At a glance
INRO charges 0.42% a year, above the 0.03% average of the 8 funds most like it (the most expensive of 9). It has $34.4M in assets, the 9th largest of that group; it paid 0.57% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +14.1% with distributions reinvested (S&P 500: +11.5%), the best of those 9 funds. Its ten largest positions make up 38.3% of the fund, out of 294 in all.
The short version
iShares U.S. Industry Rotation Active ETF (INRO) is an actively managed BlackRock stock fund. It starts from the industries in the MSCI USA Index and shifts weight toward the industries its managers favor. It costs 0.42% a year, against a 0.03% average for similar index funds, and it trades heavily, with 227% annual turnover. Its 14.1% one-year return led those peers as of October 27, 2026, but its record only goes back to March 2024.
Price history
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INRO +14.1% 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 | |
|---|---|---|---|---|---|---|
| INRO price data to Oct 27, 2026 | +14.8% | +14.1% | — | — | — | +16.5% |
- Over the year to Oct 27, 2026, INRO returned +14.1%, 1st of 9 among similar funds.
- Its worst full calendar year was 2025 (+16.7%); its best was 2025 (+16.7%).
- The deepest fall in its price history was 20% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 30, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +14.8% |
| 2025 | +16.7% |
| 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) | $0.1500 | |
| 2025 | $0.2200 |
What's inside
As of Jul 31, 2026, the fund held 294 securities; the ten largest made up 38.29% of assets.
| Holding | Weight | |
|---|---|---|
| Apple Inc | 7.71% | |
| NVIDIA Corp | 7.29% | |
| Microsoft Corp | 5.65% | |
| Amazon.com Inc | 4.54% | |
| Alphabet Inc | 3.07% | |
| Alphabet Inc | 2.28% | |
| JPMorgan Chase & Co | 2.24% | |
| Broadcom Inc | 2.22% | |
| Meta Platforms Inc | 1.81% | |
| Micron Technology Inc | 1.48% | |
| Eli Lilly & Co | 1.45% | |
| Tesla Inc | 1.37% | |
| Procter & Gamble Co | 1.29% | |
| Advanced Micro Devices Inc | 1.26% | |
| Caterpillar Inc | 1.18% |
By country
United States 95.26%Ireland 2.97%Curaçao 0.48%Cayman Islands 0.33%Jersey 0.2%By asset type
Stocks 99.89%By sector
Sectors of the companies held, for the 84.6% 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 added a net $2.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +6.19%, +1.10%, -2.38%.
How it works
INRO does not copy an index. BFA, BlackRock's fund adviser, starts from a benchmark mix of industries. These are normally the industries in the MSCI USA Index, a broad measure of large and mid-sized U.S. companies. The managers then lean the portfolio toward industries they expect to do well and away from those they expect to lag. They judge each industry on five signals: where the economy is in its cycle, valuation, quality measures, what Wall Street analysts expect, and industry trends.
Because these tilts change with conditions, the fund trades a lot. Its portfolio turnover was 227%, which means it replaced the equivalent of its whole portfolio more than twice in a year. Frequent trading adds costs that are not part of the expense ratio. The fund must keep at least 80% of its assets in U.S.-listed stocks or derivatives that act like them. It may also hold other ETFs and cash. It is classified as non-diversified, which allows it to hold bigger stakes in fewer companies.
The prospectus allows options, futures, swaps and forward contracts, both to seek extra return and to hedge. These can add leverage, meaning they magnify gains and losses. As of July 31, 2026, the fund reported no derivative positions. It held 294 stocks, and its 10 largest holdings made up 38% of assets.
What it really costs
- INRO charges 0.42% a year, versus an average of 0.03% for the similar funds below (9th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $43 in the first year and $530 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| INRO | $43 | $135 | $235 | $530 |
In a retirement portfolio
It holds broad U.S. stocks but adds active industry bets, a 0.42% fee and a short record, so it fits better next to a low-cost core than in place of one.
INRO launched in March 2024, so it has no record through the 2008, 2020 or 2022 downturns. Its deepest drop was 20%, from February 19 to April 8, 2025. It recovered by June 30, 2025, about 2.7 months later. Its only full calendar year so far, 2025, returned 16.7%. Anyone drawing money during a drop like that would have had to cash out shares at lower prices.
Income is small. The trailing yield was 0.57% as of October 27, 2026, and the fund pays quarterly. In the SEC's standard example of $10,000 earning 5% a year, costs come to $43 after one year and $530 after 10 years. Past results don't predict the future, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want broad U.S. large-company stocks plus active industry tilts from BlackRock, and who accept a 0.42% fee for that management.
- Those adding a small satellite position beside a low-cost index core, since INRO's holdings overlap 72% to 75% with funds like VOO and PBUS.
- Investors comfortable with a record only since March 2024, including a 20% drop in early 2025 that took about 2.7 months to recover.
Look elsewhere if
- Cost-focused investors: INRO ranked 9th of 9 on cost at 0.42%, while similar index funds averaged 0.03%.
- Income seekers, since the trailing yield was just 0.57% as of October 27, 2026, paid quarterly.
- Those who want a long track record or a large fund: INRO had about $34 million in net assets as of July 31, 2026, the smallest among its peers.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| INRO this fund | — | 0.42% | $34.4M | +14.1% | — |
| BBUS JPMorgan BetaBuilders U.S. Equity ETF | 75% | 0.02% | $8.89B | +13.0% | +24.8% |
| PBUS Invesco MSCI USA ETF | 74% | 0.04% | $11.67B | +13.1% | +24.9% |
| BKLC BNY Mellon US Large Cap Core Equity ETF | 74% | 0% | $5.47B | +13.4% | +25.4% |
| USPX Franklin U.S. Equity Index ETF | 73% | 0.03% | $1.98B | +12.9% | +24.9% |
| SPY SPDR S&P 500 ETF Trust | 72% | 0.0945% | $781.19B | +11.5% | +21.9% |
| SCHX Schwab U.S. Large-Cap ETF | 72% | 0.03% | $74.17B | +10.9% | +21.9% |
| IVV iShares Core S&P 500 ETF | 72% | 0.03% | $888.13B | +11.5% | +22.0% |
Questions investors ask
What does INRO invest in?
INRO holds U.S.-listed stocks, mostly from industries in the MSCI USA Index. It is actively managed, which means BlackRock's managers choose the mix instead of copying an index. They shift money toward industries they favor and away from ones they see as unfavorable. They weigh five signals: the economic cycle, valuation, quality, analyst expectations and recent trends. As of July 31, 2026, the fund had 294 holdings. The largest were Apple (7.7%), NVIDIA (7.3%), Microsoft (5.6%) and Amazon (4.5%).
What is INRO's expense ratio?
INRO's expense ratio is 0.42%, according to its prospectus filed November 24, 2025. The expense ratio is the yearly fee taken from fund assets. In the SEC's standard example, $10,000 earning 5% a year would cost $43 over one year and $530 over ten years. The average for similar funds is 0.03%, and INRO ranks 9th of 9 on cost in that group. Its portfolio turnover is 227%, meaning a year's trading was worth more than twice the portfolio. That trading adds costs on top of the fee.
What's the difference between INRO and BBUS?
INRO costs far more and makes active industry bets, though the two funds own many of the same stocks. Their holdings overlap by 75%, based on each fund's latest SEC holdings report. JPMorgan BetaBuilders U.S. Equity ETF (BBUS) charges 0.02% a year, compared with 0.42% for INRO. Over the year to October 27, 2026, INRO returned 14.1% and BBUS returned 13%. As of July 31, 2026, BBUS had about $8.9 billion in net assets and INRO had $34.4 million. One year is a short record for judging an active fund.
Does INRO pay dividends?
Yes, INRO pays dividends every quarter, but the amounts are small. Its trailing yield, meaning dividends paid over the past year divided by the share price, was 0.57% as of October 27, 2026. That works out to about $0.21 per share. The low yield fits the fund's stated goal of long-term capital appreciation, meaning price growth, rather than income. Retirees who need a fund to cover regular spending may find dividend-focused or bond funds a closer fit, or may hold INRO alongside them for growth.
Is INRO good for retirement?
INRO may suit long-term retirement savers who want a growth-focused U.S. stock fund with active industry bets and can accept extra risk. It launched March 26, 2024, so it has no record through the 2020 crash or the 2022 bear market. Through October 27, 2026, its deepest drop was 20%, from February 19 to April 8, 2025. It was back to its earlier peak by June 30, 2025. The fund is non-diversified, meaning it can put more money into fewer companies, and its dividend income is small.