Key Highlights

  • The fund holds 47 U.S. energy companies, including exploration, production and refining businesses.
  • ConocoPhillips, Marathon Petroleum and Valero are the largest positions.
  • Net asset value is $131.04, after a one-day gain of $1.25, or 0.97%.
  • The expense ratio is 0.37%, and distributions are paid quarterly.

Oil and Natural Gas producers form a central part of the U.S. energy market, and the iShares U.S. Oil & Gas Exploration & Production ETF (CBOE:IEO) gives investors a single holding across that sector. Figures in this article are current to November 9, 2026. The fund seeks to track an index of U.S. equities in oil and gas exploration and production, although its largest positions include refiners. Shares trade on Cboe BZX, and the fund has been listed since May 2006.

Fund Fact

Detail

Exchange and ticker

Cboe BZX: IEO

Fund inception

May 1, 2006

Net assets

$825.6 million

Net asset value

$131.04

Daily NAV change

+$1.25 (+0.97%)

Expense ratio

0.37%

30-day SEC yield

1.64%

Distribution frequency

Quarterly

Number of holdings

47

Concentration in Large Energy Names

ConocoPhillips accounts for about 18.5% of market value, while Marathon Petroleum and Valero Energy hold 12.5% and 11.7%. These three companies make up roughly 43% of the portfolio, which gives the fund a concentrated profile.

Producers including EOG Resources, EQT, Diamondback Energy and Devon Energy follow, with weights between roughly 4% and 5%. The mix shows that refining exposure is significant alongside Upstream production.

Trading Activity and Price Behavior

The net asset value rose $1.25 in the latest session, a gain of 0.97%. Shares outstanding total about 6.3 million, and the 30-day average Volume of roughly 149,000 shares indicates steady trading. The 30-day median bid-ask spread of 0.07% reflects moderate costs.

The premium or discount to NAV was -0.03 in recent figures, meaning shares traded slightly below the value of underlying holdings.

Costs, Income and Commodity Risk

The expense ratio is 0.37%, consisting of a management fee of the same amount. Quarterly distributions are paid, and the 30-day SEC Yield of 1.64% reflects a modest income profile.

Energy stocks are sensitive to oil and natural gas prices, refining margins, production costs and regulatory decisions. The concentration in a few large companies means that results can shift when any one of them reports or changes its outlook.

Final Word

The iShares U.S. Oil & Gas Exploration & Production ETF offers a sector-focused view of American energy producers and refiners, led by a small group of large companies. Its quarterly income, moderate fee and concentrated holdings define its profile. Investors will weigh energy exposure against their broader commodity sensitivity and allocation.