At a glance
MADE charges 0.4% a year, above the 0.3% average of the 7 funds most like it (the 5th cheapest of 8). It has $62.7M in assets, the 8th largest of that group; it paid 0.65% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +11.3% with distributions reinvested (S&P 500: +11.5%), 3rd of those 8 funds. Its ten largest positions make up 38.2% of the fund, out of 112 in all.
The short version
iShares U.S. Manufacturing ETF (MADE) is a BlackRock index fund that tracks the S&P U.S. Manufacturing Select Index. As of June 30, 2026, it held 112 U.S. makers of machinery, electrical equipment, vehicles and electronic parts, led by Caterpillar, Amphenol and Eaton. It focuses on manufacturing more narrowly than broad industrials funds and caps both single stocks and industry groups, but it costs 0.40% a year, versus 0.08% for the Industrial Select Sector SPDR Fund (XLI).
Price history
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MADE +11.3% 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 | |
|---|---|---|---|---|---|---|
| MADE official prospectus, to Dec 31, 2025 | — | +27.17% | — | — | — | +19.17% |
| S And P Total Market Index index, same period | — | +17.05% | — | — | — | +16.04% |
| MADE price data to Oct 27, 2026 | +9.1% | +11.3% | — | — | — | +16.7% |
- Over the year to Oct 27, 2026, MADE returned +11.3%, 3rd of 8 among similar funds.
- Its worst full calendar year was 2025 (+27.4%); its best was 2025 (+27.4%).
- The deepest fall in its price history was 23.8% (Nov 25, 2024 to Apr 8, 2025), recovered by Jul 1, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.1% | — |
| 2025 | +27.4% | +27.17% |
| 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) | $0.1400 | |
| 2025 | $0.2800 |
What's inside
As of Jun 30, 2026, the fund held 112 securities; the ten largest made up 38.22% of assets.
| Holding | Weight | |
|---|---|---|
| CATERPILLAR INC. | 4.53% | |
| AMPHENOL CORPORATION | 4.30% | |
| EATON CORPORATION PUBLIC LIMITED COMPANY | 4.13% | |
| DEERE & COMPANY | 4.12% | |
| CUMMINS INC. | 4.12% | |
| VERTIV HOLDINGS CO | 3.92% | |
| PARKER-HANNIFIN CORPORATION | 3.46% | |
| Coherent Corp. | 3.31% | |
| RTX CORPORATION | 3.28% | |
| TRANE TECHNOLOGIES PUBLIC LIMITED COMPANY | 3.04% | |
| GENERAL MOTORS COMPANY | 2.98% | |
| PACCAR INC | 2.71% | |
| TE CONNECTIVITY PUBLIC LIMITED COMPANY | 2.53% | |
| JOHNSON CONTROLS INTERNATIONAL PUBLIC LIMITED COMPANY | 2.50% | |
| BLOOM ENERGY CORPORATION | 2.42% |
By country
United States 85.06%Ireland 13.39%Cayman Islands 0.86%Canada 0.25%By asset type
Stocks 99.56%By sector
Sectors of the companies held, for the 52.3% 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 Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $5.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +11.35%, +1.42%, +4.90%.
How it works
MADE tracks the S&P U.S. Manufacturing Select Index. S&P Dow Jones Indices builds it from its broader S&P United States BMI. To qualify, a company must fall into one of three groups under FactSet's RBICS industry classification system: industrial manufacturing, consumer vehicles and parts, or selected electronics makers, including companies that build chip-making equipment. Industrial and vehicle companies must earn at least 50% of their revenue in the U.S. Electronics companies need at least 25%. Each company also needs a float-adjusted market value of at least $2 billion. That figure counts only shares available to trade. Each also needs median daily trading of at least $5 million.
Bigger companies get bigger weights, but no stock may exceed 4% of the index. Vehicles, the electronics group and nine industrial subgroups, including aerospace and defense, electrical equipment and factory automation, are each capped at 15%. The index is rebalanced every quarter, and its list of members is reset once a year. It can include large, mid-size and small companies.
BlackRock uses representative sampling. This means the fund may hold a sample of index stocks with similar traits rather than every one. It must keep at least 80% of net assets in index components. It may use derivatives such as stock index futures, and it may lend up to one-third of its assets to borrowers. The prospectus lists portfolio turnover of 22%.
What it really costs
- MADE charges 0.4% a year, versus an average of 0.3% for the similar funds below (5th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $41 in the first year and $505 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MADE | $41 | $128 | $224 | $505 |
In a retirement portfolio
It is a narrow, single-theme stock fund that swung more than the market over the year to October 27, 2026, so it may fit as a small slice beside broader holdings.
MADE adds a focused bet on U.S. factories and equipment makers, but its record is short. It launched July 18, 2024, so it missed the 2008, 2020 and 2022 sell-offs. Its deepest drop was 23.8%, from November 25, 2024, to April 8, 2025. It was back at its old peak by July 1, 2025, about 2.8 months after the low. Its only full calendar year, 2025, returned 27.17%. Its beta of 1.38 over the year to October 27, 2026, means it tended to move more than the market. Someone drawing money in a slump could end up selling after a sharp fall.
Income is small: a 0.65% yield as of October 27, 2026, paid quarterly. In the SEC's $10,000 example, costs total $41 after one year and $505 after 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 a targeted slice of U.S. machinery, electrical and vehicle makers such as Caterpillar, Deere and Cummins.
- Those comfortable with above-market swings: beta was 1.38 and volatility 24.3% over the year to October 27, 2026.
- Investors who like index rules capping any single stock at 4% and key industry groups at 15%, spread across 112 holdings.
Look elsewhere if
- Cost-focused investors: XLI charges 0.08% and VIS 0.09%, versus 0.40% for MADE, with about 41% holdings overlap.
- Retirees seeking income: the trailing yield was 0.65% as of October 27, 2026, paid quarterly.
- Those wanting a long track record or a large fund: MADE launched in July 2024 and had about $62.7 million in assets as of June 30, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| MADE this fund | — | 0.4% | $62.7M | +11.3% | — |
| FIDU Fidelity MSCI Industrial Index ETF | 42% | 0.084% | $2.30B | +7.5% | +21.8% |
| XLI Industrial Select Sector SPDR Fund | 41% | 0.08% | $33.96B | +9.4% | +21.3% |
| VIS Vanguard Industrials ETF | 41% | 0.09% | $8.56B | +7.5% | +21.9% |
| IYJ iShares U.S. Industrials ETF | 35% | 0.39% | $1.94B | +6.4% | +19.2% |
| PPA Invesco Aerospace & Defense ETF | 26% | 0.57% | $8.26B | -1.3% | +26.1% |
| PAVE Global X US Infrastructure Development ETF | 21% | 0.47% | $13.50B | +13.8% | +23.2% |
| ROKT SPDR S&P Kensho Final Frontiers ETF | 21% | 0.45% | $248.4M | +28.0% | +40.5% |
Questions investors ask
What stocks are in the MADE ETF?
As of June 30, 2026, MADE held 112 stocks of U.S.-focused manufacturers. The largest were Caterpillar (4.5%), Amphenol (4.3%), Eaton (4.1%), Deere (4.1%), Cummins (4.1%), Vertiv (3.9%), Parker-Hannifin (3.5%), Coherent (3.3%), RTX (3.3%) and Trane Technologies (3.0%). Together, the top 10 made up about 38% of the fund. About 13% was in companies legally based in Ireland, such as Eaton and Trane, which S&P counts as U.S. companies for this index.
MADE vs XLI: what's the difference?
Both hold U.S. industrial stocks, and about 41% of their holdings overlap. MADE, however, sticks to manufacturers and caps each stock at 4%. XLI is much cheaper, at 0.08% a year versus 0.40%. It is also much larger: about $34 billion versus $62.7 million as of June 30, 2026. MADE returned 11.3% over the year to October 27, 2026, while XLI returned 9.4% over the year to October 30, 2026. Fidelity's FIDU, at 0.084%, has a similar 42% overlap.
Does MADE pay dividends?
Yes. MADE pays dividends every quarter. Over the 12 months to October 27, 2026, it paid $0.22 per share, a yield of 0.65%. That is modest income, so the fund's appeal rests mainly on possible price growth rather than payouts. Investors looking for steady cash from their portfolio would get little from this fund on its own.
What is MADE's expense ratio?
MADE charges 0.40% a year, all of it a management fee with no fee waiver, according to the prospectus filed July 27, 2026. In the SEC's standard example, $10,000 invested with a 5% yearly return would cost about $41 over one year, $128 over three, $224 over five and $505 over 10. That ranks 5th of 8 among similar funds. The group averages 0.30%, and XLI charges 0.08%.
Is MADE a risky ETF?
It is riskier than a broad stock fund. Over the year to October 27, 2026, its volatility was 24.3% and its beta was 1.38, meaning it tended to move about 1.38 times as much as the market. Its deepest drop was 23.8%, from November 2024 to April 2025, though it was back at its peak by July 2025. It is concentrated in manufacturing and launched in July 2024, so it has not yet been through a long bear market.