iShares Morningstar Mid-Cap Value ETF

iShares Morningstar Mid-Cap Value ETF (IMCV) is a BlackRock index fund that tracks the Morningstar US Mid Cap Broad Value Index. The index holds medium-sized U.S. companies that look cheap compared with their earnings, book value, sales and cash flow. Its 0.06% expense ratio is below the 0.11% average for similar funds. It leans toward financials, industrials and energy, and ADP, PNC and Valero sat near the top as of July 31, 2026.

• Over the year to Oct 27, 2026, IMCV returned +23.6%, 3rd of 9 among similar funds.
• Its 5-year annualized return was +10.8%.
• Its worst full calendar year was 2022 (-7.0%); its best was 2025 (+13.5%).
• The deepest fall in its price history was 19.9% (Apr 20, 2022 to Sep 30, 2022), recovered by Dec 26, 2023.

As of Jul 31, 2026, the fund held 270 securities; the ten largest made up 12.52% of assets.

By sector

• Over the three months to Jul 31, 2026, investors added a net $37.6M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +0.39%, +2.24%, +4.36%.

IMCV follows the Morningstar US Mid Cap Broad Value Index. Morningstar starts with its US Market Extended Index, which covers about 99.5% of the value of publicly traded U.S. stocks. It counts as "mid-cap" the stocks that generally fall between the 70th and 90th percentile by market value, meaning the total value of a company's shares. It then labels each stock blend, growth or value. Value stocks are the ones that look inexpensive on price-to-earnings, price-to-book, price-to-sales, price-to-cash-flow and dividend yield. Each stock is weighted by the value of its shares that are publicly available to trade, so bigger companies get bigger weights.

BlackRock Fund Advisors runs the fund with "representative sampling." That means it may hold a selection of the index's stocks that together behave like the full index, rather than every name. At least 80% of net assets must be in index components. The fund may also hold cash, money market funds and futures. As of July 31, 2026, it held 270 stocks, 0.79% in cash and two futures contracts with tiny weights. It may lend out up to one-third of its assets to earn extra income.

The fund puts as much into a single industry as the index does. As of April 30, 2026, financial services made up a significant share of the index. Portfolio turnover was 40%. The fund uses no leverage or options, and it does not shift to defensive holdings when markets fall.

• IMCV charges 0.06% a year, versus an average of 0.11% for the similar funds below (3rd of 9, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $6 in the first year and $77 over 10 years (assuming a 5% annual return).

It adds mid-sized, lower-priced U.S. companies that large-cap core funds hold little of, at a 0.06% expense ratio.

IMCV could balance a portfolio that leans on large growth stocks, but it has had sharp drops. It fell 35.53% in the first quarter of 2020, then ended that year down 3.96%. From 2016 to 2025, its worst calendar year was 2018, at -10.77%. It lost 6.59% in 2022. Its deepest price decline was 19.9%, from April 20 to September 30, 2022, and it took about 15 months to recover, on December 26, 2023. No figures for the 2008 crisis are available here. Anyone who has to sell shares during a drop like that turns a temporary loss into a permanent one. Income is modest: the trailing yield was 1.87% as of October 27, 2026, paid quarterly. In the SEC's standard example, $10,000 invested costs about $6 in the first year. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.