At a glance
NEAR charges 0.25% a year, above the 0.1% average of the 7 funds most like it (the 7th cheapest of 8). It has $4.85B in assets, the 8th largest of that group; it paid 4.5% of its price in distributions over the past 12 months, monthly. Over the past year it returned +1.9% with distributions reinvested, 3rd of those 8 funds; over three years it returned +5.0% a year. At its worst it fell 9.6% in the 2020 crash (S&P 500: 33.7%) and 1.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 5 months after the lows. Its ten largest positions make up 28.7% of the fund, out of 1,824 in all.
The short version
iShares Short Duration Bond Active ETF (NEAR) is an actively managed BlackRock fund. It holds short-term, investment-grade U.S. dollar bonds and aims to beat the Bloomberg U.S. 1-3 Year Government/Credit Bond Index, with effective duration held at three years or less. It mixes Treasury notes with corporate, mortgage-backed and asset-backed bonds. It paid monthly, with a 4.5% trailing yield as of October 27, 2026. Its 0.25% expense ratio is above the 0.10% peer average.
Price history
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NEAR +1.9% 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 | |
|---|---|---|---|---|---|---|
| NEAR official prospectus, to Dec 31, 2025 | — | +5.95% | — | +3.76% | +2.83% | — |
| Bloomberg US Universal Index index, same period | — | +7.58% | — | +0.06% | +2.44% | — |
| Bloomberg US13Year Government Credit Bond Index index, same period | — | +5.35% | — | +1.97% | +2.09% | — |
| NEAR price data to Oct 27, 2026 | +1.1% | +1.9% | +5.0% | +3.9% | +2.8% | +2.4% |
- Over the year to Oct 27, 2026, NEAR returned +1.9%, 3rd of 8 among similar funds.
- Its 5-year annualized return was +3.9% and its 10-year +2.8%.
- In the 2020 COVID crash it fell 9.6% and regained its old high 4.3 months after the low.
- Its worst full calendar year was 2021 (+0.3%); its best was 2023 (+7.4%).
- The deepest fall in its price history was 9.6% (Mar 5, 2020 to Mar 19, 2020), recovered by Jul 27, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +1.1% | — |
| 2025 | +5.9% | +5.95% |
| 2024 | +5.1% | +5.04% |
| 2023 | +7.4% | +7.33% |
| 2022 | +0.4% | +0.36% |
| 2021 | +0.3% | +0.34% |
| 2020 | +1.4% | +1.43% |
| 2019 | +3.6% | +3.47% |
| 2018 | +1.7% | +1.71% |
| 2017 | +1.4% | +1.55% |
| 2016 | +1.4% | +1.42% |
| 2015 | +0.9% | — |
| 2014 | +0.6% | — |
| 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 6.1% over that stretch · deepest drop along the way 9.6%, back to its old high 4.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 0.7% over that stretch · deepest drop along the way 1.2% |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.6100 | |
| 2025 | $2.3300 | -7.9% |
| 2024 | $2.5300 | +9.5% |
| 2023 | $2.3100 | +159.6% |
| 2022 | $0.8900 | +134.2% |
| 2021 | $0.3800 | -50.0% |
| 2020 | $0.7600 | -44.1% |
| 2019 | $1.3600 | +22.5% |
| 2018 | $1.1100 | +44.2% |
| 2017 | $0.7700 | +42.6% |
| 2016 | $0.5400 | +25.6% |
| 2015 | $0.4300 | -2.3% |
| 2014 | $0.4400 |
What's inside
As of Jul 31, 2026, the fund held 1,824 securities; the ten largest made up 28.74% of assets, and 4.81% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| United States Treasury Bonds and notes | 12.04% | |
| United States Treasury Bonds and notes | 3.76% | |
| United States Treasury Bonds and notes | 3.32% | |
| United States Treasury Bonds and notes | 2.83% | |
| United States Treasury Bonds and notes | 1.83% | |
| United States Treasury Bonds and notes | 1.42% | |
| United States Treasury Bonds and notes | 1.30% | |
| United States Treasury Bonds and notes | 1.08% | |
| United States Treasury Bonds and notes | 0.70% | |
| United States Treasury Bonds and notes | 0.47% | |
| ECMC Group Student Loan Trust Other asset-backed | 0.44% | |
| CITIGROUP INC Bonds and notes | 0.43% | |
| APPLOVIN CORP Bonds and notes | 0.41% | |
| VIPER ENERGY PARTNERS LL Bonds and notes | 0.41% | |
| PACIFIC GAS & ELECTRIC Bonds and notes | 0.40% |
By country
United States 83.45%Cayman Islands 3.62%United Kingdom 3.11%Ireland 1.66%Australia 1.33%By issuer
Companies 62.75%US Treasury 29.3%Other 2.13%US government-sponsored enterprises 1.92%Foreign governments 1.08%The bonds mature in 9.2 years on average (weighted by size), with an average coupon of 3.93%.
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 $556.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.21%, +0.10%, +0.10%.
How it works
NEAR is actively managed by BlackRock Fund Advisors, so its managers pick the bonds rather than copying an index. Under normal conditions at least 80% of net assets go into U.S. dollar investment-grade bonds. Investment grade means rated BBB- or higher by S&P or Fitch, or Baa3 or higher by Moody's. The Bloomberg U.S. 1-3 Year Government/Credit Bond Index is a target to beat, not a recipe. The managers keep effective duration at three years or less. Duration measures how much prices move when interest rates change.
As of July 31, 2026, the fund held 1,824 issues. Companies made up about 63% and U.S. Treasurys 29%. By type, mortgage-backed securities were 19%, other asset-backed bonds 8%, and CDOs and CLOs (bonds backed by pools of loans) 5%. All ten largest positions were Treasury notes, together 28.7%, led by one at 12.0%. The largest non-Treasury holdings, about 0.4% each, included an ECMC student loan trust, Citigroup and AppLovin. Portfolio turnover was 163%.
The fund may use futures, swaps and currency trades to hedge or to try to add return. These positions were small, under 0.1% of assets. It can lend up to one-third of its assets. It usually creates and redeems shares for cash, which can force sales and taxable gains. It is not a money market fund and has no stable $1 price.
What it really costs
- NEAR charges 0.25% a year, versus an average of 0.1% for the similar funds below (7th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $26 in the first year and $318 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NEAR | $26 | $80 | $141 | $318 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
Its investment-grade focus and duration of three years or less have kept most declines small, though its price does move and it is not cash.
NEAR could serve as a lower-volatility reserve for money needed in the next few years. It launched in September 2013, so it has no record from the 2008 crisis. In the 2020 COVID crash it fell 9.6% between March 5 and March 19, 2020. It was back to its peak by July 27, about 4.3 months later. In 2022, as rates jumped, its deepest drop was 1.2%, and it recovered by December 7. Its worst calendar year was 2021, which still ended up 0.3%. Anyone forced to sell in March 2020 would have locked in a loss, though the fund recovered within months.
It pays monthly, with a 4.5% trailing yield as of October 27, 2026. It costs 0.25% a year, or $318 over 10 years in the SEC's $10,000 example. 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 wanting a short-duration mix of Treasury notes, corporate bonds and mortgage- and asset-backed securities chosen by BlackRock managers rather than an index.
- Those wanting monthly income: the trailing 12-month yield was 4.5%, or $2.25 per share, as of October 27, 2026.
- Those valuing its record: no losing calendar year from 2016 to 2025, and 3.76% a year over five years to December 31, 2025 (benchmark: 1.97%).
Look elsewhere if
- Cost-focused investors: its 0.25% expense ratio ranks 7th of 8 similar funds against a 0.10% peer average, and PULS charges 0.15%.
- Anyone who needs a stable $1 share price: NEAR is not a money market fund and fell 9.6% in March 2020.
- Investors wanting a simple Treasury-only or index fund: 163% turnover, derivatives and manager choices add management risk.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| NEAR this fund | 9.2 yrs | 0.25% | $4.85B | +1.9% | +5.0% |
| PULS PGIM Ultra Short Bond ETF | 8.8 yrs | 0.15% | $18.71B | +4.1% | +5.2% |
| BIV Vanguard Intermediate-Term Bond ETF | 7.5 yrs | 0.03% | $52.45B | -0.7% | +5.1% |
| VCIT Vanguard Intermediate-Term Corporate Bond E… | 8.2 yrs | 0.03% | $72.04B | -0.6% | +7.1% |
| MINT PIMCO Enhanced Short Maturity Active Exchan… | 6.3 yrs | 0.35% | $16.43B | +3.9% | +4.9% |
| IUSB iShares Core Total USD Bond Market ETF | 11.8 yrs | 0.06% | $43.00B | -0.3% | +5.1% |
| BND Vanguard Total Bond Market ETF | 11.7 yrs | 0.03% | $397.11B | -0.4% | +4.7% |
| AGG iShares Core U.S. Aggregate Bond ETF | 12.4 yrs | 0.03% | $138.32B | -0.4% | +4.7% |
Questions investors ask
Does NEAR pay monthly dividends?
Yes. NEAR pays income monthly. Over the 12 months to October 27, 2026, it paid $2.25 per share, a trailing yield of 4.5%. The income comes from interest on its bonds, so payments change as rates and holdings change. Trailing yield looks back at what the fund paid. It is not a promise of future payments.
What's the difference between NEAR and PULS?
Both are actively managed short-term bond ETFs. PGIM Ultra Short Bond ETF (PULS) is the closest match in our comparison, with 72% similarity. PULS charges 0.15% a year against NEAR's 0.25%. PULS returned 4.1% over one year as of October 29, 2026. NEAR returned 1.9% as of October 27. Over three years the annualized figures were closer: 5.3% for PULS and 5.0% for NEAR. PULS is also larger, with about $18.7 billion in net assets against NEAR's $4.85 billion.
Is NEAR a money market fund?
No. Its prospectus says NEAR is not a money market fund and does not try to keep a stable $1.00 share price. Its price rises and falls with interest rates and credit conditions. It fell 9.6% between March 5 and March 19, 2020, and recovered by July 27, 2020. Its holdings include corporate bonds and mortgage- and asset-backed securities, not only short-term government paper.
Can NEAR lose money?
Yes, although its losses have been fairly small. Its worst calendar quarter was a 3.06% drop in the first quarter of 2020. Its deepest decline was 9.6% in March 2020. The prospectus shows no losing calendar year from 2016 to 2025, and 2022 ended up 0.36%. Rising rates, issuer defaults and the managers' own decisions could still cause losses.
How much does NEAR cost?
NEAR's expense ratio is 0.25% a year, according to its prospectus filed February 23, 2026. There is no fee waiver. In the SEC's standard example, $10,000 earning 5% a year would pay about $26 in costs after one year and $318 after ten. That ranks 7th of 8 similar funds on cost. The peer average is 0.10%.