SIZE vs UPGD: Grades, Fees and Holdings Compared

iShares MSCI USA Size Factor ETF

SIZEANYSE Arca

Invesco Bloomberg Analyst Rating Improvers ETF

UPGDDNYSE Arca

Overlap

9.4%by weight

Expense ratio

SIZE −0.25pt a year

SIZE0.15%UPGD0.40%

Avg volume · 30D

SIZE 1.5×the volume

SIZE5.21KUPGD3.54K

10Y return · a year

SIZE +1.9pt

SIZE+12.2%UPGD+10.3%

SIZE vs UPGD Performance

Nov 2, 2021 – Nov 2, 2026

+43.0%SIZE+36.9%UPGD

Expense ratio: SIZE 0.15%, better; UPGD 0.40%
Fund size: SIZE $433M; UPGD $110M
1Y total return: SIZE +14.4%, better; UPGD +14.2%
Yield (12M): SIZE 1.36%; UPGD 1.56%, better
Holdings: SIZE 518; UPGD 53
Avg volume (30D): SIZE 5.21K sh, better; UPGD 3.54K sh
NAV per share: SIZE $180.22; UPGD $82.58
52W range

ETF.net Grade

Pillar letters and Scores for SIZE, UPGD, with each pillar’s weight
Pillar	SIZE	UPGD
Cost30% weight	A81Higher	D26
Mission25% weight	A93	Not scored
Risk15% weight	B66Higher	C54
Tradability15% weight	F23Higher	F13
Holdings10% weight	A88Higher	B61
Durability5% weight	B57Higher	C43

Rank among US Factor Index funds

How we build Categories ›

Same Category. SIZE and UPGD are both graded against the same 30 US Factor Index funds, so their Grades compare head to head.

US Factor Index⁠

Category · 30 funds

See all 30 ›

SIZE ranks 3rd and UPGD 24th of 30 funds in the US Factor Index Category.

Rank 1AMGVVanguard Morningstar Mega Cap Value ETFScore 78
Rank 2AUSCAXtrackers MSCI USA Climate Action Equity ETFScore 74
Rank 3ASIZEiShares MSCI USA Size Factor ETFScore 72
Rank 4ADXUVU.S. Vector Equity Portfolio ETF Class SharesScore 70
Rank 23DPKWInvesco BuyBack Achievers ETFScore 35
Rank 24DUPGDInvesco Bloomberg Analyst Rating Improvers ETFScore 34
Rank 25DXSHDInvesco S&P SmallCap High Dividend Low Volatility ETFScore 31

Our read on each fund

ETF.net Research

SIZEAiShares MSCI USA Size Factor ETF

UPGDDInvesco Bloomberg Analyst Rating Improvers ETF

In short

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.

UPGD Most equity funds screen for cheap or profitable. UPGD screens for improving: about 50 US large and mid caps whose analyst recommendations are trending up, run as a rules-based index at 0.40%.

Stated mandate

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

UPGD The fund is tied to the Bloomberg ANR Improvers Index, which selects 50 companies from the Bloomberg US Large Mid Universe using analyst-recommendation improvement scores.

Why people hold it

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

UPGD Costs 0.40% a year, comfortably under the 0.65% median for active US equity funds in its peer group.
The Bloomberg ANR Improvers Index does the picking: 50 names drawn from Bloomberg's US large and mid cap universe on analyst-recommendation improvement scores. Rules, not a stock picker's mood.invesco.com
A rare factor in a crowded aisle. Plenty of funds chase value, quality or momentum; few build the portfolio around the direction analyst sentiment is moving.
Lands in the top quartile of its US active-equity cohort on our overall read, helped by low cost and a clean, transparent portfolio.

Worth knowing

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.

UPGD Thinly traded, so spreads can be wider than on household-name funds and a big order can nudge the price.
Analyst sentiment is the whole engine. With about 50 holdings, individual names carry real weight and the fund can tilt hard toward wherever upgrades are clustering.
Cheaper than the active median, not cheap outright: broad core options such as DFAU (0.12%) and AVLC (0.15%) charge a fraction of it.

Full SIZE profile⁠

Full UPGD profile⁠

SIZE vs UPGD Holdings

How SIZE and UPGD differ

Overlap by weight

9.4%

Shared holdings make up 91.8% of UPGD and 9.4% of SIZE.

Level by level

Holdings46 in both9.4%
Sector11 Sectors68.4%
Countryby domicile97.7%
Asset classEquity100%

Sector

Sector weights in SIZE and UPGD, widest gap first
Sector	More in SIZEMore in UPGD	SIZE	UPGD
Financials	SIZE +16.1 points	16.1%	0.0%
Consumer Discretionary	UPGD +13.8 points	9.0%	22.8%
Industrials	UPGD +9.7 points	16.2%	25.9%
Consumer Staples	UPGD +7.7 points	5.7%	13.4%
Real Estate	SIZE +4.5 points	4.5%	0.0%
Communication	SIZE +3.3 points	3.3%	0.0%
Energy	SIZE +2.4 points	4.3%	1.9%
Technology	SIZE +2.3 points	17.9%	15.6%
Health Care	SIZE +1.8 points	12.8%	11.0%
Materials	SIZE +1.2 points	4.8%	3.6%
Utilities	UPGD +0.5 points	5.2%	5.7%

Country, concentration and asset class

Country by domicile

Country weights in SIZE and UPGD, widest gap first
Country	More in SIZEMore in UPGD	SIZE	UPGD
United States	UPGD +2.3 points	97.7%	100.0%
United Kingdom	SIZE +0.6 points	0.6%	0.0%
Switzerland	SIZE +0.6 points	0.6%	0.0%
Other countries (6)	SIZE +1.1 points	1.1%	0.0%

Concentration

Weight in the 10 largest Holdings

SIZE3.7%
UPGD22.9%

Securities held

SIZE515
UPGD52

Asset class

SIZE: Equity
UPGD: Equity

Holdings

Only in SIZE469
In both46
Only in UPGD6

Only in SIZE

469 securities, 90.5% of SIZE by weight

Okta Class A0.47%
Atlassian Corp Class A0.42%
Natera0.40%
Sharkninja0.39%
Veeva Systems Class A0.36%
Vivmark Residential0.36%
Snowflake0.33%
Dell Technologies Inc Class C0.32%
Everpure Inc Class A0.32%
Best Buy0.32%
Hewlett Packard Enterprise0.31%
Marathon Petroleum0.31%
Agilent Technologies Inc0.30%
Iqvia Holdings Inc0.29%
Cdw0.29%
Workday Class A0.29%
Crowdstrike Holdings Class A0.29%
Dollar Tree Inc0.28%
Phillips 660.28%
Valero Energy Corp0.28%
Thermo Fisher Scientific0.27%
Global Payments Inc0.27%
Labcorp Holdings0.27%
Regeneron Pharmaceuticals0.27%
Jacobs Solutions Inc0.27%
Roper Technologies0.27%
Toast Class A0.27%
Palo Alto Networks0.27%
Hp Inc0.26%
Samsara Class A0.26%
Accenture PLC Class A0.26%
Waters Corp0.26%
Ptc0.26%
West Pharmaceutical Services0.26%
Zscaler0.26%
Corebridge Financial Inc0.25%
Ulta Beauty Inc0.25%
Quest Diagnostics Inc0.25%
Biogen0.25%
Arthur J Gallagher0.25%
Becton Dickinson0.25%
Humana0.25%
Amcor PLC0.25%
International Flavors & Fragrances0.25%
Amgen Inc0.25%
Danaher0.25%
Cloudflare Class A0.25%
Cheniere Energy0.25%
Veralto0.25%
Revolution Medicines0.24%

Only in UPGD

6 securities, 8.1% of UPGD by weight

Allegion plc2.32%
Becton Dickinson & Co2.14%
Symbotic Inc1.83%
GLOBALFOUNDRIES Inc1.75%
Invesco Government & Agency Portfolio0.10%
Securities Lending - Bnym0.00%

Weight gaps

All 46 Holdings in both funds, largest gap first.

Holding weights in SIZE and UPGD, widest gap first
Holding	More in SIZEMore in UPGD	SIZE	UPGD
EbayEBAY	UPGD +2.20 points	0.20%	2.40%
Tesla IncTSLA	UPGD +2.14 points	0.16%	2.30%
Texas InstrumentTXN	UPGD +2.11 points	0.17%	2.28%
Mettler ToledoMTD	UPGD +2.08 points	0.30%	2.38%
Marriott International Class AMAR	UPGD +2.05 points	0.20%	2.25%
DowDOW	UPGD +2.04 points	0.17%	2.21%
Illumina IncILMN	UPGD +2.01 points	0.32%	2.33%
Estee Lauder Inc Class AEL	UPGD +1.99 points	0.27%	2.26%
Church and Dwight IncCHD	UPGD +1.98 points	0.21%	2.19%
Lockheed MartinLMT	UPGD +1.97 points	0.22%	2.19%
Yum BrandsYUM	UPGD +1.97 points	0.19%	2.16%
Occidental Petroleum CorpOXY	UPGD +1.97 points	0.19%	2.16%
CintasCTAS	UPGD +1.96 points	0.23%	2.19%
Wec Energy GroupWEC	UPGD +1.96 points	0.19%	2.15%
Otis WorldwideOTIS	UPGD +1.93 points	0.20%	2.13%
Lyondellbasell Industries Class ALYB	UPGD +1.92 points	0.18%	2.10%
Centene CorpCNC	UPGD +1.92 points	0.22%	2.14%
Cognizant Technology Solutions ClaCTSH	UPGD +1.92 points	0.24%	2.16%
Expeditors International of WashinEXPD	UPGD +1.92 points	0.24%	2.16%
Automatic Data Processing IncADP	UPGD +1.91 points	0.24%	2.15%
Bloom Energy Class ABE	UPGD +1.85 points	0.14%	1.99%
Williams Sonoma IncWSM	UPGD +1.83 points	0.28%	2.11%
FastenalFAST	UPGD +1.82 points	0.22%	2.04%
Public Service Enterprise GroupPEG	UPGD +1.82 points	0.18%	2.00%
Dominion EnergyD	UPGD +1.80 points	0.18%	1.98%
PepsicoPEP	UPGD +1.79 points	0.16%	1.95%
Illinois Tool IncITW	UPGD +1.78 points	0.20%	1.98%
Netapp IncNTAP	UPGD +1.76 points	0.31%	2.07%
Archer Daniels MidlandADM	UPGD +1.75 points	0.18%	1.93%
D R HortonDHI	UPGD +1.75 points	0.20%	1.95%
Target CorpTGT	UPGD +1.75 points	0.22%	1.97%
Incyte CorpINCY	UPGD +1.66 points	0.24%	1.90%
Snap On IncSNA	UPGD +1.64 points	0.19%	1.83%
F5FFIV	UPGD +1.62 points	0.17%	1.79%
Hershey FoodsHSY	UPGD +1.62 points	0.16%	1.78%
Genuine PartsGPC	UPGD +1.56 points	0.26%	1.82%
Airbnb Class AABNB	UPGD +1.56 points	0.23%	1.79%
Old Dominion Freight LineODFL	UPGD +1.54 points	0.16%	1.70%
Ford Motor CoF	UPGD +1.54 points	0.17%	1.71%
Expedia GroupEXPE	UPGD +1.53 points	0.25%	1.78%
Lennox InternationalLII	UPGD +1.52 points	0.14%	1.66%
Mccormick & Co Non-VotingMKC	UPGD +1.50 points	0.20%	1.70%
Paccar IncPCAR	UPGD +1.45 points	0.17%	1.62%
Dicks SportingDKS	UPGD +1.39 points	0.13%	1.52%
Rivian Automotive Class ARIVN	UPGD +1.39 points	0.18%	1.57%
Intel CorporationINTC	UPGD +1.34 points	0.10%	1.44%

All 515 SIZE holdings⁠All 51 UPGD 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.

SIZE vs UPGD Cost

Overpaying UPGD vs SIZE

$4,953

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

SIZE 0.15%
$3,137
UPGD 0.40%
$8,090

Amount$10,000

Years30 years

Cost over time

SIZE 0.15%
UPGD 0.40%
Overpaying

Year by year

Year	SIZE	UPGD	Overpaying
10	$274	$723	$449
20	$1,071	$2,793	$1,722
30	$3,137	$8,090	$4,953

Expense ratio

0.15%SIZE, cheaper
0.40%UPGD

SIZE0.15%UPGD0.40%

0.05%0.63%

Middle half of US Factor Index funds
Median 0.30%

SIZE 5th cheapest of 30 funds

UPGD 22nd cheapest of 30 funds

SIZE vs UPGD Dividends

Last 12 months to Nov 2, 2026

Yield (12M): SIZE 1.36%; UPGD 1.56%, better
Payout (12M): SIZE $2.47; UPGD $1.29
Last payment: SIZE $0.65; UPGD $1.29
Ex-dividend: SIZE Sep 15, 2026; UPGD Dec 22, 2025
Paid on: SIZE Sep 18, 2026; UPGD Dec 26, 2025
Frequency: SIZE Quarterly; UPGD Annual

Distribution history

Per share, 2017 to 2026, same scale for both

SIZEQuarterly · 41 paymentsAll SIZE payments⁠

UPGDAnnual · 8 paymentsAll UPGD payments⁠

SIZE vs UPGD Risk

Fall from peak · 5 years

SIZE
UPGD

Risk facts

VolatilityStd dev, 3 years: SIZE 13.0%, betterUPGD 13.7%
Return per unit of riskSharpe ratio, 3 years: SIZE 1.06, betterUPGD 0.95
Worst fallMax drawdown, 5 years: SIZE −24.0%, betterUPGD −24.3%
Market sensitivityBeta, 5 years: SIZE 0.97UPGD 0.95; Market = 1

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