AUSF vs ILCV: Grades, Fees and Holdings Compared

Global X Adaptive U.S. Factor ETF

AUSFCNYSE Arca

iShares Morningstar Value ETF

ILCVANYSE Arca

Overlap

24.1%by weight

Expense ratio

ILCV −0.23pt a year

AUSF0.27%ILCV0.04%

Avg volume · 30D

AUSF 2.3×the volume

AUSF57.2KILCV24.4K

5Y return · a year

AUSF +1.4pt

AUSF+14.0%ILCV+12.6%

AUSF vs ILCV Performance

Oct 29, 2021 – Oct 30, 2026

+92.6%AUSF+81.1%ILCV

Expense ratio: AUSF 0.27%; ILCV 0.04%, better
Fund size: AUSF $905M; ILCV $1.37B
1Y total return: AUSF +18.1%; ILCV +21.0%, better
Yield (12M): AUSF 2.65%, better; ILCV 1.51%
Holdings: AUSF 191; ILCV 375
Avg volume (30D): AUSF 57.2K sh, better; ILCV 24.4K sh
NAV per share: AUSF $51.94; ILCV $109.27
52W range

ETF.net Grade

Pillar letters and Scores for AUSF, ILCV, with each pillar’s weight
Pillar	AUSF	ILCV
Cost30% weight	B55	A99Higher
Mission25% weight	D36	A82Higher
Risk15% weight	A75	A90Higher
Tradability15% weight	C45	B64Higher
Holdings10% weight	B65Higher	D39
Durability5% weight	C50	A82Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. AUSF 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 AUSF 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 56CAFLGFirst Trust Active Factor Large Cap ETFScore 52
Rank 56CAUSFGlobal X Adaptive U.S. Factor ETFScore 52
Rank 56CBFORBarron's 400 ETFScore 52

Our read on each fund

ETF.net Research

AUSFCGlobal X Adaptive U.S. Factor ETF

ILCVAiShares Morningstar Value ETF

In short

AUSF Most multifactor ETFs bolt value, momentum and low volatility together at fixed weights. AUSF's index shifts the mix instead, tilting toward whichever of the three its rules favor, across roughly 190 US stocks.

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

AUSF The Fund seeks to provide investment results generally corresponding, before fees and expenses, to the performance of the Adaptive Wealth Strategies U.S. Factor Index. Its strategy dynamically allocates among U.S. equity value, momentum, and low-volatility factor exposures.

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

AUSF At 0.27%, it undercuts the median fee in its multifactor peer group. Not index-fund cheap, but light for a strategy that reshuffles its factor mix.
One ticker, three factors. Value, momentum and low volatility are allocated by published index rules, not a manager's discretion.globalxetfs.com
The low-volatility sleeve shows up in the numbers: its risk profile screens among the steadier in a crowded multifactor field. Trading since 2018.
Roughly 190 US stocks and quarterly distributions, so the payout rhythm is predictable even as the factor blend moves.

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

AUSF Rotation cuts both ways. The rules read past behavior, so when factor leadership flips quickly the portfolio can be leaning into the market that just ended.
Plainer neighbors cost far less: VONV at 0.06%, VYM at 0.04%. The extra fee here buys the rotation machinery, not broader coverage.
Mid-size and moderately traded rather than a liquidity giant, so spreads deserve a look on larger orders.

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 AUSF profile⁠

Full ILCV profile⁠

AUSF vs ILCV Holdings

As of Oct 13, 2026

How AUSF and ILCV differ

Overlap by weight

24.1%

Shared holdings make up 61.1% of AUSF and 45.5% of ILCV.

Level by level

Holdings100 in both24.1%
Sector11 Sectors87.6%
Countryby domicile99.4%
Asset classEquity100%

Sector

Sector weights in AUSF and ILCV, widest gap first
Sector	More in AUSFMore in ILCV	AUSF	ILCV
Technology	ILCV +6.2 points	17.7%	23.9%
Industrials	AUSF +5.6 points	12.5%	6.9%
Real Estate	AUSF +2.9 points	4.6%	1.7%
Energy	ILCV +2.2 points	4.4%	6.6%
Health Care	ILCV +1.7 points	11.7%	13.4%
Materials	AUSF +1.4 points	3.5%	2.1%
Utilities	AUSF +1.3 points	4.3%	3.0%
Consumer Staples	AUSF +1.2 points	8.5%	7.3%
Consumer Discretionary	ILCV +0.9 points	7.7%	8.6%
Communication	ILCV +0.7 points	8.1%	8.8%
Financials	ILCV +0.6 points	17.1%	17.7%

Country, concentration and asset class

Country by domicile

Country weights in AUSF and ILCV, widest gap first
Country	More in AUSFMore in ILCV	AUSF	ILCV
United States	AUSF +0.2 points	99.4%	99.2%
Ireland	AUSF +0.4 points	0.5%	0.1%
Switzerland	ILCV +0.3 points	0.1%	0.4%
Brazil	ILCV +0.1 points	0.0%	0.1%
United Kingdom	ILCV +0.1 points	0.0%	0.1%
China	ILCV +0.1 points	0.0%	0.1%

Concentration

Weight in the 10 largest Holdings

AUSF17.2%
ILCV34.4%

Securities held

AUSF190
ILCV372

Asset class

AUSF: Equity
ILCV: Equity

Holdings

Only in AUSF90
In both100
Only in ILCV272

Only in AUSF

90 securities, 38.8% of AUSF by weight

Verisign Inc1.66%
Motorola Solutions Inc1.61%
Txnm Energy Inc1.56%
Amdocs Ltd1.32%
Agree Realty Corp1.27%
Penumbra Inc1.22%
Mccormick & Co-Non Vtg Shrs0.89%
New York Times Co-A0.63%
Universal Health Services-B0.61%
Bio-Rad Laboratories-A0.61%
Skyworks Solutions Inc0.61%
Gap Inc/The0.60%
Solventum Corp0.57%
Avnet Inc0.56%
Mohawk Industries Inc0.55%
Antero Midstream Corp0.55%
Matson Inc0.54%
Ugi Corp0.53%
Pilgrim's Pride Corp0.52%
Aes Corp0.52%
Best Buy Co Inc0.52%
Noble Corp PLC0.52%
Everest Group Ltd0.51%
Stanley Black & Decker Inc0.51%
Franklin Templeton Inc0.51%
United Bankshares Inc0.51%
Southstate Bank Corp0.51%
Enact Holdings Inc0.50%
Lincoln National Corp0.50%
Essent Group Ltd0.49%
Ingredion Inc0.48%
Huntington Ingalls Industrie0.48%
Transdigm Group Inc0.48%
Nov Inc0.48%
Mgic Investment Corp0.48%
Lennar Corp - B Shs0.48%
Ingram Micro Holding Corp0.47%
Prosperity Bancshares Inc0.47%
Fnb Corp0.47%
Penske Automotive Group Inc0.47%
Eastman Chemical Co0.46%
Cna Financial Corp0.46%
Zions Bancorp Na0.46%
Sirius Xm Holdings Inc0.46%
Mobility Global Inc0.46%
Rayonier Inc0.45%
Bank Ozk0.45%
Lkq Corp0.45%
Valley National Bancorp0.45%
Columbia Banking System Inc0.45%

Only in ILCV

272 securities, 54.3% of ILCV by weight

Amazon.com Inc3.08%
JPMorgan Chase & Co2.60%
Meta Platforms Class A2.50%
AbbVie1.46%
Micron Technology1.35%
Tesla Inc1.24%
Procter & Gamble1.06%
UnitedHealth Group1.05%
Merck & Co Inc1.03%
Visa Class A1.00%
Bank of America0.94%
Home Depot0.93%
Philip Morris International0.92%
Goldman Sachs Group0.77%
Thermo Fisher Scientific0.75%
Wells Fargo0.73%
Amgen Inc0.71%
International Business Machines Co0.69%
Morgan Stanley0.64%
Mastercard Class A0.63%
Citigroup0.60%
Gilead Sciences0.58%
Qualcomm0.56%
Walt Disney0.54%
Salesforce0.52%
Pepsico0.52%
Abbott Laboratories0.51%
Conocophillips0.51%
Union Pacific0.51%
Nextera Energy0.49%
BlackRock0.46%
Texas Instrument0.45%
Danaher0.43%
Caterpillar Inc0.38%
Progressive0.38%
Capital One Financial Corp0.36%
American Express0.35%
Oracle0.35%
Prologis Reit0.35%
Newmont0.33%
Lowes Companies Inc0.33%
Booking Holdings0.32%
Valero Energy Corp0.31%
Phillips 660.31%
Sandisk0.29%
Adobe Inc0.28%
Analog Devices0.28%
Vertex Pharmaceuticals0.27%
Uber Technologies0.27%
Charles Schwab0.27%

Weight gaps

All 100 Holdings in both funds, largest gap first.

Holding weights in AUSF and ILCV, widest gap first
Holding	More in AUSFMore in ILCV	AUSF	ILCV
Microsoft CorpMSFT	ILCV +6.45 points	2.00%	8.45%
Apple IncAAPL	ILCV +5.61 points	1.63%	7.24%
Alphabet Inc-Cl AGOOGL	ILCV +1.95 points	0.09%	2.04%
Alphabet Inc-Cl CGOOG	ILCV +1.56 points	0.09%	1.65%
AT&T IncT	AUSF +1.48 points	1.89%	0.41%
Verizon Communications IncVZ	AUSF +1.48 points	2.00%	0.52%
Exxonmobil Holdings CorpXOM	ILCV +1.45 points	0.69%	2.14%
Royalty Pharma Plc- Class ARPRX	AUSF +1.45 points	1.52%	0.07%
Republic Services IncRSG	AUSF +1.36 points	1.41%	0.05%
Aflac IncAFL	AUSF +1.28 points	1.44%	0.16%
Cme Group IncCME	AUSF +1.25 points	1.55%	0.30%
Berkshire Hathaway Inc-Cl BBRK.B	ILCV +1.20 points	1.64%	2.84%
Waste Management IncWM	AUSF +1.15 points	1.39%	0.24%
Tjx Companies IncTJX	AUSF +1.13 points	1.41%	0.28%
Chevron CorpCVX	ILCV +1.13 points	0.10%	1.23%
General Dynamics CorpGD	AUSF +1.12 points	1.38%	0.26%
Automatic Data ProcessingADP	AUSF +1.12 points	1.44%	0.32%
L3HARRIS Technologies IncLHX	AUSF +1.04 points	1.09%	0.05%
Lockheed Martin CorpLMT	AUSF +1.02 points	1.38%	0.36%
Altria Group IncMO	AUSF +0.96 points	1.32%	0.36%
Linde PLCLIN	AUSF +0.83 points	1.49%	0.66%
Northrop Grumman CorpNOC	AUSF +0.75 points	0.89%	0.14%
Rtx CorporationRTX	AUSF +0.72 points	1.48%	0.76%
Cognizant Tech Solutions-ACTSH	AUSF +0.63 points	0.71%	0.08%
Leidos Holdings IncLDOS	AUSF +0.63 points	0.68%	0.05%
Costco Wholesale CorpCOST	ILCV +0.57 points	0.14%	0.71%
Fox Corp - Class BFOX	AUSF +0.55 points	0.57%	0.02%
Hp IncHPQ	AUSF +0.53 points	0.61%	0.08%
T-Mobile Us IncTMUS	AUSF +0.51 points	0.71%	0.20%
Zimmer Biomet Holdings IncZBH	AUSF +0.49 points	0.54%	0.05%
Global Payments IncGPN	AUSF +0.49 points	0.54%	0.05%
Becton Dickinson and CoBDX	AUSF +0.48 points	0.63%	0.15%
Viatris IncVTRS	AUSF +0.47 points	0.53%	0.06%
Expand Energy CorpEXE	AUSF +0.47 points	0.49%	0.02%
Walmart IncWMT	AUSF +0.47 points	1.38%	0.91%
Coca-Cola Co/TheKO	AUSF +0.45 points	1.48%	1.03%
Vici Properties IncVICI	AUSF +0.44 points	0.52%	0.08%
Alcoa CorpAA	AUSF +0.43 points	0.46%	0.03%
Dupont De Nemours IncDD	AUSF +0.43 points	0.48%	0.05%
Lennar Corp-ALEN	AUSF +0.42 points	0.47%	0.05%
Kinder Morgan IncKMI	AUSF +0.42 points	0.61%	0.19%
Citizens Financial GroupCFG	AUSF +0.41 points	0.45%	0.04%
Smurfit Westrock PLCSW	AUSF +0.41 points	0.47%	0.06%
Bunge Global SABG	AUSF +0.39 points	0.43%	0.04%
Fiserv IncFISV	AUSF +0.40 points	0.47%	0.07%
KeycorpKEY	AUSF +0.39 points	0.45%	0.06%
Regions Financial CorpRF	AUSF +0.39 points	0.46%	0.07%
Loews CorpL	AUSF +0.39 points	0.42%	0.03%
Eversource EnergyES	AUSF +0.39 points	0.46%	0.07%
Fidelity National Info ServicesFIS	AUSF +0.39 points	0.44%	0.05%
Cisco Systems IncCSCO	AUSF +0.38 points	1.60%	1.22%
Annaly Capital Management InNLY	AUSF +0.38 points	0.42%	0.04%
Charter Communications Inc-ACHTR	AUSF +0.38 points	0.41%	0.03%
Target CorpTGT	AUSF +0.37 points	0.57%	0.20%
Archer-Daniels-Midland CoADM	AUSF +0.37 points	0.47%	0.10%
Prudential Financial IncPRU	AUSF +0.38 points	0.49%	0.11%
Accenture Plc-Cl AACN	AUSF +0.35 points	0.78%	0.43%
Huntington Bancshares IncHBAN	AUSF +0.35 points	0.44%	0.09%
Falcon Topco IncOKE	AUSF +0.35 points	0.52%	0.17%
Broadridge Financial SolutioBR	AUSF +0.33 points	0.39%	0.06%
Medtronic PLCMDT	AUSF +0.32 points	0.67%	0.35%
Elevance Health IncELV	AUSF +0.31 points	0.56%	0.25%
The Cigna GroupCI	AUSF +0.29 points	0.51%	0.22%
Edison InternationalEIX	AUSF +0.30 points	0.36%	0.06%
Truist Financial CorpTFC	AUSF +0.29 points	0.46%	0.17%
Johnson & JohnsonJNJ	ILCV +0.29 points	1.60%	1.89%
Chubb LtdCB	ILCV +0.26 points	0.10%	0.36%
Comcast Corp-Class ACMCSA	AUSF +0.23 points	0.45%	0.22%
Southern Co/TheSO	ILCV +0.21 points	0.09%	0.30%
Duke Energy CorpDUK	ILCV +0.20 points	0.08%	0.28%
United Parcel Service-Cl BUPS	AUSF +0.19 points	0.42%	0.23%
Us BancorpUSB	AUSF +0.19 points	0.46%	0.27%
Travelers Cos Inc/TheTRV	ILCV +0.16 points	0.08%	0.24%
Mckesson CorpMCK	ILCV +0.15 points	0.09%	0.24%
Snap-On IncSNA	AUSF +0.13 points	0.16%	0.03%
Bristol-Myers Squibb CoBMY	AUSF +0.13 points	0.49%	0.36%
Mcdonald's CorpMCD	AUSF +0.12 points	0.64%	0.52%
Cardinal Health IncCAH	AUSF +0.13 points	0.20%	0.07%
Pfizer IncPFE	AUSF +0.10 points	0.59%	0.49%
Cvs Health CorpCVS	AUSF +0.09 points	0.42%	0.33%
MarshMRSH	ILCV +0.08 points	0.09%	0.17%
News Corp - Class BNWS	AUSF +0.08 points	0.09%	0.01%
News Corp - Class ANWSA	AUSF +0.06 points	0.09%	0.03%
Quest Diagnostics IncDGX	AUSF +0.06 points	0.14%	0.08%
Teledyne Technologies IncTDY	AUSF +0.06 points	0.09%	0.03%
Willis Towers Watson PLCWTW	AUSF +0.04 points	0.09%	0.05%
Wp Carey IncWPC	AUSF +0.05 points	0.09%	0.04%
Verisk Analytics IncVRSK	AUSF +0.04 points	0.07%	0.03%
Centerpoint Energy IncCNP	AUSF +0.04 points	0.08%	0.04%
Cms Energy CorpCMS	AUSF +0.04 points	0.08%	0.04%
Consolidated Edison IncED	ILCV +0.03 points	0.09%	0.12%
Wr Berkley CorpWRB	AUSF +0.03 points	0.09%	0.06%
Atmos Energy CorpATO	AUSF +0.04 points	0.08%	0.04%
Evergy IncEVRG	AUSF +0.03 points	0.09%	0.06%
Norfolk Southern CorpNSC	ILCV +0.03 points	0.09%	0.12%
American Electric PowerAEP	ILCV +0.03 points	0.09%	0.12%
Wec Energy Group IncWEC	AUSF +0.02 points	0.08%	0.06%
Firstenergy CorpFE	AUSF +0.02 points	0.09%	0.07%
Ross Stores IncROST	AUSF +0.01 points	0.07%	0.06%
Realty Income CorpO	ILCV +0.02 points	0.08%	0.10%

All 189 AUSF 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.

AUSF vs ILCV Cost

Overpaying AUSF vs ILCV

$4,708

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

AUSF 0.27%
$5,557
ILCV 0.04%
$849

Amount$10,000

Years30 years

Cost over time

AUSF 0.27%
ILCV 0.04%
Overpaying

Year by year

Year	AUSF	ILCV	Overpaying
10	$491	$73	$418
20	$1,907	$288	$1,619
30	$5,557	$849	$4,708

Expense ratio

0.27%AUSF
0.04%ILCV, cheaper

ILCV0.04%AUSF0.27%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

ILCV cheapest of 99 funds

AUSF 40th cheapest of 99 funds

AUSF vs ILCV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): AUSF 2.65%, better; ILCV 1.51%
Payout (12M): AUSF $1.38; ILCV $1.65
Last payment: AUSF $0.33; ILCV $0.42
Ex-dividend: AUSF Aug 5, 2026; ILCV Sep 15, 2026
Paid on: AUSF Aug 10, 2026; ILCV Sep 18, 2026
Frequency: AUSF Quarterly; ILCV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

AUSFQuarterly · 39 paymentsAll AUSF payments⁠

ILCVQuarterly · 39 paymentsAll ILCV payments⁠

AUSF vs ILCV Risk

Fall from peak · 5 years

AUSF
ILCV

Risk facts

VolatilityStd dev, 3 years: AUSF 13.0%ILCV 10.7%, better
Return per unit of riskSharpe ratio, 3 years: AUSF 1.24ILCV 1.57, better
Worst fallMax drawdown, 5 years: AUSF −14.2%, betterILCV −18.6%
Market sensitivityBeta, 5 years: AUSF 0.66ILCV 0.82; Market = 1

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