At a glance
IAT charges 0.37% a year, below the 0.46% average of the 5 funds most like it (the 4th cheapest of 6). It has $656.0M in assets, the 4th largest of that group; it paid 2.74% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +22.9% with distributions reinvested (S&P 500: +11.5%), the best of those 6 funds; over three years it returned +28.5% a year. At its worst it fell 49.5% in the 2020 crash (S&P 500: 33.7%) and 30.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 40 months after the lows. Its ten largest positions make up 69.3% of the fund, out of 31 in all.
The short version
The iShares U.S. Regional Banks ETF (IAT) is a BlackRock index fund that tracks the Dow Jones U.S. Select Regional Banks Index. As of June 30, 2026, that meant 31 U.S. bank stocks. A few large regional lenders dominate it: PNC Financial Services and U.S. Bancorp made up about 29% of assets, and the top 10 about 69%. Its 0.37% expense ratio is below the 0.46% peer average but above KRE's 0.35%.
Price history
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IAT +22.9% 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 | |
|---|---|---|---|---|---|---|
| IAT official prospectus, to Dec 31, 2025 | — | +13.15% | — | +7.27% | +7.60% | — |
| S&P Total Market Index index, same period | — | +17.05% | — | +13.07% | +14.22% | — |
| Dow Jones U S Select Regional Banks Index index, same period | — | +13.58% | — | +7.68% | +8.03% | — |
| IAT price data to Oct 27, 2026 | +10.5% | +22.9% | +28.5% | +2.0% | +7.9% | +3.4% |
- Over the year to Oct 27, 2026, IAT returned +22.9%, 1st of 6 among similar funds.
- Its 5-year annualized return was +2.0% and its 10-year +7.9%.
- In the 2020 COVID crash it fell 49.5% and regained its old high 9.5 months after the low.
- Its worst full calendar year was 2008 (-33.5%); its best was 2021 (+38.9%).
- The deepest fall in its price history was 77.2% (Feb 20, 2007 to Mar 6, 2009), recovered by Dec 1, 2016.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.5% | — |
| 2025 | +13.1% | +13.15% |
| 2024 | +24.4% | +24.34% |
| 2023 | -8.5% | -8.53% |
| 2022 | -20.6% | -20.60% |
| 2021 | +38.9% | +39.01% |
| 2020 | -7.6% | -7.67% |
| 2019 | +31.4% | +31.41% |
| 2018 | -17.4% | -17.39% |
| 2017 | +10.4% | +10.54% |
| 2016 | +32.3% | +32.18% |
| 2015 | +1.8% | — |
| 2014 | +7.5% | — |
| 2013 | +37.6% | — |
| 2012 | +17.7% | — |
| 2011 | -12.8% | — |
| 2010 | +20.2% | — |
| 2009 | -11.0% | — |
| 2008 | -33.5% | — |
| 2007 | -25.5% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 73.7% over that stretch · deepest drop along the way 74.8%, back to its old high 92.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 49.1% over that stretch · deepest drop along the way 49.5%, back to its old high 9.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23.3% over that stretch · deepest drop along the way 30.1%, back to its old high 39.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.0600 | |
| 2025 | $1.6200 | +9.5% |
| 2024 | $1.4800 | -0.7% |
| 2023 | $1.4900 | +0.7% |
| 2022 | $1.4800 | +27.6% |
| 2021 | $1.1600 | -10.8% |
| 2020 | $1.3000 | +3.2% |
| 2019 | $1.2600 | +27.3% |
| 2018 | $0.9900 | +29.1% |
| 2017 | $0.7670 | +11.3% |
| 2016 | $0.6890 | +10.4% |
| 2015 | $0.6240 | +6.3% |
| 2014 | $0.5870 | +13.8% |
| 2013 | $0.5160 | +7.5% |
| 2012 | $0.4800 | +16.8% |
| 2011 | $0.4110 | +50.0% |
| 2010 | $0.2740 | -35.2% |
| 2009 | $0.4230 | -66.1% |
| 2008 | $1.2470 | -2.8% |
| 2007 | $1.2830 |
What's inside
As of Jun 30, 2026, the fund held 31 securities; the ten largest made up 69.28% of assets.
| Holding | Weight | |
|---|---|---|
| THE PNC FINANCIAL SERVICES GROUP, INC. | 14.94% | |
| U.S. BANCORP | 14.16% | |
| Truist Financial Corporation | 9.38% | |
| FIFTH THIRD BANCORP | 6.39% | |
| CITIZENS FINANCIAL GROUP, INC. | 4.61% | |
| M&T BANK CORPORATION | 4.55% | |
| HUNTINGTON BANCSHARES INCORPORATED | 4.50% | |
| REGIONS FINANCIAL CORPORATION | 4.18% | |
| KEYCORP | 3.44% | |
| FIRST CITIZENS BANCSHARES, INC. | 3.14% | |
| EAST WEST BANCORP, INC. | 2.87% | |
| Pinnacle Financial Partners, Inc. | 2.46% | |
| WEBSTER FINANCIAL CORPORATION | 2.01% | |
| FIRST HORIZON CORPORATION | 1.97% | |
| WINTRUST FINANCIAL CORPORATION | 1.76% |
By country
United States 97.88%Puerto Rico 1.72%By asset type
Stocks 99.59%By sector
Sectors of the companies held, for the 57% 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 $1.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.95%, -2.10%, +8.90%.
How it works
IAT tracks the Dow Jones U.S. Select Regional Banks Index, which is run by S&P Dow Jones Indices. The index starts from a broader list, the Dow Jones U.S. Bank Index. It keeps only the banks that count as "regional" by size. As of March 31, 2026, each member's three-year average total assets were less than 5% of the three-year average total assets of all banks in that broader index. This rule leaves out the very largest national banks. It still lets in big lenders such as PNC, U.S. Bancorp and Truist, along with mid-sized and smaller banks.
The index provider, not BlackRock, decides which banks are in the index and how much each one weighs. BlackRock Fund Advisors uses "representative sampling." That means it may hold a sample of the index's stocks chosen to match the index's overall profile, instead of every single one. The fund must keep at least 80% of net assets in index stocks. It may also hold cash, money market funds and derivatives, which are contracts such as futures whose value tracks something else. As of June 30, 2026, stocks made up 99.6% of assets, and one futures contract was a tiny fraction.
The prospectus lists portfolio turnover of 8%, so trading is light. The fund may lend out securities worth up to one-third of its total assets to earn extra income. If a borrower fails to return them, the fund could lose money.
What it really costs
- IAT charges 0.37% a year, versus an average of 0.46% for the similar funds below (4th of 6, 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 |
|---|---|---|---|---|
| IAT | $38 | $119 | $208 | $468 |
In a retirement portfolio
It holds a single industry, about 31 U.S. banks, and it lost 77% from its peak to its low around the 2008 crisis, then took more than seven years to recover.
IAT adds focused exposure to U.S. regional lenders and pays dividends quarterly. Its trailing 12-month yield was 2.74% as of October 27, 2026. Its past downturns were severe. It fell about 75% in the 2008 financial crisis and did not regain its earlier peak until November 2016, about 92 months later. It dropped about 50% in the 2020 COVID crash and recovered in about 9.5 months. It fell 30% in the 2022 bear market and took nearly 40 months to recover. Its worst calendar year was 2008, at -33.5%. Anyone who had to sell shares or draw income during those stretches would have locked in deep losses.
In the 10 years to December 31, 2025, the fund returned 7.6% a year. The S&P Total Market Index returned 14.22% a year over the same period. In the SEC's standard example, the 0.37% fee costs $468 over 10 years on $10,000. 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 a small, targeted stake in U.S. regional lenders such as PNC, U.S. Bancorp and Truist, at 0.37% a year.
- Holders who value quarterly dividends. The trailing 12-month yield was 2.74% as of October 27, 2026.
- Long-horizon investors who can hold through drops like the 50% fall in 2020 or the 75% fall in 2008 without selling.
Look elsewhere if
- Investors who want bank exposure spread more evenly. PNC and U.S. Bancorp alone were about 29% of assets as of June 30, 2026.
- Cost-focused investors: KRE, KBE and KBWB each charge 0.35%, slightly less than IAT's 0.37%.
- Retirees who may need to sell in a downturn. After the 2022 bear market, the fund took almost 40 months to regain its peak.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| IAT this fund | — | 0.37% | $656.0M | +22.9% | +28.5% |
| FTXO First Trust Nasdaq Bank ETF | 57% | 0.6% | $301.8M | +16.8% | +30.8% |
| KBWB Invesco KBW Bank ETF | 39% | 0.35% | $6.77B | +17.4% | +37.5% |
| KRE SPDR S&P Regional Banking ETF | 31% | 0.35% | $4.74B | +21.5% | +26.5% |
| KBE SPDR S&P Bank ETF | 29% | 0.35% | $1.48B | +17.1% | +27.2% |
| DFNL Davis Select Financial ETF | 21% | 0.63% | $479.6M | +12.3% | +27.4% |
Questions investors ask
Is IAT good for retirement?
IAT fits better as a small, higher-risk side holding than as the core of a retirement portfolio. It holds about 31 U.S. regional banks, so trouble in one industry hits the whole fund. It lost about 77% from February 2007 to March 2009 and took about 93 months to recover. In the 10 years to December 31, 2025, it returned 7.6% a year, compared with 14.22% for the S&P Total Market Index. It does pay dividends quarterly.
What's the difference between IAT and KRE?
Both focus on U.S. regional banks, but they hold quite different mixes: their holdings overlap only about 31%. IAT is top-heavy. Its 10 largest holdings were 69% of assets as of June 30, 2026. KRE, the SPDR S&P Regional Banking ETF, charges 0.35% compared with IAT's 0.37%. It is also much larger, with about $4.7 billion in assets versus IAT's $656 million. Among similar funds, the First Trust Nasdaq Bank ETF (FTXO) overlaps with IAT the most, at 57%, but it charges 0.60%.
Does IAT pay dividends?
Yes. IAT pays dividends quarterly. In the 12 months to October 27, 2026, it paid $1.64 per share, a trailing yield of 2.74%. That money comes from the dividends paid by the banks it owns. It can rise or fall with bank profits and with each bank's decisions about its own payout, so the income is not guaranteed. Bank dividends can be cut when the industry is under stress.
What are IAT's top holdings?
As of June 30, 2026, IAT's largest holdings were PNC Financial Services (14.9%), U.S. Bancorp (14.2%), Truist Financial (9.4%), Fifth Third Bancorp (6.4%) and Citizens Financial Group (4.6%). M&T Bank, Huntington Bancshares, Regions Financial, KeyCorp and First Citizens BancShares completed the top 10. Together, those 10 made up about 69% of the fund. Banks based in Puerto Rico were about 1.7% of assets.
What is IAT's expense ratio?
IAT's expense ratio is 0.37%, according to its prospectus filed July 27, 2026. The SEC's standard example assumes $10,000 invested with a 5% annual return. On that basis, costs come to about $38 over one year, $208 over five years and $468 over 10 years. The fee is below the 0.46% average of similar bank funds. KRE, KBE and KBWB each charge slightly less, at 0.35%.