iShares International Treasury Bond ETF

iShares International Treasury Bond ETF (IGOV) is a BlackRock index fund. It holds investment-grade government bonds from developed countries outside the U.S., including Japan, France, Italy and the U.K. The bonds are priced in their local currencies, so returns move with the U.S. dollar as well as with interest rates. Its 0.35% expense ratio is the same as its closest rival, BWX, but well above the 0.19% average for similar funds.

• Over the year to Oct 27, 2026, IGOV returned -4.5%, 7th of 8 among similar funds.
• Its 5-year annualized return was -4.4% and its 10-year -1.4%.
• In the 2020 COVID crash it fell 11.1% and regained its old high 4.3 months after the low.
• Its worst full calendar year was 2022 (-22.1%); its best was 2017 (+11.3%).
• The deepest fall in its price history was 35.8% (Jan 5, 2021 to Oct 20, 2022), not yet recovered.

As of Jul 31, 2026, the fund held 1,010 securities; the ten largest made up 3.8% of assets.

The bonds mature in 9.4 years on average (weighted by size), with an average coupon of 2.41%.

• Over the three months to Jul 31, 2026, investors added a net $387.9M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +0.31%, -2.08%, -0.07%.

IGOV tracks the FTSE World Government Bond Index – Developed Markets Capped Select Index, run by FTSE Fixed Income LLC. The index holds fixed-rate sovereign bonds, meaning bonds issued by national governments, in each country's own currency. A country qualifies only if three things are true. The IMF or World Bank classifies it as developed. Its bond market meets FTSE's access standards and is larger than USD 50 billion, EUR 40 billion and JPY 5 trillion. Its debt is rated at least A- by S&P and A3 by Moody's. The U.S. is excluded, and each bond must have more than one year left until it matures.

Countries are weighted by the market value of their bonds, with two caps. No country can exceed 21%. Countries above 4.6% cannot add up to more than 47% together. The index rebalances at the end of each month. As of July 31, 2026, the fund held 1,010 bonds. Japan was the largest country at 11.1%, followed by France at 8.5% and Italy at 7.8%. The average maturity was 9.4 years.

BlackRock uses representative sampling. Instead of buying every bond, it buys a group that resembles the index in duration (how much prices react to rate changes), maturity, credit quality and yield. At least 80% of assets must be in index bonds. Up to 10% can go into futures, options, swaps and other bonds, but the fund held no derivatives as of July 31, 2026. Portfolio turnover was 23%.

• IGOV charges 0.35% a year, versus an average of 0.19% for the similar funds below (5th of 8, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $443 over 10 years (assuming a 5% annual return).

It adds foreign government bonds and foreign currencies that a U.S.-focused bond portfolio lacks, but its swings have been large for a bond fund.

IGOV holds bonds from Japan, Europe and other developed markets, so its results can differ from those of U.S. bonds. That can help or hurt. The fund launched in January 2009, so it has no full record of the 2008 crisis. It fell 11.1% in March 2020 and recovered by late July. It lost 22.1% in 2022, its worst calendar year. Its deepest drop was 35.8%, from January 2021 to October 2022, and it had not recovered as of October 27, 2026. Anyone who may need to sell shares in a bad year should weigh that history. The trailing yield was 1.47% as of October 27, 2026, paid once a year, which makes it a thin source of regular income. In the SEC's standard example, costs are $36 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.

Matched by bond funds with the closest average maturity and issuer mix (N-PORT).