At a glance
IETC charges 0.18% a year, below the 0.27% average of the 8 funds most like it (the 5th cheapest of 9). It has $668.3M in assets, the 7th largest of that group; it paid 0.37% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +2.9% with distributions reinvested (S&P 500: +11.5%), the weakest of those 9 funds; over three years it returned +28.9% a year. At its worst it fell 30.1% in the 2020 crash (S&P 500: 33.7%) and 36.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 14 months after the lows. Its ten largest positions make up 53.0% of the fund, out of 102 in all.
The short version
iShares U.S. Tech Independence Focused ETF (IETC) is an actively managed BlackRock fund that holds about 100 U.S. tech-related stocks. A proprietary classification system picks them, not a standard index. The fund tilts toward companies with more of their technology, revenue and production in the U.S. and select allied markets. Its 0.18% expense ratio is below the 0.27% average of similar funds but above index funds such as XLK (0.08%) and VGT (0.09%).
Price history
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IETC +2.9% 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 | |
|---|---|---|---|---|---|---|
| IETC official prospectus, to Dec 31, 2024 | — | +37.41% | — | +22.09% | — | +20.93% |
| SP Total Market Index index, same period | — | +23.87% | — | +13.78% | — | +13.20% |
| IETC price data to Oct 27, 2026 | +7.6% | +2.9% | +28.9% | +13.8% | — | +20.1% |
- Over the year to Oct 27, 2026, IETC returned +2.9%, 9th of 9 among similar funds.
- Its 5-year annualized return was +13.8%.
- In the 2020 COVID crash it fell 30.1% and regained its old high 2.7 months after the low.
- Its worst full calendar year was 2022 (-32.8%); its best was 2023 (+54.4%).
- The deepest fall in its price history was 38.5% (Dec 27, 2021 to Nov 3, 2022), recovered by Dec 15, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.6% | — |
| 2025 | +19.6% | — |
| 2024 | +37.6% | +37.41% |
| 2023 | +54.4% | +54.25% |
| 2022 | -32.8% | -32.71% |
| 2021 | +29.8% | +29.78% |
| 2020 | +46.6% | +46.55% |
| 2019 | +43.1% | +42.38% |
| 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 | Lost 29.3% over that stretch · deepest drop along the way 30.1%, back to its old high 2.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 36.3% over that stretch · deepest drop along the way 36.3%, back to its old high 14 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2700 | |
| 2025 | $0.3800 | -15.6% |
| 2024 | $0.4500 | -8.2% |
| 2023 | $0.4900 | +32.4% |
| 2022 | $0.3700 | -17.8% |
| 2021 | $0.4500 | +95.7% |
| 2020 | $0.2300 | -25.8% |
| 2019 | $0.3100 |
What's inside
As of Jul 31, 2026, the fund held 102 securities; the ten largest made up 53.04% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp. | 13.14% | |
| Broadcom, Inc. | 9.00% | |
| Microsoft Corp. | 5.15% | |
| Amazon.com, Inc. | 4.87% | |
| Micron Technology, Inc. | 4.04% | |
| Advanced Micro Devices, Inc. | 3.92% | |
| Apple, Inc. | 3.64% | |
| Alphabet, Inc. Class A | 3.28% | |
| Palantir Technologies, Inc. | 3.24% | |
| Alphabet, Inc. Class C | 2.75% | |
| Lam Research Corp. | 2.58% | |
| Cisco Systems, Inc. | 2.52% | |
| Oracle Corp. | 2.34% | |
| Arista Networks, Inc. | 2.31% | |
| Meta Platforms, Inc. | 2.10% |
By country
United States 99.07%Cayman Islands 0.28%Ireland 0.24%Netherlands 0.21%Singapore 0.08%By asset type
Stocks 99.88%By sector
Sectors of the companies held, for the 87.8% 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 Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $115.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +12.89%, -6.53%, -4.24%.
How it works
IETC does not track an index. Under normal conditions it puts at least 80% of its net assets in U.S.-listed stocks of large, mid-size and small technology companies. BlackRock defines those companies with its own system, the "Evolved Technology Sector." Machine learning and natural language processing (software that reads text) scan years of companies' 10-K annual reports and sort them into twelve "Evolved Sectors." A company can belong to more than one sector, and its market value is split between them. Extra screens add companies tied to technology infrastructure and security.
Weights start from free-float market value, meaning the value of shares available to trade. The manager then adjusts them with a "Technology Independence Score." Companies get more weight when more of their tech capabilities, revenue and production sit in the U.S. and in select global markets that BlackRock expects to hold up better against geopolitical strain. Holdings are reviewed at least once a year and sector labels every quarter. The manager can also exclude or cap a company.
The result is concentrated. As of July 31, 2026, the fund held 102 stocks, and the top ten made up 53% of assets. NVIDIA alone was 13.1% and Broadcom 9.0%. The fund is "non-diversified," which lets it put more money into fewer companies. Portfolio turnover was 43%. The prospectus warns that returns will differ from those of a traditional information technology sector fund.
What it really costs
- IETC charges 0.18% a year, versus an average of 0.27% for the similar funds below (5th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $18 in the first year and $230 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IETC | $18 | $58 | $101 | $230 |
In a retirement portfolio
It is a concentrated, actively managed tech fund that has fallen more than a third in bad markets and pays very little income.
IETC could add a focused stake in U.S.-centered technology, but it has fallen hard in downturns. It launched in 2018, so it has no record from 2008. In the 2020 COVID crash it fell 30.1% and recovered by June 5, 2020, about 2.7 months later. It dropped 36.3% in the 2022 bear market, and 2022 was its worst calendar year, at -32.7%. Its deepest drop was 38.5%, from December 27, 2021, to November 3, 2022, and it did not recover until December 15, 2023. Anyone who sold shares to cover spending during that stretch would have locked in losses. Income is minimal: the trailing 12-month yield was 0.37% as of October 27, 2026, paid quarterly. Under the SEC's standard example, $10,000 invested costs $18 in fees over one year and $230 over 10 years. 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 tech exposure tilted toward U.S.-based supply chains and production, and who accept a proprietary, actively managed selection process.
- People with a broad core portfolio who want to add a small tech slice at 0.18% a year, below the 0.27% average of similar funds.
- Holders who can ride out deep drops, like the 38.5% fall from late 2021 that took until December 2023 to recover.
Look elsewhere if
- Investors focused on the lowest-cost tech exposure: XLK (0.08%), FTEC (0.084%) and VGT (0.09%) all charge less.
- Retirees who need regular income: the trailing yield was just 0.37% as of October 27, 2026.
- Those uneasy with concentration: as of July 31, 2026, NVIDIA and Broadcom made up about 22% of assets and the top ten 53%.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| IETC this fund | — | 0.18% | $668.3M | +2.9% | +28.9% |
| IGM iShares Expanded Tech Sector ETF | 61% | 0.41% | $10.71B | +21.3% | +38.6% |
| IYW iShares U.S. Technology ETF | 58% | 0.39% | $23.58B | +13.9% | +30.4% |
| SEMI Columbia Select Technology ETF | 58% | 0.75% | $37.6M | +20.1% | +31.7% |
| XLK Technology Select Sector SPDR Fund | 57% | 0.08% | $123.91B | +20.1% | +4.0% |
| QQQM Invesco NASDAQ 100 ETF | 54% | 0.15% | $104.38B | +8.8% | +24.1% |
| QTOP iShares Nasdaq Top 30 Stocks ETF | 54% | 0.2% | $300.0M | +16.1% | — |
| VGT Vanguard Information Technology ETF | 53% | 0.09% | $170.66B | +19.7% | +33.3% |
Questions investors ask
What does IETC invest in?
IETC, the iShares U.S. Tech Independence Focused ETF from BlackRock, holds U.S.-listed technology stocks. It tilts toward companies with more of their tech capabilities, revenue and production in the U.S. and a few select global markets. As of July 31, 2026, it had 102 holdings, and the 10 largest made up about 53% of assets. NVIDIA (13.1%), Broadcom (9.0%), Microsoft (5.2%), Amazon (4.9%) and Micron (4.0%) led the list. About 99% of assets were in U.S. companies.
Is IETC an index fund?
No. IETC is actively managed, which means BlackRock picks the holdings instead of copying an index. BlackRock sorts companies into sectors with its own system. That system uses machine learning and natural language processing (software that reads text) on company filings. The fund weights stocks roughly by market value, then adjusts them using its own Technology Independence Score. The prospectus says returns will differ from a traditional technology sector fund. The prospectus filed November 21, 2025, lists 43% annual portfolio turnover, which measures how much of the fund is traded.
What is IETC's expense ratio?
IETC's expense ratio, the yearly fee taken from fund assets, is 0.18%, according to its prospectus filed November 21, 2025. The SEC's standard example assumes $10,000 invested and a 5% annual return. In that example, costs total $18 after one year, $58 after three, $101 after five and $230 after ten. The fee is below the 0.27% average for similar funds. Some tech sector funds cost less, though: Technology Select Sector SPDR Fund (XLK) charges 0.08% and Vanguard Information Technology ETF (VGT) charges 0.09%.
IETC vs IGM: what's the difference?
IETC costs less, while IGM, the iShares Expanded Tech Sector ETF, has posted higher returns. IETC charges 0.18% a year, compared with 0.41% for IGM. IETC is actively managed and tilts toward companies with more U.S.-based tech capabilities, revenue and production. As of October 27, 2026, IGM gained 21.3% over one year and 38.6% a year over three years. IETC gained 2.9% and 28.9%. The two share about 61% of their holdings, the highest overlap among similar funds, and IGM is much larger.
Is IETC good for retirement income?
Not as an income source. IETC's trailing 12-month yield was 0.37% as of October 27, 2026, paid quarterly. It is a concentrated tech stock fund, and its price moves sharply. Over the year to that date, its beta was 1.69, meaning it tended to move about 1.7 times as much as the broad market. From December 27, 2021, to November 3, 2022, it fell 38.5%, and it did not recover until December 15, 2023. It may suit investors who want a small tech slice and can ride out deep drops.