AFLG vs IMCV: Grades, Fees and Holdings Compared

First Trust Active Factor Large Cap ETF

AFLGCNYSE Arca

iShares Morningstar Mid-Cap Value ETF

IMCVANasdaq

Overlap

23.9%by weight

Expense ratio

IMCV −0.49pt a year

AFLG0.55%IMCV0.06%

Avg volume · 30D

AFLG 2.8×the volume

AFLG110KIMCV38.9K

5Y return · a year

AFLG +0.7pt

AFLG+11.7%IMCV+11.0%

AFLG vs IMCV Performance

Oct 29, 2021 – Oct 30, 2026

+73.8%AFLG+68.3%IMCV

Expense ratio: AFLG 0.55%; IMCV 0.06%, better
Fund size: AFLG $920M; IMCV $1.27B
1Y total return: AFLG +14.1%; IMCV +27.0%, better
Yield (12M): AFLG 0.71%; IMCV 1.84%, better
Holdings: AFLG 216; IMCV 271
Avg volume (30D): AFLG 110K sh, better; IMCV 38.9K sh
NAV per share: AFLG $44.25; IMCV $99.16
52W range

ETF.net Grade

Pillar letters and Scores for AFLG, IMCV, with each pillar’s weight
Pillar	AFLG	IMCV
Cost30% weight	F22	A96Higher
Mission25% weight	A79Higher	A76
Risk15% weight	B65	A77Higher
Tradability15% weight	B64	B69Higher
Holdings10% weight	C41	B69Higher
Durability5% weight	B60	A77Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. AFLG and IMCV 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 ›

IMCV ranks 4th 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 4AIMCViShares Morningstar Mid-Cap Value ETFScore 80
Rank 5ADCORU.S. Core Equity 1 Portfolio ETF Class SharesScore 79
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

IMCVAiShares Morningstar Mid-Cap 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.

IMCV No data

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.

IMCV No data

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.

IMCV No data

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.

IMCV No data

Full AFLG profile⁠

Full IMCV profile⁠

AFLG vs IMCV Holdings

How AFLG and IMCV differ

Overlap by weight

23.9%

Shared holdings make up 40.5% of IMCV and 31.7% of AFLG.

Level by level

Holdings94 in both23.9%
Sector11 Sectors56.6%
Countryby domicile99.2%
Asset classEquity100%

Sector

Sector weights in AFLG and IMCV, widest gap first
Sector	More in AFLGMore in IMCV	AFLG	IMCV
Technology	AFLG +34.1 points	40.6%	6.5%
Financials	IMCV +8.9 points	9.6%	18.5%
Communication	AFLG +8.2 points	9.3%	1.1%
Energy	IMCV +7.4 points	6.0%	13.4%
Industrials	IMCV +6.7 points	7.5%	14.2%
Consumer Staples	IMCV +6.1 points	2.6%	8.7%
Utilities	IMCV +5.8 points	3.2%	9.0%
Health Care	IMCV +4.7 points	7.5%	12.2%
Real Estate	IMCV +2.5 points	2.1%	4.6%
Materials	IMCV +1.4 points	3.6%	5.0%
Consumer Discretionary	AFLG +1.0 points	7.9%	6.9%

Country, concentration and asset class

Country by domicile

Country weights in AFLG and IMCV, widest gap first
Country	More in AFLGMore in IMCV	AFLG	IMCV
United States	AFLG +0.3 points	99.0%	98.7%
Switzerland	AFLG +0.4 points	0.6%	0.2%
China	AFLG +0.2 points	0.5%	0.3%
United Kingdom	IMCV +0.5 points	0.0%	0.5%
Ireland	IMCV +0.3 points	0.0%	0.3%

Concentration

Weight in the 10 largest Holdings

AFLG32.2%
IMCV13.2%

Securities held

AFLG215
IMCV268

Asset class

AFLG: Equity
IMCV: Equity

Holdings

Only in AFLG121
In both94
Only in IMCV174

Only in AFLG

121 securities, 68.2% of AFLG by weight

NVIDIA Corporation7.35%
Apple Inc.6.93%
Alphabet Inc. (Class A)4.73%
Microsoft Corporation4.30%
Amazon.com, Inc.2.26%
Broadcom Inc.2.26%
Visa Inc. (Class A)1.16%
ExxonMobil Holdings Corp.1.11%
HF Sinclair Corp.1.05%
Altria Group, Inc.1.02%
Newmont Corporation0.88%
Cisco Systems, Inc.0.85%
Mastercard Incorporated0.85%
Meta Platforms, Inc. (Class A)0.84%
Micron Technology, Inc.0.78%
Match Group Inc.0.78%
Lam Research Corporation0.77%
HCA Healthcare, Inc.0.70%
Seagate Technology Holdings Plc0.65%
Applied Materials, Inc.0.65%
Cboe Global Markets, Inc.0.64%
Johnson & Johnson0.63%
APA Corporation0.61%
UnitedHealth Group Incorporated0.60%
W.W. Grainger, Inc.0.59%
Chubb Limited0.59%
Chevron Corporation0.56%
Universal Health Services, Inc. (Class B)0.53%
Lamar Advertising Company0.53%
Accenture plc0.52%
Host Hotels & Resorts, Inc.0.50%
Bristol-Myers Squibb Company0.50%
Verizon Communications Inc.0.47%
FedEx Corporation0.45%
Best Buy Co., Inc.0.45%
Adobe Incorporated0.45%
Salesforce, Inc.0.45%
AbbVie Inc.0.44%
Merck & Co., Inc.0.43%
Comcast Corporation (Class A)0.43%
Masco Corporation0.42%
QUALCOMM Incorporated0.41%
Ralph Lauren Corporation0.40%
KLA Corporation0.39%
Caterpillar Inc.0.39%
Texas Instruments Incorporated0.38%
Analog Devices, Inc.0.38%
Southern Copper Corporation0.38%
The TJX Companies, Inc.0.37%
Gilead Sciences, Inc.0.37%

Only in IMCV

174 securities, 59.4% of IMCV by weight

Us Bancorp1.27%
Regeneron Pharmaceuticals1.25%
Pnc Financial Services Group1.24%
3M1.23%
Mondelez International Class A1.14%
Slb1.09%
Moderna1.08%
Hewlett Packard Enterprise1.00%
Cheniere Energy0.93%
Kinder Morgan0.91%
Oneok0.83%
Truist Financial0.82%
Marsh0.82%
Sempra0.77%
Dominion Energy0.77%
Becton Dickinson0.74%
Metlife0.73%
Williams0.72%
Paccar Inc0.69%
Xcel Energy Inc0.68%
Keurig Dr Pepper Inc0.66%
Ford Motor Co0.66%
Strategy Inc Class A0.65%
Exelon Corp0.65%
Northrop Grumman Corp0.64%
Occidental Petroleum Corp0.64%
Nike Class B0.62%
Iqvia Holdings Inc0.60%
Norfolk Southern Corp0.59%
Prudential Financial Inc0.55%
Crh Public Limited PLC0.53%
Diamondback Energy0.53%
Air Products and Chemicals0.52%
Crown Castle Inc0.52%
Illinois Tool Inc0.52%
D R Horton0.50%
Emerson Electric0.49%
Kimberly Clark0.49%
Realty Income Reit0.48%
Targa Resources0.48%
Archer Daniels Midland0.48%
Ge Healthcare Technologies0.48%
Public Storage Reit0.47%
Simon Property Group Reit Inc0.47%
Kenvue0.46%
Csx0.43%
Huntington Bancshares Inc0.42%
Halliburton0.42%
Roper Technologies0.41%
Labcorp Holdings0.41%

Weight gaps

All 94 Holdings in both funds, largest gap first.

Holding weights in AFLG and IMCV, widest gap first
Holding	More in AFLGMore in IMCV	AFLG	IMCV
Automatic Data Processing, Inc.ADP	IMCV +1.39 points	0.21%	1.60%
Phillips 66PSX	IMCV +1.23 points	0.31%	1.54%
Elevance Health Inc.ELV	IMCV +0.99 points	0.21%	1.20%
The Cigna GroupCI	IMCV +0.79 points	0.25%	1.04%
Aflac IncorporatedAFL	IMCV +0.71 points	0.05%	0.76%
United Parcel Service, Inc. (Class B)UPS	IMCV +0.70 points	0.41%	1.11%
Reliance Inc.RS	AFLG +0.68 points	0.82%	0.14%
The Allstate CorporationALL	AFLG +0.64 points	1.09%	0.45%
Valero Energy CorporationVLO	IMCV +0.60 points	0.97%	1.57%
FirstEnergy Corp.FE	AFLG +0.56 points	0.91%	0.35%
Marathon Petroleum CorporationMPC	IMCV +0.55 points	0.33%	0.88%
NetApp, Inc.NTAP	AFLG +0.53 points	0.87%	0.34%
General Motors CompanyGM	IMCV +0.52 points	0.53%	1.05%
Target CorporationTGT	IMCV +0.50 points	0.46%	0.96%
Delta Air Lines, Inc.DAL	IMCV +0.50 points	0.22%	0.72%
CF Industries Holdings, Inc.CF	AFLG +0.47 points	0.73%	0.26%
Consolidated Edison, Inc.ED	AFLG +0.45 points	1.04%	0.59%
TD SYNNEX CorporationSNX	AFLG +0.43 points	0.58%	0.15%
Paychex, Inc.PAYX	IMCV +0.41 points	0.08%	0.49%
Workday, Inc. (Class A)WDAY	IMCV +0.39 points	0.14%	0.53%
Loews CorporationL	AFLG +0.38 points	0.54%	0.16%
PayPal Holdings, Inc.PYPL	IMCV +0.38 points	0.29%	0.67%
M&T Bank CorporationMTB	IMCV +0.37 points	0.07%	0.44%
Expeditors International of Washington, Inc.EXPD	AFLG +0.34 points	0.51%	0.17%
American Electric Power Company, Inc.AEP	IMCV +0.34 points	0.22%	0.56%
eBay Inc.EBAY	IMCV +0.34 points	0.12%	0.46%
American International Group, Inc.AIG	IMCV +0.34 points	0.22%	0.56%
Incyte CorporationINCY	AFLG +0.32 points	0.48%	0.16%
United Airlines Holdings, Inc.UAL	IMCV +0.31 points	0.15%	0.46%
Devon Energy CorporationDVN	IMCV +0.31 points	0.47%	0.78%
The Hartford Insurance Group, Inc.HIG	IMCV +0.30 points	0.20%	0.50%
Expedia Group, Inc.EXPE	AFLG +0.30 points	0.50%	0.20%
The Travelers Companies, Inc.TRV	IMCV +0.28 points	0.85%	1.13%
Fiserv, Inc.FISV	IMCV +0.27 points	0.09%	0.36%
Principal Financial Group, Inc.PFG	IMCV +0.28 points	0.05%	0.33%
T. Rowe Price Group, Inc.TROW	AFLG +0.28 points	0.58%	0.30%
Ross Stores, Inc.ROST	AFLG +0.26 points	0.53%	0.27%
Biogen Inc.BIIB	IMCV +0.26 points	0.25%	0.51%
EOG Resources, Inc.EOG	IMCV +0.25 points	0.94%	1.19%
Sysco CorporationSYY	IMCV +0.22 points	0.32%	0.54%
Viatris Inc.VTRS	IMCV +0.22 points	0.07%	0.29%
Snap-on IncorporatedSNA	AFLG +0.22 points	0.37%	0.15%
LyondellBasell Industries N.V.LYB	IMCV +0.20 points	0.04%	0.24%
Fox Corporation (Class A)FOXA	AFLG +0.20 points	0.37%	0.17%
State Street CorporationSTT	IMCV +0.20 points	0.16%	0.36%
Vylor Inc.VYLR	IMCV +0.18 points	0.11%	0.29%
PPG Industries, Inc.PPG	IMCV +0.17 points	0.19%	0.36%
CBRE Group, Inc.CBRE	IMCV +0.18 points	0.13%	0.31%
Omnicom Group Inc.OMC	IMCV +0.17 points	0.14%	0.31%
HP Inc.HPQ	IMCV +0.16 points	0.20%	0.36%
Leidos Holdings, Inc.LDOS	AFLG +0.17 points	0.41%	0.24%
F5, Inc.FFIV	AFLG +0.16 points	0.29%	0.13%
VICI Properties Inc.VICI	IMCV +0.16 points	0.21%	0.37%
Colgate-Palmolive CompanyCL	IMCV +0.16 points	0.53%	0.69%
TE Connectivity PlcTEL	AFLG +0.14 points	0.45%	0.31%
Eversource EnergyES	IMCV +0.13 points	0.22%	0.35%
Ferguson Enterprises Inc.FERG	AFLG +0.12 points	0.36%	0.24%
PulteGroup, Inc.PHM	IMCV +0.12 points	0.20%	0.32%
Tapestry, Inc.TPR	AFLG +0.12 points	0.23%	0.11%
Humana Inc.HUM	IMCV +0.13 points	0.28%	0.41%
Permian Resources Corp.PR	IMCV +0.12 points	0.15%	0.27%
Carnival Corporation Ltd.CCL	IMCV +0.12 points	0.19%	0.31%
Zoom Communications, Inc. (Class A)ZM	AFLG +0.12 points	0.43%	0.31%
Dell Technologies Inc. (Class C)DELL	IMCV +0.11 points	0.37%	0.48%
Evergy, Inc.EVRG	AFLG +0.11 points	0.38%	0.27%
TKO Group Holdings, Inc. (Class A)TKO	AFLG +0.10 points	0.15%	0.05%
Edison InternationalEIX	IMCV +0.10 points	0.20%	0.30%
Ulta Beauty, Inc.ULTA	AFLG +0.10 points	0.26%	0.16%
Synchrony FinancialSYF	AFLG +0.09 points	0.43%	0.34%
Cognizant Technology Solutions CorporationCTSH	AFLG +0.09 points	0.49%	0.40%
Las Vegas Sands Corp.LVS	AFLG +0.08 points	0.14%	0.06%
NRG Energy, Inc.NRG	AFLG +0.08 points	0.22%	0.14%
lululemon athletica inc.LULU	IMCV +0.08 points	0.07%	0.15%
Steel Dynamics, Inc.STLD	AFLG +0.07 points	0.21%	0.14%
Centene CorporationCNC	AFLG +0.07 points	0.29%	0.22%
Textron Inc.TXT	IMCV +0.07 points	0.06%	0.13%
The Bank of New York Mellon CorporationBNY	AFLG +0.07 points	0.59%	0.52%
News Corporation (Class A)NWSA	IMCV +0.06 points	0.09%	0.15%
Ball CorporationBALL	IMCV +0.05 points	0.06%	0.11%
PPL CorporationPPL	IMCV +0.05 points	0.18%	0.23%
The Kroger Co.KR	AFLG +0.04 points	0.56%	0.52%
CDW CorporationCDW	AFLG +0.04 points	0.31%	0.27%
Global Payments Inc.GPN	IMCV +0.03 points	0.26%	0.29%
Regions Financial CorporationRF	IMCV +0.03 points	0.29%	0.32%
Cardinal Health, Inc.CAH	AFLG +0.03 points	0.39%	0.36%
Arch Capital Group Ltd.ACGL	IMCV +0.02 points	0.46%	0.48%
ResMed Inc.RMD	IMCV +0.03 points	0.18%	0.21%
W.P. Carey Inc.WPC	AFLG +0.03 points	0.22%	0.19%
Fortive CorporationFTV	IMCV +0.01 points	0.26%	0.27%
Broadridge Financial Solutions, Inc.BR	IMCV +0.01 points	0.27%	0.28%
Northern Trust CorporationNTRS	IMCV +0.01 points	0.20%	0.21%
SS&C Technologies Holdings, Inc.SSNC	IMCV +0.01 points	0.22%	0.23%
Ovintiv Inc.OVV	Same weight	0.27%	0.27%
Nucor CorporationNUE	Same weight	0.32%	0.32%

All 215 AFLG holdings⁠All 268 IMCV 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 IMCV Cost

Overpaying AFLG vs IMCV

$9,634

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

AFLG 0.55%
$10,904
IMCV 0.06%
$1,270

Amount$10,000

Years30 years

Cost over time

AFLG 0.55%
IMCV 0.06%
Overpaying

Year by year

Year	AFLG	IMCV	Overpaying
10	$988	$110	$878
20	$3,790	$432	$3,358
30	$10,904	$1,270	$9,634

Expense ratio

0.55%AFLG
0.06%IMCV, cheaper

IMCV0.06%AFLG0.55%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

IMCV 4th cheapest of 99 funds

AFLG 77th cheapest of 99 funds

AFLG vs IMCV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): AFLG 0.71%; IMCV 1.84%, better
Payout (12M): AFLG $0.31; IMCV $1.83
Last payment: AFLG $0.02; IMCV $0.52
Ex-dividend: AFLG Sep 24, 2026; IMCV Sep 15, 2026
Paid on: AFLG Sep 30, 2026; IMCV Sep 18, 2026
Frequency: AFLG Quarterly; IMCV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

AFLGQuarterly · 27 paymentsAll AFLG payments⁠

IMCVQuarterly · 39 paymentsAll IMCV payments⁠

AFLG vs IMCV Risk

Fall from peak · 5 years

AFLG
IMCV

Risk facts

VolatilityStd dev, 3 years: AFLG 12.0%, betterIMCV 13.6%
Return per unit of riskSharpe ratio, 3 years: AFLG 1.46, betterIMCV 1.22
Worst fallMax drawdown, 5 years: AFLG −23.5%IMCV −19.9%, better
Market sensitivityBeta, 5 years: AFLG 0.94IMCV 0.88; Market = 1

AFLG and IMCV 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 IMCV

In short

Stated mandate

Why people hold it

Worth knowing

How AFLG and IMCV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AFLG

Only in IMCV

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