8% | -16.4% | 310.3% | 43.43% |
| 3 Yr | 15.8%* | -31.5% | 21.6% | 6.19% |
| 5 Yr | 5.4%* | -19.8% | 14.2% | 41.67% |
| 10 Yr | N/A* | -14.1% | 11.2% | 70.97% |
* Annualized
Return Ranking - Calendar
| Period | HEWU Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 5.5% | -98.9% | 99.1% | 4.04% |
| 2022 | 14.3% | -29.9% | 283.0% | 38.14% |
| 2021 | -15.6% | -50.2% | 41.8% | 96.88% |
| 2020 | 14.0% | -19.5% | 46.8% | 57.29% |
| 2019 | -12.3% | -43.5% | 14.1% | 24.44% |
Total Return Ranking - Trailing
| Period | HEWU Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.7% | -30.1% | 310.3% | 68.69% |
| 1 Yr | 8.8% | -16.4% | 310.3% | 43.43% |
| 3 Yr | 15.8%* | -31.5% | 21.6% | 6.19% |
| 5 Yr | 5.4%* | -19.8% | 14.2% | 41.67% |
| 10 Yr | N/A* | -14.1% | 11.2% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | HEWU Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 9.0% | -92.6% | 105.8% | 4.04% |
| 2022 | 19.4% | -27.5% | 283.0% | 40.21% |
| 2021 | -13.2% | -50.2% | 43.0% | 96.88% |
| 2020 | 18.9% | -17.8% | 50.2% | 57.29% |
| 2019 | -8.2% | -41.5% | 20.1% | 16.67% |
HEWU - Holdings
Concentration Analysis
| HEWU | Category Low | Category High | HEWU % Rank | |
|---|---|---|---|---|
| Net Assets | 8.88 M | 1.57 M | 5.98 B | 92.93% |
| Number of Holdings | 5 | 4 | 873 | 98.99% |
| Net Assets in Top 10 | 12.6 M | 1.19 M | 3.03 B | 81.82% |
| Weighting of Top 10 | 145.69% | 9.1% | 145.7% | 1.01% |
Top 10 Holdings
- iShares MSCI United Kingdom ETF 98.34%
- BlackRock Cash Funds: Institutional, SL Agency Shares 45.76%
- PURCHASED USD / SOLD GBP 1.58%
- PURCHASED USD / SOLD GBP 0.01%
- PURCHASED USD / SOLD GBP 0.01%
Asset Allocation
| Weighting | Return Low | Return High | HEWU % Rank | |
|---|---|---|---|---|
| Stocks | 98.34% | 1.03% | 100.41% | 65.66% |
| Cash | 45.76% | 0.00% | 90.86% | 5.05% |
| Other | 1.59% | -7.90% | 31.19% | 7.07% |
| Preferred Stocks | 0.00% | 0.00% | 25.67% | 66.67% |
| Convertible Bonds | 0.00% | 0.00% | 0.30% | 59.60% |
| Bonds | 0.00% | 0.00% | 10.26% | 59.60% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | HEWU % Rank | |
|---|---|---|---|---|
| Consumer Defense | 19.55% | 0.00% | 28.14% | 8.42% |
| Financial Services | 16.53% | 0.00% | 64.45% | 68.42% |
| Energy | 14.45% | 0.00% | 40.11% | 21.05% |
| Healthcare | 14.09% | 0.00% | 37.68% | 9.47% |
| Basic Materials | 10.27% | 0.00% | 50.50% | 55.79% |
| Industrials | 7.47% | 0.00% | 39.81% | 75.79% |
| Communication Services | 6.48% | 0.00% | 24.74% | 35.79% |
| Consumer Cyclical | 5.36% | 0.00% | 30.50% | 66.32% |
| Utilities | 4.06% | 0.00% | 37.60% | 30.53% |
| Real Estate | 1.24% | 0.00% | 30.80% | 63.16% |
| Technology | 0.50% | 0.00% | 39.90% | 76.84% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | HEWU % Rank | |
|---|---|---|---|---|
| US | 98.34% | 0.00% | 98.34% | 1.01% |
| Non US | 0.00% | 0.00% | 100.41% | 97.98% |
HEWU - Expenses
Operational Fees
| HEWU Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.12% | 0.09% | 4.31% | 24.74% |
| Management Fee | 0.62% | 0.00% | 1.35% | 66.67% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.08% | 0.15% | N/A |
Sales Fees
| HEWU 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
| HEWU 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.
| HEWU Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 15.00% | 4.00% | 217.50% | 41.86% |
HEWU - Distributions
Dividend Yield Analysis
| HEWU | Category Low | Category High | HEWU % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.57% | 0.00% | 19.05% | 17.17% |
Dividend Distribution Analysis
| HEWU | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | SemiAnnual | Annually | Monthly | Annual |
Net Income Ratio Analysis
| HEWU | Category Low | Category High | HEWU % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 2.82% | -4.11% | 6.59% | 25.25% |
Capital Gain Distribution Analysis
| HEWU | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Oct 16, 2023 | $0.071 | OrdinaryDividend |
| Jul 10, 2023 | $0.528 | OrdinaryDividend |
| Dec 30, 2022 | $0.389 | OrdinaryDividend |
| Jul 11, 2022 | $0.404 | OrdinaryDividend |
| Dec 30, 2021 | $0.633 | OrdinaryDividend |
| Jul 09, 2021 | $0.382 | OrdinaryDividend |
| Dec 31, 2020 | $0.236 | OrdinaryDividend |
| Jul 09, 2020 | $0.340 | OrdinaryDividend |
| Dec 31, 2019 | $0.421 | OrdinaryDividend |
| Jul 09, 2019 | $0.609 | OrdinaryDividend |
| Jan 04, 2019 | $0.455 | OrdinaryDividend |
| Jul 10, 2018 | $0.615 | OrdinaryDividend |
| Dec 08, 2017 | $0.450 | OrdinaryDividend |
| Jul 12, 2017 | $0.554 | OrdinaryDividend |
| Jan 04, 2017 | $0.288 | OrdinaryDividend |
| Jul 12, 2016 | $0.581 | OrdinaryDividend |
| Jan 04, 2016 | $0.427 | OrdinaryDividend |
HEWU - Fund Manager Analysis
Managers
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.
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.
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 |
|---|---|---|---|
| 0.25 | 31.8 | 8.34 | 10.64 |
