DSTL vs ILCV: Grades, Fees and Holdings Compared

Distillate U.S. Fundamental Stability & Value ETF

DSTLCNYSE Arca

iShares Morningstar Value ETF

ILCVANYSE Arca

Overlap

11.7%by weight

Expense ratio

ILCV −0.35pt a year

DSTL0.39%ILCV0.04%

Avg volume · 30D

DSTL 3.5×the volume

DSTL86.2KILCV24.4K

5Y return · a year

ILCV +1.0pt

DSTL+11.4%ILCV+12.4%

DSTL vs ILCV Performance

Nov 2, 2021 – Nov 2, 2026

+71.7%DSTL+79.6%ILCV

Expense ratio: DSTL 0.39%; ILCV 0.04%, better
Fund size: DSTL $2.14B; ILCV $1.37B
1Y total return: DSTL +25.0%, better; ILCV +20.9%
Yield (12M): DSTL 1.03%; ILCV 1.51%, better
Holdings: DSTL 102; ILCV 375
Avg volume (30D): DSTL 86.2K sh, better; ILCV 24.4K sh
NAV per share: DSTL $69.57; ILCV $109.27
52W range

ETF.net Grade

Pillar letters and Scores for DSTL, ILCV, with each pillar’s weight
Pillar	DSTL	ILCV
Cost30% weight	D34	A99Higher
Mission25% weight	C45	A82Higher
Risk15% weight	B61	A90Higher
Tradability15% weight	A74Higher	B64
Holdings10% weight	B61Higher	D39
Durability5% weight	B60	A82Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. DSTL 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 DSTL 63rd 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 63CBFORBarron's 400 ETFScore 50
Rank 63CDSTLDistillate U.S. Fundamental Stability & Value ETFScore 50
Rank 63CSPVMInvesco S&P 500 Value with Momentum ETFScore 50

Our read on each fund

ETF.net Research

DSTLCDistillate U.S. Fundamental Stability & Value ETF

ILCVAiShares Morningstar Value ETF

In short

DSTL Value, redefined by cash. DSTL screens large-cap America for low debt and steady cash flows, then buys the cheapest survivors on Distillate's normalized free-cash-flow measure rather than on P/E or book value.

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

DSTL The Fund seeks to track, before fees and expenses, the performance of the Distillate U.S. Fundamental Stability & Value 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

DSTL Values companies on normalized free cash flow against enterprise value instead of P/E or book value, an approach aimed at a market full of intangible-heavy businesses.distillatecapital.com
Quality gate comes first: it starts from roughly 500 profitable large caps, then screens out high debt and unstable cash flows before valuation enters the picture.distillatecapital.com
Positions are weighted by free cash flow generation and rebalanced quarterly, so size follows cash produced rather than market cap. Distributions are paid quarterly.distillatecapital.com
Live since 2018 and now a multi-billion-dollar fund, so the process has a real record rather than a backtest.

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

DSTL At 0.39% it costs more than plain-vanilla value funds such as VONV (0.06%) and VYM (0.04%). You are paying for the cash-flow research.
The benchmark is Distillate's own index, so outcomes ride on one firm's proprietary cash-flow model rather than a widely used public rulebook.distillatecapital.com
Concentrated by design: a slim slice of the large-cap universe, weighted by cash flow, so sector mix can look very different from the S&P 500.distillatecapital.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 DSTL profile⁠

Full ILCV profile⁠

DSTL vs ILCV Holdings

How DSTL and ILCV differ

Overlap by weight

11.7%

Shared holdings make up 65.7% of DSTL and 11.7% of ILCV.

Level by level

Holdings58 in both11.7%
Sector11 Sectors81.3%
Countryby domicile99.0%
Asset classEquity100%

Sector

Sector weights in DSTL and ILCV, widest gap first
Sector	More in DSTLMore in ILCV	DSTL	ILCV
Health Care	DSTL +9.1 points	22.5%	13.4%
Financials	ILCV +8.9 points	8.8%	17.7%
Industrials	DSTL +6.3 points	13.2%	6.9%
Consumer Discretionary	DSTL +3.0 points	11.6%	8.6%
Consumer Staples	ILCV +2.4 points	4.9%	7.3%
Utilities	ILCV +1.8 points	1.2%	3.0%
Communication	ILCV +1.8 points	7.0%	8.8%
Real Estate	ILCV +1.7 points	0.0%	1.7%
Energy	ILCV +1.6 points	5.0%	6.6%
Materials	ILCV +0.6 points	1.5%	2.1%
Technology	DSTL +0.3 points	24.2%	23.9%

Country, concentration and asset class

Country by domicile

Country weights in DSTL and ILCV, widest gap first
Country	More in DSTLMore in ILCV	DSTL	ILCV
China	DSTL +0.9 points	1.0%	0.1%
Other countries (5)	ILCV +0.9 points	99.0%	99.9%

Concentration

Weight in the 10 largest Holdings

DSTL18.0%
ILCV34.2%

Securities held

DSTL101
ILCV372

Asset class

DSTL: Equity
ILCV: Equity

Holdings

Only in DSTL43
In both58
Only in ILCV314

Only in DSTL

43 securities, 34.3% of DSTL by weight

Autodesk Inc1.14%
GoDaddy Inc1.08%
Vistra Corp1.03%
Tyler Technologies Inc1.01%
Gartner Inc1.00%
Carlisle Cos Inc0.98%
Best Buy Co Inc0.97%
Aon PLC0.97%
Masco Corp0.92%
Halozyme Therapeutics Inc0.89%
EPAM Systems Inc0.88%
Crown Holdings Inc0.86%
Allegion plc0.85%
FactSet Research Systems Inc0.85%
Avery Dennison Corp0.84%
A O Smith Corp0.83%
Deckers Outdoor Corp0.83%
HubSpot Inc0.82%
ON Semiconductor Corp0.81%
Somnigroup International Inc0.81%
Toll Brothers Inc0.80%
Acuity Inc0.79%
Icon PLC0.79%
Align Technology Inc0.78%
Globus Medical Inc0.78%
AppLovin Corp0.78%
Neurocrine Biosciences Inc0.78%
TransUnion0.76%
Match Group Inc0.75%
Lennox International Inc0.74%
Owens Corning0.73%
Toro Co/The0.71%
Knight-Swift Transportation Holdings Inc0.68%
Amdocs Ltd0.66%
Darling Ingredients Inc0.64%
Jazz Pharmaceuticals PLC0.64%
Royal Gold Inc0.64%
BioMarin Pharmaceutical Inc0.63%
BorgWarner Inc0.63%
Graco Inc0.62%
Universal Health Services Inc0.62%
Skyworks Solutions Inc0.51%
First American Government Obligations Fund 12/01/20310.39%

Only in ILCV

314 securities, 88.1% of ILCV by weight

Microsoft8.36%
Apple7.18%
Amazon.com Inc3.05%
Berkshire Hathaway Inc Class B2.86%
JPMorgan Chase & Co2.56%
Meta Platforms Class A2.47%
Exxonmobil Holdings Corp2.20%
Alphabet Class A2.02%
Johnson & Johnson1.88%
Alphabet Class C1.63%
Micron Technology1.29%
Chevron1.26%
Tesla Inc1.23%
Cisco Systems Inc1.18%
Procter & Gamble1.07%
Coca-Cola1.05%
Visa Class A1.01%
Home Depot0.94%
Walmart0.94%
Philip Morris International0.93%
Bank of America0.93%
Rtx0.77%
Goldman Sachs Group0.74%
Thermo Fisher Scientific0.74%
Costco Wholesale Corp0.72%
Wells Fargo0.72%
Amgen Inc0.72%
International Business Machines Co0.69%
Linde PLC0.68%
Mastercard Class A0.63%
Morgan Stanley0.63%
Gilead Sciences0.61%
Citigroup0.59%
Walt Disney0.55%
Pepsico0.54%
Verizon Communications Inc0.53%
Conocophillips0.53%
Abbott Laboratories0.52%
Mcdonalds Corp0.52%
Union Pacific0.52%
Qualcomm0.50%
Nextera Energy0.50%
Pfizer0.50%
BlackRock0.46%
Texas Instrument0.43%
Danaher0.43%
AT&T0.42%
Progressive0.38%
Caterpillar Inc0.37%
Chubb0.37%

Weight gaps

All 58 Holdings in both funds, largest gap first.

Holding weights in DSTL and ILCV, widest gap first
Holding	More in DSTLMore in ILCV	DSTL	ILCV
Accenture PLCACN	DSTL +1.77 points	2.22%	0.45%
Marathon Petroleum CorpMPC	DSTL +1.55 points	1.73%	0.18%
Comcast CorpCMCSA	DSTL +1.53 points	1.77%	0.24%
Salesforce IncCRM	DSTL +1.33 points	1.85%	0.52%
Regeneron Pharmaceuticals IncREGN	DSTL +1.28 points	1.54%	0.26%
PayPal Holdings IncPYPL	DSTL +1.23 points	1.37%	0.14%
Diamondback Energy IncFANG	DSTL +1.23 points	1.34%	0.11%
Cigna Group/TheCI	DSTL +1.15 points	1.37%	0.22%
Arthur J Gallagher & CoAJG	DSTL +1.15 points	1.23%	0.08%
Lowe's Cos IncLOW	DSTL +1.15 points	1.48%	0.33%
Altria Group IncMO	DSTL +1.14 points	1.51%	0.37%
Uber Technologies IncUBER	DSTL +1.14 points	1.41%	0.27%
Adobe IncADBE	DSTL +1.14 points	1.42%	0.28%
Booking Holdings IncBKNG	DSTL +1.12 points	1.44%	0.32%
T-Mobile US IncTMUS	DSTL +1.12 points	1.34%	0.22%
Intuit IncINTU	DSTL +1.09 points	1.35%	0.26%
Marsh & McLennan Cos IncMRSH	DSTL +1.08 points	1.25%	0.17%
Cardinal Health IncCAH	DSTL +1.08 points	1.15%	0.07%
Permian Resources CorpPR	DSTL +1.05 points	1.11%	0.06%
FedEx CorpFDX	DSTL +1.01 points	1.21%	0.20%
Zoetis IncZTS	DSTL +0.99 points	1.05%	0.06%
UnitedHealth Group IncUNH	DSTL +0.95 points	1.99%	1.04%
Constellation Brands IncSTZ	DSTL +0.93 points	0.99%	0.06%
TE Connectivity PLCTEL	DSTL +0.94 points	1.00%	0.06%
United Therapeutics CorpUTHR	DSTL +0.91 points	0.94%	0.03%
Omnicom Group IncOMC	DSTL +0.91 points	0.97%	0.06%
Intercontinental Exchange IncICE	DSTL +0.90 points	1.17%	0.27%
Automatic Data Processing IncADP	DSTL +0.90 points	1.23%	0.33%
McKesson CorpMCK	DSTL +0.87 points	1.12%	0.25%
Cognizant Technology Solutions CorpCTSH	DSTL +0.86 points	0.94%	0.08%
DR Horton IncDHI	DSTL +0.86 points	0.96%	0.10%
Tenet Healthcare CorpTHC	DSTL +0.85 points	0.91%	0.06%
Merck & Co IncMRK	DSTL +0.84 points	1.89%	1.05%
PulteGroup IncPHM	DSTL +0.83 points	0.90%	0.07%
Sysco CorpSYY	DSTL +0.83 points	0.94%	0.11%
CME Group IncCME	DSTL +0.83 points	1.14%	0.31%
Leidos Holdings IncLDOS	DSTL +0.83 points	0.88%	0.05%
Fox CorpFOXA	DSTL +0.79 points	0.83%	0.04%
Copart IncCPRT	DSTL +0.77 points	0.80%	0.03%
Corpay IncCPAY	DSTL +0.75 points	0.79%	0.04%
SS&C Technologies Holdings IncSSNC	DSTL +0.75 points	0.80%	0.05%
Kroger Co/TheKR	DSTL +0.74 points	0.85%	0.11%
Brown & Brown IncBRO	DSTL +0.73 points	0.79%	0.06%
NVR IncNVR	DSTL +0.74 points	0.78%	0.04%
Incyte CorpINCY	DSTL +0.73 points	0.76%	0.03%
General Dynamics CorpGD	DSTL +0.72 points	0.98%	0.26%
PACCAR IncPCAR	DSTL +0.72 points	0.86%	0.14%
Boston Scientific CorpBSX	DSTL +0.72 points	0.89%	0.17%
CF Industries Holdings IncCF	DSTL +0.71 points	0.76%	0.05%
TechnipFMC PLCFTI	DSTL +0.71 points	0.73%	0.02%
CDW Corp/DECDW	DSTL +0.69 points	0.75%	0.06%
Textron IncTXT	DSTL +0.69 points	0.72%	0.03%
Broadridge Financial Solutions IncBR	DSTL +0.68 points	0.74%	0.06%
Paychex IncPAYX	DSTL +0.66 points	0.76%	0.10%
ResMed IncRMD	DSTL +0.64 points	0.68%	0.04%
Snap-on IncSNA	DSTL +0.63 points	0.66%	0.03%
Zoom Communications IncZM	DSTL +0.60 points	0.67%	0.07%
AbbVie IncABBV	DSTL +0.49 points	1.98%	1.49%

All 102 DSTL 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.

DSTL vs ILCV Cost

Overpaying DSTL vs ILCV

$7,049

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

DSTL 0.39%
$7,898
ILCV 0.04%
$849

Amount$10,000

Years30 years

Cost over time

DSTL 0.39%
ILCV 0.04%
Overpaying

Year by year

Year	DSTL	ILCV	Overpaying
10	$705	$73	$632
20	$2,725	$288	$2,437
30	$7,898	$849	$7,049

Expense ratio

0.39%DSTL
0.04%ILCV, cheaper

ILCV0.04%DSTL0.39%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

ILCV cheapest of 99 funds

DSTL 64th cheapest of 99 funds

DSTL vs ILCV Dividends

Last 12 months to Nov 2, 2026

Yield (12M): DSTL 1.03%; ILCV 1.51%, better
Payout (12M): DSTL $0.73; ILCV $1.65
Last payment: DSTL $0.17; ILCV $0.42
Ex-dividend: DSTL Sep 24, 2026; ILCV Sep 15, 2026
Paid on: DSTL Sep 25, 2026; ILCV Sep 18, 2026
Frequency: DSTL Quarterly; ILCV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DSTLQuarterly · 26 paymentsAll DSTL payments⁠

ILCVQuarterly · 39 paymentsAll ILCV payments⁠

DSTL vs ILCV Risk

Fall from peak · 5 years

DSTL
ILCV

Risk facts

VolatilityStd dev, 3 years: DSTL 14.8%ILCV 10.7%, better
Return per unit of riskSharpe ratio, 3 years: DSTL 0.94ILCV 1.57, better
Worst fallMax drawdown, 5 years: DSTL −20.1%ILCV −18.6%, better
Market sensitivityBeta, 5 years: DSTL 0.71ILCV 0.82; Market = 1

DSTL and ILCV in the news

All news⁠

Category Review
US multifactor funds ran 30 points apart
Updated Oct 23, 2026DSTL

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