At a glance
ILCV charges 0.04% a year, below the 0.09% average of the 8 funds most like it (the 2nd cheapest of 9). It has $1.32B in assets, the 8th largest of that group; it paid 1.51% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +20.5% with distributions reinvested (S&P 500: +11.5%), 4th of those 9 funds; over three years it returned +23.4% a year. At its worst it fell 18.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months after the low. Its ten largest positions make up 34.3% of the fund, out of 374 in all.
The short version
iShares Morningstar Value ETF (ILCV) is a BlackRock index fund that tracks the Morningstar US Large-Mid Cap Broad Value Index. As of July 31, 2026, it held 374 large and mid-size US stocks that look cheap on measures such as price-to-earnings and dividend yield. Its expense ratio (the yearly fee) is 0.04%, less than half the 0.09% average of similar value funds. Its idea of "value" is broad: Microsoft and Apple were its two largest holdings.
Price history
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ILCV +20.5% 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 | |
|---|---|---|---|---|---|---|
| ILCV official prospectus, to Dec 31, 2025 | — | +18.78% | — | +13.38% | +11.52% | — |
| Morningstar US Market Index index, same period | — | +17.35% | — | +13.29% | +14.40% | — |
| Morningstar US Large Mid Cap Broad Value Index index, same period | — | +18.83% | — | +13.42% | +11.69% | — |
| ILCV price data to Oct 27, 2026 | +17.3% | +20.5% | +23.4% | +12.8% | — | +13.1% |
- Over the year to Oct 27, 2026, ILCV returned +20.5%, 4th of 9 among similar funds.
- Its 5-year annualized return was +12.8%.
- Its worst full calendar year was 2022 (-7.0%); its best was 2025 (+18.8%).
- The deepest fall in its price history was 18.6% (Jan 4, 2022 to Sep 30, 2022), recovered by Jul 21, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +17.3% | — |
| 2025 | +18.8% | +18.78% |
| 2024 | +17.0% | +17.11% |
| 2023 | +14.4% | +14.36% |
| 2022 | -7.0% | -6.96% |
| 2021 | — | +26.58% |
| 2020 | — | -0.84% |
| 2019 | — | +25.33% |
| 2018 | — | -6.10% |
| 2017 | — | +14.82% |
| 2016 | — | +18.54% |
| 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 16.9% over that stretch · deepest drop along the way 18.6%, back to its old high 9.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.1700 | |
| 2025 | $1.6600 | +3.1% |
| 2024 | $1.6100 | +1.3% |
| 2023 | $1.5900 | +8.2% |
| 2022 | $1.4700 |
What's inside
As of Jul 31, 2026, the fund held 374 securities; the ten largest made up 34.31% of assets.
| Holding | Weight | |
|---|---|---|
| MICROSOFT CORP | 7.68% | |
| APPLE INC | 6.68% | |
| AMAZON.COM INC | 3.54% | |
| BERKSHIRE HATHAWAY INC | 2.80% | |
| JP MORGAN CHASE & COMPANY | 2.80% | |
| ALPHABET INC Class A | 2.65% | |
| META PLATFORMS INC | 2.29% | |
| ALPHABET INC Class C | 2.14% | |
| EXXONMOBIL HOLDINGS CORP | 1.91% | |
| JOHNSON & JOHNSON | 1.82% | |
| CISCO SYSTEMS INC | 1.35% | |
| ABBVIE INC | 1.31% | |
| MICRON TECHNOLOGY INC | 1.23% | |
| BANK OF AMERICA CORP | 1.20% | |
| UNITEDHEALTH GROUP INC | 1.11% |
By country
United States 96.51%Ireland 2.08%Switzerland 0.45%Curaçao 0.22%Bermuda 0.2%By asset type
Stocks 99.71%By sector
Sectors of the companies held, for the 89.5% 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 $6.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.70%, -0.28%, +3.99%.
How it works
Morningstar picks the stocks, not a fund manager. It starts with the Morningstar US Market Extended Index, which covers about 99.5% of the value of publicly traded US stocks and screens out hard-to-trade shares. It keeps the companies that make up roughly the top 90% of that market value, which are the large and mid-size firms. Each stock is then labeled "value," "blend" or "growth." Stocks labeled value make the index. These companies tend to look cheap on price-to-earnings, price-to-book, price-to-sales, price-to-cash flow and dividend yield.
Holdings are weighted by float-adjusted market value. That means bigger companies get bigger slices, counting only shares available to the public. As a result, large tech names can lead. As of July 31, 2026, Microsoft was 7.7% of the fund, Apple 6.7% and Amazon 3.5%. The top 10 holdings made up 34.3%, and technology was the largest sector at 20.8%. Morningstar works independently of BlackRock and changes the index's members over time.
BlackRock uses "representative sampling." It holds a set of stocks chosen to behave like the index, which may not be every member. At least 80% of assets must be in index stocks. The fund may use futures, which were about 0.01% of assets as of July 31, 2026. It may also lend out up to one-third of its assets. Turnover was 30%.
What it really costs
- ILCV charges 0.04% a year, versus an average of 0.09% for the similar funds below (2nd 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 |
|---|---|---|---|---|
| ILCV | $4 | $13 | $23 | $51 |
In a retirement portfolio
It spreads money across 374 large and mid-size US stocks for 0.04% a year, so it could be the value-tilted part of a core US stock allocation.
ILCV gives broad, very low-cost exposure to US value stocks. In the SEC's standard example, $10,000 would cost $51 over 10 years. Income is modest. The trailing yield (dividends paid over the past 12 months, divided by price) was 1.51% as of October 27, 2026, paid quarterly. No figures are available for the 2008 crisis. In 2020 the fund lost 25.1% in the first quarter but ended the year down only 0.8%. In the 2022 bear market it fell 18.6% between January 4 and September 30, 2022, its deepest drop on record. It recovered by July 21, 2023, about 9.7 months later. Its worst calendar year since 2016 was 2022, at -7.0%. Anyone who has to sell shares during a drop like that locks in the loss. 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 seeking broad US value exposure: the 0.04% expense ratio compares with 0.07% for VONV and 0.19% for IWD.
- Investors fine with a value fund led by Microsoft, Apple and Amazon, which means heavy overlap with mainstream large-company funds.
- Long-term holders who could sit through drops like the 18.6% fall in 2022, which took about 9.7 months to recover.
Look elsewhere if
- Income seekers: the trailing yield was 1.51% as of October 27, 2026, paid quarterly.
- Investors wanting a strict value fund without big tech: technology was the largest sector at 20.8% as of July 31, 2026.
- Anyone expecting Russell 1000 Value results: ILCV returned 20.5% over the year to October 27, 2026, versus 29.5% for VONV.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| ILCV this fund | — | 0.04% | $1.32B | +20.5% | +23.4% |
| VONV Vanguard Russell 1000 Value ETF | 75% | 0.07% | $23.88B | +29.0% | +23.6% |
| GVUS Marketbeta Russell 1000 Value Equity ETF | 75% | 0.12% | $416.9M | +26.6% | — |
| IWD iShares Russell 1000 Value ETF | 71% | 0.19% | $79.74B | +28.8% | +22.2% |
| VOOV Vanguard S&P 500 Value ETF | 68% | 0.07% | $7.00B | +15.0% | +19.7% |
| SPYV SPDR Portfolio S&P 500 Value ETF | 66% | 0.04% | $35.30B | +16.8% | +17.8% |
| IVE iShares S&P 500 Value ETF | 66% | 0.18% | $47.74B | +16.7% | +17.7% |
| IUSV iShares Core S&P U.S. Value ETF | 65% | 0.04% | $26.46B | +16.8% | +17.8% |
Questions investors ask
What is the expense ratio of ILCV?
ILCV's expense ratio is 0.04% a year, according to its prospectus filed August 21, 2026. That ranks 2nd-lowest among nine similar value funds, whose average is 0.09%. In the SEC's standard example, $10,000 earning 5% a year would cost about $4 in the first year, $23 over five years and $51 over 10 years. There is no fee waiver, so this cost isn't a temporary discount.
ILCV vs VONV: what's the difference?
They follow different indexes. ILCV tracks Morningstar's US Large-Mid Cap Broad Value Index for 0.04% a year. Vanguard's VONV tracks the Russell 1000 Value Index for 0.07%. About 75% of their holdings overlap. Over one year VONV returned 29.5% through October 29, 2026, versus ILCV's 20.5% through October 27. Over three years the gap was smaller: 24.3% versus 23.4% a year. VONV is also much bigger, with $23.9 billion in assets versus ILCV's $1.3 billion.
Does ILCV pay dividends?
Yes, ILCV pays dividends every quarter. Over the 12 months to October 27, 2026, it paid $1.65 per share, a trailing yield of 1.51%. The dividends come from the stocks it holds, so the amount changes from one payment to the next. The yield is modest because the biggest holdings include Microsoft, Apple and Amazon. Investors who mainly want income may find more in funds built around high dividends.
Why does ILCV hold Microsoft and Apple if it's a value fund?
ILCV owns whatever Morningstar's value index includes. As of July 31, 2026, that included Microsoft at 7.7% and Apple at 6.7%. Morningstar labels stocks as value using measures such as price-to-earnings, price-to-book and dividend yield. The index then weights stocks by market value, so any huge company it labels value gets a large slice. As a result, ILCV overlaps more with broad-market funds than its name might suggest.
How has ILCV performed over 10 years?
ILCV returned 11.52% a year on average over the 10 years to December 31, 2025, according to its prospectus. Its index returned 11.69% a year over the same period, and the gap is roughly what fees and trading cost. The broad Morningstar US Market Index did better, at 14.4% a year. Over five years ILCV kept pace with the broad market, returning 13.38% a year versus 13.29%.