What Is DYNF? iShares U.S. Equity Factor Rotation Active ETF
Last updated September 2026
Short answer
DYNF is iShares U.S. Equity Factor Rotation Active ETF, an ETF that tracks Actively managed, no tracked index at a 0.26% expense ratio. DYNF is an actively managed fund that shifts its exposure between equity factors such as momentum, quality, value and low volatility as BlackRock's models judge conditions to favour one over another. Most factor funds pick a factor and hold it. This one attempts to time which factor is working. That is a genuinely harder problem, and the 0.26% fee against 0.03% for a plain index fund is what you pay for the attempt.
DYNF is issued by iShares and tracks Actively managed, no tracked index. It charges a 0.26% expense ratio, holds approximately $38.0B in assets under management, yields about 0.79%, and launched in 2019.
Factor rotation is a much harder claim than factor exposure
Holding a value fund is a bet that value works over decades. Holding a factor rotation fund is a bet that someone can identify, in advance and repeatedly, which factor is about to work. The academic evidence for the first is contested but substantial. The evidence for the second is thinner.
That does not make it unreasonable. BlackRock has considerable resources behind the models, and the fund has attracted about $38.0B, which suggests institutional allocators find the case credible. It does mean the burden of proof is higher than for a passive factor fund, and the right frame is whether the rotation adds enough to cover the fee.
What it currently looks like
The portfolio at present looks much like a large-cap US fund with a momentum lean: Nvidia at 8.1%, Apple at 7.3%, Microsoft at 3.9%, Amazon at 3.7%, Lam Research at 3.6% and JPMorgan at 3.6%. Technology is 40% and financials 15%.
Two things follow. First, the Nvidia and Apple weights are above what a cap-weighted index fund would hold, so the fund is currently expressing conviction rather than tracking. Second, and more importantly, this snapshot will not describe the fund in a year. Rotation is the strategy, so any holdings list here is a photograph of a moving object.
DYNF holdings: top 10
Approximate weights as of August 2026. Each ticker links to its individual stock guide in Walnut.
How do I invest in DYNF?
There are three common ways to get DYNF exposure. Buy shares (or fractional shares) of DYNF directly at any major broker that lists it. Hold it as a core position and layer more concentrated ideas on top. Or build it into a thematic portfolio in Walnut, so DYNF sits alongside other holdings that express the same thesis, with target weights you can rebalance toward. DYNF trades like a stock during market hours, so you buy it the same way you would any listed share.
New to buying funds? See how to buy an ETF, step by step.
Is DYNF a good buy?
Whether DYNF is a good buy depends less on any single call and more on your time horizon and what you already hold: it tracks Actively managed, no tracked index, so the real question is whether you want that exposure in your mix and at what weight. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is DYNF a buy?
The bottom line on DYNF
DYNF gives you Actively managed, no tracked index exposure in one ticker at a 0.26% expense ratio. Most investors use it as a core holding and layer more concentrated thematic portfolios on top.
More on DYNF
Whether DYNF is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is DYNF a buy?
DYNF yields 0.79% as of August 2026, paid by passing through the dividends of its underlying holdings. For the payout schedule, history, and how the distributions are taxed, see DYNF dividend: yield and schedule.
New to funds like DYNF? Start with what an ETF is, then how to buy an ETF, or browse the full guide to ETF investing.
Wondering how DYNF fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in DYNF with AI
Connect the broker you already use and ask Walnut's AI how DYNF fits what you actually hold: what it overlaps with, what it leaves you exposed to, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is DYNF?
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DYNF is the iShares U.S. Equity Factor Rotation Active ETF. It shifts exposure between equity factors such as momentum, quality, value and low volatility based on BlackRock's assessment of market conditions. It charges 0.26%, holds about $38.0B, and launched in 2019.
What is factor rotation?
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Rather than committing to one factor, the fund tries to identify which factor is about to outperform and tilt toward it. That is a materially harder claim than simply holding a factor: it requires being right about timing, repeatedly, not just about a long-run premium.
Is DYNF worth 0.26%?
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It depends entirely on whether the rotation adds more than the roughly 0.23 percentage points it costs over a plain index fund. That is an empirical question its record will answer over time, and one worth checking directly rather than assuming either way. The fund launched in 2019, so the history is still short.
What does DYNF hold right now?
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Currently a large-cap US portfolio with a momentum lean: Nvidia 8.1%, Apple 7.3%, Microsoft 3.9%, Amazon 3.7%, Lam Research 3.6% and JPMorgan 3.6%, with technology at 40%. Treat that as a snapshot, since rotating the exposure is the entire strategy.
How is DYNF different from a single-factor fund?
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A momentum or value fund gives you one factor consistently, so you know what you own and when it will struggle. DYNF changes its exposure, which means the fund you buy today may express a different view in six months. That flexibility is the product and also the thing that makes it harder to slot into a plan.
Is DYNF more concentrated than an index fund?
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At present, yes. Nvidia at 8.1% and Apple at 7.3% are above their cap-weighted index weights, so the fund is actively expressing conviction. Whether that persists depends on what the models favour next.
Does DYNF pay a dividend?
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It distributes about 0.79%, roughly in line with a US large-cap fund. The current momentum tilt toward technology holds the yield down relative to a value-oriented portfolio.
Who is DYNF for?
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Someone who wants active factor management inside a single US equity holding and accepts paying 0.26% for the attempt. Someone who wants a known, stable exposure they can plan around is better served by either a plain index fund or a committed single-factor fund.
What is DYNF's expense ratio?
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DYNF has an expense ratio of 0.26% per year as of August 2026, charged by iShares and deducted from the fund's value rather than billed to you separately. On a $10,000 position that is roughly $26 a year. Fees compound over time, so on a long-term holding the expense ratio is one of the few return drivers you control. It is worth comparing against other funds that track Actively managed, no tracked index before you choose.
How do I compare DYNF to similar ETFs?
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Put a few fields side by side: the expense ratio (fees compound over decades), the index or strategy it tracks, the top holdings and how much they overlap with what you already own, the dividend yield, and the AUM, liquidity, and bid-ask spread that affect trading costs. For index funds, tracking error (how closely it follows its index) and tax efficiency matter too. DYNF's figures are above; the full method is in Walnut's guide on how to compare ETFs.
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Walnut is informational, not investment advice. Holdings weights and fund statistics on this page are approximations stamped to August 2026; verify current figures against iShares's fund page or your broker before investing.