At a glance
IEO charges 0.37% a year, below the 0.42% average of the 8 funds most like it (the 4th cheapest of 9). It has $516.1M in assets, the 6th largest of that group; it paid 1.48% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +67.3% with distributions reinvested (S&P 500: +11.5%), the best of those 9 funds; over three years it returned +18.3% a year. At its worst it fell 61.0% in the 2020 crash (S&P 500: 33.7%) and 30.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 4 months after the lows. Its ten largest positions make up 71.3% of the fund, out of 46 in all.
The short version
The iShares U.S. Oil & Gas Exploration & Production ETF (IEO) is a BlackRock index fund. It tracks the Dow Jones U.S. Select Oil Exploration & Production Index and held 46 U.S. oil and gas stocks as of June 30, 2026. Its index also includes refiners, so Valero and Marathon Petroleum are two of its three largest holdings. Its 0.37% expense ratio is below the 0.42% peer average but far above Vanguard Energy ETF's 0.09%.
Price history
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IEO +67.3% 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 | |
|---|---|---|---|---|---|---|
| IEO official prospectus, to Dec 31, 2025 | — | +2.14% | — | +23.67% | +7.99% | — |
| S And P Total Market Index index, same period | — | +17.05% | — | +13.07% | +14.22% | — |
| Dow Jones U S Select Oil Exploration And Production Index index, same period | — | +2.54% | — | +24.17% | +8.43% | — |
| IEO price data to Oct 27, 2026 | +67.5% | +67.3% | +18.3% | +21.5% | +12.2% | +7.0% |
- Over the year to Oct 27, 2026, IEO returned +67.3%, 1st of 9 among similar funds.
- Its 5-year annualized return was +21.5% and its 10-year +12.2%.
- In the 2020 COVID crash it fell 61% and regained its old high 11.2 months after the low.
- Its worst full calendar year was 2008 (-41.9%); its best was 2021 (+75.6%).
- The deepest fall in its price history was 79.2% (Jun 23, 2014 to Mar 18, 2020), recovered by Mar 25, 2022.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +67.5% | — |
| 2025 | +2.2% | +2.14% |
| 2024 | -1.4% | -1.38% |
| 2023 | +3.6% | +3.52% |
| 2022 | +57.9% | +57.99% |
| 2021 | +75.6% | +75.59% |
| 2020 | -32.7% | -32.75% |
| 2019 | +9.6% | +9.55% |
| 2018 | -19.4% | -19.36% |
| 2017 | +0.3% | +0.30% |
| 2016 | +25.0% | +25.09% |
| 2015 | -24.6% | — |
| 2014 | -12.3% | — |
| 2013 | +30.8% | — |
| 2012 | +4.3% | — |
| 2011 | -3.2% | — |
| 2010 | +18.7% | — |
| 2009 | +41.0% | — |
| 2008 | -41.9% | — |
| 2007 | +39.6% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 51.7% over that stretch · deepest drop along the way 66.4%, back to its old high 60.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 60% over that stretch · deepest drop along the way 61%, back to its old high 11.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 52% over that stretch · deepest drop along the way 30.6%, back to its old high 3.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.5500 | |
| 2025 | $2.3400 | -0.8% |
| 2024 | $2.3600 | -16.0% |
| 2023 | $2.8100 | -19.9% |
| 2022 | $3.5100 | +118.0% |
| 2021 | $1.6100 | +41.2% |
| 2020 | $1.1400 | +10.7% |
| 2019 | $1.0300 | +19.8% |
| 2018 | $0.8600 | +41.0% |
| 2017 | $0.6100 | -6.2% |
| 2016 | $0.6500 | -39.8% |
| 2015 | $1.0800 | +16.1% |
| 2014 | $0.9300 | +29.2% |
| 2013 | $0.7200 | +44.3% |
| 2012 | $0.4990 | +32.4% |
| 2011 | $0.3770 | +110.6% |
| 2010 | $0.1790 | -24.2% |
| 2009 | $0.2360 | +7.3% |
| 2008 | $0.2200 | +46.7% |
| 2007 | $0.1500 |
What's inside
As of Jun 30, 2026, the fund held 46 securities; the ten largest made up 71.26% of assets. It also reported 3.49% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| CONOCOPHILLIPS | 17.26% | |
| VALERO ENERGY CORPORATION | 10.54% | |
| MARATHON PETROLEUM CORPORATION | 10.17% | |
| EOG RESOURCES, INC. | 6.56% | |
| EQT CORPORATION | 4.84% | |
| TEXAS PACIFIC LAND CORPORATION | 4.77% | |
| PHILLIPS 66 | 4.46% | |
| DIAMONDBACK ENERGY, INC. | 4.29% | |
| DEVON ENERGY CORPORATION | 4.25% | |
| EXPAND ENERGY CORPORATION | 4.10% | |
| OVINTIV INC. | 2.73% | |
| PERMIAN RESOURCES CORPORATION | 2.73% | |
| APA CORPORATION | 2.17% | |
| HF SINCLAIR CORPORATION | 2.01% | |
| ANTERO RESOURCES CORPORATION | 1.95% |
By country
United States 99.9%By asset type
Stocks 99.9%By sector
Sectors of the companies held, for the 71.3% 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 withdrew a net $65.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.60%, -7.18%, -3.26%.
How it works
IEO tracks the Dow Jones U.S. Select Oil Exploration & Production Index. S&P Dow Jones Indices runs the index and decides which companies go in and how much each one weighs. The index covers companies that explore for, drill, produce, refine and supply oil and gas, and it can include large, mid-size and small companies. As of June 30, 2026, ConocoPhillips made up 17.3% of the fund, Valero 10.5%, Marathon Petroleum 10.2% and EOG Resources 6.6%. The top 10 holdings together made up 71% of assets.
BlackRock Fund Advisors uses "representative sampling." That means the fund may not own every stock in the index in exact proportion. Instead, it holds a mix chosen to match the index's company sizes, industry weights, yield and price swings. Under normal conditions, at least 80% of net assets must be in index stocks. The fund may also hold cash and use derivatives, such as futures contracts. As of June 30, 2026, its one futures position was a tiny fraction of assets. Portfolio turnover, the share of holdings replaced over a year, was 24%.
The fund is "non-diversified," which means it may legally put more of its money into a few companies than a diversified fund could. It concentrates in energy to the same degree as its index. It may lend up to one-third of its total assets to other market players for a fee, and its reported 3.49% cash is likely collateral from that lending. It never shifts to defensive positions when markets fall.
What it really costs
- IEO charges 0.37% a year, versus an average of 0.42% for the similar funds below (4th of 9, 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 |
|---|---|---|---|---|
| IEO | $38 | $119 | $208 | $468 |
In a retirement portfolio
IEO is a concentrated, non-diversified bet on U.S. oil and gas, and it has suffered some of the deepest losses of any type of stock fund.
IEO can add energy exposure that sometimes moves against the broad market. In the 2022 bear market it gained 52% while stocks fell, though it still dropped 30.6% that summer. The losses can be severe, though. It fell 66.4% in the 2008 financial crisis and did not recover until March 2014. Its worst calendar year was 2008, at -41.9%. It lost 61% in the 2020 COVID crash. Its deepest drop, 79.2%, ran from June 2014 to March 2020, and it did not regain that peak until March 2022. A retiree forced to sell during stretches like these would lock in large losses.
Income is modest: the yield was 1.48% as of October 27, 2026, paid quarterly. Under the SEC's standard example, the 0.37% expense ratio comes to $38 in the first year and $468 over 10 years on a $10,000 investment. Past results don't predict future returns, 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. oil producers and refiners, led by ConocoPhillips, Valero and Marathon Petroleum as of June 30, 2026.
- People comparing oil and gas production funds on cost: IEO's 0.37% expense ratio is below the 0.42% peer average and well below PXE's 0.63%.
- Investors who want a holding that has gained when stocks fell, as in the 2022 bear market, when IEO rose 52%.
Look elsewhere if
- Retirees who may need to sell in a downturn: IEO fell 79.2% from June 2014 to March 2020 and did not recover until March 2022.
- Income seekers: the yield was only 1.48% as of October 27, 2026, paid quarterly.
- Investors who want cheap, broad energy exposure: Vanguard Energy ETF charges 0.09% and Fidelity MSCI Energy Index ETF 0.084%, against IEO's 0.37%.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| IEO this fund | — | 0.37% | $516.1M | +67.3% | +18.3% |
| PXE Invesco Energy Exploration & Production ETF | 60% | 0.63% | $84.7M | +57.9% | +14.1% |
| XOP SPDR S&P Oil & Gas Exploration & Production… | 55% | 0.35% | $2.91B | +59.0% | +14.2% |
| FTXN First Trust Nasdaq Oil & Gas ETF | 50% | 0.6% | $180.7M | +57.0% | +16.5% |
| RSPG Invesco S&P 500 Equal Weight Energy ETF | 48% | 0.4% | $573.6M | +56.1% | +19.7% |
| FXN First Trust Energy AlphaDEX Fund | 47% | 0.61% | $379.1M | +58.5% | +15.6% |
| FCG First Trust Natural Gas ETF | 44% | 0.6% | $589.7M | +46.7% | +10.6% |
| VDE Vanguard Energy ETF | 35% | 0.09% | $13.26B | +62.1% | +21.4% |
Questions investors ask
Is IEO good for retirement?
IEO is better seen as a small, higher-risk add-on than a core retirement holding. It is a non-diversified fund of U.S. oil and gas stocks. Its top 10 holdings made up 71% of assets as of June 30, 2026. It lost 66.4% in the 2008 crisis and 61% in the 2020 COVID crash. Its deepest drop, 79.2%, took until March 2022 to recover. It did gain 52% during the 2022 bear market, but large swings in both directions are normal for this fund.
What's the difference between IEO and XOP?
Both funds focus on U.S. oil and gas exploration and production, and their holdings overlapped by about 55%. IEO tracks a Dow Jones index that also includes refiners, and as of June 30, 2026, Valero and Marathon Petroleum were among its largest holdings. XOP is cheaper at 0.35% versus 0.37%, and it is much larger: about $2.9 billion in net assets versus about $516 million. Over the year to October 27, 2026, IEO returned 67.3% and XOP 59%.
Does IEO pay dividends?
Yes. IEO pays dividends every quarter. Over the 12 months to October 27, 2026, it paid $2.19 per share, for a yield of 1.48%. That is modest income. The fund owns energy companies for their exposure to oil and gas prices, not for high payouts. Dividends from energy companies can also rise and fall with commodity prices. As a result, IEO's income may be less steady than a fund built for income.
What are IEO's top holdings?
As of June 30, 2026, IEO's largest holding was ConocoPhillips at 17.3% of assets. Next came Valero Energy at 10.5%, Marathon Petroleum at 10.2% and EOG Resources at 6.6%. EQT, Texas Pacific Land, Phillips 66, Diamondback Energy, Devon Energy and Expand Energy each made up roughly 4% to 5%. The top 10 together made up 71% of the fund, which owned 46 stocks. That makes the fund heavily dependent on a few companies.
How has IEO performed over 10 years?
IEO returned 7.99% a year on average over the 10 years ended December 31, 2025, according to its prospectus. Over the same period, the S&P Total Market Index returned 14.22% a year. The five-year figure was much stronger: 23.67% a year versus 13.07% for the broad index. The path was rough. Calendar-year returns ranged from -32.75% in 2020 to 75.59% in 2021. Past results don't predict future returns.