At a glance
SIZE charges 0.15% a year, below the 0.22% average of the 8 funds most like it (the 4th cheapest of 9). It has $428.8M in assets, the 6th largest of that group; it paid 1.36% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +12.2% with distributions reinvested (S&P 500: +11.5%), 7th of those 9 funds; over three years it returned +19.6% a year. At its worst it fell 39.2% in the 2020 crash (S&P 500: 33.7%) and 23.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months and 16 months after the lows. Its ten largest positions make up 2.9% of the fund, out of 528 in all.
The short version
iShares MSCI USA Size Factor ETF (SIZE) is a BlackRock index fund that tracks the MSCI USA Low Size Index. That index takes the MSCI USA Index of large and mid-sized US companies and reweights it so the smaller companies count for more. The result is a very spread-out portfolio: as of July 31, 2026, its 10 largest holdings made up under 3% of assets. Its 0.15% expense ratio is below the 0.22% peer average, but EUSA charges 0.09%.
Price history
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SIZE +12.2% 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 | |
|---|---|---|---|---|---|---|
| SIZE official prospectus, to Dec 31, 2024 | — | +14.07% | — | +10.47% | +10.38% | — |
| MSCIUSA Index index, same period | — | +25.08% | — | +14.56% | +13.08% | — |
| SIZE price data to Oct 27, 2026 | +12.9% | +12.2% | +19.6% | +7.8% | +12.1% | +11.8% |
- Over the year to Oct 27, 2026, SIZE returned +12.2%, 7th of 9 among similar funds.
- Its 5-year annualized return was +7.8% and its 10-year +12.1%.
- In the 2020 COVID crash it fell 39.2% and regained its old high 6.7 months after the low.
- Its worst full calendar year was 2022 (-15.8%); its best was 2019 (+29.0%).
- The deepest fall in its price history was 39.2% (Feb 20, 2020 to Mar 23, 2020), recovered by Oct 12, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.9% | — |
| 2025 | +10.5% | — |
| 2024 | +14.4% | +14.07% |
| 2023 | +17.8% | +17.84% |
| 2022 | -15.8% | -15.84% |
| 2021 | +25.0% | +25.04% |
| 2020 | +16.3% | +16.30% |
| 2019 | +29.0% | +29.06% |
| 2018 | -6.6% | -6.51% |
| 2017 | +18.8% | +18.88% |
| 2016 | +12.2% | +13.32% |
| 2015 | +1.6% | +0.37% |
| 2014 | +16.1% | — |
| 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 39.1% over that stretch · deepest drop along the way 39.2%, back to its old high 6.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 22.8% over that stretch · deepest drop along the way 23.4%, back to its old high 16.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.7100 | |
| 2025 | $2.4200 | +7.1% |
| 2024 | $2.2600 | +20.9% |
| 2023 | $1.8700 | +2.7% |
| 2022 | $1.8200 | +11.7% |
| 2021 | $1.6300 | +1.9% |
| 2020 | $1.6000 | +21.2% |
| 2019 | $1.3200 | -29.4% |
| 2018 | $1.8700 | +40.6% |
| 2017 | $1.3300 | -1.5% |
| 2016 | $1.3500 | +6.3% |
| 2015 | $1.2700 | +8.5% |
| 2014 | $1.1700 |
What's inside
As of Jul 31, 2026, the fund held 528 securities; the ten largest made up 2.86% of assets.
| Holding | Weight | |
|---|---|---|
| OKTA, INC. | 0.31% | |
| SNOWFLAKE INC. | 0.31% | |
| SHARKNINJA, INC. | 0.30% | |
| DELL TECHNOLOGIES INC. | 0.30% | |
| BEST BUY CO., INC. | 0.28% | |
| NETAPP, INC. | 0.28% | |
| CDW CORPORATION | 0.27% | |
| ILLUMINA, INC. | 0.27% | |
| HEWLETT PACKARD ENTERPRISE COMPANY | 0.27% | |
| TOAST, INC. | 0.27% | |
| DOLLAR TREE, INC. | 0.27% | |
| INTERNATIONAL PAPER COMPANY | 0.26% | |
| GENUINE PARTS COMPANY | 0.26% | |
| EXPEDIA GROUP, INC. | 0.25% | |
| NATERA, INC. | 0.25% |
By country
United States 92.2%Ireland 3.15%Cayman Islands 0.82%Switzerland 0.77%Bermuda 0.61%By asset type
Stocks 99.75%By sector
Sectors of the companies held, for the 64.8% 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 $164K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.15%, +1.65%, +0.19%.
How it works
SIZE starts from the MSCI USA Index, a standard index of US large- and mid-capitalization stocks. In that index, each company is weighted by its market capitalization, which is the total value of its shares. MSCI, the index provider, applies a mathematical formula that raises the weight of the smaller companies in that range and lowers the weight of the largest ones. The result is the MSCI USA Low Size Index, which had 544 stocks as of July 31, 2025.
At each rebalancing, MSCI sets a "constraint factor" for every stock. This is the stock's weight in the low-size index divided by its weight in the parent index. The ratio stays fixed until the next rebalancing, so a stock that rises in price also grows in weight between resets. The index rebalances twice a year. As of July 31, 2026, the fund held 528 stocks. The largest were Okta, Snowflake and SharkNinja, at about 0.3% each.
BlackRock uses "representative sampling," meaning the fund may hold a sample of stocks that together resemble the index rather than every one. At least 80% of assets go into index stocks. The rest may go into futures, cash and similar tools. The fund may lend out up to one-third of its assets. It does not try to beat the index or move to cash when markets fall.
What it really costs
- SIZE charges 0.15% a year, versus an average of 0.22% for the similar funds below (4th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $15 in the first year and $192 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SIZE | $15 | $48 | $85 | $192 |
In a retirement portfolio
It spreads a US stock allocation across more than 500 large and mid-sized companies, giving no single stock more than about 0.3% as of July 31, 2026, unlike a standard market-cap fund where the largest companies dominate.
SIZE could help offset the heavy weight that standard market-cap funds give to the largest companies, but that has cost returns at times. In the prospectus, its 10-year average annual return through December 31, 2024 was 10.38%, against 13.08% for the MSCI USA Index. The fund launched in 2013, so it has no 2008 record. In the 2020 COVID crash it fell 39.2% in about a month, then recovered by October 2020, about 6.7 months later. In the 2022 bear market it dropped 23.4% and took 16.4 months to recover. Its worst calendar year was 2022, at -15.84%. Anyone forced to sell during drops like these would lock in losses.
It yielded 1.36% as of October 27, 2026, paid quarterly. It costs 0.15% a year, or $192 over 10 years on $10,000 in the SEC's standard example. 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 whose core fund is a market-cap index and who want more weight in mid-sized US companies, with no stock above about 0.3%.
- Cost-conscious holders: 0.15% a year is below the 0.22% average of similar funds, about $15 in the first year per $10,000.
- Long-term investors who can sit through deep drops, like the 39.2% fall in early 2020 and the 23.4% decline in 2022.
Look elsewhere if
- Those aiming to match the broad US market: its 10-year return through 2024 trailed the MSCI USA Index, 10.38% versus 13.08% a year.
- Investors focused on cost: EUSA, with 95% holdings overlap, charged 0.09%, and the iShares Morningstar Mid-Cap ETF (IMCB) charged 0.04%.
- Income seekers: the trailing yield was 1.36% as of October 27, 2026, paid quarterly, so this is mainly a growth holding.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SIZE this fund | — | 0.15% | $428.8M | +12.2% | +19.6% |
| EUSA iShares MSCI USA Equal Weighted ETF | 95% | 0.09% | $1.93B | +12.3% | +19.6% |
| GSEW Goldman Sachs Equal Weight U.S. Large Cap E… | 84% | 0.09% | $2.08B | +13.5% | +21.4% |
| RSP Invesco S&P 500® Equal Weight ETF | 83% | 0.2% | $96.47B | +18.9% | +18.3% |
| CFO VictoryShares US 500 Enhanced Volatility Wt… | 74% | 0.37% | $412.4M | +11.2% | +14.9% |
| CFA VictoryShares US 500 Volatility Wtd ETF | 74% | 0.35% | $533.5M | +11.2% | +17.3% |
| DFVE DoubleLine Fortune 500 Equal Weight ETF | 62% | 0.2% | $32.3M | +15.7% | — |
| SSPY Stratified LargeCap Index ETF | 60% | 0.45% | $127.1M | +16.1% | +20.1% |
Questions investors ask
Is SIZE a small-cap ETF?
No. SIZE holds US large- and mid-capitalization stocks from the MSCI USA Index. It simply gives more weight to the smaller companies in that range and less to the largest. The result is a portfolio of 528 stocks as of July 31, 2026, with no single holding above about 0.3%. The top names included Okta, Snowflake, SharkNinja and Dell. Investors looking for true small-cap exposure would need a fund built on a small-cap index.
What's the difference between SIZE and EUSA?
Both are iShares funds built from the MSCI USA Index, but they weight it differently. EUSA gives each stock the same weight. SIZE uses a formula that favors smaller companies within the index. Their holdings overlapped by 95%, and returns were nearly identical as of October 27, 2026: 12.2% versus 12.3% over one year and 19.6% a year for both over three years. EUSA costs less, at 0.09% against 0.15%, and is larger, with $1.93 billion in net assets as of August 31, 2026.
Does SIZE pay dividends?
Yes. SIZE pays dividends quarterly. Over the 12 months to October 27, 2026, it paid $2.46 per share, a yield of 1.36%. That income comes from the dividends of the stocks it holds, so it can change from one payment to the next. The yield is modest because the fund holds a broad mix of companies rather than favoring high dividend payers. It works mainly as a growth holding, not an income fund.
What is SIZE's expense ratio?
SIZE's expense ratio is 0.15% a year, according to its prospectus filed November 21, 2025. In the SEC's standard example, $10,000 invested with a 5% annual return would cost about $15 in fees after one year, $48 after three years, $85 after five and $192 after ten. That is below the 0.22% average for similar funds. Some close alternatives, such as EUSA and GSEW at 0.09%, cost less.
Has SIZE beaten the market?
No. It has trailed the broad market over the standard periods. As of December 31, 2024, the prospectus shows average annual returns of 14.07% over one year, 10.47% over five years and 10.38% over ten years. The MSCI USA Index returned 25.08%, 14.56% and 13.08% over the same periods. This gap reflects the fund's lower weight in the largest companies. Based on price, SIZE returned 12.1% a year over the 10 years through October 27, 2026.