ETF Evaluator:
iShares Managed Futures Active ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Systematic Trend Over the Last Year
| 35.2% | American Beacon AHL Trend ETF (AHLT) |
| 31.5% | Cambria Chesapeake Pure Trend ETF (MFUT) |
| 28.1% | Blueprint Chesapeake Multi-Asst Trnd ETF (TFPN) |
| 27.5% | iMGP DBi Managed Futures Strategy ETF (DBMF) |
| 22.1% | Fidelity Managed Futures ETF (FFUT) |
Risk
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Risk
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ETF Details
iShares Managed Futures Active ETF Overview
iShares Managed Futures Active ETF (ISMF) is an actively managed Alternative Systematic Trend exchange-traded fund (ETF). BlackRock launched the ETF in 2025.
The investment seeks to maximize total return.
Under normal market conditions, the fund will invest at least 80% of its net assets (plus any borrowing for investment purposes), based on notional value, in futures contracts and futures-related instruments, including, but not limited to, forward contracts. The manager will follow a trend strategy by investing in futures contracts and futures-related instruments, such as forward contracts, in global markets across a wide range of asset classes, including, but not limited to, equities, fixed income, currencies and commodities. The fund is non-diversified.
About iShares Managed Futures Active ETF (ISMF)
There are 3 members of the management team with an average tenure of 1.39 years: Richard Mathieson (2025), Jeffrey Rosenberg (2025) and Stephanie Lee (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg Global Aggregate TR USD index with a weighting of 100% and ICE BofA 0-3 M US Trsy Bill TR USD index with a weighting of 100%. iShares Managed Futures Active ETF has 290 securities in its portfolio. The top 10 holdings constitute 93.0% 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 Managed Futures Active ETF is part of the Alternative Strategies global asset class and is within the Alternative ETF group. iShares Managed Futures Active ETF has 0.0% 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 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). iShares Managed Futures Active ETF has 100.0% of the portfolio in cash.
Assets Under Management
The fund has $60 million in total assets, which is below the $487 million average for the Systematic Trend 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.
ISMF 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 Managed Futures Active ETF expense ratio is high compared to funds in the Systematic Trend category. iShares Managed Futures Active ETF has an expense ratio of 0.80%, which is 3% lower than its category average, making the fund expense ratio grade a B. 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 Managed Futures Active ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 57% for the Systematic Trend category.
Recently, in the month of July 2026, iShares Managed Futures Active ETF returned -0.1%, which earned it a grade of F, as the Systematic Trend category had an average return of 1.4%. 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 Managed Futures Active ETF has a trailing yield of 2.50%, which is above the 2.42% category average.
The fund normally distributes its income annually 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 Managed Futures Active ETF Grades
Year to date, the ETF has returned 6.1%, 3.4 percentage points worse than the category, which translates into a grade of D. The fund has returned 19.8% over the past year (grade of C).
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ISMF 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 |
|
| ISMF Return (NAV) | -0.1% | -0.2% | 19.8% | na | na | na |
| ISMF Return (Price) | 0.5% | 0.3% | 20.1% | na | na | na |
| NAV +/- Price Return | -0.528% | -0.520% | -0.307% | na | na | na |
| Systematic Trend Avg | 1.4% | -1.4% | 20.5% | 6.5% | 6.1% | 3.0% |
| ISMF Grade (NAV) | F | D | C | na | na | na |
| +/- Category (NAV) | -1.5% | 1.2% | -0.7% | na | na | na |
| ISMF Tax-Cost Ratio | na | na | 2.2% | na | na | na |
ISMF Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ISMF Return (NAV) | 6.1% | na | na | na | na | na | na | na | na | na | na |
| ISMF Return (Price) | 6.9% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.137% | na | na | na | na | na | na | na | na | na | na |
| Systematic Trend Avg | 9.5% | 5.1% | 7.3% | -0.4% | 13.3% | 7.6% | 2.4% | -3.6% | -1.4% | -0.7% | -2.6% |
| ISMF Grade (NAV) | D | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -3.4% | 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: | 2.5% |
| Total Assets: | $ 60 Mil |
| Share Class Assets: | $ 60 Mil |
| Turnover: | 0.0% |
| Expense Ratio: | 0.80% |
| Index Fund: | No |
| Index Tracked: | Bloomberg Global Aggregate TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 1.4 years | |||
| Average Tenure: 1.4 years | |||
| Managers (Year): Mathieson Richard (2025), Rosenberg Jeffrey (2025), Lee Stephanie (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 290 |
| % in Top 10 Holdings: | 93.0% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 100.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | BlackRock |
| Phone Number: | 800-474-2737 |
| Website: | www.blackrock.com |
| Inception Date: | March 12, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.80% (Rating: High) |
| Category Average Expense Ratio (%): | 0.83% |
