Symmetry's country momentum ETF costs more than BlackRock's while a waiver holds
Symmetry Partners listed the Symmetry Panoramic International Country Momentum ETF, ICMO, on September 29, 2026, at 0.86% a year, above the 0.55% net fee on BlackRock's CORO while a waiver holds.
Key takeaways
A country fund that Symmetry Partners listed on Tuesday, September 29, costs more to own today than BlackRock's, and only because BlackRock is waiving part of its fee.
The new fund is the Symmetry Panoramic International Country Momentum ETF, ICMO, which holds other funds focused on countries and regions outside the United States. It charges 0.86% a year: a 0.55% management fee, plus an estimated 0.31% charged by the funds it holds. Symmetry does not waive its own fee.
BlackRock's iShares International Country Rotation Active ETF, CORO, also moves among country funds outside the United States, and lists the same 0.55% management fee. Its prospectus total is 1.06%, including 0.51% for the funds inside, but BlackRock waives 0.51 percentage points of its own management fee, an amount that matches those inner fees.
An investor in CORO pays 0.55% through June 30, 2027. The gap today is 0.31 percentage points, or $31 a year on $10,000. On the prospectus totals, before that waiver, BlackRock's fund costs more.
Symmetry's materials set out the rule. The fund ranks countries outside the United States on price gains over six months and over a year. Three-quarters of the money goes to the strongest, held in 13 to 26 country funds, and the other quarter goes to one regional fund: developed markets, emerging markets, or those markets taken together.
BlackRock says CORO puts more of the fund in countries the firm believes will do better, based on forward-looking insights. The firm describes four rotations, for emerging markets, developed markets, all countries, and regions, each with its own signals.
CORO listed on December 3, 2024, and held $13.1 billion as of Friday, October 2. ICMO had $496,000 as of Wednesday, September 30.
In the launch announcement, Symmetry said the top 13 countries over the 15 years through August had averaged almost 27% a year, citing Morningstar data on MSCI indices as of August 25. That is the average of countries already known to have finished on top. Symmetry did not present it as this fund's return, or as the result of the six- and twelve-month rule.
Symmetry calls the method rules-based. The prospectus, dated September 23, treats ICMO as active: it does not track an index, and the firm decides when to reset it. The strategy sheet describes a monthly reset, and the prospectus says that timing can change.
The same price signals have already been running on U.S. sectors. The Symmetry Panoramic Sector Momentum ETF, SMOM, listed on September 9, 2025, charges 0.63% a year and held about $74 million as of Monday, October 5. It rebalances quarterly, in staggered slices, rather than on the monthly reset described for the country fund.
The lower price on CORO depends on the waiver. BlackRock's agreement to waive part of its management fee runs through June 30, 2027.
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Frequently asked questions
Why does Symmetry's country fund cost more than BlackRock's today?
ICMO charges 0.86% a year, while BlackRock's waiver means an investor in CORO pays 0.55% through June 30, 2027.
When does BlackRock's fee waiver end?
BlackRock's agreement to waive part of its management fee runs through June 30, 2027.
Which fund costs more on the prospectus totals?
On the prospectus totals, before that waiver, BlackRock's fund costs more.
Is the nearly 27% a year figure this fund's return?
Symmetry did not present that average of past top countries as this fund's return, or as the result of its six- and twelve-month rule.
