iShares Edge MSCI Min Vol Japan ETF
Data updated: 2020-10-14
C000140236 — iShares Edge MSCI Min Vol Japan ETF. Money Market · $23.72M AUM · 0.30% expense ratio. Holdings, fees, performance and SEC filings.
C000140236 Fund Overview
iShares Edge MSCI Min Vol Japan ETF is a US ETF managed by iSHARES TRUST, categorised as Money Market. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US ETF
- Manager: iSHARES TRUST
- Category: Money Market
- Assets under management: $23.72M
- SEC CIK: 0001100663
- SEC series ID: S000045089
- Share class ID: C000140236
C000140236 Investment Objective and Strategy
iShares Edge MSCI Min Vol Japan ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by iSHARES TRUST.
Investment objective
The iShares Edge MSCI Min Vol Japan ETF (the “Fund”) seeks to track the investment results of an index composed of Japanese equities that, in the aggregate, have lower volatility characteristics relative to the broader Japanese equity markets.
Principal investment strategy
The Fund seeks to track the investment results of the MSCI Japan Minimum Volatility (USD) Index (the Underlying Index), which has been developed by MSCI Inc. (the Index Provider or MSCI) to measure the performance of Japanese equity securities that, in the aggregate, have lower volatility characteristics relative to the broader Japanese equity markets. In constructing the Underlying Index, MSCI uses a rules-based methodology to select securities from the MSCI Japan Index (the Parent Index), which is a capitalization-weighted index, and to determine the weightings of such securities in the Underlying Index. Under the rules-based methodology, securities and weightings of the Underlying Index are established based on pre-established parameters and discretionary factors are not relied on. Generally, the rules-based methodology includes specified requirements for security eligibility, maximum and minimum weightings by security and, in some cases, by sector and country, established rules relating to handling of special dividends and other distributions and treatment of corporate events.
In order to determine weightings by security within the Underlying Index, MSCI seeks to construct a portfolio of lowest absolute volatility, as measured by MSCI, using its multi-factor risk model. The portfolio is then further refined by an optimization tool that aims to determine the lowest absolute volatility based on the projected riskiness of securities in the Parent Index while applying constraints based on established minimum and maximum weightings of index constituents and sectors as well as factor constraints (for example, liquidity and financial leverage) as measured by MSCI. The Underlying Index may include large- or mid-capitalization companies. As of July 31, 2018, 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. BFA uses a passive or indexing approach to try to achieve the Funds 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 keeping portfolio turnover low in comparison to actively managed investment companies. BFA uses a representative sampling indexing strategy to manage the Fund. Representative sampling is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of 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 may or may not hold all of the securities in the Underlying Index. The Fund generally will invest at least 90% of its assets in the component securities of the 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 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.
The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. 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 and Parent Index are sponsored by MSCI, which is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and Parent Index and publishes information regarding the market value of the Underlying Index and Parent 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.
C000140236 Costs and Fees
C000140236 costs about $30 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.30%
- Gross expense ratio: 0.30%
- Portfolio turnover: 23%
- Brokerage commissions: 0.90 bps of average net assets (SEC N-CEN)
C000140236 Cashflows
Over the 12 months to 2020-04, iShares Edge MSCI Min Vol Japan ETF had net outflows of $5.36M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2020-04 | $0 |
| 2020-03 | −$5.36M |
| 2020-02 | $0 |
| 2020-01 | $0 |
| 2019-12 | $0 |
| 2019-11 | $0 |
C000140236 Debt Constituents
No individual debt constituents are reported in iShares Edge MSCI Min Vol Japan ETF's latest SEC N-PORT filing.
C000140236 Prospectus and SEC Filings
Official iShares Edge MSCI Min Vol Japan ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2019-12-16
- Prospectus (485BPOS) — filed 2018-12-14
- Prospectus supplement (497) — filed 2020-09-08
- Portfolio holdings (N-PORT) — filed 2020-06-29
- Portfolio holdings (N-PORT) — filed 2020-03-27
- Portfolio holdings (N-PORT) — filed 2019-12-26
- Annual census (N-CEN) — filed 2020-10-14
- Annual census (N-CEN) — filed 2019-10-11
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Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.