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Launched · SEC filings

iShares Strategic Metals ETF

ISTMNasdaqiSharesC

$27.58−0.68 (−2.41%)

As of Nov 10, 2026, 11:00 AM ET

C43/ 100

Rank 15 of 23 in Broad Commodity Futures

C43/100Rank 15 of 23inBroad Commodity Futures
Intraday session: down, 19 prints from 28.26 to 27.58. Range 27.58 to 28.08. Use the arrow keys to read each point.27.8028.0010 AM12 PM2 PM4 PM
Expense ratio
0.47%*
Fund size
$28M
1Y total return
No data
Yield · Last 12 months
14.87%
Holdings
74
Avg volume · 30D
8.71K sh
52W range
low $26.11high $37.54
Launched
Filings
SEC EDGAR

*After a fee waiver that ends Feb 29, 2028. Without it: 0.49%.

The ETF.net ISTM Grade

Based on 5 of 6 pillars

C

Score 43 out of 100

Category
Broad Commodity Futures⁠
Rank
15 of 23
Six-pillar profile for ISTM. Scores out of 100: Cost 73, Risk 9, Mission not scored, Tradability 4, Holdings 69, Durability 35. Strongest: Cost (73). Weakest: Tradability (4). Based on 5 of 6 pillars.

Score 43 of 100 falls in the C 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.
    A73 out of 100
    Rank 7 of 23

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    F9 out of 100
    Rank 22 of 23

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    F4 out of 100
    Rank 23 of 23

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B69 out of 100
    Rank 4 of 15

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    D35 out of 100
    Rank 18 of 23

Our read on ISTM

ETF.net Research

In short

CBorn in 2023 as a clean-energy metals fund, re-badged in 2026 around re-industrialization: one long-only basket of metal futures, now aimed at AI buildouts, grids and defense. 0.47% net of a waiver through February 29, 2028.

Stated mandate

The Fund seeks to track a commodities futures index providing strategic exposure to metals used in structural themes including AI infrastructure, manufacturing, energy production and distribution, and national security.

Why people hold it

  • Fee lands below the category median: 0.47% net of a waiver through February 29, 2028, against a 0.49% gross rate.
  • Category rivals buy the whole commodity shelf (energy, grains, livestock). This one holds a long-only basket of exchange-traded metal futures and nothing else.sec.gov
  • Metals exposure runs through futures in a wholly owned Cayman subsidiary, capped at 25% of fund assets to stay inside Subchapter M's rules for fund-level tax treatment.ishares.comsec.gov

Worth knowing

  • Cheaper broad-basket options sit in the same category: BCI at 0.26% and COMB at 0.25%, neither waiver-dependent, for diversified commodity exposure instead of metals only.
  • Small and lightly traded, so bid-ask spreads can run wider than in the category's biggest funds.
  • It owns futures, not metal, and the index behind it changed in 2026, so the record since the 2023 launch reflects a different basket for much of that stretch.sec.gov

ISTM Performance

Launched Sep 26, 2023

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.
ISTM$9,235
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$9,758
Aug 7, 2026 to Nov 9, 2026. ISTM $9,235. SPY $9,758. Use the arrow keys to read each point.$9,000$9,500$10,000Aug 2026Sep 2026Nov 2026

Aug 7, 2026 – Nov 9, 2026

Returns run to the Nov 9, 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.

Trailing total return for ISTM. Periods over one year show the average yearly return.
PeriodISTM
Year to dateHistory unavailableNo data
1 month−5.0%
3 months−7.6%
1 yearHistory unavailableNo data
3 yearsHistory unavailableper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for ISTM
YearReturn barISTM
2026 YTD−8.2%

History from May 4, 2026

ISTM in the news

ISTM Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Nov 9, 2026.
14.87%Last 12 months
Payout per share
$4.20Last 12 months
Last payment
$4.20 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2023–2026

One bar per payment. 3 payments from 2023 to 2026 YTD. Dec 20, 2023 $0.26; Dec 17, 2024 $6.34; Dec 16, 2025 $4.20. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Dec 16, 2025Dec 19, 2025$4.20
Dec 17, 2024Dec 20, 2024$6.34
Dec 20, 2023Dec 27, 2023$0.26

ISTM Risk

Risk pillarF9 out of 100Rank 22 of 23 in Broad Commodity Futures
How much the fund’s monthly returns vary, scaled to a year.
No data available
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.

Return above 3-month US Treasury bills per unit of volatility.
No data available
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.

The largest fall from a peak to the low that followed.
No data available
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.

How strongly the fund’s returns move with its asset-class index.
0.52
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

ISTM Cost

Compare ISTM and SDMF

Overpaying vs SDMF, cheapest in Broad Commodity Futures

$5,061

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • ISTM 0.47%

    $9,418

  • SDMF 0.21% Cheapest

    $4,357

$10,000
30 years

Cost over time

  • ISTM 0.47%
  • SDMF 0.21%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K$10K051015202530ISTM $9,418SDMF $4,357

Year by year

YearISTMSDMFOverpaying
10$847$383$464
20$3,261$1,491$1,770
30$9,418$4,357$5,061
How the 0.47% is worked out

Full fee 0.49%− waiver 0.02%= you pay 0.47%

The waiver ends Feb 29, 2028. After that the fee is 0.49% unless iShares renews it. Source: prospectus, May 2026.

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