At a glance
IBAT charges 0.47% a year, below the 0.55% average of the 4 funds most like it (the 3rd cheapest of 5). It has $68.6M in assets, the 4th largest of that group; it paid 0.81% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +19.2% with distributions reinvested (S&P 500: +11.5%), the best of those 5 funds. Its ten largest positions make up 55.4% of the fund, out of 91 in all.
The short version
iShares Energy Storage & Materials ETF (IBAT) is a BlackRock index fund. It tracks the STOXX Global Energy Storage and Materials Index, which holds U.S. and foreign companies tied to batteries, hydrogen and fuel cells. Unlike funds built mostly around battery makers, it puts heavy weight on industrial gas and chemical companies such as Air Products, Air Liquide and BASF. Its 0.47% expense ratio is below the 0.55% average of similar funds.
Price history
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IBAT +19.2% 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 | |
|---|---|---|---|---|---|---|
| IBAT price data to Oct 27, 2026 | +29.3% | +19.2% | — | — | — | +16.3% |
- Over the year to Oct 27, 2026, IBAT returned +19.2%, 1st of 5 among similar funds.
- Its worst full calendar year was 2025 (+32.1%); its best was 2025 (+32.1%).
- The deepest fall in its price history was 28.3% (Sep 27, 2024 to Apr 8, 2025), recovered by Aug 22, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +29.3% |
| 2025 | +32.1% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.1800 | |
| 2025 | $0.3300 |
What's inside
As of Jul 31, 2026, the fund held 91 securities; the ten largest made up 55.43% of assets, and 2.61% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| BLOOM ENERGY CORPORATION | 7.39% | |
| AIR PRODUCTS AND CHEMICALS, INC. | 7.11% | |
| L'AIR LIQUIDE SOCIETE ANONYME POUR L'ETUDE ET L'EXPLOITATION DES PROCEDES GEORGES CLAUDE SA | 6.95% | |
| BASF SE | 6.91% | |
| TDK CORPORATION | 5.81% | |
| Murata Manufacturing Co., Ltd. | 5.47% | |
| SAMSUNG SDI CO., LTD. | 4.20% | |
| SCHNEIDER ELECTRIC SE | 4.04% | |
| EATON CORPORATION PUBLIC LIMITED COMPANY | 3.86% | |
| Contemporary Amperex Technology Co., Ltd. | 3.68% | |
| Contemporary Amperex Technology Co., Ltd. | 3.48% | |
| Resonac Holdings Corporation | 3.46% | |
| LINDE PUBLIC LIMITED COMPANY | 3.40% | |
| ASAHI KASEI CORPORATION | 3.27% | |
| Furukawa Electric Co., Ltd. | 3.03% |
By country
Japan 27.86%United States 21.19%South Korea 11.15%France 11.12%China 9.13%By asset type
Stocks 99.59%Preferred stock 0.16%Other 0.13%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $12.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +10.68%, -5.14%, -15.23%.
How it works
IBAT is a passive fund. It doesn't pick stocks. Instead, it tries to match the STOXX Global Energy Storage and Materials Index. STOXX starts with its STOXX World AC All Cap Index, a broad list of large, mid-size and small companies in developed and emerging markets. A stock stays on the list only if its freely traded shares are worth more than $200 million and it trades more than $1 million a day.
STOXX then tests each company two ways. One test is revenue: it uses FactSet's industry classification system to see how much a company earns from energy storage and hydrogen businesses. The other is patents: it uses EconSight data to see how many top-quality patents a company holds in those technologies and how focused its patents are on them. A company needs at least 25% of its revenue from related businesses to be considered. It is then placed in one of three tiers. ESG screens from Sustainalytics (ESG means environmental, social and governance) remove companies with severe controversies or ties to controversial weapons, small arms, oil sands, thermal coal or tobacco.
Holdings are weighted by the market value of their freely traded shares. Limits apply to single companies, and the lowest tier, Tier 2, is capped at 20% of the index. As of July 31, 2026, the fund held 91 companies, and the top 10 made up about 55% of assets. Portfolio turnover was 23% in the latest prospectus.
What it really costs
- IBAT charges 0.47% a year, versus an average of 0.55% for the similar funds below (3rd of 5, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $48 in the first year and $591 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IBAT | $48 | $151 | $263 | $591 |
In a retirement portfolio
IBAT is a narrow, volatile bet on one theme with a short record, so it fits best as a small add-on to a broad portfolio rather than its foundation.
IBAT adds a global bet on batteries, hydrogen and the chemicals behind them. As of July 31, 2026, about 28% of the fund was in Japan and 21% in the U.S. Its record is short. It launched in March 2024, so it missed the 2008, 2020 and 2022 downturns. Its only full calendar year, 2025, returned 32.1%. Its deepest drop was 28.3%, from September 27, 2024 to April 8, 2025. It recovered by August 22, 2025, about 4.5 months later. Anyone forced to sell during that drop would have locked in losses. Over the year to October 27, 2026, its beta was 1.59, meaning it swung more than the overall stock market. Income is small: the yield was 0.81%, paid twice a year. On the SEC's standard example, costs come to $48 in the first year 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, global slice of batteries, hydrogen and fuel cells, including industrial gas firms like Air Liquide and Linde.
- Cost-conscious thematic investors: its 0.47% expense ratio is below the 0.55% average of similar funds and below BATT's 0.59%.
- People who can sit through sharp swings, like the fund's 28.3% drop between September 2024 and April 2025.
Look elsewhere if
- Retirees who need steady income: the yield was 0.81% as of October 27, 2026, and the fund pays only twice a year.
- Investors who want a long track record: the fund launched in March 2024 and has no history in the 2008, 2020 or 2022 downturns.
- Those seeking mainly battery makers: chemical and gas companies like BASF, Air Products and Air Liquide are among its largest holdings.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| IBAT this fund | — | 0.47% | $68.6M | +19.2% | — |
| BATT Amplify Lithium & Battery Technology ETF | 19% | 0.59% | $125.5M | -0.4% | +12.4% |
| WBAT WisdomTree Battery Value Chain and Innovati… | 14% | 0.45% | $2.6M | 0.0% | +3.3% |
| PBD Invesco Global Clean Energy ETF | 10% | 0.75% | $182.7M | -5.1% | +7.9% |
| ICLN iShares Global Clean Energy ETF | 10% | 0.41% | $2.31B | -4.3% | +8.8% |
Questions investors ask
What does IBAT invest in?
IBAT holds stocks of companies involved in energy storage, including batteries, hydrogen and fuel cells. As of July 31, 2026, it owned 91 companies. The largest were Bloom Energy (7.4%), Air Products and Chemicals (7.1%), Air Liquide (6.9%) and BASF (6.9%). Battery maker Contemporary Amperex Technology made up about 7.2% across two share listings. Japan was the largest country at about 28%, followed by the U.S. at 21%, and South Korea and France at about 11% each.
What's the difference between IBAT and BATT?
Both are battery-themed funds, but they hold quite different stocks. Only about 19% of their holdings overlap. IBAT charges 0.47% a year, compared with 0.59% for the Amplify Lithium & Battery Technology ETF (BATT). Over the year to October 27, 2026, IBAT returned 19.2% and BATT returned -0.4%. BATT is larger, with about $125 million in net assets as of June 30, 2026. IBAT had about $69 million as of July 31, 2026.
Does IBAT pay dividends?
Yes, but not much, and only twice a year. Over the 12 months to October 27, 2026, IBAT paid about $0.30 per share, a yield of 0.81%. The payout comes from dividends on the companies it owns, many of which are industrial and chemical firms. Investors who want regular income from their portfolio may find this yield too low to play a meaningful role.
What is IBAT's expense ratio?
IBAT's expense ratio is 0.47% a year, according to its prospectus filed November 21, 2025. That is below the 0.55% average of similar funds. It ranks 3rd of 5 on cost, behind ICLN at 0.41% and WBAT at 0.45%. Under the SEC's standard example ($10,000 invested, 5% annual return), total costs would be about $48 after one year, $263 after five years and $591 after ten years.
Is IBAT a volatile ETF?
Yes. Over the year to October 27, 2026, its volatility was 32.2% and its beta was 1.59. Volatility measures how widely returns swing. A beta above 1 means the fund moved more than the overall stock market. Its deepest drop was 28.3%, from September 2024 to April 2025, and it recovered by August 2025. It fell as much as 26% within the past year, and it lost 9% in the month to October 27, 2026.