IMCB vs SMCP

IMCBAiShares Morningstar Mid-Cap ETF

SMCPFSMART Mid Cap ETF

In short

IMCB Mid-cap America for four basis points, running since 2004. It samples Morningstar's US mid-cap index across roughly 400 stocks and hews to that benchmark about as closely as anything in its category.

SMCP Nearly every big mid-cap ETF is an index clone. SMCP is the hand-picked alternative: actively managed, tracking no benchmark, charging 0.79% with no fee waiver in place, and carrying a record that only starts in 2026.

Stated mandate

IMCB The Fund seeks to track an index of mid-capitalization U.S. equities. It uses indexing and representative sampling rather than trying to outperform the index.

SMCP The Fund is actively managed and invests primarily in equity securities of U.S.-domiciled, mid-capitalization companies.

Why people hold it

• IMCB Costs 0.04% a year, against roughly 0.15% typical for the mid-cap group.
• Indexing, not opinions: representative sampling of the Morningstar US Mid Cap Index, with tracking among the tightest in its peer group.ishares.com
• Trading since 2004 and now a multi-billion-dollar fund, so there is a long operating history here, not a launch-year story.
• About 400 names covering both the growth and value sides of US mid caps, so no style tilt is baked in.

• SMCP Genuinely active: a sub-adviser picks the names instead of copying a mid-cap index, so the portfolio can look nothing like the category's benchmark clones.sec.gov
• What you pay is what you pay. Gross and net both sit at 0.79%, with no waiver in place to expire and reset the cost later.
• Ordinary 1940 Act ETF plumbing holding exchange-listed stocks: same wrapper as the index giants, different engine inside.sec.gov
• Its international names must be listed on a US exchange, so you get some non-US exposure without the overseas listings.sec.gov

Worth knowing

• IMCB Thinly traded next to the category's household names, so spreads and order handling matter more at the moment of a trade.
• All US, all stocks: mid caps move harder than mega caps, and nothing else in the portfolio cushions an equity selloff.
• VO and SCHM cover similar ground at 0.03%, so the cost edge here is over the group average rather than over the cheapest rivals.

• SMCP At 0.79% it runs above the mid-cap category's typical fee, and the big index options are far cheaper: SCHM and VO at 0.03%, IMCB and BKMC at 0.04%, IWR at 0.18%.
• Modest assets and light trading mean spreads can be wider than in the category's heavily traded index funds.
• It opened in 2026 with no distribution history behind it, so there is little data yet on how the manager's picks behave across different markets.

Full IMCB profile⁠

Full SMCP profile⁠