FLQL vs ILCV: Grades, Fees and Holdings Compared

Franklin U.S. Large Cap Multifactor Index ETF

FLQLACboe

iShares Morningstar Value ETF

ILCVANYSE Arca

Overlap

46.9%by weight

Expense ratio

ILCV −0.11pt a year

FLQL0.15%ILCV0.04%

Avg volume · 30D

FLQL 3.6×the volume

FLQL91.8KILCV25.4K

5Y return · a year

FLQL +0.4pt

FLQL+12.6%ILCV+12.2%

FLQL vs ILCV Performance

Nov 3, 2021 – Nov 3, 2026

+81.3%FLQL+78.1%ILCV

Expense ratio: FLQL 0.15%; ILCV 0.04%, better
Fund size: FLQL $2.11B; ILCV $1.37B
1Y total return: FLQL +10.8%; ILCV +20.8%, better
Yield (12M): FLQL 1.09%; ILCV 1.52%, better
Holdings: FLQL 221; ILCV 375
Avg volume (30D): FLQL 91.8K sh, better; ILCV 25.4K sh
NAV per share: FLQL $75.78; ILCV $109.15
52W range

ETF.net Grade

Pillar letters and Scores for FLQL, ILCV, with each pillar’s weight
Pillar	FLQL	ILCV
Cost30% weight	A83	A99Higher
Mission25% weight	A87Higher	A82
Risk15% weight	C46	A89Higher
Tradability15% weight	A72Higher	B63
Holdings10% weight	D35	C40Higher
Durability5% weight	A70	A82Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. FLQL 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 FLQL 18th 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 17AQVMLInvesco S&P 500 QVM Multi-factor ETFScore 72
Rank 18AFLQLFranklin U.S. Large Cap Multifactor Index ETFScore 71
Rank 18AJHMLJohn Hancock Multifactor Large Cap ETFScore 71

Our read on each fund

ETF.net Research

FLQLAFranklin U.S. Large Cap Multifactor Index ETF

ILCVAiShares Morningstar Value ETF

In short

FLQL Four factors (quality, value, momentum, low volatility) blended into one US large-cap portfolio for 0.15% a year. Franklin's LibertyQ index has run the blend since 2017, and the fund tracks it closely.

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

FLQL The fund seeks investment results that closely correspond, before fees and expenses, to the performance of the LibertyQ U.S. Large Cap Equity Index, also called the U.S. Large Cap Underlying 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

FLQL All four classic equity factors in one index: quality, value, momentum, low volatility. No guessing which tilt is in favor, no second fund to bolt on.
0.15% a year, well under the typical fee in its multifactor peer group.
Roughly 300 US large caps, chosen by index rule rather than manager hunch, paying quarterly. Running since 2017, so there is real history to inspect.
Tracks its LibertyQ index closely and stands in the upper tier of a crowded multifactor field.

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

FLQL Four factors in one basket dilutes each one. For a concentrated single tilt, cheaper options exist: VONV at 0.06%, IUSG at 0.04%.
Still US large-cap equity. The factor mix changes the ride, not the asset class.
About 300 names, all set by index rules, so the mix shifts only when the index rebalances.

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 FLQL profile⁠

Full ILCV profile⁠

FLQL vs ILCV Holdings

How FLQL and ILCV differ

Overlap by weight

46.9%

Shared holdings make up 68.0% of FLQL and 53.8% of ILCV.

Level by level

Holdings91 in both46.9%
Sector11 Sectors82.6%
Countryby domicile99.2%
Asset classEquity100%

Sector

Sector weights in FLQL and ILCV, widest gap first
Sector	Gap	FLQL	ILCV
Technology	FLQL +16.2 points	40.1%	23.9%
Financials	ILCV +6.0 points	11.7%	17.7%
Energy	ILCV +4.3 points	2.3%	6.6%
Health Care	ILCV +3.6 points	9.8%	13.4%
Consumer Staples	ILCV +2.9 points	4.4%	7.3%
Industrials	FLQL +0.8 points	7.7%	6.9%
Utilities	ILCV +0.6 points	2.4%	3.0%
Real Estate	FLQL +0.2 points	1.9%	1.7%
Communication	FLQL +0.2 points	9.0%	8.8%
Consumer Discretionary	FLQL +0.1 points	8.7%	8.6%
Materials	Same weight	2.1%	2.1%

Country, concentration and asset class

Country by domicile

Country weights in FLQL and ILCV, widest gap first
Country	Gap	FLQL	ILCV
United States	FLQL +0.5 points	99.7%	99.2%
Switzerland	ILCV +0.4 points	0.0%	0.4%
Mexico	FLQL +0.1 points	0.1%	0.0%
Brazil	ILCV +0.1 points	0.0%	0.1%
India	FLQL +0.1 points	0.1%	0.0%
Canada	FLQL +0.1 points	0.1%	0.0%
United Kingdom	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

FLQL36.7%
ILCV34.2%

Securities held

FLQL219
ILCV372

Asset class

FLQL: Equity
ILCV: Equity

Holdings

Only in FLQL128
In both91
Only in ILCV281

Only in FLQL

128 securities, 31.9% of FLQL by weight

NVIDIA Corp6.88%
Broadcom Inc2.09%
Eli Lilly & Co1.67%
Applied Materials Inc1.21%
Kla Corp1.14%
Lam Research Corp1.13%
Arista Networks Inc1.07%
Advanced Micro Devices0.97%
Fortinet Inc0.55%
Moody's Corp0.44%
Vertiv Holdings Co-A0.43%
Monster Beverage Corp0.42%
Marvell Technology Inc0.42%
Cummins Inc0.38%
Fastenal Co0.36%
Western Digital Corp0.34%
Comfort Systems Usa Inc0.32%
Anglogold Ashanti PLC0.30%
Ww Grainger Inc0.28%
Keysight Technologies In0.26%
Teradyne Inc0.25%
Ciena Corp0.20%
Airbnb Inc-Class A0.19%
Halozyme Therapeutics Inc0.15%
Hf Sinclair Corp0.15%
Old Dominion Freight Line0.14%
Casey's General Stores In0.14%
Exelixis Inc0.14%
Best Buy Co Inc0.14%
Apa Corp0.14%
Ati Inc0.14%
Flex Ltd0.13%
Hasbro Inc0.13%
Skyworks Solutions Inc0.13%
Crocs Inc0.13%
Medpace Holdings Inc0.13%
Reinsurance Group of Amer0.13%
Bath & Body Works Inc0.12%
Central Bancompany0.12%
Ringcentral Inc-Class A0.12%
Etsy Inc0.11%
Pinnacle West Capital0.11%
Macy's Inc0.11%
Hunt (Jb) Transprt Svcs I0.11%
Yeti Holdings Inc0.11%
Sirius Xm Holdings Inc0.11%
Travel & Leisure Co0.11%
Sharkninja Inc0.11%
Hanover Insurance Group I0.11%
Essential Utilities Inc0.11%

Only in ILCV

281 securities, 46.0% of ILCV by weight

Exxonmobil Holdings Corp2.20%
Chevron1.26%
Procter & Gamble1.07%
Merck & Co Inc1.05%
UnitedHealth Group1.04%
Home Depot0.94%
Walmart0.94%
Bank of America0.93%
Rtx0.77%
Goldman Sachs Group0.74%
Thermo Fisher Scientific0.74%
Costco Wholesale Corp0.72%
Wells Fargo0.72%
International Business Machines Co0.69%
Linde PLC0.68%
Gilead Sciences0.61%
Walt Disney0.55%
Pepsico0.54%
Conocophillips0.53%
Abbott Laboratories0.52%
Mcdonalds Corp0.52%
Salesforce0.52%
BlackRock0.46%
Accenture PLC Class A0.45%
Danaher0.43%
AT&T0.42%
Progressive0.38%
Chubb0.37%
Capital One Financial Corp0.36%
Medtronic PLC0.35%
American Express0.35%
Prologis Reit0.35%
Lowes Companies Inc0.33%
Cvs Health0.33%
Oracle0.33%
Booking Holdings0.32%
Cme Group Class A0.31%
Southern0.31%
Vertex Pharmaceuticals0.28%
Adobe Inc0.28%
Duke Energy Corp0.28%
Tjx0.28%
Uber Technologies0.27%
Analog Devices0.27%
Intercontinental Exchange Inc0.27%
Charles Schwab0.27%
S&P Global0.27%
Us Bancorp0.26%
Regeneron Pharmaceuticals0.26%
Intuit0.26%

Weight gaps

All 91 Holdings in both funds, largest gap first.

Holding weights in FLQL and ILCV, widest gap first
Holding	Gap	FLQL	ILCV
Microsoft CorpMSFT	ILCV +2.84 points	5.52%	8.36%
Berkshire Hathaway Inc-ClBRK.B	ILCV +1.78 points	1.08%	2.86%
JPMorgan Chase & CoJPM	ILCV +1.38 points	1.18%	2.56%
Visa Inc-Class A SharesV	FLQL +1.08 points	2.09%	1.01%
Mastercard Inc - AMA	FLQL +0.85 points	1.48%	0.63%
Texas Instruments IncTXN	FLQL +0.84 points	1.27%	0.43%
Apple IncAAPL	FLQL +0.84 points	8.02%	7.18%
Alphabet Inc-Cl AGOOGL	FLQL +0.78 points	2.80%	2.02%
Caterpillar IncCAT	FLQL +0.78 points	1.15%	0.37%
Citigroup IncC	FLQL +0.63 points	1.22%	0.59%
Alphabet Inc-Cl CGOOG	FLQL +0.63 points	2.26%	1.63%
Meta Platforms Inc-ClassMETA	ILCV +0.63 points	1.84%	2.47%
Philip Morris InternationPM	FLQL +0.58 points	1.51%	0.93%
Verizon Communications InVZ	FLQL +0.58 points	1.11%	0.53%
Bank of New York Mellon CBNY	FLQL +0.58 points	0.69%	0.11%
Altria Group IncMO	FLQL +0.57 points	0.94%	0.37%
Amgen IncAMGN	FLQL +0.54 points	1.26%	0.72%
Morgan StanleyMS	FLQL +0.49 points	1.12%	0.63%
Bristol-Myers Squibb CoBMY	FLQL +0.50 points	0.86%	0.36%
Qualcomm IncQCOM	FLQL +0.46 points	0.96%	0.50%
Pfizer IncPFE	FLQL +0.44 points	0.94%	0.50%
Dell Technologies -CDELL	FLQL +0.45 points	0.55%	0.10%
Newmont CorpNEM	FLQL +0.44 points	0.76%	0.32%
Ross Stores IncROST	FLQL +0.40 points	0.46%	0.06%
Illinois Tool WorksITW	FLQL +0.38 points	0.49%	0.11%
Nextera Energy IncNEE	FLQL +0.33 points	0.83%	0.50%
Lockheed Martin CorpLMT	FLQL +0.30 points	0.66%	0.36%
Amazon.com IncAMZN	FLQL +0.30 points	3.35%	3.05%
General Motors CoGM	FLQL +0.30 points	0.52%	0.22%
Simon Property Group IncSPG	FLQL +0.29 points	0.39%	0.10%
AbbVie IncABBV	FLQL +0.28 points	1.77%	1.49%
Cisco Systems IncCSCO	FLQL +0.27 points	1.45%	1.18%
American Electric PowerAEP	FLQL +0.26 points	0.38%	0.12%
Entergy CorpETR	FLQL +0.24 points	0.31%	0.07%
State Street CorpSTT	FLQL +0.23 points	0.30%	0.07%
Valero Energy CorpVLO	FLQL +0.22 points	0.55%	0.33%
Marathon Petroleum CorpMPC	FLQL +0.22 points	0.40%	0.18%
Ebay IncEBAY	FLQL +0.22 points	0.31%	0.09%
Realty Income CorpO	FLQL +0.21 points	0.31%	0.10%
Target CorpTGT	FLQL +0.21 points	0.41%	0.20%
Nucor CorpNUE	FLQL +0.20 points	0.27%	0.07%
Fedex CorpFDX	FLQL +0.19 points	0.39%	0.20%
Sandisk CorpSNDK	FLQL +0.19 points	0.44%	0.25%
Csx CorpCSX	FLQL +0.19 points	0.28%	0.09%
Netapp IncNTAP	FLQL +0.19 points	0.26%	0.07%
Steel Dynamics IncSTLD	FLQL +0.18 points	0.21%	0.03%
United Parcel Service-ClUPS	FLQL +0.17 points	0.40%	0.23%
Expedia Group IncEXPE	FLQL +0.17 points	0.21%	0.04%
Delta Air Lines IncDAL	FLQL +0.16 points	0.31%	0.15%
Northern Trust CorpNTRS	FLQL +0.16 points	0.20%	0.04%
Illumina IncILMN	FLQL +0.15 points	0.19%	0.04%
Expeditors Intl Wash IncEXPD	FLQL +0.14 points	0.18%	0.04%
Tapestry IncTPR	FLQL +0.15 points	0.17%	0.02%
Williams-Sonoma IncWSM	FLQL +0.14 points	0.19%	0.05%
United Therapeutics CorpUTHR	FLQL +0.13 points	0.16%	0.03%
Citizens Financial GroupCFG	FLQL +0.12 points	0.16%	0.04%
Technipfmc PLCFTI	FLQL +0.12 points	0.14%	0.02%
Royalty Pharma Plc- Class ARPRX	FLQL +0.11 points	0.18%	0.07%
Allstate CorpALL	FLQL +0.10 points	0.19%	0.09%
Micron Technology IncMU	ILCV +0.10 points	1.19%	1.29%
Synchrony FinancialSYF	FLQL +0.10 points	0.17%	0.07%
Devon Energy CorpDVN	FLQL +0.10 points	0.26%	0.16%
Hp IncHPQ	FLQL +0.09 points	0.17%	0.08%
Coca-Cola Co/TheKO	ILCV +0.09 points	0.96%	1.05%
Reliance IncRS	FLQL +0.09 points	0.12%	0.03%
Biogen IncBIIB	FLQL +0.08 points	0.19%	0.11%
Snap-On IncSNA	FLQL +0.08 points	0.11%	0.03%
Quest Diagnostics IncDGX	FLQL +0.08 points	0.16%	0.08%
Cf Industries Holdings InCF	FLQL +0.09 points	0.14%	0.05%
T Rowe Price Group IncTROW	FLQL +0.08 points	0.14%	0.06%
Edison InternationalEIX	FLQL +0.07 points	0.13%	0.06%
Td Synnex CorpSNX	FLQL +0.07 points	0.10%	0.03%
Southern Copper CorpSCCO	FLQL +0.07 points	0.12%	0.05%
Evergy IncEVRG	FLQL +0.06 points	0.12%	0.06%
Viatris IncVTRS	FLQL +0.06 points	0.12%	0.06%
Principal Financial GroupPFG	FLQL +0.05 points	0.12%	0.07%
Archer-Daniels-Midland CoADM	FLQL +0.05 points	0.15%	0.10%
Wp Carey IncWPC	FLQL +0.06 points	0.10%	0.04%
Permian Resources Corp-ClPR	FLQL +0.05 points	0.11%	0.06%
Tesla IncTSLA	ILCV +0.05 points	1.18%	1.23%
Humana IncHUM	FLQL +0.05 points	0.13%	0.08%
Johnson & JohnsonJNJ	ILCV +0.04 points	1.84%	1.88%
Automatic Data ProcessingADP	FLQL +0.03 points	0.36%	0.33%
Union Pacific CorpUNP	FLQL +0.01 points	0.53%	0.52%
Paychex IncPAYX	FLQL +0.01 points	0.11%	0.10%
Consolidated Edison IncED	ILCV +0.01 points	0.11%	0.12%
Metlife IncMET	ILCV +0.01 points	0.14%	0.15%
Phillips 66PSX	ILCV +0.01 points	0.31%	0.32%
Travelers Cos Inc/TheTRV	ILCV +0.01 points	0.23%	0.24%
Prudential Financial IncPRU	ILCV +0.01 points	0.11%	0.12%
Hewlett Packard EnterprisHPE	Same weight	0.21%	0.21%

All 257 FLQL 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.

FLQL vs ILCV Cost

Overpaying FLQL vs ILCV

$2,288

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

FLQL 0.15%
$3,137
ILCV 0.04%
$849

Amount$10,000

Years30 years

Cost over time

FLQL 0.15%
ILCV 0.04%
Overpaying

Year by year

Year	FLQL	ILCV	Overpaying
10	$274	$73	$201
20	$1,071	$288	$783
30	$3,137	$849	$2,288

Expense ratio

0.15%FLQL
0.04%ILCV, cheaper

ILCV0.04%FLQL0.15%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

ILCV cheapest of 99 funds

FLQL 13th cheapest of 99 funds

FLQL vs ILCV Dividends

Last 12 months to Nov 3, 2026

Yield (12M): FLQL 1.09%; ILCV 1.52%, better
Payout (12M): FLQL $0.83; ILCV $1.65
Last payment: FLQL $0.19; ILCV $0.42
Ex-dividend: FLQL Sep 18, 2026; ILCV Sep 15, 2026
Paid on: FLQL Sep 25, 2026; ILCV Sep 18, 2026
Frequency: FLQL Quarterly; ILCV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FLQLQuarterly · 38 paymentsAll FLQL payments⁠

ILCVQuarterly · 39 paymentsAll ILCV payments⁠

FLQL vs ILCV Risk

Fall from peak · 5 years

FLQL
ILCV

Risk facts

VolatilityStd dev, 3 years: FLQL 12.6%ILCV 10.7%, better
Return per unit of riskSharpe ratio, 3 years: FLQL 1.39ILCV 1.57, better
Worst fallMax drawdown, 5 years: FLQL −21.4%ILCV −18.6%, better
Market sensitivityBeta, 5 years: FLQL 0.96ILCV 0.82; Market = 1

FLQL and ILCV in the news

All news⁠

ETF Filings
FLQL drops its index strategy on Dec. 1, and a merger would replace its track record
Nov 2, 2026FLQL
ETF Filings
Franklin Templeton files two enhanced ETFs to absorb its international core funds
Sep 18, 2026FLQL
ETF Filings
Tidal Trust III files to add a Wermers quantitative U.S. large-cap ETF
Sep 11, 2026FLQL

Popular comparisons

FLQLAvsVONVA
Franklin U.S. Large Cap Multifactor Index ETF · Vanguard Russell 1000 Value ETF
Expense ratio
0.15% · 0.06%
Category
ILCVAvsVONVA
iShares Morningstar Value ETF · Vanguard Russell 1000 Value ETF
Expense ratio
0.04% · 0.06%
Category
FLQLAvsVYMA
Franklin U.S. Large Cap Multifactor Index ETF · Vanguard High Dividend Yield ETF
Expense ratio
0.15% · 0.04%
Category
ILCVAvsVYMA
iShares Morningstar Value ETF · Vanguard High Dividend Yield ETF
Expense ratio
0.04% · 0.04%
Category
FLQLAvsIMCVA
Franklin U.S. Large Cap Multifactor Index ETF · iShares Morningstar Mid-Cap Value ETF
Expense ratio
0.15% · 0.06%
Category
ILCVAvsIMCVA
iShares Morningstar Value ETF · iShares Morningstar Mid-Cap Value ETF
Expense ratio
0.04% · 0.06%
Category

FLQL vs ILCV

In short

Stated mandate

Why people hold it