IMCV vs SMOT: Grades, Fees and Holdings Compared

iShares Morningstar Mid-Cap Value ETF

IMCVANasdaq

VanEck Morningstar SMID Moat ETF

SMOTCCboe

Overlap

19.8%by weight

Expense ratio

IMCV −0.43pt a year

IMCV0.06%SMOT0.49%

Avg volume · 30D

IMCV 1.8×the volume

IMCV38.9KSMOT21.6K

3Y return · a year

IMCV +5.3pt

IMCV+22.2%SMOT+16.9%

IMCV vs SMOT Performance

Oct 31, 2025 – Oct 30, 2026

+27.0%IMCV+14.8%SMOT

Expense ratio: IMCV 0.06%, better; SMOT 0.49%
Fund size: IMCV $1.27B; SMOT $324M
1Y total return: IMCV +27.0%, better; SMOT +14.8%
Yield (12M): IMCV 1.84%, better; SMOT 1.23%
Holdings: IMCV 271; SMOT 111
Avg volume (30D): IMCV 38.9K sh, better; SMOT 21.6K sh
NAV per share: IMCV $99.16; SMOT $40.63
52W range

ETF.net Grade

Pillar letters and Scores for IMCV, SMOT, with each pillar’s weight
Pillar	IMCV	SMOT
Cost30% weight	A96Higher	D26
Mission25% weight	A76Higher	B62
Risk15% weight	A77Higher	D34
Tradability15% weight	B69Higher	B56
Holdings10% weight	B69Higher	B63
Durability5% weight	A77Higher	D34

Rank among US Multifactor funds

How we build Categories ›

Same Category. IMCV and SMOT 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 SMOT 77th 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 77CQQEWFirst Trust Nasdaq-100 Select Equal Weight ETFScore 44
Rank 77CSMOTVanEck Morningstar SMID Moat ETFScore 44
Rank 81CDVLUFirst Trust Dorsey Wright Momentum & Value ETFScore 43

Our read on each fund

ETF.net Research

IMCVAiShares Morningstar Mid-Cap Value ETF

SMOTCVanEck Morningstar SMID Moat ETF

In short

IMCV No data

SMOT Morningstar's moat research, aimed down the cap ladder. SMOT tracks an index of small- and mid-cap companies flagged for durable competitive advantages, and buys them only when they screen as attractively valued.

Stated mandate

IMCV No data

SMOT The fund seeks to track, before fees and expenses, the price and yield performance of the Morningstar US Small-Mid Cap Moat Focus Index, an index of small- and mid-cap companies selected for sustainable competitive advantages and attractive valuations.

Why people hold it

IMCV No data

SMOT Two screens, not one: companies must show a sustainable competitive advantage AND look attractively valued. Quality and value in a single published rulebook rather than a manager's hunch.vaneck.com
Takes the moat idea into small- and mid-cap territory, where wide-moat businesses are scarcer and less picked over than in the mega-cap crowd.vaneck.com
Roughly 120 US stocks: concentrated enough for the moat screen to actually show up in returns, broad enough that no single name dominates the portfolio.
Fully rules-based against a named, public benchmark (Morningstar US Small-Mid Cap Moat Focus Index), so you can read the methodology instead of guessing at it.

Worth knowing

IMCV No data

SMOT The research costs money: 0.49% a year, well above plain factor workhorses like FNDX at 0.25% or VONV at 0.06%. You're paying for the moat screen.
Thinly traded compared with the giants of the US factor aisle, which can mean wider bid-ask spreads. Distributions arrive once or twice a year, not monthly.
Launched in 2022, so the live record is short, and in a crowded field of 100-plus US factor funds it lands in the lower half of our overall read.

Full IMCV profile⁠

Full SMOT profile⁠

IMCV vs SMOT Holdings

How IMCV and SMOT differ

Overlap by weight

19.8%

Shared holdings make up 48.4% of SMOT and 20.4% of IMCV.

Level by level

Holdings52 in both19.8%
Sector11 Sectors68.5%
Countryby domicile99.0%
Asset classEquity100%

Sector

Sector weights in IMCV and SMOT, widest gap first
Sector	More in IMCVMore in SMOT	IMCV	SMOT
Energy	IMCV +12.0 points	13.4%	1.4%
Financials	IMCV +11.5 points	18.5%	7.0%
Health Care	SMOT +11.4 points	12.2%	23.6%
Materials	SMOT +5.3 points	5.0%	10.3%
Utilities	IMCV +5.2 points	9.0%	3.8%
Industrials	SMOT +4.5 points	14.2%	18.7%
Consumer Staples	SMOT +4.3 points	8.7%	13.0%
Consumer Discretionary	SMOT +3.9 points	6.9%	10.8%
Real Estate	IMCV +3.0 points	4.6%	1.6%
Technology	SMOT +1.4 points	6.5%	7.9%
Communication	SMOT +0.8 points	1.1%	1.9%

Country, concentration and asset class

Country by domicile

Country weights in IMCV and SMOT, widest gap first
Country	More in IMCVMore in SMOT	IMCV	SMOT
United Kingdom	SMOT +1.0 points	0.5%	1.5%
Other countries (4)	IMCV +1.0 points	99.5%	98.5%

Concentration

Weight in the 10 largest Holdings

IMCV13.2%
SMOT14.8%

Securities held

IMCV268
SMOT109

Asset class

IMCV: Equity
SMOT: Equity

Holdings

Only in IMCV216
In both52
Only in SMOT57

Only in IMCV

216 securities, 79.4% of IMCV by weight

Automatic Data Processing Inc1.60%
Valero Energy Corp1.57%
Phillips 661.54%
Regeneron Pharmaceuticals1.25%
Pnc Financial Services Group1.24%
3M1.23%
Eog Resources1.19%
Travelers Companies1.13%
United Parcel Service Inc Class B1.11%
Slb1.09%
Moderna1.08%
General Motors1.05%
Hewlett Packard Enterprise1.00%
Target Corp0.96%
Cheniere Energy0.93%
Kinder Morgan0.91%
Marathon Petroleum0.88%
Oneok0.83%
Truist Financial0.82%
Marsh0.82%
Sempra0.77%
Dominion Energy0.77%
Aflac0.76%
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%
Occidental Petroleum Corp0.64%
Nike Class B0.62%
Consolidated Edison0.59%
Norfolk Southern Corp0.59%
American International Group0.56%
Prudential Financial Inc0.55%
Sysco0.54%
Crh Public Limited PLC0.53%
Workday Class A0.53%
Diamondback Energy0.53%
Bank of New York Mellon Corp0.52%
Kroger0.52%
Illinois Tool Inc0.52%
D R Horton0.50%
Hartford Insurance Group0.50%
Emerson Electric0.49%

Only in SMOT

57 securities, 51.5% of SMOT by weight

Estee Lauder Cos Inc/The1.51%
Masco Corp1.50%
Lamb Weston Holdings Inc1.49%
Huntington Ingalls Industries Inc1.42%
Brown-Forman Corp1.36%
Acuity Brands Inc1.34%
Celanese Corp1.34%
Transunion1.33%
Block Inc1.31%
Standardaero Inc1.24%
Eastman Chemical Co1.23%
Biomarin Pharmaceutical Inc1.21%
Align Technology Inc1.21%
Hormel Foods Corp1.20%
Lithia Motors Inc1.19%
Cnh Industrial Nv1.19%
Terex Corp1.16%
Cooper Cos Inc/The1.14%
Portland General Electric Co1.13%
Autonation Inc1.10%
Zebra Technologies Corp1.03%
Allegion Plc0.96%
Repligen Corp0.95%
Hasbro Inc0.93%
Ionis Pharmaceuticals Inc0.89%
Bio-Techne Corp0.87%
Airbnb Inc0.81%
Cencora Inc0.76%
Entegris Inc0.76%
Tradeweb Markets Inc0.74%
Generac Holdings Inc0.72%
Msci Inc0.71%
Atlassian Corp0.71%
Fortune Brands Innovations Inc0.71%
Wyndham Hotels & Resorts Inc0.71%
A O Smith Corp0.70%
Universal Health Services Inc0.69%
Aptargroup Inc0.68%
Dexcom Inc0.67%
On Semiconductor Corp0.67%
Transdigm Group Inc0.67%
Brunswick Corp/De0.66%
Molina Healthcare Inc0.65%
Monolithic Power Systems Inc0.65%
Warner Music Group Corp0.64%
Jack Henry & Associates Inc0.64%
Oshkosh Corp0.63%
Clorox Co/The0.63%
Norwegian Cruise Line Holdings Ltd0.62%
Stifel Financial Corp0.62%

Weight gaps

All 52 Holdings in both funds, largest gap first.

Holding weights in IMCV and SMOT, widest gap first
Holding	More in IMCVMore in SMOT	IMCV	SMOT
VeraltoVLTO	SMOT +1.34 points	0.15%	1.49%
Amcor PLCAMCR	SMOT +1.17 points	0.30%	1.47%
Global Payments IncGPN	SMOT +1.16 points	0.29%	1.45%
Zimmer Biomet HoldingsZBH	SMOT +1.13 points	0.25%	1.38%
Hershey FoodsHSY	SMOT +1.11 points	0.10%	1.21%
Sba Communications Reit Corp ClassSBAC	SMOT +1.09 points	0.15%	1.24%
Dupont De NemoursDD	SMOT +1.09 points	0.26%	1.35%
Lyondellbasell Industries Class ALYB	SMOT +1.08 points	0.24%	1.32%
L3HARRIS TechnologiesLHX	SMOT +1.04 points	0.26%	1.30%
Omnicom Group IncOMC	SMOT +1.02 points	0.31%	1.33%
Ge Healthcare TechnologiesGEHC	SMOT +1.00 points	0.48%	1.48%
Kraft HeinzKHC	SMOT +0.99 points	0.29%	1.28%
Becton DickinsonBDX	SMOT +0.84 points	0.74%	1.58%
Albemarle CorpALB	SMOT +0.81 points	0.07%	0.88%
Tenet Healthcare CorpTHC	SMOT +0.75 points	0.30%	1.05%
Northrop Grumman CorpNOC	SMOT +0.74 points	0.64%	1.38%
Devon EnergyDVN	SMOT +0.68 points	0.78%	1.46%
Ball CorpBALL	SMOT +0.67 points	0.11%	0.78%
Us BancorpUSB	IMCV +0.58 points	1.27%	0.69%
ResmedRMD	SMOT +0.52 points	0.21%	0.73%
Nxp Semiconductors NVNXPI	SMOT +0.50 points	0.27%	0.77%
Labcorp HoldingsLH	SMOT +0.50 points	0.41%	0.91%
Carlyle Group IncCG	SMOT +0.47 points	0.12%	0.59%
International Flavors & FragrancesIFF	SMOT +0.46 points	0.33%	0.79%
WatscoWSO	SMOT +0.45 points	0.07%	0.52%
Agilent Technologies IncA	SMOT +0.44 points	0.35%	0.79%
Cf Industries Holdings IncCF	SMOT +0.44 points	0.26%	0.70%
Alliant Energy CorpLNT	SMOT +0.43 points	0.25%	0.68%
Raymond JamesRJF	SMOT +0.41 points	0.19%	0.60%
Edison InternationalEIX	SMOT +0.39 points	0.30%	0.69%
Royalty Pharma PLC Class ARPRX	SMOT +0.39 points	0.34%	0.73%
Dollar General CorpDG	SMOT +0.37 points	0.40%	0.77%
Carnival Corp LtdCCL	SMOT +0.37 points	0.31%	0.68%
Carrier GlobalCARR	SMOT +0.35 points	0.26%	0.61%
Iqvia Holdings IncIQV	SMOT +0.35 points	0.60%	0.95%
T Rowe Price GroupTROW	SMOT +0.34 points	0.30%	0.64%
CignaCI	SMOT +0.33 points	1.04%	1.37%
General Mills IncGIS	SMOT +0.32 points	0.25%	0.57%
Zoom Communications Class AZM	SMOT +0.33 points	0.31%	0.64%
Constellation Brands Class ASTZ	SMOT +0.31 points	0.27%	0.58%
BiogenBIIB	SMOT +0.28 points	0.51%	0.79%
DowDOW	SMOT +0.28 points	0.34%	0.62%
Dte EnergyDTE	SMOT +0.27 points	0.38%	0.65%
Cognizant Technology Solutions ClaCTSH	SMOT +0.26 points	0.40%	0.66%
KenvueKVUE	SMOT +0.23 points	0.46%	0.69%
Kimberly ClarkKMB	SMOT +0.20 points	0.49%	0.69%
Air Products and ChemicalsAPD	SMOT +0.19 points	0.52%	0.71%
Mondelez International Class AMDLZ	SMOT +0.18 points	1.14%	1.32%
Elevance Health IncELV	SMOT +0.16 points	1.20%	1.36%
CortevaCTVA	SMOT +0.13 points	0.05%	0.18%
American Electric Power IncAEP	SMOT +0.13 points	0.56%	0.69%
Crown Castle IncCCI	SMOT +0.06 points	0.52%	0.58%

All 268 IMCV holdings⁠All 115 SMOT 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 SMOT Cost

Overpaying SMOT vs IMCV

$8,522

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

IMCV 0.06%
$1,270
SMOT 0.49%
$9,792

Amount$10,000

Years30 years

Cost over time

IMCV 0.06%
SMOT 0.49%
Overpaying

Year by year

Year	IMCV	SMOT	Overpaying
10	$110	$883	$773
20	$432	$3,394	$2,962
30	$1,270	$9,792	$8,522

Expense ratio

0.06%IMCV, cheaper
0.49%SMOT

IMCV0.06%SMOT0.49%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

IMCV 4th cheapest of 99 funds

SMOT 73rd cheapest of 99 funds

IMCV vs SMOT Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IMCV 1.84%, better; SMOT 1.23%
Payout (12M): IMCV $1.83; SMOT $0.50
Last payment: IMCV $0.52; SMOT $0.50
Ex-dividend: IMCV Sep 15, 2026; SMOT Dec 22, 2025
Paid on: IMCV Sep 18, 2026; SMOT Dec 26, 2025
Frequency: IMCV Quarterly; SMOT Annual

Distribution history

Per share, 2017 to 2026, same scale for both

IMCVQuarterly · 39 paymentsAll IMCV payments⁠

SMOTAnnual · 4 paymentsAll SMOT payments⁠

IMCV vs SMOT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: IMCV 13.6%, betterSMOT 16.1%
Return per unit of riskSharpe ratio, 3 years: IMCV 1.22, betterSMOT 0.78
Worst fallMax drawdown, 5 years: IMCV −19.9%SMOT −23.4%since Oct 2022
Market sensitivityBeta, 5 years: IMCV 0.88SMOT 1.11; Market = 1

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