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Wednesday, August 19, 2026The Morning Brief →Sign in
SMLFISharesINDEX

iShares MSCI USA Small-Cap Multifactor ETF

$89.84+0.85% today
709152-WK

The fund will invest at least 80% of its assets in the component securities of its index and in investments that have economic characteristics that are substantially identical to the component securities of its index and may invest up to 20% of its assets in certain futures, options and swap contracts, cash and cash equivalents. The index is designed to select equities from the MSCI USA Small Cap Index that have high exposure to four investment style factors: value, quality, momentum and low size, maintaining a level of risk similar to that of the parent index.

Price & daily flows
89.588.086.589.84DAILY NET FLOWJul 20Jul 29Aug 10Aug 19

SOURCE: MARKET TAPE & DAILY CREATION/REDEMPTION RECORDS · 1M SHOWN · NET +$44M OVER THIS RANGE

The desk’s read

Money keeps arriving — +$44M of net buying over the past month, about 1.0% of the fund's asset base, while the price has returned +18.4% so far this year. At 0.15% a year it is not the cheapest way in — IJH runs the same ground at 0.05%.

COMPOSED FROM THE FUND’S OWN DAILY RECORDS · UPDATED WITH EACH REFRESH

$4.3Bassets under management
0.15%expense ratio · $15 per $10,000 a year
+$44Mnet flow, trailing month
141Kavg daily volume, 30 days
862holdings · US-domiciled
2015listed April 27, 2015 · beta 1.14
The book at a glance
MRNA+145.6%EME-2.1%IBKR+0.1%NVT-5.0%FLEX-5.4%JBL-4.4%NTRA+2.5%WSM+0.2%ALAB-6.3%P-4.3%TPR+0.0%CRDO-6.2%MLI-2.0%THC+0.4%RS-5.4%RVMD-1.4%BPOP-2.6%GH+1.0%MEDP+2.7%ATI-4.9%AXSM+1.8%EWBC-3.2%IDA-0.6%CRS-3.9%HALO+2.2%SN-1.8%HAS+0.2%STRL-3.7%UTHR+1.7%RGLD+6.7%EVR+0.3%CW-3.3%INSM-0.4%ITT-2.8%BBIO+1.1%CR-2.2%APA+3.2%AM-1.1%NTNX-0.4%R

CELL SIZE IS PORTFOLIO WEIGHT · COLOR IS TODAY’S MOVE · TOP 40 POSITIONS

HoldingsDownload CSV
#HoldingWeightPriceDay52-wk
1MRNAMODERNA0.41%$154.60+145.6%
2EMEEMCOR GROUP0.98%$806.55-2.1%
3IBKRINTERACTIVE BROKERS0.85%$90.64+0.1%
4NVTNVENT ELECTRIC0.88%$156.49-5.0%
5FLEXFLEX0.85%$113.76-5.4%
6JBLJABIL0.84%$323.92-4.4%
7NTRANATERA0.69%$321.24+2.5%
8WSMWILLIAMS SONOMA0.61%$242.67+0.2%
9ALABASTERA LABS INC0.69%$284.58-6.3%
10PEverpure0.57%$112.36-4.3%
11TPRTAPESTRY0.53%$132.28+0.0%
12CRDOCREDO TECHNOLOGY GROUP HOLDING0.67%$230.64-6.2%
13MLIMUELLER INDUSTRIES0.56%$63.19-2.0%
14THCTENET HEALTHCARE0.52%$271.35+0.4%
15RSRELIANCE STEEL & ALUMINUM0.57%$398.21-5.4%

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Sector weights
Industrials19.69%
Information Technology17.37%
Financials16.22%
Health Care14.22%
Consumer Discretionary11.02%
Real Estate4.87%
Energy4.26%
Materials4.11%
Communication3.1%
Consumer Staples2.84%
PORTFOLIO COMPOSITION, LATEST DISCLOSURE
Country weights
United States98.37%
Israel0.68%
Brazil0.36%
Panama0.19%
Bermuda0.08%
Sweden0.06%
United Kingdom0.05%
PORTFOLIO COMPOSITION, LATEST DISCLOSURE
Performance
1 week-0.4%
1 month+3.9%
3 months+9.9%
6 months+13.9%
YTD+18.4%
1 year
3 years

PRICE RETURN, DISTRIBUTIONS NOT REINVESTED

Net flows
1 week+$111K
1 month+$44M
3 months+$279M
YTD+$824M
1 year+$1.5B

CREATION/REDEMPTION DOLLARS, DAILY RECORDS

Monthly net flows
AugSepOctNovDecJanFebMarAprMayJulAug
DAILY CREATION/REDEMPTION RECORDS, TRAILING TWELVE MONTHS
The risk read
16%realized volatility, 30 days (annualized)
17%realized volatility, 1 year
-8.9%deepest fall from a peak, 1 year
-0.9%where it sits vs. that peak today

The top holding is 1.0% of the book; the top ten carry 8%. Spread across 250+ names, it behaves like roughly 191 equally-weighted positions.

VOLATILITY & DRAWDOWN FROM THE DAILY TAPE · CONCENTRATION FROM THE LATEST DISCLOSED BOOK

Options tape
calls today
puts today
put/call ratio
91Kshares traded
Most-traded holdings, options premiumBullishBearish
MRNA MODERNA$317M$284M
TLN Talen$11M$31M
ALAB ASTERA LABS INC$17M$13M
ASTS AST SPACEMOBILE$13M$13M
CRDO CREDO TECHNOLOGY GROUP HOLDING$10M$14M

TODAY’S OPTIONS PREMIUM IN THE FUND’S UNDERLYING NAMES

The case against SMLF

Due diligence cuts both ways. These funds sit on the same shelf and beat SMLF on at least one dimension that matters — the fee, the asset base, or where the money is going.

FundFeeAssetsFlow, 1MThe case
IJH iShares Core S&P Mid-Cap ETF0.05%$128.4B+$547M-10bp on fee · 30× the assets · +$547M in over the monthHead-to-head
IDEV iShares Core MSCI International Developed Markets ETF0.04%$32.7B+$104M-11bp on fee · 8× the assets · +$104M in over the monthHead-to-head
IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF0.04%$23.4B+$520M-11bp on fee · 5× the assets · +$520M in over the monthHead-to-head
IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF0.04%$18.7B+$312M-11bp on fee · 4× the assets · +$312M in over the monthHead-to-head
IEFA iShares Core MSCI EAFE ETF0.07%$195.3B+$631M-8bp on fee · 46× the assets · +$631M in over the monthHead-to-head
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InstrumentsHarvest substitutesTrade cost at $1MClient tearsheetStress this fund
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