IMCV vs MFUS: Grades, Fees and Holdings Compared

iShares Morningstar Mid-Cap Value ETF

IMCVANasdaq

PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF

MFUSBNYSE Arca

Overlap

22.6%by weight

Expense ratio

IMCV −0.23pt a year

IMCV0.06%MFUS0.29%

Avg volume · 30D

IMCV 3.0×the volume

IMCV38.9KMFUS13K

5Y return · a year

MFUS +1.3pt

IMCV+11.0%MFUS+12.3%

IMCV vs MFUS Performance

Oct 29, 2021 – Oct 30, 2026

+68.3%IMCV+78.3%MFUS

Expense ratio: IMCV 0.06%, better; MFUS 0.29%
Fund size: IMCV $1.27B; MFUS $299M
1Y total return: IMCV +27.0%, better; MFUS +20.0%
Yield (12M): IMCV 1.84%, better; MFUS 1.41%
Holdings: IMCV 271; MFUS 919
Avg volume (30D): IMCV 38.9K sh, better; MFUS 13K sh
NAV per share: IMCV $99.16; MFUS $66.65
52W range

ETF.net Grade

Pillar letters and Scores for IMCV, MFUS, with each pillar’s weight
Pillar	IMCV	MFUS
Cost30% weight	A96Higher	B55
Mission25% weight	A76	A96Higher
Risk15% weight	A77	A82Higher
Tradability15% weight	B69Higher	D26
Holdings10% weight	B69	B69
Durability5% weight	A77Higher	C52

Rank among US Multifactor funds

How we build Categories ›

Same Category. IMCV and MFUS are both graded against the same 99 US Multifactor funds, so their Grades compare head to head.

US Multifactor⁠

Category · 99 funds

See all 99 ›

IMCV ranks 4th and MFUS 32nd of 99 funds in the US Multifactor Category.

Rank 1AVONVVanguard Russell 1000 Value ETFScore 85
Rank 2AILCViShares Morningstar Value ETFScore 81
Rank 2AVYMVanguard High Dividend Yield ETFScore 81
Rank 4AIMCViShares Morningstar Mid-Cap Value ETFScore 80
Rank 5ADCORU.S. Core Equity 1 Portfolio ETF Class SharesScore 79
Rank 32BANGUSEI Ang Research Enhanced U.S. Large Cap ETFScore 66
Rank 32BMFUSPIMCO RAFI Dynamic Multi-Factor U.S. Equity ETFScore 66
Rank 32BULVMVictoryShares US Value Momentum ETFScore 66

Our read on each fund

ETF.net Research

IMCVAiShares Morningstar Mid-Cap Value ETF

MFUSBPIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF

In short

IMCV No data

MFUS One ticker, four factors. MFUS tracks a RAFI index that blends value, momentum, quality and low volatility across roughly 800 US stocks, so no single style has to carry the load.

Stated mandate

IMCV No data

MFUS The Fund seeks to track the investment results of the RAFI Dynamic Multi-Factor U.S. Index.

Why people hold it

IMCV No data

MFUS Value, momentum, quality and low volatility ride in the same wrapper, so you are not stuck holding one style through its cold spell.
At 0.30% a year, the fee sits just under the typical US multi-factor fund, unusual for a rules-based strategy with this much machinery under the hood.
It has hugged its RAFI index tightly, with very little drift between fund and benchmark. One of the cleaner tracking records among US multi-factor peers.
Roughly 800 holdings spread the bet wide across US equities, and the fund pays out quarterly.

Worth knowing

IMCV No data

MFUS Thinly traded next to the category's household names, so spreads can widen. That matters most on large or hurried orders.
Plain-vanilla rivals cost a fraction: VONV at 0.06% and FNDX at 0.25%. The multi-factor engineering has to earn that gap.
Mid-sized rather than a category giant, and a shifting factor mix can behave quite differently from a straight index over any given stretch.

Full IMCV profile⁠

Full MFUS profile⁠

IMCV vs MFUS Holdings

How IMCV and MFUS differ

Overlap by weight

22.6%

Shared holdings make up 80.7% of IMCV and 22.8% of MFUS.

Level by level

Holdings199 in both22.6%
Sector11 Sectors72.7%
Countryby domicile99.0%
Asset classEquity100%

Sector

Sector weights in IMCV and MFUS, widest gap first
Sector	More in IMCVMore in MFUS	IMCV	MFUS
Technology	MFUS +14.3 points	6.5%	20.8%
Utilities	IMCV +7.9 points	9.0%	1.1%
Financials	IMCV +6.7 points	18.5%	11.8%
Health Care	MFUS +5.9 points	12.2%	18.1%
Energy	IMCV +4.6 points	13.4%	8.8%
Industrials	IMCV +4.0 points	14.2%	10.2%
Communication	MFUS +3.4 points	1.1%	4.5%
Real Estate	IMCV +2.4 points	4.6%	2.2%
Consumer Discretionary	MFUS +1.9 points	6.9%	8.8%
Consumer Staples	MFUS +1.8 points	8.7%	10.5%
Materials	IMCV +1.7 points	5.0%	3.3%

Country, concentration and asset class

Country by domicile

Country weights in IMCV and MFUS, widest gap first
Country	More in IMCVMore in MFUS	IMCV	MFUS
United States	MFUS +0.8 points	98.7%	99.5%
Other countries (6)	IMCV +0.8 points	1.3%	0.5%

Concentration

Weight in the 10 largest Holdings

IMCV13.2%
MFUS16.1%

Securities held

IMCV268
MFUS917

Asset class

IMCV: Equity
MFUS: Equity

Holdings

Only in IMCV69
In both199
Only in MFUS718

Only in IMCV

69 securities, 19.1% of IMCV by weight

Elevance Health Inc1.20%
Sempra0.77%
Becton Dickinson0.74%
Xcel Energy Inc0.68%
PayPal Holdings0.67%
Strategy Inc Class A0.65%
Crh Public Limited PLC0.53%
Workday Class A0.53%
Air Products and Chemicals0.52%
Crown Castle Inc0.52%
D R Horton0.50%
Hartford Insurance Group0.50%
Emerson Electric0.49%
Huntington Bancshares Inc0.42%
Cognizant Technology Solutions Cla0.40%
Dte Energy0.38%
Vici Pptys Inc0.37%
Fiserv Inc0.36%
Public Service Enterprise Group0.33%
United Rentals0.32%
Te Connectivity PLC0.31%
Carnival Corp Ltd0.31%
Smurfit Westrock PLC0.31%
Cbre Group Class A0.31%
Eqt0.30%
Wec Energy Group0.28%
Fidelity National Information Serv0.27%
Nxp Semiconductors NV0.27%
Sunbelt Rentals Holdings Inc0.27%
Carrier Global0.26%
Ameren0.24%
American Water Works0.23%
Ss and C Technologies Holdings0.23%
Ppl Corp0.23%
Apollo Global Management0.23%
Ingersoll Rand0.21%
Performance Food Group0.21%
Atmos Energy0.21%
Centerpoint Energy0.20%
Garmin0.20%
Raymond James0.19%
Cms Energy0.19%
Mid America Apartment Communities0.19%
Coeur Mining0.19%
Steris0.18%
Teledyne Technologies0.16%
Nisource0.15%
Lululemon Athletica0.15%
Fidelity National Financial Inc0.14%
Textron Inc0.13%

Only in MFUS

718 securities, 77.1% of MFUS by weight

Apple Inc Common Stock USD.000012.27%
Johnson & Johnson Common Stock USD1.01.89%
Exxonmobil Holdings Corp Common Stock1.86%
Eli Lilly & Co Common Stock1.66%
Chevron Corp Common Stock USD.751.64%
Intel Corp Common Stock USD.0011.54%
AbbVie Inc Common Stock USD.011.47%
Walmart Inc Common Stock USD.11.44%
Merck & Co. Inc. Common Stock USD.51.18%
Cisco Systems Inc Common Stock USD.0011.18%
Citigroup Inc Common Stock USD.011.17%
Berkshire Hathaway Inc Class B Common Stock USD.00331.16%
At+t Inc Common Stock USD1.01.13%
Pfizer Inc Common Stock USD.051.08%
Amgen Inc Common Stock USD.00011.01%
Coca Cola Co/The Common Stock USD.250.99%
Gilead Sciences Inc Common Stock USD.0010.97%
Intl Business Machines Corp Common Stock USD.20.91%
Procter & Gamble Co/The Common Stock0.91%
Verizon Communications Inc Common Stock USD.10.91%
Lam Research Corp Common Stock USD.0010.86%
Applied Materials Inc Common Stock USD.010.86%
Wells Fargo & Co Common Stock USD1.6660.86%
Philip Morris International Common Stock0.85%
Pepsico Inc Common Stock USD.0170.78%
Corning Inc Common Stock USD.50.75%
Western Digital Corp Common Stock USD.010.73%
Texas Instruments Inc Common Stock USD1.00.68%
Broadcom Inc Common Stock0.67%
Alphabet Inc Class A Common Stock USD.0010.67%
Lockheed Martin Corp Common Stock USD1.00.67%
Micron Technology Inc Common Stock USD.10.65%
Caterpillar Inc Common Stock USD1.00.61%
Cvs Health Corp Common Stock USD.010.60%
Advanced Micro Devices Common Stock USD.010.57%
Bristol Myers Squibb Co Common Stock USD.10.57%
Altria Group Inc Common Stock USD.3330.55%
UnitedHealth Group Inc Common Stock USD.010.52%
Union Pacific Corp Common Stock USD2.50.48%
Home Depot Inc Common Stock USD.050.47%
Visa Inc Class A Shares Common Stock USD.00010.46%
Seagate Technology Holdings Common Stock USD.000010.46%
Kla Corp Common Stock USD.0010.43%
Goldman Sachs Group Inc Common Stock USD.010.43%
McDonald’s Corp Common Stock USD.010.41%
Crowdstrike Holdings Inc A Common Stock0.40%
Rtx Corp Common Stock USD1.00.39%
Elevance Health Inc Common Stock USD.010.38%
Capital One Financial Corp Common Stock USD.010.34%
Qualcomm Inc Common Stock USD.00010.33%

Weight gaps

The 100 widest of 199 Holdings in both funds.

Holding weights in IMCV and MFUS, widest gap first
Holding	More in IMCVMore in MFUS	IMCV	MFUS
Automatic Data Processing IncADP	IMCV +1.46 points	1.60%	0.14%
Us BancorpUSB	IMCV +1.21 points	1.27%	0.06%
Pnc Financial Services GroupPNC	IMCV +1.18 points	1.24%	0.06%
Eog ResourcesEOG	IMCV +1.14 points	1.19%	0.05%
SlbSLB	IMCV +0.98 points	1.09%	0.11%
Phillips 66PSX	IMCV +0.91 points	1.54%	0.63%
Regeneron PharmaceuticalsREGN	IMCV +0.87 points	1.25%	0.38%
3MMMM	IMCV +0.85 points	1.23%	0.38%
Mondelez International Class AMDLZ	IMCV +0.85 points	1.14%	0.29%
Kinder MorganKMI	IMCV +0.82 points	0.91%	0.09%
OneokOKE	IMCV +0.80 points	0.83%	0.03%
Cheniere EnergyLNG	IMCV +0.79 points	0.93%	0.14%
Truist FinancialTFC	IMCV +0.78 points	0.82%	0.04%
United Parcel Service Inc Class BUPS	IMCV +0.78 points	1.11%	0.33%
Travelers CompaniesTRV	IMCV +0.76 points	1.13%	0.37%
ModernaMRNA	IMCV +0.76 points	1.08%	0.32%
Devon EnergyDVN	IMCV +0.75 points	0.78%	0.03%
Dominion EnergyD	IMCV +0.73 points	0.77%	0.04%
Delta Air LinesDAL	IMCV +0.72 points	0.72%	<0.01%
WilliamsWMB	IMCV +0.67 points	0.72%	0.05%
Paccar IncPCAR	IMCV +0.66 points	0.69%	0.03%
MarshMRSH	IMCV +0.65 points	0.82%	0.17%
Valero Energy CorpVLO	IMCV +0.62 points	1.57%	0.95%
CignaCI	IMCV +0.62 points	1.04%	0.42%
Occidental Petroleum CorpOXY	IMCV +0.62 points	0.64%	0.02%
AflacAFL	IMCV +0.60 points	0.76%	0.16%
Iqvia Holdings IncIQV	IMCV +0.58 points	0.60%	0.02%
Consolidated EdisonED	IMCV +0.57 points	0.59%	0.02%
Nike Class BNKE	IMCV +0.55 points	0.62%	0.07%
MetlifeMET	IMCV +0.54 points	0.73%	0.19%
Exelon CorpEXC	IMCV +0.54 points	0.65%	0.11%
Norfolk Southern CorpNSC	IMCV +0.54 points	0.59%	0.05%
General MotorsGM	IMCV +0.53 points	1.05%	0.52%
Keurig Dr Pepper IncKDP	IMCV +0.53 points	0.66%	0.13%
American Electric Power IncAEP	IMCV +0.52 points	0.56%	0.04%
Diamondback EnergyFANG	IMCV +0.51 points	0.53%	0.02%
Hewlett Packard EnterpriseHPE	IMCV +0.50 points	1.00%	0.50%
BiogenBIIB	IMCV +0.48 points	0.51%	0.03%
PaychexPAYX	IMCV +0.46 points	0.49%	0.03%
SyscoSYY	IMCV +0.45 points	0.54%	0.09%
Realty Income ReitO	IMCV +0.45 points	0.48%	0.03%
United Airlines HoldingsUAL	IMCV +0.45 points	0.46%	0.01%
Colgate-PalmoliveCL	IMCV +0.44 points	0.69%	0.25%
Ge Healthcare TechnologiesGEHC	IMCV +0.43 points	0.48%	0.05%
M&T BankMTB	IMCV +0.42 points	0.44%	0.02%
Arch Capital GroupACGL	IMCV +0.42 points	0.48%	0.06%
KenvueKVUE	IMCV +0.42 points	0.46%	0.04%
Public Storage ReitPSA	IMCV +0.42 points	0.47%	0.05%
Northrop Grumman CorpNOC	IMCV +0.40 points	0.64%	0.24%
HalliburtonHAL	IMCV +0.40 points	0.42%	0.02%
Targa ResourcesTRGP	IMCV +0.40 points	0.48%	0.08%
Illinois Tool IncITW	IMCV +0.39 points	0.52%	0.13%
PG&E CorpPCG	IMCV +0.39 points	0.40%	0.01%
Target CorpTGT	IMCV +0.38 points	0.96%	0.58%
Simon Property Group Reit IncSPG	IMCV +0.38 points	0.47%	0.09%
Roper TechnologiesROP	IMCV +0.36 points	0.41%	0.04%
Fifth Third BancorpFITB	IMCV +0.37 points	0.40%	0.03%
Kimberly ClarkKMB	IMCV +0.35 points	0.49%	0.14%
Prudential Financial IncPRU	IMCV +0.36 points	0.55%	0.19%
Labcorp HoldingsLH	IMCV +0.36 points	0.41%	0.05%
Eversource EnergyES	IMCV +0.34 points	0.35%	<0.01%
Firstenergy CorpFE	IMCV +0.34 points	0.35%	0.01%
Arthur J GallagherAJG	IMCV +0.33 points	0.38%	0.05%
State StreetSTT	IMCV +0.33 points	0.36%	0.03%
Agilent Technologies IncA	IMCV +0.33 points	0.35%	0.02%
Principal Financial Group IncPFG	IMCV +0.32 points	0.33%	0.01%
International Flavors & FragrancesIFF	IMCV +0.32 points	0.33%	0.01%
Sherwin WilliamsSHW	IMCV +0.31 points	0.37%	0.06%
Regions FinancialRF	IMCV +0.31 points	0.32%	0.01%
American International GroupAIG	IMCV +0.30 points	0.56%	0.26%
Quest Diagnostics IncDGX	IMCV +0.30 points	0.38%	0.08%
Entergy CorpETR	IMCV +0.30 points	0.34%	0.04%
Digital Realty Trust ReitDLR	IMCV +0.30 points	0.33%	0.03%
Zoom Communications Class AZM	IMCV +0.29 points	0.31%	0.02%
Tenet Healthcare CorpTHC	IMCV +0.29 points	0.30%	0.01%
Edison InternationalEIX	IMCV +0.29 points	0.30%	0.01%
Ppg IndustriesPPG	IMCV +0.28 points	0.36%	0.08%
Allstate CorpALL	IMCV +0.27 points	0.45%	0.18%
Extra Space Storage ReitEXR	IMCV +0.27 points	0.28%	0.01%
Global Payments IncGPN	IMCV +0.26 points	0.29%	0.03%
FortiveFTV	IMCV +0.26 points	0.27%	0.01%
Amcor PLCAMCR	IMCV +0.26 points	0.30%	0.04%
Wr BerkleyWRB	IMCV +0.26 points	0.28%	0.02%
CdwCDW	IMCV +0.25 points	0.27%	0.02%
VylorVYLR	IMCV +0.25 points	0.29%	0.04%
Omnicom Group IncOMC	IMCV +0.25 points	0.31%	0.06%
PultegroupPHM	IMCV +0.24 points	0.32%	0.08%
Alliant Energy CorpLNT	IMCV +0.24 points	0.25%	<0.01%
KeycorpKEY	IMCV +0.25 points	0.27%	0.02%
EvergyEVRG	IMCV +0.24 points	0.27%	0.03%
Zimmer Biomet HoldingsZBH	IMCV +0.24 points	0.25%	0.01%
Archer Daniels MidlandADM	IMCV +0.24 points	0.48%	0.24%
Zoetis Inc Class AZTS	IMCV +0.23 points	0.26%	0.03%
Lennar A Class ALEN	IMCV +0.23 points	0.25%	0.02%
Constellation Brands Class ASTZ	IMCV +0.22 points	0.27%	0.05%
Revolution MedicinesRVMD	IMCV +0.22 points	0.30%	0.08%
Brown & Brown IncBRO	IMCV +0.22 points	0.27%	0.05%
Kimco Realty Reit CorpKIM	IMCV +0.22 points	0.23%	0.01%
Ross Stores IncROST	IMCV +0.22 points	0.27%	0.05%
DowDOW	IMCV +0.21 points	0.34%	0.13%

All 268 IMCV holdings⁠All 838 MFUS 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.

IMCV vs MFUS Cost

Overpaying MFUS vs IMCV

$4,682

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

IMCV 0.06%
$1,270
MFUS 0.29%
$5,952

Amount$10,000

Years30 years

Cost over time

IMCV 0.06%
MFUS 0.29%
Overpaying

Year by year

Year	IMCV	MFUS	Overpaying
10	$110	$527	$417
20	$432	$2,044	$1,612
30	$1,270	$5,952	$4,682

Expense ratio

0.06%IMCV, cheaper
0.29%MFUS

IMCV0.06%MFUS0.29%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

IMCV 4th cheapest of 99 funds

MFUS 43rd cheapest of 99 funds

IMCV vs MFUS Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IMCV 1.84%, better; MFUS 1.41%
Payout (12M): IMCV $1.83; MFUS $0.93
Last payment: IMCV $0.52; MFUS $0.24
Ex-dividend: IMCV Sep 15, 2026; MFUS Oct 1, 2026
Paid on: IMCV Sep 18, 2026; MFUS Oct 5, 2026
Frequency: IMCV Quarterly; MFUS Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IMCVQuarterly · 39 paymentsAll IMCV payments⁠

MFUSQuarterly · 36 paymentsAll MFUS payments⁠

IMCV vs MFUS Risk

Fall from peak · 5 years

IMCV
MFUS

Risk facts

VolatilityStd dev, 3 years: IMCV 13.6%MFUS 11.6%, better
Return per unit of riskSharpe ratio, 3 years: IMCV 1.22MFUS 1.49, better
Worst fallMax drawdown, 5 years: IMCV −19.9%MFUS −18.2%, better
Market sensitivityBeta, 5 years: IMCV 0.88MFUS 0.82; Market = 1

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