Overview
The MSCI EAFE index with its currency exposure hedged to the dollar — international stocks without the euro, yen and pound noise.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| EFA | iShares MSCI EAFE ETF | 99.5% |
| FX | EUR/JPY/GBP forward hedges | -- |
| ASML | (via EFA) ASML Holding | ~1.7% |
| NESN | (via EFA) Nestlé SA | ~1.4% |
| NOVN | (via EFA) Novartis AG | ~1.2% |
| SAP | (via EFA) SAP SE | ~1.2% |
| ROG | (via EFA) Roche Holding | ~1.1% |
| HSBA | (via EFA) HSBC Holdings | ~1.1% |
| 7203 | (via EFA) Toyota Motor | ~1.0% |
| AZN | (via EFA) AstraZeneca | ~1.0% |
Fund Details
Investment Thesis
International returns are two bets in one — the stocks and the currencies — and HEFA lets you keep the first while cancelling the second. With the dollar's direction the market's loudest macro debate, the hedged and unhedged EAFE funds have diverged by double digits in single years; HEFA is how you own European and Japanese equities purely on their merits. When the dollar weakens, the unhedged version wins — that is the trade-off, stated plainly.
Who It's For
Investors bullish on international stocks but wary of betting against the dollar, and tactical allocators pairing HEFA/EFA to dial currency exposure explicitly rather than by accident.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $20.53 | -- |
| 2017 | $23.81 | +16.0% |
| 2018 | $21.19 | -11.0% |
| 2019 | $26.28 | +24.0% |
| 2020 | $27.06 | +3.0% |
| 2021 | $32.21 | +19.0% |
| 2022 | $28.99 | -10.0% |
| 2023 | $34.78 | +20.0% |
| 2024 | $38.26 | +10.0% |
| 2025 | $44.00 | +15.0% |
| Year | Yield |
|---|---|
| 2016 | 2.40% |
| 2017 | 2.20% |
| 2018 | 2.70% |
| 2019 | 2.60% |
| 2020 | 2.00% |
| 2021 | 2.30% |
| 2022 | 3.00% |
| 2023 | 2.80% |
| 2024 | 2.70% |
| 2025 | 2.60% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $1.5B | -- |
| 2017 | $3B | +100.0% |
| 2018 | $4B | +33.3% |
| 2019 | $3B | -25.0% |
| 2020 | $2B | -33.3% |
| 2021 | $3.5B | +75.0% |
| 2022 | $3B | -14.3% |
| 2023 | $4B | +33.3% |
| 2024 | $5.5B | +37.5% |
| 2025 | $7B | +27.3% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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