Such is the case with the iShares MSCI USA Value Factor ETF (VLUE), which is up over 40% for the year. Featuring a competitive 0.15% expense ratio, VLUE delivers enhanced factor exposure with passive ETF tax efficiency. First and foremost, a low price-to-book value ratio identifies deeply undervalued companies relative to their balance sheet assets. Maintaining a highly concentrated approach with just 152 total holdings, VLUE places 42.5% of its capital in its top 10 positions. This results in an effective number of holdings of 21 and an effective holdings ratio of 0.14.