ETF Evaluator:
iShares CMBS ETF (CMBS)
Follow This ETF
(as of Jul 31)
Best Performing in Securitized Bond - Focused Over the Last Year
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Risk
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Risk
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ETF Details
iShares CMBS ETF Overview
iShares CMBS ETF (CMBS) is a passively managed Taxable Bond Securitized Bond - Focused exchange-traded fund (ETF). iShares launched the ETF in 2012.
The investment seeks to track the investment results of the Bloomberg U.S. CMBS (ERISA Only) Index.
The index measures the performance of investment-grade commercial mortgage-backed securities ("CMBS"), which are classes of securities (known as "certificates") that represent interests in "pools" of commercial mortgages. The fund will invest at least 80% of its assets in the component securities of the underlying index, and it will invest at least 90% of its assets in fixed income securities of the types included in the underlying index that BFA believes will help the fund track the underlying index.
About iShares CMBS ETF (CMBS)
There are 3 members of the management team with an average tenure of 5.40 years: James Mauro (2012), 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 CMBS ERISA Eligible TR USD index with a weighting of 100%. iShares CMBS ETF has 467 securities in its portfolio. The top 10 holdings constitute 9.7% 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 CMBS ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. iShares CMBS ETF has 0.0% 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 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.4% (99.4% domestic bond, 0.0% foreign bond and 0.0% convertible bond). iShares CMBS ETF has 0.7% of the portfolio in cash.
Assets Under Management
The fund has $476 million in total assets, which is below the $1 billion average for the Securitized Bond - Focused 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.
CMBS 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 CMBS ETF expense ratio is below average compared to funds in the Securitized Bond - Focused category. iShares CMBS ETF has an expense ratio of 0.25%, which is 20% 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 CMBS ETF has a portfolio turnover rate of 33%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 51% for the Securitized Bond - Focused category.
Recently, in the month of June 2026, iShares CMBS ETF returned 0.1%, which earned it a grade of F, as the Securitized Bond - Focused 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 CMBS ETF has a trailing yield of 3.57%, which is below the 5.39% category average.
The fund normally distributes its income monthly.
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 CMBS ETF Grades
Year to date, the ETF has returned 0.7%, 1.5 percentage points worse than the category, which translates into a grade of F. The fund has returned 3.6% over the past year (grade of F), 5.5% over the past three years (grade of F) and 0.9% per year over the past five years (grade of F) and 2.0% per year over the past 10 years (grade of A).
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CMBS 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 |
|
| CMBS Return (NAV) | 0.1% | 0.4% | 3.6% | 5.5% | 0.9% | 2.0% |
| CMBS Return (Price) | -0.0% | 0.7% | 3.5% | 5.5% | 0.8% | 2.0% |
| NAV +/- Price Return | 0.150% | -0.384% | 0.129% | -0.018% | 0.022% | 0.039% |
| Securitized Bond - Focused Avg | 0.3% | 1.7% | 5.1% | 7.0% | 3.4% | 2.0% |
| CMBS Grade (NAV) | F | F | F | F | F | A |
| +/- Category (NAV) | -0.2% | -1.4% | -1.5% | -1.6% | -2.6% | 0.0% |
| CMBS Tax-Cost Ratio | na | na | 1.4% | 1.4% | 1.2% | 1.2% |
CMBS Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CMBS Return (NAV) | 0.7% | 7.4% | 4.5% | 4.9% | -11.2% | -1.7% | 7.8% | 8.0% | 0.6% | 3.1% | 3.0% |
| CMBS Return (Price) | 0.6% | 7.7% | 4.3% | 5.1% | -11.2% | -1.8% | 7.9% | 7.9% | 0.8% | 2.9% | 3.1% |
| NAV +/- Price Ret | -0.110% | 0.039% | -0.056% | 0.026% | 0.003% | 0.099% | 0.003% | -1.3% | 30.7% | -4.0% | 1.1% |
| Securitized Bond - Focused Avg | 2.2% | 5.9% | 7.6% | 9.0% | -3.7% | 0.3% | 5.8% | 7.5% | 0.6% | 3.1% | 3.0% |
| CMBS Grade (NAV) | F | A | F | F | F | F | A | A | A | A | A |
| +/- Category | -1.5% | 1.5% | -3.1% | -4.1% | -7.5% | -2.0% | 2.0% | 0.6% | 0.0% | 0.0% | 0.0% |
| Risk Measures | |
| Beta: | 0.68 |
| R-Squared: | 95% |
| Standard Deviation: | 3.9% |
| Category Risk Index: | 2.34 |
| Category Risk Rating: | High |
| Total Risk Index: | 0.32 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 3.6% |
| Total Assets: | $ 476 Mil |
| Share Class Assets: | $ 476 Mil |
| Turnover: | 33.0% |
| Expense Ratio: | 0.25% |
| Index Fund: | Yes |
| Index Tracked: | Bloomberg US Universal TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 14.4 years | |||
| Average Tenure: 5.4 years | |||
| Managers (Year): Mauro James (2012), Graves Jonathan (2025), Tom Marcus (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 467 |
| % in Top 10 Holdings: | 9.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 99.4% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.7% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | iShares |
| Phone Number: | 800-474-2737 |
| Website: | au.ishares.com |
| Inception Date: | February 14, 2012 |
Expenses and Fees
| Expense Ratio (%): | 0.25% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.31% |
