MLRG — iShares Morningstar U.S. Equity ETF
Data updated: 2026-09-25
MLRG — iShares Morningstar U.S. Equity ETF. 0.03% expense ratio · since 2004. Holdings, fees, performance and SEC filings.
MLRG Fund Overview
MLRG — iShares Morningstar U.S. Equity ETF is a US ETF managed by iSHARES TRUST, categorised as United States Large Cap Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US ETF
- Manager: iSHARES TRUST
- Category: United States Large Cap Blend / Core Equity
- Assets under management: $1.27B
- 1-year return: 19.1%
- Ticker: MLRG
- SEC CIK: 0001100663
- SEC series ID: S000004367
- Share class ID: C000012097
MLRG Investment Objective and Strategy
iShares Morningstar U.S. Equity ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by iSHARES TRUST.
Investment objective
The iShares Morningstar Large-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities.
Principal investment strategy
The Fund seeks to track the investment results of the Morningstar Large Core Index SM (the Underlying Index), which measures the performance of stocks issued by large-capitalization companies that have exhibited average growth and value characteristics, as determined by Morningstar, Inc.'s (Morningstar or the Index Provider) proprietary index methodology. Underlying Index constituents are drawn from the pool of stocks issued by U.S.-domiciled companies that trade publicly on the New York Stock Exchange (NYSE), the NYSE Amex Equities or The NASDAQ Stock Market. The Morningstar index methodology defines large-capitalization stocks as those stocks that form the top 70% of the market capitalization of the stocks eligible to be included in the Morningstar US Market Index SM (a diversified broad market index that represents approximately 97% of the market capitalization of publicly-traded U.S.
stocks). Stocks are then designated as core, growth or value based on their style orientations. Stocks of companies with, for example, relatively higher than average historical and forecasted earnings, sales, equity and cash flow growth are designated as growth securities. Stocks of companies with, for example, relatively low valuations based on price-to-book ratios, price-to-earnings ratios and other factors are designated as value securities. Stocks that are not designated as growth or value securities are designated as core securities. The stocks in the Underlying Index are weighted according to the total number of shares that are publicly owned and available for trading. As of April 30, 2018, a significant portion of the Underlying Index is represented by securities of companies in the healthcare, industrials and technology industries or sectors.
The components of the Underlying Index are likely to change over time. BFA uses a passive or indexing approach to try to achieve the Funds investment objective. Unlike many investment companies, the Fund does not try to beat the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. BFA uses a representative sampling indexing strategy to manage the Fund. Representative sampling is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index.
The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the securities in the Underlying Index. The Fund generally invests at least 90% of its assets in securities of the Underlying Index and in depositary receipts representing securities of the Underlying Index. The Fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index.
The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any collateral received). The Underlying Index is sponsored by Morningstar, which is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S.
government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.
MLRG Holdings
Top 10 holdings of iShares Morningstar U.S. Equity ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| NVIDIA Corp. | 7.20% |
| Apple, Inc. | 6.94% |
| Microsoft Corp. | 5.29% |
| Amazon.com, Inc. | 4.08% |
| Alphabet, Inc. | 3.19% |
| Broadcom, Inc. | 2.77% |
| Alphabet, Inc. | 2.57% |
| Meta Platforms, Inc. | 1.86% |
| Berkshire Hathaway, Inc. | 1.45% |
| JP Morgan Chase & Company | 1.45% |
MLRG Portfolio Allocation
Asset-class allocation of iShares Morningstar U.S. Equity ETF by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 99.8% |
| Cash & Equivalents | 0.4% |
MLRG Performance
Total returns for MLRG (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 10.12% |
| 1 year | 19.11% |
| 3 years (annualised) | 19.36% |
| 5 years (annualised) | 12.27% |
MLRG Risk Information
Risk metrics for MLRG, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 13.37%
MLRG Costs and Fees
MLRG costs about $3 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.03%
- Gross expense ratio: 0.03%
- Portfolio turnover: 8%
- Brokerage commissions: 0.05 bps of average net assets (SEC N-CEN)
MLRG Cashflows
Over the 12 months to 2026-04, iShares Morningstar U.S. Equity ETF had net inflows of $8.81M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-04 | −$9.39M |
| 2026-03 | $14.03M |
| 2026-02 | −$18.97M |
| 2026-01 | $0 |
| 2025-12 | $4.71M |
| 2025-11 | −$4.52M |
MLRG Debt Constituents
No individual debt constituents are reported in iShares Morningstar U.S. Equity ETF's latest SEC N-PORT filing.
MLRG Prospectus and SEC Filings
Official iShares Morningstar U.S. Equity ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-08-21
- Prospectus (485BPOS) — filed 2025-08-25
- Prospectus (485BPOS) — filed 2024-08-27
- Portfolio holdings (N-PORT) — filed 2026-09-25
- Portfolio holdings (N-PORT) — filed 2026-06-24
- Portfolio holdings (N-PORT) — filed 2026-03-27
- Annual census (N-CEN) — filed 2025-07-11
- Annual census (N-CEN) — filed 2024-07-12
Related Funds
Other United States Large Cap Blend / Core Equity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.