Creates Lowest-Price Style Box Offering in the
Industry with iShares Morningstar U.S. Equity Style Box ETFs
$7.5bn suite overhauled with lower fees, new
tickers, indices, fund names, investment objectives, and share
splits
Two decades ago, iShares set out to spearhead the industry in
style investing by providing investors with simple and efficient
access to the distinct performance characteristics of size and
valuation.
Reflecting iShares’ commitment to this critical segment of the
market, fee reductions will be made effective today to the
iShares Morningstar U.S. Equity Style Box ETFs, positioning
the suite as the lowest cost style box ETF family in the industry.1
The revamped suite featuring a combination of new indices from
Morningstar, new tickers, new fund names, updated investment
objectives, share splits, and lower pricing could equate to a
successful formula for iShares.
“iShares ETFs have democratized investing for millions of
Americans and the actions taken today demonstrate our relentless
pursuit of this principle,” said Armando Senra, Head of iShares
Americas at BlackRock. “We are on a mission to offer
competitive and compelling choices so that every type of client,
from do-it-yourself investors, portfolio model builders, to
advisors and institutions, can benefit from the quality of our
products and our willingness to use the scale of our platform to
help provide better solutions and outcomes. The longstanding
collaboration with Morningstar reinforces our value proposition and
reflects our steadfast commitment to continue to be a leader in
style box investing.”
New Morningstar Indexes represent broader investment
opportunities
In January, Morningstar launched the Morningstar® Broad Style
IndexesSM, which are designed to more accurately represent the size
and style dimensions of the U.S. equity market with greater
flexibility. The underlying data and methodology of the indexes are
designed to be consistent with the Morningstar Style Box™, making
the indexes a natural complement for informing style-related
investment decisions. The Morningstar Broad Style Indexes
complement Morningstar's existing lineup of style indexes.
"By launching the new index family licensed by BlackRock for
iShares ETFs, we seek to empower investors to make better informed
style investing decisions. We are pleased that BlackRock’s iShares
ETFs make the iconic Morningstar Style Box even more accessible to
investors,” said Ron Bundy, president, Morningstar Indexes.
“The recently launched Morningstar Broad Style Indexes are powered
by Morningstar’s independent analysis and give investors more
flexible access to the broad market while maintaining their desired
style exposure and provide exceptional value by lowering the cost
of benchmarking.”
Lowering the hurdles to style investing
Over the past 20 years and through market cycles, growth and
value ETFs have become ubiquitous foundational building blocks for
investors to construct and adjust the essential components of their
U.S. equity portfolios. In the current market environment, for
example, value has outperformed growth, with value up 8.9% and
growth down 3.7%-- a stark contrast to 2020, when growth
significantly outperformed value.2 This divergence in performance
underpins the continued importance and relevance of style
investing.
“The iShares Morningstar U.S. Equity Style Box ETFs make it easy
for investors to build style-oriented portfolios at an incredible
value,” said Chad Slawner, Head of iShares US Product at
BlackRock. “We are excited to make enhancements to this robust
product suite. Through benchmark changes, share splits and fee
reductions we can help lower the hurdles to investing, increase
portfolio flexibility, and broaden market coverage so that clients
have access to, with as few as two ETFs, 99.5% of the U.S. stock
market.”3
About the iShares U.S. Style Box ETF Category
The iShares U.S. Style Box ETF category, launched in 2000,
comprises three distinct product suites, totaling 35 funds, and
remains the most comprehensive exposure to access U.S. equities for
investors.4
The style box investing market has grown to over $1.7 trillion
of assets under management (AUM) and has already gathered over $24
billion in flows for the year, representing 56% of 2020 total
flows.5
Select enhancements are outlined below and full details of the
product update can be found here.
New Fund Name
Ticker
Previous
expense ratio
New
expense ratio
Shares Split
Ratio6
iShares Morningstar Value ETF
ILCV
0.25%
0.04%
2:1
iShares Morningstar U.S. Equity
ETF
ILCB
0.20%
0.03%
4:1
iShares Morningstar Growth ETF
ILCG
0.25%
0.04%
5:1
iShares Morningstar Mid-Cap Value ETF
IMCV
0.30%
0.06%
3:1
iShares Morningstar Mid-Cap ETF
IMCB
0.25%
0.04%
4:1
iShares Morningstar Mid-Cap Growth ETF
IMCG
0.30%
0.06%
6:1
iShares Morningstar Small-Cap Value
ETF
ISCV
0.30%
0.06%
3:1
iShares Morningstar Small-Cap ETF
ISCB
0.25%
0.04%
4:1
iShares Morningstar Small-Cap Growth
ETF
ISCG
0.30%
0.06%
6:1
About the iShares Morningstar U.S. Equity Style Box
ETFs
Launched in 2004, the iShares Morningstar U.S. Equity Style Box
ETFs include nine funds with $7.55 billion of AUM. 7 Effective
today, the Funds will seek to track a new set of indexes from the
Morningstar Broad Style Indexes, within the existing suite of nine
Funds.
About BlackRock
BlackRock’s purpose is to help more and more people experience
financial well-being. As a fiduciary to investors and a leading
provider of financial technology, we help millions of people build
savings that serve them throughout their lives by making investing
easier and more affordable. For additional information on
BlackRock, please visit www.blackrock.com/corporate | Twitter:
@blackrock | LinkedIn: www.linkedin.com/company/blackrock
About iShares
iShares unlocks opportunity across markets to meet the evolving
needs of investors. With more than twenty years of experience, a
global line-up of 900+ exchange traded funds (ETFs) and $2.67
trillion in assets under management as of December 31, 2020,
iShares continues to drive progress for the financial industry.
iShares funds are powered by the expert portfolio and risk
management of BlackRock, trusted to manage more money than any
other investment firm.8
Carefully consider the Funds' investment objectives, risk
factors, and charges and expenses before investing. This and other
information can be found in the Funds' prospectuses or, if
available, the summary prospectuses which may be obtained by
visiting www.iShares.com or www.blackrock.com. Read the prospectus
carefully before investing.
Investing involves risk, including possible loss of
principal.
Index performance is for illustrative purposes only. Index
performance does not reflect any management fees, transaction costs
or expenses. Indexes are unmanaged and one cannot invest directly
in an index. Past performance does not guarantee future results.
Index performance does not represent actual Fund performance. For
actual fund performance, please visit www.iShares.com or
www.blackrock.com.
Buying and selling shares of ETFs may result in brokerage
commissions.
The iShares Funds are distributed by BlackRock Investments, LLC
(together with its affiliates, “BlackRock”). The iShares Funds are
not sponsored, endorsed, issued, sold or promoted by Morningstar,
Inc., nor does this company make any representation regarding the
advisability of investing in the Funds. BlackRock is not affiliated
with Morningstar, Inc.
The Morningstar® Broad Style Indexes℠ are created and maintained
by Morningstar, Inc. Morningstar, Inc. does not sponsor, endorse,
issue, sell, or promote the iShares Morningstar U.S. Equity Style
Box ETFs and bears no liability with respect to the ETFs or any
security. Morningstar® is a registered trademark of Morningstar,
Inc. Morningstar® Broad Style Indexes℠ are service marks of
Morningstar, Inc. ©2020 BlackRock, Inc. All rights reserved.
iSHARES and BLACKROCK are registered trademarks of
BlackRock, Inc., or its subsidiaries. All other marks are the
property of their respective owners
_________________ 1 Morningstar, as of 3/22/2021 2 Index returns
using Morningstar US Large Mid Broad Value Index and Morningstar US
Large Mid Broad Growth Index as of 3/8/21 3 A combination ILCB and
ISCB results in 99.5% market coverage without overlap as of March
22, 2021 4 iShares has the greatest breadth of U.S.-listed market
cap weighted style box ETFs. Source: Morningstar as of 3/08/2021 5
BlackRock, as of March 8, 2021 6 Effective for shareholders of
record as of the close of business on April 14, 2021, payable after
the close of trading on April 16, 2021. The stock split will lower
the share price and increase the number of outstanding shares. The
total value of shares outstanding and the total value of a
shareholder's investment in the fund is not affected by the stock
split. For more information, please contact 1-800-iShares
(474-2737). 7 BlackRock, as of February 28, 2021 8 Based on $8.68
trillion in AUM as of 12/31/20
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210322005452/en/
MEDIA :
Soogyung Jordan Soogyung.Jordan@BlackRock.com
646.276.5403
Federico Serrano Federico.Serrano@BlackRock.com
646.352.2218
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