BFOR vs ILCV: Grades, Fees and Holdings Compared

Barron's 400 ETF

BFORCNYSE Arca

iShares Morningstar Value ETF

ILCVANYSE Arca

Overlap

13.8%by weight

Expense ratio

ILCV −0.61pt a year

BFOR0.65%ILCV0.04%

Avg volume · 30D

BFOR 1.4×the volume

BFOR35.3KILCV24.4K

10Y return · a year

BFOR +0.3pt

BFOR+12.6%ILCV+12.3%

BFOR vs ILCV Performance

Oct 29, 2021 – Oct 30, 2026

+57.3%BFOR+81.1%ILCV

Expense ratio: BFOR 0.65%; ILCV 0.04%, better
Fund size: BFOR $241M; ILCV $1.37B
1Y total return: BFOR +18.0%; ILCV +21.0%, better
Yield (12M): BFOR 0.52%; ILCV 1.51%, better
Holdings: BFOR 401; ILCV 375
Avg volume (30D): BFOR 35.3K sh, better; ILCV 24.4K sh
NAV per share: BFOR $23.42; ILCV $109.27
52W range

ETF.net Grade

Pillar letters and Scores for BFOR, ILCV, with each pillar’s weight
Pillar	BFOR	ILCV
Cost30% weight	F7	A99Higher
Mission25% weight	A100Higher	A82
Risk15% weight	C48	A90Higher
Tradability15% weight	C46	B64Higher
Holdings10% weight	A87Higher	D39
Durability5% weight	C48	A82Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. BFOR 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 BFOR 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 56CAUSFGlobal X Adaptive U.S. Factor ETFScore 52
Rank 56CBFORBarron's 400 ETFScore 52
Rank 56CFLQSFranklin U.S. Small Cap Multifactor Index ETFScore 52

Our read on each fund

ETF.net Research

BFORCBarron's 400 ETF

ILCVAiShares Morningstar Value ETF

In short

BFOR A famous stock list turned into a fund. BFOR follows the Barron's 400 Index, a rules-based screen for growth at a reasonable price plus quality in US stocks, and it has run that playbook since 2013.

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

BFOR The fund seeks to track the performance of the Barron's 400 Index before fees and expenses.

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

BFOR Tracks the Barron's 400 Index tightly. For a rules-based fund that is the whole job, and this one does it with very little drift.alpsfunds.com
One basket, roughly 400 US companies, screened for growth at a reasonable price plus quality. No single name carries the portfolio.
Live since 2013, so the screen has been through real markets rather than a backtest deck.

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

BFOR At 0.65% a year, it charges about double the typical US multifactor fund, and well above big rivals like FNDX (0.25%) or VONV (0.06%).
Thinly traded. Spreads can widen, so limit orders matter more here than with the mega-funds in the category.
Sits in the lower half of its US multifactor peer group, driven by cost and trading friction rather than by how it follows its index.

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 BFOR profile⁠

Full ILCV profile⁠

BFOR vs ILCV Holdings

How BFOR and ILCV differ

Overlap by weight

13.8%

Shared holdings make up 46.4% of ILCV and 23.8% of BFOR.

Level by level

Holdings94 in both13.8%
Sector11 Sectors81.0%
Countryby domicile99.3%
Asset classEquity100%

Sector

Sector weights in BFOR and ILCV, widest gap first
Sector	More in BFORMore in ILCV	BFOR	ILCV
Industrials	BFOR +7.8 points	14.7%	6.9%
Communication	ILCV +6.0 points	2.8%	8.8%
Technology	ILCV +4.1 points	19.8%	23.9%
Energy	BFOR +3.8 points	10.4%	6.6%
Consumer Staples	ILCV +3.6 points	3.7%	7.3%
Materials	BFOR +3.0 points	5.1%	2.1%
Financials	BFOR +2.7 points	20.4%	17.7%
Utilities	ILCV +2.5 points	0.5%	3.0%
Real Estate	ILCV +1.7 points	0.0%	1.7%
Consumer Discretionary	BFOR +1.7 points	10.3%	8.6%
Health Care	ILCV +1.1 points	12.3%	13.4%

Country, concentration and asset class

Country by domicile

Country weights in BFOR and ILCV, widest gap first
Country	More in BFORMore in ILCV	BFOR	ILCV
United States	BFOR +0.1 points	99.3%	99.2%
Switzerland	ILCV +0.4 points	0.0%	0.4%
India	BFOR +0.3 points	0.3%	0.0%
Canada	BFOR +0.3 points	0.3%	0.0%
United Kingdom	BFOR +0.1 points	0.2%	0.1%
Brazil	ILCV +0.1 points	0.0%	0.1%
China	ILCV +0.1 points	0.0%	0.1%
Ireland	ILCV +0.1 points	0.0%	0.1%

Concentration

Weight in the 10 largest Holdings

BFOR3.6%
ILCV34.4%

Securities held

BFOR400
ILCV372

Asset class

BFOR: Equity
ILCV: Equity

Holdings

Only in BFOR306
In both94
Only in ILCV278

Only in BFOR

306 securities, 75.7% of BFOR by weight

CareDx Inc.0.42%
Figs Inc.0.38%
OneSpan Inc.0.36%
Crocs Inc.0.34%
Hasbro Inc.0.33%
Qualys Inc.0.32%
Hayward Holdings Inc.0.31%
ADMA Biologics Inc.0.31%
Eli Lilly & Co.0.31%
Exelixis Inc.0.31%
Riley Exploration Permian Inc.0.31%
SharkNinja Inc.0.31%
Halozyme Therapeutics Inc.0.30%
Veracyte Inc.0.30%
Hinge Health Inc.0.30%
Royal Caribbean Cruises Ltd.0.30%
Paycom Software Inc.0.30%
Veeva Systems Inc.0.29%
CBOE Holdings Inc.0.29%
Urban Outfitters Inc.0.29%
NerdWallet Inc.0.29%
APA Corp.0.29%
Cadence Design Systems Inc.0.29%
Manhattan Associates Inc.0.29%
Abercrombie & Fitch Co.0.29%
Exponent Inc.0.29%
Paylocity Holding Corp.0.29%
WD-40 Co.0.29%
Ligand Pharmaceuticals Inc.0.29%
Ralph Lauren Corp.0.29%
Intuitive Surgical Inc.0.28%
Rocky Brands Inc.0.28%
Rigel Pharmaceuticals Inc.0.28%
DHT Holdings Inc.0.28%
BJ's Wholesale Club Holdings Inc.0.28%
H&R Block Inc.0.28%
GoDaddy Inc.0.28%
Innovative Solutions and Support Inc.0.28%
Ardmore Shipping Corp.0.28%
Levi Strauss & Co.0.28%
Encompass Health Corp.0.28%
Sezzle Inc.0.28%
PBF Energy Inc.0.28%
GigaCloud Technology Inc.0.28%
IBEX Holdings Ltd.0.28%
Kontoor Brands Inc.0.27%
Lincoln Electric Holdings Inc.0.27%
Napco Security Technologies Inc.0.27%
Cintas Corp.0.27%
Frontdoor Inc.0.27%

Only in ILCV

278 securities, 53.4% of ILCV by weight

Berkshire Hathaway Inc Class B2.84%
Exxonmobil Holdings Corp2.14%
Johnson & Johnson1.89%
Alphabet Class C1.65%
AbbVie1.46%
Tesla Inc1.24%
Cisco Systems Inc1.22%
Procter & Gamble1.06%
UnitedHealth Group1.05%
Merck & Co Inc1.03%
Bank of America0.94%
Home Depot0.93%
Philip Morris International0.92%
Walmart0.91%
Thermo Fisher Scientific0.75%
Costco Wholesale Corp0.71%
Linde PLC0.66%
Morgan Stanley0.64%
Citigroup0.60%
Gilead Sciences0.58%
Qualcomm0.56%
Walt Disney0.54%
Pepsico0.52%
Mcdonalds Corp0.52%
Verizon Communications Inc0.52%
Abbott Laboratories0.51%
Nextera Energy0.49%
Pfizer0.49%
BlackRock0.46%
Danaher0.43%
Accenture PLC Class A0.43%
AT&T0.41%
Progressive0.38%
Altria Group Inc0.36%
Chubb0.36%
Capital One Financial Corp0.36%
Medtronic PLC0.35%
American Express0.35%
Prologis Reit0.35%
Lowes Companies Inc0.33%
Cvs Health0.33%
Automatic Data Processing Inc0.32%
Booking Holdings0.32%
Southern0.30%
Cme Group Class A0.30%
Duke Energy Corp0.28%
Charles Schwab0.27%
Eaton PLC0.26%
S&P Global0.26%
3M0.26%

Weight gaps

All 94 Holdings in both funds, largest gap first.

Holding weights in BFOR and ILCV, widest gap first
Holding	More in BFORMore in ILCV	BFOR	ILCV
Microsoft Corp.MSFT	ILCV +8.19 points	0.26%	8.45%
Apple Inc.AAPL	ILCV +6.98 points	0.26%	7.24%
Amazon.com Inc.AMZN	ILCV +2.84 points	0.24%	3.08%
JPMorgan Chase & Co.JPM	ILCV +2.36 points	0.24%	2.60%
Meta Platforms Inc.META	ILCV +2.27 points	0.23%	2.50%
Alphabet Inc.GOOGL	ILCV +1.84 points	0.20%	2.04%
Micron Technology Inc.MU	ILCV +1.11 points	0.24%	1.35%
Chevron Corp.CVX	ILCV +0.95 points	0.28%	1.23%
Coca-Cola Co.KO	ILCV +0.77 points	0.26%	1.03%
Visa Inc.V	ILCV +0.73 points	0.27%	1.00%
Goldman Sachs Group Inc.GS	ILCV +0.55 points	0.22%	0.77%
RTX Corp.RTX	ILCV +0.50 points	0.26%	0.76%
Wells Fargo & Co.WFC	ILCV +0.50 points	0.23%	0.73%
International Business Machines Corp.IBM	ILCV +0.43 points	0.26%	0.69%
Amgen Inc.AMGN	ILCV +0.41 points	0.30%	0.71%
Mastercard Inc.MA	ILCV +0.35 points	0.28%	0.63%
PTC Inc.PTC	BFOR +0.34 points	0.36%	0.02%
Salesforce Inc.CRM	ILCV +0.30 points	0.22%	0.52%
United Therapeutics Corp.UTHR	BFOR +0.27 points	0.30%	0.03%
Ulta Beauty Inc.ULTA	BFOR +0.26 points	0.29%	0.03%
Carnival Corp.CCL	BFOR +0.26 points	0.32%	0.06%
Union Pacific Corp.UNP	ILCV +0.24 points	0.27%	0.51%
First Citizens BancShares Inc.FCNCA	BFOR +0.24 points	0.28%	0.04%
Steel Dynamics Inc.STLD	BFOR +0.24 points	0.27%	0.03%
ConocoPhillipsCOP	ILCV +0.23 points	0.28%	0.51%
Tapestry Inc.TPR	BFOR +0.23 points	0.25%	0.02%
Agilent Technologies Inc.A	BFOR +0.23 points	0.30%	0.07%
Ovintiv Inc.OVV	BFOR +0.22 points	0.28%	0.06%
Expeditors International of Washington Inc.EXPD	BFOR +0.23 points	0.26%	0.03%
Cincinnati Financial Corp.CINF	BFOR +0.22 points	0.26%	0.04%
Leidos Holdings Inc.LDOS	BFOR +0.22 points	0.27%	0.05%
Permian Resources Corp.PR	BFOR +0.21 points	0.27%	0.06%
Zoetis Inc.ZTS	BFOR +0.22 points	0.27%	0.05%
Incyte Corp.INCY	BFOR +0.22 points	0.25%	0.03%
Roper Technologies Inc.ROP	BFOR +0.22 points	0.30%	0.08%
TechnipFMC PLCFTI	BFOR +0.22 points	0.24%	0.02%
Dollar Tree Inc.DLTR	BFOR +0.21 points	0.28%	0.07%
ResMed Inc.RMD	BFOR +0.21 points	0.26%	0.05%
Expedia Inc.EXPE	BFOR +0.21 points	0.25%	0.04%
Nucor Corp.NUE	BFOR +0.20 points	0.27%	0.07%
East West Bancorp Inc.EWBC	BFOR +0.20 points	0.25%	0.05%
Edison InternationalEIX	BFOR +0.20 points	0.26%	0.06%
SS&C Technologies Holdings Inc.SSNC	BFOR +0.20 points	0.25%	0.05%
Tenet Healthcare Corp.THC	BFOR +0.20 points	0.26%	0.06%
Fidelity National Information Services Inc.FIS	BFOR +0.20 points	0.25%	0.05%
Broadridge Financial Solutions Inc.BR	BFOR +0.19 points	0.25%	0.06%
Fox Corp.FOXA	BFOR +0.19 points	0.23%	0.04%
Ross Stores Inc.ROST	BFOR +0.19 points	0.25%	0.06%
Caterpillar Inc.CAT	ILCV +0.18 points	0.20%	0.38%
NetApp Inc.NTAP	BFOR +0.18 points	0.26%	0.08%
eBay Inc.EBAY	BFOR +0.19 points	0.28%	0.09%
Albemarle Corp.ALB	BFOR +0.19 points	0.20%	0.01%
Zoom Communications Inc.ZM	BFOR +0.18 points	0.25%	0.07%
CF Industries Holdings Inc.CF	BFOR +0.18 points	0.23%	0.05%
Southern Copper Corp.SCCO	BFOR +0.19 points	0.24%	0.05%
T Rowe Price Group Inc.TROW	BFOR +0.18 points	0.24%	0.06%
F5 Inc.FFIV	BFOR +0.18 points	0.21%	0.03%
Synchrony FinancialSYF	BFOR +0.18 points	0.25%	0.07%
Targa Resources Corp.TRGP	BFOR +0.17 points	0.27%	0.10%
Cognizant Technology Solutions Corp.CTSH	BFOR +0.17 points	0.25%	0.08%
Texas Instruments Inc.TXN	ILCV +0.16 points	0.29%	0.45%
Allstate Corp.ALL	BFOR +0.16 points	0.25%	0.09%
Ameriprise Financial Inc.AMP	BFOR +0.15 points	0.22%	0.07%
The Hartford Financial Services Group Inc.HIG	BFOR +0.14 points	0.24%	0.10%
M&T Bank Corp.MTB	BFOR +0.14 points	0.23%	0.09%
Paychex Inc.PAYX	BFOR +0.14 points	0.24%	0.10%
Occidental Petroleum Corp.OXY	BFOR +0.13 points	0.26%	0.13%
Oracle Corp.ORCL	ILCV +0.13 points	0.22%	0.35%
PayPal Holdings Inc.PYPL	BFOR +0.12 points	0.26%	0.14%
Coeur Mining Inc.CDE	BFOR +0.12 points	0.16%	0.04%
Newmont Corp.NEM	ILCV +0.11 points	0.22%	0.33%
Bristol-Myers Squibb Co.BMY	ILCV +0.12 points	0.24%	0.36%
Sandisk Corp.SNDK	ILCV +0.10 points	0.19%	0.29%
Devon Energy Corp.DVN	BFOR +0.10 points	0.26%	0.16%
Marathon Petroleum Corp.MPC	BFOR +0.10 points	0.28%	0.18%
Dell Technologies Inc.DELL	BFOR +0.09 points	0.20%	0.11%
Lockheed Martin Corp.LMT	ILCV +0.06 points	0.30%	0.36%
Boston Scientific Corp.BSX	BFOR +0.05 points	0.23%	0.18%
Valero Energy Corp.VLO	ILCV +0.05 points	0.26%	0.31%
Blackstone Inc.BX	BFOR +0.05 points	0.23%	0.18%
Parker-Hannifin Corp.PH	BFOR +0.05 points	0.24%	0.19%
Uber Technologies Inc.UBER	ILCV +0.05 points	0.22%	0.27%
Adobe Inc.ADBE	ILCV +0.05 points	0.23%	0.28%
EOG Resources Inc.EOG	BFOR +0.04 points	0.28%	0.24%
Phillips 66PSX	ILCV +0.04 points	0.27%	0.31%
Stryker Corp.SYK	BFOR +0.03 points	0.26%	0.23%
US BancorpUSB	ILCV +0.03 points	0.24%	0.27%
PNC Financial Services Group Inc.PNC	ILCV +0.03 points	0.23%	0.26%
Hewlett Packard Enterprise Co.HPE	BFOR +0.03 points	0.25%	0.22%
Travelers Cos. Inc.TRV	BFOR +0.02 points	0.26%	0.24%
Analog Devices Inc.ADI	BFOR +0.01 points	0.29%	0.28%
Vertex Pharmaceuticals Inc.VRTX	Same weight	0.27%	0.27%
Intuit Inc.INTU	Same weight	0.25%	0.25%
TJX Cos. Inc.TJX	Same weight	0.28%	0.28%

All BFOR 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.

BFOR vs ILCV Cost

Overpaying BFOR vs ILCV

$11,868

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

BFOR 0.65%
$12,717
ILCV 0.04%
$849

Amount$10,000

Years30 years

Cost over time

BFOR 0.65%
ILCV 0.04%
Overpaying

Year by year

Year	BFOR	ILCV	Overpaying
10	$1,163	$73	$1,090
20	$4,440	$288	$4,152
30	$12,717	$849	$11,868

Expense ratio

0.65%BFOR
0.04%ILCV, cheaper

ILCV0.04%BFOR0.65%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

ILCV cheapest of 99 funds

BFOR 91st cheapest of 99 funds

BFOR vs ILCV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): BFOR 0.52%; ILCV 1.51%, better
Payout (12M): BFOR $0.12; ILCV $1.65
Last payment: BFOR $0.12; ILCV $0.42
Ex-dividend: BFOR Dec 18, 2025; ILCV Sep 15, 2026
Paid on: BFOR Dec 23, 2025; ILCV Sep 18, 2026
Frequency: BFOR Annual; ILCV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

BFORAnnual · 10 paymentsAll BFOR payments⁠

ILCVQuarterly · 39 paymentsAll ILCV payments⁠

BFOR vs ILCV Risk

Fall from peak · 5 years

BFOR
ILCV

Risk facts

VolatilityStd dev, 3 years: BFOR 14.8%ILCV 10.7%, better
Return per unit of riskSharpe ratio, 3 years: BFOR 1.09ILCV 1.57, better
Worst fallMax drawdown, 5 years: BFOR −25.9%ILCV −18.6%, better
Market sensitivityBeta, 5 years: BFOR 1.03ILCV 0.82; Market = 1

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