PRF vs SIZE

PRFBInvesco RAFI US 1000 ETF

SIZEAiShares MSCI USA Size Factor ETF

In short

PRF PRF throws out market cap. Since 2005 it has weighted about 1,000 big US companies by book value, cash flow, sales and dividends, so a holding's size reflects its business footprint rather than its share price.

SIZE The size factor without leaving the large-cap pool: SIZE holds roughly 500 US stocks and leans toward the smaller names in that universe, spreading weight away from the mega-cap giants. An iShares factor original from 2013.

Stated mandate

PRF The Fund seeks to track the RAFI Fundamental Select US 1000 Index, which selects large US equities using fundamental measures such as book value, cash flow, sales and dividends.

SIZE The fund seeks to track an index of U.S. stocks that have smaller market capitalizations relative to their peers.

Why people hold it

• PRF Position sizes come from sales, cash flow, book value and dividends, so the fund leans away from names as their prices climb and back toward them as prices fall.
• Trading since 2005 and now a multi-billion-dollar fund: a long-running strategy with a record across full market cycles, not a recent launch.
• About 1,000 US companies deep, so the fundamental tilt is spread across many small weight differences instead of a handful of concentrated bets.
• Lands in the upper half of its US factor peer group, with its risk profile one of the sturdier parts of the package.

• SIZE Charges 0.15%, roughly half the typical fee among US factor ETFs.
• Tracks the MSCI USA Low Size Index tightly, one of the closer index implementations in its peer group.
• Roughly 500 holdings, so no single name dominates the way it does in a cap-weighted US index.
• Running since 2013, one of the original iShares single-factor funds rather than a recent launch.ishares.com

Worth knowing

• PRF At 0.34% a year it prices above the typical US factor ETF, and well above cheap cap-weighted value peers such as MGV at 0.05%.
• Fundamental weighting holds richly priced mega caps at smaller weights than a cap-weighted index does, so this fund's path can look very different for years at a stretch.
• Income arrives quarterly, and trading activity is moderate rather than heavy, which can matter on larger orders.

• SIZE Thinly traded next to headline index funds, so bid-ask spreads can run wider and bigger orders need more care.
• This is a tilt, not a small-cap fund: the index draws from US large and mid caps and favors the smaller end of that pool.
• A mid-sized fund by category standards, not one of the asset-gathering giants. Pays quarterly.

Full PRF profile⁠

Full SIZE profile⁠