IMCV vs SMLF: Grades, Fees and Holdings Compared

iShares Morningstar Mid-Cap Value ETF

IMCVANasdaq

iShares U.S. Small-Cap Equity Factor ETF

SMLFANYSE Arca

Overlap

3.5%by weight

Expense ratio

IMCV −0.09pt a year

IMCV0.06%SMLF0.15%

Avg volume · 30D

SMLF 4.6×the volume

IMCV38.9KSMLF179K

10Y return · a year

SMLF +0.9pt

IMCV+11.1%SMLF+12.0%

IMCV vs SMLF Performance

Oct 29, 2021 – Oct 30, 2026

+68.3%IMCV+61.1%SMLF

Expense ratio: IMCV 0.06%, better; SMLF 0.15%
Fund size: IMCV $1.27B; SMLF $4.21B
1Y total return: IMCV +27.0%, better; SMLF +16.2%
Yield (12M): IMCV 1.84%, better; SMLF 0.99%
Holdings: IMCV 271; SMLF 936
Avg volume (30D): IMCV 38.9K sh; SMLF 179K sh, better
NAV per share: IMCV $99.16; SMLF $85.25
52W range

ETF.net Grade

Pillar letters and Scores for IMCV, SMLF, with each pillar’s weight
Pillar	IMCV	SMLF
Cost30% weight	A96Higher	A83
Mission25% weight	A76	A92Higher
Risk15% weight	A77Higher	D35
Tradability15% weight	B69	A71Higher
Holdings10% weight	B69	A84Higher
Durability5% weight	A77	A88Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. IMCV and SMLF 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 SMLF 12th 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 12ARECSColumbia Research Enhanced Core ETFScore 76
Rank 12ASMLFiShares U.S. Small-Cap Equity Factor ETFScore 76
Rank 14AAVUSAvantis U.S. Equity ETFScore 75

Our read on each fund

ETF.net Research

IMCVAiShares Morningstar Mid-Cap Value ETF

SMLFAiShares U.S. Small-Cap Equity Factor ETF

In short

IMCV No data

SMLF Four factors (value, quality, momentum, low volatility) applied to roughly 900 U.S. small caps for 0.15% a year. Small-cap factor investing at a plain-index price, from the biggest ETF shop on the street.

Stated mandate

IMCV No data

SMLF The Fund tracks an index of U.S. small-cap stocks selected for favorable exposure to style factors under constraints. Its rules-based index targets momentum, quality, value, and low volatility while controlling industry exposure, turnover, and risk relative to the parent index.

Why people hold it

IMCV No data

SMLF 0.15% a year, less than half the typical fee in its multifactor peer group. The tilts aren't being eaten by the price of admission.
Roughly 900 small caps picked on value, quality, momentum and low volatility, with industry weights, turnover and risk held close to the parent index. Tilts, not bets.ishares.com
Trading since 2015 and now a billion-dollar-plus fund: one of the strongest implementations in a multifactor field that leans heavily large-cap.
Rules-based and index-tracked, so the portfolio follows a published methodology rather than a manager's mood. Pays out quarterly.

Worth knowing

IMCV No data

SMLF Small caps swing harder than blue chips. The low-volatility screen softens the ride; it doesn't flatten it.
Stacking four factors means the holdings rarely look like a plain small-cap index, so results can drift from it in either direction for long stretches.
Moderately traded rather than a tape heavyweight, so spreads deserve a glance before you hit the button.

Full IMCV profile⁠

Full SMLF profile⁠

IMCV vs SMLF Holdings

How IMCV and SMLF differ

Overlap by weight

3.5%

Shared holdings make up 7.3% of SMLF and 3.9% of IMCV.

Level by level

Holdings23 in both3.5%
Sector11 Sectors75.7%
Countryby domicile97.5%
Asset classEquity100%

Sector

Sector weights in IMCV and SMLF, widest gap first
Sector	More in IMCVMore in SMLF	IMCV	SMLF
Technology	SMLF +9.9 points	6.5%	16.4%
Energy	IMCV +8.5 points	13.4%	4.9%
Utilities	IMCV +6.4 points	9.0%	2.6%
Consumer Staples	IMCV +5.6 points	8.7%	3.1%
Consumer Discretionary	SMLF +4.8 points	6.9%	11.7%
Industrials	SMLF +4.6 points	14.2%	18.8%
Financials	IMCV +2.9 points	18.5%	15.6%
Health Care	SMLF +2.4 points	12.2%	14.6%
Communication	SMLF +1.9 points	1.1%	3.0%
Materials	IMCV +0.9 points	5.0%	4.1%
Real Estate	SMLF +0.6 points	4.6%	5.2%

Country, concentration and asset class

Country by domicile

Country weights in IMCV and SMLF, widest gap first
Country	More in IMCVMore in SMLF	IMCV	SMLF
United States	IMCV +1.8 points	98.7%	96.9%
Mexico	SMLF +0.7 points	0.0%	0.7%
United Kingdom	SMLF +0.5 points	0.5%	1.0%
Other countries (12)	SMLF +0.6 points	0.8%	1.4%

Concentration

Weight in the 10 largest Holdings

IMCV13.2%
SMLF6.5%

Securities held

IMCV268
SMLF932

Asset class

IMCV: Equity
SMLF: Equity

Holdings

Only in IMCV245
In both23
Only in SMLF909

Only in IMCV

245 securities, 96.1% of IMCV by weight

Automatic Data Processing Inc1.60%
Valero Energy Corp1.57%
Phillips 661.54%
Us Bancorp1.27%
Regeneron Pharmaceuticals1.25%
Pnc Financial Services Group1.24%
3M1.23%
Elevance Health Inc1.20%
Eog Resources1.19%
Mondelez International Class A1.14%
Travelers Companies1.13%
United Parcel Service Inc Class B1.11%
Slb1.09%
Moderna1.08%
General Motors1.05%
Cigna1.04%
Hewlett Packard Enterprise1.00%
Target Corp0.96%
Cheniere Energy0.93%
Kinder Morgan0.91%
Marathon Petroleum0.88%
Oneok0.83%
Truist Financial0.82%
Marsh0.82%
Devon Energy0.78%
Sempra0.77%
Dominion Energy0.77%
Aflac0.76%
Becton Dickinson0.74%
Metlife0.73%
Williams0.72%
Delta Air Lines0.72%
Paccar Inc0.69%
Colgate-Palmolive0.69%
Xcel Energy Inc0.68%
PayPal Holdings0.67%
Keurig Dr Pepper Inc0.66%
Ford Motor Co0.66%
Strategy Inc Class A0.65%
Exelon Corp0.65%
Northrop Grumman Corp0.64%
Occidental Petroleum Corp0.64%
Nike Class B0.62%
Iqvia Holdings Inc0.60%
Consolidated Edison0.59%
Norfolk Southern Corp0.59%
American Electric Power Inc0.56%
American International Group0.56%
Prudential Financial Inc0.55%
Sysco0.54%

Only in SMLF

909 securities, 92.6% of SMLF by weight

Emcor Group0.82%
Nvent Electric PLC0.72%
Everpure Inc Class A0.70%
Jabil0.69%
Flex Ltd0.64%
Guardant Health0.56%
Medpace Holdings0.52%
Hasbro0.52%
Halozyme Therapeutics0.51%
Mueller Industries Inc0.50%
Popular0.49%
Sharkninja0.49%
Idacorp0.44%
Apa0.44%
Affiliated Managers Group0.43%
Rubrik Class A0.42%
Exelixis Inc0.40%
Ryder System0.40%
Evercore Class A0.39%
Nutanix Class A0.39%
Royal Gold0.39%
Ati0.37%
Crane0.37%
Itt Inc0.36%
Jackson Financial Class A0.36%
Ralph Lauren Class A0.35%
Antero Midstream0.35%
Lamar Advertising Company Clas0.34%
Huron Consulting Group0.34%
Coca Cola Consolidated Inc0.34%
Insmed0.33%
Acuity0.33%
Bridgebio Pharma0.33%
Core & Main Inc Class A0.33%
Brixmor Property Group Reit Inc0.33%
Weatherford International PLC0.33%
Roku Class A0.33%
Manhattan Associates0.33%
Etsy0.32%
Sofi Technologies0.32%
Procore Technologies Inc0.31%
Wayfair Class A0.31%
Jfrog0.31%
Entegris Inc0.30%
Vornado Realty Trust Reit0.30%
Allison Transmission Holdings0.29%
Samsara Class A0.29%
Carlisle Companies0.29%
Woodward0.29%
Alkermes0.29%

Weight gaps

All 23 Holdings in both funds, largest gap first.

Holding weights in IMCV and SMLF, widest gap first
Holding	More in IMCVMore in SMLF	IMCV	SMLF
Reliance Steel & AluminumRS	SMLF +0.47 points	0.14%	0.61%
Williams Sonoma IncWSM	SMLF +0.46 points	0.23%	0.69%
TapestryTPR	SMLF +0.40 points	0.11%	0.51%
United TherapeuticsUTHR	SMLF +0.32 points	0.13%	0.45%
Permian Resources Class APR	IMCV +0.24 points	0.27%	0.03%
Tenet Healthcare CorpTHC	SMLF +0.21 points	0.30%	0.51%
Expand EnergyEXE	SMLF +0.20 points	0.10%	0.30%
East West BancorpEWBC	SMLF +0.19 points	0.25%	0.44%
Talen EnergyTLN	SMLF +0.15 points	0.11%	0.26%
First Citizens Bancshares Class AFCNCA	SMLF +0.14 points	0.17%	0.31%
Dupont De NemoursDD	SMLF +0.13 points	0.26%	0.39%
Wesco InternationalWCC	SMLF +0.11 points	0.14%	0.25%
Us Foods HoldingUSFD	SMLF +0.09 points	0.15%	0.24%
Kimco Realty Reit CorpKIM	IMCV +0.10 points	0.23%	0.13%
WatscoWSO	SMLF +0.09 points	0.07%	0.16%
OvintivOVV	SMLF +0.08 points	0.27%	0.35%
Dicks SportingDKS	SMLF +0.07 points	0.13%	0.20%
Albemarle CorpALB	SMLF +0.06 points	0.07%	0.13%
Roivant Sciences LtdROIV	SMLF +0.06 points	0.15%	0.21%
Td SynnexSNX	SMLF +0.05 points	0.15%	0.20%
Nextpower IncNXT	SMLF +0.04 points	0.07%	0.11%
Coeur MiningCDE	IMCV +0.03 points	0.19%	0.16%
Alcoa CorpAA	Same weight	0.14%	0.14%

All 268 IMCV holdings⁠All 957 SMLF 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 SMLF Cost

Overpaying SMLF vs IMCV

$1,867

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

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

Amount$10,000

Years30 years

Cost over time

IMCV 0.06%
SMLF 0.15%
Overpaying

Year by year

Year	IMCV	SMLF	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%SMLF

IMCV0.06%SMLF0.15%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

IMCV 4th cheapest of 99 funds

SMLF 13th cheapest of 99 funds

IMCV vs SMLF Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IMCV 1.84%, better; SMLF 0.99%
Payout (12M): IMCV $1.83; SMLF $0.85
Last payment: IMCV $0.52; SMLF $0.21
Ex-dividend: IMCV Sep 15, 2026; SMLF Sep 15, 2026
Paid on: IMCV Sep 18, 2026; SMLF Sep 18, 2026
Frequency: IMCV Quarterly; SMLF Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IMCVQuarterly · 39 paymentsAll IMCV payments⁠

SMLFQuarterly · 39 paymentsAll SMLF payments⁠

IMCV vs SMLF Risk

Fall from peak · 5 years

IMCV
SMLF

Risk facts

VolatilityStd dev, 3 years: IMCV 13.6%, betterSMLF 17.2%
Return per unit of riskSharpe ratio, 3 years: IMCV 1.22, betterSMLF 0.99
Worst fallMax drawdown, 5 years: IMCV −19.9%, betterSMLF −26.3%
Market sensitivityBeta, 5 years: IMCV 0.88SMLF 1.09; Market = 1

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