Key Highlights

  • The fund is actively managed and combines equity, Credit and macro strategies in one portfolio.
  • The portfolio contains 1,649 holdings, with Treasury bills and Derivatives among the largest components.
  • The expense ratio is 0.99 percent, and distributions are paid semi-annually.
  • Net Assets were about $7.9 billion on November 11, 2026.

The iShares Systematic Alternatives Active ETF (NASDAQ:IALT) closed at $28.77 on November 10, 2026, with net assets of about $7.9 billion. The fund combines differentiated sources of return across equities, credit and macro strategies, seeking returns that aim to hold up across different market environments. It is structured as a multi-asset active fund that uses systematic models to guide its positions.

Ticker and exchange

IALT, NASDAQ

Benchmark index

ICE BofA 3-Month U.S. Treasury Bill Index

Net asset value

$28.92 (Nov 11, 2026)

Daily NAV change

Up $0.17 (0.58%)

Net assets

$7,871,951,894

Number of holdings

1,649

Expense ratio

0.99%

30-day SEC yield

2.88%

Distribution frequency

Semi-annual

Fund inception

December 9, 2025

An Actively Managed Multi-Asset Design

Unlike index funds, IALT is actively managed and does not seek to replicate a specified index. Its portfolio managers apply quantitative models across equities, fixed income and commodity-linked exposures, and the fund may use derivatives to adjust positions.

The prospectus notes that alternative investments can produce significant losses and may be less liquid than traditional securities. The fund also faces risks tied to short selling, derivative counterparties and the use of quantitative models.

Portfolio Composition

The portfolio includes 1,649 holdings. The largest positions are U.S. Treasury bills, including issues maturing in 2027, along with Treasury notes and short-dated cash equivalents. Credit Default Swap positions and Index Futures appear among the largest entries by notional value.

Because much of the fund is held in cash and government securities, the portfolio has a different structure from equity-focused ETFs. Its mix of derivatives and fixed income positions means that changes in interest rates and market sentiment can affect results in several ways at once.

Trading and Distribution Details

The latest trading figures in the fund documentation reflect November 10, 2026, when about 1.97 million shares traded against a 30-day Average Daily Volume of roughly 2.57 million shares. The 30-day median bid-ask spread was 0.03 percent, and the fund had 272.24 million shares outstanding.

The fund distributes income semi-annually, and the June 2026 payment totaled $0.079121 per share. The 30-day SEC Yield was 2.88 percent as of November 10, 2026. The fund has a short operating history, so a 12-month trailing yield is not yet available.

Final Word

IALT provides an actively managed, multi-asset approach that combines equity, credit and macro strategies in one fund. Its 0.99 percent expense ratio and semi-annual distributions are higher-cost features that shape the fund's structure. Future results will depend on the performance of its systematic models, the use of derivatives and the direction of interest rates and market conditions.