GRPM vs ILCV

GRPMCInvesco S&P MidCap 400 GARP ETF

ILCVAiShares Morningstar Value ETF

In short

GRPM Take the S&P MidCap 400, then keep only the roughly 60 names that clear a growth-at-a-reasonable-price screen. GRPM is the stock-picker's cut of a midcap index fund, run by rules instead of a manager.

ILCV Value done the thorough way: roughly 400 large- and mid-cap US stocks screened on five separate value measures, not just cheap book value. Running since 2004 at four basis points, it's one of the cheapest tickets into the value factor.

Stated mandate

GRPM The Fund invests at least 90% of its assets in securities comprising the S&P MidCap 400 GARP Index. The index targets companies with fundamental growth, reasonable valuations, financial strength and earning power.

ILCV The fund seeks to track an index of U.S. large- and mid-cap stocks selected with value-oriented measures including forward earnings, book value, sales, cash flow, and dividend yield.

Why people hold it

• GRPM Screens a 400-stock midcap universe down to about 60 names on growth, valuation, financial strength and earning power. A real bet, not a benchmark in disguise.invesco.com
• Rules, not vibes: at least 90% of assets sit in S&P MidCap 400 GARP Index constituents, and the fund has hugged that index closely.invesco.com
• The odd one out among plain S&P 400 trackers like SPMD, IJH and IVOO: same universe, factor screen bolted on. Invesco has run the ticker since 2010.

• ILCV Charges 0.04% a year against a 0.32% median for its factor peer group. Undercuts well-regarded rivals like VONV (0.06%) and FNDX (0.25%).
• Value gets defined five ways: forward earnings, book value, sales, cash flow and dividend yield. Wider lens than a single price-to-book screen.ishares.com
• Spreads the bet across about 400 large- and mid-cap names and distributes quarterly.
• Trading since 2004 and now a multi-billion-dollar fund, it ranks among the strongest implementations in its factor cohort.

Worth knowing

• GRPM The screen costs money: 0.35% a year versus a 0.15% category median, and vanilla access to the same 400 stocks runs 0.03% at SPMD, 0.05% at IJH.
• Thinly traded next to the giants in its category, which tends to mean wider bid-ask spreads and more slippage on size.
• About 60 holdings means individual names swing the outcome, and the fund can diverge widely from the broad midcap 400 in either direction.

• ILCV One of the quieter tickers in its category. Thin volume means spreads matter more here than on a mega-cap index fund, and limit orders are the usual tool.
• Value-only by design. It skips the market's priciest growth leaders, so it moves differently from a total-market fund in both directions.ishares.com
• Large and mid caps only. Small-cap value sits outside the mandate.

Full GRPM profile⁠

Full ILCV profile⁠