At a glance
IVLU charges 0.31% a year, above the 0.2% average of the 8 funds most like it (the 6th cheapest of 9). It has $4.45B in assets, the 7th largest of that group; it paid 3.3% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +21.5% with distributions reinvested (S&P 500: +11.5%), 4th of those 9 funds; over three years it returned +26.1% a year. At its worst it fell 34.3% in the 2020 crash (S&P 500: 33.7%) and 26.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 9 months after the lows. Its ten largest positions make up 16.7% of the fund, out of 360 in all.
The short version
The iShares MSCI Intl Value Factor ETF (IVLU) is a BlackRock index fund. It tracks the MSCI World ex USA Enhanced Value Index, which holds lower-priced large and mid-size companies in developed countries outside the US. Its largest holdings include HSBC, BNP Paribas, Toyota and Shell. Its 0.31% expense ratio is above the 0.20% average of similar funds and well above broad international index funds.
Price history
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IVLU +21.5% 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 | |
|---|---|---|---|---|---|---|
| IVLU official prospectus, to Dec 31, 2024 | — | +6.75% | — | +5.83% | — | +4.33% |
| MSCIACWI Ex USA Index Net index, same period | — | +5.53% | — | +4.10% | — | +4.50% |
| IVLU price data to Oct 27, 2026 | +13.3% | +21.5% | +26.1% | +14.9% | +10.6% | +8.4% |
- Over the year to Oct 27, 2026, IVLU returned +21.5%, 4th of 9 among similar funds.
- Its 5-year annualized return was +14.9% and its 10-year +10.6%.
- In the 2020 COVID crash it fell 34.3% and regained its old high 9.5 months after the low.
- Its worst full calendar year was 2018 (-15.1%); its best was 2025 (+46.1%).
- The deepest fall in its price history was 41.9% (Jan 26, 2018 to Mar 23, 2020), recovered by May 6, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.3% | — |
| 2025 | +46.1% | — |
| 2024 | +6.8% | +6.75% |
| 2023 | +20.1% | +19.99% |
| 2022 | -5.7% | -5.80% |
| 2021 | +15.6% | +15.32% |
| 2020 | -4.5% | -4.59% |
| 2019 | +15.6% | +15.51% |
| 2018 | -15.1% | -14.72% |
| 2017 | +23.1% | +23.10% |
| 2016 | +3.0% | +3.12% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 34.3% over that stretch · deepest drop along the way 34.3%, back to its old high 9.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 21.3% over that stretch · deepest drop along the way 26%, back to its old high 8.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7100 | |
| 2025 | $1.4100 | +16.5% |
| 2024 | $1.2100 | -2.4% |
| 2023 | $1.2400 | +49.4% |
| 2022 | $0.8300 | -5.7% |
| 2021 | $0.8800 | +87.2% |
| 2020 | $0.4700 | -45.3% |
| 2019 | $0.8600 | +38.7% |
| 2018 | $0.6200 | -18.4% |
| 2017 | $0.7600 | +35.7% |
| 2016 | $0.5600 |
What's inside
As of Jul 31, 2026, the fund held 360 securities; the ten largest made up 16.67% of assets.
| Holding | Weight | |
|---|---|---|
| HSBC HOLDINGS PLC | 2.29% | |
| BNP PARIBAS SA | 1.93% | |
| TOYOTA MOTOR CORPORATION | 1.87% | |
| Banco Santander, S.A. | 1.74% | |
| SHELL PLC | 1.67% | |
| BRITISH AMERICAN TOBACCO P.L.C. | 1.62% | |
| Siemens Aktiengesellschaft | 1.52% | |
| Roche Holding AG | 1.44% | |
| Novartis AG | 1.35% | |
| BARCLAYS PLC | 1.25% | |
| SANOFI SA | 1.23% | |
| Mitsubishi UFJ Financial Group, Inc. | 1.22% | |
| Banco Bilbao Vizcaya Argentaria, S.A. | 1.17% | |
| TOTALENERGIES SE | 1.14% | |
| UNICREDIT, SOCIETA PER AZIONI | 1.05% |
By country
Japan 29.5%United Kingdom 15.11%Germany 11.07%France 10.73%Spain 4.15%By asset type
Stocks 98.99%Other 0.82%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $262.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.35%, -1.09%, +3.81%.
How it works
IVLU starts from the MSCI World ex USA Index. That index covers roughly the top 85% of stock market value in developed countries outside the US. MSCI then picks the companies that look cheap compared with others in the same sector. It measures cheapness with three figures from public financial reports: price-to-book value (share price versus net assets), price to forward earnings (share price versus expected profits) and enterprise value to operating cash flow (the whole company's value versus the cash its business brings in).
Each company gets a "value score." Its weight is that score multiplied by its market value, so big, cheap companies count most. MSCI then adjusts the weights so each sector is about as large as it is in the parent index. That keeps the fund from turning into a bet on one industry. The number of stocks is reviewed twice a year. As of July 31, 2025, the index held 351 companies from 21 countries.
BlackRock uses representative sampling. That means the fund may not own every stock in the index, but it keeps at least 80% of its assets in index stocks or close equivalents. Up to 20% can go into futures, cash and similar tools. The fund may also lend out up to one-third of its assets. Its portfolio turnover was 16%.
What it really costs
- IVLU charges 0.31% a year, versus an average of 0.2% for the similar funds below (6th of 9, cheapest first).
- Of that, 0.3% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $32 in the first year and $393 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IVLU | $32 | $100 | $174 | $393 |
In a retirement portfolio
It adds lower-priced foreign stocks, mostly in Japan, the UK and Europe, to portfolios that often lean heavily on US companies.
As of July 31, 2026, IVLU had 29.5% of its assets in Japan and 15.1% in the UK, and its top holdings were banks, automakers and energy companies. The trailing yield was 3.3% as of October 27, 2026, paid twice a year. Its drops have been steep. It fell 34.3% in the 2020 COVID crash and took about 9.5 months to recover. In 2022 it fell 26%. Its deepest drop was 41.9%, from January 2018 to March 2020, and it took 13.4 months to recover. Its worst calendar year was 2018, with a 14.72% loss. The fund launched in 2015, so it has no 2008 record.
Selling shares during a slump like these would lock in losses. Twice-yearly payouts also make for uneven income. In the SEC's $10,000 example, costs are $393 over 10 years. 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
- Investors seeking developed-market stocks outside the US, tilted toward lower-priced companies such as HSBC, Toyota, Shell and Banco Santander.
- Holders of US-heavy portfolios wanting foreign exposure, with Japan at 29.5% and the UK at 15.1% as of July 31, 2026.
- Income-minded investors comfortable with twice-yearly payouts; the trailing yield was 3.3% as of October 27, 2026.
Look elsewhere if
- Cost-focused investors: the 0.31% expense ratio compares with 0.18% for Fidelity's FIVA and 0.04% for iShares' broad IDEV.
- Anyone needing steady monthly income, since IVLU pays dividends only twice a year.
- Those who can't tolerate deep drops: it fell 34.3% in early 2020 and 41.9% from its January 2018 peak.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| IVLU this fund | — | 0.31% | $4.45B | +21.5% | +26.1% |
| EFV iShares MSCI EAFE Value ETF | 63% | 0.33% | $29.11B | +21.9% | +23.3% |
| EFA iShares MSCI EAFE ETF | 48% | 0.32% | $77.98B | +13.5% | +18.2% |
| DFIV Dimensional International Value ETF | 46% | 0.27% | $21.39B | +25.4% | +25.0% |
| CEFA Global X S&P Catholic Values Developed ex-U… | 44% | 0.35% | $56.2M | +10.4% | +18.9% |
| FIVA Fidelity International Value Factor ETF | 43% | 0.18% | $587.1M | +23.0% | +24.9% |
| IEFA iShares Core MSCI EAFE ETF | 41% | 0.07% | $190.11B | +13.7% | +18.5% |
| IDEV iShares Core MSCI International Developed M… | 37% | 0.04% | $31.64B | +14.6% | +19.2% |
Questions investors ask
Is IVLU good for retirement?
It may suit retirees as one part of a portfolio, not as the whole thing. It adds lower-priced foreign stocks and paid a 3.3% trailing yield as of October 27, 2026. Through December 31, 2024, it returned 5.83% a year over five years. Its benchmark, the MSCI ACWI ex USA Index, returned 4.10% over the same period. But it fell 34.3% in the 2020 crash and lost 14.72% in 2018, so steep drops are possible.
What's the difference between IVLU and EFV?
Both are iShares international value funds, and they share about 63% of their holdings. IVLU follows MSCI's enhanced value index, which uses three valuation measures and keeps each sector near its weight in the parent index. EFV follows a broader EAFE value index. IVLU costs 0.31% a year versus 0.33% for EFV. Over one year, both returned 21.5% (IVLU as of October 27, 2026; EFV as of October 29). EFV has far more assets, about $29.1 billion.
How often does IVLU pay dividends?
IVLU pays dividends twice a year, not monthly or quarterly. Over the 12 months to October 27, 2026, it paid about $1.40 per share, a trailing yield of 3.3%. Because its holdings include large dividend payers such as HSBC, Shell and British American Tobacco, its income can be meaningful. Payments may be uneven, though, and can fall when foreign currencies weaken against the dollar or companies cut payouts.
What is IVLU's expense ratio?
IVLU's expense ratio is 0.31% a year, according to its prospectus filed November 21, 2025. That includes a 0.30% management fee. In the SEC's standard example, a $10,000 investment earning 5% a year would cost about $32 in the first year, $174 over five years and $393 over ten. That ranks sixth of nine among similar funds, whose average is 0.20%. Fidelity's FIVA charges 0.18%, and Dimensional's DFIV charges 0.27%.
What are IVLU's top holdings?
As of July 31, 2026, IVLU's largest holdings were HSBC (2.3%), BNP Paribas (1.9%), Toyota (1.9%), Banco Santander (1.7%) and Shell (1.7%). The rest of the top ten were British American Tobacco, Siemens, Roche, Novartis and Barclays. The fund held 360 stocks, and the top ten made up about 16.7% of assets, so no single company dominates. By country, Japan was 29.5%, the UK 15.1%, Germany 11.1% and France 10.7%.