At a glance
IVEG charges 0.47% a year, below the 0.5% average of the 5 funds most like it (the 3rd cheapest of 6). It has $4.3M in assets, the 6th largest of that group. Over the past year it returned +0.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 6 funds; over three years it returned +9.3% a year. Its ten largest positions make up 43.8% of the fund, out of 34 in all.
The short version
iShares Emergent Food and AgTech Multisector ETF (IVEG) is a BlackRock index fund tracking the Morningstar Global Food Innovation Index, which picks companies expected to profit from farm technology, alternative proteins, food safety and sustainable food production. Its 0.47% yearly fee sits just below the 0.50% average for similar funds. But with about $4.3 million in assets as of May 31, 2025, it is tiny next to the largest rival, VanEck Agribusiness ETF (MOO).
Price history
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IVEG +0.3% 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 | |
|---|---|---|---|---|---|---|
| IVEG price data to Oct 27, 2026 | +0.3% | +0.3% | +9.3% | — | — | -1.0% |
- Over the year to Oct 27, 2026, IVEG returned +0.3%, 6th of 6 among similar funds.
- Its worst full calendar year was 2023 (-2.8%); its best was 2025 (+10.6%).
- The deepest fall in its price history was 27.7% (May 4, 2022 to Oct 27, 2023), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2025 | +10.6% |
| 2024 | +3.3% |
| 2023 | -2.8% |
| 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 | $0.1900 | -50.0% |
| 2024 | $0.3800 | -19.1% |
| 2023 | $0.4700 |
What's inside
As of May 31, 2025, the fund held 34 securities; the ten largest made up 43.81% of assets.
| Holding | Weight | |
|---|---|---|
| Bayer AG | 4.75% | |
| Mosaic Co | 4.74% | |
| International Paper Co | 4.70% | |
| Danone SA | 4.53% | |
| Nutrien Ltd | 4.38% | |
| Deere & Co | 4.28% | |
| Corteva Inc | 4.27% | |
| Novonesis Novozymes B | 4.21% | |
| GEA Group AG | 3.99% | |
| Ecolab Inc | 3.95% | |
| BASF SE | 3.68% | |
| CNH Industrial NV | 3.67% | |
| Kellanova | 3.64% | |
| CF Industries Holdings Inc | 3.57% | |
| Eurofins Scientific SE | 3.52% |
By country
United States 51.03%Germany 12.43%Norway 4.74%France 4.53%Canada 4.38%By asset type
Stocks 99.38%What changed recently
- Over the three months to May 31, 2025, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -2.52%, +0.77%, +5.84%.
How it works
BlackRock runs IVEG to match the Morningstar Global Food Innovation Index, not beat it, and keeps it invested when markets fall. Morningstar starts with its Global Markets ex-India Index and drops stocks with average daily trading under $2 million or publicly traded shares worth under $300 million. Its analysts project how much of each company's revenue over five years will come from four themes: agriculture technology, alternative proteins, nutritional innovation and safety, and sustainable food production and packaging. A company must earn revenue from a theme and be highly likely to lift net profit at least 5% from it over five years.
Each company scores 0 to 4 per theme based on those estimates; zero everywhere means exclusion. High scorers count as Tier 1, and all get in; if there are fewer than 50, Tier 2 names fill the gap, up to 50 stocks, favoring higher scores, existing members and smaller companies. The index weights stocks by market value, capping each at 4%.
Morningstar rebuilds and rebalances the index each December, so weights drift between resets. As of May 31, 2025, the fund held 34 stocks; Bayer, Mosaic and International Paper each made up 4.7% to 4.8%, above the cap. The index need not cover every theme, and holdings can run businesses unrelated to them.
What it really costs
- IVEG charges 0.47% a year, versus an average of 0.5% for the similar funds below (3rd of 6, 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 |
|---|---|---|---|---|
| IVEG | $48 | $151 | $263 | $591 |
In a retirement portfolio
A narrow, 34-stock theme fund with about $4.3 million in assets as of May 31, 2025, it suits a small side position more than a core holding.
IVEG could add exposure to farm and food companies, with about half its assets outside the U.S. as of May 31, 2025. Its record is short: it launched on April 25, 2022, after the 2008 and 2020 crashes and partway through the 2022 bear market. From May 4, 2022, to October 27, 2023, it fell 27.7%, and as of October 27, 2026, it had not regained that peak. Its worst full calendar year, 2023, was a 2.8% loss, which understates that slide. Anyone forced to raise cash from it then would have locked in a loss. It paid no distributions in the year to October 27, 2026, so it offers no income. On $10,000, the SEC's standard example puts costs at $48 after one year and $591 after 10. Past results don't predict the future, and any plan needs to weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a small, rules-based stake in farm technology and food innovation through top holdings such as Bayer, Mosaic, Deere, Nutrien and Danone.
- Cost-conscious theme investors: its 0.47% expense ratio (yearly fee) is below KROP's 0.50%, MOO's 0.53% and FTAG's 0.70%, though above VEGI's 0.39%.
- Those wanting global reach: about half its assets sat outside the U.S. as of May 31, 2025, with about 12% in German companies.
Look elsewhere if
- Investors who need income from their holdings: the fund made no distributions in the 12 months to October 27, 2026.
- Investors uneasy with very small funds: assets were about $4.3 million as of May 31, 2025, and tiny ETFs can trade thinly or close.
- Anyone who can't sit through long slumps: it fell 27.7% from May 2022 to October 2023 and hadn't regained that peak by October 27, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| IVEG this fund | — | 0.47% | $4.3M | +0.3% | +9.3% |
| MOO VanEck Agribusiness ETF | 37% | 0.53% | $943.9M | +11.9% | +6.9% |
| FTAG First Trust Indxx Global Agriculture ETF | 34% | 0.7% | $14.2M | +9.6% | +7.7% |
| KROP Global X AgTech & Food Innovation ETF | 30% | 0.5% | $9.8M | +7.9% | +6.3% |
| VEGI iShares MSCI Agriculture Producers ETF | 27% | 0.39% | $155.9M | +14.4% | +10.3% |
| RSPM Invesco S&P 500 Equal Weight Materials ETF | 26% | 0.4% | $177.6M | +21.6% | +12.8% |
Questions investors ask
What does IVEG invest in?
IVEG invests in U.S. and foreign stocks that Morningstar expects to benefit from farm technology, alternative proteins, nutrition and food safety, and sustainable food production. As of May 31, 2025, it held 34 stocks, and the 10 largest made up about 44% of assets. The biggest were Bayer, Mosaic, International Paper, Danone, Nutrien, Deere and Corteva, each between about 4.3% and 4.8%. About 51% of assets were in U.S. companies and about 12% in German ones.
What is IVEG's expense ratio?
IVEG's expense ratio, the yearly fee taken from fund assets, is 0.47%, according to its prospectus filed December 20, 2024. That is slightly below the 0.50% average of five similar funds: cheaper than KROP (0.50%), MOO (0.53%) and FTAG (0.70%), but pricier than iShares MSCI Agriculture Producers ETF (VEGI) at 0.39%. In the SEC's standard example, $10,000 earning 5% a year would incur about $48 in costs after one year, $263 after five and $591 after 10.
Does IVEG pay dividends?
Not in the 12 months to October 27, 2026. IVEG made no distributions over that period, so its yield was 0% as of that date. Its index picks companies for their expected revenue and profit from food and farming themes, not for dividends. Any return over that stretch came from share-price changes, so investors who rely on regular cash payouts would need other holdings to supply it.
What's the difference between IVEG and MOO?
The biggest differences are size and cost. VanEck Agribusiness ETF (MOO), the most similar fund by holdings with about 37% overlap, charges 0.53% a year versus IVEG's 0.47%. MOO had about $944 million in assets as of June 30, 2026; IVEG had about $4.3 million as of May 31, 2025. Over the three years to October 27, 2026, IVEG returned 9.3% a year and MOO 6.9%, though IVEG's period begins at its October 2023 low.
Is IVEG good for retirement?
It may work as a small side holding rather than a core retirement fund. As of May 31, 2025, IVEG held just 34 stocks in one theme and had only about $4.3 million in assets; very small ETFs can cost more to trade and are more likely to be closed by their issuer. It paid no income in the year to October 27, 2026, and by then it still had not regained its May 2022 peak after a 27.7% drop. Past results don't predict future ones.