ILCV vs QVMM

ILCVAiShares Morningstar Value ETF

QVMMBInvesco S&P MidCap 400 QVM Multi-factor 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.

QVMM Most factor funds cut deep and hold a concentrated few. QVMM trims instead: it starts with the S&P MidCap 400 and keeps the names ranking best on quality, value and momentum, for 0.15% a year.

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.

QVMM The fund seeks to track the performance of a subset of securities from the S&P MidCap 400 Index selected for quality, value, and momentum 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.

• QVMM Charges 0.15% a year, less than half the typical multi-factor fund's fee.
• Three screens at once (quality, value, momentum) across roughly 400 mid-cap names, so no single factor's cold stretch drives the whole portfolio.
• Every candidate comes from the S&P MidCap 400, so there's no quiet drift up into the mega-caps a core large-cap fund already owns. Distributions land quarterly.
• Stands in the upper half of a crowded multi-factor field, with low cost and broad holdings doing most of the work.

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.

• QVMM Thinly traded and mid-sized in assets, so spreads can run wider than at category giants like VYM or VONV. Order size and timing matter more here.
• Launched in 2021, a shorter history than the decades-old names it sits beside in the multi-factor aisle.
• Keeping most of the mid-cap index means the fund moves with that segment. The factor tilt is a nudge, not a sharp break from mid-cap risk.

Full ILCV profile⁠

Full QVMM profile⁠