ETF Evaluator:
iShares US Broker-Dealers&Secs Exchs ETF (IAI)
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(as of Jul 30)
Best Performing in Financial Over the Last Year
| 40.4% | Themes Global Systemically Imp Bks ETF (GSIB) |
| 32.7% | Invesco KBW Bank ETF (KBWB) |
| 29.2% | iShares US Regional Banks ETF (IAT) |
| 28.9% | State Street® SPDR® S&PRgnllBkgETF (KRE) |
| 27.5% | First Trust Nasdaq Bank ETF (FTXO) |
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ETF Details
iShares US Broker-Dealers&Secs Exchs ETF Overview
iShares US Broker-Dealers&Secs Exchs ETF (IAI) is a passively managed Sector Equity Financial exchange-traded fund (ETF). iShares launched the ETF in 2006.
The investment seeks to track the investment results of the Dow Jones U.S. Select Investment Services Index composed of U.S. equities in the investment services sector.
The index measures the performance of the investment services sector of the U.S. equity market, as defined by SPDJI. The fund generally will invest at least 80% of its assets in the component securities of its underlying index and may invest up to 20% of its assets in certain futures, options and swap contracts, cash and cash equivalents. It is non-diversified.
About iShares US Broker-Dealers&Secs Exchs ETF (IAI)
There are 4 members of the management team with an average tenure of 4.40 years: Jennifer Hsui (2012), 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: S&P US TMI TR USD index with a weighting of 100% and DJ US Select Investment Svcs TR USD index with a weighting of 100%. iShares US Broker-Dealers&Secs Exchs ETF has 39 securities in its portfolio. The top 10 holdings constitute 75.7% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
iShares US Broker-Dealers&Secs Exchs ETF is part of the Equity global asset class and is within the Sector Equity ETF group. iShares US Broker-Dealers&Secs Exchs ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.5% 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 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). iShares US Broker-Dealers&Secs Exchs ETF has 0.5% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is below the $2 billion average for the Financial 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.
IAI 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 US Broker-Dealers&Secs Exchs ETF expense ratio is below average compared to funds in the Financial category. iShares US Broker-Dealers&Secs Exchs ETF has an expense ratio of 0.38%, which is 75% 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 US Broker-Dealers&Secs Exchs ETF has a portfolio turnover rate of 18%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 29% for the Financial category.
Recently, in the month of June 2026, iShares US Broker-Dealers&Secs Exchs ETF returned -3.8%, which earned it a grade of F, as the Financial category had an average return of 2.7%. 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 US Broker-Dealers&Secs Exchs ETF has a trailing yield of 1.17%, which is below the 4.29% 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 US Broker-Dealers&Secs Exchs ETF Grades
Year to date, the ETF has returned -1.5%, 1.8 percentage points worse than the category, which translates into a grade of D. The fund has returned 4.9% over the past year (grade of C), 26.3% over the past three years (grade of A) and 13.3% per year over the past five years (grade of A) and 19.0% per year over the past 10 years (grade of A).
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IAI 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 |
|
| IAI Return (NAV) | -3.8% | 7.0% | 4.9% | 26.3% | 13.3% | 19.0% |
| IAI Return (Price) | -3.8% | 7.1% | 4.9% | 26.2% | 13.2% | 19.0% |
| NAV +/- Price Return | 0.060% | -0.032% | 0.025% | 0.065% | 0.017% | 0.000% |
| Financial Avg | 2.7% | 8.5% | 5.6% | 16.7% | 7.6% | 10.8% |
| IAI Grade (NAV) | F | C | C | A | A | A |
| +/- Category (NAV) | -6.5% | -1.5% | -0.7% | 9.6% | 5.6% | 8.2% |
| IAI Tax-Cost Ratio | na | na | 0.4% | 0.4% | 0.4% | 0.4% |
IAI Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| IAI Return (NAV) | -1.5% | 25.9% | 34.4% | 15.0% | -10.7% | 40.4% | 18.5% | 24.2% | -9.3% | 28.8% | 21.7% |
| IAI Return (Price) | -1.6% | 25.8% | 34.4% | 15.3% | -10.9% | 40.5% | 18.6% | 24.3% | -9.5% | 28.9% | 21.3% |
| NAV +/- Price Ret | 0.029% | -0.005% | -0.001% | 0.017% | 0.013% | 0.002% | 0.002% | 0.2% | 1.7% | 0.3% | -1.8% |
| Financial Avg | 0.3% | 11.6% | 23.4% | 13.6% | -13.3% | 32.1% | -1.0% | 28.6% | -12.8% | 14.2% | 22.3% |
| IAI Grade (NAV) | D | A | A | B | C | A | A | F | B | A | C |
| +/- Category | -1.8% | 14.3% | 11.0% | 1.4% | 2.6% | 8.3% | 19.6% | -4.4% | 3.5% | 14.6% | -0.6% |
| Risk Measures | |
| Beta: | 1.18 |
| R-Squared: | 57% |
| Standard Deviation: | 19.7% |
| Category Risk Index: | 1.16 |
| Category Risk Rating: | Above Average |
| Total Risk Index: | 1.62 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 1.2% |
| Total Assets: | $ 1,333 Mil |
| Share Class Assets: | $ 1,333 Mil |
| Turnover: | 18.0% |
| Expense Ratio: | 0.38% |
| Index Fund: | Yes |
| Index Tracked: | S&P US TMI TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 13.8 years | |||
| Average Tenure: 4.4 years | |||
| Managers (Year): Hsui Jennifer (2012), Sietsema Peter (2025), Waldron Matt (2025), White Steven (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 39 |
| % in Top 10 Holdings: | 75.7% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 99.5% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| 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: | May 1, 2006 |
Expenses and Fees
| Expense Ratio (%): | 0.38% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 1.52% |
