ETF Evaluator:
iShares Total USD Fixed Income MarketETF ()
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(as of Aug 26)
Best Performing in Intermediate Core-Plus Bond Over the Last Year
| 8.9% | Infrastructure Capital Bond Income ETF (BNDS) |
| 5.2% | Monarch Ambassador Income ETF (MAMB) |
| 4.1% | SanJac Alpha Core Plus Bond ETF (SJCP) |
| 4.1% | F/m Opportunistic Income ETF (ZHOG) |
| 3.9% | PIMCO Active Bond ETF (BOND) |
Risk
Index
Risk
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ETF Details
iShares Total USD Fixed Income MarketETF Overview
iShares Total USD Fixed Income MarketETF (BTOT) is a passively managed Taxable Bond Intermediate Core-Plus Bond exchange-traded fund (ETF). iShares launched the ETF in 2025.
The investment seeks to track the investment results of an Bloomberg U.S. Total Fixed Income Market Index that provides comprehensive exposure to U.S. dollar-denominated fixed income securities that are rated either investment-grade or high yield.
The fund will invest at least 80% of its assets in the component securities of the underlying index and TBAs that have economic characteristics that are substantially identical to the economic characteristics of the component securities of the underlying index, and the fund will invest at least 90% of its assets in fixed income securities of the types included in the underlying index. It is non-diversified.
About iShares Total USD Fixed Income MarketETF (BTOT)
There are 3 members of the management team with an average tenure of 0.64 years: James Mauro (2025), Jonathan Graves (2025) and Marcus Tom (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Bloomberg Us Total Fixed Income Mkt USD index with a weighting of 100%. iShares Total USD Fixed Income MarketETF has 1066 securities in its portfolio. The top 10 holdings constitute 15.1% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
iShares Total USD Fixed Income MarketETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. iShares Total USD Fixed Income MarketETF has 11.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 98.4% (87.0% domestic bond, 11.4% foreign bond and 0.0% convertible bond). iShares Total USD Fixed Income MarketETF has 1.6% of the portfolio in cash.
Assets Under Management
The fund has $29 million in total assets, which is below the $2 billion average for the Intermediate Core-Plus Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BTOT Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The iShares Total USD Fixed Income MarketETF expense ratio is low compared to funds in the Intermediate Core-Plus Bond category. iShares Total USD Fixed Income MarketETF has an expense ratio of 0.09%, which is 79% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. iShares Total USD Fixed Income MarketETF has a portfolio turnover rate of 17%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 157% for the Intermediate Core-Plus Bond category.
Recently, in the month of July 2026, iShares Total USD Fixed Income MarketETF returned -1.1%, which earned it a grade of A, as the Intermediate Core-Plus Bond category had an average return of -1.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
iShares Total USD Fixed Income MarketETF has a trailing yield of 0.00%, which is below the 4.67% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
iShares Total USD Fixed Income MarketETF Grades
Year to date, the ETF has returned -0.3%, 0.1 percentage points worse than the category, which translates into a grade of B.
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BTOT Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BTOT Return (NAV) | -1.1% | -0.6% | na | na | na | na |
| BTOT Return (Price) | -1.0% | -0.3% | na | na | na | na |
| NAV +/- Price Return | -0.111% | -0.275% | na | na | na | na |
| Intermediate Core-Plus Bond Avg | -1.2% | -0.6% | 3.2% | 4.6% | 0.4% | 2.1% |
| BTOT Grade (NAV) | A | C | na | na | na | na |
| +/- Category (NAV) | 0.1% | 0.0% | na | na | na | na |
| BTOT Tax-Cost Ratio | na | na | na | na | na | na |
BTOT Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BTOT Return (NAV) | -0.3% | na | na | na | na | na | na | na | na | na | na |
| BTOT Return (Price) | -0.1% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.708% | na | na | na | na | na | na | na | na | na | na |
| Intermediate Core-Plus Bond Avg | -0.2% | 7.5% | 3.0% | 6.6% | -13.2% | -0.7% | 8.0% | 9.8% | -0.2% | 4.3% | 4.9% |
| BTOT Grade (NAV) | B | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -0.1% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 29 Mil |
| Share Class Assets: | $ 29 Mil |
| Turnover: | 17.0% |
| Expense Ratio: | 0.09% |
| Index Fund: | Yes |
| Index Tracked: | Bloomberg Us Total Fixed Income Mkt USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 0.6 years | |||
| Average Tenure: 0.6 years | |||
| Managers (Year): Mauro James (2025), Graves Jonathan (2025), Tom Marcus (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 1066 |
| % in Top 10 Holdings: | 15.1% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 11.4% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 87.0% |
| Foreign Bond: | 11.4% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.6% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | iShares |
| Phone Number: | 800-474-2737 |
| Website: | au.ishares.com |
| Inception Date: | December 10, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.09% (Rating: Low) |
| Category Average Expense Ratio (%): | 0.44% |
