At a glance
FLQL charges 0.15% a year, above the 0.07% average of the 8 funds most like it (the 7th cheapest of 9). It has $2.07B in assets, the 8th largest of that group; it paid 1.05% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +13.4% with distributions reinvested (S&P 500: +11.5%), the best of those 9 funds; over three years it returned +24.9% a year. At its worst it fell 33.6% in the 2020 crash (S&P 500: 33.7%) and 20.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 10 months after the lows. Its ten largest positions make up 36.0% of the fund, out of 215 in all.
The short version
Franklin U.S. Large Cap Multifactor Index ETF (FLQL) tracks the LibertyQ U.S. Large Cap Equity Index, which picks about 210 stocks from the Russell 1000 by scoring them on quality, value and momentum. It still holds the market's giants, led by Apple and Nvidia as of June 30, 2026, but tilts the rest toward higher-scoring companies. Its 0.15% expense ratio is about double the 0.07% average of similar funds.
Price history
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FLQL +13.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| FLQL official prospectus, to Dec 31, 2025 | — | +19.77% | — | +14.67% | — | +14.21% |
| Russell 3000® Index index, same period | — | +17.15% | — | +13.15% | — | +14.12% |
| Russell 1000® Index index, same period | — | +17.37% | — | +13.59% | — | +14.52% |
| Liberty Q U.S. Large Cap Equity Index index, same period | — | +19.96% | — | +14.84% | — | +14.40% |
| FLQL price data to Oct 27, 2026 | +13.6% | +13.4% | +24.9% | +13.8% | — | +14.4% |
- Over the year to Oct 27, 2026, FLQL returned +13.4%, 1st of 9 among similar funds.
- Its 5-year annualized return was +13.8%.
- In the 2020 COVID crash it fell 33.6% and regained its old high 5.2 months after the low.
- Its worst full calendar year was 2022 (-14.8%); its best was 2019 (+29.1%).
- The deepest fall in its price history was 33.6% (Feb 12, 2020 to Mar 23, 2020), recovered by Sep 1, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.6% | — |
| 2025 | +19.6% | +19.77% |
| 2024 | +24.3% | +24.23% |
| 2023 | +23.6% | +23.46% |
| 2022 | -14.8% | -14.80% |
| 2021 | +26.6% | +26.69% |
| 2020 | +10.7% | +10.64% |
| 2019 | +29.1% | +28.76% |
| 2018 | -2.8% | -1.96% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 33.6% over that stretch · deepest drop along the way 33.6%, back to its old high 5.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 20.1% over that stretch · deepest drop along the way 20.9%, back to its old high 9.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5600 | |
| 2025 | $0.7600 | +13.4% |
| 2024 | $0.6700 | -5.6% |
| 2023 | $0.7100 | -12.3% |
| 2022 | $0.8100 | -4.7% |
| 2021 | $0.8500 | +11.8% |
| 2020 | $0.7600 | +20.6% |
| 2019 | $0.6300 | +23.5% |
| 2018 | $0.5100 |
What's inside
As of Jun 30, 2026, the fund held 215 securities; the ten largest made up 35.95% of assets.
| Holding | Weight | |
|---|---|---|
| APPLE INC | 6.88% | |
| NVIDIA CORP | 6.72% | |
| MICROSOFT CORP | 3.82% | |
| ALPHABET INC Class A | 3.76% | |
| AMAZON.COM INC | 3.07% | |
| ALPHABET INC Class C | 3.02% | |
| BROADCOM INC | 2.47% | |
| APPLIED MATERIALS INC | 2.25% | |
| LAM RESEARCH CORP | 1.98% | |
| KLA CORP | 1.98% | |
| JOHNSON & JOHNSON | 1.86% | |
| META PLATFORMS INC | 1.81% | |
| CATERPILLAR INC | 1.77% | |
| EXXONMOBIL HOLDINGS CORP | 1.72% | |
| ABBVIE INC | 1.66% |
By country
United States 97.83%United Kingdom 0.56%Liberia 0.44%Bermuda 0.2%Singapore 0.18%By asset type
Stocks 99.77%By sector
Sectors of the companies held, for the 80.4% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $135.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +10.27%, +4.05%, +1.29%.
How it works
The fund is passively managed. It tries to match the LibertyQ U.S. Large Cap Equity Index, before fees. FTSE Russell maintains this rules-based index. The index starts with the Russell 1000, roughly the 1,000 largest US companies. Any stock that makes up 1% or more of the Russell 1000 gets in automatically. Together, those giants keep the same total weight they have in the parent index. That is why Apple, Nvidia, Microsoft, Alphabet and Amazon top the holdings.
Every other stock gets a combined score on three "factors," or traits linked to returns. Quality looks at measures such as return on equity, steady earnings and debt. Value looks at price to book, dividend yield and earnings yield. Momentum looks at 6- and 12-month price trends, adjusted for risk. Only the top 20% by score make the cut. Each stock's weight is its Russell 1000 weight multiplied by its score, within set minimum and maximum limits. As of May 31, 2026, the index held 211 stocks.
The index is rebuilt every quarter, with limits on how much it can change each time. The prospectus reports portfolio turnover of 52%. The fund may use stock index futures and total return swaps (contracts that pay the return of an asset) to put cash to work or track the index more closely. As of June 30, 2026, these positions were tiny.
What it really costs
- FLQL charges 0.15% a year, versus an average of 0.07% for the similar funds below (7th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $15 in the first year and $191 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FLQL | $15 | $48 | $85 | $191 |
In a retirement portfolio
It holds about 215 large US companies across every sector, with a factor tilt rather than a narrow theme.
FLQL could serve as a core US stock holding, but it is not a defensive fund. Its index aims for lower risk than the Russell 1000. Even so, the fund fell 33.6% from February to March 2020 and took about five months to recover. In the 2022 bear market it dropped 20.9% and needed 9.6 months to regain its peak. Its worst calendar year was 2022, at -14.8%. It launched in 2017, so it has no 2008 record. Anyone who sold shares for spending money during 2022 would have sold at lower prices. The trailing 12-month yield was 1.05% as of October 27, 2026, paid quarterly, so the income is small. In the SEC's standard example, costs are about $15 per $10,000 in the first year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want broad US large-cap exposure with a rules-based tilt toward quality, value and momentum instead of plain market-size weighting.
- Those comfortable with a heavy tech tilt: Apple, Nvidia, Microsoft and three chip-equipment makers were among its top 10 holdings as of June 30, 2026.
- Long-term holders who can sit through drops like its 33.6% fall in early 2020 and its 20.9% slide in 2022.
Look elsewhere if
- Cost-focused investors: S&P 500 funds such as VOO and IVV charge 0.03%, against FLQL's 0.15%, and that gap compounds over decades.
- Anyone who needs meaningful income, since the trailing 12-month yield was 1.05% as of October 27, 2026.
- Investors who want a fund that falls less than the market: its one-year beta was 1.06, and its factor tilt may lag for long stretches.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FLQL this fund | — | 0.15% | $2.07B | +13.4% | +24.9% |
| IWL iShares Russell Top 200 ETF | 55% | 0.15% | $2.19B | +12.5% | +25.5% |
| SPY SPDR S&P 500 ETF Trust | 54% | 0.0945% | $781.19B | +11.5% | +21.9% |
| IVV iShares Core S&P 500 ETF | 54% | 0.03% | $888.13B | +11.5% | +22.0% |
| SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF | 54% | 0.2% | $2.74B | +12.6% | +24.8% |
| VOO Vanguard S&P 500 ETF | 54% | 0.03% | $1.67T | +12.4% | +23.6% |
| VV Vanguard Large Cap ETF | 54% | 0.04% | $73.83B | +12.0% | +23.8% |
| USPX Franklin U.S. Equity Index ETF | 54% | 0.03% | $1.98B | +12.9% | +24.9% |
Questions investors ask
Is FLQL good for retirement?
FLQL can work as a core US stock fund in a retirement portfolio, but it moves with the stock market rather than cushioning against it. It fell 33.6% in early 2020 and 20.9% in 2022, and its trailing yield was only 1.05% as of October 27, 2026. Its 0.15% expense ratio is higher than many broad index funds charge. It has no 2008 record because it launched in April 2017.
FLQL vs IWL: what's the difference?
Both charge 0.15% and hold large US companies, and about 55% of their holdings overlap, but they choose stocks differently. IWL, the iShares Russell Top 200 ETF, simply holds the largest Russell stocks by size. FLQL keeps the biggest names but picks the rest using quality, value and momentum scores. As of October 27, 2026, FLQL returned 13.4% over one year against 12.5% for IWL. Over three years, IWL led, at 25.5% a year against 24.9%.
Does FLQL pay dividends?
Yes. FLQL pays dividends every quarter. In the 12 months to October 27, 2026, it paid about $0.82 per share, a yield of 1.05%. The income comes from the dividends of the stocks it holds, so the amount changes from year to year. Its index uses dividend yield as one value measure, but the fund isn't built for income, and its large technology weighting keeps the yield modest.
What is FLQL's expense ratio?
FLQL's expense ratio is 0.15%, according to the prospectus filed July 27, 2026. In the SEC's standard example, a $10,000 investment earning 5% a year would cost about $15 in the first year, $85 over five years and $191 over 10 years. That is about double the 0.07% average for similar large-cap funds. It is five times the 0.03% charged by VOO, IVV and Franklin's own U.S. Equity Index ETF (USPX).
Does FLQL outperform the market?
Over some periods it has, but not since launch. Through December 31, 2025, FLQL returned 14.67% a year over five years, against 13.59% for the Russell 1000. In 2025 it returned 19.77%, against 17.37%. Since its April 2017 launch, though, it averaged 14.21% a year, slightly behind the Russell 1000's 14.52%. The prospectus warns that its factor tilts may hurt returns in some markets, perhaps for long periods.