At a glance
BYLD charges 0.13% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $447.2M in assets, the 8th largest of that group; it paid 5.41% of its price in distributions over the past 12 months, monthly. Over the past year it returned −0.3% with distributions reinvested, the weakest of those 8 funds; over three years it returned +6.6% a year. At its worst it fell 14.4% in the 2020 crash (S&P 500: 33.7%) and 12.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 22 months after the lows. Its ten largest positions make up 94.8% of the fund, out of 12 in all.
The short version
iShares Yield Optimized Bond ETF (BYLD) is a fund of funds. It owns about a dozen other iShares bond ETFs, weighted to track the Morningstar U.S. Bond Market Yield-Optimized Index. It leans toward higher-paying sectors: as of July 31, 2026, about 20% sat in high-yield corporate bonds and 10% in emerging market high-yield debt. Its trailing 12-month yield was 5.41% as of October 27, 2026. It pays monthly, and its expense ratio is 0.13%.
Price history
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BYLD -0.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BYLD official prospectus, to Dec 31, 2025 | — | +8.39% | — | +1.63% | +3.32% | — |
| Bloomberg US Universal Index index, same period | — | +7.58% | — | +0.06% | +2.44% | — |
| Morningstar US Bond Market Yield Optimized Index index, same period | — | +8.30% | — | +1.44% | +3.17% | — |
| BYLD price data to Oct 27, 2026 | -0.3% | -0.3% | +6.6% | +1.8% | +2.6% | +2.7% |
- Over the year to Oct 27, 2026, BYLD returned -0.3%, 8th of 8 among similar funds.
- Its 5-year annualized return was +1.8% and its 10-year +2.6%.
- In the 2020 COVID crash it fell 14.4% and regained its old high 4.3 months after the low.
- Its worst full calendar year was 2022 (-10.3%); its best was 2019 (+12.8%).
- The deepest fall in its price history was 14.6% (Sep 14, 2021 to Oct 20, 2022), recovered by Aug 21, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.3% | — |
| 2025 | +8.4% | +8.39% |
| 2024 | +4.1% | +4.32% |
| 2023 | +8.2% | +8.19% |
| 2022 | -10.3% | -10.41% |
| 2021 | -1.1% | -1.06% |
| 2020 | +4.3% | +4.22% |
| 2019 | +12.8% | +12.62% |
| 2018 | -1.5% | -1.36% |
| 2017 | +4.7% | +4.92% |
| 2016 | +5.8% | +5.27% |
| 2015 | -1.4% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 11.1% over that stretch · deepest drop along the way 14.4%, back to its old high 4.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 12.6% over that stretch · deepest drop along the way 12.9%, back to its old high 22.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8800 | |
| 2025 | $1.2100 | +4.3% |
| 2024 | $1.1600 | +18.4% |
| 2023 | $0.9800 | +32.4% |
| 2022 | $0.7400 | +24.9% |
| 2021 | $0.5924 | -32.7% |
| 2020 | $0.8800 | -7.4% |
| 2019 | $0.9500 | -5.0% |
| 2018 | $1.0000 | +25.0% |
| 2017 | $0.8000 | +6.7% |
| 2016 | $0.7500 | -7.4% |
| 2015 | $0.8100 |
What's inside
As of Jul 31, 2026, the fund held 12 securities; the ten largest made up 94.84% of assets, and 30.16% sat in cash and money-market holdings.
| Fund held | Weight | |
|---|---|---|
| iShares Broad USD High Yield Corporate Bond ETF Other | 20.04% | |
| iShares J.P. Morgan Emerging Markets High Yield Bond ETF Other | 10.11% | |
| iShares Floating Rate Bond ETF Other | 10.08% | |
| iShares 10+ Year Investment Grade Corporate Bond ETF Other | 9.81% | |
| iShares Broad USD Investment Grade Corporate Bond ETF Other | 8.58% | |
| iShares Systematic Bond ETF Other | 8.58% | |
| iShares 5-10 Year Investment Grade Corporate Bond ETF Other | 8.18% | |
| iShares GNMA Bond ETF Other | 7.97% | |
| iShares Investment Grade Systematic Bond ETF Other | 7.32% | |
| iShares 0-3 Month Treasury Bond ETF Other | 4.17% | |
| iShares Core Universal USD Bond ETF Other | 3.08% | |
| iShares MBS ETF Other | 1.99% |
By country
United States 99.91%By asset type
Other 99.91%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $66.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.63%, +0.26%, -1.03%.
How it works
BYLD tracks the Morningstar U.S. Bond Market Yield-Optimized Index. That index holds only iShares bond ETFs. It splits money across five bond sectors, each with a cap. U.S. government bonds can be 10% to 50%. Securitized bonds, such as mortgage-backed securities (bonds backed by pools of home loans), can be 10% to 50%. Investment-grade corporate bonds, meaning bonds from higher-rated companies, can also be 10% to 50%. Non-investment-grade or "junk" bonds are capped at 20%, and emerging market debt at 10%. Within each sector, Morningstar picks funds that have paid relatively high income for the risk taken, year after year, and that trade easily.
The index is rebalanced and reconstituted every quarter, so funds can be added, dropped or reweighted. As of July 31, 2026, BYLD held 12 funds, and the top 10 made up 94.8% of assets. The largest were iShares Broad USD High Yield Corporate Bond ETF (20.0%), iShares J.P. Morgan Emerging Markets High Yield Bond ETF (10.1%) and iShares Floating Rate Bond ETF (10.1%). Portfolio turnover was 96%.
Because BYLD is a fund of funds, it carries the risks of every fund it owns. BlackRock picks those funds from its own lineup, and the prospectus flags a possible conflict of interest because the fees BlackRock earns differ from fund to fund. BYLD may also lend out up to one-third of its assets.
What it really costs
- BYLD charges 0.13% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Of that, 0.28% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.28% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $13 in the first year and $365 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BYLD | $13 | $42 | $73 | $365 |
Structure and tax notes
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
BYLD aims for higher monthly bond income by tilting toward high-yield and emerging market debt, rather than serving as a plain, low-risk core bond fund.
BYLD's trailing 12-month yield was 5.41% as of October 27, 2026, and it pays monthly. Its expense ratio is 0.13%. On the SEC's standard $10,000 example, that comes to $13 after one year and $365 after ten. The ten-year figure is much higher than the early years would suggest. The higher income comes with more credit risk. During the 2020 COVID crash, BYLD fell 14.4% in about two weeks, then recovered in about four months. In 2022, rising rates pushed it down 12.9%, and it took about 22 months to regain its peak. That year, 2022, was its worst calendar year: it lost 10.41%. Anyone who had to sell in late 2022 would have locked in losses. The fund launched in 2014, so it has no record from the 2008 crisis. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want monthly bond income and accept about 30% in junk and emerging market debt to get a 5.41% trailing yield.
- People who prefer one low-cost fund (0.13% expense ratio) that spreads money across 12 iShares bond ETFs and rebalances quarterly.
- Holders who can ride out bond slumps like 2022, when BYLD lost 10.41% and took about 22 months to recover.
Look elsewhere if
- Retirees who need a steady, high-quality bond cushion; BYLD fell 14.4% in two weeks during March 2020.
- Investors who want only U.S. Treasuries or investment-grade bonds, since up to 20% can go to junk bonds and 10% to emerging markets.
- Those who want to avoid a fund of funds, where BlackRock chooses its own ETFs and fees and risks are layered.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| BYLD this fund | 0.13% | $447.2M | -0.3% | +6.6% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does BYLD pay monthly dividends?
Yes. BYLD pays income monthly. Over the 12 months to October 27, 2026, it paid $1.18 per share, for a trailing yield of 5.41%. The income comes from the underlying iShares bond ETFs it owns. Those include high-yield corporate, emerging market and floating-rate bond funds, so payments can change as interest rates and the fund mix change.
Is BYLD good for retirement income?
It depends on how much risk the investor can take. BYLD pays monthly and yielded 5.41% over the 12 months to October 27, 2026, at a 0.13% expense ratio. The trade-off is credit risk. About 30% was in junk and emerging market high-yield bond funds as of July 31, 2026. In 2022, it lost 10.41%. It took about 22 months to recover, so selling shares in a down year could hurt.
What is BYLD's expense ratio?
BYLD's expense ratio is 0.13%, according to its prospectus filed February 23, 2026. Its 0.28% management fee is offset by a 0.28% fee waiver. On the SEC's standard example, $10,000 invested with a 5% annual return would cost $13 after one year, $42 after three, $73 after five and $365 after ten. As a fund of funds, BYLD holds other iShares ETFs that run their own portfolios.
How does BYLD compare with the Bloomberg US Universal Index?
BYLD beat the broad Bloomberg US Universal Index over the periods ending December 31, 2025. BYLD returned 8.39% over one year and averaged 1.63% a year over five and 3.32% over ten. The index returned 7.58%, 0.06% and 2.44%. BYLD's tilt toward higher-yielding sectors helped. It also adds credit risk, so it may fall harder when junk and emerging market bonds sell off.
How much did BYLD lose in 2022?
BYLD lost 10.41% in 2022, its worst calendar year since launching in 2014. Rising interest rates pushed bond prices down across the board. From its peak on September 14, 2021, to its low on October 20, 2022, it fell 14.6%. It took until August 21, 2024, about 22 months after the low, to fully recover. Its worst quarter was the one ending June 30, 2022, at -5.5%.