COWS vs ILCV: Grades, Fees and Holdings Compared

Amplify Cash Flow Dividend Leaders ETF

COWSBNasdaq

iShares Morningstar Value ETF

ILCVANYSE Arca

Overlap

7.2%by weight

Expense ratio

ILCV −0.15pt a year

COWS0.19%ILCV0.04%

Avg volume · 30D

ILCV 3.2×the volume

COWS7.94KILCV25.1K

3Y return · a year

COWS +0.7pt

COWS+23.0%ILCV+22.3%

COWS vs ILCV Performance

Nov 7, 2025 – Nov 9, 2026

+30.5%COWS+22.4%ILCV

Expense ratio: COWS 0.19%; ILCV 0.04%, better
Fund size: COWS $45M; ILCV $1.37B
1Y total return: COWS +30.5%, better; ILCV +22.4%
Yield (12M): COWS 1.27%; ILCV 1.50%, better
Holdings: COWS 42; ILCV 374
Avg volume (30D): COWS 7.94K sh; ILCV 25.1K sh, better
NAV per share: COWS $40.26; ILCV $108.28
52W range

ETF.net Grade

Pillar letters and Scores for COWS, ILCV, with each pillar’s weight
Pillar	COWS	ILCV
Cost30% weight	A71	A99Higher
Mission25% weight	B69	A82Higher
Risk15% weight	C50	A91Higher
Tradability15% weight	C47	B62Higher
Holdings10% weight	D36	D39Higher
Durability5% weight	F13	A82Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. COWS 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 COWS 45th 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 43BQVMMInvesco S&P MidCap 400 QVM Multi-factor ETFScore 58
Rank 45BCOWSAmplify Cash Flow Dividend Leaders ETFScore 57
Rank 45BVALQAmerican Century STOXX U.S. Quality Value ETFScore 57

Our read on each fund

ETF.net Research

COWSBAmplify Cash Flow Dividend Leaders ETF

ILCVAiShares Morningstar Value ETF

In short

COWS Lots of funds hunt cash cows. COWS wants proof: positive forward and trailing free cash flow yield, plus three straight years of dividend growth. Monthly payouts, 0.19% net of a waiver through January 28, 2027.

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

COWS The Fund seeks long-term capital appreciation and monthly income by generally tracking the Kelly US Cash Flow Dividend Leaders Index.

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

COWS The screen looks forward, not just back: both trailing and analyst-estimated forward free cash flow yield must be positive, then three consecutive years of dividend growth.amplifyetfs.com
0.19% net of a waiver through January 28, 2027 (0.39% gross) sits below the category median fee, and the fund ranks in the upper half of a crowded multifactor group.
Equity income paid monthly, no options overlay or bond sleeve. Amplify estimates annual income and pays it in installments.amplifyetfs.com
Modified equal weight across 40 to 50 mid- and large-cap names, rebalanced quarterly, so no single cash cow runs the herd.amplifyetfs.com amplifyetfs.com 2

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

COWS Monthly checks are estimated ahead of time, so part of a payment can be return of capital: your own money coming back, as the fund discloses.amplifyetfs.com
Plain-vanilla rivals cost less: VYM charges 0.04% and VONV 0.06% for broad dividend and value exposure, with no waiver propping up the number.
A small fund that trades lightly, so spreads run wider than mega-cap staples. The index is proprietary to Kelly Indexes, an affiliate of the fund's sub-adviser.amplifyetfs.com

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 COWS profile⁠

Full ILCV profile⁠

COWS vs ILCV Holdings

How COWS and ILCV differ

Overlap by weight

7.2%

Shared holdings make up 61.8% of COWS and 7.2% of ILCV.

Level by level

Holdings26 in both7.2%
Sector11 Sectors70.3%
Countryby domicile97.3%
Asset classStocks100%

Sector

Sector weights in COWS and ILCV, widest gap first
Sector	Gap	COWS	ILCV
Industrials	COWS +11.9 points	18.8%	6.9%
Energy	COWS +11.2 points	17.3%	6.1%
Health Care	ILCV +10.8 points	3.0%	13.8%
Consumer Discretionary	COWS +5.9 points	14.8%	8.9%
Communication	ILCV +5.6 points	2.9%	8.5%
Consumer Staples	ILCV +4.7 points	2.9%	7.6%
Financials	ILCV +3.2 points	15.0%	18.2%
Utilities	ILCV +3.1 points	0.0%	3.1%
Real Estate	ILCV +1.7 points	0.0%	1.7%
Materials	COWS +0.8 points	2.9%	2.1%
Technology	ILCV +0.4 points	22.6%	23.0%

Country, concentration and asset class

Country by domicile

Country weights in COWS and ILCV, widest gap first
Country	Gap	COWS	ILCV
China	COWS +2.7 points	2.8%	0.1%
United States	ILCV +2.0 points	97.2%	99.2%
Other countries (4)	ILCV +0.7 points	0.0%	0.7%

Concentration

Weight in the 10 largest Holdings

COWS32.2%
ILCV34.8%

Securities held

COWS41
ILCV371

Asset class

COWS: Stocks
ILCV: Stocks

Holdings

Only in COWS15
In both26
Only in ILCV345

Only in COWS

15 securities, 38.1% of COWS by weight

Hasbro Inc3.72%
Pentair PLC3.29%
Range Resources Corp3.25%
Tetra Tech Inc3.15%
Carlisle Cos Inc3.10%
Avery Dennison Corp3.06%
Crown Holdings Inc3.02%
Aecom2.90%
Allison Transmission Holdings Inc2.54%
Oshkosh Corp2.46%
Booz Allen Hamilton Holding Corp1.93%
FactSet Research Systems Inc1.91%
TransUnion1.72%
Evercore Inc1.61%
Invesco Government & Agency Portfolio 12/31/20310.50%

Only in ILCV

345 securities, 92.5% of ILCV by weight

Microsoft8.58%
Apple7.20%
Amazon.com Inc3.32%
Berkshire Hathaway Inc Class B3.04%
JPMorgan Chase & Co2.56%
Meta Platforms Class A2.47%
Alphabet Class A2.08%
Johnson & Johnson1.92%
Alphabet Class C1.68%
AbbVie1.48%
Tesla Inc1.11%
Procter & Gamble1.11%
Coca-Cola1.08%
Cisco Systems Inc1.07%
Merck & Co Inc1.04%
Visa Class A1.04%
UnitedHealth Group1.02%
Micron Technology1.01%
Home Depot0.99%
Walmart0.96%
Bank of America0.92%
Philip Morris International0.89%
Costco Wholesale Corp0.76%
Thermo Fisher Scientific0.74%
Rtx0.74%
Wells Fargo0.73%
Goldman Sachs Group0.73%
Amgen Inc0.72%
Linde PLC0.68%
International Business Machines Co0.67%
Mastercard Class A0.65%
Morgan Stanley0.62%
Gilead Sciences0.60%
Walt Disney0.58%
Citigroup0.58%
Mcdonalds Corp0.56%
Pepsico0.56%
Abbott Laboratories0.55%
Verizon Communications Inc0.55%
Nextera Energy0.52%
Union Pacific0.50%
Salesforce0.49%
Pfizer0.48%
BlackRock0.47%
Conocophillips0.47%
AT&T0.43%
Danaher0.43%
Texas Instrument0.40%
Progressive0.38%
Medtronic PLC0.38%

Weight gaps

All 26 Holdings in both funds, largest gap first.

Holding weights in COWS and ILCV, widest gap first
Holding	Gap	COWS	ILCV
Roper Technologies IncROP	COWS +3.30 points	3.39%	0.09%
Constellation Brands IncSTZ	COWS +3.19 points	3.25%	0.06%
Zoetis IncZTS	COWS +2.95 points	3.01%	0.06%
Intuit IncINTU	COWS +2.76 points	3.02%	0.26%
TE Connectivity PLCTEL	COWS +2.75 points	2.81%	0.06%
Cheniere Energy IncLNG	COWS +2.62 points	2.79%	0.17%
FedEx CorpFDX	COWS +2.57 points	2.77%	0.20%
Steel Dynamics IncSTLD	COWS +2.54 points	2.57%	0.03%
EQT CorpEQT	COWS +2.45 points	2.51%	0.06%
T-Mobile US IncTMUS	COWS +2.31 points	2.54%	0.23%
Booking Holdings IncBKNG	COWS +2.23 points	2.58%	0.35%
SLB LtdSLB	COWS +2.22 points	2.43%	0.21%
QUALCOMM IncQCOM	COWS +2.10 points	2.61%	0.51%
Accenture PLCACN	COWS +1.96 points	2.42%	0.46%
Hewlett Packard Enterprise CoHPE	COWS +1.94 points	2.11%	0.17%
Arthur J Gallagher & CoAJG	COWS +1.80 points	1.88%	0.08%
Cognizant Technology Solutions CorpCTSH	COWS +1.73 points	1.81%	0.08%
Marsh & McLennan Cos IncMRSH	COWS +1.71 points	1.89%	0.18%
Leidos Holdings IncLDOS	COWS +1.64 points	1.69%	0.05%
Chevron CorpCVX	COWS +1.61 points	2.76%	1.15%
Automatic Data Processing IncADP	COWS +1.51 points	1.86%	0.35%
Intercontinental Exchange IncICE	COWS +1.51 points	1.79%	0.28%
Raymond James Financial IncRJF	COWS +1.47 points	1.51%	0.04%
Apollo Global Management IncAPO	COWS +1.40 points	1.45%	0.05%
Bank of New York Mellon Corp/TheBNY	COWS +1.37 points	1.48%	0.11%
ExxonMobil Holdings CorpXOM	COWS +0.84 points	2.81%	1.97%

All 40 COWS holdings⁠All 371 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.

COWS vs ILCV Cost

Overpaying COWS vs ILCV

$3,103

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

COWS 0.19%
$3,952
ILCV 0.04%
$849

Amount$10,000

Years30 years

Cost over time

COWS 0.19%
ILCV 0.04%
Overpaying

Year by year

Year	COWS	ILCV	Overpaying
10	$347	$73	$274
20	$1,351	$288	$1,063
30	$3,952	$849	$3,103

Expense ratio

0.19%COWS
0.04%ILCV, cheaper

ILCV0.04%COWS0.19%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

ILCV cheapest of 99 funds

COWS 26th cheapest of 99 funds

COWS vs ILCV Dividends

Last 12 months to Nov 9, 2026

Yield (12M): COWS 1.27%; ILCV 1.50%, better
Payout (12M): COWS $0.52; ILCV $1.65
Last payment: COWS $0.05; ILCV $0.42
Ex-dividend: COWS Oct 29, 2026; ILCV Sep 15, 2026
Paid on: COWS Oct 30, 2026; ILCV Sep 18, 2026
Frequency: COWS Monthly; ILCV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

COWSMonthly · 37 paymentsAll COWS payments⁠

ILCVQuarterly · 39 paymentsAll ILCV payments⁠

COWS vs ILCV Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: COWS 17.8%ILCV 10.7%, better
Return per unit of riskSharpe ratio, 3 years: COWS 1.01ILCV 1.57, better
Worst fallMax drawdown, 5 years: COWS −24.8%since Sep 2023ILCV −18.6%
Market sensitivityBeta, 5 years: COWS 0.88ILCV 0.82; Market = 1

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