AFLG vs ILCV: Grades, Fees and Holdings Compared

First Trust Active Factor Large Cap ETF

AFLGCNYSE Arca

iShares Morningstar Value ETF

ILCVANYSE Arca

Overlap

39.0%by weight

Expense ratio

ILCV −0.51pt a year

AFLG0.55%ILCV0.04%

Avg volume · 30D

AFLG 4.5×the volume

AFLG110KILCV24.4K

5Y return · a year

ILCV +0.9pt

AFLG+11.7%ILCV+12.6%

AFLG vs ILCV Performance

Oct 29, 2021 – Oct 30, 2026

+73.8%AFLG+81.1%ILCV

Expense ratio: AFLG 0.55%; ILCV 0.04%, better
Fund size: AFLG $920M; ILCV $1.37B
1Y total return: AFLG +14.1%; ILCV +21.0%, better
Yield (12M): AFLG 0.71%; ILCV 1.51%, better
Holdings: AFLG 216; ILCV 375
Avg volume (30D): AFLG 110K sh, better; ILCV 24.4K sh
NAV per share: AFLG $44.25; ILCV $109.27
52W range

ETF.net Grade

Pillar letters and Scores for AFLG, ILCV, with each pillar’s weight
Pillar	AFLG	ILCV
Cost30% weight	F22	A99Higher
Mission25% weight	A79	A82Higher
Risk15% weight	B65	A90Higher
Tradability15% weight	B64	B64
Holdings10% weight	C41Higher	D39
Durability5% weight	B60	A82Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. AFLG and ILCV are both graded against the same 99 US Multifactor funds, so their Grades compare head to head.

US Multifactor⁠

Category · 99 funds

See all 99 ›

ILCV ranks 2nd and AFLG 56th of 99 funds in the US Multifactor Category.

Rank 1AVONVVanguard Russell 1000 Value ETFScore 85
Rank 2AILCViShares Morningstar Value ETFScore 81
Rank 2AVYMVanguard High Dividend Yield ETFScore 81
Rank 53BSEUSSEI QiM U.S. Equity Factor Allocation Active ETFScore 53
Rank 56CAFLGFirst Trust Active Factor Large Cap ETFScore 52
Rank 56CAUSFGlobal X Adaptive U.S. Factor ETFScore 52

Our read on each fund

ETF.net Research

AFLGCFirst Trust Active Factor Large Cap ETF

ILCVAiShares Morningstar Value ETF

In short

AFLG Four factors (value, quality, momentum, low volatility) blended into one US large-cap portfolio, run by an active manager tuning risk against the S&P 500 instead of following a frozen index recipe. Roughly 250 names.

ILCV Value done the thorough way: roughly 400 large- and mid-cap US stocks screened on five separate value measures, not just cheap book value. Running since 2004 at four basis points, it's one of the cheapest tickets into the value factor.

Stated mandate

AFLG The fund seeks capital appreciation. It normally invests at least 80% of assets in U.S.-listed equity securities of large-capitalization companies and uses active risk management with a quantitative multi-factor approach.

ILCV The fund seeks to track an index of U.S. large- and mid-cap stocks selected with value-oriented measures including forward earnings, book value, sales, cash flow, and dividend yield.

Why people hold it

AFLG Four factor bets in one ticket: value, quality, momentum and low volatility, combined in a single large-cap sleeve rather than four separate funds you have to weight yourself.ftportfolios.com
Actively managed with a quantitative process, so factor tilts and risk can be adjusted between reconstitution dates instead of waiting on an index calendar. The S&P 500 is the yardstick.ftportfolios.com
Roughly 250 US large caps, at least 80% of assets in that mandate, and quarterly distributions. The portfolio has stuck closely to the multi-factor large-cap job it advertises.

ILCV Charges 0.04% a year against a 0.32% median for its factor peer group. Undercuts well-regarded rivals like VONV (0.06%) and FNDX (0.25%).
Value gets defined five ways: forward earnings, book value, sales, cash flow and dividend yield. Wider lens than a single price-to-book screen.ishares.com
Spreads the bet across about 400 large- and mid-cap names and distributes quarterly.
Trading since 2004 and now a multi-billion-dollar fund, it ranks among the strongest implementations in its factor cohort.

Worth knowing

AFLG At 0.55% a year it costs more than the typical multi-factor large-cap fund, and multiples of index-built peers like FNDX (0.25%) or VONV (0.06%).
Active means the factor mix is the manager's call, not a published rulebook you can audit line by line before you buy.
Moderately traded rather than a category heavyweight, so limit orders are the friendlier way in and out.

ILCV One of the quieter tickers in its category. Thin volume means spreads matter more here than on a mega-cap index fund, and limit orders are the usual tool.
Value-only by design. It skips the market's priciest growth leaders, so it moves differently from a total-market fund in both directions.ishares.com
Large and mid caps only. Small-cap value sits outside the mandate.

Full AFLG profile⁠

Full ILCV profile⁠

AFLG vs ILCV Holdings

How AFLG and ILCV differ

Overlap by weight

39.0%

Shared holdings make up 69.1% of AFLG and 55.1% of ILCV.

Level by level

Holdings136 in both39.0%
Sector11 Sectors80.0%
Countryby domicile99.4%
Asset classEquity100%

Sector

Sector weights in AFLG and ILCV, widest gap first
Sector	More in AFLGMore in ILCV	AFLG	ILCV
Technology	AFLG +16.7 points	40.6%	23.9%
Financials	ILCV +8.1 points	9.6%	17.7%
Health Care	ILCV +5.9 points	7.5%	13.4%
Consumer Staples	ILCV +4.7 points	2.6%	7.3%
Materials	AFLG +1.5 points	3.6%	2.1%
Consumer Discretionary	ILCV +0.7 points	7.9%	8.6%
Energy	ILCV +0.6 points	6.0%	6.6%
Industrials	AFLG +0.6 points	7.5%	6.9%
Communication	AFLG +0.5 points	9.3%	8.8%
Real Estate	AFLG +0.4 points	2.1%	1.7%
Utilities	AFLG +0.2 points	3.2%	3.0%

Country, concentration and asset class

Country by domicile

Country weights in AFLG and ILCV, widest gap first
Country	More in AFLGMore in ILCV	AFLG	ILCV
United States	ILCV +0.2 points	99.0%	99.2%
Switzerland	AFLG +0.2 points	0.6%	0.4%
China	AFLG +0.4 points	0.5%	0.1%
Brazil	ILCV +0.1 points	0.0%	0.1%
United Kingdom	ILCV +0.1 points	0.0%	0.1%
Ireland	ILCV +0.1 points	0.0%	0.1%

Concentration

Weight in the 10 largest Holdings

AFLG32.2%
ILCV34.4%

Securities held

AFLG215
ILCV372

Asset class

AFLG: Equity
ILCV: Equity

Holdings

Only in AFLG79
In both136
Only in ILCV236

Only in AFLG

79 securities, 30.8% of AFLG by weight

NVIDIA Corporation7.35%
Broadcom Inc.2.26%
HF Sinclair Corp.1.05%
Match Group Inc.0.78%
Lam Research Corporation0.77%
Seagate Technology Holdings Plc0.65%
Applied Materials, Inc.0.65%
Cboe Global Markets, Inc.0.64%
APA Corporation0.61%
W.W. Grainger, Inc.0.59%
Universal Health Services, Inc. (Class B)0.53%
Lamar Advertising Company0.53%
Host Hotels & Resorts, Inc.0.50%
Best Buy Co., Inc.0.45%
Masco Corporation0.42%
Ralph Lauren Corporation0.40%
KLA Corporation0.39%
Advanced Micro Devices, Inc.0.36%
EPAM Systems, Inc.0.36%
Globe Life Inc.0.36%
Gaming and Leisure Properties, Inc.0.36%
Fortinet, Inc.0.35%
Comfort Systems USA, Inc.0.35%
Jones Lang LaSalle Incorporated0.34%
Cintas Corporation0.34%
Gartner, Inc.0.33%
A.O. Smith Corporation0.33%
DaVita Inc.0.32%
Toll Brothers, Inc.0.30%
DocuSign, Inc.0.30%
Mueller Industries, Inc.0.29%
BorgWarner Inc.0.28%
LKQ Corporation0.28%
Eli Lilly and Company0.26%
Gen Digital Inc.0.26%
C.H. Robinson Worldwide, Inc.0.25%
Zebra Technologies Corporation0.24%
EMCOR Group, Inc.0.24%
Natera, Inc.0.23%
Jabil Inc.0.22%
Datadog, Inc. (Class A)0.21%
Amphenol Corporation0.21%
Twilio Inc. (Class A)0.21%
UL Solutions Inc. (Class A)0.21%
Cummins Inc.0.20%
Unum Group0.20%
Versigent Plc0.20%
Pentair plc0.20%
Rollins, Inc.0.19%
Semtech Corporation0.17%

Only in ILCV

236 securities, 44.7% of ILCV by weight

Berkshire Hathaway Inc Class B2.84%
JPMorgan Chase & Co2.60%
Alphabet Class C1.65%
Procter & Gamble1.06%
Coca-Cola1.03%
Bank of America0.94%
Home Depot0.93%
Philip Morris International0.92%
Walmart0.91%
Goldman Sachs Group0.77%
Rtx0.76%
Thermo Fisher Scientific0.75%
Wells Fargo0.73%
Amgen Inc0.71%
Costco Wholesale Corp0.71%
Linde PLC0.66%
Morgan Stanley0.64%
Citigroup0.60%
Walt Disney0.54%
Pepsico0.52%
Mcdonalds Corp0.52%
Abbott Laboratories0.51%
Conocophillips0.51%
Union Pacific0.51%
Nextera Energy0.49%
BlackRock0.46%
Danaher0.43%
AT&T0.41%
Progressive0.38%
Capital One Financial Corp0.36%
Lockheed Martin0.36%
Medtronic PLC0.35%
American Express0.35%
Oracle0.35%
Prologis Reit0.35%
Lowes Companies Inc0.33%
Cvs Health0.33%
Southern0.30%
Cme Group Class A0.30%
Duke Energy Corp0.28%
Vertex Pharmaceuticals0.27%
Us Bancorp0.27%
Eaton PLC0.26%
S&P Global0.26%
Pnc Financial Services Group0.26%
3M0.26%
Intercontinental Exchange Inc0.26%
General Dynamics Corp0.26%
Deere0.25%
American Tower Reit0.25%

Weight gaps

The 100 widest of 136 Holdings in both funds.

Holding weights in AFLG and ILCV, widest gap first
Holding	More in AFLGMore in ILCV	AFLG	ILCV
Microsoft CorporationMSFT	ILCV +4.15 points	4.30%	8.45%
Alphabet Inc. (Class A)GOOGL	AFLG +2.69 points	4.73%	2.04%
Meta Platforms, Inc. (Class A)META	ILCV +1.66 points	0.84%	2.50%
Johnson & JohnsonJNJ	ILCV +1.26 points	0.63%	1.89%
ExxonMobil Holdings Corp.XOM	ILCV +1.03 points	1.11%	2.14%
AbbVie Inc.ABBV	ILCV +1.02 points	0.44%	1.46%
The Allstate CorporationALL	AFLG +1.00 points	1.09%	0.09%
Tesla, Inc.TSLA	ILCV +0.94 points	0.30%	1.24%
Consolidated Edison, Inc.ED	AFLG +0.92 points	1.04%	0.12%
FirstEnergy Corp.FE	AFLG +0.84 points	0.91%	0.07%
Amazon.com, Inc.AMZN	ILCV +0.82 points	2.26%	3.08%
NetApp, Inc.NTAP	AFLG +0.79 points	0.87%	0.08%
Reliance Inc.RS	AFLG +0.79 points	0.82%	0.03%
EOG Resources, Inc.EOG	AFLG +0.70 points	0.94%	0.24%
CF Industries Holdings, Inc.CF	AFLG +0.68 points	0.73%	0.05%
Chevron CorporationCVX	ILCV +0.67 points	0.56%	1.23%
Valero Energy CorporationVLO	AFLG +0.66 points	0.97%	0.31%
Altria Group, Inc.MO	AFLG +0.66 points	1.02%	0.36%
The Travelers Companies, Inc.TRV	AFLG +0.61 points	0.85%	0.24%
Merck & Co., Inc.MRK	ILCV +0.60 points	0.43%	1.03%
Micron Technology, Inc.MU	ILCV +0.57 points	0.78%	1.35%
Newmont CorporationNEM	AFLG +0.55 points	0.88%	0.33%
TD SYNNEX CorporationSNX	AFLG +0.55 points	0.58%	0.03%
International Business Machines CorporationIBM	ILCV +0.51 points	0.18%	0.69%
T. Rowe Price Group, Inc.TROW	AFLG +0.52 points	0.58%	0.06%
Loews CorporationL	AFLG +0.51 points	0.54%	0.03%
HCA Healthcare, Inc.HCA	AFLG +0.50 points	0.70%	0.20%
The Bank of New York Mellon CorporationBNY	AFLG +0.48 points	0.59%	0.11%
Expeditors International of Washington, Inc.EXPD	AFLG +0.48 points	0.51%	0.03%
Ross Stores, Inc.ROST	AFLG +0.47 points	0.53%	0.06%
The Kroger Co.KR	AFLG +0.45 points	0.56%	0.11%
Expedia Group, Inc.EXPE	AFLG +0.46 points	0.50%	0.04%
Incyte CorporationINCY	AFLG +0.45 points	0.48%	0.03%
UnitedHealth Group IncorporatedUNH	ILCV +0.45 points	0.60%	1.05%
Cognizant Technology Solutions CorporationCTSH	AFLG +0.41 points	0.49%	0.08%
Colgate-Palmolive CompanyCL	AFLG +0.39 points	0.53%	0.14%
TE Connectivity PlcTEL	AFLG +0.38 points	0.45%	0.07%
Zoom Communications, Inc. (Class A)ZM	AFLG +0.36 points	0.43%	0.07%
Synchrony FinancialSYF	AFLG +0.36 points	0.43%	0.07%
Cisco Systems, Inc.CSCO	ILCV +0.37 points	0.85%	1.22%
Arch Capital Group Ltd.ACGL	AFLG +0.36 points	0.46%	0.10%
Leidos Holdings, Inc.LDOS	AFLG +0.36 points	0.41%	0.05%
Snap-on IncorporatedSNA	AFLG +0.34 points	0.37%	0.03%
Fox Corporation (Class A)FOXA	AFLG +0.33 points	0.37%	0.04%
Southern Copper CorporationSCCO	AFLG +0.33 points	0.38%	0.05%
Evergy, Inc.EVRG	AFLG +0.32 points	0.38%	0.06%
Devon Energy CorporationDVN	AFLG +0.31 points	0.47%	0.16%
Ferguson Enterprises Inc.FERG	AFLG +0.31 points	0.36%	0.05%
General Motors CompanyGM	AFLG +0.32 points	0.53%	0.21%
Cardinal Health, Inc.CAH	AFLG +0.32 points	0.39%	0.07%
Apple Inc.AAPL	ILCV +0.31 points	6.93%	7.24%
Booking Holdings Inc.BKNG	ILCV +0.27 points	0.05%	0.32%
Target CorporationTGT	AFLG +0.26 points	0.46%	0.20%
F5, Inc.FFIV	AFLG +0.26 points	0.29%	0.03%
Dell Technologies Inc. (Class C)DELL	AFLG +0.26 points	0.37%	0.11%
FedEx CorporationFDX	AFLG +0.26 points	0.45%	0.19%
Nucor CorporationNUE	AFLG +0.25 points	0.32%	0.07%
CDW CorporationCDW	AFLG +0.25 points	0.31%	0.06%
Centene CorporationCNC	AFLG +0.24 points	0.29%	0.05%
Chubb LimitedCB	AFLG +0.23 points	0.59%	0.36%
Ulta Beauty, Inc.ULTA	AFLG +0.23 points	0.26%	0.03%
Regions Financial CorporationRF	AFLG +0.22 points	0.29%	0.07%
Mastercard IncorporatedMA	AFLG +0.22 points	0.85%	0.63%
Pfizer Inc.PFE	ILCV +0.23 points	0.26%	0.49%
Gilead Sciences, Inc.GILD	ILCV +0.21 points	0.37%	0.58%
Ovintiv Inc.OVV	AFLG +0.21 points	0.27%	0.06%
Sysco CorporationSYY	AFLG +0.21 points	0.32%	0.11%
Tapestry, Inc.TPR	AFLG +0.21 points	0.23%	0.02%
Broadridge Financial Solutions, Inc.BR	AFLG +0.21 points	0.27%	0.06%
Global Payments Inc.GPN	AFLG +0.21 points	0.26%	0.05%
Comcast Corporation (Class A)CMCSA	AFLG +0.21 points	0.43%	0.22%
Fortive CorporationFTV	AFLG +0.20 points	0.26%	0.06%
Humana Inc.HUM	AFLG +0.20 points	0.28%	0.08%
Uber Technologies, Inc.UBER	ILCV +0.19 points	0.08%	0.27%
NRG Energy, Inc.NRG	AFLG +0.19 points	0.22%	0.03%
Steel Dynamics, Inc.STLD	AFLG +0.18 points	0.21%	0.03%
United Parcel Service, Inc. (Class B)UPS	AFLG +0.18 points	0.41%	0.23%
W.P. Carey Inc.WPC	AFLG +0.18 points	0.22%	0.04%
SS&C Technologies Holdings, Inc.SSNC	AFLG +0.17 points	0.22%	0.05%
Adobe IncorporatedADBE	AFLG +0.17 points	0.45%	0.28%
Visa Inc. (Class A)V	AFLG +0.16 points	1.16%	1.00%
PayPal Holdings, Inc.PYPL	AFLG +0.15 points	0.29%	0.14%
Northern Trust CorporationNTRS	AFLG +0.16 points	0.20%	0.04%
QUALCOMM IncorporatedQCOM	ILCV +0.15 points	0.41%	0.56%
Marathon Petroleum CorporationMPC	AFLG +0.15 points	0.33%	0.18%
Eversource EnergyES	AFLG +0.15 points	0.22%	0.07%
Biogen Inc.BIIB	AFLG +0.15 points	0.25%	0.10%
TKO Group Holdings, Inc. (Class A)TKO	AFLG +0.14 points	0.15%	0.01%
Bristol-Myers Squibb CompanyBMY	AFLG +0.14 points	0.50%	0.36%
VICI Properties Inc.VICI	AFLG +0.13 points	0.21%	0.08%
ResMed Inc.RMD	AFLG +0.13 points	0.18%	0.05%
The Charles Schwab CorporationSCHW	ILCV +0.13 points	0.14%	0.27%
Edison InternationalEIX	AFLG +0.14 points	0.20%	0.06%
PulteGroup, Inc.PHM	AFLG +0.13 points	0.20%	0.07%
PPL CorporationPPL	AFLG +0.13 points	0.18%	0.05%
Carnival Corporation Ltd.CCL	AFLG +0.13 points	0.19%	0.06%
Las Vegas Sands Corp.LVS	AFLG +0.13 points	0.14%	0.01%
HP Inc.HPQ	AFLG +0.12 points	0.20%	0.08%
PPG Industries, Inc.PPG	AFLG +0.11 points	0.19%	0.08%
Automatic Data Processing, Inc.ADP	ILCV +0.11 points	0.21%	0.32%

All 215 AFLG holdings⁠All 372 ILCV holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

AFLG vs ILCV Cost

Overpaying AFLG vs ILCV

$10,055

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

AFLG 0.55%
$10,904
ILCV 0.04%
$849

Amount$10,000

Years30 years

Cost over time

AFLG 0.55%
ILCV 0.04%
Overpaying

Year by year

Year	AFLG	ILCV	Overpaying
10	$988	$73	$915
20	$3,790	$288	$3,502
30	$10,904	$849	$10,055

Expense ratio

0.55%AFLG
0.04%ILCV, cheaper

ILCV0.04%AFLG0.55%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

ILCV cheapest of 99 funds

AFLG 77th cheapest of 99 funds

AFLG vs ILCV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): AFLG 0.71%; ILCV 1.51%, better
Payout (12M): AFLG $0.31; ILCV $1.65
Last payment: AFLG $0.02; ILCV $0.42
Ex-dividend: AFLG Sep 24, 2026; ILCV Sep 15, 2026
Paid on: AFLG Sep 30, 2026; ILCV Sep 18, 2026
Frequency: AFLG Quarterly; ILCV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

AFLGQuarterly · 27 paymentsAll AFLG payments⁠

ILCVQuarterly · 39 paymentsAll ILCV payments⁠

AFLG vs ILCV Risk

Fall from peak · 5 years

AFLG
ILCV

Risk facts

VolatilityStd dev, 3 years: AFLG 12.0%ILCV 10.7%, better
Return per unit of riskSharpe ratio, 3 years: AFLG 1.46ILCV 1.57, better
Worst fallMax drawdown, 5 years: AFLG −23.5%ILCV −18.6%, better
Market sensitivityBeta, 5 years: AFLG 0.94ILCV 0.82; Market = 1

AFLG and ILCV in the news

All news⁠

ETF Filings
Tidal Trust III files to add a Wermers quantitative U.S. large-cap ETF
Sep 11, 2026AFLG

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AFLG vs ILCV

In short

Stated mandate

Why people hold it

Worth knowing

How AFLG and ILCV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AFLG

Only in ILCV

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Tidal Trust III files to add a Wermers quantitative U.S. large-cap ETF

How AFLG and ILCV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AFLG

Only in ILCV

Weight gaps