CSM vs ILCV: Grades, Fees and Holdings Compared

ProShares Large Cap Core Plus

CSMCCboe

iShares Morningstar Value ETF

ILCVANYSE Arca

Overlap

46.0%by weight

Expense ratio

ILCV −0.41pt a year

CSM0.45%ILCV0.04%

Avg volume · 30D

ILCV 5.0×the volume

CSM4.87KILCV24.4K

10Y return · a year

CSM +1.9pt

CSM+14.2%ILCV+12.3%

CSM vs ILCV Performance

Oct 29, 2021 – Oct 30, 2026

+72.0%CSM+81.1%ILCV

Expense ratio: CSM 0.45%; ILCV 0.04%, better
Fund size: CSM $513M; ILCV $1.37B
1Y total return: CSM +11.3%; ILCV +21.0%, better
Yield (12M): CSM 1.06%; ILCV 1.51%, better
Holdings: CSM 303; ILCV 375
Avg volume (30D): CSM 4.87K sh; ILCV 24.4K sh, better
NAV per share: CSM $86.42; ILCV $109.27
52W range

ETF.net Grade

Pillar letters and Scores for CSM, ILCV, with each pillar’s weight
Pillar	CSM	ILCV
Cost30% weight	D28	A99Higher
Mission25% weight	A97Higher	A82
Risk15% weight	C52	A90Higher
Tradability15% weight	C45	B64Higher
Holdings10% weight	C44Higher	D39
Durability5% weight	B69	A82Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. CSM 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 CSM 50th 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 48BFYXFirst Trust Small Cap Core AlphaDEX FundScore 56
Rank 50CCSMProShares Large Cap Core PlusScore 55
Rank 50BPSCPrincipal U.S. Small-Cap Multi-Factor ETFScore 55

Our read on each fund

ETF.net Research

CSMCProShares Large Cap Core Plus

ILCVAiShares Morningstar Value ETF

In short

CSM A survivor of the 2009 130/30 craze. CSM runs 130% long a four-factor screen of big U.S. companies and 30% short, so net exposure lands near the market while the factor tilts get turned up.

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

CSM The Fund seeks pre-expense investment results that track the UBS 130/30 Index. It uses equity securities and derivatives to maintain exposure to a rules-based, multi-factor portfolio of leading large-cap U.S. companies with 130% long and 30% short exposure.

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

CSM The shorting is the whole point: 130% long, 30% short. Net exposure sits near 100% of the market, but the factor bets carry more weight than a long-only screen allows.
Four factors in one rulebook (value, growth, momentum, profitability) spread across roughly 300 large U.S. companies, so no single style is steering the whole portfolio.proshares.com
Long-short mechanics inside an ordinary 1940 Act ETF: no lockups, no accreditation, no K-1. It tracks a published benchmark, the UBS 130/30 Index, rather than a manager's hunches.
Trading since 2009, which is a long run for a long-short strategy. Most of the 130/30 wave that launched alongside it did not last. Distributions come quarterly.

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

CSM 0.45% a year is toward the high end for large-cap multifactor. Plain-vanilla peers like VONV (0.06%) and IUSG (0.04%) cost a fraction, though neither shorts anything.
One of the lighter-traded funds in its category, which can mean wider bid-ask spreads than the volume leaders in large-cap factor land.
The short sleeve cuts both ways: it adds borrow and derivative costs, and it drags when the market's lowest-ranked names are the ones running.

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 CSM profile⁠

Full ILCV profile⁠

CSM vs ILCV Holdings

How CSM and ILCV differ

Overlap by weight

46.0%

Shared holdings make up 81.7% of ILCV and 64.9% of CSM.

Level by level

Holdings203 in both46.0%
Sector11 Sectors84.2%
Countryby domicile99.4%
Asset classEquity100%

Sector

Sector weights in CSM and ILCV, widest gap first
Sector	More in CSMMore in ILCV	CSM	ILCV
Technology	CSM +9.4 points	33.3%	23.9%
Financials	ILCV +5.9 points	11.8%	17.7%
Energy	ILCV +3.3 points	3.3%	6.6%
Industrials	CSM +3.3 points	10.2%	6.9%
Health Care	ILCV +2.9 points	10.5%	13.4%
Consumer Staples	ILCV +2.5 points	4.8%	7.3%
Real Estate	CSM +2.4 points	4.1%	1.7%
Communication	ILCV +1.1 points	7.7%	8.8%
Consumer Discretionary	CSM +0.4 points	9.0%	8.6%
Utilities	CSM +0.4 points	3.4%	3.0%
Materials	ILCV +0.2 points	1.9%	2.1%

Country, concentration and asset class

Country by domicile

Country weights in CSM and ILCV, widest gap first
Country	More in CSMMore in ILCV	CSM	ILCV
United States	CSM +0.4 points	99.6%	99.2%
Switzerland	ILCV +0.4 points	0.0%	0.4%
China	CSM +0.1 points	0.2%	0.1%
United Kingdom	CSM +0.1 points	0.2%	0.1%
Brazil	ILCV +0.1 points	0.0%	0.1%
Ireland	ILCV +0.1 points	0.0%	0.1%

Concentration

Weight in the 10 largest Holdings

CSM30.4%
ILCV34.4%

Securities held

CSM302
ILCV372

Asset class

CSM: Equity
ILCV: Equity

Holdings

Only in CSM99
In both203
Only in ILCV169

Only in CSM

99 securities, 30.0% of CSM by weight

NVIDIA Corp5.05%
Proshares Genius Mny Mkt Etf3.11%
Broadcom Inc1.57%
Eli Lilly & Co1.33%
Advanced Micro Devices0.78%
Palantir Technologies Inc-A0.59%
Boeing Co/The0.40%
Amphenol Corp-Cl A0.40%
Netflix Inc0.37%
Autodesk Inc0.36%
Godaddy Inc - Class A0.36%
West Pharmaceutical Services0.34%
Stanley Black & Decker Inc0.34%
Western Digital Corp0.33%
Live Nation Entertainment In0.32%
Host Hotels & Resorts Inc0.31%
Arista Networks Inc0.30%
Federal Realty Invs Trust0.30%
Assurant Inc0.30%
Universal Health Services-B0.29%
Gen Digital Inc0.29%
Casey's General Stores Inc0.29%
Huntington Ingalls Industrie0.29%
Royal Caribbean Cruises Ltd0.29%
Vulcan Materials Co0.28%
Intel Corp0.28%
Howmet Aerospace Inc0.28%
Insulet Corp0.27%
Microchip Technology Inc0.27%
Udr Inc0.27%
Emcor Group Inc0.26%
Jack Henry & Associates Inc0.26%
Franklin Templeton Inc0.26%
Interactive Brokers Gro-Cl A0.26%
Hormel Foods Corp0.26%
Invesco Ltd0.26%
Idexx Laboratories Inc0.25%
Hunt (Jb) Transprt Svcs Inc0.25%
Lam Research Corp0.25%
Ge Vernova Inc0.24%
Ventas Inc0.24%
Comfort Systems Usa Inc0.24%
Healthpeak Properties Inc0.23%
Norwegian Cruise Line Holdin0.23%
Jabil Inc0.23%
Teradyne Inc0.23%
Fair Isaac Corp0.23%
Factset Research Systems Inc0.22%
Apa Corp0.22%
Aes Corp0.22%

Only in ILCV

169 securities, 18.1% of ILCV by weight

Linde PLC0.66%
Verizon Communications Inc0.52%
Abbott Laboratories0.51%
Conocophillips0.51%
Nextera Energy0.49%
Pfizer0.49%
BlackRock0.46%
Chubb0.36%
American Express0.35%
Automatic Data Processing Inc0.32%
Booking Holdings0.32%
Valero Energy Corp0.31%
Southern0.30%
Cme Group Class A0.30%
Duke Energy Corp0.28%
Us Bancorp0.27%
Eaton PLC0.26%
Pnc Financial Services Group0.26%
Intercontinental Exchange Inc0.26%
Elevance Health Inc0.25%
Deere0.25%
Waste Management Inc0.24%
Mckesson Corp0.24%
Travelers Companies0.24%
Slb0.23%
Mondelez International Class A0.23%
Moderna0.22%
Hewlett Packard Enterprise0.22%
Honeywell International Inc0.20%
Hca Healthcare0.20%
Cheniere Energy0.19%
Blackstone0.18%
Starbucks Corp0.17%
Sempra0.16%
Aflac0.16%
Dominion Energy0.16%
Becton Dickinson0.15%
Delta Air Lines0.15%
Williams0.15%
Strategy Inc Class A0.15%
Colgate-Palmolive0.14%
Occidental Petroleum Corp0.13%
Nike Class B0.13%
Trane Technologies PLC0.13%
Mercadolibre0.12%
American Electric Power Inc0.12%
Sysco0.11%
Crown Castle Inc0.11%
Diamondback Energy0.11%
Emerson Electric0.11%

Weight gaps

The 100 widest of 203 Holdings in both funds.

Holding weights in CSM and ILCV, widest gap first
Holding	More in CSMMore in ILCV	CSM	ILCV
Microsoft CorpMSFT	ILCV +4.60 points	3.85%	8.45%
Apple IncAAPL	ILCV +2.22 points	5.02%	7.24%
Berkshire Hathaway Inc-Cl BBRK.B	ILCV +2.07 points	0.77%	2.84%
Exxonmobil Holdings CorpXOM	ILCV +1.58 points	0.56%	2.14%
Johnson & JohnsonJNJ	ILCV +1.47 points	0.42%	1.89%
JPMorgan Chase & CoJPM	ILCV +1.38 points	1.22%	2.60%
Meta Platforms Inc-Class AMETA	ILCV +1.30 points	1.20%	2.50%
Chevron CorpCVX	ILCV +1.06 points	0.17%	1.23%
AbbVie IncABBV	ILCV +1.05 points	0.41%	1.46%
Cisco Systems IncCSCO	ILCV +0.99 points	0.23%	1.22%
Philip Morris InternationalPM	ILCV +0.88 points	0.04%	0.92%
Coca-Cola Co/TheKO	ILCV +0.86 points	0.17%	1.03%
Home Depot IncHD	ILCV +0.84 points	0.09%	0.93%
Bank of America CorpBAC	ILCV +0.74 points	0.20%	0.94%
Wells Fargo & CoWFC	ILCV +0.69 points	0.04%	0.73%
UnitedHealth Group IncUNH	ILCV +0.68 points	0.37%	1.05%
Thermo Fisher Scientific IncTMO	ILCV +0.68 points	0.07%	0.75%
Intl Business Machines CorpIBM	ILCV +0.65 points	0.04%	0.69%
Walmart IncWMT	ILCV +0.64 points	0.27%	0.91%
Visa Inc-Class A SharesV	ILCV +0.57 points	0.43%	1.00%
Merck & Co. Inc.MRK	ILCV +0.57 points	0.46%	1.03%
Costco Wholesale CorpCOST	ILCV +0.55 points	0.16%	0.71%
Alphabet Inc-Cl AGOOGL	ILCV +0.53 points	1.51%	2.04%
Procter & Gamble Co/ThePG	ILCV +0.53 points	0.53%	1.06%
Qualcomm IncQCOM	ILCV +0.52 points	0.04%	0.56%
Alphabet Inc-Cl CGOOG	ILCV +0.48 points	1.17%	1.65%
Mcdonald's CorpMCD	ILCV +0.48 points	0.04%	0.52%
Amazon.com IncAMZN	ILCV +0.47 points	2.61%	3.08%
Amgen IncAMGN	ILCV +0.47 points	0.24%	0.71%
Walt Disney Co/TheDIS	ILCV +0.46 points	0.08%	0.54%
Mastercard Inc - AMA	ILCV +0.35 points	0.28%	0.63%
Tesla IncTSLA	ILCV +0.32 points	0.92%	1.24%
Danaher CorpDHR	ILCV +0.31 points	0.12%	0.43%
International Paper CoIP	CSM +0.31 points	0.34%	0.03%
Weyerhaeuser CoWY	CSM +0.32 points	0.33%	0.01%
Allstate CorpALL	CSM +0.31 points	0.40%	0.09%
Capital One Financial CorpCOF	ILCV +0.30 points	0.06%	0.36%
Trimble IncTRMB	CSM +0.31 points	0.32%	0.01%
Veralto CorpVLTO	CSM +0.30 points	0.33%	0.03%
Apollo Global Management IncAPO	CSM +0.29 points	0.34%	0.05%
Incyte CorpINCY	CSM +0.30 points	0.33%	0.03%
Cincinnati Financial CorpCINF	CSM +0.29 points	0.33%	0.04%
Carnival Corp LtdCCL	CSM +0.29 points	0.35%	0.06%
Global Payments IncGPN	CSM +0.28 points	0.33%	0.05%
Northrop Grumman CorpNOC	CSM +0.27 points	0.41%	0.14%
Agilent Technologies IncA	CSM +0.28 points	0.35%	0.07%
Edison InternationalEIX	CSM +0.27 points	0.33%	0.06%
Kkr & Co IncKKR	CSM +0.27 points	0.36%	0.10%
Nvr IncNVR	CSM +0.27 points	0.31%	0.04%
Progressive CorpPGR	ILCV +0.26 points	0.12%	0.38%
Kimco Realty CorpKIM	CSM +0.26 points	0.31%	0.05%
Textron IncTXT	CSM +0.26 points	0.29%	0.03%
Invitation Homes IncINVH	CSM +0.26 points	0.28%	0.02%
Leidos Holdings IncLDOS	CSM +0.26 points	0.31%	0.05%
Otis Worldwide CorpOTIS	CSM +0.26 points	0.31%	0.05%
Hershey Co/TheHSY	CSM +0.26 points	0.28%	0.02%
Accenture Plc-Cl AACN	ILCV +0.25 points	0.18%	0.43%
Wec Energy Group IncWEC	CSM +0.25 points	0.31%	0.06%
Centene CorpCNC	CSM +0.24 points	0.29%	0.05%
Northern Trust CorpNTRS	CSM +0.25 points	0.29%	0.04%
Simon Property Group IncSPG	CSM +0.24 points	0.34%	0.10%
Tyson Foods Inc-Cl ATSN	CSM +0.23 points	0.28%	0.05%
Dte Energy CompanyDTE	CSM +0.23 points	0.31%	0.08%
Keurig Dr Pepper IncKDP	CSM +0.22 points	0.36%	0.14%
T Rowe Price Group IncTROW	CSM +0.23 points	0.29%	0.06%
Cardinal Health IncCAH	CSM +0.23 points	0.30%	0.07%
Ameriprise Financial IncAMP	CSM +0.22 points	0.29%	0.07%
Fidelity National Info ServFIS	CSM +0.23 points	0.28%	0.05%
Prudential Financial IncPRU	CSM +0.22 points	0.33%	0.11%
Rtx CorpRTX	ILCV +0.21 points	0.55%	0.76%
Firstenergy CorpFE	CSM +0.22 points	0.29%	0.07%
Biogen IncBIIB	CSM +0.22 points	0.32%	0.10%
Fortive CorpFTV	CSM +0.21 points	0.27%	0.06%
Goldman Sachs Group IncGS	ILCV +0.21 points	0.56%	0.77%
KeycorpKEY	CSM +0.21 points	0.27%	0.06%
Devon Energy CorpDVN	CSM +0.21 points	0.37%	0.16%
Vertex Pharmaceuticals IncVRTX	ILCV +0.20 points	0.07%	0.27%
Vici Properties IncVICI	CSM +0.20 points	0.28%	0.08%
Broadridge Financial SolutioBR	CSM +0.20 points	0.26%	0.06%
Bunge Global SABG	CSM +0.19 points	0.23%	0.04%
Kroger CoKR	CSM +0.19 points	0.30%	0.11%
Metlife IncMET	CSM +0.20 points	0.35%	0.15%
Eversource EnergyES	CSM +0.20 points	0.27%	0.07%
Ball CorpBALL	CSM +0.19 points	0.21%	0.02%
S&P Global IncSPGI	ILCV +0.19 points	0.07%	0.26%
Morgan StanleyMS	ILCV +0.18 points	0.46%	0.64%
Southwest Airlines CoLUV	CSM +0.18 points	0.20%	0.02%
M & T Bank CorpMTB	CSM +0.18 points	0.27%	0.09%
United Parcel Service-Cl BUPS	ILCV +0.18 points	0.05%	0.23%
Marathon Petroleum CorpMPC	CSM +0.17 points	0.35%	0.18%
Eog Resources IncEOG	CSM +0.18 points	0.42%	0.24%
Digital Realty Trust IncDLR	CSM +0.17 points	0.24%	0.07%
The Cigna GroupCI	CSM +0.17 points	0.39%	0.22%
Pultegroup IncPHM	CSM +0.17 points	0.24%	0.07%
Consolidated Edison IncED	CSM +0.17 points	0.29%	0.12%
Lyondellbasell Indu-Cl ALYB	CSM +0.17 points	0.22%	0.05%
Steris PLCSTE	CSM +0.17 points	0.21%	0.04%
Synchrony FinancialSYF	CSM +0.17 points	0.24%	0.07%
Arch Capital Group LtdACGL	CSM +0.16 points	0.26%	0.10%
Albemarle CorpALB	CSM +0.16 points	0.17%	0.01%

All 313 CSM 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.

CSM vs ILCV Cost

Overpaying CSM vs ILCV

$8,192

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

CSM 0.45%
$9,041
ILCV 0.04%
$849

Amount$10,000

Years30 years

Cost over time

CSM 0.45%
ILCV 0.04%
Overpaying

Year by year

Year	CSM	ILCV	Overpaying
10	$812	$73	$739
20	$3,128	$288	$2,840
30	$9,041	$849	$8,192

Expense ratio

0.45%CSM
0.04%ILCV, cheaper

ILCV0.04%CSM0.45%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

ILCV cheapest of 99 funds

CSM 71st cheapest of 99 funds

CSM vs ILCV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CSM 1.06%; ILCV 1.51%, better
Payout (12M): CSM $0.91; ILCV $1.65
Last payment: CSM $0.21; ILCV $0.42
Ex-dividend: CSM Sep 23, 2026; ILCV Sep 15, 2026
Paid on: CSM Sep 29, 2026; ILCV Sep 18, 2026
Frequency: CSM Quarterly; ILCV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

CSMQuarterly · 39 paymentsAll CSM payments⁠

ILCVQuarterly · 39 paymentsAll ILCV payments⁠

CSM vs ILCV Risk

Fall from peak · 5 years

CSM
ILCV

Risk facts

VolatilityStd dev, 3 years: CSM 12.6%ILCV 10.7%, better
Return per unit of riskSharpe ratio, 3 years: CSM 1.38ILCV 1.57, better
Worst fallMax drawdown, 5 years: CSM −23.8%ILCV −18.6%, better
Market sensitivityBeta, 5 years: CSM 0.97ILCV 0.82; Market = 1

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