ILCV vs MFUS: Grades, Fees and Holdings Compared

iShares Morningstar Value ETF

ILCVANYSE Arca

PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF

MFUSBNYSE Arca

Overlap

46.8%by weight

Expense ratio

ILCV −0.25pt a year

ILCV0.04%MFUS0.29%

Avg volume · 30D

ILCV 1.9×the volume

ILCV24.4KMFUS13K

5Y return · a year

ILCV +0.3pt

ILCV+12.6%MFUS+12.3%

ILCV vs MFUS Performance

Oct 29, 2021 – Oct 30, 2026

+81.1%ILCV+78.3%MFUS

Expense ratio: ILCV 0.04%, better; MFUS 0.29%
Fund size: ILCV $1.37B; MFUS $299M
1Y total return: ILCV +21.0%, better; MFUS +20.0%
Yield (12M): ILCV 1.51%, better; MFUS 1.41%
Holdings: ILCV 375; MFUS 919
Avg volume (30D): ILCV 24.4K sh, better; MFUS 13K sh
NAV per share: ILCV $109.27; MFUS $66.65
52W range

ETF.net Grade

Pillar letters and Scores for ILCV, MFUS, with each pillar’s weight
Pillar	ILCV	MFUS
Cost30% weight	A99Higher	B55
Mission25% weight	A82	A96Higher
Risk15% weight	A90Higher	A82
Tradability15% weight	B64Higher	D26
Holdings10% weight	D39	B69Higher
Durability5% weight	A82Higher	C52

Rank among US Multifactor funds

How we build Categories ›

Same Category. ILCV and MFUS 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 MFUS 32nd 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 32BANGUSEI Ang Research Enhanced U.S. Large Cap ETFScore 66
Rank 32BMFUSPIMCO RAFI Dynamic Multi-Factor U.S. Equity ETFScore 66
Rank 32BULVMVictoryShares US Value Momentum ETFScore 66

Our read on each fund

ETF.net Research

ILCVAiShares Morningstar Value ETF

MFUSBPIMCO RAFI Dynamic Multi-Factor U.S. 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.

MFUS One ticker, four factors. MFUS tracks a RAFI index that blends value, momentum, quality and low volatility across roughly 800 US stocks, so no single style has to carry the load.

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.

MFUS The Fund seeks to track the investment results of the RAFI Dynamic Multi-Factor U.S. Index.

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.

MFUS Value, momentum, quality and low volatility ride in the same wrapper, so you are not stuck holding one style through its cold spell.
At 0.30% a year, the fee sits just under the typical US multi-factor fund, unusual for a rules-based strategy with this much machinery under the hood.
It has hugged its RAFI index tightly, with very little drift between fund and benchmark. One of the cleaner tracking records among US multi-factor peers.
Roughly 800 holdings spread the bet wide across US equities, and the fund pays out quarterly.

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.

MFUS Thinly traded next to the category's household names, so spreads can widen. That matters most on large or hurried orders.
Plain-vanilla rivals cost a fraction: VONV at 0.06% and FNDX at 0.25%. The multi-factor engineering has to earn that gap.
Mid-sized rather than a category giant, and a shifting factor mix can behave quite differently from a straight index over any given stretch.

Full ILCV profile⁠

Full MFUS profile⁠

ILCV vs MFUS Holdings

How ILCV and MFUS differ

Overlap by weight

46.8%

Shared holdings make up 74.1% of ILCV and 64.1% of MFUS.

Level by level

Holdings281 in both46.8%
Sector11 Sectors84.8%
Asset classEquity100%
Countryby domicile99.6%

Sector

Sector weights in ILCV and MFUS, widest gap first
Sector	More in ILCVMore in MFUS	ILCV	MFUS
Financials	ILCV +5.9 points	17.7%	11.8%
Health Care	MFUS +4.7 points	13.4%	18.1%
Communication	ILCV +4.3 points	8.8%	4.5%
Industrials	MFUS +3.3 points	6.9%	10.2%
Consumer Staples	MFUS +3.2 points	7.3%	10.5%
Technology	ILCV +3.1 points	23.9%	20.8%
Energy	MFUS +2.2 points	6.6%	8.8%
Utilities	ILCV +1.9 points	3.0%	1.1%
Materials	MFUS +1.2 points	2.1%	3.3%
Real Estate	MFUS +0.5 points	1.7%	2.2%
Consumer Discretionary	MFUS +0.2 points	8.6%	8.8%

Country, concentration and asset class

Country by domicile

Country weights in ILCV and MFUS, widest gap first
Country	More in ILCVMore in MFUS	ILCV	MFUS
United States	MFUS +0.3 points	99.2%	99.5%
Switzerland	ILCV +0.1 points	0.4%	0.3%
Brazil	ILCV +0.1 points	0.1%	0.0%
United Kingdom	Same weight	0.1%	0.1%
India	MFUS +0.1 points	0.0%	0.1%
China	ILCV +0.1 points	0.1%	0.0%
Ireland	ILCV +0.1 points	0.1%	0.0%
Mexico	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

ILCV34.4%
MFUS16.1%

Securities held

ILCV372
MFUS917

Asset class

ILCV: Equity
MFUS: Equity

Holdings

Only in ILCV91
In both281
Only in MFUS636

Only in ILCV

91 securities, 25.7% of ILCV by weight

Microsoft8.45%
Amazon.com Inc3.08%
JPMorgan Chase & Co2.60%
Alphabet Class C1.65%
Tesla Inc1.24%
Walt Disney0.54%
Salesforce0.52%
Abbott Laboratories0.51%
BlackRock0.46%
American Express0.35%
Southern0.30%
Duke Energy Corp0.28%
Uber Technologies0.27%
Eaton PLC0.26%
Intuit0.25%
Elevance Health Inc0.25%
Stryker0.23%
Honeywell International Inc0.20%
Sempra0.16%
Becton Dickinson0.15%
Strategy Inc Class A0.15%
Xcel Energy Inc0.14%
PayPal Holdings0.14%
Trane Technologies PLC0.13%
Mercadolibre0.12%
Crh Public Limited PLC0.11%
Workday Class A0.11%
Crown Castle Inc0.11%
Air Products and Chemicals0.11%
Emerson Electric0.11%
Synopsys0.10%
D R Horton0.10%
Constellation Energy Corp0.10%
Hartford Insurance Group0.10%
Kkr and Co Inc0.10%
Huntington Bancshares Inc0.09%
Cognizant Technology Solutions Cla0.08%
Dte Energy0.08%
Vici Pptys Inc0.08%
Fiserv Inc0.07%
United Rentals0.07%
Public Service Enterprise Group0.07%
Te Connectivity PLC0.07%
Carnival Corp Ltd0.06%
Cbre Group Class A0.06%
Smurfit Westrock PLC0.06%
Eqt0.06%
Wec Energy Group0.06%
Nxp Semiconductors NV0.06%
Sunbelt Rentals Holdings Inc0.06%

Only in MFUS

636 securities, 35.9% of MFUS by weight

Eli Lilly & Co Common Stock1.66%
Intel Corp Common Stock USD.0011.54%
Lam Research Corp Common Stock USD.0010.86%
Applied Materials Inc Common Stock USD.010.86%
Corning Inc Common Stock USD.50.75%
Western Digital Corp Common Stock USD.010.73%
Broadcom Inc Common Stock0.67%
Advanced Micro Devices Common Stock USD.010.57%
Seagate Technology Holdings Common Stock USD.000010.46%
Kla Corp Common Stock USD.0010.43%
Crowdstrike Holdings Inc A Common Stock0.40%
Elevance Health Inc Common Stock USD.010.38%
Howmet Aerospace Inc Common Stock0.32%
Best Buy Co Inc Common Stock USD.10.29%
General Electric Common Stock USD.010.29%
Ssc Government Mm Gvmxx0.28%
Snowflake Inc Common Stock USD1.00.19%
Palo Alto Networks Inc Common Stock USD.00010.19%
West Pharmaceutical Services Common Stock USD.250.19%
Becton Dickinson and Co Common Stock USD1.00.18%
Carpenter Technology Common Stock USD5.00.17%
Hasbro Inc Common Stock USD.50.17%
Victoria’s Secret & Co Common Stock0.17%
Baker Hughes Co Common Stock USD.00010.17%
Vertiv Holdings Co A Common Stock USD.00010.17%
Caci International Inc Class A Common Stock USD.10.17%
O Reilly Automotive Inc Common Stock USD.010.17%
Monster Beverage Corp Common Stock USD.0050.17%
Hf Sinclair Corp Common Stock0.16%
Jabil Inc Common Stock USD.0010.16%
Datadog Inc Class A Common Stock USD.000010.16%
Teradyne Inc Common Stock USD.1250.16%
Ge Vernova Inc Common Stock USD.010.15%
Exelixis Inc Common Stock USD.0010.15%
C.h. Robinson Worldwide Inc Common Stock USD.10.15%
Murphy Usa Inc Common Stock USD.010.14%
Lumentum Holdings Inc Common Stock USD.0010.14%
Netflix Inc Common Stock USD.0010.14%
Idex Corp Common Stock USD.010.13%
Amphenol Corp Class A Common Stock USD.0010.13%
Monolithic Power Systems Inc Common Stock USD.0010.13%
Cencora Inc Common Stock USD.010.13%
Aon PLC Class A Common Stock0.13%
Jazz Pharmaceuticals PLC Common Stock USD.00010.12%
Pbf Energy Inc Class A Common Stock USD.0010.12%
Autozone Inc Common Stock USD.010.12%
Marvell Technology Inc Common Stock USD.0020.12%
Abercrombie & Fitch Co Class A Common Stock USD.010.12%
Arista Networks Inc Common Stock USD.00010.12%
Davita Inc Common Stock USD.0010.12%

Weight gaps

The 100 widest of 281 Holdings in both funds.

Holding weights in ILCV and MFUS, widest gap first
Holding	More in ILCVMore in MFUS	ILCV	MFUS
AppleAAPL	ILCV +4.97 points	7.24%	2.27%
Meta Platforms Class AMETA	ILCV +2.29 points	2.50%	0.20%
Berkshire Hathaway Inc Class BBRK.B	ILCV +1.68 points	2.84%	1.16%
Alphabet Class AGOOGL	ILCV +1.37 points	2.04%	0.67%
Bank of AmericaBAC	ILCV +0.74 points	0.94%	0.20%
AT&TT	MFUS +0.72 points	0.41%	1.13%
Micron TechnologyMU	ILCV +0.70 points	1.35%	0.65%
Marathon PetroleumMPC	MFUS +0.66 points	0.18%	0.84%
Valero Energy CorpVLO	MFUS +0.64 points	0.31%	0.95%
PfizerPFE	MFUS +0.59 points	0.49%	1.08%
Thermo Fisher ScientificTMO	ILCV +0.59 points	0.75%	0.16%
Linde PLCLIN	ILCV +0.58 points	0.66%	0.08%
Costco Wholesale CorpCOST	ILCV +0.58 points	0.71%	0.13%
CitigroupC	MFUS +0.57 points	0.60%	1.17%
Visa Class AV	ILCV +0.54 points	1.00%	0.46%
UnitedHealth GroupUNH	ILCV +0.53 points	1.05%	0.52%
WalmartWMT	MFUS +0.53 points	0.91%	1.44%
Morgan StanleyMS	ILCV +0.50 points	0.64%	0.14%
Home DepotHD	ILCV +0.46 points	0.93%	0.47%
ChevronCVX	MFUS +0.41 points	1.23%	1.64%
Verizon Communications IncVZ	MFUS +0.39 points	0.52%	0.91%
Gilead SciencesGILD	MFUS +0.39 points	0.58%	0.97%
Target CorpTGT	MFUS +0.38 points	0.20%	0.58%
Nextera EnergyNEE	ILCV +0.39 points	0.49%	0.10%
EbayEBAY	MFUS +0.38 points	0.09%	0.47%
RtxRTX	ILCV +0.37 points	0.76%	0.39%
DanaherDHR	ILCV +0.34 points	0.43%	0.09%
Goldman Sachs GroupGS	ILCV +0.34 points	0.77%	0.43%
Ford Motor CoF	MFUS +0.33 points	0.14%	0.47%
Mastercard Class AMA	ILCV +0.33 points	0.63%	0.30%
Phillips 66PSX	MFUS +0.32 points	0.31%	0.63%
Lockheed MartinLMT	MFUS +0.31 points	0.36%	0.67%
Amgen IncAMGN	MFUS +0.30 points	0.71%	1.01%
General MotorsGM	MFUS +0.31 points	0.21%	0.52%
Hp IncHPQ	MFUS +0.31 points	0.08%	0.39%
Bank of New York Mellon CorpBNY	MFUS +0.30 points	0.11%	0.41%
Exxonmobil Holdings CorpXOM	ILCV +0.28 points	2.14%	1.86%
NucorNUE	MFUS +0.28 points	0.07%	0.35%
KrogerKR	MFUS +0.27 points	0.11%	0.38%
Hewlett Packard EnterpriseHPE	MFUS +0.28 points	0.22%	0.50%
Prologis ReitPLD	ILCV +0.27 points	0.35%	0.08%
Cardinal HealthCAH	MFUS +0.27 points	0.07%	0.34%
Cvs HealthCVS	MFUS +0.27 points	0.33%	0.60%
PepsicoPEP	MFUS +0.26 points	0.52%	0.78%
Adobe IncADBE	ILCV +0.26 points	0.28%	0.02%
Texas InstrumentTXN	MFUS +0.23 points	0.45%	0.68%
Caterpillar IncCAT	MFUS +0.23 points	0.38%	0.61%
QualcommQCOM	ILCV +0.23 points	0.56%	0.33%
International Business Machines CoIBM	MFUS +0.22 points	0.69%	0.91%
S&P GlobalSPGI	ILCV +0.21 points	0.26%	0.05%
ConocophillipsCOP	ILCV +0.21 points	0.51%	0.30%
Bristol Myers SquibbBMY	MFUS +0.21 points	0.36%	0.57%
CignaCI	MFUS +0.20 points	0.22%	0.42%
Pnc Financial Services GroupPNC	ILCV +0.20 points	0.26%	0.06%
American Tower ReitAMT	ILCV +0.21 points	0.25%	0.04%
Us BancorpUSB	ILCV +0.21 points	0.27%	0.06%
United TherapeuticsUTHR	MFUS +0.20 points	0.03%	0.23%
Charles SchwabSCHW	ILCV +0.20 points	0.27%	0.07%
ProgressivePGR	ILCV +0.20 points	0.38%	0.18%
HumanaHUM	MFUS +0.19 points	0.08%	0.27%
Eog ResourcesEOG	ILCV +0.19 points	0.24%	0.05%
Automatic Data Processing IncADP	ILCV +0.18 points	0.32%	0.14%
Dell Technologies Inc Class CDELL	MFUS +0.19 points	0.11%	0.30%
Altria Group IncMO	MFUS +0.19 points	0.36%	0.55%
Kraft HeinzKHC	MFUS +0.18 points	0.06%	0.24%
Accenture PLC Class AACN	ILCV +0.18 points	0.43%	0.25%
Lyondellbasell Industries Class ALYB	MFUS +0.18 points	0.05%	0.23%
Booking HoldingsBKNG	ILCV +0.18 points	0.32%	0.14%
SandiskSNDK	ILCV +0.17 points	0.29%	0.12%
Centene CorpCNC	MFUS +0.17 points	0.05%	0.22%
Cme Group Class ACME	ILCV +0.16 points	0.30%	0.14%
Charter Communications Class ACHTR	MFUS +0.16 points	0.03%	0.19%
Boston ScientificBSX	ILCV +0.16 points	0.18%	0.02%
Synchrony FinancialSYF	MFUS +0.16 points	0.07%	0.23%
Expeditors International of WashinEXPD	MFUS +0.16 points	0.03%	0.19%
Merck & Co IncMRK	MFUS +0.15 points	1.03%	1.18%
DeereDE	ILCV +0.16 points	0.25%	0.09%
Analog DevicesADI	ILCV +0.15 points	0.28%	0.13%
Regeneron PharmaceuticalsREGN	MFUS +0.15 points	0.23%	0.38%
Intercontinental Exchange IncICE	ILCV +0.15 points	0.26%	0.11%
Delta Air LinesDAL	ILCV +0.15 points	0.15%	<0.01%
Procter & GamblePG	ILCV +0.15 points	1.06%	0.91%
Fedex CorpFDX	ILCV +0.14 points	0.19%	0.05%
CsxCSX	MFUS +0.15 points	0.09%	0.24%
Archer Daniels MidlandADM	MFUS +0.14 points	0.10%	0.24%
OneokOKE	ILCV +0.14 points	0.17%	0.03%
Technipfmc PLCFTI	MFUS +0.15 points	0.02%	0.17%
Medtronic PLCMDT	ILCV +0.14 points	0.35%	0.21%
American International GroupAIG	MFUS +0.15 points	0.11%	0.26%
Travelers CompaniesTRV	MFUS +0.13 points	0.24%	0.37%
Truist FinancialTFC	ILCV +0.13 points	0.17%	0.04%
Wells FargoWFC	MFUS +0.13 points	0.73%	0.86%
Waste Management IncWM	ILCV +0.13 points	0.24%	0.11%
Devon EnergyDVN	ILCV +0.13 points	0.16%	0.03%
3MMMM	MFUS +0.12 points	0.26%	0.38%
SlbSLB	ILCV +0.12 points	0.23%	0.11%
Royalty Pharma PLC Class ARPRX	MFUS +0.12 points	0.07%	0.19%
L3HARRIS TechnologiesLHX	MFUS +0.12 points	0.05%	0.17%
Dominion EnergyD	ILCV +0.12 points	0.16%	0.04%
Parker-HannifinPH	ILCV +0.11 points	0.19%	0.08%

All 372 ILCV holdings⁠All 838 MFUS 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 MFUS Cost

Overpaying MFUS vs ILCV

$5,103

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

ILCV 0.04%
$849
MFUS 0.29%
$5,952

Amount$10,000

Years30 years

Cost over time

ILCV 0.04%
MFUS 0.29%
Overpaying

Year by year

Year	ILCV	MFUS	Overpaying
10	$73	$527	$454
20	$288	$2,044	$1,756
30	$849	$5,952	$5,103

Expense ratio

0.04%ILCV, cheaper
0.29%MFUS

ILCV0.04%MFUS0.29%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

ILCV cheapest of 99 funds

MFUS 43rd cheapest of 99 funds

ILCV vs MFUS Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ILCV 1.51%, better; MFUS 1.41%
Payout (12M): ILCV $1.65; MFUS $0.93
Last payment: ILCV $0.42; MFUS $0.24
Ex-dividend: ILCV Sep 15, 2026; MFUS Oct 1, 2026
Paid on: ILCV Sep 18, 2026; MFUS Oct 5, 2026
Frequency: ILCV Quarterly; MFUS Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

ILCVQuarterly · 39 paymentsAll ILCV payments⁠

MFUSQuarterly · 36 paymentsAll MFUS payments⁠

ILCV vs MFUS Risk

Fall from peak · 5 years

ILCV
MFUS

Risk facts

VolatilityStd dev, 3 years: ILCV 10.7%, betterMFUS 11.6%
Return per unit of riskSharpe ratio, 3 years: ILCV 1.57, betterMFUS 1.49
Worst fallMax drawdown, 5 years: ILCV −18.6%MFUS −18.2%, better
Market sensitivityBeta, 5 years: ILCV 0.82MFUS 0.82; Market = 1

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