ETF Evaluator:
iShares Yield Optimized Bond ETF (BYLD)
Follow This ETF
(as of Jul 31)
Best Performing in Multisector Bond Over the Last Year
| 8.5% | Rareview Dynamic Fixed Income ETF (RDFI) |
| 8.2% | ATAC Credit Rotation ETF (JOJO) |
| 8.0% | Eaton Vance Income Opportunities ETF (XAGG) |
| 7.2% | Bluemonte Diversified Income ETF (BLUI) |
| 7.2% | Neuberger Flexible Credit Income ETF (NBFC) |
Risk
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Risk
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ETF Details
iShares Yield Optimized Bond ETF Overview
iShares Yield Optimized Bond ETF (BYLD) is a passively managed Taxable Bond Multisector Bond exchange-traded fund (ETF). iShares launched the ETF in 2014.
The investment seeks to track the investment results of the Morningstar® U.S. Bond Market Yield-Optimized IndexSM.
The fund will invest at least 80% of its assets in the component securities of the underlying index and to-be-announced transactions (“TBAs”) that have economic characteristics that are substantially identical to the economic characteristics of the component securities of the underlying index. The underlying index is a broadly diversified fixed-income index that seeks to deliver current income while maintaining long-term capital appreciation.
About iShares Yield Optimized Bond ETF (BYLD)
There are 4 members of the management team with an average tenure of 1.96 years: Jennifer Hsui (2022), 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 2 primary benchmarks: Bloomberg US Universal TR USD index with a weighting of 100% and Morningstar US Bd Yld-Opt TR USD index with a weighting of 100%. iShares Yield Optimized Bond ETF has 14 securities in its portfolio. The top 10 holdings constitute 94.8% 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 Yield Optimized Bond ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. iShares Yield Optimized Bond ETF has 26.0% 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 0.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 94.1% (68.1% domestic bond, 26.0% foreign bond and 0.1% convertible bond). iShares Yield Optimized Bond ETF has 5.6% of the portfolio in cash.
Assets Under Management
The fund has $453 million in total assets, which is below the $1 billion average for the Multisector Bond 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.
BYLD 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 Yield Optimized Bond ETF expense ratio is low compared to funds in the Multisector Bond category. iShares Yield Optimized Bond ETF has an expense ratio of 0.13%, which is 81% 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 Yield Optimized Bond ETF has a portfolio turnover rate of 96%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 159% for the Multisector Bond category.
Recently, in the month of June 2026, iShares Yield Optimized Bond ETF returned 0.3%, which earned it a grade of C, as the Multisector Bond category had an average return of 0.3%. 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 Yield Optimized Bond ETF has a trailing yield of 5.34%, which is below the 5.59% 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 Yield Optimized Bond ETF Grades
Year to date, the ETF has returned 1.6%, 0.1 percentage points worse than the category, which translates into a grade of C. The fund has returned 5.5% over the past year (grade of B), 6.5% over the past three years (grade of D) and 2.2% per year over the past five years (grade of D) and 2.9% per year over the past 10 years (grade of F).
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BYLD 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 |
|
| BYLD Return (NAV) | 0.3% | 1.9% | 5.5% | 6.5% | 2.2% | 2.9% |
| BYLD Return (Price) | 0.3% | 1.9% | 5.6% | 6.5% | 2.2% | 2.9% |
| NAV +/- Price Return | 0.008% | -0.018% | -0.128% | -0.028% | -0.001% | 0.027% |
| Multisector Bond Avg | 0.3% | 1.9% | 5.4% | 6.7% | 2.3% | 3.3% |
| BYLD Grade (NAV) | C | C | B | D | D | F |
| +/- Category (NAV) | -0.0% | -0.1% | 0.2% | -0.2% | -0.1% | -0.3% |
| BYLD Tax-Cost Ratio | na | na | 2.1% | 2.1% | 1.8% | 1.6% |
BYLD Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BYLD Return (NAV) | 1.6% | 8.4% | 4.3% | 8.2% | -10.4% | -1.1% | 4.2% | 12.6% | -1.4% | 4.9% | 5.3% |
| BYLD Return (Price) | 1.7% | 8.4% | 4.2% | 8.3% | -10.3% | -1.3% | 4.3% | 12.8% | -1.5% | 4.8% | 5.9% |
| NAV +/- Price Ret | 0.047% | 0.002% | -0.037% | 0.014% | -0.008% | 0.182% | 0.007% | 1.4% | 10.3% | -3.4% | 12.1% |
| Multisector Bond Avg | 1.8% | 7.6% | 5.5% | 8.2% | -10.8% | 3.0% | 4.7% | 10.6% | -1.8% | 5.9% | 7.4% |
| BYLD Grade (NAV) | C | B | D | C | C | F | C | B | B | F | F |
| +/- Category | -0.1% | 0.8% | -1.2% | -0.1% | 0.4% | -4.1% | -0.5% | 2.0% | 0.4% | -1.0% | -2.1% |
| Risk Measures | |
| Beta: | 0.78 |
| R-Squared: | 93% |
| Standard Deviation: | 4.5% |
| Category Risk Index: | 0.98 |
| Category Risk Rating: | Average |
| Total Risk Index: | 0.37 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 5.3% |
| Total Assets: | $ 454 Mil |
| Share Class Assets: | $ 454 Mil |
| Turnover: | 96.0% |
| Expense Ratio: | 0.13% |
| 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: 4 | |||
| Longest Tenure: 4.1 years | |||
| Average Tenure: 2.0 years | |||
| Managers (Year): Hsui Jennifer (2022), Sietsema Peter (2025), Waldron Matt (2025), White Steven (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 14 |
| % in Top 10 Holdings: | 94.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 26.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.1% |
| Domestic Bond: | 68.1% |
| Foreign Bond: | 26.0% |
| Convertible Bond: | 0.1% |
| Other: | 0.0% |
| Cash: | 5.6% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | iShares |
| Phone Number: | 800-474-2737 |
| Website: | au.ishares.com |
| Inception Date: | April 22, 2014 |
Expenses and Fees
| Expense Ratio (%): | 0.13% (Rating: Low) |
| Category Average Expense Ratio (%): | 0.68% |
