Fund Evaluator:
iShares S&P 500 Index Investor A (BSPAX)
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Best Performing in Large Blend Over the Last Year
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Fund Details
iShares S&P 500 Index Investor A Overview
iShares S&P 500 Index Investor A (BSPAX) is a passively managed U.S. Equity Large Blend fund. BlackRock launched the fund in 2013.
The investment seeks to provide investment results that correspond to the total return performance of publicly-traded common stocks in the aggregate, as represented by the Standard & Poor's 500® Index. The fund is a "feeder" fund that invests all of its assets in the Master Portfolio of MIP, which has the same investment objective and strategies as the fund. At least 90% of the value of the fund's assets is invested in securities comprising the S&P 500 Index. The percentage of the fund's assets invested in a given stock is approximately the same as the percentage such stock represents in the S&P 500 Index. The fund is non-diversified.
About iShares S&P 500 Index Investor A (BSPAX)
There are 4 members of the management team with an average tenure of 3.58 years: Jennifer Hsui (2016), Peter Sietsema (2025), Matt Waldron (2025), Steven White (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. iShares S&P 500 Index Investor A has 513 securities in its portfolio. The top 10 holdings constitute 36.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
iShares S&P 500 Index Investor A is part of the Equity global asset class and is within the U.S. Equity fund group. iShares S&P 500 Index Investor A has 0.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.8%. There is 0.5% 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 S&P 500 Index Investor A has -0.3% of the portfolio in cash.
Assets Under Management
The fund has $3 billion in total assets, which is below the $6 billion average for the Large Blend 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.
BSPAX 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 S&P 500 Index Investor A expense ratio is below average compared to funds in the Large Blend category. iShares S&P 500 Index Investor A has an expense ratio of 0.35%, which is 57% 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 S&P 500 Index Investor A has a portfolio turnover rate of 14%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 48% for the Large Blend category.
Recently, in the month of July 2026, iShares S&P 500 Index Investor A returned -0.1%, which earned it a grade of D, as the Large Blend category had an average return of 0.4%. 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 funds in that category.
iShares S&P 500 Index Investor A has a trailing yield of 0.76%, which is above the 0.56% 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 S&P 500 Index Investor A Grades
Year to date, the fund has returned 9.9%, 0.6 percentage points better than the category, which translates into a grade of C. The fund has returned 19.1% over the past year (grade of B), 18.9% over the past three years (grade of B) and 12.5% per year over the past five years (grade of B) and 14.7% per year over the past 10 years (grade of B).
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BSPAX 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 |
|
| BSPAX Return (NAV) | -0.1% | 4.1% | 19.1% | 18.9% | 12.5% | 14.7% |
| BSPAX Grade | D | C | B | B | B | B |
| +/- Category | -0.5% | 0.0% | 1.6% | 1.5% | 1.3% | 1.0% |
| Large Blend Avg | 0.4% | 4.1% | 17.5% | 17.3% | 11.1% | 13.7% |
| BSPAX Tax Cost Ratio | na | na | 0.6% | 0.5% | 0.5% | 0.6% |
BSPAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BSPAX Return (NAV) | 9.9% | 17.5% | 24.5% | 25.8% | -18.4% | 28.2% | 18.0% | 31.0% | -4.7% | 21.4% | 11.6% |
| BSPAX Grade | C | B | B | B | C | B | C | B | B | C | B |
| +/- Category | 0.6% | 1.6% | 2.5% | 2.1% | -1.1% | 1.7% | 0.5% | 1.2% | 1.2% | 0.1% | 1.4% |
| Large Blend Avg | 9.3% | 15.8% | 22.1% | 23.7% | -17.3% | 26.5% | 17.5% | 29.8% | -5.9% | 21.3% | 10.2% |
| Risk Measures | |
| Standard Deviation: | 13.1% |
| Total Risk Index: | 1.06 - Above Average |
| Category Risk Index: | 0.98 - Below Average |
| Category Risk Grade: | B (39% Rank) |
| Beta: | 1.00 |
| R-Squared: | 100% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.8% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $58809 Mil |
| Fund Total Assets: | $3,784 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 14% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 10.3 years | |||
| Average Tenure: 3.6 years | |||
| Managers (Year): Hsui Jennifer (2016), Sietsema Peter (2025), Waldron Matt (2025), White Steven (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 513 |
| % in Top 10 Holdings: | 36.1% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.5% |
Portfolio Allocation |
|
| Domestic Stock: | 99.8% |
| Foreign Stock: | 0.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -0.3% |
Purchase Information
| Fund Family: | BlackRock |
| Phone Number: | 800-441-7762 |
| Website: | www.blackrock.com |
| Status: | Open |
| Inception Date: | April 10, 2013 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.35% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 0.81% |
| Share Class: | iShares S&P 500 Index K |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
