BlackRock deepened its relationship the Arizona State Retirement System on Thursday by launching iShares MSCI USA Quality Factor ETF (NYSEArca: QUAL).

The new ETF tracks an index designed by MSCI comprised of large and mid-cap stocks that are selected based on three fundamental factors: return on equity, earnings variability and debt-to-equity.

QUAL has an expense ratio of 0.15% and 124 holdings. [A Look at Factor-Based ETFs]

The fund joins the iShares lineup of factor ETFs that includes iShares MSCI USA Size Factor ETF (NYSEArca: SIZE), iShares MSCI USA Value Factor ETF (NYSEArca: VLUE) and iShares MSCI USA Momentum Factor ETF (NYSEArca: MTUM).