ETF Spotlight: BlackRock's DYNF Rebounds After Rebrand
The U.S. large-cap equity fund is up more than 15% year-to-date.
The BlackRock U.S. Equity Factor Rotation ETF (DYNF) rose 2% on Thursday amid a wider market rally spurred by an encouraging decline in jobless claims and rising hopes that the U.S. might not be headed for a steep recession.
DYNF's one-day surge was a return to winning ways after a weeks-long slump that dovetailed with a slow-down in the technology sector, which composes the largest part of its holdings. While the fund has sunk more than 5% over the past month, it's up more than 15% year-to-date, surpassing the performance of the S&P 500.
BlackRock's Rebrand to iShares
The rally also came two days after the world's largest asset manager submitted an SEC filing that would rebrand DYNF under the iShares name along with all of BlackRock's exchange-traded funds. BlackRock says the name change will help clients develop a better understanding of its ETF offerings.
"As ETFs have become ubiquitous, BlackRock’s ETF platform has evolved to provide clients access to an ever-expanding choice of investments across index and active strategies. To help clients better navigate BlackRock’s product offerings, we will be branding all our ETFs as iShares," a BlackRock spokesperson said.
DYNF, which debuted in March 2019 and carries a .30% expense ratio, manages more than $9.1 billion in assets, according to etf.com data. The fund's heaviest allocations, more than 40%, splits evenly between technology and technology services large cap stocks. It allocates an additional 14% to major financial services firms.
DYNF Top Holdings
Separate 7.5% stakes of Microsoft and Nvidia and a 7% share in Apple are its largest individual holdings. It also holds stakes of more than 3.6% in financial services giants Berkshire Hathaway, JPMorgan Chase and Visa.
Read More: Vanguard Cuts Into iShares’ ETF Lead as Inflows Climb
BlackRock's ETF rebranding comes as the New York-based company faces fierce competition from Vanguard to hold the title as the world's biggest ETF issuer.
BlackRock's iShares holds about $2.79 trillion in 417 funds, (globally, it manages $3.84 trillion in 1,147 ETFs for a 30% market share, according to ETFGI data in June).
