ILCV vs OPTZ: Grades, Fees and Holdings Compared

iShares Morningstar Value ETF

ILCVANYSE Arca

Optimize Strategy Index ETF

OPTZCNasdaq

Overlap

17.8%by weight

Expense ratio

ILCV −0.21pt a year

ILCV0.04%OPTZ0.25%

Avg volume · 30D

ILCV 3.7×the volume

ILCV24.4KOPTZ6.58K

ILCV vs OPTZ Performance

Oct 31, 2025 – Oct 30, 2026

+21.0%ILCV+25.4%OPTZ

Expense ratio: ILCV 0.04%, better; OPTZ 0.25%
Fund size: ILCV $1.37B; OPTZ $258M
1Y total return: ILCV +21.0%; OPTZ +25.4%, better
Yield (12M): ILCV 1.51%, better; OPTZ 0.48%
Holdings: ILCV 375; OPTZ 396
Avg volume (30D): ILCV 24.4K sh, better; OPTZ 6.58K sh
NAV per share: ILCV $109.27; OPTZ $43.86
52W range

ETF.net Grade

Pillar letters and Scores for ILCV, OPTZ, with each pillar’s weight
Pillar	ILCV	OPTZ
Cost30% weight	A99Higher	B63
Mission25% weight	A82Higher	D26
Risk15% weight	A90Higher	D25
Tradability15% weight	B64Higher	C50
Holdings10% weight	D39	A72Higher
Durability5% weight	A82Higher	D34

Rank among US Multifactor funds

How we build Categories ›

Same Category. ILCV and OPTZ 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 OPTZ 73rd 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 73CCAFGPacer US Small Cap Cash Cows Growth Leaders ETFScore 45
Rank 73COPTZOptimize Strategy Index ETFScore 45
Rank 77CFTCFirst Trust Large Cap Growth AlphaDEX FundScore 44

Our read on each fund

ETF.net Research

ILCVAiShares Morningstar Value ETF

OPTZCOptimize Strategy Index 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.

OPTZ A 2024 newcomer built on one idea: screen US-listed stocks for quality and momentum, track the index, charge 0.25%. Priced under the typical multifactor peer, but still a small and lightly traded fund.

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.

OPTZ The Fund seeks to track, before fees and expenses, the total return of the Optimize Strategy Index. The Index selects U.S.-listed equities from a broad market universe and evaluates them using quality and momentum criteria.

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.

OPTZ At 0.25%, it undercuts the median expense ratio in its multifactor peer group and matches Schwab's FNDX, though broad index giants like IUSG and VYM sit well below that.
No manager hunches. The Optimize Strategy Index ranks a broad US equity universe on quality and momentum, and the fund's job is simply to track it.
Conventional plumbing: a 1940 Act ETF holding US-listed stocks, with the factor tilt advertised up front rather than buried in a strategy footnote.

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.

OPTZ Thinly traded, so bid-ask spreads can run wider than in the household-name factor funds. Order size and timing matter more here.
It launched in April 2024, so there is no record yet across a full market cycle to judge how the quality-momentum screen holds up.
A small fund next to the Vanguard and iShares factor lineups, and payouts come annually or semiannually rather than quarterly.

Full ILCV profile⁠

Full OPTZ profile⁠

ILCV vs OPTZ Holdings

How ILCV and OPTZ differ

Overlap by weight

17.8%

Shared holdings make up 43.7% of ILCV and 35.1% of OPTZ.

Level by level

Holdings125 in both17.8%
Sector11 Sectors79.3%
Countryby domicile99.0%
Asset classEquity100%

Sector

Sector weights in ILCV and OPTZ, widest gap first
Sector	More in ILCVMore in OPTZ	ILCV	OPTZ
Technology	OPTZ +17.6 points	23.9%	41.5%
Communication	ILCV +7.9 points	8.8%	0.9%
Financials	ILCV +4.8 points	17.7%	12.9%
Consumer Staples	ILCV +4.0 points	7.3%	3.3%
Health Care	ILCV +2.0 points	13.4%	11.4%
Utilities	ILCV +1.5 points	3.0%	1.5%
Consumer Discretionary	OPTZ +1.6 points	8.6%	10.2%
Real Estate	OPTZ +0.7 points	1.7%	2.4%
Industrials	OPTZ +0.5 points	6.9%	7.4%
Energy	OPTZ +0.4 points	6.6%	7.0%
Materials	ILCV +0.4 points	2.1%	1.7%

Country, concentration and asset class

Country by domicile

Country weights in ILCV and OPTZ, widest gap first
Country	More in ILCVMore in OPTZ	ILCV	OPTZ
United States	ILCV +0.8 points	99.2%	98.4%
Other countries (7)	OPTZ +0.8 points	0.8%	1.6%

Concentration

Weight in the 10 largest Holdings

ILCV34.4%
OPTZ13.2%

Securities held

ILCV372
OPTZ395

Asset class

ILCV: Equity
OPTZ: Equity

Holdings

Only in ILCV247
In both125
Only in OPTZ270

Only in ILCV

247 securities, 56.1% of ILCV by weight

Apple7.24%
Berkshire Hathaway Inc Class B2.84%
Meta Platforms Class A2.50%
Alphabet Class A2.04%
Johnson & Johnson1.89%
Alphabet Class C1.65%
Tesla Inc1.24%
Cisco Systems Inc1.22%
Procter & Gamble1.06%
Coca-Cola1.03%
Merck & Co Inc1.03%
Bank of America0.94%
Home Depot0.93%
Philip Morris International0.92%
Walmart0.91%
Rtx0.76%
Wells Fargo0.73%
International Business Machines Co0.69%
Gilead Sciences0.58%
Qualcomm0.56%
Walt Disney0.54%
Mcdonalds Corp0.52%
Verizon Communications Inc0.52%
Abbott Laboratories0.51%
Union Pacific0.51%
Pfizer0.49%
Accenture PLC Class A0.43%
AT&T0.41%
Progressive0.38%
Altria Group Inc0.36%
Chubb0.36%
Capital One Financial Corp0.36%
Medtronic PLC0.35%
Oracle0.35%
Newmont0.33%
Lowes Companies Inc0.33%
Automatic Data Processing Inc0.32%
Cme Group Class A0.30%
Adobe Inc0.28%
Duke Energy Corp0.28%
Uber Technologies0.27%
Us Bancorp0.27%
Eaton PLC0.26%
3M0.26%
Intercontinental Exchange Inc0.26%
Intuit0.25%
Elevance Health Inc0.25%
Waste Management Inc0.24%
Mckesson Corp0.24%
Regeneron Pharmaceuticals0.23%

Only in OPTZ

270 securities, 64.9% of OPTZ by weight

DXC Technology Co1.49%
Cadence Design Systems Inc1.30%
Advanced Micro Devices Inc1.23%
Ciena Corp1.16%
Zebra Technologies Corp1.15%
Monolithic Power Systems Inc1.14%
Arrow Electronics Inc1.12%
Keysight Technologies Inc1.09%
NCR Voyix Corp1.08%
Kulicke & Soffa Industries Inc1.05%
NVIDIA Corp1.03%
MACOM Technology Solutions Holdings Inc1.01%
Semtech Corp1.00%
Applied Materials Inc0.99%
Sanmina Corp0.96%
Astera Labs Inc0.96%
Rackspace Technology Inc0.95%
Fabrinet0.93%
Western Digital Corp0.91%
Lam Research Corp0.90%
MKS Inc0.90%
Teradyne Inc0.89%
Seagate Technology Holdings PLC0.88%
Coherent Corp0.86%
Canadian Solar Inc0.81%
Hasbro Inc0.34%
Crocs Inc0.33%
CareDx Inc0.32%
HF Sinclair Corp0.32%
PVH Corp0.32%
Teekay Tankers Ltd0.32%
Chord Energy Corp0.31%
Seadrill Ltd0.31%
World Kinect Corp0.31%
PBF Energy Inc0.31%
Hilton Worldwide Holdings Inc0.30%
NextDecade Corp0.30%
Nabors Industries Ltd0.29%
Ralph Lauren Corp0.29%
Howard Hughes Holdings Inc0.29%
Kemper Corp0.29%
Abercrombie & Fitch Co0.29%
Upbound Group Inc0.29%
Hyatt Hotels Corp0.28%
Bloomin' Brands Inc0.28%
Cboe Global Markets Inc0.28%
Herbalife Ltd0.28%
Par Pacific Holdings Inc0.28%
Sezzle Inc0.27%
Murphy USA Inc0.27%

Weight gaps

The 100 widest of 125 Holdings in both funds.

Holding weights in ILCV and OPTZ, widest gap first
Holding	More in ILCVMore in OPTZ	ILCV	OPTZ
MicrosoftMSFT	ILCV +7.24 points	8.45%	1.21%
Amazon.com IncAMZN	ILCV +2.84 points	3.08%	0.24%
JPMorgan Chase & CoJPM	ILCV +2.37 points	2.60%	0.23%
Exxonmobil Holdings CorpXOM	ILCV +1.80 points	2.14%	0.34%
SynopsysSNPS	OPTZ +1.27 points	0.10%	1.37%
Nxp Semiconductors NVNXPI	OPTZ +1.26 points	0.06%	1.32%
AbbVieABBV	ILCV +1.25 points	1.46%	0.21%
Roper TechnologiesROP	OPTZ +1.25 points	0.08%	1.33%
Teledyne TechnologiesTDY	OPTZ +1.22 points	0.03%	1.25%
Analog DevicesADI	OPTZ +1.05 points	0.28%	1.33%
First SolarFSLR	OPTZ +0.97 points	0.02%	0.99%
Texas InstrumentTXN	OPTZ +0.90 points	0.45%	1.35%
ChevronCVX	ILCV +0.90 points	1.23%	0.33%
UnitedHealth GroupUNH	ILCV +0.86 points	1.05%	0.19%
Dell Technologies Inc Class CDELL	OPTZ +0.83 points	0.11%	0.94%
Visa Class AV	ILCV +0.73 points	1.00%	0.27%
Linde PLCLIN	ILCV +0.57 points	0.66%	0.09%
Goldman Sachs GroupGS	ILCV +0.56 points	0.77%	0.21%
Thermo Fisher ScientificTMO	ILCV +0.54 points	0.75%	0.21%
Costco Wholesale CorpCOST	ILCV +0.51 points	0.71%	0.20%
Amgen IncAMGN	ILCV +0.51 points	0.71%	0.20%
SalesforceCRM	OPTZ +0.50 points	0.52%	1.02%
SandiskSNDK	OPTZ +0.48 points	0.29%	0.77%
Morgan StanleyMS	ILCV +0.43 points	0.64%	0.21%
CitigroupC	ILCV +0.38 points	0.60%	0.22%
Mastercard Class AMA	ILCV +0.36 points	0.63%	0.27%
Nextera EnergyNEE	ILCV +0.36 points	0.49%	0.13%
Micron TechnologyMU	ILCV +0.34 points	1.35%	1.01%
PepsicoPEP	ILCV +0.34 points	0.52%	0.18%
Caterpillar IncCAT	ILCV +0.29 points	0.38%	0.09%
Prologis ReitPLD	ILCV +0.27 points	0.35%	0.08%
Ulta Beauty IncULTA	OPTZ +0.27 points	0.03%	0.30%
Williams Sonoma IncWSM	OPTZ +0.24 points	0.05%	0.29%
Yum BrandsYUM	OPTZ +0.23 points	0.04%	0.27%
TapestryTPR	OPTZ +0.23 points	0.02%	0.25%
Darden Restaurants IncDRI	OPTZ +0.23 points	0.04%	0.27%
DanaherDHR	ILCV +0.22 points	0.43%	0.21%
Targa ResourcesTRGP	OPTZ +0.22 points	0.10%	0.32%
Cincinnati FinancialCINF	OPTZ +0.22 points	0.04%	0.26%
GarminGRMN	OPTZ +0.22 points	0.04%	0.26%
BlackRockBLK	ILCV +0.21 points	0.46%	0.25%
EbayEBAY	OPTZ +0.22 points	0.09%	0.31%
Lockheed MartinLMT	ILCV +0.21 points	0.36%	0.15%
Expedia GroupEXPE	OPTZ +0.21 points	0.04%	0.25%
Diamondback EnergyFANG	OPTZ +0.20 points	0.11%	0.31%
United TherapeuticsUTHR	OPTZ +0.20 points	0.03%	0.23%
Ross Stores IncROST	OPTZ +0.20 points	0.06%	0.26%
Bristol Myers SquibbBMY	ILCV +0.19 points	0.36%	0.17%
Northern TrustNTRS	OPTZ +0.18 points	0.04%	0.22%
ConocophillipsCOP	ILCV +0.17 points	0.51%	0.34%
Raymond JamesRJF	OPTZ +0.18 points	0.04%	0.22%
SouthernSO	ILCV +0.16 points	0.30%	0.14%
Apollo Global ManagementAPO	OPTZ +0.16 points	0.05%	0.21%
Cvs HealthCVS	ILCV +0.16 points	0.33%	0.17%
American Tower ReitAMT	ILCV +0.16 points	0.25%	0.09%
Allstate CorpALL	OPTZ +0.16 points	0.09%	0.25%
SterisSTE	OPTZ +0.15 points	0.04%	0.19%
Hershey FoodsHSY	OPTZ +0.15 points	0.02%	0.17%
Incyte CorpINCY	OPTZ +0.15 points	0.03%	0.18%
Ameriprise Finance IncAMP	OPTZ +0.15 points	0.07%	0.22%
Centene CorpCNC	OPTZ +0.14 points	0.05%	0.19%
Agilent Technologies IncA	OPTZ +0.15 points	0.07%	0.22%
State StreetSTT	OPTZ +0.13 points	0.08%	0.21%
Performance Food GroupPFGC	OPTZ +0.14 points	0.04%	0.18%
Constellation Brands Class ASTZ	OPTZ +0.14 points	0.05%	0.19%
Hartford Insurance GroupHIG	OPTZ +0.14 points	0.10%	0.24%
M&T BankMTB	OPTZ +0.14 points	0.09%	0.23%
Tenet Healthcare CorpTHC	OPTZ +0.13 points	0.06%	0.19%
General Dynamics CorpGD	ILCV +0.13 points	0.26%	0.13%
DeereDE	ILCV +0.13 points	0.25%	0.12%
Booking HoldingsBKNG	ILCV +0.12 points	0.32%	0.20%
Labcorp HoldingsLH	OPTZ +0.12 points	0.09%	0.21%
Prudential Financial IncPRU	OPTZ +0.12 points	0.11%	0.23%
Quest Diagnostics IncDGX	OPTZ +0.12 points	0.08%	0.20%
Cardinal HealthCAH	OPTZ +0.12 points	0.07%	0.19%
Dollar Tree IncDLTR	OPTZ +0.11 points	0.07%	0.18%
American ExpressAXP	ILCV +0.11 points	0.35%	0.24%
Bunge Global SABG	OPTZ +0.11 points	0.04%	0.15%
Bank of New York Mellon CorpBNY	OPTZ +0.11 points	0.11%	0.22%
HumanaHUM	OPTZ +0.11 points	0.08%	0.19%
Dollar General CorpDG	OPTZ +0.10 points	0.08%	0.18%
Eog ResourcesEOG	OPTZ +0.09 points	0.24%	0.33%
Atmos EnergyATO	OPTZ +0.09 points	0.04%	0.13%
Wesco InternationalWCC	OPTZ +0.09 points	0.03%	0.12%
Vertex PharmaceuticalsVRTX	ILCV +0.08 points	0.27%	0.19%
Wec Energy GroupWEC	OPTZ +0.08 points	0.06%	0.14%
Ferguson EnterprisesFERG	OPTZ +0.08 points	0.05%	0.13%
L3HARRIS TechnologiesLHX	OPTZ +0.08 points	0.05%	0.13%
Parker-HannifinPH	ILCV +0.08 points	0.19%	0.11%
Td SynnexSNX	OPTZ +0.08 points	0.03%	0.11%
Charles SchwabSCHW	ILCV +0.07 points	0.27%	0.20%
United RentalsURI	OPTZ +0.07 points	0.07%	0.14%
Honeywell International IncHON	ILCV +0.07 points	0.20%	0.13%
Nrg Energy IncNRG	OPTZ +0.07 points	0.03%	0.10%
Reliance Steel & AluminumRS	OPTZ +0.07 points	0.03%	0.10%
Archer Daniels MidlandADM	OPTZ +0.06 points	0.10%	0.16%
Tko Group Holdings Inc Class ATKO	OPTZ +0.06 points	0.01%	0.07%
Steel Dynamics IncSTLD	OPTZ +0.06 points	0.03%	0.09%
Iron Mountain IncIRM	OPTZ +0.05 points	0.03%	0.08%
Albemarle CorpALB	OPTZ +0.05 points	0.01%	0.06%

All 372 ILCV holdings⁠All OPTZ 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 OPTZ Cost

Overpaying OPTZ vs ILCV

$4,310

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

ILCV 0.04%
$849
OPTZ 0.25%
$5,159

Amount$10,000

Years30 years

Cost over time

ILCV 0.04%
OPTZ 0.25%
Overpaying

Year by year

Year	ILCV	OPTZ	Overpaying
10	$73	$455	$382
20	$288	$1,769	$1,481
30	$849	$5,159	$4,310

Expense ratio

0.04%ILCV, cheaper
0.25%OPTZ

ILCV0.04%OPTZ0.25%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

ILCV cheapest of 99 funds

OPTZ 36th cheapest of 99 funds

ILCV vs OPTZ Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ILCV 1.51%, better; OPTZ 0.48%
Payout (12M): ILCV $1.65; OPTZ $0.21
Last payment: ILCV $0.42; OPTZ $0.21
Ex-dividend: ILCV Sep 15, 2026; OPTZ Dec 23, 2025
Paid on: ILCV Sep 18, 2026; OPTZ Dec 24, 2025
Frequency: ILCV Quarterly; OPTZ Annual

Distribution history

Per share, 2017 to 2026, same scale for both

ILCVQuarterly · 39 paymentsAll ILCV payments⁠

OPTZAnnual · 2 paymentsAll OPTZ payments⁠

ILCV vs OPTZ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: ILCV 10.7%OPTZ 19.1%since May 2024
Return per unit of riskSharpe ratio, 3 years: ILCV 1.57OPTZ 1.06since May 2024
Worst fallMax drawdown, 5 years: ILCV −18.6%OPTZ −25.7%since Apr 2024
Market sensitivityBeta, 5 years: ILCV 0.82OPTZ 1.32; Market = 1

ILCV and OPTZ in the news

All news⁠

ETF Filings
Advisor Managed Portfolios files Firehouse, Sound Capital's proposed sixth fund
Oct 2, 2026OPTZ
Category Review
US multifactor funds ran 30 points apart
Updated Oct 23, 2026OPTZ

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ILCV vs OPTZ

In short

Stated mandate

Why people hold it

Worth knowing

How ILCV and OPTZ differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ILCV

Only in OPTZ

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Advisor Managed Portfolios files Firehouse, Sound Capital's proposed sixth fund

US multifactor funds ran 30 points apart

How ILCV and OPTZ differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ILCV

Only in OPTZ

Weight gaps