ILCV vs QARP: Grades, Fees and Holdings Compared

iShares Morningstar Value ETF

ILCVANYSE Arca

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF

QARPBNYSE Arca

Overlap

55.5%by weight

Expense ratio

ILCV −0.15pt a year

ILCV0.04%QARP0.19%

Avg volume · 30D

ILCV 17.5×the volume

ILCV24.4KQARP1.4K

5Y return · a year

ILCV +0.7pt

ILCV+12.6%QARP+11.9%

ILCV vs QARP Performance

Oct 29, 2021 – Oct 30, 2026

+81.1%ILCV+75.4%QARP

Expense ratio: ILCV 0.04%, better; QARP 0.19%
Fund size: ILCV $1.37B; QARP $79M
1Y total return: ILCV +21.0%, better; QARP +20.3%
Yield (12M): ILCV 1.51%, better; QARP 1.00%
Holdings: ILCV 375; QARP 415
Avg volume (30D): ILCV 24.4K sh, better; QARP 1.4K sh
NAV per share: ILCV $109.27; QARP $68.82
52W range

ETF.net Grade

Pillar letters and Scores for ILCV, QARP, with each pillar’s weight
Pillar	ILCV	QARP
Cost30% weight	A99Higher	A71
Mission25% weight	A82Higher	B66
Risk15% weight	A90Higher	A77
Tradability15% weight	B64Higher	F15
Holdings10% weight	D39	C44Higher
Durability5% weight	A82Higher	C43

Rank among US Multifactor funds

How we build Categories ›

Same Category. ILCV and QARP 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 QARP 43rd 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 42BQGROAmerican Century U.S. Quality Growth ETFScore 59
Rank 43BQARPXtrackers Russell 1000 US Quality at a Reasonable Price ETFScore 58
Rank 44BFLQMFranklin U.S. Mid Cap Multifactor Index ETFScore 57

Our read on each fund

ETF.net Research

ILCVAiShares Morningstar Value ETF

QARPBXtrackers Russell 1000 US Quality at a Reasonable Price 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.

QARP Value funds buy cheap, quality funds buy sturdy. QARP wants both in one Russell 1000 screen: roughly 400 large caps chosen on quality and value together, single names capped at 5%, at well under the typical factor-fund price.

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.

QARP The Fund uses a passive indexing approach to seek results corresponding generally to the Russell 1000 2Qual/Val 5% Capped Factor Index, which selects large-cap U.S. companies using quality and value characteristics.

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.

QARP 0.19% a year against a 0.32% median for US multifactor funds. The cheap end of a category that likes to charge up for its factor math.
One screen, two jobs. Quality and value are applied together, so the cheap-for-a-reason names a pure value sleeve drags in get filtered.
A 5% cap per position across about 400 holdings keeps any single megacap from quietly becoming the fund.
Running since 2018 as a straight passive index tracker, and it sits in the upper half of its multifactor peer group.

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.

QARP Thinly traded. Limit orders matter here, and spreads can run wider than at category giants like VONV or FNDX.
A small fund by category standards, which means less scale behind it than the multibillion-dollar names it competes with.
Quality and value tilts can trail a plain large-cap index for long stretches. That is the trade for not owning the market as-is.

Full ILCV profile⁠

Full QARP profile⁠

ILCV vs QARP Holdings

How ILCV and QARP differ

Overlap by weight

55.5%

Shared holdings make up 79.3% of QARP and 72.1% of ILCV.

Level by level

Holdings213 in both55.5%
Sector11 Sectors92.1%
Countryby domicile99.5%
Asset classEquity100%

Sector

Sector weights in ILCV and QARP, widest gap first
Sector	More in ILCVMore in QARP	ILCV	QARP
Financials	ILCV +5.2 points	17.7%	12.5%
Consumer Staples	QARP +2.4 points	7.3%	9.7%
Utilities	ILCV +1.9 points	3.0%	1.1%
Communication	QARP +1.5 points	8.8%	10.3%
Health Care	QARP +1.0 points	13.4%	14.4%
Industrials	QARP +0.9 points	6.9%	7.8%
Real Estate	ILCV +0.8 points	1.7%	0.9%
Energy	QARP +0.7 points	6.6%	7.3%
Technology	QARP +0.7 points	23.9%	24.6%
Materials	QARP +0.5 points	2.1%	2.6%
Consumer Discretionary	QARP +0.2 points	8.6%	8.8%

Country, concentration and asset class

Country by domicile

Country weights in ILCV and QARP, widest gap first
Country	More in ILCVMore in QARP	ILCV	QARP
United States	QARP +0.5 points	99.2%	99.7%
Switzerland	ILCV +0.2 points	0.4%	0.2%
Brazil	ILCV +0.1 points	0.1%	0.0%
United Kingdom	ILCV +0.1 points	0.1%	0.0%
Ireland	Same weight	0.1%	0.1%
China	ILCV +0.1 points	0.1%	0.0%
Canada	Same weight	0.0%	0.0%
India	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

ILCV34.4%
QARP31.8%

Securities held

ILCV372
QARP414

Asset class

ILCV: Equity
QARP: Equity

Holdings

Only in ILCV159
In both213
Only in QARP201

Only in ILCV

159 securities, 27.7% of ILCV by weight

JPMorgan Chase & Co2.60%
AbbVie1.46%
Coca-Cola1.03%
Bank of America0.94%
Goldman Sachs Group0.77%
Rtx0.76%
Thermo Fisher Scientific0.75%
Wells Fargo0.73%
Amgen Inc0.71%
International Business Machines Co0.69%
Linde PLC0.66%
Morgan Stanley0.64%
Citigroup0.60%
Nextera Energy0.49%
BlackRock0.46%
Danaher0.43%
Accenture PLC Class A0.43%
Chubb0.36%
Medtronic PLC0.35%
American Express0.35%
Oracle0.35%
Prologis Reit0.35%
Cme Group Class A0.30%
Sandisk0.29%
Charles Schwab0.27%
Us Bancorp0.27%
Eaton PLC0.26%
Pnc Financial Services Group0.26%
Intercontinental Exchange Inc0.26%
Elevance Health Inc0.25%
American Tower Reit0.25%
Slb0.23%
Stryker0.23%
Moderna0.22%
Hewlett Packard Enterprise0.22%
Honeywell International Inc0.20%
Parker-Hannifin0.19%
Kinder Morgan0.19%
Cheniere Energy0.19%
Truist Financial0.17%
Sempra0.16%
Aflac0.16%
Dominion Energy0.16%
Becton Dickinson0.15%
Metlife0.15%
Williams0.15%
Strategy Inc Class A0.15%
Xcel Energy Inc0.14%
Ford Motor Co0.14%
Keurig Dr Pepper Inc0.14%

Only in QARP

201 securities, 20.1% of QARP by weight

NVIDIA Corp2.51%
Accenture Ltd-Cl A1.05%
Applied Materials Inc1.00%
Lam Research Corp0.82%
GE Vernova0.55%
Netflix Inc0.51%
Anthem Inc0.39%
Arista Networks Inc0.38%
AmerisourceBergen Corp0.33%
Kla-Tencor Corp0.29%
Airbnb Inc0.29%
Moody's Corp0.28%
Intuitive Surgical Inc0.25%
Eaton Corp PLC0.25%
WW Grainger Inc0.24%
Best Buy Co Inc0.23%
Freeport-McMorRan0.22%
Anglogold Ashanti PLC0.21%
Fastenal Co0.20%
Cintas Corp0.20%
O Reilly Auto0.20%
Aon Plc0.18%
Medtronic plc0.18%
Chipotle Mexican Grill Inc0.17%
Monster Beverage Corp0.17%
MSCI Inc0.16%
Fortinet Inc0.16%
EMCOR Group Inc0.16%
Edwards Lifesciences Corp0.15%
CBOE Holdings0.14%
Schlumberger Ltd0.13%
Crh PLC0.13%
Comfort Systems USA Inc0.12%
AMETEK Inc0.12%
BJ's Wholesale Club Holdings Inc0.12%
IDEXX Laboratories Inc0.11%
Johnson Controls International PLC0.11%
Old Dominion Freight Line Inc0.11%
Exelixis Inc0.11%
JB Hunt Transport Services Inc0.10%
Apa Corp0.09%
Fedex Freight Holding Company Inc0.09%
Ralph Lauren Corp0.09%
West Pharmaceutical Services Inc0.09%
VeriSign Inc0.09%
Deckers Outdoor Corp0.09%
Veeva Systems Inc0.08%
Carlisle Cos Inc0.08%
Autozone Inc0.08%
Autodesk Inc0.08%

Weight gaps

The 100 widest of 213 Holdings in both funds.

Holding weights in ILCV and QARP, widest gap first
Holding	More in ILCVMore in QARP	ILCV	QARP
MicrosoftMSFT	ILCV +3.46 points	8.45%	4.99%
AppleAAPL	ILCV +1.76 points	7.24%	5.48%
Meta Platforms Class AMETA	QARP +1.48 points	2.50%	3.98%
WalmartWMT	QARP +1.38 points	0.91%	2.29%
Mckesson CorpMCK	QARP +1.36 points	0.24%	1.60%
Visa Class AV	QARP +1.30 points	1.00%	2.30%
Mastercard Class AMA	QARP +1.27 points	0.63%	1.90%
Costco Wholesale CorpCOST	QARP +1.19 points	0.71%	1.90%
Amazon.com IncAMZN	ILCV +1.10 points	3.08%	1.98%
Tesla IncTSLA	ILCV +1.10 points	1.24%	0.14%
Micron TechnologyMU	ILCV +0.90 points	1.35%	0.45%
ProgressivePGR	QARP +0.73 points	0.38%	1.11%
Home DepotHD	ILCV +0.70 points	0.93%	0.23%
Exxonmobil Holdings CorpXOM	QARP +0.69 points	2.14%	2.83%
Alphabet Class AGOOGL	ILCV +0.53 points	2.04%	1.51%
Altria Group IncMO	QARP +0.49 points	0.36%	0.85%
Mcdonalds CorpMCD	ILCV +0.47 points	0.52%	0.05%
CignaCI	QARP +0.44 points	0.22%	0.66%
Uber TechnologiesUBER	QARP +0.44 points	0.27%	0.71%
TjxTJX	QARP +0.41 points	0.28%	0.69%
Alphabet Class CGOOG	ILCV +0.41 points	1.65%	1.24%
PfizerPFE	ILCV +0.41 points	0.49%	0.08%
Adobe IncADBE	QARP +0.39 points	0.28%	0.67%
PepsicoPEP	ILCV +0.38 points	0.52%	0.14%
Johnson & JohnsonJNJ	QARP +0.37 points	1.89%	2.26%
Regeneron PharmaceuticalsREGN	QARP +0.37 points	0.23%	0.60%
Texas InstrumentTXN	ILCV +0.37 points	0.45%	0.08%
NewmontNEM	QARP +0.37 points	0.33%	0.70%
Berkshire Hathaway Inc Class BBRK.B	QARP +0.35 points	2.84%	3.19%
ConocophillipsCOP	QARP +0.35 points	0.51%	0.86%
Eog ResourcesEOG	QARP +0.34 points	0.24%	0.58%
Allstate CorpALL	QARP +0.33 points	0.09%	0.42%
Union PacificUNP	ILCV +0.30 points	0.51%	0.21%
Ross Stores IncROST	QARP +0.29 points	0.06%	0.35%
Procter & GamblePG	QARP +0.28 points	1.06%	1.34%
Booking HoldingsBKNG	QARP +0.27 points	0.32%	0.59%
Phillips 66PSX	ILCV +0.27 points	0.31%	0.04%
AT&TT	QARP +0.26 points	0.41%	0.67%
Simon Property Group Reit IncSPG	QARP +0.26 points	0.10%	0.36%
Hca HealthcareHCA	QARP +0.26 points	0.20%	0.46%
Analog DevicesADI	ILCV +0.25 points	0.28%	0.03%
Cardinal HealthCAH	QARP +0.25 points	0.07%	0.32%
Lowes Companies IncLOW	ILCV +0.24 points	0.33%	0.09%
Valero Energy CorpVLO	ILCV +0.24 points	0.31%	0.07%
3MMMM	ILCV +0.24 points	0.26%	0.02%
HumanaHUM	QARP +0.24 points	0.08%	0.32%
PayPal HoldingsPYPL	QARP +0.22 points	0.14%	0.36%
Walt DisneyDIS	ILCV +0.20 points	0.54%	0.34%
Verizon Communications IncVZ	QARP +0.20 points	0.52%	0.72%
Cisco Systems IncCSCO	ILCV +0.20 points	1.22%	1.02%
Comcast Class ACMCSA	QARP +0.20 points	0.22%	0.42%
SouthernSO	ILCV +0.19 points	0.30%	0.11%
KrogerKR	QARP +0.19 points	0.11%	0.30%
MarshMRSH	QARP +0.19 points	0.17%	0.36%
DeereDE	ILCV +0.19 points	0.25%	0.06%
Centene CorpCNC	QARP +0.17 points	0.05%	0.22%
Expedia GroupEXPE	QARP +0.17 points	0.04%	0.21%
Gilead SciencesGILD	ILCV +0.16 points	0.58%	0.42%
NucorNUE	QARP +0.16 points	0.07%	0.23%
UnitedHealth GroupUNH	QARP +0.16 points	1.05%	1.21%
T Rowe Price GroupTROW	QARP +0.16 points	0.06%	0.22%
Williams Sonoma IncWSM	QARP +0.15 points	0.05%	0.20%
Duke Energy CorpDUK	ILCV +0.15 points	0.28%	0.13%
Colgate-PalmoliveCL	QARP +0.15 points	0.14%	0.29%
Ulta Beauty IncULTA	QARP +0.15 points	0.03%	0.18%
Illinois Tool IncITW	QARP +0.14 points	0.11%	0.25%
Expeditors International of WashinEXPD	QARP +0.15 points	0.03%	0.18%
United TherapeuticsUTHR	QARP +0.14 points	0.03%	0.17%
PultegroupPHM	QARP +0.14 points	0.07%	0.21%
Trane Technologies PLCTT	QARP +0.14 points	0.13%	0.27%
Dollar General CorpDG	QARP +0.14 points	0.08%	0.22%
Philip Morris InternationalPM	ILCV +0.13 points	0.92%	0.79%
Expand EnergyEXE	QARP +0.13 points	0.02%	0.15%
Cf Industries Holdings IncCF	QARP +0.13 points	0.05%	0.18%
Merck & Co IncMRK	QARP +0.13 points	1.03%	1.16%
Abbott LaboratoriesABT	QARP +0.14 points	0.51%	0.65%
GarminGRMN	QARP +0.13 points	0.04%	0.17%
United RentalsURI	QARP +0.13 points	0.07%	0.20%
Cognizant Technology Solutions ClaCTSH	QARP +0.13 points	0.08%	0.21%
Dollar Tree IncDLTR	QARP +0.12 points	0.07%	0.19%
Marriott International Class AMAR	ILCV +0.12 points	0.15%	0.03%
Devon EnergyDVN	QARP +0.12 points	0.16%	0.28%
EbayEBAY	QARP +0.12 points	0.09%	0.21%
Zoetis Inc Class AZTS	QARP +0.12 points	0.05%	0.17%
Paccar IncPCAR	ILCV +0.11 points	0.14%	0.03%
Capital One Financial CorpCOF	ILCV +0.11 points	0.36%	0.25%
Travelers CompaniesTRV	ILCV +0.12 points	0.24%	0.12%
Waste Management IncWM	ILCV +0.11 points	0.24%	0.13%
VylorVYLR	QARP +0.11 points	0.06%	0.17%
Technipfmc PLCFTI	QARP +0.11 points	0.02%	0.13%
NvrNVR	QARP +0.11 points	0.04%	0.15%
Reliance Steel & AluminumRS	QARP +0.10 points	0.03%	0.13%
Lockheed MartinLMT	QARP +0.10 points	0.36%	0.46%
Arch Capital GroupACGL	QARP +0.10 points	0.10%	0.20%
Delta Air LinesDAL	QARP +0.10 points	0.15%	0.25%
Public Storage ReitPSA	QARP +0.09 points	0.10%	0.19%
OneokOKE	ILCV +0.10 points	0.17%	0.07%
Synchrony FinancialSYF	QARP +0.10 points	0.07%	0.17%
ResmedRMD	QARP +0.09 points	0.05%	0.14%
QualcommQCOM	QARP +0.09 points	0.56%	0.65%

All 372 ILCV holdings⁠All 415 QARP 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 QARP Cost

Overpaying QARP vs ILCV

$3,103

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

ILCV 0.04%
$849
QARP 0.19%
$3,952

Amount$10,000

Years30 years

Cost over time

ILCV 0.04%
QARP 0.19%
Overpaying

Year by year

Year	ILCV	QARP	Overpaying
10	$73	$347	$274
20	$288	$1,351	$1,063
30	$849	$3,952	$3,103

Expense ratio

0.04%ILCV, cheaper
0.19%QARP

ILCV0.04%QARP0.19%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

ILCV cheapest of 99 funds

QARP 26th cheapest of 99 funds

ILCV vs QARP Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ILCV 1.51%, better; QARP 1.00%
Payout (12M): ILCV $1.65; QARP $0.68
Last payment: ILCV $0.42; QARP $0.18
Ex-dividend: ILCV Sep 15, 2026; QARP Sep 18, 2026
Paid on: ILCV Sep 18, 2026; QARP Sep 25, 2026
Frequency: ILCV Quarterly; QARP Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

ILCVQuarterly · 39 paymentsAll ILCV payments⁠

QARPQuarterly · 34 paymentsAll QARP payments⁠

ILCV vs QARP Risk

Fall from peak · 5 years

ILCV
QARP

Risk facts

VolatilityStd dev, 3 years: ILCV 10.7%, betterQARP 10.8%
Return per unit of riskSharpe ratio, 3 years: ILCV 1.57, betterQARP 1.43
Worst fallMax drawdown, 5 years: ILCV −18.6%, betterQARP −22.8%
Market sensitivityBeta, 5 years: ILCV 0.82QARP 0.80; Market = 1

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