GARP vs SIZE: Grades, Fees and Holdings Compared

iShares MSCI USA Quality GARP ETF

GARPBCboe

iShares MSCI USA Size Factor ETF

SIZEANYSE Arca

Overlap

18.1%by weight

Expense ratio

GARP0.15%SIZE0.15%

Avg volume · 30D

GARP 77.1×the volume

GARP402KSIZE5.21K

5Y return · a year

GARP +7.9pt

GARP+15.3%SIZE+7.4%

GARP vs SIZE Performance

Nov 2, 2021 – Nov 2, 2026

+103.3%GARP+43.0%SIZE

Expense ratio: GARP 0.15%; SIZE 0.15%
Fund size: GARP $3.45B; SIZE $433M
1Y total return: GARP +11.7%; SIZE +14.4%, better
Yield (12M): GARP 0.27%; SIZE 1.36%, better
Holdings: GARP 132; SIZE 518
Avg volume (30D): GARP 402K sh, better; SIZE 5.21K sh
NAV per share: GARP $77.61; SIZE $180.22
52W range

ETF.net Grade

Pillar letters and Scores for GARP, SIZE, with each pillar’s weight
Pillar	GARP	SIZE
Cost30% weight	A81	A81
Mission25% weight	A73	A93Higher
Risk15% weight	D36	B66Higher
Tradability15% weight	A73Higher	F23
Holdings10% weight	D28	A88Higher
Durability5% weight	B58Higher	B57

Rank among US Factor Index funds

How we build Categories ›

Same Category. GARP and SIZE are both graded against the same 30 US Factor Index funds, so their Grades compare head to head.

US Factor Index⁠

Category · 30 funds

See all 30 ›

SIZE ranks 3rd and GARP 11th of 30 funds in the US Factor Index Category.

Rank 1AMGVVanguard Morningstar Mega Cap Value ETFScore 78
Rank 2AUSCAXtrackers MSCI USA Climate Action Equity ETFScore 74
Rank 3ASIZEiShares MSCI USA Size Factor ETFScore 72
Rank 4ADXUVU.S. Vector Equity Portfolio ETF Class SharesScore 70
Rank 10BMMTMState Street SPDR S&P 1500 Momentum Tilt ETFScore 65
Rank 11BGARPiShares MSCI USA Quality GARP ETFScore 64
Rank 12BMTUMiShares MSCI USA Momentum Factor ETFScore 63

Our read on each fund

ETF.net Research

GARPBiShares MSCI USA Quality GARP ETF

SIZEAiShares MSCI USA Size Factor ETF

In short

GARP Growth at a reasonable price is usually a stock-picker's discipline. GARP hard-codes it: US large and mid caps screened for growth, then filtered for value and quality, roughly 130 names, at a fee under the factor-fund norm.

SIZE The size factor without leaving the large-cap pool: SIZE holds roughly 500 US stocks and leans toward the smaller names in that universe, spreading weight away from the mega-cap giants. An iShares factor original from 2013.

Stated mandate

GARP The fund seeks to track an index of U.S. growth stocks that exhibit favorable value and quality characteristics.

SIZE The fund seeks to track an index of U.S. stocks that have smaller market capitalizations relative to their peers.

Why people hold it

GARP Fee of 0.15% runs at roughly half the 0.28% median for its US factor peer group, and undercuts iShares' own SUSA at 0.25%.
Three screens, one ticker: MSCI ranks US large and mid cap growth stocks, then keeps the ones with favorable value and quality marks.ishares.com
Rules first: holdings come from the MSCI USA Quality GARP Select Index, a disclosed rulebook rather than a manager's call on what counts as reasonably priced.ishares.com
A multi-billion-dollar iShares fund that pays quarterly, and one of the better-standing options in its US factor cohort.

SIZE Charges 0.15%, roughly half the typical fee among US factor ETFs.
Tracks the MSCI USA Low Size Index tightly, one of the closer index implementations in its peer group.
Roughly 500 holdings, so no single name dominates the way it does in a cap-weighted US index.
Running since 2013, one of the original iShares single-factor funds rather than a recent launch.ishares.com

Worth knowing

GARP Roughly 130 names drawn from a growth universe: a concentrated slice of the US market, not a broad-market core.
Value and quality act as filters on a growth list, not the starting point, so it sits nearer growth funds than a deep value sleeve.
Launched in 2020 and moderately traded rather than a volume giant, so spreads are worth checking, especially on larger orders.

SIZE Thinly traded next to headline index funds, so bid-ask spreads can run wider and bigger orders need more care.
This is a tilt, not a small-cap fund: the index draws from US large and mid caps and favors the smaller end of that pool.
A mid-sized fund by category standards, not one of the asset-gathering giants. Pays quarterly.

Full GARP profile⁠

Full SIZE profile⁠

GARP vs SIZE Holdings

How GARP and SIZE differ

Overlap by weight

18.1%

Shared holdings make up 100% of GARP and 24.4% of SIZE.

Level by level

Holdings130 in both18.1%
Sector11 Sectors52.1%
Countryby domicile98.1%
Asset classEquity100%

Sector

Sector weights in GARP and SIZE, widest gap first
Sector	More in GARPMore in SIZE	GARP	SIZE
Technology	GARP +38.8 points	56.7%	17.9%
Financials	SIZE +9.3 points	6.8%	16.1%
Health Care	SIZE +9.2 points	3.6%	12.8%
Industrials	SIZE +7.5 points	8.7%	16.2%
Communication	GARP +6.7 points	10.0%	3.3%
Consumer Staples	SIZE +5.7 points	0.0%	5.7%
Utilities	SIZE +4.6 points	0.6%	5.2%
Real Estate	SIZE +4.2 points	0.3%	4.5%
Energy	SIZE +3.9 points	0.4%	4.3%
Materials	SIZE +3.3 points	1.5%	4.8%
Consumer Discretionary	GARP +2.4 points	11.4%	9.0%

Country, concentration and asset class

Country by domicile

Country weights in GARP and SIZE, widest gap first
Country	More in GARPMore in SIZE	GARP	SIZE
Brazil	GARP +1.6 points	1.8%	0.2%
United Kingdom	SIZE +0.6 points	0.0%	0.6%
Switzerland	SIZE +0.6 points	0.0%	0.6%
Other countries (6)	SIZE +0.4 points	98.2%	98.6%

Concentration

Weight in the 10 largest Holdings

GARP44.1%
SIZE3.7%

Securities held

GARP130
SIZE515

Asset class

GARP: Equity
SIZE: Equity

Holdings

Only in GARP0
In both130
Only in SIZE385

Only in GARP

0 securities, 0.0% of GARP by weight

Only in SIZE

385 securities, 75.6% of SIZE by weight

Veeva Systems Class A0.36%
Vivmark Residential0.36%
Illumina Inc0.32%
Best Buy0.32%
Netapp Inc0.31%
Hewlett Packard Enterprise0.31%
Marathon Petroleum0.31%
Mettler Toledo0.30%
Agilent Technologies Inc0.30%
Iqvia Holdings Inc0.29%
Cdw0.29%
Dollar Tree Inc0.28%
Phillips 660.28%
Williams Sonoma Inc0.28%
Valero Energy Corp0.28%
Thermo Fisher Scientific0.27%
Global Payments Inc0.27%
Labcorp Holdings0.27%
Estee Lauder Inc Class A0.27%
Regeneron Pharmaceuticals0.27%
Roper Technologies0.27%
Hp Inc0.26%
Accenture PLC Class A0.26%
Waters Corp0.26%
Ptc0.26%
West Pharmaceutical Services0.26%
Genuine Parts0.26%
Corebridge Financial Inc0.25%
Ulta Beauty Inc0.25%
Quest Diagnostics Inc0.25%
Biogen0.25%
Arthur J Gallagher0.25%
Becton Dickinson0.25%
Humana0.25%
Amcor PLC0.25%
International Flavors & Fragrances0.25%
Amgen Inc0.25%
Danaher0.25%
Cheniere Energy0.25%
Veralto0.25%
Revolution Medicines0.24%
Royalty Pharma PLC Class A0.24%
Masco0.24%
Willis Towers Watson0.24%
Dollar General Corp0.24%
Packaging Corp of America0.24%
Cognizant Technology Solutions Cla0.24%
PayPal Holdings0.24%
Expeditors International of Washin0.24%
International Paper0.24%

Weight gaps

The 100 widest of 130 Holdings in both funds.

Holding weights in GARP and SIZE, widest gap first
Holding	More in GARPMore in SIZE	GARP	SIZE
AppleAAPL	GARP +5.67 points	5.85%	0.18%
MicrosoftMSFT	GARP +5.59 points	5.79%	0.20%
Visa Class AV	GARP +5.28 points	5.49%	0.21%
NVIDIANVDA	GARP +4.91 points	5.05%	0.14%
Meta Platforms Class AMETA	GARP +4.69 points	4.86%	0.17%
Micron TechnologyMU	GARP +4.36 points	4.57%	0.21%
Lam ResearchLRCX	GARP +3.27 points	3.42%	0.15%
KlaKLAC	GARP +3.14 points	3.30%	0.16%
Caterpillar IncCAT	GARP +2.87 points	2.99%	0.12%
Palantir Technologies Class APLTR	GARP +2.52 points	2.75%	0.23%
Adobe IncADBE	GARP +2.09 points	2.27%	0.18%
Alphabet Class AGOOGL	GARP +1.98 points	2.04%	0.06%
Applied Material IncAMAT	GARP +1.96 points	2.12%	0.16%
Amazon.com IncAMZN	GARP +1.95 points	2.10%	0.15%
Alphabet Class CGOOG	GARP +1.89 points	1.94%	0.05%
Eli LillyLLY	GARP +1.81 points	2.04%	0.23%
Royal Caribbean GroupRCL	GARP +1.74 points	1.97%	0.23%
MercadolibreMELI	GARP +1.69 points	1.87%	0.18%
Advanced Micro DevicesAMD	GARP +1.68 points	1.88%	0.20%
Western Digital CorpWDC	GARP +1.59 points	1.73%	0.14%
Broadcom IncAVGO	GARP +1.55 points	1.68%	0.13%
Intel CorporationINTC	GARP +1.22 points	1.32%	0.10%
FortinetFTNT	GARP +1.17 points	1.36%	0.19%
Amphenol Corp Class AAPH	GARP +1.11 points	1.34%	0.23%
Arista NetworksANET	GARP +1.03 points	1.24%	0.21%
AutodeskADSK	GARP +1.01 points	1.20%	0.19%
OracleORCL	GARP +0.91 points	1.03%	0.12%
Ge AerospaceGE	GARP +0.80 points	0.98%	0.18%
Mastercard Class AMA	GARP +0.71 points	0.93%	0.22%
Airbnb Class AABNB	GARP +0.64 points	0.87%	0.23%
Doordash Class ADASH	GARP +0.63 points	0.84%	0.21%
Applovin Class AAPP	GARP +0.58 points	0.66%	0.08%
Expedia GroupEXPE	GARP +0.58 points	0.83%	0.25%
Uber TechnologiesUBER	GARP +0.57 points	0.73%	0.16%
Comfort Systems UsaFIX	GARP +0.51 points	0.63%	0.12%
JabilJBL	GARP +0.50 points	0.65%	0.15%
Cadence Design SystemsCDNS	GARP +0.45 points	0.62%	0.17%
Howmet AerospaceHWM	GARP +0.44 points	0.58%	0.14%
Quanta Services IncPWR	GARP +0.42 points	0.58%	0.16%
TapestryTPR	GARP +0.42 points	0.59%	0.17%
Palo Alto NetworksPANW	GARP +0.41 points	0.68%	0.27%
Vertiv Holdings Class AVRT	GARP +0.40 points	0.53%	0.13%
Idexx LaboratoriesIDXX	GARP +0.36 points	0.55%	0.19%
Carvana Class ACVNA	GARP +0.36 points	0.56%	0.20%
NetflixNFLX	GARP +0.35 points	0.47%	0.12%
Chipotle Mexican GrillCMG	GARP +0.34 points	0.52%	0.18%
ServicenowNOW	GARP +0.32 points	0.50%	0.18%
Okta Class AOKTA	SIZE +0.31 points	0.16%	0.47%
NateraNTRA	SIZE +0.30 points	0.10%	0.40%
Freeport Mcmoran IncFCX	GARP +0.30 points	0.49%	0.19%
Emcor GroupEME	GARP +0.29 points	0.44%	0.15%
Crowdstrike Holdings Class ACRWD	GARP +0.28 points	0.57%	0.29%
Atlassian Corp Class ATEAM	SIZE +0.28 points	0.14%	0.42%
Dell Technologies Inc Class CDELL	GARP +0.26 points	0.58%	0.32%
Toast Class ATOST	SIZE +0.24 points	0.03%	0.27%
VistraVST	GARP +0.23 points	0.42%	0.19%
Samsara Class AIOT	SIZE +0.23 points	0.03%	0.26%
Steel Dynamics IncSTLD	GARP +0.22 points	0.43%	0.21%
United Airlines HoldingsUAL	SIZE +0.20 points	0.02%	0.22%
ZscalerZS	SIZE +0.20 points	0.06%	0.26%
Coeur MiningCDE	GARP +0.19 points	0.34%	0.15%
Marvell TechnologyMRVL	GARP +0.18 points	0.38%	0.20%
Mckesson CorpMCK	GARP +0.19 points	0.42%	0.23%
Seagate Technology Holdings PLCSTX	GARP +0.18 points	0.33%	0.15%
SharkninjaSN	SIZE +0.17 points	0.22%	0.39%
Axon EnterpriseAXON	SIZE +0.17 points	0.03%	0.20%
Incyte CorpINCY	SIZE +0.17 points	0.07%	0.24%
Live Nation EntertainmentLYV	SIZE +0.15 points	0.05%	0.20%
Targa ResourcesTRGP	GARP +0.15 points	0.36%	0.21%
Rocket Companies Inc Class ARKT	SIZE +0.15 points	0.04%	0.19%
Affirm Holdings Class AAFRM	SIZE +0.14 points	0.07%	0.21%
Ftai AviationFTAI	SIZE +0.14 points	0.02%	0.16%
TeradyneTER	GARP +0.14 points	0.29%	0.16%
Mongodb Class AMDB	SIZE +0.14 points	0.06%	0.20%
Delta Air LinesDAL	SIZE +0.14 points	0.08%	0.22%
Sofi TechnologiesSOFI	SIZE +0.13 points	0.08%	0.21%
Neurocrine BiosciencesNBIX	SIZE +0.13 points	0.05%	0.18%
XpoXPO	SIZE +0.13 points	0.04%	0.18%
CorpayCPAY	SIZE +0.13 points	0.09%	0.22%
Flutter Entertainment PLCFLUT	GARP +0.13 points	0.29%	0.16%
Las Vegas SandsLVS	GARP +0.12 points	0.26%	0.14%
Super Micro Computer IncSMCI	SIZE +0.13 points	0.08%	0.21%
United TherapeuticsUTHR	SIZE +0.12 points	0.08%	0.20%
Dexcom IncDXCM	SIZE +0.12 points	0.11%	0.23%
Astera LabsALAB	SIZE +0.12 points	0.08%	0.20%
Transdigm GroupTDG	SIZE +0.11 points	0.07%	0.18%
Credo Technology Group Holding LtdCRDO	SIZE +0.11 points	0.06%	0.17%
AtiATI	SIZE +0.11 points	0.05%	0.16%
WelltowerWELL	GARP +0.11 points	0.30%	0.19%
Lpl Financial HoldingsLPLA	SIZE +0.11 points	0.08%	0.19%
Workday Class AWDAY	SIZE +0.11 points	0.18%	0.29%
SnowflakeSNOW	SIZE +0.10 points	0.23%	0.33%
Centene CorpCNC	SIZE +0.10 points	0.12%	0.22%
Circle Internet Group Inc Class ACRCL	SIZE +0.09 points	0.03%	0.12%
Ge VernovaGEV	GARP +0.09 points	0.24%	0.15%
Robinhood Markets Class AHOOD	SIZE +0.09 points	0.12%	0.21%
Carnival Corp LtdCCL	SIZE +0.10 points	0.13%	0.23%
Reddit Class ARDDT	SIZE +0.09 points	0.02%	0.11%
ResmedRMD	SIZE +0.09 points	0.12%	0.21%
Bloom Energy Class ABE	SIZE +0.08 points	0.06%	0.14%

All 130 GARP holdings⁠All 515 SIZE holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

GARP vs SIZE Cost

Same expense ratio

$3,137

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

GARP 0.15%
$3,137
SIZE 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

GARP 0.15%
SIZE 0.15%

Year by year

Year	GARP	SIZE
10	$274	$274
20	$1,071	$1,071
30	$3,137	$3,137

Expense ratio

0.15%GARP
0.15%SIZE

GARP0.15%SIZE0.15%

0.05%0.63%

Middle half of US Factor Index funds
Median 0.30%

GARP 5th cheapest of 30 funds

SIZE 5th cheapest of 30 funds

GARP vs SIZE Dividends

Last 12 months to Nov 2, 2026

Yield (12M): GARP 0.27%; SIZE 1.36%, better
Payout (12M): GARP $0.21; SIZE $2.47
Last payment: GARP $0.05; SIZE $0.65
Ex-dividend: GARP Sep 15, 2026; SIZE Sep 15, 2026
Paid on: GARP Sep 18, 2026; SIZE Sep 18, 2026
Frequency: GARP Quarterly; SIZE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

GARPQuarterly · 28 paymentsAll GARP payments⁠

SIZEQuarterly · 41 paymentsAll SIZE payments⁠

GARP vs SIZE Risk

Fall from peak · 5 years

GARP
SIZE

Risk facts

VolatilityStd dev, 3 years: GARP 19.0%SIZE 13.0%, better
Return per unit of riskSharpe ratio, 3 years: GARP 1.27, betterSIZE 1.06
Worst fallMax drawdown, 5 years: GARP −30.6%SIZE −24.0%, better
Market sensitivityBeta, 5 years: GARP 1.18SIZE 0.97; Market = 1

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