The team at a publicly traded asset management titan — one with more than $5 trillion in ETF AUM* (including more than $1 trillion in fixed income) across more than 1,700 ETFs — is rolling out another bond ETF.

Yesterday (December 11), Steve Laipply, global co-head of fixed income ETFs at BlackRock's iShares [profile], and Nick Gendron, global head of fixed income index product management at Bloomberg Index Services Limited, unveiled the launch of the iShares Total USD Fixed Income Market ETF (BTOT on the NYSE Arca). New York City-based BlackRock's San Francisco-based BlackRock Fund Advisors (BFA) arm serves as BTOT's investment advisor.

BTOT's inception date was Wednesday (December 10), and the new ETF comes with an expense ratio of 9 basis points (which bakes in a 1bps fee waiver). The new fund now has about$20.018 million in AUM**.

Bloomberg serves as index provider for BTOT, which is designed to track the Bloomberg U.S. Total Fixed Income Market Index. The new ETF's PM team includes: Jonathan Graves, James Mauro, and Marcus Tom.

Laipply puts the launch of BTOT in the context of the evolution of bond markets. The new fund is designed to cover the full taxable U.S. bond market.

"BTOT offers a single, convenient way to access this broader opportunity set, helping investors tap into some of the most attractive areas in fixed income today and build well-diversified portfolios," Laipply states.

Gendron puts the launch of BTOT in the contex of what he describes as Bloomberg and blackRock's "shared commitment to innovating in lockstep with the growth and evoluion of the fixed income markets."

"The Bloomberg US Total Fixed Income Market Index was built to reflect how fixed income portfolios have expanded," Gendron states. "This benchmark tracks the full investable fixed income universe across all sectors and ratings and offers a widely diverse and transparent measure of today's US fixed income markets."

BTOT is a non-diversified series of iShares Trust. The new ETF's other service providers include:

BlackRock Investments, LLC (BRIL) as distributor;

BlackRock Institutional Trust Company, N.A. (BTC) as securities lending agent;

Citibank, N.A. as ETF services subcontractor to BRIL;

PricewaterhouseCoopers LLP as independent accounting firm;

State Street Bank and Trust Company as administrator, custodian, dividend disbursing agent, and transfer agent; and

Willkie Farr & Gallagher LLP as counsel.

*As of November 28, 2025.

**As of December 11, 2025 (yesterday). 

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