At a glance
IMCB charges 0.04% a year, below the 0.11% average of the 8 funds most like it (the cheapest of 9). It has $1.66B in assets, the 7th largest of that group; it paid 1.21% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +18.7% with distributions reinvested (S&P 500: +11.5%), 3rd of those 9 funds; over three years it returned +22.2% a year. At its worst it fell 23.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 17 months after the low. Its ten largest positions make up 6.9% of the fund, out of 395 in all.
The short version
iShares Morningstar Mid-Cap ETF (IMCB) is a BlackRock index fund that tracks the Morningstar US Mid Cap Market Index. As of July 31, 2026, it held about 395 medium-sized US companies. Its 0.04% expense ratio ties Vanguard Mid-Cap ETF (VO) for the lowest among similar funds, and no single stock was more than 1% of assets. It is far smaller than VO, with about $1.66 billion in net assets.
Price history
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IMCB +18.7% 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 | |
|---|---|---|---|---|---|---|
| IMCB official prospectus, to Dec 31, 2025 | — | +10.12% | — | +8.74% | +10.40% | — |
| Morningstar US Market Index index, same period | — | +17.35% | — | +13.29% | +14.40% | — |
| Morningstar US Mid Cap Market Index index, same period | — | +10.12% | — | +8.77% | +10.56% | — |
| IMCB price data to Oct 27, 2026 | +19.7% | +18.7% | +22.2% | +8.7% | — | +9.9% |
- Over the year to Oct 27, 2026, IMCB returned +18.7%, 3rd of 9 among similar funds.
- Its 5-year annualized return was +8.7%.
- Its worst full calendar year was 2022 (-16.1%); its best was 2023 (+16.4%).
- The deepest fall in its price history was 25.1% (Nov 16, 2021 to Oct 14, 2022), recovered by Mar 1, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +19.8% | — |
| 2025 | +10.3% | +10.12% |
| 2024 | +15.1% | +15.28% |
| 2023 | +16.4% | +16.21% |
| 2022 | -16.1% | -16.05% |
| 2021 | — | +22.77% |
| 2020 | — | +13.24% |
| 2019 | — | +31.55% |
| 2018 | — | -11.41% |
| 2017 | — | +19.58% |
| 2016 | — | +12.13% |
| 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 22.7% over that stretch · deepest drop along the way 23.5%, back to its old high 16.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8400 | |
| 2025 | $1.1700 | +7.3% |
| 2024 | $1.0900 | +3.8% |
| 2023 | $1.0500 | +5.0% |
| 2022 | $1.0000 |
What's inside
As of Jul 31, 2026, the fund held 395 securities; the ten largest made up 6.94% of assets.
| Holding | Weight | |
|---|---|---|
| Dell Technologies, Inc. | 0.80% | |
| Automatic Data Processing, Inc. | 0.74% | |
| Bank of New York Mellon Corp. (The) | 0.72% | |
| PNC Financial Services Group, Inc. (The) | 0.70% | |
| Fortinet, Inc. | 0.70% | |
| Snowflake, Inc. | 0.68% | |
| US Bancorp | 0.68% | |
| CSX Corp. | 0.65% | |
| Valero Energy Corp. | 0.64% | |
| Marathon Petroleum Corp. | 0.64% | |
| 3M Co. | 0.64% | |
| Freeport-McMoRan, Inc. | 0.62% | |
| Johnson Controls International plc | 0.62% | |
| Marsh & McLennan Cos., Inc. | 0.62% | |
| Cloudflare, Inc. | 0.61% |
By country
United States 93.34%Ireland 2.82%Bermuda 0.61%Liberia 0.55%Curaçao 0.51%By asset type
Stocks 99.83%Other 0%By sector
Sectors of the companies held, for the 71.1% 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 withdrew a net $2.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.23%, +3.68%, +0.43%.
How it works
The fund tracks the Morningstar US Mid Cap Market Index. Morningstar, Inc. builds the index and is independent of BlackRock. Morningstar starts with a broad index of US stocks that covers about 99.5% of the value of publicly traded US stocks, after leaving out hard-to-trade companies. Mid-cap stocks are those that rank roughly between the 70th and 90th percentile of market value in that broad index. Market value, or market capitalization, is a company's share price times its shares. This cut leaves out both the giants and the smallest firms.
Stocks are weighted by the value of shares that the public can actually buy. Bigger companies get bigger slices, but the weights stay spread out. As of July 31, 2026, the largest holdings were Dell Technologies (0.80%), Automatic Data Processing (0.74%) and Bank of New York Mellon (0.72%), and the top 10 together made up 6.94% of the fund. Morningstar decides which stocks are in the index and changes them over time. Portfolio turnover was 29%.
BlackRock Fund Advisors uses representative sampling. That means the fund may hold a sample of stocks that behaves like the index rather than every stock in it. It must keep at least 80% of its assets in index stocks. It may use derivatives such as stock-index futures, and as of July 31, 2026, it held one small futures position. It may lend out securities worth up to one-third of its assets. It does not move into defensive positions when markets fall.
What it really costs
- IMCB 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 |
|---|---|---|---|---|
| IMCB | $4 | $13 | $23 | $51 |
In a retirement portfolio
It adds a low-cost slice of medium-sized US companies, which make up a smaller share of broad funds that are dominated by the largest firms.
IMCB spreads money across mid-sized companies such as Dell Technologies and PNC Financial for 0.04% a year. In the SEC's standard example, that comes to $51 over 10 years on $10,000. It has trailed the broad market, though. As of Dec. 31, 2025, its 10-year average annual return was 10.40%, compared with 14.4% for the Morningstar US Market Index. Its worst quarter was a 26.66% drop in early 2020, and it lost 16.05% in 2022. From its November 2021 peak, it fell 25.1% and did not fully recover until March 2024. Its results during the 2008 crisis aren't covered here. Anyone who had to sell shares during a stretch like that would lock in losses. The yield was 1.21% as of Oct. 27, 2026, paid quarterly, so it is not built for income. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Cost-conscious investors who want mid-size US companies for 0.04% a year, about $51 over 10 years on $10,000 in the SEC example.
- Holders of large-company funds looking to add mid caps that blend growth and value styles, rather than picking one style like IMCG or IMCV.
- Investors who want wide diversification: about 395 stocks, with the 10 largest only 6.94% of assets as of July 31, 2026.
Look elsewhere if
- Income seekers: the yield was 1.21% as of Oct. 27, 2026, paid quarterly.
- Anyone uneasy with deep drops: it fell 25.1% from November 2021 to October 2022 and needed until March 2024 to recover.
- Investors who prefer a much larger fund: VO charges the same 0.04% and held about $224 billion, compared with IMCB's roughly $1.66 billion.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| IMCB this fund | — | 0.04% | $1.66B | +18.7% | +22.2% |
| VO Vanguard Mid-Cap ETF | 68% | 0.04% | $224.06B | +15.5% | +20.7% |
| IWR iShares Russell Midcap ETF | 65% | 0.19% | $56.98B | +16.6% | +19.3% |
| IMCG iShares Morningstar Mid-Cap Growth ETF | 64% | 0.06% | $3.92B | +14.6% | +22.3% |
| IMCV iShares Morningstar Mid-Cap Value ETF | 63% | 0.06% | $1.14B | +23.6% | +22.2% |
| SIZE iShares MSCI USA Size Factor ETF | 60% | 0.15% | $428.8M | +12.2% | +19.6% |
| GSEW Goldman Sachs Equal Weight U.S. Large Cap E… | 60% | 0.09% | $2.08B | +13.5% | +21.4% |
| EUSA iShares MSCI USA Equal Weighted ETF | 59% | 0.09% | $1.93B | +12.3% | +19.6% |
Questions investors ask
Is IMCB good for retirement?
It can play a supporting role, but it is a stock fund with real swings. IMCB holds about 395 mid-sized US companies for 0.04% a year, which may suit long-term investors who want mid caps alongside large-company funds. It lost 16.05% in 2022 and 26.66% in the first quarter of 2020. Its yield was 1.21% as of Oct. 27, 2026, so it isn't designed to be a main source of income.
What's the difference between IMCB and VO?
Both charge 0.04% a year and own many of the same stocks, about 68% overlap. The biggest difference is size: Vanguard Mid-Cap ETF (VO) held about $224 billion as of June 30, 2026, while IMCB held about $1.66 billion as of July 31, 2026. IMCB follows the Morningstar US Mid Cap Market Index. Over one year, IMCB's price return was 18.7% as of Oct. 27, 2026, and VO's was 15.9% as of Oct. 29, 2026.
Does IMCB pay dividends?
Yes. IMCB pays dividends quarterly. Over the 12 months through Oct. 27, 2026, it paid about $1.19 per share, a yield of 1.21%. That income comes from the dividends paid by the roughly 395 mid-sized companies it owns. The yield is modest because many mid-cap companies keep their profits to grow rather than paying them out.
What are IMCB's top holdings?
As of July 31, 2026, IMCB's largest holdings were Dell Technologies (0.80%), Automatic Data Processing (0.74%), Bank of New York Mellon (0.72%), PNC Financial Services (0.70%) and Fortinet (0.70%). The top 10 together made up only 6.94% of the fund, which held about 395 stocks. About 93% of assets were in US-based companies, and about 2.8% were in companies based in Ireland, such as Johnson Controls.
How has IMCB performed over 10 years?
As of Dec. 31, 2025, IMCB returned an average of 10.40% a year over 10 years, compared with 10.56% for its index. Fees and tracking differences explain the gap. The broader Morningstar US Market Index did better, at 14.4% a year. Over that decade, IMCB's best calendar year was 2019 (31.55%) and its worst was 2022 (-16.05%). Its price rose 19.7% year to date through Oct. 27, 2026.