ILCV vs QUS: Grades, Fees and Holdings Compared

iShares Morningstar Value ETF

ILCVANYSE Arca

State Street SPDR MSCI USA StrategicFactors ETF

QUSANYSE Arca

Overlap

58.6%by weight

Expense ratio

ILCV −0.11pt a year

ILCV0.04%QUS0.15%

Avg volume · 30D

ILCV 1.4×the volume

ILCV24.4KQUS17.9K

10Y return · a year

QUS +1.8pt

ILCV+12.3%QUS+14.1%

ILCV vs QUS Performance

Oct 29, 2021 – Oct 30, 2026

+81.1%ILCV+67.7%QUS

Expense ratio: ILCV 0.04%, better; QUS 0.15%
Fund size: ILCV $1.37B; QUS $1.6B
1Y total return: ILCV +21.0%, better; QUS +15.7%
Yield (12M): ILCV 1.51%, better; QUS 1.24%
Holdings: ILCV 375; QUS 516
Avg volume (30D): ILCV 24.4K sh, better; QUS 17.9K sh
NAV per share: ILCV $109.27; QUS $197.42
52W range

ETF.net Grade

Pillar letters and Scores for ILCV, QUS, with each pillar’s weight
Pillar	ILCV	QUS
Cost30% weight	A99Higher	A83
Mission25% weight	A82	A87Higher
Risk15% weight	A90Higher	A83
Tradability15% weight	B64	B67Higher
Holdings10% weight	D39	B61Higher
Durability5% weight	A82Higher	A80

Rank among US Multifactor funds

How we build Categories ›

Same Category. ILCV and QUS 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 QUS 5th 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 5ALRGFiShares U.S. Equity Factor ETFScore 79
Rank 5AQUSState Street SPDR MSCI USA StrategicFactors ETFScore 79
Rank 9AFNDXSchwab Fundamental U.S. Large Company ETFScore 78

Our read on each fund

ETF.net Research

ILCVAiShares Morningstar Value ETF

QUSAState Street SPDR MSCI USA StrategicFactors 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.

QUS Most factor ETFs pick one lane. QUS runs three at once: quality, value and low volatility blended into a single broad US portfolio, at 0.15% a year, well under what the typical multifactor fund charges.

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.

QUS The fund seeks to track the MSCI USA Factor Mix A-Series Capped Index before fees and expenses. Its strategy combines low-volatility, quality, and value exposures in one smart-beta portfolio.

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.

QUS Three factors, one ticket. The index combines quality, value and low-volatility exposure, so a diversified tilt does not mean stacking three separate funds.ssga.com
At 0.15%, the fee is less than half the median in its multifactor cohort and undercuts Schwab's FNDX at 0.25%.
Roughly 500 US names keeps this broad rather than a narrow bet, and the fund has tracked its MSCI index closely since launching in 2015.
A multi-billion-dollar State Street fund, and one of the stronger multifactor implementations in its 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.

QUS It is thinly traded next to the category's giants, so bid-ask spreads can run wider than on plain index heavyweights.
Blending three factors mutes each one. By design this tracks neither a pure value fund like VONV nor a pure low-volatility sleeve.
Distributions land once or twice a year, not quarterly, so this is not shaped like an income fund such as VYM.

Full ILCV profile⁠

Full QUS profile⁠

ILCV vs QUS Holdings

How ILCV and QUS differ

Overlap by weight

58.6%

Shared holdings make up 98.9% of ILCV and 76.0% of QUS.

Level by level

Holdings348 in both58.6%
Sector11 Sectors90.9%
Countryby domicile99.0%
Asset classEquity100%

Sector

Sector weights in ILCV and QUS, widest gap first
Sector	More in ILCVMore in QUS	ILCV	QUS
Technology	QUS +4.1 points	23.9%	28.0%
Consumer Discretionary	ILCV +3.2 points	8.6%	5.4%
Energy	ILCV +2.5 points	6.6%	4.1%
Health Care	QUS +1.9 points	13.4%	15.3%
Financials	ILCV +1.8 points	17.7%	15.9%
Consumer Staples	QUS +1.5 points	7.3%	8.8%
Industrials	QUS +1.2 points	6.9%	8.1%
Communication	ILCV +0.8 points	8.8%	8.0%
Materials	ILCV +0.4 points	2.1%	1.7%
Utilities	QUS +0.4 points	3.0%	3.4%
Real Estate	ILCV +0.3 points	1.7%	1.4%

Country, concentration and asset class

Country by domicile

Country weights in ILCV and QUS, widest gap first
Country	More in ILCVMore in QUS	ILCV	QUS
United States	ILCV +0.9 points	99.2%	98.3%
Other countries (7)	QUS +0.9 points	0.8%	1.7%

Concentration

Weight in the 10 largest Holdings

ILCV34.4%
QUS23.1%

Securities held

ILCV372
QUS514

Asset class

ILCV: Equity
QUS: Equity

Holdings

Only in ILCV24
In both348
Only in QUS166

Only in ILCV

24 securities, 0.9% of ILCV by weight

Moderna0.22%
Viatris0.06%
Tenet Healthcare Corp0.06%
Sunbelt Rentals Holdings Inc0.06%
Ovintiv0.06%
Permian Resources Class A0.06%
Southern Copper Corp0.05%
East West Bancorp0.05%
Performance Food Group0.04%
Td Synnex0.03%
Lululemon Athletica0.03%
Wesco International0.03%
Us Foods Holding0.03%
Alcoa Corp0.03%
Southwest Airlines0.02%
Talen Energy0.02%
Albemarle Corp0.01%
Nextpower Inc0.01%
Trimble Inc0.01%
Tko Group Holdings Inc Class A0.01%
News Class B0.01%
Liberty Media Series A<0.01%
Lennar Class B<0.01%
Hologic Inc0.00%

Only in QUS

166 securities, 23.7% of QUS by weight

NVIDIA Corp2.62%
Eli Lilly & Co2.56%
Palantir Technologies Inc A1.07%
Applied Materials Inc0.93%
Amphenol Corp Class A0.90%
Lam Research Corp0.84%
Netflix Inc0.69%
Motorola Solutions Inc0.67%
Cencora Inc0.61%
Kla Corp0.59%
Arista Networks Inc0.59%
Welltower Inc0.53%
Fortinet Inc0.48%
Waste Connections Inc0.46%
Broadcom Inc0.46%
Monster Beverage Corp0.41%
Advanced Micro Devices0.38%
Autodesk Inc0.32%
Servicenow Inc0.30%
Intuitive Surgical Inc0.30%
Autozone Inc0.28%
Cboe Global Markets Inc0.27%
Palo Alto Networks Inc0.27%
Verisign Inc0.26%
O Reilly Automotive Inc0.25%
Cadence Design Sys Inc0.24%
Ge Vernova Inc0.23%
Snowflake Inc0.19%
Applovin Corp Class A0.18%
Cloudflare Inc Class A0.18%
Aon PLC Class A0.17%
Cintas Corp0.17%
Neurocrine Biosciences Inc0.17%
Moody’s Corp0.17%
Marvell Technology Inc0.16%
Howmet Aerospace Inc0.16%
Cummins Inc0.16%
Ww Grainger Inc0.14%
Fastenal Co0.14%
Alnylam Pharmaceuticals Inc0.13%
Idexx Laboratories Inc0.12%
Teradyne Inc0.12%
Crowdstrike Holdings Inc A0.12%
Ametek Inc0.12%
Edwards Lifesciences Corp0.11%
Corning Inc0.11%
Seagate Technology Holdings0.11%
Comfort Systems Usa Inc0.10%
Gen Digital Inc0.10%
General Electric0.10%

Weight gaps

The 100 widest of 348 Holdings in both funds.

Holding weights in ILCV and QUS, widest gap first
Holding	More in ILCVMore in QUS	ILCV	QUS
MicrosoftMSFT	ILCV +4.69 points	8.45%	3.76%
AppleAAPL	ILCV +3.95 points	7.24%	3.29%
Amazon.com IncAMZN	ILCV +2.15 points	3.08%	0.93%
Berkshire Hathaway Inc Class BBRK.B	ILCV +1.66 points	2.84%	1.18%
JPMorgan Chase & CoJPM	ILCV +1.56 points	2.60%	1.04%
Visa Class AV	QUS +1.13 points	1.00%	2.13%
Tesla IncTSLA	ILCV +1.11 points	1.24%	0.13%
Mastercard Class AMA	QUS +1.09 points	0.63%	1.72%
AbbVieABBV	ILCV +1.04 points	1.46%	0.42%
Micron TechnologyMU	ILCV +0.99 points	1.35%	0.36%
Alphabet Class AGOOGL	ILCV +0.98 points	2.04%	1.06%
Exxonmobil Holdings CorpXOM	ILCV +0.92 points	2.14%	1.22%
Alphabet Class CGOOG	ILCV +0.70 points	1.65%	0.95%
Home DepotHD	ILCV +0.70 points	0.93%	0.23%
Philip Morris InternationalPM	ILCV +0.62 points	0.92%	0.30%
ChevronCVX	ILCV +0.58 points	1.23%	0.65%
Thermo Fisher ScientificTMO	ILCV +0.58 points	0.75%	0.17%
RtxRTX	ILCV +0.55 points	0.76%	0.21%
Goldman Sachs GroupGS	ILCV +0.55 points	0.77%	0.22%
UnitedHealth GroupUNH	ILCV +0.50 points	1.05%	0.55%
Vertex PharmaceuticalsVRTX	QUS +0.50 points	0.27%	0.77%
Morgan StanleyMS	ILCV +0.48 points	0.64%	0.16%
Mckesson CorpMCK	QUS +0.46 points	0.24%	0.70%
WalmartWMT	QUS +0.46 points	0.91%	1.37%
QualcommQCOM	ILCV +0.46 points	0.56%	0.10%
Amgen IncAMGN	ILCV +0.45 points	0.71%	0.26%
Costco Wholesale CorpCOST	QUS +0.44 points	0.71%	1.15%
TjxTJX	QUS +0.42 points	0.28%	0.70%
Republic Services IncRSG	QUS +0.42 points	0.05%	0.47%
International Business Machines CoIBM	ILCV +0.40 points	0.69%	0.29%
Merck & Co IncMRK	QUS +0.40 points	1.03%	1.43%
Bank of AmericaBAC	ILCV +0.37 points	0.94%	0.57%
Texas InstrumentTXN	QUS +0.35 points	0.45%	0.80%
Nextera EnergyNEE	ILCV +0.35 points	0.49%	0.14%
Consolidated EdisonED	QUS +0.35 points	0.12%	0.47%
Roper TechnologiesROP	QUS +0.35 points	0.08%	0.43%
Walt DisneyDIS	ILCV +0.34 points	0.54%	0.20%
DanaherDHR	ILCV +0.33 points	0.43%	0.10%
Accenture PLC Class AACN	QUS +0.32 points	0.43%	0.75%
ChubbCB	QUS +0.31 points	0.36%	0.67%
Teledyne TechnologiesTDY	QUS +0.30 points	0.03%	0.33%
Caterpillar IncCAT	ILCV +0.29 points	0.38%	0.09%
Duke Energy CorpDUK	QUS +0.29 points	0.28%	0.57%
Wells FargoWFC	ILCV +0.29 points	0.73%	0.44%
Lockheed MartinLMT	QUS +0.29 points	0.36%	0.65%
Altria Group IncMO	ILCV +0.29 points	0.36%	0.07%
Travelers CompaniesTRV	QUS +0.29 points	0.24%	0.53%
Bank of New York Mellon CorpBNY	QUS +0.29 points	0.11%	0.40%
Prologis ReitPLD	ILCV +0.29 points	0.35%	0.06%
Booking HoldingsBKNG	ILCV +0.27 points	0.32%	0.05%
Yum BrandsYUM	QUS +0.27 points	0.04%	0.31%
Meta Platforms Class AMETA	ILCV +0.27 points	2.50%	2.23%
Waste Management IncWM	QUS +0.26 points	0.24%	0.50%
PfizerPFE	ILCV +0.26 points	0.49%	0.23%
American ExpressAXP	ILCV +0.25 points	0.35%	0.10%
Wec Energy GroupWEC	QUS +0.24 points	0.06%	0.30%
SandiskSNDK	ILCV +0.24 points	0.29%	0.05%
Lowes Companies IncLOW	ILCV +0.24 points	0.33%	0.09%
Gilead SciencesGILD	QUS +0.24 points	0.58%	0.82%
SouthernSO	QUS +0.24 points	0.30%	0.54%
Centene CorpCNC	QUS +0.23 points	0.05%	0.28%
Cme Group Class ACME	QUS +0.23 points	0.30%	0.53%
CitigroupC	ILCV +0.22 points	0.60%	0.38%
Church and Dwight IncCHD	QUS +0.22 points	0.03%	0.25%
American Tower ReitAMT	ILCV +0.22 points	0.25%	0.03%
PtcPTC	QUS +0.22 points	0.02%	0.24%
Capital One Financial CorpCOF	ILCV +0.21 points	0.36%	0.15%
OracleORCL	ILCV +0.21 points	0.35%	0.14%
ProgressivePGR	QUS +0.21 points	0.38%	0.59%
Adobe IncADBE	QUS +0.20 points	0.28%	0.48%
MarshMRSH	QUS +0.20 points	0.17%	0.37%
Medtronic PLCMDT	ILCV +0.19 points	0.35%	0.16%
S&P GlobalSPGI	ILCV +0.19 points	0.26%	0.07%
Colgate-PalmoliveCL	QUS +0.19 points	0.14%	0.33%
Verizon Communications IncVZ	QUS +0.19 points	0.52%	0.71%
Charles SchwabSCHW	ILCV +0.19 points	0.27%	0.08%
Allstate CorpALL	QUS +0.19 points	0.09%	0.28%
KrogerKR	QUS +0.18 points	0.11%	0.29%
First Citizens Bancshares Class AFCNCA	QUS +0.18 points	0.04%	0.22%
F5FFIV	QUS +0.18 points	0.03%	0.21%
Uber TechnologiesUBER	ILCV +0.18 points	0.27%	0.09%
United TherapeuticsUTHR	QUS +0.17 points	0.03%	0.20%
StrykerSYK	ILCV +0.18 points	0.23%	0.05%
Procter & GamblePG	QUS +0.18 points	1.06%	1.24%
Te Connectivity PLCTEL	QUS +0.16 points	0.07%	0.23%
Coca-ColaKO	QUS +0.17 points	1.03%	1.20%
Honeywell International IncHON	ILCV +0.16 points	0.20%	0.04%
SlbSLB	ILCV +0.16 points	0.23%	0.07%
PepsicoPEP	QUS +0.16 points	0.52%	0.68%
Cognizant Technology Solutions ClaCTSH	QUS +0.16 points	0.08%	0.24%
BlackstoneBX	ILCV +0.15 points	0.18%	0.03%
Kinder MorganKMI	ILCV +0.15 points	0.19%	0.04%
Valero Energy CorpVLO	ILCV +0.14 points	0.31%	0.17%
DeereDE	ILCV +0.15 points	0.25%	0.10%
Union PacificUNP	ILCV +0.14 points	0.51%	0.37%
Liberty Media Series CFWONK	QUS +0.14 points	0.02%	0.16%
NewmontNEM	ILCV +0.13 points	0.33%	0.20%
Realty Income ReitO	QUS +0.14 points	0.10%	0.24%
T Mobile Us IncTMUS	QUS +0.14 points	0.20%	0.34%
Abbott LaboratoriesABT	ILCV +0.13 points	0.51%	0.38%

All 372 ILCV holdings⁠All 513 QUS 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 QUS Cost

Overpaying QUS vs ILCV

$2,288

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

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

Amount$10,000

Years30 years

Cost over time

ILCV 0.04%
QUS 0.15%
Overpaying

Year by year

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

Expense ratio

0.04%ILCV, cheaper
0.15%QUS

ILCV0.04%QUS0.15%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

ILCV cheapest of 99 funds

QUS 13th cheapest of 99 funds

ILCV vs QUS Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ILCV 1.51%, better; QUS 1.24%
Payout (12M): ILCV $1.65; QUS $2.43
Last payment: ILCV $0.42; QUS $1.01
Ex-dividend: ILCV Sep 15, 2026; QUS Jun 1, 2026
Paid on: ILCV Sep 18, 2026; QUS Jun 5, 2026
Frequency: ILCV Quarterly; QUS Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

ILCVQuarterly · 39 paymentsAll ILCV payments⁠

QUSTwice a year · 24 paymentsAll QUS payments⁠

ILCV vs QUS Risk

Fall from peak · 5 years

ILCV
QUS

Risk facts

VolatilityStd dev, 3 years: ILCV 10.7%QUS 10.1%, better
Return per unit of riskSharpe ratio, 3 years: ILCV 1.57, betterQUS 1.45
Worst fallMax drawdown, 5 years: ILCV −18.6%, betterQUS −22.3%
Market sensitivityBeta, 5 years: ILCV 0.82QUS 0.73; Market = 1

ILCV and QUS in the news

All news⁠

Category Review
US multifactor funds ran 30 points apart
Updated Oct 23, 2026QUS

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ILCV vs QUS

In short

Stated mandate

Why people hold it

Worth knowing

How ILCV and QUS differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ILCV

Only in QUS

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

US multifactor funds ran 30 points apart

How ILCV and QUS differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ILCV

Only in QUS

Weight gaps