ETF Evaluator:
iShares MSCI USA Quality GARP ETF (GARP)
Follow This ETF
(as of Jul 31)
Best Performing in Large Growth Over the Last Year
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ETF Details
iShares MSCI USA Quality GARP ETF Overview
iShares MSCI USA Quality GARP ETF (GARP) is a passively managed U.S. Equity Large Growth exchange-traded fund (ETF). iShares launched the ETF in 2020.
The investment seeks to track the investment results of MSCI USA Quality GARP Select Index which is designed to measure the performance of the large- and mid‑capitalization segments of the U.S. equity market, as defined by the index provider.
The fund generally will invest at least 80% of its assets in the component securities of its underlying index and may invest up to 20% of its assets in certain futures, options and swap contracts, cash and cash equivalents. The fund is non-diversified.
About iShares MSCI USA Quality GARP ETF (GARP)
There are 4 members of the management team with an average tenure of 2.55 years: Jennifer Hsui (2020), Peter Sietsema (2025), Matt Waldron (2025) and Steven White (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: MSCI USA GR USD index with a weighting of 100% and MSCI USA Quality GARP Select NR USD index with a weighting of 100%. iShares MSCI USA Quality GARP ETF has 135 securities in its portfolio. The top 10 holdings constitute 43.8% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
iShares MSCI USA Quality GARP ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. iShares MSCI USA Quality GARP ETF has 1.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.5% There is 1.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). iShares MSCI USA Quality GARP ETF has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $2 billion in total assets, which is below the $8 billion average for the Large Growth category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
GARP Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The iShares MSCI USA Quality GARP ETF expense ratio is low compared to funds in the Large Growth category. iShares MSCI USA Quality GARP ETF has an expense ratio of 0.15%, which is 70% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. iShares MSCI USA Quality GARP ETF has a portfolio turnover rate of 67%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 74% for the Large Growth category.
Recently, in the month of June 2026, iShares MSCI USA Quality GARP ETF returned 0.9%, which earned it a grade of B, as the Large Growth category had an average return of -0.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
iShares MSCI USA Quality GARP ETF has a trailing yield of 0.26%, which is below the 0.47% category average.
The fund normally distributes its income quarterly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
iShares MSCI USA Quality GARP ETF Grades
Year to date, the ETF has returned 21.4%, 10.5 percentage points better than the category, which translates into a grade of A. The fund has returned 37.2% over the past year (grade of A), 31.5% over the past three years (grade of A) and 19.1% per year over the past five years (grade of A).
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GARP Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| GARP Return (NAV) | 0.9% | 29.1% | 37.2% | 31.5% | 19.1% | na |
| GARP Return (Price) | 0.8% | 29.1% | 37.1% | 31.4% | 19.1% | na |
| NAV +/- Price Return | 0.085% | 0.006% | 0.106% | 0.052% | 0.009% | na |
| Large Growth Avg | -0.6% | 20.4% | 20.8% | 22.9% | 11.4% | 16.7% |
| GARP Grade (NAV) | B | A | A | A | A | na |
| +/- Category (NAV) | 1.5% | 8.8% | 16.5% | 8.6% | 7.8% | na |
| GARP Tax-Cost Ratio | na | na | 0.1% | 0.1% | 0.2% | na |
GARP Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| GARP Return (NAV) | 21.4% | 21.6% | 37.3% | 42.8% | -26.7% | 28.0% | na | na | na | na | na |
| GARP Return (Price) | 21.4% | 21.5% | 37.4% | 42.9% | -26.7% | 28.0% | na | na | na | na | na |
| NAV +/- Price Ret | -0.003% | -0.004% | 0.003% | 0.003% | 0.001% | -0.002% | na | na | na | na | na |
| Large Growth Avg | 10.9% | 16.8% | 30.4% | 38.6% | -30.8% | 21.3% | 37.6% | 33.1% | -2.0% | 28.2% | 5.0% |
| GARP Grade (NAV) | A | A | A | B | B | B | na | na | na | na | na |
| +/- Category | 10.5% | 4.8% | 6.9% | 4.2% | 4.0% | 6.7% | na | na | na | na | na |
| Risk Measures | |
| Beta: | 1.29 |
| R-Squared: | 88% |
| Standard Deviation: | 17.9% |
| Category Risk Index: | 0.99 |
| Category Risk Rating: | Above Average |
| Total Risk Index: | 1.47 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 0.3% |
| Total Assets: | $ 2,518 Mil |
| Share Class Assets: | $ 2,518 Mil |
| Turnover: | 67.0% |
| Expense Ratio: | 0.15% |
| Index Fund: | Yes |
| Index Tracked: | MSCI USA GR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 6.5 years | |||
| Average Tenure: 2.6 years | |||
| Managers (Year): Hsui Jennifer (2020), Sietsema Peter (2025), Waldron Matt (2025), White Steven (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 135 |
| % in Top 10 Holdings: | 43.8% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 1.5% |
Portfolio Allocation |
|
| Domestic Stock: | 98.5% |
| Foreign Stock: | 1.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | iShares |
| Phone Number: | 800-474-2737 |
| Website: | au.ishares.com |
| Inception Date: | January 14, 2020 |
Expenses and Fees
| Expense Ratio (%): | 0.15% (Rating: Low) |
| Category Average Expense Ratio (%): | 0.50% |
