LSAF vs VONV: Grades, Fees and Holdings Compared

LeaderSharesTM AlphaFactor US Core Equity ETF

LSAFCNYSE Arca

Vanguard Russell 1000 Value ETF

VONVANasdaq

Overlap

6.3%by weight

Expense ratio

VONV −0.69pt a year

LSAF0.75%VONV0.06%

Avg volume · 30D

VONV 99.6×the volume

LSAF7.8KVONV776K

5Y return · a year

VONV +0.2pt

LSAF+11.5%VONV+11.7%

LSAF vs VONV Performance

Nov 9, 2021 – Nov 9, 2026

+72.0%LSAF+73.9%VONV

Expense ratio: LSAF 0.75%; VONV 0.06%, better
Fund size: LSAF $132M; VONV $21.7B
1Y total return: LSAF +31.1%, better; VONV +30.6%
Yield (12M): LSAF 0.53%; VONV 1.51%, better
Holdings: LSAF 102; VONV 887
Avg volume (30D): LSAF 7.8K sh; VONV 776K sh, better
NAV per share: LSAF $56.73; VONV $112.88
52W range

ETF.net Grade

Pillar letters and Scores for LSAF, VONV, with each pillar’s weight
Pillar	LSAF	VONV
Cost30% weight	F2	A96Higher
Mission25% weight	A87	A100Higher
Risk15% weight	B67	A89Higher
Tradability15% weight	D32	B59Higher
Holdings10% weight	B57Higher	C49
Durability5% weight	D37	A92Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. LSAF and VONV 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 ›

VONV ranks 1st and LSAF 75th of 99 funds in the US Multifactor Category.

Rank 1AVONVVanguard Russell 1000 Value ETFScore 85
Rank 2AILCViShares Morningstar Value ETFScore 81
Rank 75CFTCFirst Trust Large Cap Growth AlphaDEX FundScore 44
Rank 75CLSAFLeaderSharesTM AlphaFactor US Core Equity ETFScore 44
Rank 75COPTZOptimize Strategy Index ETFScore 44

Our read on each fund

ETF.net Research

LSAFCLeaderSharesTM AlphaFactor US Core Equity ETF

VONVAVanguard Russell 1000 Value ETF

In short

LSAF A boutique multifactor take on US core equity: LSAF ranks American stocks with a published rulebook and has run live since 2018. The trade-off is price, at 0.75% in a corner of the market where the index giants charge pennies.

VONV The plain-vanilla value trade, done cheap: about 900 large US value stocks, full replication of the Russell 1000 Value Index, 0.06% a year. No factor cocktail, no premium price tag, and one of the strongest implementations in its factor peer group.

Stated mandate

LSAF The fund seeks to track the AlphaFactor US Core Equity Index before fees and expenses.

VONV The fund seeks to track the Russell 1000 Value Index, representing large-capitalization value stocks in the United States. It uses passive indexing and full replication to remain closely aligned with that benchmark.

Why people hold it

LSAF Rules-based, not discretionary: a published multifactor ranking process selects the US stocks, inside a plain 1940 Act ETF wrapper.
Live since 2018, so the record covers real drawdowns and recoveries rather than a backtest.
Simple mandate to keep tabs on: US only, equity only, one index, one ticker.
Risk behavior is the stronger side of its profile relative to the multifactor group, even where cost lags.

VONV 0.06% a year, a fraction of the typical fee among factor ETFs. On a rules-based value index there is little room for cleverness, so cost does most of the work.vanguard.com
Full replication, not sampling: it owns the index's roughly 900 names and has stayed tightly aligned with the Russell 1000 Value benchmark since launching in 2010.
Same Russell benchmark as pricier rivals for less: the Goldman MarketBeta version (GVUS) charges 0.12% to track the identical value index.
A multi-billion-dollar fund that trades actively, among the easiest in its group to get in and out of, and it distributes quarterly.

Worth knowing

LSAF At 0.75% a year, it costs multiples of the category's heavyweights (VYM at 0.04%, FNDX at 0.25%), a gap you pay whatever the market does.
Thinly traded, so the spread on a single order can matter more to your cost than the headline fee.
Distributions arrive annually or semiannually, not monthly or quarterly.

VONV One screen, one style. Value only, with no quality or momentum overlay, so the ride follows the value side of the market wherever it goes.vanguard.com
This is the entire value bucket, not a best-ideas portfolio. About 900 holdings means results hug the large-cap value category rather than stray from it.
Cheaper exists nearby: Vanguard's VYM charges 0.04%, but it screens for dividend yield, a different portfolio than a Russell value index.

Full LSAF profile⁠

Full VONV profile⁠

LSAF vs VONV Holdings

How LSAF and VONV differ

Overlap by weight

6.3%

Shared holdings make up 80.9% of LSAF and 6.3% of VONV.

Level by level

Holdings82 in both6.3%
Sector11 Sectors83.4%
Asset classStocks100%
Countryby domicile100%

Sector

Sector weights in LSAF and VONV, widest gap first
Sector	Gap	LSAF	VONV
Consumer Discretionary	LSAF +11.0 points	21.4%	10.4%
Technology	VONV +6.5 points	15.4%	21.9%
Real Estate	VONV +3.5 points	0.0%	3.5%
Consumer Staples	VONV +2.9 points	4.3%	7.2%
Utilities	VONV +2.3 points	1.1%	3.4%
Health Care	LSAF +2.0 points	15.4%	13.4%
Industrials	LSAF +1.7 points	11.2%	9.5%
Materials	VONV +1.4 points	1.9%	3.3%
Financials	LSAF +1.1 points	19.0%	17.9%
Communication	LSAF +0.4 points	3.8%	3.4%
Energy	LSAF +0.3 points	6.5%	6.2%

Country, concentration and asset class

Country by domicile

Country weights in LSAF and VONV, widest gap first
Country	More in LSAFMore in VONV	Gap	LSAF	VONV
United States		Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

LSAF12.2%
VONV29.8%

Securities held

LSAF102
VONV883

Asset class

LSAF: Stocks
VONV: Stocks

Holdings

Only in LSAF20
In both82
Only in VONV801

Only in LSAF

20 securities, 19.1% of LSAF by weight

Bbh Sweep Vehicle1.76%
Bill Holdings In1.13%
Becton Dickinson1.09%
Tapestry Inc1.07%
Allstate Corp1.05%
Cencora Inc1.02%
Travelers Cos In1.02%
Aflac Inc1.02%
Verisign Inc1.01%
Las Vegas Sands0.99%
Medpace Holdings0.98%
Equitable Holdin0.94%
Affil Managers0.91%
Booking Holdings0.90%
Globe Life Inc0.87%
Agco Corp0.87%
Halozyme Therape0.86%
Dexcom0.85%
Atlassian Corp-A0.78%
Receivables/Payables0.02%

Only in VONV

801 securities, 93.4% of VONV by weight

Amazon.com Inc6.08%
Apple Inc6.06%
Microsoft Corp5.23%
Berkshire Hathaway Inc2.55%
JPMorgan Chase & Co2.43%
ExxonMobil Holdings Corp1.84%
Johnson & Johnson1.75%
Intel Corp1.51%
AbbVie Inc1.17%
Cisco Systems Inc1.17%
Walmart Inc1.14%
Chevron Corp1.04%
Merck & Co Inc0.99%
Procter & Gamble Co/The0.93%
UnitedHealth Group Inc0.91%
Bank of America Corp0.90%
Philip Morris International Inc0.82%
Coca-Cola Co/The0.81%
Meta Platforms Inc0.80%
Thermo Fisher Scientific Inc0.69%
RTX Corp0.69%
Goldman Sachs Group Inc/The0.67%
Wells Fargo & Co0.67%
Costco Wholesale Corp0.62%
Linde PLC0.60%
Morgan Stanley0.58%
International Business Machines Corp0.57%
QUALCOMM Inc0.53%
Verizon Communications Inc0.53%
Gilead Sciences Inc0.51%
Salesforce Inc0.50%
Analog Devices Inc0.49%
Abbott Laboratories0.47%
Welltower Inc0.46%
Deere & Co0.46%
McDonald's Corp0.45%
AT&T Inc0.45%
Pfizer Inc0.45%
Blackrock Inc0.44%
NextEra Energy Inc0.43%
PepsiCo Inc0.42%
Union Pacific Corp0.41%
Charles Schwab Corp/The0.41%
Eaton Corp PLC0.39%
Danaher Corp0.38%
Vertex Pharmaceuticals Inc0.36%
Bristol-Myers Squibb Co0.35%
Prologis Inc0.34%
Progressive Corp/The0.33%
Uber Technologies Inc0.33%

Weight gaps

All 82 Holdings in both funds, largest gap first.

Holding weights in LSAF and VONV, widest gap first
Holding	Gap	LSAF	VONV
Maplebear IncCART	LSAF +1.23 points	1.24%	<0.01%
Middleby CorpMIDD	LSAF +1.20 points	1.21%	0.01%
Crocs IncCROX	LSAF +1.16 points	1.18%	0.01%
Stanley Black &SWK	LSAF +1.14 points	1.18%	0.04%
Etsy IncETSY	LSAF +1.14 points	1.15%	<0.01%
Mckesson CorpMCK	LSAF +1.12 points	1.14%	0.02%
Travel & LeisureTNL	LSAF +1.09 points	1.10%	<0.01%
Autonation IncAN	LSAF +1.09 points	1.10%	0.01%
Jack HenryJKHY	LSAF +1.07 points	1.10%	0.03%
Ryder System IncR	LSAF +1.06 points	1.08%	0.02%
Exelixis IncEXEL	LSAF +1.05 points	1.08%	0.03%
Fortive CorpFTV	LSAF +1.04 points	1.09%	0.05%
Boyd Gaming CorpBYD	LSAF +1.05 points	1.06%	<0.01%
Ulta Beauty IncULTA	LSAF +1.05 points	1.10%	0.05%
Corpay IncCPAY	LSAF +1.04 points	1.08%	0.04%
Crown Holdings ICCK	LSAF +1.03 points	1.06%	0.03%
Labcorp HoldingsLH	LSAF +1.03 points	1.10%	0.07%
Lyft Inc-ALYFT	LSAF +1.03 points	1.04%	0.01%
Science ApplicatSAIC	LSAF +1.03 points	1.04%	0.01%
Yum! Brands IncYUM	LSAF +1.02 points	1.09%	0.07%
Guidewire SoftwaGWRE	LSAF +1.01 points	1.03%	0.02%
Toll BrothersTOL	LSAF +1.02 points	1.05%	0.03%
Dollar Tree IncDLTR	LSAF +1.01 points	1.07%	0.06%
Us Foods HoldingUSFD	LSAF +1.00 points	1.06%	0.06%
Yeti Holdings InYETI	LSAF +0.99 points	1.00%	<0.01%
Pultegroup IncPHM	LSAF +0.99 points	1.05%	0.06%
Lithia MotorsLAD	LSAF +0.98 points	1.00%	0.02%
Coca-Cola ConsolCOKE	LSAF +0.98 points	1.01%	0.03%
Davita IncDVA	LSAF +0.98 points	1.00%	0.02%
Toro CoTTC	LSAF +0.98 points	1.00%	0.02%
Paycom SoftwarePAYC	LSAF +0.98 points	1.00%	0.02%
Tenet HealthcareTHC	LSAF +0.96 points	1.02%	0.06%
Primerica IncPRI	LSAF +0.96 points	0.98%	0.02%
Kroger CoKR	LSAF +0.95 points	1.04%	0.09%
Mgic Invt CorpMTG	LSAF +0.95 points	0.96%	0.01%
Chemed CorpCHE	LSAF +0.94 points	0.96%	0.02%
Voya Financial IVOYA	LSAF +0.95 points	0.97%	0.02%
Franklin TempletBEN	LSAF +0.95 points	0.97%	0.02%
Mgm Resorts InteMGM	LSAF +0.94 points	0.96%	0.02%
Acuity IncAYI	LSAF +0.94 points	0.97%	0.03%
Southwest AirLUV	LSAF +0.93 points	0.98%	0.05%
People IncPPLI	LSAF +0.93 points	0.94%	<0.01%
Dropbox Inc-ADBX	LSAF +0.93 points	0.94%	0.01%
Moody's CorpMCO	LSAF +0.93 points	1.03%	0.10%
Chord Energy CorCHRD	LSAF +0.92 points	0.94%	0.02%
Uipath Inc -Cl APATH	LSAF +0.92 points	0.93%	0.01%
Henry Schein IncHSIC	LSAF +0.92 points	0.94%	0.02%
Credit AcceptancCACC	LSAF +0.92 points	0.92%	<0.01%
Corebridge FinanCRBG	LSAF +0.92 points	0.94%	0.02%
Regeneron PharmREGN	LSAF +0.91 points	1.12%	0.21%
Onemain HoldingsOMF	LSAF +0.91 points	0.93%	0.02%
Dominion EnergyD	LSAF +0.90 points	1.05%	0.15%
Cf Industries HoCF	LSAF +0.90 points	0.95%	0.05%
Hca Healthcare IHCA	LSAF +0.90 points	1.07%	0.17%
Synchrony FinancSYF	LSAF +0.89 points	0.95%	0.06%
Expand Energy CoEXE	LSAF +0.89 points	0.94%	0.05%
SS&C TechnologieSSNC	LSAF +0.89 points	0.93%	0.04%
Match Group IncMTCH	LSAF +0.87 points	0.90%	0.03%
Service Corp IntSCI	LSAF +0.86 points	0.89%	0.03%
Ferguson EnterprFERG	LSAF +0.85 points	0.96%	0.11%
Expeditors IntlEXPD	LSAF +0.85 points	0.92%	0.07%
News Corp-Cl BNWS	LSAF +0.83 points	0.84%	0.01%
General Motors CGM	LSAF +0.82 points	1.01%	0.19%
Ameriprise FinanAMP	LSAF +0.82 points	0.93%	0.11%
3M CoMMM	LSAF +0.82 points	1.02%	0.20%
Metlife IncMET	LSAF +0.82 points	0.96%	0.14%
Iqvia Holdings IIQV	LSAF +0.81 points	0.93%	0.12%
Hf Sinclair CorpDINO	LSAF +0.79 points	0.83%	0.04%
O'reilly AutomotORLY	LSAF +0.79 points	0.98%	0.19%
Eog ResourcesEOG	LSAF +0.79 points	0.99%	0.20%
Landstar SystemLSTR	LSAF +0.78 points	0.79%	0.01%
Unum GroupUNM	LSAF +0.76 points	0.80%	0.04%
Zebra Tech CorpZBRA	LSAF +0.74 points	0.79%	0.05%
Marathon PetroleMPC	LSAF +0.71 points	0.87%	0.16%
Slm CorpSLM	LSAF +0.69 points	0.70%	0.01%
Dynatrace IncDT	LSAF +0.65 points	0.69%	0.04%
Newmont CorpNEM	LSAF +0.63 points	0.96%	0.33%
ConocophillipsCOP	LSAF +0.59 points	1.01%	0.42%
Valero EnergyVLO	LSAF +0.54 points	0.81%	0.27%
Walt Disney Co/TDIS	LSAF +0.52 points	1.02%	0.50%
Citigroup IncC	LSAF +0.35 points	0.85%	0.50%
Dell Techn-CDELL	LSAF +0.17 points	0.56%	0.39%

All LSAF holdings⁠All 870 VONV 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.

LSAF vs VONV Cost

Overpaying LSAF vs VONV

$13,212

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

LSAF 0.75%
$14,482
VONV 0.06%
$1,270

Amount$10,000

Years30 years

Cost over time

LSAF 0.75%
VONV 0.06%
Overpaying

Year by year

Year	LSAF	VONV	Overpaying
10	$1,336	$110	$1,226
20	$5,078	$432	$4,646
30	$14,482	$1,270	$13,212

Expense ratio

0.75%LSAF
0.06%VONV, cheaper

VONV0.06%LSAF0.75%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

VONV 4th cheapest of 99 funds

LSAF 97th cheapest of 99 funds

LSAF vs VONV Dividends

Last 12 months to Nov 9, 2026

Yield (12M): LSAF 0.53%; VONV 1.51%, better
Payout (12M): LSAF $0.31; VONV $1.74
Last payment: LSAF $0.31; VONV $0.42
Ex-dividend: LSAF Dec 17, 2025; VONV Sep 23, 2026
Paid on: LSAF Dec 24, 2025; VONV Sep 25, 2026
Frequency: LSAF Annual; VONV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

LSAFAnnual · 20 paymentsAll LSAF payments⁠

VONVQuarterly · 39 paymentsAll VONV payments⁠

LSAF vs VONV Risk

Fall from peak · 5 years

LSAF
VONV

Risk facts

VolatilityStd dev, 3 years: LSAF 14.2%VONV 12.1%, better
Return per unit of riskSharpe ratio, 3 years: LSAF 1.28VONV 1.43, better
Worst fallMax drawdown, 5 years: LSAF −24.9%VONV −18.9%, better
Market sensitivityBeta, 5 years: LSAF 0.94VONV 0.85; Market = 1

LSAF and VONV in the news

All news⁠

Best ETFs
Best large-cap value ETFs: Vanguard’s VTV at 0.03%, or VONV for the Russell 1000 Value
Updated Nov 3, 2026VONV
Best ETFs
The best value ETF depends on whose list you bought
Updated Oct 2, 2026VONV
Category Review
US multifactor funds ran 30 points apart
Updated Oct 23, 2026VONV

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LSAF vs VONV

In short

Stated mandate

Why people hold it

Worth knowing

How LSAF and VONV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in LSAF

Only in VONV

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Best large-cap value ETFs: Vanguard’s VTV at 0.03%, or VONV for the Russell 1000 Value

The best value ETF depends on whose list you bought

US multifactor funds ran 30 points apart

How LSAF and VONV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in LSAF

Only in VONV

Weight gaps