Category Review
Municipal bond funds are down for the year after a third-quarter selloff erased the first-half gain
iShares Total USD Fixed Income Market ETF
$47.38+0.06 (+0.13%)
- 0.10%
- $28M
- 0M sh
- $47.42
- low $46.97high $50.98
The ETF.net BTOT Grade
B
Score 68 out of 100
- 37 of 117
Score 68 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.A83 out of 100Rank 19 of 117Mission
Whether the fund did what it promised, tested against its stated mandate.A100 out of 100Rank 1 of 101Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C50 out of 100Rank 39 of 116Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.F18 out of 100Rank 105 of 117Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B67 out of 100Rank 42 of 116Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C41 out of 100Rank 79 of 117
Our read on BTOT
BOne ticket for the US dollar bond market, investment grade and high yield together, at 0.10% a year. iShares launched it in December 2025 as a wider take on core bond exposure than the usual index.
The Fund seeks broad exposure to U.S.-dollar-denominated fixed-income securities spanning investment-grade and high-yield markets, while tracking its underlying index before fees and expenses.
Why people hold it
- 0.10% a year against a 0.36% median for its broad-bond peer group. In fixed income, fee drag is one of the few variables you actually control.
- Investment grade and high yield in one wrapper, tracking the Bloomberg U.S. Total Fixed Income Market Index, so you are not stapling a separate high-yield sleeve onto a core fund yourself.ishares.com
- Roughly 1,100 bonds, so no single issuer carries much weight, held in a conventional 1940 Act fund from iShares.
Worth knowing
- The high-yield portion carries credit risk an investment-grade-only core bond fund does not, so it moves with credit spreads more than a plain Agg tracker.
- A December 2025 launch: short live record, and it began life thinly traded, so spreads can run wider than at long-established bond funds.
- Cheaper broad-bond options exist: BND, SPAB and SCHZ at 0.03%, iShares' own IUSB at 0.06%, each built on different index rules.
BTOT Holdings
- Bonds
- 1,082
- 14%
- BlackRock Cash Class Inst Sl Agency
Geography
- United States98.09%
- United Arab Emirates0.70%
- Saudi Arabia0.70%
- Netherlands0.17%
- Luxembourg0.17%
- Romania0.05%
- Germany0.05%
- Ecuador0.03%
- 0.04%
BTOT Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
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BTOT$9,769
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | BTOT |
|---|---|
| Year to date | −2.3% |
| 1 month | −1.1% |
| 3 months | −2.7% |
| 1 year | — |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | BTOT |
|---|---|---|
| 2026 YTD | −2.3% | |
| 2025 | +0.5% |
BTOT in the news
BTOT Dividends
- $0.18 per share
- Monthly
Distribution data unavailable.
Distribution history
BTOT Risk
- —
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- —
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- —
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.07
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
BTOT Cost
0.10%
BTOT0.10%
- The middle half of US Aggregate Bond funds
- Median 0.34%
17 of the 113 US Aggregate Bond funds charge less.
Other funds in US Aggregate Bond
- AJBNDJPMorgan Active Bond ETFExpense ratio 0.25%1 year return −1.6%
- BSYSBiShares Systematic Bond ETFExpense ratio 0.25%1 year return −2.0%
- BNUAGNuveen Enhanced Yield U.S. Aggregate BondExpense ratio 0.15%1 year return −1.8%
- BCGCPCapital Group Core Plus Income ETFExpense ratio 0.34%1 year return −1.8%
- BGTOCInvesco Actively Managed Exchange-Traded Fund Trust - Invesco Core Fixed Income ETFExpense ratio 0.28%1 year return −2.0%