ETF Evaluator:
iShares Agency Bond ETF (AGZ)
Follow This ETF
(as of Jul 31)
Best Performing in Short Government Over the Last Year
| 16.0% | SoFi Enhanced Yield ETF (THTA) |
| 5.1% | First Trust Low Duration Oppos ETF (LMBS) |
| 4.0% | Franklin Short Duration US Govt ETF (FTSD) |
| 3.9% | Xtrackers US 0-1 Year Treasury ETF (TRSY) |
| 3.7% | Short Government () |
Risk
Index
Risk
Index
ETF Details
iShares Agency Bond ETF Overview
iShares Agency Bond ETF (AGZ) is a passively managed Taxable Bond Short Government exchange-traded fund (ETF). iShares launched the ETF in 2008.
The investment seeks to track the investment results of the Bloomberg U.S. Agency Bond Index.
The index measures the performance of the agency sector of the U.S. government bond market and is composed of investment-grade U.S. dollar-denominated publicly-issued government agency bonds or debentures. The fund will invest at least 80% of its assets in the component securities of the index and TBAs that have economic characteristics that are substantially identical to the economic characteristics of the component securities of the index.
About iShares Agency Bond ETF (AGZ)
There are 3 members of the management team with an average tenure of 5.61 years: James Mauro (2011), Jonathan Graves (2025) and Marcus Tom (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg US Universal TR USD index with a weighting of 100% and Bloomberg US Agency TR USD index with a weighting of 100%. iShares Agency Bond ETF has 101 securities in its portfolio. The top 10 holdings constitute 49.9% 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 Agency Bond ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. iShares Agency Bond ETF has 0.5% 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 96.3% (95.9% domestic bond, 0.5% foreign bond and 0.0% convertible bond). iShares Agency Bond ETF has 3.7% of the portfolio in cash.
Assets Under Management
The fund has $555 million in total assets, which is below the $3 billion average for the Short Government 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.
AGZ 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 Agency Bond ETF expense ratio is below average compared to funds in the Short Government category. iShares Agency Bond ETF has an expense ratio of 0.20%, which is 37% higher than its category average, making the fund expense ratio grade a F. 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 Agency Bond ETF has a portfolio turnover rate of 45%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 192% for the Short Government category.
Recently, in the month of June 2026, iShares Agency Bond ETF returned 0.2%, which earned it a grade of A, as the Short Government category had an average return of 0.1%. 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 Agency Bond ETF has a trailing yield of 3.72%, which is below the 4.29% 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 Agency Bond ETF Grades
Year to date, the ETF has returned 0.6%, 0.5 percentage points worse than the category, which translates into a grade of C. The fund has returned 3.1% over the past year (grade of B), 4.3% over the past three years (grade of D) and 1.2% per year over the past five years (grade of F) and 1.8% per year over the past 10 years (grade of B).
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AGZ Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| AGZ Return (NAV) | 0.2% | 0.4% | 3.1% | 4.3% | 1.2% | 1.8% |
| AGZ Return (Price) | 0.3% | 0.5% | 3.4% | 4.4% | 1.2% | 1.8% |
| NAV +/- Price Return | -0.084% | -0.162% | -0.303% | -0.052% | -0.050% | -0.019% |
| Short Government Avg | 0.1% | 0.5% | 3.7% | 4.5% | 2.0% | 1.9% |
| AGZ Grade (NAV) | A | C | B | D | F | B |
| +/- Category (NAV) | 0.0% | -0.2% | -0.6% | -0.2% | -0.9% | -0.1% |
| AGZ Tax-Cost Ratio | na | na | 1.5% | 1.4% | 1.1% | 1.0% |
AGZ Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| AGZ Return (NAV) | 0.6% | 5.9% | 3.0% | 5.2% | -7.8% | -1.0% | 5.8% | 5.6% | 1.3% | 1.8% | 1.3% |
| AGZ Return (Price) | 0.6% | 6.0% | 3.1% | 5.2% | -7.8% | -1.0% | 5.8% | 5.5% | 1.3% | 2.0% | 1.0% |
| NAV +/- Price Ret | 0.047% | 0.018% | 0.012% | 0.000% | -0.007% | 0.041% | -0.007% | -2.4% | -0.8% | 9.3% | -20.7% |
| Short Government Avg | 1.1% | 4.5% | 4.2% | 4.5% | -4.2% | -0.8% | 3.3% | 3.8% | 1.4% | 0.9% | 1.8% |
| AGZ Grade (NAV) | C | A | F | A | F | F | A | A | D | A | A |
| +/- Category | -0.5% | 1.4% | -1.2% | 0.6% | -3.6% | -0.3% | 2.5% | 1.8% | -0.0% | 1.0% | -0.5% |
| Risk Measures | |
| Beta: | 0.45 |
| R-Squared: | 93% |
| Standard Deviation: | 2.6% |
| Category Risk Index: | 1.56 |
| Category Risk Rating: | High |
| Total Risk Index: | 0.22 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 3.7% |
| Total Assets: | $ 556 Mil |
| Share Class Assets: | $ 556 Mil |
| Turnover: | 45.0% |
| Expense Ratio: | 0.20% |
| Index Fund: | Yes |
| Index Tracked: | Bloomberg US Universal TR 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: 15.0 years | |||
| Average Tenure: 5.6 years | |||
| Managers (Year): Mauro James (2011), Graves Jonathan (2025), Tom Marcus (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 101 |
| % in Top 10 Holdings: | 49.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 95.9% |
| Foreign Bond: | 0.5% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.7% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | iShares |
| Phone Number: | 800-474-2737 |
| Website: | au.ishares.com |
| Inception Date: | November 5, 2008 |
Expenses and Fees
| Expense Ratio (%): | 0.20% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.15% |
