ETF Evaluator:
iShares GNMA Bond ETF (GNMA)
Follow This ETF
(as of Jul 31)
Best Performing in Government Mortgage-Backed Bond Over the Last Year
| 5.8% | PIMCO Mortgage-Backed Securities Act ETF (PMBS) |
| 5.7% | iShares Mortgage-Backed Secs Act ETF (MBBA) |
| 5.5% | Janus Henderson Mortgage-Backed Sec ETF (JMBS) |
| 5.5% | Academy Veteran Bond ETF (VETZ) |
| 5.4% | Regan Floating Rate MBS ETF (MBSF) |
Risk
Index
Risk
Index
ETF Details
iShares GNMA Bond ETF Overview
iShares GNMA Bond ETF (GNMA) is a passively managed Taxable Bond Government Mortgage-Backed Bond exchange-traded fund (ETF). iShares launched the ETF in 2012.
The investment seeks to track the investment results of the Bloomberg U.S. GNMA Bond Index.
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 includes fixed-rate MBS issued by GNMA that have 30- or 15-year maturities. The index measures the performance of mortgage-backed pass-through securities issued by GNMA.
About iShares GNMA Bond ETF (GNMA)
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 GNMA TR USD index with a weighting of 100%. iShares GNMA Bond ETF has 347 securities in its portfolio. The top 10 holdings constitute 27.2% 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 GNMA Bond ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. iShares GNMA Bond 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 99.6% (99.6% domestic bond, 0.0% foreign bond and 0.0% convertible bond). iShares GNMA Bond ETF has 0.5% of the portfolio in cash.
Assets Under Management
The fund has $428 million in total assets, which is below the $5 billion average for the Government Mortgage-Backed 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.
GNMA 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 GNMA Bond ETF expense ratio is low compared to funds in the Government Mortgage-Backed Bond category. iShares GNMA Bond ETF has an expense ratio of 0.10%, which is 60% 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 GNMA Bond ETF has a portfolio turnover rate of 283%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 281% for the Government Mortgage-Backed Bond category.
Recently, in the month of June 2026, iShares GNMA Bond ETF returned 0.3%, which earned it a grade of B, as the Government Mortgage-Backed 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 GNMA Bond ETF has a trailing yield of 4.22%, which is below the 4.61% 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 GNMA Bond ETF Grades
Year to date, the ETF has returned 1.4%, 0.2 percentage points better than the category, which translates into a grade of A. The fund has returned 5.1% over the past year (grade of F), 4.5% over the past three years (grade of D) and 0.6% per year over the past five years (grade of C) and 1.2% per year over the past 10 years (grade of F).
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GNMA 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 |
|
| GNMA Return (NAV) | 0.3% | 0.7% | 5.1% | 4.5% | 0.6% | 1.2% |
| GNMA Return (Price) | 0.2% | 0.8% | 5.0% | 4.5% | 0.7% | 1.2% |
| NAV +/- Price Return | 0.063% | -0.149% | 0.137% | -0.001% | -0.027% | 0.046% |
| Government Mortgage-Backed Bond Avg | 0.3% | 0.7% | 5.2% | 4.6% | 0.6% | 1.4% |
| GNMA Grade (NAV) | B | C | F | D | C | F |
| +/- Category (NAV) | 0.0% | -0.1% | -0.1% | -0.2% | 0.0% | -0.2% |
| GNMA Tax-Cost Ratio | na | na | 1.7% | 1.6% | 1.3% | 1.0% |
GNMA Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| GNMA Return (NAV) | 1.4% | 7.8% | 1.1% | 5.3% | -10.9% | -1.7% | 3.6% | 5.8% | 0.7% | 1.7% | 1.3% |
| GNMA Return (Price) | 1.0% | 8.2% | 1.1% | 5.3% | -10.8% | -1.9% | 3.5% | 5.9% | 0.8% | 1.7% | 1.0% |
| NAV +/- Price Ret | -0.261% | 0.052% | 0.001% | 0.002% | -0.005% | 0.093% | -0.013% | 1.4% | 23.8% | 2.4% | -24.5% |
| Government Mortgage-Backed Bond Avg | 1.2% | 8.1% | 1.7% | 5.1% | -11.6% | -1.0% | 4.5% | 6.3% | 0.7% | 2.2% | 1.5% |
| GNMA Grade (NAV) | A | F | F | B | A | F | F | F | D | D | C |
| +/- Category | 0.2% | -0.2% | -0.6% | 0.2% | 0.7% | -0.7% | -1.0% | -0.5% | -0.0% | -0.5% | -0.2% |
| Risk Measures | |
| Beta: | 1.08 |
| R-Squared: | 99% |
| Standard Deviation: | 6.0% |
| Category Risk Index: | 0.99 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 0.49 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 4.2% |
| Total Assets: | $ 429 Mil |
| Share Class Assets: | $ 429 Mil |
| Turnover: | 283.0% |
| Expense Ratio: | 0.10% |
| 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: 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: | 347 |
| % in Top 10 Holdings: | 27.2% |
| 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: | 99.6% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.5% |
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 (%): | 0.10% (Rating: Low) |
| Category Average Expense Ratio (%): | 0.25% |
