ETF Evaluator:
iShares Broad USD Floating Rate Loan ETF ()
Follow This ETF
(as of Aug 19)
Best Performing in Bank Loan Over the Last Year
| 5.3% | PIMCO Sr Ln Actv ETF (LONZ) |
| 5.3% | PGIM Floating Rate Income ETF (PFRL) |
| 5.3% | Virtus Seix Senior Loan ETF (SEIX) |
| 5.0% | Pacer Aristotle Pac Ast Fl Rt Hi Inc ETF (FLRT) |
| 4.7% | T. Rowe Price Floating Rate ETF (TFLR) |
Risk
Index
Risk
Index
ETF Details
iShares Broad USD Floating Rate Loan ETF Overview
iShares Broad USD Floating Rate Loan ETF (USLN) is a passively managed Taxable Bond Bank Loan exchange-traded fund (ETF). iShares launched the ETF in 2026.
The investment seeks to track the investment results of an index composed of U.S. dollar-denominated leveraged loans.
The fund seeks to track the investment results of the Morningstar LSTA US Leveraged Loan Broad Select Index (the “underlying index”), which was developed by Morningstar, Inc. The underlying index is a market value-weighted index designed to measure the performance of a subset of the U.S. dollar-denominated, senior secured institutional floating rate loan market. The fund will invest at least 80% of its assets in the components of the underlying index.
About iShares Broad USD Floating Rate Loan ETF (USLN)
There are 3 members of the management team with an average tenure of 0.41 years: James Mauro (2026), Jonathan Graves (2026) and Marcus Tom (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Morningstar LSTA US LL Broad Sel TR USD index with a weighting of 100%. iShares Broad USD Floating Rate Loan ETF has 292 securities in its portfolio. The top 10 holdings constitute 20.2% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
iShares Broad USD Floating Rate Loan ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. iShares Broad USD Floating Rate Loan ETF has 7.4% 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 96.1% (88.7% domestic bond, 7.4% foreign bond and 0.0% convertible bond). iShares Broad USD Floating Rate Loan ETF has 3.9% of the portfolio in cash.
Assets Under Management
The fund has $22 million in total assets, which is below the $1 billion average for the Bank Loan 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.
USLN 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 Broad USD Floating Rate Loan ETF expense ratio is average compared to funds in the Bank Loan category. iShares Broad USD Floating Rate Loan ETF has an expense ratio of 0.40%, which is 31% 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 Broad USD Floating Rate Loan 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 92% for the Bank Loan category.
Recently, in the month of July 2026, iShares Broad USD Floating Rate Loan ETF returned 0.3%, which earned it a grade of F, as the Bank Loan category had an average return of 0.6%. 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 Broad USD Floating Rate Loan ETF has a trailing yield of 0.00%, which is below the 7.35% 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.
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about iShares Broad USD Floating Rate Loan ETF, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
USLN 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 |
|
| USLN Return (NAV) | 0.3% | 0.6% | na | na | na | na |
| USLN Return (Price) | 0.1% | 1.2% | na | na | na | na |
| NAV +/- Price Return | 0.180% | -0.585% | na | na | na | na |
| Bank Loan Avg | 0.6% | 1.1% | 4.0% | 7.1% | 5.4% | 4.5% |
| USLN Grade (NAV) | F | F | na | na | na | na |
| +/- Category (NAV) | -0.4% | -0.5% | na | na | na | na |
| USLN Tax-Cost Ratio | na | na | na | na | na | na |
USLN Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| USLN Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| USLN Return (Price) | na | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | na | na | na | na | na | na | na | na | na | na | na |
| Bank Loan Avg | 1.9% | 5.7% | 8.7% | 12.7% | -2.3% | 4.0% | 2.6% | 8.7% | -0.4% | 2.8% | 7.6% |
| USLN Grade (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| +/- Category | na | 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: | $ 23 Mil |
| Share Class Assets: | $ 23 Mil |
| Turnover: | na |
| Expense Ratio: | 0.40% |
| Index Fund: | Yes |
| Index Tracked: | Morningstar LSTA US LL Broad Sel 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: 0.4 years | |||
| Average Tenure: 0.4 years | |||
| Managers (Year): Mauro James (2026), Graves Jonathan (2026), Tom Marcus (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 292 |
| % in Top 10 Holdings: | 20.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 7.4% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 88.7% |
| Foreign Bond: | 7.4% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.9% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | iShares |
| Phone Number: | 800-474-2737 |
| Website: | au.ishares.com |
| Inception Date: | March 3, 2026 |
Expenses and Fees
| Expense Ratio (%): | 0.40% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.58% |
