IMCV vs QUS: Grades, Fees and Holdings Compared

iShares Morningstar Mid-Cap Value ETF

IMCVANasdaq

State Street SPDR MSCI USA StrategicFactors ETF

QUSANYSE Arca

Overlap

20.1%by weight

Expense ratio

IMCV −0.09pt a year

IMCV0.06%QUS0.15%

Avg volume · 30D

IMCV 2.2×the volume

IMCV38.9KQUS17.9K

10Y return · a year

QUS +3.0pt

IMCV+11.1%QUS+14.1%

IMCV vs QUS Performance

Oct 29, 2021 – Oct 30, 2026

+68.3%IMCV+67.7%QUS

Expense ratio: IMCV 0.06%, better; QUS 0.15%
Fund size: IMCV $1.27B; QUS $1.6B
1Y total return: IMCV +27.0%, better; QUS +15.7%
Yield (12M): IMCV 1.84%, better; QUS 1.24%
Holdings: IMCV 271; QUS 516
Avg volume (30D): IMCV 38.9K sh, better; QUS 17.9K sh
NAV per share: IMCV $99.16; QUS $197.42
52W range

ETF.net Grade

Pillar letters and Scores for IMCV, QUS, with each pillar’s weight
Pillar	IMCV	QUS
Cost30% weight	A96Higher	A83
Mission25% weight	A76	A87Higher
Risk15% weight	A77	A83Higher
Tradability15% weight	B69Higher	B67
Holdings10% weight	B69Higher	B61
Durability5% weight	A77	A80Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. IMCV and QUS 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 QUS 5th 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 5ALRGFiShares U.S. Equity Factor ETFScore 79
Rank 5AQUSState Street SPDR MSCI USA StrategicFactors ETFScore 79
Rank 9AFNDXSchwab Fundamental U.S. Large Company ETFScore 78

Our read on each fund

ETF.net Research

IMCVAiShares Morningstar Mid-Cap Value ETF

QUSAState Street SPDR MSCI USA StrategicFactors ETF

In short

IMCV No data

QUS Most factor ETFs pick one lane. QUS runs three at once: quality, value and low volatility blended into a single broad US portfolio, at 0.15% a year, well under what the typical multifactor fund charges.

Stated mandate

IMCV No data

QUS The fund seeks to track the MSCI USA Factor Mix A-Series Capped Index before fees and expenses. Its strategy combines low-volatility, quality, and value exposures in one smart-beta portfolio.

Why people hold it

IMCV No data

QUS Three factors, one ticket. The index combines quality, value and low-volatility exposure, so a diversified tilt does not mean stacking three separate funds.ssga.com
At 0.15%, the fee is less than half the median in its multifactor cohort and undercuts Schwab's FNDX at 0.25%.
Roughly 500 US names keeps this broad rather than a narrow bet, and the fund has tracked its MSCI index closely since launching in 2015.
A multi-billion-dollar State Street fund, and one of the stronger multifactor implementations in its peer group.

Worth knowing

IMCV No data

QUS It is thinly traded next to the category's giants, so bid-ask spreads can run wider than on plain index heavyweights.
Blending three factors mutes each one. By design this tracks neither a pure value fund like VONV nor a pure low-volatility sleeve.
Distributions land once or twice a year, not quarterly, so this is not shaped like an income fund such as VYM.

Full IMCV profile⁠

Full QUS profile⁠

IMCV vs QUS Holdings

How IMCV and QUS differ

Overlap by weight

20.1%

Shared holdings make up 95.7% of IMCV and 21.2% of QUS.

Level by level

Holdings245 in both20.1%
Sector11 Sectors68.4%
Countryby domicile98.8%
Asset classEquity100%

Sector

Sector weights in IMCV and QUS, widest gap first
Sector	More in IMCVMore in QUS	IMCV	QUS
Technology	QUS +21.5 points	6.5%	28.0%
Energy	IMCV +9.3 points	13.4%	4.1%
Communication	QUS +6.9 points	1.1%	8.0%
Industrials	IMCV +6.1 points	14.2%	8.1%
Utilities	IMCV +5.6 points	9.0%	3.4%
Materials	IMCV +3.3 points	5.0%	1.7%
Real Estate	IMCV +3.2 points	4.6%	1.4%
Health Care	QUS +3.1 points	12.2%	15.3%
Financials	IMCV +2.6 points	18.5%	15.9%
Consumer Discretionary	IMCV +1.5 points	6.9%	5.4%
Consumer Staples	QUS +0.1 points	8.7%	8.8%

Country, concentration and asset class

Country by domicile

Country weights in IMCV and QUS, widest gap first
Country	More in IMCVMore in QUS	IMCV	QUS
Switzerland	QUS +0.6 points	0.2%	0.8%
Other countries (7)	IMCV +0.6 points	99.8%	99.2%

Concentration

Weight in the 10 largest Holdings

IMCV13.2%
QUS23.1%

Securities held

IMCV268
QUS514

Asset class

IMCV: Equity
QUS: Equity

Holdings

Only in IMCV23
In both245
Only in QUS269

Only in IMCV

23 securities, 4.2% of IMCV by weight

Moderna1.08%
Tenet Healthcare Corp0.30%
Viatris0.29%
Permian Resources Class A0.27%
Ovintiv0.27%
Sunbelt Rentals Holdings Inc0.27%
East West Bancorp0.25%
Performance Food Group0.21%
Td Synnex0.15%
Us Foods Holding0.15%
Lululemon Athletica0.15%
Wesco International0.14%
Alcoa Corp0.14%
Southwest Airlines0.11%
Talen Energy0.11%
Nextpower Inc0.07%
Albemarle Corp0.07%
Trimble Inc0.06%
Tko Group Holdings Inc Class A0.05%
News Class B0.05%
Liberty Media Series A<0.01%
Lennar Class B<0.01%
Hologic Inc0.00%

Only in QUS

269 securities, 78.5% of QUS by weight

Microsoft Corp3.76%
Apple Inc3.29%
NVIDIA Corp2.62%
Eli Lilly & Co2.56%
Meta Platforms Inc Class A2.23%
Visa Inc Class A Shares2.13%
Johnson & Johnson1.97%
Mastercard Inc A1.72%
Merck & Co. Inc.1.43%
Walmart Inc1.37%
Cisco Systems Inc1.29%
Procter & Gamble Co/The1.24%
Exxonmobil Holdings Corp1.22%
Coca Cola Co/The1.20%
Berkshire Hathaway Inc Class B1.18%
Costco Wholesale Corp1.15%
Palantir Technologies Inc A1.07%
Alphabet Inc Class A1.06%
JPMorgan Chase & Co1.04%
Alphabet Inc Class C0.95%
Applied Materials Inc0.93%
Amazon.com Inc0.93%
Amphenol Corp Class A0.90%
Lam Research Corp0.84%
Gilead Sciences Inc0.82%
Texas Instruments Inc0.80%
Vertex Pharmaceuticals Inc0.77%
Accenture PLC Class A0.75%
Verizon Communications Inc0.71%
Mckesson Corp0.70%
Tjx Companies Inc0.70%
Netflix Inc0.69%
Linde PLC0.68%
Pepsico Inc0.68%
Motorola Solutions Inc0.67%
Chubb Ltd0.67%
Lockheed Martin Corp0.65%
Chevron Corp0.65%
Cencora Inc0.61%
Kla Corp0.59%
Arista Networks Inc0.59%
Progressive Corp0.59%
Bank of America Corp0.57%
Duke Energy Corp0.57%
UnitedHealth Group Inc0.55%
Southern Co/The0.54%
Welltower Inc0.53%
Cme Group Inc0.53%
At+t Inc0.51%
Waste Management Inc0.50%

Weight gaps

The 100 widest of 245 Holdings in both funds.

Holding weights in IMCV and QUS, widest gap first
Holding	More in IMCVMore in QUS	IMCV	QUS
Valero Energy CorpVLO	IMCV +1.40 points	1.57%	0.17%
Phillips 66PSX	IMCV +1.33 points	1.54%	0.21%
Automatic Data Processing IncADP	IMCV +1.26 points	1.60%	0.34%
Us BancorpUSB	IMCV +1.12 points	1.27%	0.15%
Pnc Financial Services GroupPNC	IMCV +1.10 points	1.24%	0.14%
SlbSLB	IMCV +1.02 points	1.09%	0.07%
Eog ResourcesEOG	IMCV +1.03 points	1.19%	0.16%
Regeneron PharmaceuticalsREGN	IMCV +1.01 points	1.25%	0.24%
United Parcel Service Inc Class BUPS	IMCV +1.01 points	1.11%	0.10%
3MMMM	IMCV +0.97 points	1.23%	0.26%
Elevance Health IncELV	IMCV +0.93 points	1.20%	0.27%
Hewlett Packard EnterpriseHPE	IMCV +0.91 points	1.00%	0.09%
Kinder MorganKMI	IMCV +0.87 points	0.91%	0.04%
Target CorpTGT	IMCV +0.85 points	0.96%	0.11%
Mondelez International Class AMDLZ	IMCV +0.84 points	1.14%	0.30%
CignaCI	IMCV +0.79 points	1.04%	0.25%
OneokOKE	IMCV +0.78 points	0.83%	0.05%
Cheniere EnergyLNG	IMCV +0.78 points	0.93%	0.15%
General MotorsGM	IMCV +0.77 points	1.05%	0.28%
Devon EnergyDVN	IMCV +0.73 points	0.78%	0.05%
SempraSRE	IMCV +0.72 points	0.77%	0.05%
Truist FinancialTFC	IMCV +0.71 points	0.82%	0.11%
AflacAFL	IMCV +0.70 points	0.76%	0.06%
Delta Air LinesDAL	IMCV +0.70 points	0.72%	0.02%
Becton DickinsonBDX	IMCV +0.67 points	0.74%	0.07%
Marathon PetroleumMPC	IMCV +0.65 points	0.88%	0.23%
MetlifeMET	IMCV +0.65 points	0.73%	0.08%
Paccar IncPCAR	IMCV +0.64 points	0.69%	0.05%
Dominion EnergyD	IMCV +0.64 points	0.77%	0.13%
Strategy Inc Class AMSTR	IMCV +0.63 points	0.65%	0.02%
Travelers CompaniesTRV	IMCV +0.60 points	1.13%	0.53%
Exelon CorpEXC	IMCV +0.59 points	0.65%	0.06%
Occidental Petroleum CorpOXY	IMCV +0.59 points	0.64%	0.05%
Nike Class BNKE	IMCV +0.57 points	0.62%	0.05%
Iqvia Holdings IncIQV	IMCV +0.56 points	0.60%	0.04%
Norfolk Southern CorpNSC	IMCV +0.55 points	0.59%	0.04%
WilliamsWMB	IMCV +0.54 points	0.72%	0.18%
PayPal HoldingsPYPL	IMCV +0.51 points	0.67%	0.16%
Crown Castle IncCCI	IMCV +0.51 points	0.52%	0.01%
Ford Motor CoF	IMCV +0.50 points	0.66%	0.16%
SyscoSYY	IMCV +0.48 points	0.54%	0.06%
Air Products and ChemicalsAPD	IMCV +0.48 points	0.52%	0.04%
Diamondback EnergyFANG	IMCV +0.49 points	0.53%	0.04%
American International GroupAIG	IMCV +0.49 points	0.56%	0.07%
Xcel Energy IncXEL	IMCV +0.48 points	0.68%	0.20%
Crh Public Limited PLCCRH	IMCV +0.47 points	0.53%	0.06%
BiogenBIIB	IMCV +0.47 points	0.51%	0.04%
Kimberly ClarkKMB	IMCV +0.46 points	0.49%	0.03%
Prudential Financial IncPRU	IMCV +0.46 points	0.55%	0.09%
Targa ResourcesTRGP	IMCV +0.45 points	0.48%	0.03%
MarshMRSH	IMCV +0.45 points	0.82%	0.37%
Public Storage ReitPSA	IMCV +0.45 points	0.47%	0.02%
United Airlines HoldingsUAL	IMCV +0.44 points	0.46%	0.02%
Emerson ElectricEMR	IMCV +0.44 points	0.49%	0.05%
Simon Property Group Reit IncSPG	IMCV +0.44 points	0.47%	0.03%
Ge Healthcare TechnologiesGEHC	IMCV +0.44 points	0.48%	0.04%
EbayEBAY	IMCV +0.43 points	0.46%	0.03%
KenvueKVUE	IMCV +0.43 points	0.46%	0.03%
Keurig Dr Pepper IncKDP	IMCV +0.41 points	0.66%	0.25%
Northrop Grumman CorpNOC	IMCV +0.41 points	0.64%	0.23%
Dell Technologies Inc Class CDELL	IMCV +0.41 points	0.48%	0.07%
PaychexPAYX	IMCV +0.41 points	0.49%	0.08%
Archer Daniels MidlandADM	IMCV +0.41 points	0.48%	0.07%
Arch Capital GroupACGL	IMCV +0.41 points	0.48%	0.07%
HalliburtonHAL	IMCV +0.39 points	0.42%	0.03%
D R HortonDHI	IMCV +0.38 points	0.50%	0.12%
CsxCSX	IMCV +0.38 points	0.43%	0.05%
M&T BankMTB	IMCV +0.38 points	0.44%	0.06%
Labcorp HoldingsLH	IMCV +0.38 points	0.41%	0.03%
Huntington Bancshares IncHBAN	IMCV +0.36 points	0.42%	0.06%
Quest Diagnostics IncDGX	IMCV +0.36 points	0.38%	0.02%
Dte EnergyDTE	IMCV +0.35 points	0.38%	0.03%
Dollar General CorpDG	IMCV +0.36 points	0.40%	0.04%
Colgate-PalmoliveCL	IMCV +0.36 points	0.69%	0.33%
Hartford Insurance GroupHIG	IMCV +0.35 points	0.50%	0.15%
PG&E CorpPCG	IMCV +0.35 points	0.40%	0.05%
American Electric Power IncAEP	IMCV +0.34 points	0.56%	0.22%
Vici Pptys IncVICI	IMCV +0.34 points	0.37%	0.03%
Fifth Third BancorpFITB	IMCV +0.34 points	0.40%	0.06%
Ppg IndustriesPPG	IMCV +0.33 points	0.36%	0.03%
Eversource EnergyES	IMCV +0.33 points	0.35%	0.02%
Royalty Pharma PLC Class ARPRX	IMCV +0.33 points	0.34%	0.01%
Firstenergy CorpFE	IMCV +0.32 points	0.35%	0.03%
Illinois Tool IncITW	IMCV +0.33 points	0.52%	0.19%
Workday Class AWDAY	IMCV +0.32 points	0.53%	0.21%
Fiserv IncFISV	IMCV +0.31 points	0.36%	0.05%
State StreetSTT	IMCV +0.31 points	0.36%	0.05%
DowDOW	IMCV +0.30 points	0.34%	0.04%
Dollar Tree IncDLTR	IMCV +0.30 points	0.33%	0.03%
Digital Realty Trust ReitDLR	IMCV +0.30 points	0.33%	0.03%
Entergy CorpETR	IMCV +0.31 points	0.34%	0.03%
Principal Financial Group IncPFG	IMCV +0.30 points	0.33%	0.03%
International Flavors & FragrancesIFF	IMCV +0.31 points	0.33%	0.02%
HumanaHUM	IMCV +0.30 points	0.41%	0.11%
Revolution MedicinesRVMD	IMCV +0.30 points	0.30%	<0.01%
Public Service Enterprise GroupPEG	IMCV +0.30 points	0.33%	0.03%
Synchrony FinancialSYF	IMCV +0.29 points	0.34%	0.05%
Hp IncHPQ	IMCV +0.28 points	0.36%	0.08%
Regions FinancialRF	IMCV +0.28 points	0.32%	0.04%
Cbre Group Class ACBRE	IMCV +0.28 points	0.31%	0.03%

All 268 IMCV holdings⁠All 513 QUS 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 QUS Cost

Overpaying QUS vs IMCV

$1,867

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

IMCV 0.06%
$1,270
QUS 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

IMCV 0.06%
QUS 0.15%
Overpaying

Year by year

Year	IMCV	QUS	Overpaying
10	$110	$274	$164
20	$432	$1,071	$639
30	$1,270	$3,137	$1,867

Expense ratio

0.06%IMCV, cheaper
0.15%QUS

IMCV0.06%QUS0.15%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

IMCV 4th cheapest of 99 funds

QUS 13th cheapest of 99 funds

IMCV vs QUS Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IMCV 1.84%, better; QUS 1.24%
Payout (12M): IMCV $1.83; QUS $2.43
Last payment: IMCV $0.52; QUS $1.01
Ex-dividend: IMCV Sep 15, 2026; QUS Jun 1, 2026
Paid on: IMCV Sep 18, 2026; QUS Jun 5, 2026
Frequency: IMCV Quarterly; QUS Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

IMCVQuarterly · 39 paymentsAll IMCV payments⁠

QUSTwice a year · 24 paymentsAll QUS payments⁠

IMCV vs QUS Risk

Fall from peak · 5 years

IMCV
QUS

Risk facts

VolatilityStd dev, 3 years: IMCV 13.6%QUS 10.1%, better
Return per unit of riskSharpe ratio, 3 years: IMCV 1.22QUS 1.45, better
Worst fallMax drawdown, 5 years: IMCV −19.9%, betterQUS −22.3%
Market sensitivityBeta, 5 years: IMCV 0.88QUS 0.73; Market = 1

IMCV and QUS in the news

All news⁠

Category Review
US multifactor funds ran 30 points apart
Updated Oct 23, 2026QUS

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IMCV vs QUS

In short

Stated mandate

Why people hold it

Worth knowing

How IMCV and QUS differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IMCV

Only in QUS

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

US multifactor funds ran 30 points apart

How IMCV and QUS differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IMCV

Only in QUS

Weight gaps