At a glance
IBRN charges 0.47% a year, below the 0.6% average of the 3 funds most like it (the cheapest of 4). It has $5.5M in assets, the 4th largest of that group; it paid 0.99% of its price in distributions over the past 12 months, annual. Over the past year it returned +7.9% with distributions reinvested (S&P 500: +11.5%), 3rd of those 4 funds; over three years it returned +19.7% a year. Its ten largest positions make up 45.5% of the fund, out of 76 in all.
The short version
The iShares Neuroscience and Healthcare ETF (IBRN) is a BlackRock index fund tracking the NYSE FactSet Global Neuro Biopharma and MedTech Index, a global basket of companies developing neurology drugs and devices. Its 0.47% annual fee (expense ratio) is below the 0.60% average of three similar funds. It is tiny, with $5.5 million in assets as of July 31, 2026, and its three-year return to October 27, 2026 trailed two larger peers, FBT and SBIO.
Price history
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IBRN +7.9% 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 | |
|---|---|---|---|---|---|---|
| IBRN official prospectus, to Dec 31, 2024 | — | -2.66% | — | — | — | +0.51% |
| MSCI All Country World Index Net index, same period | — | +17.49% | — | — | — | +14.56% |
| IBRN price data to Oct 27, 2026 | -0.2% | +7.9% | +19.7% | — | — | +7.1% |
- Over the year to Oct 27, 2026, IBRN returned +7.9%, 3rd of 4 among similar funds.
- Its worst full calendar year was 2024 (-2.8%); its best was 2025 (+28.5%).
- The deepest fall in its price history was 35.4% (Nov 11, 2024 to Apr 8, 2025), recovered by Oct 16, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.2% | — |
| 2025 | +28.5% | — |
| 2024 | -2.8% | -2.66% |
| 2023 | +0.9% | +0.99% |
| 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 |
|---|---|---|
| 2025 | $0.3200 | +220.0% |
| 2024 | $0.1000 | +400.0% |
| 2023 | $0.0200 |
What's inside
As of Jul 31, 2026, the fund held 76 securities; the ten largest made up 45.45% of assets, and 14.75% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Dianthus Therapeutics Inc | 5.34% | |
| Xenon Pharmaceuticals Inc | 4.87% | |
| Praxis Precision Medicines Inc | 4.87% | |
| ACADIA PHARMACEUTICALS INC. | 4.69% | |
| ARROWHEAD PHARMACEUTICALS, INC. | 4.65% | |
| ALKERMES PUBLIC LIMITED COMPANY | 4.60% | |
| Scholar Rock Holding Corp | 4.29% | |
| BIOGEN INC. | 4.18% | |
| NEUROCRINE BIOSCIENCES, INC. | 4.09% | |
| argenx SE Other | 3.86% | |
| PTC THERAPEUTICS, INC. | 3.85% | |
| AXSOME THERAPEUTICS, INC. | 3.77% | |
| Denali Therapeutics Inc | 3.67% | |
| Dyne Therapeutics, Inc | 3.56% | |
| Edgewise Therapeutics Inc | 3.23% |
By country
United States 70.42%Canada 5.47%Ireland 5.01%Netherlands 3.86%South Korea 2.42%By asset type
Stocks 95.51%Other 4.38%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.97%, +8.47%, -6.00%.
How it works
IBRN tracks the NYSE FactSet Global Neuro Biopharma and MedTech Index, run by ICE Data Indices, not BlackRock. A company qualifies only if neurology drugs or devices, as classified by FactSet, bring in at least half its revenue or, for companies without sales, are the main focus of its product pipeline. Stocks must list in one of 44 developed or emerging markets, have at least $100 million in float-adjusted market value (counting only freely traded shares) and average at least $1 million in daily trading. Companies linked to psychedelics or cannabis are screened out.
Stocks are weighted by market value, with each capped at 4% at every quarterly rebalance; membership is reviewed each March and September. Weights can drift past the cap between rebalances; as of July 31, 2026, Dianthus Therapeutics was 5.3% of the fund, and the top 10 of 76 holdings made up 45%.
BlackRock uses representative sampling, holding a sample of stocks chosen to mirror the index's profile, so the fund may not own every member. Generally, at least 80% of assets go to index stocks or close equivalents; up to 20% can go to futures, options, swaps and cash. It may lend securities worth up to a third of its assets. Turnover was 52%, so it traded about half its portfolio in a year.
What it really costs
- IBRN charges 0.47% a year, versus an average of 0.6% for the similar funds below (1st of 4, 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 |
|---|---|---|---|---|
| IBRN | $48 | $151 | $263 | $591 |
In a retirement portfolio
It concentrates on one volatile corner of healthcare, neurology drug and device companies, so it fits as a small add-on beside diversified core funds rather than as a foundation.
IBRN could add a narrow bet on neurology drug and device makers to a portfolio built on broader funds. It launched in August 2022, so it has no record from the 2008 financial crisis or 2020 COVID crash and missed most of the 2022 bear market. Its deepest drop was 35.4%, from November 11, 2024 to April 8, 2025; it regained that peak on October 16, 2025, about six months after the low. Its worst calendar year was 2024, a 2.66% loss. Selling shares for income during such a slide would have locked in steep losses.
Income is small: a 0.99% yield as of October 27, 2026, paid once a year. Under the SEC's standard $10,000 example, costs total $48 after one year and $591 after ten. 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 position in neurology drug and device companies, such as Biogen, Neurocrine Biosciences and argenx, alongside broader funds.
- Cost-conscious thematic investors: its 0.47% expense ratio was the lowest of the four funds compared, versus 0.75% for Tema's MNTL.
- Patient investors who can sit through drops like its 35.4% fall from November 2024 to April 2025 without needing to sell.
Look elsewhere if
- Retirees seeking regular income: the yield was 0.99% as of October 27, 2026, and distributions arrive only once a year.
- Investors wary of very small funds: it had $5.5 million in assets as of July 31, 2026, smallest of the four funds compared.
- Those seeking broad healthcare exposure: despite its name, the index includes only companies focused on neurology drugs or neurology devices.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
What does IBRN invest in?
IBRN invests in stocks of companies that research, develop or make neurology drugs and devices. As of July 31, 2026, it held 76 stocks. The largest were Dianthus Therapeutics (5.3%), Xenon Pharmaceuticals (4.9%), Praxis Precision Medicines (4.9%), ACADIA Pharmaceuticals (4.7%) and Arrowhead Pharmaceuticals (4.7%), and the top 10 made up 45% of assets. About 70% was in U.S. companies, with the rest in markets such as Canada, Ireland, the Netherlands, South Korea and Sweden, which adds currency risk.
What's the difference between IBRN and MNTL?
Both focus on neuroscience, but their portfolios and costs differ. About 28% of their holdings overlap, based on the latest holdings reports filed with the SEC. IBRN charges 0.47% a year; the Tema Neuroscience and Mental Health ETF (MNTL) charges 0.75%. Both are very small: MNTL had about $9.7 million in net assets as of May 31, 2025, and IBRN $5.5 million as of July 31, 2026. With funds this size, it's worth checking the bid-ask spread (the gap between buying and selling prices) before trading.
Does IBRN pay a dividend?
Yes, but it's small and paid only once a year. IBRN paid $0.32 per share over the 12 months to October 27, 2026, a yield of 0.99%. An annual schedule means one lump payment rather than steady quarterly or monthly checks. With a yield that low, IBRN's return depends mostly on share prices, so retirees drawing cash would rely on other holdings or on selling shares.
How has IBRN performed compared with similar ETFs?
It has trailed the larger similar funds. As of October 27, 2026, IBRN returned 19.7% a year over three years, versus 27.7% for the First Trust NYSE Arca Biotechnology Index Fund (FBT) and 34.8% for the ALPS Medical Breakthroughs ETF (SBIO), whose holdings overlap with IBRN's by only 21% to 23%. Its prospectus shows a 0.51% yearly return from its 2022 launch through December 31, 2024, against 14.56% for the MSCI All Country World Index. Swings are large: based on market price, it gained 28.5% in 2025.
Is IBRN at risk of closing?
Its small size makes that a risk worth weighing. IBRN had about $5.5 million in net assets as of July 31, 2026, smallest of the four similar funds compared. Fund sponsors sometimes close ETFs that don't attract enough money; holders are then paid out in cash, which can create a taxable gain in a taxable account. The prospectus also warns that a large investor, such as an affiliate of the adviser, may hold shares only for a period to help the fund reach scale, and may later sell.