At a glance
DYNF charges 0.26% a year, above the 0.08% average of the 8 funds most like it (the most expensive of 9). It has $38.61B in assets, the 5th largest of that group; it paid 0.84% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +10.7% with distributions reinvested (S&P 500: +11.5%), the weakest of those 9 funds; over three years it returned +24.9% a year. At its worst it fell 34.7% in the 2020 crash (S&P 500: 33.7%) and 26.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 10 months after the lows. Its ten largest positions make up 41.6% of the fund, out of 227 in all.
The short version
iShares U.S. Equity Factor Rotation Active ETF (DYNF) is an actively managed BlackRock fund of large- and mid-sized U.S. stocks that tilts toward the investing styles, known as factors, that its model favors, such as value, growth, momentum or quality. Its 0.26% expense ratio is well above the 0.08% average for eight funds with similar holdings, though it posted the highest one- and three-year returns in that group as of October 27, 2026.
Price history
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DYNF +10.7% over the year to Nov 2, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DYNF official prospectus, to Dec 31, 2024 | — | +30.12% | — | +14.96% | — | +15.55% |
| DYNF price data to Nov 2, 2026 | +10.6% | +10.7% | +24.9% | +12.9% | — | +15.3% |
- Over the year to Nov 2, 2026, DYNF returned +10.7%, 9th of 9 among similar funds.
- Its 5-year annualized return was +12.9%.
- In the 2020 COVID crash it fell 34.7% and regained its old high 5.4 months after the low.
- Its worst full calendar year was 2022 (-20.3%); its best was 2023 (+36.3%).
- The deepest fall in its price history was 34.7% (Feb 19, 2020 to Mar 23, 2020), recovered by Sep 2, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.6% | — |
| 2025 | +20.0% | — |
| 2024 | +30.3% | +30.12% |
| 2023 | +36.3% | +36.20% |
| 2022 | -20.3% | -20.12% |
| 2021 | +22.2% | +24.85% |
| 2020 | +13.4% | +13.58% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 34.7% over that stretch · deepest drop along the way 34.7%, back to its old high 5.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 26.2% over that stretch · deepest drop along the way 26.3%, back to its old high 9.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4200 | |
| 2025 | $0.6100 | +84.8% |
| 2024 | $0.3300 | -25.0% |
| 2023 | $0.4400 | -8.3% |
| 2022 | $0.4800 | -55.6% |
| 2021 | $1.0800 | +129.8% |
| 2020 | $0.4700 |
What's inside
As of Jul 31, 2026, the fund held 227 securities; the ten largest made up 41.58% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp | 7.94% | |
| Apple Inc | 7.47% | |
| Microsoft Corp | 5.06% | |
| Amazon.com Inc | 4.41% | |
| JPMorgan Chase & Co | 3.85% | |
| ExxonMobil Holdings Corp | 2.96% | |
| Broadcom Inc | 2.86% | |
| Alphabet Inc | 2.63% | |
| Bank of America Corp | 2.21% | |
| Alphabet Inc | 2.19% | |
| Meta Platforms Inc | 2.14% | |
| Johnson & Johnson | 2.04% | |
| Cisco Systems Inc | 2.01% | |
| Lam Research Corp | 1.74% | |
| Caterpillar Inc | 1.72% |
By country
United States 97.79%Ireland 1.82%Bermuda 0.1%Luxembourg 0.06%United Kingdom 0.04%By asset type
Stocks 99.84%Other 0%By sector
Sectors of the companies held, for the 89.3% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $2.75B (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.46%, +1.05%, -0.90%.
How it works
DYNF is actively managed and does not track an index. It aims to beat the large- and mid-sized U.S. stock market before fees. It keeps at least 80% of net assets in U.S.-listed shares of those companies, picked by a proprietary BlackRock Factor Rotation model.
Factors are stock traits linked to returns over time. The model uses momentum (recent winners), quality (financially sturdy firms), value (cheaper-looking stocks), growth (fast growers), size (smaller companies) and minimum volatility (steadier stocks). It weighs the economic cycle and each factor's valuation and trend. Then it tilts toward the factors it expects to do well soon and away from the rest. The aim is to capture both the long-run reward from factors and gains from timing their cycles. A stock can qualify under more than one factor.
Managers can adjust holdings daily. The prospectus reports 64% portfolio turnover, a rough gauge of how much of the fund is replaced in a year. That trading adds costs on top of the 0.26% expense ratio. As of July 31, 2026, the fund had 227 holdings, with about 42% in its 10 largest, led by NVIDIA (7.9%), Apple (7.5%) and Microsoft (5.1%). Technology made up about 36% of assets. The fund held no derivatives and under 1% cash, and it is not leveraged.
What it really costs
- DYNF charges 0.26% a year, versus an average of 0.08% for the similar funds below (9th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $27 in the first year and $331 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DYNF | $27 | $84 | $146 | $331 |
In a retirement portfolio
It spreads money across more than 200 large and mid-sized U.S. stocks and has tended to move with the broad market, though it relies on a factor model and costs more than funds with similar holdings.
DYNF could serve as a main U.S. stock holding, but its model has not shielded it from steep drops. It launched in 2019, so it has no 2008 record. In the 2020 COVID crash it fell 34.7%, its deepest drop, and regained its peak about 5.4 months after the low. In the 2022 bear market it fell 26.3% and took about 9.5 months after the low to recover. Its worst calendar year was 2022, a 20.1% loss. Drawing cash in a year like that means cashing out at low prices.
It offers little income: the trailing 12-month yield was 0.81% as of October 27, 2026, paid quarterly. Its 0.26% expense ratio is higher than all eight funds with similar holdings, which average 0.08%. The SEC's standard example puts costs at $331 over 10 years on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking one broad fund of more than 200 large and mid-sized U.S. stocks that shifts weight among value, growth, momentum, quality and other factors.
- Long-term holders who believe factor timing can pay off and accept a 0.26% expense ratio, well above the 0.08% average of similar funds.
- Those able to ride out steep drops, like its 34.7% fall in early 2020 and 20.1% loss in 2022, without needing to cash out.
Look elsewhere if
- Cost-focused investors: IVV and VOO, S&P 500 funds with largely overlapping holdings, charge 0.03% a year versus DYNF's 0.26%.
- Income seekers: its trailing 12-month yield was 0.81% as of October 27, 2026, paid in small quarterly dividends.
- Those wanting transparent index exposure: a proprietary model sets its tilts, and the prospectus warns the model may not achieve its intended results.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| DYNF this fund | — | 0.26% | $38.61B | +10.7% | +24.9% |
| MGC Vanguard Mega Cap ETF | 65% | 0.07% | $10.90B | +13.5% | +26.0% |
| IWL iShares Russell Top 200 ETF | 65% | 0.15% | $2.19B | +12.5% | +25.5% |
| BKLC BNY Mellon US Large Cap Core Equity ETF | 63% | 0% | $5.47B | +13.4% | +25.4% |
| VV Vanguard Large Cap ETF | 62% | 0.04% | $73.83B | +12.0% | +23.8% |
| SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF | 62% | 0.2% | $2.74B | +12.6% | +24.8% |
| SPY SPDR S&P 500 ETF Trust | 61% | 0.0945% | $781.19B | +11.5% | +21.9% |
| IVV iShares Core S&P 500 ETF | 61% | 0.03% | $888.13B | +11.5% | +22.0% |
Questions investors ask
Is DYNF an actively managed ETF?
Yes. DYNF, formerly called BlackRock U.S. Equity Factor Rotation ETF, is actively managed and does not track an index. A proprietary BlackRock model tilts its portfolio of large- and mid-sized U.S. stocks toward the investing styles, or factors, it expects to do well. These include momentum, quality, value, growth, size and minimum volatility. As of July 31, 2026, it had 227 holdings, led by NVIDIA (7.9%), Apple (7.5%), Microsoft (5.1%) and Amazon (4.4%).
What is the expense ratio of DYNF?
DYNF's expense ratio is 0.26%, with no fee waiver, according to its prospectus filed November 25, 2025. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares cashed out at the end of each period. On that basis, costs total $27 after one year, $146 after five and $331 after 10. That's the highest of nine funds with similar holdings. The other eight average 0.08%, and iShares Core S&P 500 ETF (IVV) charges 0.03%.
What's the difference between DYNF and IWL?
The biggest differences are approach and cost. iShares Russell Top 200 ETF (IWL) is an index fund that follows the Russell Top 200 and charges 0.15%. DYNF is actively managed, can hold mid-sized companies and uses a factor model, for 0.26%. About 65% of their holdings overlap, more than any other similar fund. As of October 27, 2026, DYNF returned 14.5% over one year and 28.5% a year over three years. IWL returned 12.5% and 25.5%.
Does DYNF pay dividends?
Yes, DYNF pays dividends quarterly, but they are small. Over the 12 months through October 27, 2026, it paid about $0.56 per share, a trailing yield of 0.81%. The fund aims to beat the large- and mid-sized U.S. stock market, not to produce income. Its dividends are a by-product of the stocks it holds. Funds built around dividend-paying stocks may suit investors who want more income from their stock holdings.
How has DYNF performed since it launched?
DYNF has delivered double-digit average annual returns since its March 2019 launch, with sharp swings along the way. Its prospectus shows 15.55% a year since inception and 14.96% a year over five years, as of December 31, 2024. Calendar years ranged from a 36.2% gain in 2023 to a 20.1% loss in 2022. Based on price, it returned 14.1% a year over the five years to October 27, 2026. Past results don't predict future returns.