FLQL vs IMCV: Grades, Fees and Holdings Compared

Franklin U.S. Large Cap Multifactor Index ETF

FLQLACboe

iShares Morningstar Mid-Cap Value ETF

IMCVANasdaq

Overlap

13.3%by weight

Expense ratio

IMCV −0.09pt a year

FLQL0.15%IMCV0.06%

Avg volume · 30D

FLQL 2.3×the volume

FLQL91.8KIMCV39.1K

5Y return · a year

FLQL +2.2pt

FLQL+12.6%IMCV+10.4%

FLQL vs IMCV Performance

Nov 3, 2021 – Nov 3, 2026

+81.3%FLQL+64.2%IMCV

Expense ratio: FLQL 0.15%; IMCV 0.06%, better
Fund size: FLQL $2.11B; IMCV $1.28B
1Y total return: FLQL +10.8%; IMCV +27.1%, better
Yield (12M): FLQL 1.09%; IMCV 1.85%, better
Holdings: FLQL 221; IMCV 271
Avg volume (30D): FLQL 91.8K sh, better; IMCV 39.1K sh
NAV per share: FLQL $75.78; IMCV $99.58
52W range

ETF.net Grade

Pillar letters and Scores for FLQL, IMCV, with each pillar’s weight
Pillar	FLQL	IMCV
Cost30% weight	A83	A96Higher
Mission25% weight	A87Higher	A76
Risk15% weight	C46	A77Higher
Tradability15% weight	A72Higher	A70
Holdings10% weight	D35	B69Higher
Durability5% weight	A70	A78Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. FLQL and IMCV 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 ›

IMCV ranks 4th 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 4AIMCViShares Morningstar Mid-Cap Value ETFScore 80
Rank 4ALRGFiShares U.S. Equity Factor ETFScore 80
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

IMCVAiShares Morningstar Mid-Cap 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.

IMCV No data

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.

IMCV No data

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.

IMCV No data

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.

IMCV No data

Full FLQL profile⁠

Full IMCV profile⁠

FLQL vs IMCV Holdings

How FLQL and IMCV differ

Overlap by weight

13.3%

Shared holdings make up 27.8% of IMCV and 13.9% of FLQL.

Level by level

Holdings57 in both13.3%
Sector11 Sectors56.7%
Countryby domicile98.7%
Asset classEquity100%

Sector

Sector weights in FLQL and IMCV, widest gap first
Sector	Gap	FLQL	IMCV
Technology	FLQL +33.6 points	40.1%	6.5%
Energy	IMCV +11.1 points	2.3%	13.4%
Communication	FLQL +7.9 points	9.0%	1.1%
Financials	IMCV +6.8 points	11.7%	18.5%
Industrials	IMCV +6.5 points	7.7%	14.2%
Utilities	IMCV +6.6 points	2.4%	9.0%
Consumer Staples	IMCV +4.3 points	4.4%	8.7%
Materials	IMCV +2.9 points	2.1%	5.0%
Real Estate	IMCV +2.7 points	1.9%	4.6%
Health Care	IMCV +2.4 points	9.8%	12.2%
Consumer Discretionary	FLQL +1.8 points	8.7%	6.9%

Country, concentration and asset class

Country by domicile

Country weights in FLQL and IMCV, widest gap first
Country	More in FLQLMore in IMCV	Gap	FLQL	IMCV
United States		FLQL +1.0 points	99.7%	98.7%
Other countries (7)		IMCV +1.0 points	0.3%	1.3%

Concentration

Weight in the 10 largest Holdings

FLQL36.7%
IMCV13.2%

Securities held

FLQL219
IMCV268

Asset class

FLQL: Equity
IMCV: Equity

Holdings

Only in FLQL162
In both57
Only in IMCV211

Only in FLQL

162 securities, 86.1% of FLQL by weight

Apple Inc8.02%
NVIDIA Corp6.88%
Microsoft Corp5.52%
Amazon.com Inc3.35%
Alphabet Inc-Cl A2.80%
Alphabet Inc-Cl C2.26%
Visa Inc-Class A Shares2.09%
Broadcom Inc2.09%
Meta Platforms Inc-Class1.84%
Johnson & Johnson1.84%
AbbVie Inc1.77%
Eli Lilly & Co1.67%
Philip Morris Internation1.51%
Mastercard Inc - A1.48%
Cisco Systems Inc1.45%
Texas Instruments Inc1.27%
Amgen Inc1.26%
Citigroup Inc1.22%
Applied Materials Inc1.21%
Micron Technology Inc1.19%
Tesla Inc1.18%
JPMorgan Chase & Co1.18%
Caterpillar Inc1.15%
Kla Corp1.14%
Lam Research Corp1.13%
Morgan Stanley1.12%
Verizon Communications In1.11%
Berkshire Hathaway Inc-Cl1.08%
Arista Networks Inc1.07%
Advanced Micro Devices0.97%
Coca-Cola Co/The0.96%
Qualcomm Inc0.96%
Pfizer Inc0.94%
Altria Group Inc0.94%
Bristol-Myers Squibb Co0.86%
Nextera Energy Inc0.83%
Newmont Corp0.76%
Lockheed Martin Corp0.66%
Fortinet Inc0.55%
Union Pacific Corp0.53%
Sandisk Corp0.44%
Moody's Corp0.44%
Vertiv Holdings Co-A0.43%
Monster Beverage Corp0.42%
Marvell Technology Inc0.42%
Fedex Corp0.39%
Cummins Inc0.38%
Fastenal Co0.36%
Western Digital Corp0.34%
Comfort Systems Usa Inc0.32%

Only in IMCV

211 securities, 72.0% of IMCV by weight

Us Bancorp1.27%
Regeneron Pharmaceuticals1.25%
Pnc Financial Services Group1.24%
3M1.23%
Elevance Health Inc1.20%
Eog Resources1.19%
Mondelez International Class A1.14%
Slb1.09%
Moderna1.08%
Cigna1.04%
Cheniere Energy0.93%
Kinder Morgan0.91%
Oneok0.83%
Truist Financial0.82%
Marsh0.82%
Sempra0.77%
Dominion Energy0.77%
Aflac0.76%
Becton Dickinson0.74%
Williams0.72%
Paccar Inc0.69%
Colgate-Palmolive0.69%
Xcel Energy Inc0.68%
PayPal Holdings0.67%
Keurig Dr Pepper Inc0.66%
Ford Motor Co0.66%
Strategy Inc Class A0.65%
Exelon Corp0.65%
Northrop Grumman Corp0.64%
Occidental Petroleum Corp0.64%
Nike Class B0.62%
Iqvia Holdings Inc0.60%
Norfolk Southern Corp0.59%
American International Group0.56%
Sysco0.54%
Crh Public Limited PLC0.53%
Workday Class A0.53%
Diamondback Energy0.53%
Air Products and Chemicals0.52%
Kroger0.52%
Crown Castle Inc0.52%
D R Horton0.50%
Hartford Insurance Group0.50%
Emerson Electric0.49%
Kimberly Clark0.49%
Arch Capital Group0.48%
Targa Resources0.48%
Ge Healthcare Technologies0.48%
Public Storage Reit0.47%
United Airlines Holdings0.46%

Weight gaps

All 57 Holdings in both funds, largest gap first.

Holding weights in FLQL and IMCV, widest gap first
Holding	Gap	FLQL	IMCV
Automatic Data ProcessingADP	IMCV +1.24 points	0.36%	1.60%
Phillips 66PSX	IMCV +1.23 points	0.31%	1.54%
Valero Energy CorpVLO	IMCV +1.02 points	0.55%	1.57%
Travelers Cos Inc/TheTRV	IMCV +0.90 points	0.23%	1.13%
Hewlett Packard EnterprisHPE	IMCV +0.79 points	0.21%	1.00%
United Parcel Service-ClUPS	IMCV +0.71 points	0.40%	1.11%
Metlife IncMET	IMCV +0.59 points	0.14%	0.73%
Target CorpTGT	IMCV +0.55 points	0.41%	0.96%
General Motors CoGM	IMCV +0.53 points	0.52%	1.05%
Devon Energy CorpDVN	IMCV +0.52 points	0.26%	0.78%
Consolidated Edison IncED	IMCV +0.48 points	0.11%	0.59%
Marathon Petroleum CorpMPC	IMCV +0.48 points	0.40%	0.88%
Prudential Financial IncPRU	IMCV +0.44 points	0.11%	0.55%
Delta Air Lines IncDAL	IMCV +0.41 points	0.31%	0.72%
Paychex IncPAYX	IMCV +0.38 points	0.11%	0.49%
Archer-Daniels-Midland CoADM	IMCV +0.33 points	0.15%	0.48%
Biogen IncBIIB	IMCV +0.32 points	0.19%	0.51%
Humana IncHUM	IMCV +0.28 points	0.13%	0.41%
Allstate CorpALL	IMCV +0.26 points	0.19%	0.45%
Quest Diagnostics IncDGX	IMCV +0.22 points	0.16%	0.38%
Principal Financial GroupPFG	IMCV +0.21 points	0.12%	0.33%
Hp IncHPQ	IMCV +0.19 points	0.17%	0.36%
Ross Stores IncROST	FLQL +0.19 points	0.46%	0.27%
American Electric PowerAEP	IMCV +0.18 points	0.38%	0.56%
Viatris IncVTRS	IMCV +0.17 points	0.12%	0.29%
Synchrony FinancialSYF	IMCV +0.17 points	0.17%	0.34%
T Rowe Price Group IncTROW	IMCV +0.16 points	0.14%	0.30%
Realty Income CorpO	IMCV +0.17 points	0.31%	0.48%
Edison InternationalEIX	IMCV +0.17 points	0.13%	0.30%
Bank of New York Mellon CBNY	FLQL +0.17 points	0.69%	0.52%
Permian Resources Corp-ClPR	IMCV +0.16 points	0.11%	0.27%
Royalty Pharma Plc- Class ARPRX	IMCV +0.16 points	0.18%	0.34%
Csx CorpCSX	IMCV +0.15 points	0.28%	0.43%
Evergy IncEVRG	IMCV +0.15 points	0.12%	0.27%
Ebay IncEBAY	IMCV +0.15 points	0.31%	0.46%
Cf Industries Holdings InCF	IMCV +0.12 points	0.14%	0.26%
Wp Carey IncWPC	IMCV +0.09 points	0.10%	0.19%
Netapp IncNTAP	IMCV +0.08 points	0.26%	0.34%
Simon Property Group IncSPG	IMCV +0.08 points	0.39%	0.47%
Steel Dynamics IncSTLD	FLQL +0.07 points	0.21%	0.14%
Dell Technologies -CDELL	FLQL +0.07 points	0.55%	0.48%
State Street CorpSTT	IMCV +0.06 points	0.30%	0.36%
Tapestry IncTPR	FLQL +0.06 points	0.17%	0.11%
Td Synnex CorpSNX	IMCV +0.05 points	0.10%	0.15%
Nucor CorpNUE	IMCV +0.05 points	0.27%	0.32%
Williams-Sonoma IncWSM	IMCV +0.04 points	0.19%	0.23%
Snap-On IncSNA	IMCV +0.04 points	0.11%	0.15%
Citizens Financial GroupCFG	IMCV +0.02 points	0.16%	0.18%
Reliance IncRS	IMCV +0.02 points	0.12%	0.14%
United Therapeutics CorpUTHR	FLQL +0.03 points	0.16%	0.13%
Illinois Tool WorksITW	IMCV +0.03 points	0.49%	0.52%
Technipfmc PLCFTI	FLQL +0.02 points	0.14%	0.12%
Entergy CorpETR	IMCV +0.03 points	0.31%	0.34%
Illumina IncILMN	FLQL +0.02 points	0.19%	0.17%
Expeditors Intl Wash IncEXPD	FLQL +0.01 points	0.18%	0.17%
Northern Trust CorpNTRS	IMCV +0.01 points	0.20%	0.21%
Expedia Group IncEXPE	FLQL +0.01 points	0.21%	0.20%

All 257 FLQL holdings⁠All 268 IMCV 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 IMCV Cost

Overpaying FLQL vs IMCV

$1,867

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

FLQL 0.15%
$3,137
IMCV 0.06%
$1,270

Amount$10,000

Years30 years

Cost over time

FLQL 0.15%
IMCV 0.06%
Overpaying

Year by year

Year	FLQL	IMCV	Overpaying
10	$274	$110	$164
20	$1,071	$432	$639
30	$3,137	$1,270	$1,867

Expense ratio

0.15%FLQL
0.06%IMCV, cheaper

IMCV0.06%FLQL0.15%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

IMCV 4th cheapest of 99 funds

FLQL 13th cheapest of 99 funds

FLQL vs IMCV Dividends

Last 12 months to Nov 3, 2026

Yield (12M): FLQL 1.09%; IMCV 1.85%, better
Payout (12M): FLQL $0.83; IMCV $1.83
Last payment: FLQL $0.19; IMCV $0.52
Ex-dividend: FLQL Sep 18, 2026; IMCV Sep 15, 2026
Paid on: FLQL Sep 25, 2026; IMCV Sep 18, 2026
Frequency: FLQL Quarterly; IMCV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FLQLQuarterly · 38 paymentsAll FLQL payments⁠

IMCVQuarterly · 39 paymentsAll IMCV payments⁠

FLQL vs IMCV Risk

Fall from peak · 5 years

FLQL
IMCV

Risk facts

VolatilityStd dev, 3 years: FLQL 12.6%, betterIMCV 13.6%
Return per unit of riskSharpe ratio, 3 years: FLQL 1.39, betterIMCV 1.22
Worst fallMax drawdown, 5 years: FLQL −21.4%IMCV −19.9%, better
Market sensitivityBeta, 5 years: FLQL 0.96IMCV 0.87; Market = 1

FLQL and IMCV 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
IMCVAvsVONVA
iShares Morningstar Mid-Cap Value ETF · Vanguard Russell 1000 Value ETF
Expense ratio
0.06% · 0.06%
Category
FLQLAvsILCVA
Franklin U.S. Large Cap Multifactor Index ETF · iShares Morningstar Value ETF
Expense ratio
0.15% · 0.04%
Category
IMCVAvsILCVA
iShares Morningstar Mid-Cap Value ETF · iShares Morningstar Value ETF
Expense ratio
0.06% · 0.04%
Category
FLQLAvsVYMA
Franklin U.S. Large Cap Multifactor Index ETF · Vanguard High Dividend Yield ETF
Expense ratio
0.15% · 0.04%
Category
IMCVAvsVYMA
iShares Morningstar Mid-Cap Value ETF · Vanguard High Dividend Yield ETF
Expense ratio
0.06% · 0.04%
Category

FLQL vs IMCV

In short

Stated mandate

Why people hold it