US Equities - Updated Monthly

US ETF Leaders

Updated October 2026 with factor data through August 2026. 5,039 US-listed ETFs are in the current universe, 1,667 were excluded as under two years old, 2,547 produced usable analysis output, and 17 passed the publish filters.

Analysis model: Fama-French 5-factor model plus momentum (UMD)
Leaders are screened for sufficient history, market-like beta, statistically credible regression fit, positive backtested relative Sharpe, meaningful factor beta, and non-expensive dividend valuation. Relative valuation is based on split-adjusted recurring distributions versus the fund's own history; special distributions are excluded from valuation but remain in total return. A fund must also score on at least one non-market factor beyond market beta to qualify for the Leaders list.
What makes this page useful for ETF selection

The US leaders table is the shortlist layer for investors who want factor exposure without paying active-like fees for weak implementation. Instead of ranking funds on trailing total return alone, the page favors cleaner market and style capture, stronger risk-adjusted factor profiles, and valuations that are not stretched relative to each fund's own distribution history. Use it to narrow the field before digging deeper into the full US universe and the methodology behind each score.

Important disclaimer

This leaders list is educational research, not a personalized buy list or fiduciary recommendation. A fund can score well here and still be wrong for your taxes, liquidity needs, account type, or mandate. Use the list to focus research, then verify fit with the fund documents and your own constraints.

Universe
5,039
US-listed ETF universe
Excluded as < 2y Old
1,667
Fewer than 24 monthly returns
Analyzed
2,547
Produced valid analysis output
Leaders
17
Passed publish filters
Top Leader
AVLC
Avantis U.S. Large Cap Equity ETF
This update
August 2026 update: 8 added / 3 dropped / 2 methodology exclusions
Download and API access

Use the table's CSV export for a spreadsheet snapshot. For agents, scripts, and repeatable research workflows, use the VerifiedBeta API for structured leaders data, factor metrics, model metadata, and ticker aliases.

Scroll horizontally using the top or bottom bar to view the full factor and performance detail.

Ticker Fund Name Fund
Score		 Mkt
Beta		 Small Value Profitability Investment Momentum Alpha % Non-Mkt
Factor %		 Rel. Sharpe
Backtested		 Rel. Sharpe
Actual		 Period Start Adj.
R^2		 Dividend Val.
100=Median		 MER
%		 AUM
($M)
Ticker Fund Name Fund
Score		 Mkt
Beta		 Small Value Profitability Investment Momentum Alpha % Non-Mkt
Factor %		 Rel. Sharpe
Backtested		 Rel. Sharpe
Actual		 Period Start Adj.
R^2		 Dividend Val.
100=Median		 MER
%		 AUM
($M)
AVLC Avantis U.S. Large Cap Equity ETF 100.0 95.2 - - - 62.5 44.4 0.40 1.11 1.514 1.052 2.92Y 35M 2023-Oct 0.987 110.0 0.15 1,090
DCOR Dimensional US Core Equity 1 ETF 97.7 94.3 9.7 26.0 22.1 55.4 - -0.47 1.10 1.355 0.966 2.92Y 35M 2023-Oct 0.993 107.2 0.14 2,810
FESM Fidelity Enhanced Small Cap ETF 95.3 100.0 80.5 71.7 - - 100.0 0.44 3.20 1.322 0.783 2.75Y 33M 2023-Dec 0.983 116.3 0.28 4,440
DFAT Dimensional U.S. Targeted Value ETF 93.9 95.8 84.1 98.0 84.7 - - 0.52 3.59 1.302 0.672 5.17Y 62M 2021-Jul 0.975 102.9 0.28 13,130
VFMF Vanguard U.S. Multifactor ETF 91.3 90.4 43.3 76.8 68.4 - 62.5 0.07 3.29 1.266 0.797 8.50Y 102M 2018-Mar 0.965 113.5 0.18 568
AVSC Avantis U.S Small Cap Equity ETF 91.0 93.1 100.0 55.8 - - 46.1 1.25 3.51 1.261 0.583 4.58Y 55M 2022-Feb 0.983 117.1 0.25 2,550
DFSV Dimensional US Small Cap Value ETF 88.7 97.3 84.1 100.0 88.0 - - 0.66 3.54 1.229 0.558 4.50Y 54M 2022-Mar 0.977 94.9 0.30 7,100
VIOO Vanguard S&P Small-Cap 600 ETF 83.6 94.4 87.8 54.4 44.7 - 55.2 -0.54 3.39 1.159 0.617 15.92Y 191M 2010-Oct 0.977 98.8 0.07 3,560
SLYV State Street SPDR S&P 600 Small Cap Value ETF 79.6 93.8 78.0 93.7 86.6 47.6 - -0.73 3.52 1.103 0.984 25.83Y 310M 2000-Nov 0.956 114.0 0.15 4,210
QVMS Invesco S&P SmallCap 600 QVM Multi-factor ETF 79.0 94.7 97.4 58.6 63.0 - 79.6 -1.14 3.95 1.096 0.364 5.17Y 62M 2021-Jul 0.967 113.2 0.15 217
DFAS Dimensional U.S. Small Cap ETF 77.9 95.9 82.0 49.3 53.8 - 41.9 -0.98 3.21 1.080 0.450 5.17Y 62M 2021-Jul 0.975 97.2 0.26 13,390
VIOV Vanguard S&P Small-Cap 600 Value ETF 76.6 95.2 87.2 85.8 32.6 - - -0.46 3.01 1.062 0.554 15.92Y 191M 2010-Oct 0.978 90.5 0.10 1,620
USVM VictoryShares US Small Mid Cap Value Momentum ETF 74.9 93.1 76.9 49.0 64.3 - 95.4 -1.23 3.75 1.039 0.558 8.83Y 106M 2017-Nov 0.961 81.7 0.29 1,500
IMCV iShares Morningstar Mid-Cap Value ETF 74.7 93.0 24.4 83.7 66.3 97.9 - -0.70 1.88 1.036 0.737 22.08Y 265M 2004-Aug 0.952 113.4 0.06 1,010
DGRS WisdomTree US Smallcap Quality Dividend Growth Fund 74.2 89.8 84.0 66.6 100.0 - - -1.38 3.66 1.029 0.462 13.08Y 157M 2013-Aug 0.953 112.2 0.38 370
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 72.7 91.7 82.9 46.4 63.3 - 42.0 -1.04 3.29 1.008 0.510 9.75Y 117M 2016-Dec 0.971 96.3 0.29 557
SSPY Stratified LargeCap Index ETF 72.5 89.3 13.2 31.5 57.9 100.0 - -1.07 1.38 1.006 0.796 11.67Y 140M 2015-Jan 0.951 110.4 0.45 119
What changed this update

17 US Leaders after the August 2026 factor update, versus 13 in the prior factor month.

Factor data advanced from June 2026 to August 2026.

Added
  • AVLC Avantis U.S. Large Cap Equity ETF Factor scoreDividend valuation A non-market factor score now meets the qualification rule. Relative dividend valuation moved from 121.4 to 110.0, clearing the 120.0 threshold.
  • FESM Fidelity Enhanced Small Cap ETF Factor scoreDividend valuation A non-market factor score now meets the qualification rule. Relative dividend valuation moved from 130.9 to 100.0, clearing the 120.0 threshold.
  • VFMF Vanguard U.S. Multifactor ETF Factor scoreDividend valuation A non-market factor score now meets the qualification rule. Relative dividend valuation moved from 121.5 to 112.7, clearing the 120.0 threshold.
  • AVSC Avantis U.S Small Cap Equity ETF Factor scoreDividend valuation A non-market factor score now meets the qualification rule. Relative dividend valuation moved from 131.9 to 117.6, clearing the 120.0 threshold.
  • SLYV State Street SPDR S&P 600 Small Cap Value ETF Factor scoreDividend valuation A non-market factor score now meets the qualification rule. Relative dividend valuation moved from 126.8 to 114.6, clearing the 120.0 threshold.
  • QVMS Invesco S&P SmallCap 600 QVM Multi-factor ETF Factor scoreDividend valuation A non-market factor score now meets the qualification rule. Relative dividend valuation moved from 131.0 to 111.6, clearing the 120.0 threshold.
  • IMCV iShares Morningstar Mid-Cap Value ETF Factor scoreDividend valuation A non-market factor score now meets the qualification rule. Relative dividend valuation moved from 125.3 to 114.6, clearing the 120.0 threshold.
  • DGRS WisdomTree US Smallcap Quality Dividend Growth Fund Factor scoreDividend valuation A non-market factor score now meets the qualification rule. Relative dividend valuation moved from 125.0 to 97.1, clearing the 120.0 threshold.
Dropped
  • DIVB iShares Core Dividend ETF Model fitFactor contributionFactor score Adjusted R^2 is 0.942, below the 0.950 limit. Non-market factor contribution is 0.76%, below the 1.00% limit. No non-market factor score met the current significance/materiality rule.
  • AESR Anfield U.S. Equity Sector Rotation ETF PerformanceFactor contributionFactor score Backtested relative Sharpe is 0.97x, below the 1.00x limit. Non-market factor contribution is 0.97%, below the 1.00% limit. No non-market factor score met the current significance/materiality rule.
  • SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF PerformanceFactor score Backtested relative Sharpe is 1.00x, below the 1.00x limit. No non-market factor score met the current significance/materiality rule.
Methodology
  • VIOG Vanguard S&P Small-Cap 600 Growth ETF Methodology Excluded by current Leaders methodology
  • VBR Vanguard Small Cap Value ETF Methodology Excluded by current Leaders methodology

Methodology update: enhanced-income, covered-call, option-income, defined-outcome, levered/inverse, and single-stock-linked funds are now kept in Universe but excluded from Leaders.

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Important context

VerifiedBeta publishes educational ETF research, not personalized investment advice, portfolio management, or security recommendations. Funds that screen well here can still be unsuitable for your objectives, taxes, liquidity needs, or constraints. Review fund documents, methodology assumptions, and your own circumstances before acting. See the full disclaimer.