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ILCV vs LSAF

iShares Morningstar Value ETF

ILCVANYSE Arca

LeaderSharesTM AlphaFactor US Core Equity ETF

LSAFCNYSE Arca

Overlap

Expense ratio

ILCV −0.71pt a year

ILCV0.04%LSAF0.75%

Avg volume · 30D

ILCV 3.2×the volume

ILCV25.1KLSAF7.8K

5Y return · a year

ILCV +1.0pt

ILCV+12.5%LSAF+11.5%

ILCV vs LSAF Performance

Nov 9, 2021 – Nov 9, 2026

+79.9%ILCV+72.0%LSAF

Nov 9, 2021 to Nov 9, 2026. ILCV +79.9%. LSAF +72.0%. Use the arrow keys to read each point.−20%0%20%40%Nov 2021May 2024Nov 2026
Expense ratio
ILCV 0.04%, better
LSAF 0.75%
Fund size
ILCV $1.37B
LSAF $132M
1Y total return
ILCV +22.4%
LSAF +31.1%, better
Yield (12M)
ILCV 1.50%, better
LSAF 0.53%
Holdings
ILCV 374
LSAF 102
Avg volume (30D)
ILCV 25.1K sh, better
LSAF 7.8K sh
NAV per share
ILCV $108.28
LSAF $56.73
52W range

ETF.net Grade

ILCV: Cost 99, Risk 91, Mission 82, Tradability 62, Holdings 39, Durability 82. LSAF: Cost 2, Risk 67, Mission 87, Tradability 32, Holdings 57, Durability 37.
Pillar letters and Scores for ILCV, LSAF, with each pillar’s weight
PillarILCVLSAF
Cost30% weightA99HigherF2
Mission25% weightA82A87Higher
Risk15% weightA91HigherB67
Tradability15% weightB62HigherD32
Holdings10% weightD39B57Higher
Durability5% weightA82HigherD37

Rank among US Multifactor funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. ILCV and LSAF 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 LSAF 75th of 99 funds in the US Multifactor Category.

  1. Rank 1AVONVVanguard Russell 1000 Value ETFScore 85
  2. Rank 2AILCViShares Morningstar Value ETFScore 81
  3. Rank 2AVYMVanguard High Dividend Yield ETFScore 81
  4. Rank 75CFTCFirst Trust Large Cap Growth AlphaDEX FundScore 44
  5. Rank 75CLSAFLeaderSharesTM AlphaFactor US Core Equity ETFScore 44
  6. Rank 75COPTZOptimize Strategy Index ETFScore 44

Our read on each fund

ETF.net Research

ILCVAiShares Morningstar Value ETF

LSAFCLeaderSharesTM AlphaFactor US Core Equity ETF

In short

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.

LSAF A boutique multifactor take on US core equity: LSAF ranks American stocks with a published rulebook and has run live since 2018. The trade-off is price, at 0.75% in a corner of the market where the index giants charge pennies.

Stated mandate

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.

LSAF The fund seeks to track the AlphaFactor US Core Equity Index before fees and expenses.

Why people hold it

  • 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.
  • LSAF Rules-based, not discretionary: a published multifactor ranking process selects the US stocks, inside a plain 1940 Act ETF wrapper.
  • Live since 2018, so the record covers real drawdowns and recoveries rather than a backtest.
  • Simple mandate to keep tabs on: US only, equity only, one index, one ticker.
  • Risk behavior is the stronger side of its profile relative to the multifactor group, even where cost lags.

Worth knowing

  • 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.
  • LSAF At 0.75% a year, it costs multiples of the category's heavyweights (VYM at 0.04%, FNDX at 0.25%), a gap you pay whatever the market does.
  • Thinly traded, so the spread on a single order can matter more to your cost than the headline fee.
  • Distributions arrive annually or semiannually, not monthly or quarterly.

Full ILCV profile⁠

Full LSAF profile⁠

ILCV vs LSAF 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.

ILCV vs LSAF Cost

Overpaying LSAF vs ILCV

$13,633

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

  • ILCV 0.04%

    $849

  • LSAF 0.75%

    $14,482

$10,000
30 years

Cost over time

  • ILCV 0.04%
  • LSAF 0.75%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530LSAF $14,482ILCV $849

Year by year

YearILCVLSAFOverpaying
10$73$1,336$1,263
20$288$5,078$4,790
30$849$14,482$13,633

Expense ratio

  • 0.04%ILCV, cheaper
  • 0.75%LSAF
  • Middle half of US Multifactor funds
  • Median 0.29%

ILCV cheapest of 99 funds

LSAF 97th cheapest of 99 funds

ILCV vs LSAF Dividends

Last 12 months to Nov 9, 2026
Yield (12M)
ILCV 1.50%, better
LSAF 0.53%
Payout (12M)
ILCV $1.65
LSAF $0.31
Last payment
ILCV $0.42
LSAF $0.31
Ex-dividend
ILCV Sep 15, 2026
LSAF Dec 17, 2025
Paid on
ILCV Sep 18, 2026
LSAF Dec 24, 2025
Frequency
ILCV Quarterly
LSAF Annual

Distribution history

Per share, 2017 to 2026, same scale for both

ILCVQuarterly · 39 paymentsAll ILCV payments⁠
One bar per payment. 39 payments from 2017 to 2026 YTD. Mar 24, 2017 $0.28; Jun 27, 2017 $0.30; Sep 26, 2017 $0.31; Dec 19, 2017 $0.34; Mar 22, 2018 $0.33; Jun 26, 2018 $0.35; Sep 26, 2018 $0.34; Dec 17, 2018 $0.39; Mar 20, 2019 $0.35; Jun 17, 2019 $0.34; Sep 24, 2019 $0.44; Dec 16, 2019 $0.45; Mar 25, 2020 $0.44; Jun 15, 2020 $0.40; Sep 23, 2020 $0.41; Dec 14, 2020 $0.40; Mar 25, 2021 $0.36; Jun 10, 2021 $0.25; Sep 24, 2021 $0.39; Dec 13, 2021 $0.40; Mar 24, 2022 $0.33; Jun 9, 2022 $0.27; Sep 26, 2022 $0.47; Dec 13, 2022 $0.40; Mar 23, 2023 $0.36; Jun 7, 2023 $0.30; Sep 26, 2023 $0.45; Dec 20, 2023 $0.48; Mar 21, 2024 $0.35; Jun 11, 2024 $0.37; Sep 25, 2024 $0.46; Dec 17, 2024 $0.43; Mar 18, 2025 $0.38; Jun 16, 2025 $0.40; Sep 16, 2025 $0.40; Dec 16, 2025 $0.48; Mar 17, 2026 $0.36; Jun 15, 2026 $0.39; Sep 15, 2026 $0.42. Use the arrow keys to read each point.$0$0.502017202020232026YTD
LSAFAnnual · 20 paymentsAll LSAF payments⁠
One bar per payment. 20 payments from 2017 to 2026 YTD. Dec 27, 2018 $0.04; Mar 28, 2019 $0.05; Jun 25, 2019 $0.04; Sep 25, 2019 $0.04; Dec 20, 2019 $0.06; Mar 25, 2020 $0.04; Jun 25, 2020 $0.05; Sep 25, 2020 $0.03; Dec 21, 2020 $0.03; Mar 25, 2021 $0.02; Jun 25, 2021 $0.03; Sep 24, 2021 $0.02; Dec 21, 2021 $0.06; Mar 24, 2022 $0.05; Jun 23, 2022 $0.07; Sep 23, 2022 $0.07; Dec 21, 2022 $0.10; Dec 20, 2023 $0.29; Dec 20, 2024 $0.17; Dec 17, 2025 $0.31. Use the arrow keys to read each point.$0$0.502017202020232026YTD

ILCV vs LSAF Risk

Fall from peak · 5 years

  • ILCV
  • LSAF
Nov 9, 2021 to Nov 9, 2026. Worst fall: LSAF −24.9% · Sep 2022. Use the arrow keys to read each point.−20%−15%−10%−5%0%Nov 2021May 2024Nov 2026

Risk facts

VolatilityStd dev, 3 years
ILCV 10.7%, betterLSAF 14.2%
Return per unit of riskSharpe ratio, 3 years
ILCV 1.57, betterLSAF 1.28
Worst fallMax drawdown, 5 years
ILCV −18.6%, betterLSAF −24.9%
Market sensitivityBeta, 5 years
ILCV 0.82LSAF 0.94

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