At a glance
SMMV charges 0.2% a year, below the 0.24% average of the 8 funds most like it (the 6th cheapest of 9). It has $289.0M in assets, the 7th largest of that group; it paid 1.57% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +9.7% with distributions reinvested (S&P 500: +11.5%), 8th of those 9 funds; over three years it returned +15.2% a year. At its worst it fell 38.8% in the 2020 crash (S&P 500: 33.7%) and 17.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 19 months after the lows. Its ten largest positions make up 12.8% of the fund, out of 349 in all.
The short version
iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV) is a BlackRock index fund that holds about 349 smaller US companies, chosen and weighted to keep the fund's price swings low. Its 0.20% expense ratio is below the 0.24% average of funds with similar holdings. The trade-off is lower returns: through December 31, 2024, its five-year average annual return was 4.84%, compared with 14.56% for the MSCI USA Index.
Price history
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SMMV +9.7% 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 | |
|---|---|---|---|---|---|---|
| SMMV official prospectus, to Dec 31, 2024 | — | +18.35% | — | +4.84% | — | +8.01% |
| MSCIUSA Index index, same period | — | +25.08% | — | +14.56% | — | +14.62% |
| SMMV price data to Oct 27, 2026 | +8.5% | +9.7% | +15.2% | +6.3% | — | +7.8% |
- Over the year to Oct 27, 2026, SMMV returned +9.7%, 8th of 9 among similar funds.
- Its 5-year annualized return was +6.3%.
- In the 2020 COVID crash it fell 38.8% and regained its old high 10.1 months after the low.
- Its worst full calendar year was 2022 (-10.0%); its best was 2019 (+24.2%).
- The deepest fall in its price history was 38.8% (Feb 20, 2020 to Mar 23, 2020), recovered by Jan 25, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.5% | — |
| 2025 | +6.4% | — |
| 2024 | +18.3% | +18.35% |
| 2023 | +5.7% | +4.97% |
| 2022 | -10.0% | -9.88% |
| 2021 | +16.6% | +16.72% |
| 2020 | -2.9% | -3.05% |
| 2019 | +24.2% | +24.50% |
| 2018 | +1.2% | +1.48% |
| 2017 | — | +13.95% |
| 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 38.7% over that stretch · deepest drop along the way 38.8%, back to its old high 10.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 16.9% over that stretch · deepest drop along the way 17.6%, back to its old high 19.3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5700 | |
| 2025 | $0.7700 | +5.5% |
| 2024 | $0.7300 | -12.0% |
| 2023 | $0.8300 | +43.1% |
| 2022 | $0.5800 | +38.1% |
| 2021 | $0.4200 | -10.6% |
| 2020 | $0.4700 | -20.3% |
| 2019 | $0.5900 | +18.0% |
| 2018 | $0.5000 |
What's inside
As of Jul 31, 2026, the fund held 349 securities; the ten largest made up 12.85% of assets. It also reported 4.18% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Omega Healthcare Investors, Inc. | 1.48% | |
| Pinnacle West Capital Corp. | 1.42% | |
| Agree Realty Corp. | 1.41% | |
| New York Times Co. (The) | 1.32% | |
| RenaissanceRe Holdings Ltd. | 1.32% | |
| Hanover Insurance Group, Inc. (The) | 1.24% | |
| IDACORP, Inc. | 1.20% | |
| CareTrust REIT, Inc. | 1.19% | |
| OGE Energy Corp. | 1.15% | |
| Service Corp. International | 1.14% | |
| Chemed Corp. | 1.05% | |
| Equity LifeStyle Properties, Inc. | 0.99% | |
| FirstCash Holdings, Inc. | 0.96% | |
| Madison Square Garden Sports Corp. | 0.93% | |
| Ensign Group, Inc. (The) | 0.87% |
By country
United States 91.19%Bermuda 4.8%Canada 1.23%Ireland 1.15%Marshall Islands 0.56%By asset type
Stocks 99.01%Other 0.68%Preferred stock 0.02%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $7.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.60%, +4.34%, +2.01%.
How it works
SMMV tracks the MSCI USA Small Cap Minimum Volatility (USD) Index, which is built by the index provider MSCI. MSCI starts with the MSCI USA Small Cap Index. That index weights companies by market value and covers about 14% of the US stock market's free float-adjusted value, which counts only shares that are available to trade. MSCI then uses a rules-based process to pick and weight stocks so the whole portfolio has the lowest expected volatility (the smallest price swings) by MSCI's measures.
The process works within limits. Each stock and sector has a minimum and maximum weight, and there are checks on factors such as trading volume and debt levels. So a stock's weight depends on how its price moves alongside the others, not just on company size. The index is rebuilt every quarter, and each rebuild can replace at most 5% of the portfolio. As of July 31, 2026, the 10 largest positions made up 12.85% of assets. Omega Healthcare Investors led at 1.48%, followed by Pinnacle West Capital and Agree Realty.
BlackRock's adviser, BFA, uses representative sampling. This means it holds a group of stocks that together look like the index, which may not include every index stock. At least 80% of assets go into index stocks. The rest can go into futures, options, swaps and cash. The fund doesn't try to beat the index, and it doesn't move into cash when markets fall. It may lend out securities worth up to one-third of its total assets.
What it really costs
- SMMV charges 0.2% a year, versus an average of 0.24% for the similar funds below (6th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $20 in the first year and $255 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SMMV | $20 | $64 | $113 | $255 |
In a retirement portfolio
It adds small-company US stocks through a strategy that aims for smaller price swings, but it is still an all-stock fund that can fall sharply.
SMMV could add small-company stocks to a portfolio with a strategy aimed at a calmer ride than the small-cap market as a whole. The fund launched in 2016, so it has no record from the 2008 crisis. In the 2020 COVID crash it fell 38.8% between February 20 and March 23, 2020, its deepest drop, and took about 10 months to recover. In the 2022 bear market it lost 17.6% and needed about 19 months to regain its peak, which it reached on May 9, 2024. Its worst calendar year was 2022, at -9.88%. A retiree who had to sell shares in early 2020 would have locked in heavy losses. Its trailing yield was 1.57% as of October 27, 2026, paid quarterly, which makes it a modest source of income. The expense ratio is 0.20%. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want small-company exposure tilted toward steadier stocks, with top holdings such as Omega Healthcare Investors, Pinnacle West Capital and Agree Realty.
- Cost-conscious investors comparing low-volatility small-cap funds: SMMV's 0.20% expense ratio is below HSMV's 0.80% and SIXL's 0.47%.
- Holders who accept lagging in strong rallies in exchange for smaller swings; one-year volatility was 9.4% as of October 27, 2026.
Look elsewhere if
- Investors focused on growth: its five-year average annual return through 2024 was 4.84%, compared with 14.56% for the MSCI USA Index.
- Those wanting the lowest cost: mid-cap index funds with overlapping holdings, such as SPMD (0.03%) and IJH (0.05%), charge much less.
- Anyone expecting dependable downside protection: despite its low-volatility aim, SMMV fell 38.8% in early 2020 and needed about 10 months to recover.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SMMV this fund | — | 0.2% | $289.0M | +9.7% | +15.2% |
| HSMV First Trust Horizon Managed Volatility Smal… | 31% | 0.8% | $35.2M | +5.2% | +11.7% |
| SIXL ETC 6 Meridian Low Beta Equity ETF | 30% | 0.47% | $204.2M | +11.0% | +12.1% |
| FSMD Fidelity Small-Mid Multifactor ETF | 26% | 0.16% | $2.50B | +15.5% | +20.0% |
| IVOO Vanguard S&P Mid-Cap 400 ETF | 24% | 0.07% | $5.87B | +12.0% | +18.0% |
| SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 23% | 0.03% | $18.39B | +15.3% | +16.6% |
| IJH iShares Core S&P Mid-Cap ETF | 23% | 0.05% | $124.33B | +15.3% | +16.6% |
| MDY SPDR S&P Midcap 400 ETF Trust | 23% | 0.24% | $28.05B | +14.9% | +16.3% |
Questions investors ask
Is SMMV good for retirement?
It can play a supporting role, but it isn't a safe haven. SMMV may suit retirement investors who want some small-company stocks through a strategy aimed at smaller price swings. It is still an all-stock fund. It fell 38.8% in early 2020, and in 2022 it dropped 17.6% and took about 19 months to recover. Its yield was 1.57% as of October 27, 2026, so its income is modest. Funds like this are often held alongside broader stock and bond holdings.
Does SMMV pay monthly dividends?
No. SMMV pays dividends quarterly. Over the 12 months to October 27, 2026, it paid about $0.73 per share, which works out to a trailing yield of 1.57%. The payout comes from dividends paid by the smaller US companies it holds, after the fund's 0.20% expense ratio. The amount isn't fixed. It can rise or fall from quarter to quarter as those companies change their dividends.
What is the expense ratio of SMMV?
SMMV's expense ratio is 0.20%, according to its prospectus filed November 21, 2025. In the SEC's standard example, a $10,000 investment earning 5% a year would cost about $20 in the first year, $113 over five years and $255 over ten years. That is below the 0.24% average for funds with similar holdings. It is above plain mid-cap index funds such as IJH at 0.05% and SPMD at 0.03%.
SMMV vs HSMV: what's the difference?
The main differences are cost, size and recent returns. Both funds aim for calmer smaller-company stocks, and about 31% of their holdings overlap. SMMV tracks an MSCI minimum-volatility index and charges 0.20% a year. The First Trust Horizon Managed Volatility Small/Mid ETF (HSMV) charges 0.80%. As of October 27, 2026, SMMV returned 9.7% over one year and 15.2% a year over three years. HSMV returned 5.2% and 11.7%. SMMV is also much larger, with about $289 million in net assets versus about $35 million.
Has SMMV kept up with the stock market?
No, not over longer periods. Through December 31, 2024, SMMV's five-year average annual return was 4.84%, compared with 14.56% for the MSCI USA Index, a broad measure of US stocks. Since its 2016 launch, the fund averaged 8.01% a year, while the index averaged 14.62%. The prospectus warns that low-volatility strategies may lag when stock prices are rising strongly. In 2024, for example, the fund returned 18.35% and the index gained 25.08%.