FLQM vs ILCV: Grades, Fees and Holdings Compared

Franklin U.S. Mid Cap Multifactor Index ETF

FLQMBCboe

iShares Morningstar Value ETF

ILCVANYSE Arca

Overlap

4.1%by weight

Expense ratio

ILCV −0.26pt a year

FLQM0.30%ILCV0.04%

Avg volume · 30D

FLQM 3.7×the volume

FLQM92.9KILCV25.1K

5Y return · a year

ILCV +5.3pt

FLQM+7.2%ILCV+12.5%

FLQM vs ILCV Performance

Nov 9, 2021 – Nov 9, 2026

+41.8%FLQM+79.9%ILCV

Expense ratio: FLQM 0.30%; ILCV 0.04%, better
Fund size: FLQM $1.45B; ILCV $1.37B
1Y total return: FLQM +14.5%; ILCV +22.4%, better
Yield (12M): FLQM 1.57%, better; ILCV 1.50%
Holdings: FLQM 207; ILCV 374
Avg volume (30D): FLQM 92.9K sh, better; ILCV 25.1K sh
NAV per share: FLQM $61.52; ILCV $108.28
52W range

ETF.net Grade

Pillar letters and Scores for FLQM, ILCV, with each pillar’s weight
Pillar	FLQM	ILCV
Cost30% weight	C48	A99Higher
Mission25% weight	B67	A82Higher
Risk15% weight	C50	A91Higher
Tradability15% weight	A72Higher	B62
Holdings10% weight	A72Higher	D39
Durability5% weight	B59	A82Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. FLQM 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 FLQM 40th 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 39BQGROAmerican Century U.S. Quality Growth ETFScore 60
Rank 40BFLQMFranklin U.S. Mid Cap Multifactor Index ETFScore 59
Rank 40BJOETVirtus Terranova U.S. Quality Momentum ETFScore 59

Our read on each fund

ETF.net Research

FLQMBFranklin U.S. Mid Cap Multifactor Index ETF

ILCVAiShares Morningstar Value ETF

In short

FLQM Multifactor investing usually stops at the mega caps. FLQM runs the full four-factor screen (value, quality, momentum, low volatility) through the middle of the US market, landing on roughly 120 names.

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

FLQM The Fund uses a passive indexing approach to seek investment results that closely correspond, before fees and expenses, to the U.S. Mid 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

FLQM Four screens in one rule set: value, quality, momentum and low volatility, applied to US mid caps rather than the large-cap names most factor funds fish in.
0.30% a year, a shade under the typical fee across its multifactor peer group.
Straight passive indexing against a named, published index, with no manager discretion layered on top. It sits in the upper half of a crowded multifactor field.
Live since 2017, now a multi-billion-dollar fund that trades at moderate volume and pays 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

FLQM About 120 stocks is a tighter net than a broad mid-cap index, so each holding carries real weight in the outcome.
Blending four factors means it rarely looks like a plain mid-cap index. When one style is leading the market, this one can move on its own path.
0.30% is real money next to the cheapest names in the same peer group, where FNDX charges 0.25% and VYM 0.04%.

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 FLQM profile⁠

Full ILCV profile⁠

FLQM vs ILCV Holdings

How FLQM and ILCV differ

Overlap by weight

4.1%

Shared holdings make up 53.9% of FLQM and 4.1% of ILCV.

Level by level

Holdings66 in both4.1%
Sector11 Sectors78.7%
Countryby domicile99.0%
Asset classStocks100%

Sector

Sector weights in FLQM and ILCV, widest gap first
Sector	Gap	FLQM	ILCV
Technology	ILCV +10.1 points	12.9%	23.0%
Industrials	FLQM +8.1 points	15.0%	6.9%
Consumer Discretionary	FLQM +7.4 points	16.3%	8.9%
Communication	ILCV +6.1 points	2.4%	8.5%
Health Care	FLQM +3.0 points	16.8%	13.8%
Financials	ILCV +1.6 points	16.6%	18.2%
Real Estate	FLQM +1.6 points	3.3%	1.7%
Energy	ILCV +1.5 points	4.6%	6.1%
Consumer Staples	FLQM +1.2 points	8.8%	7.6%
Utilities	ILCV +1.2 points	1.9%	3.1%
Materials	ILCV +0.9 points	1.2%	2.1%

Country, concentration and asset class

Country by domicile

Country weights in FLQM and ILCV, widest gap first
Country	Gap	FLQM	ILCV
Switzerland	FLQM +0.8 points	1.2%	0.4%
United States	ILCV +0.6 points	98.6%	99.2%
Other countries (5)	ILCV +0.1 points	0.3%	0.4%

Concentration

Weight in the 10 largest Holdings

FLQM11.9%
ILCV34.8%

Securities held

FLQM205
ILCV371

Asset class

FLQM: Stocks
ILCV: Stocks

Holdings

Only in FLQM139
In both66
Only in ILCV305

Only in FLQM

139 securities, 46.1% of FLQM by weight

Cencora Inc1.17%
Fastenal Co1.13%
Idexx Laboratories Inc1.13%
Ww Grainger Inc1.10%
Autodesk Inc0.98%
Msci Inc0.95%
Verisign Inc0.91%
Best Buy Co Inc0.90%
Anglogold Ashanti PLC0.83%
Neurocrine Biosciences In0.72%
Everest Group Ltd0.70%
Exelixis Inc0.70%
Old Dominion Freight Line0.68%
Manhattan Associates Inc0.67%
Encompass Health Corp0.65%
Cboe Global Markets Inc0.61%
Apa Corp0.61%
C.h. Robinson Worldwide I0.56%
Ralph Lauren Corp0.56%
Texas Roadhouse Inc0.56%
Godaddy Inc - Class A0.55%
Bj's Wholesale Club Holdi0.55%
Docusign Inc0.55%
Allegion PLC0.54%
Globe Life Inc0.53%
Booz Allen Hamilton Holdi0.52%
Gartner Inc0.52%
Heico Corp-Class A0.52%
Teradyne Inc0.52%
Universal Health Services0.50%
Omega Healthcare Investor0.49%
Alnylam Pharmaceuticals I0.49%
Avery Dennison Corp0.49%
Deckers Outdoor Corp0.48%
Coca-Cola Consolidated In0.47%
Lamar Advertising Co-A0.46%
Clorox Company0.45%
Rollins Inc0.44%
Fair Isaac Corp0.44%
Sei Investments Company0.44%
Equity Lifestyle Properti0.43%
Halozyme Therapeutics Inc0.43%
Unum Group0.41%
Lennox International Inc0.41%
Dt Midstream Inc0.39%
Heico Corp0.38%
Allison Transmission Hold0.38%
Paycom Software Inc0.37%
Murphy Usa Inc0.36%
Toro Co0.36%

Only in ILCV

305 securities, 95.7% 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%
Exxonmobil Holdings Corp1.97%
Johnson & Johnson1.92%
Alphabet Class C1.68%
AbbVie1.48%
Chevron1.15%
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%
Qualcomm0.51%
Union Pacific0.50%
Salesforce0.49%
Pfizer0.48%
BlackRock0.47%
Conocophillips0.47%
Accenture PLC Class A0.46%
AT&T0.43%

Weight gaps

All 66 Holdings in both funds, largest gap first.

Holding weights in FLQM and ILCV, widest gap first
Holding	Gap	FLQM	ILCV
Kimberly-Clark CorpKMB	FLQM +1.36 points	1.54%	0.18%
Ulta Beauty IncULTA	FLQM +1.16 points	1.19%	0.03%
Mettler-Toledo InternatioMTD	FLQM +1.14 points	1.19%	0.05%
Williams-Sonoma IncWSM	FLQM +1.12 points	1.17%	0.05%
Garmin LtdGRMN	FLQM +1.11 points	1.15%	0.04%
Waters CorpWAT	FLQM +1.08 points	1.12%	0.04%
Allstate CorpALL	FLQM +1.07 points	1.16%	0.09%
Cincinnati Financial CorpCINF	FLQM +1.07 points	1.11%	0.04%
Expedia Group IncEXPE	FLQM +1.03 points	1.07%	0.04%
Paychex IncPAYX	FLQM +1.03 points	1.14%	0.11%
Arch Capital Group LtdACGL	FLQM +1.03 points	1.13%	0.10%
American Water Works Co IAWK	FLQM +1.02 points	1.07%	0.05%
Prudential Financial IncPRU	FLQM +0.99 points	1.11%	0.12%
Yum! Brands IncYUM	FLQM +0.98 points	1.02%	0.04%
Veralto CorpVLTO	FLQM +0.97 points	1.00%	0.03%
Dollar General CorpDG	FLQM +0.97 points	1.05%	0.08%
Ebay IncEBAY	FLQM +0.95 points	1.05%	0.10%
Ferguson Enterprises IncFERG	FLQM +0.92 points	0.97%	0.05%
Resmed IncRMD	FLQM +0.91 points	0.96%	0.05%
Expeditors Intl Wash IncEXPD	FLQM +0.92 points	0.95%	0.03%
Kroger CoKR	FLQM +0.91 points	1.02%	0.11%
Becton Dickinson and CoBDX	FLQM +0.88 points	1.05%	0.17%
Hartford Insurance GroupHIG	FLQM +0.88 points	0.99%	0.11%
Royalty Pharma Plc- Class ARPRX	FLQM +0.88 points	0.95%	0.07%
Incyte CorpINCY	FLQM +0.88 points	0.91%	0.03%
Otis Worldwide CorpOTIS	FLQM +0.86 points	0.92%	0.06%
Hp IncHPQ	FLQM +0.85 points	0.93%	0.08%
Netapp IncNTAP	FLQM +0.85 points	0.91%	0.06%
Sysco CorpSYY	FLQM +0.85 points	0.96%	0.11%
United Therapeutics CorpUTHR	FLQM +0.84 points	0.87%	0.03%
Tapestry IncTPR	FLQM +0.83 points	0.86%	0.03%
Tenet Healthcare CorpTHC	FLQM +0.83 points	0.90%	0.07%
Hershey Co/TheHSY	FLQM +0.84 points	0.86%	0.02%
Delta Air Lines IncDAL	FLQM +0.84 points	1.00%	0.16%
United Airlines HoldingsUAL	FLQM +0.82 points	0.93%	0.11%
Omnicom GroupOMC	FLQM +0.81 points	0.88%	0.07%
Synchrony FinancialSYF	FLQM +0.77 points	0.84%	0.07%
Targa Resources CorpTRGP	FLQM +0.77 points	0.85%	0.08%
Devon Energy CorpDVN	FLQM +0.76 points	0.89%	0.13%
Viatris IncVTRS	FLQM +0.74 points	0.80%	0.06%
Steris PLCSTE	FLQM +0.69 points	0.73%	0.04%
Tractor Supply CompanyTSCO	FLQM +0.69 points	0.74%	0.05%
Darden Restaurants IncDRI	FLQM +0.69 points	0.73%	0.04%
T Rowe Price Group IncTROW	FLQM +0.68 points	0.75%	0.07%
Snap-On IncSNA	FLQM +0.68 points	0.71%	0.03%
Markel Group IncMKL	FLQM +0.67 points	0.69%	0.02%
F5 IncFFIV	FLQM +0.63 points	0.65%	0.02%
Principal Financial GroupPFG	FLQM +0.62 points	0.69%	0.07%
Zoetis IncZTS	FLQM +0.58 points	0.64%	0.06%
General Mills IncGIS	FLQM +0.58 points	0.63%	0.05%
Genuine Parts CoGPC	FLQM +0.57 points	0.62%	0.05%
Ovintiv IncOVV	FLQM +0.52 points	0.57%	0.05%
Wr Berkley CorpWRB	FLQM +0.51 points	0.57%	0.06%
Edison InternationalEIX	FLQM +0.50 points	0.56%	0.06%
Nvr IncNVR	FLQM +0.48 points	0.53%	0.05%
Leidos Holdings IncLDOS	FLQM +0.46 points	0.51%	0.05%
Fox Corp - Class AFOXA	FLQM +0.40 points	0.44%	0.04%
Permian Resources Corp-ClPR	FLQM +0.39 points	0.44%	0.05%
Lululemon Athletica IncLULU	FLQM +0.35 points	0.38%	0.03%
Southwest Airlines CoLUV	FLQM +0.30 points	0.32%	0.02%
Expand Energy CorpEXE	FLQM +0.27 points	0.29%	0.02%
Constellation Brands Inc-STZ	FLQM +0.25 points	0.31%	0.06%
Cf Industries Holdings InCF	FLQM +0.25 points	0.30%	0.05%
Fox Corp - Class BFOX	FLQM +0.23 points	0.25%	0.02%
SS&C Technologies HoldingSSNC	FLQM +0.21 points	0.26%	0.05%
Las Vegas Sands CorpLVS	FLQM +0.16 points	0.17%	0.01%

All 119 FLQM 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.

FLQM vs ILCV Cost

Overpaying FLQM vs ILCV

$5,300

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

FLQM 0.30%
$6,149
ILCV 0.04%
$849

Amount$10,000

Years30 years

Cost over time

FLQM 0.30%
ILCV 0.04%
Overpaying

Year by year

Year	FLQM	ILCV	Overpaying
10	$545	$73	$472
20	$2,113	$288	$1,825
30	$6,149	$849	$5,300

Expense ratio

0.30%FLQM
0.04%ILCV, cheaper

ILCV0.04%FLQM0.30%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

ILCV cheapest of 99 funds

FLQM 51st cheapest of 99 funds

FLQM vs ILCV Dividends

Last 12 months to Nov 9, 2026

Yield (12M): FLQM 1.57%, better; ILCV 1.50%
Payout (12M): FLQM $0.98; ILCV $1.65
Last payment: FLQM $0.19; ILCV $0.42
Ex-dividend: FLQM Sep 18, 2026; ILCV Sep 15, 2026
Paid on: FLQM Sep 25, 2026; ILCV Sep 18, 2026
Frequency: FLQM Quarterly; ILCV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FLQMQuarterly · 38 paymentsAll FLQM payments⁠

ILCVQuarterly · 39 paymentsAll ILCV payments⁠

FLQM vs ILCV Risk

Fall from peak · 5 years

FLQM
ILCV

Risk facts

VolatilityStd dev, 3 years: FLQM 13.9%ILCV 10.7%, better
Return per unit of riskSharpe ratio, 3 years: FLQM 0.81ILCV 1.57, better
Worst fallMax drawdown, 5 years: FLQM −22.5%ILCV −18.6%, better
Market sensitivityBeta, 5 years: FLQM 0.81ILCV 0.82; Market = 1

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