ETF Evaluator:
iShares Morningstar Value ETF (ILCV)
Follow This ETF
(as of Jul 30)
Best Performing in Large Value Over the Last Year
| 80.0% | iShares MSCI USA Value Factor ETF (VLUE) |
| 37.2% | Invesco S&P S&P 500 Concentrated QVM ETF (QVMT) |
| 36.6% | SEI QiM U.S. Lrg Cap Value Actv ETF (SEIV) |
| 35.3% | Avantis US Large Cap Value ETF (AVLV) |
| 35.1% | LSV Disciplined Value ETF (LSVD) |
Risk
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Risk
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ETF Details
iShares Morningstar Value ETF Overview
iShares Morningstar Value ETF (ILCV) is a passively managed U.S. Equity Large Value exchange-traded fund (ETF). iShares launched the ETF in 2004.
The investment seeks to track the investment results of the Morningstar® U.S. Large-Mid Cap Broad Value IndexSM composed of large-and mid-capitalization U.S. equities that exhibit value characteristics.
The fund will invest at least 80% of its assets in the component securities of its underlying index and in investments that have economic characteristics that are substantially identical to the component securities of its underlying index. The underlying index measures the performance of U.S. stocks issued by large-mid capitalization companies that have exhibited above-average “value” characteristics as determined by Morningstar’s proprietary index methodology.
About iShares Morningstar Value ETF (ILCV)
There are 4 members of the management team with an average tenure of 4.40 years: Jennifer Hsui (2012), 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: Morningstar US Market TR USD index with a weighting of 100% and Morningstar US LM Brd Value TR USD index with a weighting of 100%. iShares Morningstar Value ETF has 380 securities in its portfolio. The top 10 holdings constitute 32.7% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
iShares Morningstar Value ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. iShares Morningstar Value ETF has 0.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.0% There is 0.8% 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 Morningstar Value ETF has 0.2% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is below the $5 billion average for the Large Value 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.
ILCV 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 Morningstar Value ETF expense ratio is low compared to funds in the Large Value category. iShares Morningstar Value ETF has an expense ratio of 0.04%, which is 89% 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 Morningstar Value ETF has a portfolio turnover rate of 22%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 41% for the Large Value category.
Recently, in the month of June 2026, iShares Morningstar Value ETF returned -0.3%, which earned it a grade of D, as the Large Value category had an average return of 1.1%. 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 Morningstar Value ETF has a trailing yield of 1.62%, which is below the 1.74% category average.
The fund normally distributes its income quarterly and its capital gains annually.
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 Morningstar Value ETF Grades
Year to date, the ETF has returned 8.1%, 3.7 percentage points worse than the category, which translates into a grade of F. The fund has returned 23.5% over the past year (grade of B), 17.4% over the past three years (grade of C) and 11.8% per year over the past five years (grade of C) and 11.6% per year over the past 10 years (grade of D).
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ILCV 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 |
|
| ILCV Return (NAV) | -0.3% | 9.2% | 23.5% | 17.4% | 11.8% | 11.6% |
| ILCV Return (Price) | -0.3% | 9.1% | 23.5% | 17.4% | 11.8% | 11.6% |
| NAV +/- Price Return | -0.016% | 0.045% | -0.014% | 0.017% | 0.015% | -0.015% |
| Large Value Avg | 1.1% | 9.8% | 22.0% | 16.7% | 11.0% | 12.2% |
| ILCV Grade (NAV) | D | C | B | C | C | D |
| +/- Category (NAV) | -1.4% | -0.7% | 1.5% | 0.7% | 0.8% | -0.7% |
| ILCV Tax-Cost Ratio | na | na | 0.5% | 0.5% | 0.5% | 0.7% |
ILCV Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ILCV Return (NAV) | 8.1% | 18.8% | 17.1% | 14.4% | -7.0% | 26.6% | -0.8% | 25.3% | -6.1% | 14.8% | 18.5% |
| ILCV Return (Price) | 8.1% | 18.8% | 17.0% | 14.5% | -7.0% | 26.7% | -0.8% | 25.2% | -6.2% | 15.0% | 18.5% |
| NAV +/- Price Ret | -0.002% | 0.001% | -0.005% | 0.007% | 0.007% | 0.005% | -0.021% | -0.5% | 1.7% | 1.3% | 0.0% |
| Large Value Avg | 11.9% | 14.8% | 15.5% | 13.1% | -6.5% | 26.7% | 5.4% | 27.4% | -6.6% | 17.7% | 15.7% |
| ILCV Grade (NAV) | F | A | B | B | C | C | F | D | C | F | A |
| +/- Category | -3.7% | 4.0% | 1.6% | 1.3% | -0.5% | -0.1% | -6.2% | -2.0% | 0.5% | -2.9% | 2.8% |
| Risk Measures | |
| Beta: | 0.76 |
| R-Squared: | 76% |
| Standard Deviation: | 11.3% |
| Category Risk Index: | 0.93 |
| Category Risk Rating: | Low |
| Total Risk Index: | 0.93 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 1.6% |
| Total Assets: | $ 1,266 Mil |
| Share Class Assets: | $ 1,266 Mil |
| Turnover: | 22.0% |
| Expense Ratio: | 0.04% |
| Index Fund: | Yes |
| Index Tracked: | Morningstar US Market TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 13.8 years | |||
| Average Tenure: 4.4 years | |||
| Managers (Year): Hsui Jennifer (2012), Sietsema Peter (2025), Waldron Matt (2025), White Steven (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 380 |
| % in Top 10 Holdings: | 32.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.8% |
Portfolio Allocation |
|
| Domestic Stock: | 99.0% |
| Foreign Stock: | 0.8% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.2% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | iShares |
| Phone Number: | 800-474-2737 |
| Website: | au.ishares.com |
| Inception Date: | June 28, 2004 |
Expenses and Fees
| Expense Ratio (%): | 0.04% (Rating: Low) |
| Category Average Expense Ratio (%): | 0.37% |
