At a glance
ILCG charges 0.04% a year, below the 0.11% average of the 8 funds most like it (the cheapest of 9). It has $3.11B in assets, the 8th largest of that group; it paid 0.42% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +6.8% with distributions reinvested (S&P 500: +11.5%), 4th of those 9 funds; over three years it returned +26.4% a year. At its worst it fell 33.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 16 months after the low. Its ten largest positions make up 49.3% of the fund, out of 326 in all.
The short version
The iShares Morningstar Growth ETF (ILCG) is an index fund. It tracks the Morningstar US Large-Mid Cap Broad Growth Index and held 326 large and mid-sized US growth stocks as of July 31, 2026. Its 0.04% expense ratio ties for the lowest among similar funds, which averaged 0.11%. The trade-off is concentration. NVIDIA alone made up about 15% of the fund, and technology about 48%.
Price history
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ILCG +6.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| ILCG official prospectus, to Dec 31, 2025 | — | +16.64% | — | +13.03% | +16.53% | — |
| Morningstar US Market Index index, same period | — | +17.35% | — | +13.29% | +14.40% | — |
| Morningstar US Large Mid Cap Broad Growth Index index, same period | — | +16.67% | — | +13.07% | +16.78% | — |
| ILCG price data to Oct 27, 2026 | +10.3% | +6.8% | +26.4% | +11.0% | — | +13.8% |
- Over the year to Oct 27, 2026, ILCG returned +6.8%, 4th of 9 among similar funds.
- Its 5-year annualized return was +11.0%.
- Its worst full calendar year was 2022 (-31.8%); its best was 2023 (+40.4%).
- The deepest fall in its price history was 35.4% (Nov 19, 2021 to Oct 14, 2022), recovered by Feb 7, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.3% | — |
| 2025 | +16.7% | +16.64% |
| 2024 | +32.8% | +32.98% |
| 2023 | +40.4% | +40.25% |
| 2022 | -31.8% | -31.73% |
| 2021 | — | +24.21% |
| 2020 | — | +38.50% |
| 2019 | — | +33.47% |
| 2018 | — | +2.09% |
| 2017 | — | +30.61% |
| 2016 | — | +1.57% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Not in the price data, which starts Mar 26, 2021 |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Mar 26, 2021 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 33.9% over that stretch · deepest drop along the way 33.9%, back to its old high 15.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3300 | |
| 2025 | $0.4900 | +11.4% |
| 2024 | $0.4400 | -6.4% |
| 2023 | $0.4700 | +27.0% |
| 2022 | $0.3700 |
What's inside
As of Jul 31, 2026, the fund held 326 securities; the ten largest made up 49.3% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp. | 14.99% | |
| Apple, Inc. | 7.22% | |
| Broadcom, Inc. | 5.77% | |
| Amazon.com, Inc. | 4.67% | |
| Alphabet, Inc. Class A | 3.77% | |
| Alphabet, Inc. Class C | 3.04% | |
| Eli Lilly & Co. | 2.93% | |
| Microsoft Corp. | 2.70% | |
| Advanced Micro Devices, Inc. | 2.47% | |
| Tesla, Inc. | 1.73% | |
| Micron Technology, Inc. | 1.62% | |
| Meta Platforms, Inc. | 1.41% | |
| Applied Materials, Inc. | 1.28% | |
| Intel Corp. | 1.25% | |
| GE Aerospace | 1.20% |
By country
United States 97.14%Ireland 1.88%Liberia 0.25%Cayman Islands 0.16%Singapore 0.13%By asset type
Stocks 99.9%By sector
Sectors of the companies held, for the 89% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $143.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.18%, -1.37%, -4.53%.
How it works
ILCG tracks the Morningstar US Large-Mid Cap Broad Growth Index, built by Morningstar, Inc. Morningstar starts with a broad index that covers about 99.5% of the US stock market's value. That index only includes companies that trade often enough to pass a liquidity screen. Morningstar keeps the stocks that make up roughly the top 90% of that value, then labels each one growth, value or blend. Growth stocks have above-average past and forecast growth in earnings, sales, book value and cash flow. Each stock is weighted by the market value of its shares available to the public, so the largest companies count the most.
BlackRock Fund Advisors manages the fund using "representative sampling." That means it may hold a sample of the index's stocks chosen to match the index's overall profile, rather than every stock. At least 80% of net assets must be in index stocks. The fund may also use derivatives such as stock-index futures, hold cash, and lend out securities worth up to one-third of its assets. As of July 31, 2026, cash was 0.27% of the fund, and its single futures position was close to zero.
The fund does not try to beat its index, and it does not turn defensive when markets fall. Portfolio turnover was 27%. That means its trading equaled about a quarter of the portfolio's value over the year.
What it really costs
- ILCG charges 0.04% a year, versus an average of 0.11% for the similar funds below (1st of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $4 in the first year and $51 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ILCG | $4 | $13 | $23 | $51 |
In a retirement portfolio
It is broad and very cheap, but about 48% sits in technology and 15% in NVIDIA, and it fell harder than the market in 2022.
ILCG could add low-cost exposure to US growth companies. Under the SEC's standard example, it costs $4 in the first year on $10,000. Income is small: the trailing yield was 0.42% as of October 27, 2026, paid quarterly. Drawing cash usually means selling shares, which hurts most in a bad year. The fund lost 31.73% in 2022, its worst calendar year from 2016 to 2025. Its deepest drop was 35.4%, from November 2021 to October 2022. It took about 16 months from the low to recover. Price history here starts in March 2021, so it doesn't measure the 2008 or early-2020 crashes. For calendar 2020 as a whole, the fund gained 38.5%.
Its beta was 1.45 for the year to October 27, 2026. Beta compares a fund's swings with the market's, so ILCG moved more than the market did. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Cost-focused investors who want broad US growth stocks. Its 0.04% expense ratio ties for the lowest among similar funds, which averaged 0.11%.
- Investors who pair it with value or bond funds and want a growth tilt spread across about 326 large and mid-sized companies.
- Long-term holders who could sit through a drop like its 35.4% fall in 2021–2022 without needing to sell.
Look elsewhere if
- Retirees who need steady income from this holding. The trailing yield was just 0.42% as of October 27, 2026.
- Investors uneasy with concentration. As of July 31, 2026, NVIDIA was about 15% of the fund, and technology about 48%.
- Those who prefer the largest, most-traded growth ETFs. ILCG's $3.1 billion in net assets ranked 8th of 9 among similar funds.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| ILCG this fund | — | 0.04% | $3.11B | +6.8% | +26.4% |
| VONG Vanguard Russell 1000 Growth ETF | 76% | 0.07% | $54.28B | -2.3% | +22.4% |
| VUG Vanguard Growth ETF | 75% | 0.04% | $379.29B | +3.8% | +25.1% |
| IWF iShares Russell 1000 Growth ETF | 75% | 0.19% | $128.90B | -3.7% | +20.3% |
| GGUS Marketbeta Russell 1000 Growth Equity ETF | 72% | 0.12% | $477.6M | +2.2% | — |
| VOOG Vanguard S&P 500 Growth ETF | 71% | 0.07% | $27.12B | +9.4% | +27.5% |
| SPYG SPDR Portfolio S&P 500 Growth ETF | 70% | 0.04% | $52.99B | +7.2% | +25.3% |
| IVW iShares S&P 500 Growth ETF | 70% | 0.18% | $74.97B | +7.0% | +25.2% |
Questions investors ask
What does ILCG invest in?
ILCG holds large and mid-sized US companies with above-average growth. It tracks the Morningstar US Large-Mid Cap Broad Growth Index. As of July 31, 2026, it held 326 stocks, and the 10 largest made up 49.3% of the fund. The biggest were NVIDIA (about 15%), Apple (7.2%), Broadcom (5.8%), Amazon (4.7%) and Alphabet's two share classes (about 6.8% combined). Technology was roughly 48% of the fund.
What is ILCG's expense ratio?
ILCG's expense ratio is 0.04%, according to the prospectus filed August 21, 2026. That is $4 a year for every $10,000 invested. The SEC's standard example assumes a 5% yearly return and a sale at the end of each period. On that basis, total costs come to $4 after one year, $13 after three, $23 after five and $51 after ten. The average for similar funds was 0.11%.
Does ILCG pay a dividend?
Yes, ILCG pays dividends quarterly, but they are small. Over the 12 months to October 27, 2026, it paid $0.48 per share, a yield of 0.42%. Growth companies often reinvest their profits rather than pay large dividends, so the fund produces little income. Someone drawing cash from it would mostly rely on selling shares.
ILCG vs VUG: what's the difference?
Both charge 0.04% and own many of the same stocks, with about 75% holdings overlap. VUG is far larger, with about $379 billion in net assets as of June 30, 2026, against ILCG's $3.1 billion. ILCG follows a Morningstar index that includes mid-sized companies. Recent returns were close. ILCG returned 6.8% over one year and 26.4% a year over three years as of October 27, 2026. VUG returned 5.4% and 26.9% as of October 29, 2026.
How has ILCG performed over 10 years?
ILCG returned an average of 16.53% a year over the 10 years to December 31, 2025, according to its prospectus. Its index returned 16.78% a year, and the broader Morningstar US Market Index returned 14.4%. The path was bumpy. The fund lost 31.73% in 2022, then gained 40.25% in 2023. Its worst quarter was a 22.78% drop in the quarter ending June 30, 2022.