At a glance
IYLD charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $125.2M in assets, the 8th largest of that group; it paid 4.76% of its price in distributions over the past 12 months, monthly. Over the past year it returned +6.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +10.8% a year. At its worst it fell 30.2% in the 2020 crash (S&P 500: 33.7%) and 21.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 17 months and 23 months after the lows.
The short version
iShares Morningstar Multi-Asset Income ETF (IYLD) is a fund of funds. It holds about 10 other iShares ETFs, chosen by the Morningstar Multi-Asset High Income Index, and targets roughly 20% stocks, 60% bonds and 20% REITs and preferred stocks. Its main draw is monthly income: the trailing yield was 4.76% as of October 27, 2026. It also swings less than a stock fund, but its long-term returns have been modest.
Price history
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IYLD +6.3% 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 | |
|---|---|---|---|---|---|---|
| IYLD official prospectus, to Dec 31, 2024 | — | +3.36% | — | -0.45% | +2.26% | — |
| Bloomberg US Universal Index index, same period | — | +2.04% | — | +0.06% | +1.73% | — |
| MSCI All Country World Index Net index, same period | — | +17.49% | — | +10.06% | +9.23% | — |
| IYLD price data to Oct 27, 2026 | +4.4% | +6.3% | +10.8% | +2.9% | +3.6% | +4.2% |
- Over the year to Oct 27, 2026, IYLD returned +6.3%, 8th of 8 among similar funds.
- Its 5-year annualized return was +2.9% and its 10-year +3.6%.
- In the 2020 COVID crash it fell 30.2% and regained its old high 16.5 months after the low.
- Its worst full calendar year was 2022 (-16.8%); its best was 2019 (+15.8%).
- The deepest fall in its price history was 30.2% (Feb 20, 2020 to Mar 19, 2020), recovered by Aug 3, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +4.4% | — |
| 2025 | +15.3% | — |
| 2024 | +2.0% | +3.36% |
| 2023 | +12.4% | +11.05% |
| 2022 | -16.8% | -16.55% |
| 2021 | +3.5% | +3.37% |
| 2020 | -1.2% | -1.25% |
| 2019 | +15.8% | +15.88% |
| 2018 | -4.8% | -4.75% |
| 2017 | +10.8% | +10.87% |
| 2016 | +9.6% | +9.79% |
| 2015 | -4.5% | -4.77% |
| 2014 | +10.3% | — |
| 2013 | +0.4% | — |
| 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 29.8% over that stretch · deepest drop along the way 30.2%, back to its old high 16.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 21.4% over that stretch · deepest drop along the way 21.4%, back to its old high 23.3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7100 | |
| 2025 | $0.9900 | -3.9% |
| 2024 | $1.0300 | -9.6% |
| 2023 | $1.1400 | +10.7% |
| 2022 | $1.0300 | +18.1% |
| 2021 | $0.8724 | -16.9% |
| 2020 | $1.0500 | -21.6% |
| 2019 | $1.3400 | +0.8% |
| 2018 | $1.3300 | +23.1% |
| 2017 | $1.0800 | -6.9% |
| 2016 | $1.1600 | -5.7% |
| 2015 | $1.2300 | -24.1% |
| 2014 | $1.6200 | +4.2% |
| 2013 | $1.5553 |
What's inside
As of Jul 31, 2026, the fund held 10 securities; the ten largest made up 99.9% of assets, and 26.51% sat in cash and money-market holdings.
| Fund held | Weight | |
|---|---|---|
| ISHARES FLOATING RATE BOND ETF Other | 14.99% | |
| ISHARES CORE 1 5 YEAR USD BOND ETF Other | 14.93% | |
| ISHARES BROAD USD HIGH YIELD CORPORATE BOND ETF Other | 14.90% | |
| ISHARES PREFERRED INCOME SECURITIES ETF Other | 14.66% | |
| ISHARES MSCI EAFE VALUE ETF Other | 11.15% | |
| ISHARES CORE MSCI PACIFIC ETF Other | 9.18% | |
| ISHARES BROAD USD INVESTMENT GRADE CORPORATE BOND Other | 6.84% | |
| ISHARES GLOBAL REIT ETF Other | 5.16% | |
| ISHARES J P MORGAN EM CORPORATE BOND ETF Other | 4.96% | |
| ISHARES JP MORGAN EM LOCAL CURRENCY BOND ETF Other | 3.12% |
By country
United States 99.9%By asset type
Other 99.9%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $3.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.78%, -0.26%, +0.80%.
How it works
IYLD tracks the Morningstar Multi-Asset High Income Index, which Morningstar, Inc. designs and runs. The index splits its money into three groups: 20% stock funds, 60% bond funds and 20% "alternative income" funds, which mainly hold REITs (real estate investment trusts) and preferred stocks. In each group, Morningstar picks funds that have paid relatively high income consistently and trade easily enough. Funds with significant foreign-currency exposure can make up no more than 25% of the index. The index is rebalanced and its members are reviewed every quarter.
BlackRock's adviser, BFA, uses representative sampling. That means it can hold a sample of the index that behaves like the whole index rather than copying it exactly. At least 80% of assets go into index components. Up to 20% can go into futures, options, swaps, cash or other securities that help the fund track the index. The fund does not try to beat the index or turn defensive when markets fall. It may lend securities worth up to one-third of its total assets.
As of July 31, 2026, the largest holdings were iShares Floating Rate Bond ETF (15.0%), iShares Core 1-5 Year USD Bond ETF (14.9%), iShares Broad USD High Yield Corporate Bond ETF (14.9%) and iShares Preferred and Income Securities ETF (14.7%). Every holding is a BlackRock fund. The prospectus warns this creates a possible conflict of interest, because BlackRock also earns fees from some of the underlying funds.
What it really costs
- IYLD charges 0.5% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Of that, 0.25% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $628 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IYLD | $51 | $160 | $280 | $628 |
Structure and tax notes
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
IYLD is built to pay high monthly income from a mix of bond, preferred-stock, REIT and stock funds, and it has grown little over time.
IYLD pays income every month. Its trailing 12-month yield was 4.76% as of October 27, 2026, or about $1.03 per share. The payout is not fixed, and it can fall when interest rates drop. The fund costs 0.50% a year. Under the SEC's standard $10,000 example, that comes to $51 after one year and $628 after 10 years. Holding 60% bonds has not made it a safe haven. In the 2020 COVID crash it fell 30.2% in one month and took about 16.5 months to recover. In 2022 it fell 21.4% and needed about 23 months to recover. Its worst calendar year was 2022, at -16.55%. The fund launched in 2012, so it has no 2008 record. Someone who has to sell shares for cash in a bad year could lock in losses. 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 monthly income from one fund that spreads money across high-yield bonds, floating-rate bonds, preferred stocks, REITs and foreign value stocks.
- People who prefer a rules-based Morningstar index that rebalances every quarter to about 20% stocks, 60% bonds and 20% alternative income.
- Holders who want smaller swings than a stock fund: three-year volatility was 6.1% and one-year beta was 0.33 as of October 27, 2026.
Look elsewhere if
- Investors seeking growth: its 10-year average annual return through 2024 was 2.26%, against 9.23% for the MSCI All Country World Index.
- Anyone expecting bond-like stability: the fund fell 30.2% in early 2020 and lost 16.55% in calendar 2022.
- Those who want a large, widely traded fund: net assets were about $125 million as of July 31, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| IYLD this fund | 0.5% | $125.2M | +6.3% | +10.8% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does IYLD pay monthly dividends?
Yes. IYLD pays distributions every month. Over the 12 months to October 27, 2026, it paid about $1.03 per share, a trailing yield of 4.76%. The income comes from the bond, preferred-stock, REIT and stock funds it owns. The amount is not fixed. The prospectus warns that income can fall when interest rates drop, because bonds that mature or are called early may be replaced with lower-yielding ones.
What does IYLD hold?
IYLD holds about 10 other iShares ETFs. As of July 31, 2026, the largest were iShares Floating Rate Bond ETF (15.0%), iShares Core 1-5 Year USD Bond ETF (14.9%), iShares Broad USD High Yield Corporate Bond ETF (14.9%) and iShares Preferred and Income Securities ETF (14.7%). It also held iShares MSCI EAFE Value ETF (11.1%), iShares Core MSCI Pacific ETF (9.2%), an investment-grade corporate bond fund, a global REIT fund and two emerging-market bond funds.
What is IYLD's expense ratio?
IYLD's total expense ratio is 0.50% a year, according to its prospectus filed November 21, 2025. That includes a 0.25% management fee. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares sold at the end of each period. On that basis, costs would total about $51 after one year, $160 after three years, $280 after five years and $628 after 10 years. Portfolio turnover was 35%.
Is IYLD good for retirement income?
It depends on what a retiree needs. IYLD pays monthly income, with a trailing yield of 4.76% as of October 27, 2026, and it has swung less than a stock fund. But growth has been weak. Through December 31, 2024, its 10-year average annual return was 2.26%, compared with 1.73% for the Bloomberg US Universal Index and 9.23% for the MSCI All Country World Index. It also fell 30.2% in early 2020.
IYLD vs BUFR: what's the difference?
They follow different strategies, so BUFR is not a direct alternative. BUFR, the FT Vest Laddered Buffer ETF, is a buffer (defined-outcome) fund. Funds like this use options to soften some losses in exchange for capped gains. IYLD has no buffer or cap. It is a fund of income-focused iShares ETFs and costs 0.50% a year, compared with 0.95% for BUFR. BUFR returned 11.6% over the year to October 27, 2026, compared with 6.3% for IYLD.