FLRG vs ILCV: Grades, Fees and Holdings Compared

Fidelity U.S. Multifactor ETF

FLRGANYSE Arca

iShares Morningstar Value ETF

ILCVANYSE Arca

Overlap

35.6%by weight

Expense ratio

ILCV −0.11pt a year

FLRG0.15%ILCV0.04%

Avg volume · 30D

ILCV 1.8×the volume

FLRG13.7KILCV25.1K

5Y return · a year

ILCV +1.7pt

FLRG+10.8%ILCV+12.5%

FLRG vs ILCV Performance

Nov 9, 2021 – Nov 9, 2026

+67.4%FLRG+79.9%ILCV

Expense ratio: FLRG 0.15%; ILCV 0.04%, better
Fund size: FLRG $292M; ILCV $1.37B
1Y total return: FLRG +11.6%; ILCV +22.4%, better
Yield (12M): FLRG 1.43%; ILCV 1.50%, better
Holdings: FLRG 103; ILCV 374
Avg volume (30D): FLRG 13.7K sh; ILCV 25.1K sh, better
NAV per share: FLRG $41.20; ILCV $108.28
52W range

ETF.net Grade

Pillar letters and Scores for FLRG, ILCV, with each pillar’s weight
Pillar	FLRG	ILCV
Cost30% weight	A83	A99Higher
Mission25% weight	A88Higher	A82
Risk15% weight	B64	A91Higher
Tradability15% weight	C53	B62Higher
Holdings10% weight	D36	D39Higher
Durability5% weight	C40	A82Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. FLRG 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 FLRG 24th 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 20AUSVMVictoryShares US Small Mid Cap Value Momentum ETFScore 71
Rank 24AFLRGFidelity U.S. Multifactor ETFScore 70
Rank 24AJPUSJPMorgan Diversified Return U.S. Equity ETFScore 70

Our read on each fund

ETF.net Research

FLRGAFidelity U.S. Multifactor ETF

ILCVAiShares Morningstar Value ETF

In short

FLRG Fidelity's multifactor screen distilled into about 100 US large caps at 0.15% a year, less than half what the typical multifactor fund charges. A cheap, rules-based tilt instead of the plain index.

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

FLRG The fund seeks returns that generally correspond, before fees and expenses, to the performance of the Fidelity U.S. Multifactor 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

FLRG 0.15% a year against a 0.32% median for US multifactor funds. On price it undercuts most of the aisle.
Roughly 100 names, not 600. The screen actually shows up in the portfolio rather than getting diluted into a closet index fund.
Tracks the published Fidelity U.S. Multifactor Index, so the tilt follows disclosed rules rather than a manager's discretion. Pays quarterly.fidelity.com
Cost and risk profile put it in the upper half of a crowded factor-fund 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

FLRG Thinly traded. Spreads can widen, so limit orders matter more here than with the mega-cap index giants.
Launched in 2020, so the live record is short and covers only a handful of market moods.
Plain-vanilla neighbors go cheaper still, with VYM and IUSG at 0.04%. The extra basis points buy the factor screen, not broad exposure.

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 FLRG profile⁠

Full ILCV profile⁠

FLRG vs ILCV Holdings

How FLRG and ILCV differ

Overlap by weight

35.6%

Shared holdings make up 67.0% of FLRG and 38.8% of ILCV.

Level by level

Holdings58 in both35.6%
Sector11 Sectors84.8%
Countryby domicile98.7%
Asset classStocks100%

Sector

Sector weights in FLRG and ILCV, widest gap first
Sector	Gap	FLRG	ILCV
Technology	FLRG +12.9 points	35.9%	23.0%
Financials	ILCV +5.8 points	12.4%	18.2%
Consumer Staples	ILCV +2.8 points	4.8%	7.6%
Health Care	ILCV +2.8 points	11.0%	13.8%
Industrials	FLRG +2.0 points	8.9%	6.9%
Energy	ILCV +1.8 points	4.3%	6.1%
Utilities	ILCV +1.2 points	1.9%	3.1%
Communication	ILCV +0.7 points	7.8%	8.5%
Real Estate	FLRG +0.3 points	2.0%	1.7%
Consumer Discretionary	ILCV +0.1 points	8.8%	8.9%
Materials	Same weight	2.1%	2.1%

Country, concentration and asset class

Country by domicile

Country weights in FLRG and ILCV, widest gap first
Country	Gap	FLRG	ILCV
India	FLRG +1.1 points	1.1%	0.0%
United States	ILCV +0.6 points	98.6%	99.2%
Other countries (5)	ILCV +0.5 points	0.3%	0.8%

Concentration

Weight in the 10 largest Holdings

FLRG35.8%
ILCV34.8%

Securities held

FLRG102
ILCV371

Asset class

FLRG: Stocks
ILCV: Stocks

Holdings

Only in FLRG44
In both58
Only in ILCV313

Only in FLRG

44 securities, 34.1% of FLRG by weight

NVIDIA Corp6.77%
Broadcom Inc2.19%
Airbnb Inc Class A1.29%
Securities Lending Cf1.25%
Genpact Ltd1.13%
Block H & R Inc1.09%
Omega Healthcare Investors Inc1.06%
Renaissancere Hldgs Ltd1.05%
Apa Corp0.98%
Allison Transmission Hldgs Inc0.97%
Exelixis Inc0.96%
National Fuel Gas Co Nj0.95%
Bank Ozk0.95%
Essent Group Ltd0.94%
Murphy Usa Inc0.93%
Mgic Investment Corp0.91%
Zions Bancorp0.89%
Popular Inc0.87%
Mueller Industries Inc0.75%
Comfort Systems Usa Inc0.62%
Accenture PLC Class A0.61%
Applied Materials Inc0.54%
Lam Research Corp0.52%
Amphenol Corporation Class A0.48%
Argan Inc0.45%
Kla Corp0.44%
New York Times Co Class A0.41%
Nxp Semiconductors NV0.35%
Iridium Communications Inc0.35%
Versant Media Group Inc - A0.34%
Verisign Inc0.30%
Fortinet Inc0.29%
Seagate Techn Holdings PLC0.28%
Qualys Inc0.27%
Keysight Technologies Inc0.27%
Dropbox Inc Class A0.25%
Cirrus Logic Inc0.23%
Arrow Electronics Inc0.21%
Avnet Inc0.21%
Akamai Technologies Inc0.19%
Teradyne Inc0.19%
Amdocs Ltd0.18%
Sanmina Corp0.17%
Ust Bills 0% 11/12/260.01%

Only in ILCV

313 securities, 60.9% of ILCV by weight

Amazon.com Inc3.32%
Berkshire Hathaway Inc Class B3.04%
JPMorgan Chase & Co2.56%
Meta Platforms Class A2.47%
Alphabet Class C1.68%
Chevron1.15%
Tesla Inc1.11%
Coca-Cola1.08%
UnitedHealth Group1.02%
Home Depot0.99%
Walmart0.96%
Bank of America0.92%
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%
Walt Disney0.58%
Citigroup0.58%
Pepsico0.56%
Abbott Laboratories0.55%
Nextera Energy0.52%
Union Pacific0.50%
Salesforce0.49%
Pfizer0.48%
BlackRock0.47%
Conocophillips0.47%
Accenture PLC Class A0.46%
Danaher0.43%
Progressive0.38%
Medtronic PLC0.38%
Chubb0.37%
Lowes Companies Inc0.36%
American Express0.35%
Prologis Reit0.35%
Caterpillar Inc0.34%
Cme Group Class A0.32%
Cvs Health0.31%
Southern0.31%
Oracle0.30%
Uber Technologies0.29%
Duke Energy Corp0.29%
Charles Schwab0.28%
Phillips 660.28%
Vertex Pharmaceuticals0.28%

Weight gaps

All 58 Holdings in both funds, largest gap first.

Holding weights in FLRG and ILCV, widest gap first
Holding	Gap	FLRG	ILCV
Alphabet Inc Class AGOOGL	FLRG +2.59 points	4.67%	2.08%
Microsoft CorpMSFT	ILCV +2.60 points	5.98%	8.58%
Visa Inc Class AV	FLRG +1.07 points	2.11%	1.04%
Yum Brands IncYUM	FLRG +1.02 points	1.06%	0.04%
Cf Industries Holdings IncCF	FLRG +0.97 points	1.02%	0.05%
Vici Pptys IncVICI	FLRG +0.94 points	1.02%	0.08%
Newmont CorpNEM	FLRG +0.93 points	1.30%	0.37%
Ross Stores IncROST	FLRG +0.90 points	0.96%	0.06%
Allstate CorporationALL	FLRG +0.89 points	0.98%	0.09%
Automatic Data Processing IncADP	FLRG +0.89 points	1.24%	0.35%
Edison IntlEIX	FLRG +0.88 points	0.94%	0.06%
Travelers Companies IncTRV	FLRG +0.86 points	1.10%	0.24%
Synchrony FinancialSYF	FLRG +0.86 points	0.93%	0.07%
Snap-On IncorporatedSNA	FLRG +0.84 points	0.87%	0.03%
Hartford Insurance Grp Inc/TheHIG	FLRG +0.83 points	0.94%	0.11%
Expedia IncEXPE	FLRG +0.80 points	0.84%	0.04%
Biogen IncBIIB	FLRG +0.80 points	0.90%	0.10%
Royalty Pharma PLCRPRX	FLRG +0.79 points	0.86%	0.07%
Lockheed Martin CorpLMT	FLRG +0.78 points	1.10%	0.32%
Valero Energy CorpVLO	FLRG +0.76 points	1.05%	0.29%
General Dynamics CorporationGD	FLRG +0.75 points	1.00%	0.25%
United Therapeutics Corp DelUTHR	FLRG +0.75 points	0.78%	0.03%
Tjx Companies Inc NewTJX	FLRG +0.73 points	1.00%	0.27%
Capital One Financial CorpCOF	FLRG +0.70 points	1.06%	0.36%
Regeneron Pharmaceuticals IncREGN	FLRG +0.69 points	0.95%	0.26%
Paccar IncPCAR	FLRG +0.68 points	0.82%	0.14%
Mcdonalds CorpMCD	FLRG +0.66 points	1.22%	0.56%
Colgate-Palmolive CoCL	FLRG +0.65 points	0.80%	0.15%
Gilead Sciences IncGILD	FLRG +0.60 points	1.20%	0.60%
The Booking Holdings IncBKNG	FLRG +0.56 points	0.91%	0.35%
Altria Group IncMO	FLRG +0.55 points	0.92%	0.37%
Kimberly Clark CorpKMB	FLRG +0.53 points	0.71%	0.18%
Bristol-Myers Squibb CoBMY	FLRG +0.50 points	0.87%	0.37%
Apple IncAAPL	FLRG +0.37 points	7.57%	7.20%
Omnicom Group IncOMC	FLRG +0.36 points	0.43%	0.07%
Cisco Systems IncCSCO	ILCV +0.34 points	0.73%	1.07%
Micron Technology IncMU	FLRG +0.31 points	1.32%	1.01%
Merck & Co Inc NewMRK	FLRG +0.29 points	1.33%	1.04%
Charter Communications Inc ACHTR	FLRG +0.27 points	0.30%	0.03%
Te Connectivity PLCTEL	FLRG +0.26 points	0.32%	0.06%
Analog Devices IncADI	FLRG +0.25 points	0.49%	0.24%
Philip Morris Intl IncPM	FLRG +0.25 points	1.14%	0.89%
Dell Technologies Inc Class CDELL	FLRG +0.24 points	0.32%	0.08%
Comcast Corp Class ACMCSA	FLRG +0.24 points	0.49%	0.25%
Cognizant Tech Solutions Class ACTSH	FLRG +0.24 points	0.32%	0.08%
Texas Instruments IncTXN	FLRG +0.21 points	0.61%	0.40%
Hp IncHPQ	FLRG +0.21 points	0.29%	0.08%
Netapp IncNTAP	FLRG +0.21 points	0.27%	0.06%
Johnson & JohnsonJNJ	ILCV +0.20 points	1.72%	1.92%
Procter & Gamble CoPG	FLRG +0.19 points	1.30%	1.11%
Zoom Communications Inc Class AZM	FLRG +0.19 points	0.25%	0.06%
F5 IncFFIV	FLRG +0.19 points	0.21%	0.02%
AT&T IncT	FLRG +0.13 points	0.56%	0.43%
Exxonmobil Holdings CorpXOM	ILCV +0.13 points	1.84%	1.97%
AbbVie IncABBV	FLRG +0.11 points	1.59%	1.48%
Verizon Communications IncVZ	FLRG +0.09 points	0.64%	0.55%
Adobe IncADBE	FLRG +0.10 points	0.37%	0.27%
Qualcomm IncQCOM	Same weight	0.51%	0.51%

All 105 FLRG 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.

FLRG vs ILCV Cost

Overpaying FLRG vs ILCV

$2,288

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

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

Amount$10,000

Years30 years

Cost over time

FLRG 0.15%
ILCV 0.04%
Overpaying

Year by year

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

Expense ratio

0.15%FLRG
0.04%ILCV, cheaper

ILCV0.04%FLRG0.15%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

ILCV cheapest of 99 funds

FLRG 13th cheapest of 99 funds

FLRG vs ILCV Dividends

Last 12 months to Nov 9, 2026

Yield (12M): FLRG 1.43%; ILCV 1.50%, better
Payout (12M): FLRG $0.59; ILCV $1.65
Last payment: FLRG $0.13; ILCV $0.42
Ex-dividend: FLRG Sep 18, 2026; ILCV Sep 15, 2026
Paid on: FLRG Sep 22, 2026; ILCV Sep 18, 2026
Frequency: FLRG Quarterly; ILCV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FLRGQuarterly · 25 paymentsAll FLRG payments⁠

ILCVQuarterly · 39 paymentsAll ILCV payments⁠

FLRG vs ILCV Risk

Fall from peak · 5 years

FLRG
ILCV

Risk facts

VolatilityStd dev, 3 years: FLRG 11.0%ILCV 10.7%, better
Return per unit of riskSharpe ratio, 3 years: FLRG 1.34ILCV 1.57, better
Worst fallMax drawdown, 5 years: FLRG −19.6%ILCV −18.6%, better
Market sensitivityBeta, 5 years: FLRG 0.86ILCV 0.82; Market = 1

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