At a glance
IAK charges 0.37% a year, below the 0.43% average of the 4 funds most like it (the 3rd cheapest of 5). It has $421.5M in assets, the 3rd largest of that group; it paid 2.44% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +17.4% with distributions reinvested (S&P 500: +11.5%), the best of those 5 funds; over three years it returned +19.3% a year. At its worst it fell 44.4% in the 2020 crash (S&P 500: 33.7%) and 14.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 2 months after the lows. Its ten largest positions make up 65.9% of the fund, out of 57 in all.
The short version
iShares U.S. Insurance ETF (IAK) is a BlackRock index fund that tracks the Dow Jones U.S. Select Insurance Index. As of June 30, 2026, it held 57 insurance stocks. Its money sits in a few large names: Progressive and Chubb made up about 27% of assets, and the top 10 about 66%. Its 0.37% expense ratio is a bit higher than KIE and KBWP (0.35% each) but below the 0.43% average of similar funds.
Price history
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IAK +17.4% 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 | |
|---|---|---|---|---|---|---|
| IAK official prospectus, to Dec 31, 2025 | — | +9.51% | — | +17.13% | +12.43% | — |
| S And P Total Market Index index, same period | — | +17.05% | — | +13.07% | +14.22% | — |
| Dow Jones U S Select Insurance Index index, same period | — | +9.89% | — | +17.57% | +12.87% | — |
| IAK price data to Oct 27, 2026 | +9.9% | +17.4% | +19.3% | +14.1% | +12.9% | +7.3% |
- Over the year to Oct 27, 2026, IAK returned +17.4%, 1st of 5 among similar funds.
- Its 5-year annualized return was +14.1% and its 10-year +12.9%.
- In the 2020 COVID crash it fell 44.4% and regained its old high 11.1 months after the low.
- Its worst full calendar year was 2008 (-51.1%); its best was 2013 (+45.4%).
- The deepest fall in its price history was 77.4% (May 22, 2007 to Mar 9, 2009), recovered by Dec 29, 2014.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.9% | — |
| 2025 | +9.5% | +9.51% |
| 2024 | +28.3% | +28.18% |
| 2023 | +11.3% | +11.22% |
| 2022 | +11.3% | +11.43% |
| 2021 | +26.8% | +26.70% |
| 2020 | -2.9% | -2.87% |
| 2019 | +25.9% | +25.50% |
| 2018 | -11.4% | -11.05% |
| 2017 | +14.2% | +14.11% |
| 2016 | +18.2% | +18.36% |
| 2015 | +4.0% | — |
| 2014 | +7.3% | — |
| 2013 | +45.4% | — |
| 2012 | +17.6% | — |
| 2011 | -7.4% | — |
| 2010 | +20.0% | — |
| 2009 | +14.0% | — |
| 2008 | -51.1% | — |
| 2007 | -7.4% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 76.7% over that stretch · deepest drop along the way 76.7%, back to its old high 68.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 44.4% over that stretch · deepest drop along the way 44.4%, back to its old high 11.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 0.9% over that stretch · deepest drop along the way 14.7%, back to its old high 1.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.9000 | |
| 2025 | $2.3100 | +22.9% |
| 2024 | $1.8800 | +30.6% |
| 2023 | $1.4400 | -6.5% |
| 2022 | $1.5400 | -18.9% |
| 2021 | $1.9000 | +35.7% |
| 2020 | $1.4000 | +7.7% |
| 2019 | $1.3000 | -3.7% |
| 2018 | $1.3500 | +25.5% |
| 2017 | $1.0760 | +8.1% |
| 2016 | $0.9950 | +19.9% |
| 2015 | $0.8300 | +5.6% |
| 2014 | $0.7860 | +46.1% |
| 2013 | $0.5380 | -6.3% |
| 2012 | $0.5740 | +33.2% |
| 2011 | $0.4310 | -33.8% |
| 2010 | $0.6510 | +52.5% |
| 2009 | $0.4270 | -27.1% |
| 2008 | $0.5860 | -1.0% |
| 2007 | $0.5920 |
What's inside
As of Jun 30, 2026, the fund held 57 securities; the ten largest made up 65.9% of assets.
| Holding | Weight | |
|---|---|---|
| THE PROGRESSIVE CORPORATION | 13.64% | |
| Chubb Limited | 13.13% | |
| The Travelers Companies, Inc. | 7.51% | |
| THE ALLSTATE CORPORATION | 6.55% | |
| AFLAC INCORPORATED | 4.54% | |
| AMERICAN INTERNATIONAL GROUP, INC. | 4.28% | |
| METLIFE, INC. | 4.24% | |
| PRUDENTIAL FINANCIAL, INC. | 4.17% | |
| THE HARTFORD INSURANCE GROUP, INC. | 4.06% | |
| ARCH CAPITAL GROUP LTD. | 3.77% | |
| CINCINNATI FINANCIAL CORPORATION | 3.20% | |
| Markel Group Inc. | 2.73% | |
| PRINCIPAL FINANCIAL GROUP, INC. | 2.37% | |
| W. R. BERKLEY CORPORATION | 2.32% | |
| LOEWS CORPORATION | 2.14% |
By country
United States 81.05%Switzerland 13.13%Bermuda 5.55%By asset type
Stocks 99.73%By sector
Sectors of the companies held, for the 54.9% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $15.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.17%, -3.01%, +9.76%.
How it works
IAK does not pick stocks. Its aim is to match the Dow Jones U.S. Select Insurance Index, before fees. S&P Dow Jones Indices builds that index to measure the insurance sector of the U.S. stock market. The index can include large, mid-size and small companies. The index provider, not BlackRock, decides which companies are in it and how much each one counts. The members change over time. The fund will not take defensive positions, even when markets fall.
BlackRock uses "representative sampling." Instead of buying every stock in the index, it may hold a mix chosen to match the index's company sizes, industry weights, yield and price swings. At least 80% of net assets must be in index stocks. The fund may use derivatives, which are contracts whose value follows other assets. It may also hold cash and lend out securities worth up to one-third of its total assets. As of June 30, 2026, stocks made up 99.73% of the portfolio and cash 0.22%. One financial-sector futures contract had a weight close to zero.
The index is concentrated in insurers, so the fund is too. It is also classified as "non-diversified," which means it can put more of its money into a few companies than a diversified fund can. It trades very little: portfolio turnover, the share of holdings replaced over a year, was 5%.
What it really costs
- IAK charges 0.37% a year, versus an average of 0.43% for the similar funds below (3rd of 5, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $38 in the first year and $468 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IAK | $38 | $119 | $208 | $468 |
In a retirement portfolio
It holds a single industry, it is non-diversified with about 66% of assets in 10 stocks, and it once lost 77% of its value.
IAK adds focused exposure to insurers. Their results depend on premiums, claims and interest rates. In the 2022 bear market it held up well. Its deepest drop was 14.7%, it recovered in about 1.5 months, and it gained 11.43% for the year. The 2008 crisis was much worse. The fund fell 76.7% and took about 68 months to recover, and 2008 alone brought a 51.1% loss. In the 2020 COVID crash it fell 44.4% and needed about 11 months to recover. Anyone who had to sell shares for income during those stretches would have locked in steep losses.
Income is modest. The trailing yield was 2.44% as of October 27, 2026, and the fund pays quarterly. Costs are 0.37% a year. In the SEC's standard example, that comes to $468 over 10 years on $10,000. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors adding a focused stake in insurers such as Progressive, Chubb and Travelers alongside a broad core stock fund.
- Long-term holders who can sit through deep drops. IAK fell 77% from 2007 to 2009 and took nearly six years to recover.
- Cost-aware sector investors. The fee is 0.37%, about $38 in year one on $10,000 under the SEC example, below the 0.43% peer average.
Look elsewhere if
- Anyone who wants one fund to provide diversification. IAK is non-diversified, with about 66% in its top 10 holdings as of June 30, 2026.
- Retirees who may need to sell during a crisis. The fund lost 29.55% in the first quarter of 2020 and 51.1% in 2008.
- Income seekers who want monthly payments or a high yield. IAK pays quarterly, and its trailing yield was 2.44% as of October 27, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| IAK this fund | — | 0.37% | $421.5M | +17.4% | +19.3% |
| KBWP Invesco KBW Property & Casualty Insurance E… | 50% | 0.35% | $283.8M | +16.6% | +18.7% |
| KIE SPDR S&P Insurance ETF | 47% | 0.35% | $457.4M | +10.8% | +16.2% |
| FXO First Trust Financials AlphaDEX Fund | 26% | 0.61% | $1.13B | +12.6% | +24.3% |
| RSPF Invesco S&P 500 Equal Weight Financials ETF | 22% | 0.4% | $304.7M | +7.7% | +21.1% |
Questions investors ask
Does IAK pay monthly dividends?
No. IAK pays dividends quarterly, not monthly. Over the 12 months to October 27, 2026, it paid about $3.57 per share, a trailing yield of 2.44%. The trailing yield is the past year's payouts divided by the share price. The dividends come from the insurance companies the fund owns, so they can rise or fall with those companies' payouts.
What are IAK's top holdings?
As of June 30, 2026, Progressive (13.6%) and Chubb (13.1%) were the largest holdings, followed by Travelers (7.5%), Allstate (6.6%) and Aflac (4.5%). AIG, MetLife, Prudential, Hartford and Arch Capital each made up about 4%. The top 10 added up to 65.9% of the fund's 57 holdings. About 81% of assets were in U.S. companies, 13% in Switzerland-based Chubb and about 6% in Bermuda-based firms.
What's the difference between IAK and KBWP?
KBWP, the Invesco KBW Property & Casualty Insurance ETF, focuses on property and casualty insurers. IAK also holds life insurers such as MetLife and Prudential. The two share about 50% of their holdings. KBWP charges 0.35% a year and IAK charges 0.37%. As of October 27, 2026, IAK returned 17.4% over one year and 19.3% a year over three years. KBWP returned 16.6% and 18.7%. KIE, another insurance ETF at 0.35%, overlaps with IAK by 47%.
Has IAK beaten the stock market?
It depends on the period. As of December 31, 2025, IAK returned 17.13% a year over five years. The S&P Total Market Index returned 13.07% a year over the same period. Over 10 years, IAK trailed, at 12.43% a year versus 14.22%. Over one year it also lagged, at 9.51% versus 17.05%. A single-industry fund like this can run well ahead of the broad market or well behind it.
Is IAK a risky ETF?
It is riskier than a broad stock fund. IAK holds only insurers and is non-diversified, so a few companies drive results. Its worst drop was 77.4%, from May 2007 to March 2009, and it did not recover until December 2014. The prospectus lists interest rates, catastrophes, premium rate caps and regulation as risks for insurers. Volatility, a measure of how much returns swing, was 17.1% over three years as of October 27, 2026.