ETF Evaluator: iShares U.S. Manufacturing ETF () Follow This ETF

iShares U.S. Manufacturing ETF Overview

iShares U.S. Manufacturing ETF (MADE) is a passively managed Sector Equity Industrials exchange-traded fund (ETF). iShares launched the ETF in 2024.

The investment seeks to track the investment results of the S&P U.S. Manufacturing Select Index. The underlying index is designed to measure the performance of equity securities of U.S.-domiciled companies that are involved in manufacturing and manufacturing-related industries and that generate a certain amount of revenues in the U.S., among other eligibility criteria, as determined by SPDJI. The fund generally will invest at least 80% of its assets in the component securities of its underlying index. The fund is non-diversified.

About iShares U.S. Manufacturing ETF (MADE)

There are 4 members of the management team with an average tenure of 1.51 years: Jennifer Hsui (2024), Peter Sietsema (2025), Matt Waldron (2025) and Steven White (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.

The ETF has 1 primary benchmark: S&P US Manufacturing Select TR USD index with a weighting of 100%. iShares U.S. Manufacturing ETF has 117 securities in its portfolio. The top 10 holdings constitute 38.1% 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 U.S. Manufacturing ETF is part of the Equity global asset class and is within the Sector Equity ETF group. iShares U.S. Manufacturing ETF has 3.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 96.2% There is 3.6% 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 U.S. Manufacturing ETF has 0.2% of the portfolio in cash.

Assets Under Management

The fund has $61 million in total assets, which is below the $1 billion average for the Industrials 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.

MADE 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 U.S. Manufacturing ETF expense ratio is average compared to funds in the Industrials category. iShares U.S. Manufacturing ETF has an expense ratio of 0.40%, which is 21% 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 U.S. Manufacturing ETF has a portfolio turnover rate of 22%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 40% for the Industrials category.

Recently, in the month of July 2026, iShares U.S. Manufacturing ETF returned -7.0%, which earned it a grade of D, as the Industrials category had an average return of -4.0%. 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 U.S. Manufacturing ETF has a trailing yield of 0.65%, which is below the 1.11% category average. The fund normally distributes its income quarterly 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 U.S. Manufacturing ETF Grades

Year to date, the ETF has returned 17.9%, 5.3 percentage points better than the category, which translates into a grade of B. The fund has returned 32.0% over the past year (grade of B).

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