FAD vs ILCV: Grades, Fees and Holdings Compared

First Trust Multi Cap Growth AlphaDEX Fund

FADCNasdaq

iShares Morningstar Value ETF

ILCVANYSE Arca

Overlap

11.7%by weight

Expense ratio

ILCV −0.59pt a year

FAD0.63%ILCV0.04%

Avg volume · 30D

ILCV 2.0×the volume

FAD12.5KILCV25.1K

10Y return · a year

FAD +1.5pt

FAD+13.7%ILCV+12.2%

FAD vs ILCV Performance

Nov 9, 2021 – Nov 9, 2026

+37.5%FAD+79.9%ILCV

Expense ratio: FAD 0.63%; ILCV 0.04%, better
Fund size: FAD $571M; ILCV $1.37B
1Y total return: FAD +10.4%; ILCV +22.4%, better
Yield (12M): FAD 0.09%; ILCV 1.50%, better
Holdings: FAD 675; ILCV 374
Avg volume (30D): FAD 12.5K sh; ILCV 25.1K sh, better
NAV per share: FAD $170.35; ILCV $108.28
52W range

ETF.net Grade

Pillar letters and Scores for FAD, ILCV, with each pillar’s weight
Pillar	FAD	ILCV
Cost30% weight	F10	A99Higher
Mission25% weight	A70	A82Higher
Risk15% weight	F15	A91Higher
Tradability15% weight	C42	B62Higher
Holdings10% weight	A84Higher	D39
Durability5% weight	A70	A82Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. FAD and ILCV 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 FAD 84th 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 80CTMFEMotley Fool Capital Efficiency 100 Index ETFScore 42
Rank 84CFADFirst Trust Multi Cap Growth AlphaDEX FundScore 40
Rank 84CHQGOHartford US Quality Growth ETFScore 40

Our read on each fund

ETF.net Research

FADCFirst Trust Multi Cap Growth AlphaDEX Fund

ILCVAiShares Morningstar Value ETF

In short

FAD FAD has run First Trust's AlphaDEX screen since 2007, ranking US stocks on growth and value marks and spreading the survivors across roughly 700 names, small caps included. Rules-based stock picking wearing an index wrapper.

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.

Stated mandate

FAD The Fund seeks to track, before fees and expenses, the price and yield of the Nasdaq AlphaDEX Multi Cap Growth Index.

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.

Why people hold it

FAD One ticker, roughly 700 US stocks spanning large, mid and small caps, so no single name or size band runs the show.ftportfolios.com
Screens on growth and value marks rather than taking the market cap-weighted index as-is, and rebalances by rule instead of manager hunch.ftportfolios.com
Live since 2007, so AlphaDEX here has a real-money record across multiple market cycles, not a backtest.
Sticks to the job in its prospectus: tracking the Nasdaq AlphaDEX Multi Cap Growth Index, with little gap between what the documents describe and what it holds.ftportfolios.com

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.

Worth knowing

FAD At 0.63% a year, it runs about double the typical fund in its multifactor group, and plain index peers like IUSG (0.04%) and VONV (0.06%) charge a sliver of that.
Trading is thin next to the category's giants, so spreads can widen. Limit orders are the standard defense.
Reaching down the cap ladder into smaller growth names means a choppier ride than a plain large-cap index.

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.

Full FAD profile⁠

Full ILCV profile⁠

FAD vs ILCV Holdings

How FAD and ILCV differ

Overlap by weight

11.7%

Shared holdings make up 45.3% of ILCV and 21.1% of FAD.

Level by level

Holdings79 in both11.7%
Sector11 Sectors72.0%
Countryby domicile98.2%
Asset classStocks100%

Sector

Sector weights in FAD and ILCV, widest gap first
Sector	Gap	FAD	ILCV
Financials	ILCV +9.0 points	9.2%	18.2%
Industrials	FAD +8.7 points	15.6%	6.9%
Health Care	FAD +8.6 points	22.4%	13.8%
Technology	FAD +7.7 points	30.7%	23.0%
Communication	ILCV +6.0 points	2.5%	8.5%
Consumer Staples	ILCV +5.6 points	2.0%	7.6%
Energy	ILCV +4.5 points	1.6%	6.1%
Utilities	ILCV +2.8 points	0.3%	3.1%
Real Estate	FAD +2.1 points	3.8%	1.7%
Materials	FAD +1.0 points	3.1%	2.1%
Consumer Discretionary	FAD +0.1 points	9.0%	8.9%

Country, concentration and asset class

Country by domicile

Country weights in FAD and ILCV, widest gap first
Country	Gap	FAD	ILCV
United States	ILCV +1.5 points	97.7%	99.2%
Ireland	FAD +1.1 points	1.2%	0.1%
Other countries (7)	FAD +0.4 points	1.1%	0.7%

Concentration

Weight in the 10 largest Holdings

FAD5.1%
ILCV34.8%

Securities held

FAD674
ILCV371

Asset class

FAD: Stocks
ILCV: Stocks

Holdings

Only in FAD595
In both79
Only in ILCV292

Only in FAD

595 securities, 78.8% of FAD by weight

SharkNinja Inc.0.59%
Medpace Holdings, Inc.0.50%
Wabtec Corporation0.47%
Toast, Inc. (Class A)0.46%
Airbnb, Inc. (Class A)0.45%
Eli Lilly and Company0.45%
DexCom, Inc.0.44%
Amphenol Corporation0.42%
West Pharmaceutical Services, Inc.0.41%
Welltower Inc.0.41%
Veeva Systems Inc. (Class A)0.41%
Guardant Health, Inc.0.40%
Quanta Services, Inc.0.40%
Arista Networks, Inc.0.40%
CrowdStrike Holdings, Inc. (Class A)0.39%
NVIDIA Corporation0.39%
Snowflake Inc. (Class A)0.39%
Jazz Pharmaceuticals Plc0.39%
Okta, Inc.0.39%
IDEX Corporation0.38%
Cloudflare, Inc. (Class A)0.37%
Nordson Corporation0.36%
Natera, Inc.0.36%
Keysight Technologies, Inc.0.36%
ATI Inc.0.35%
Everpure, Inc. (Class A)0.35%
Unity Software Inc.0.35%
Advanced Micro Devices, Inc.0.35%
Johnson Controls International Plc0.35%
MongoDB, Inc.0.34%
Interactive Brokers Group, Inc. (Class A)0.34%
Monolithic Power Systems, Inc.0.34%
Twilio Inc. (Class A)0.33%
Carvana Co. (Class A)0.33%
Palantir Technologies Inc. (Class A)0.33%
Freeport-McMoRan Inc.0.32%
W.W. Grainger, Inc.0.32%
Glaukos Corporation0.32%
Ares Management Corporation (Class A)0.32%
Fortinet, Inc.0.32%
Nutanix, Inc. (Class A)0.32%
Royal Gold, Inc.0.31%
Datadog, Inc. (Class A)0.31%
Bloom Energy Corporation (Class A)0.30%
Comfort Systems USA, Inc.0.29%
Concentra Group Holdings Parent, Inc.0.29%
Live Nation Entertainment, Inc.0.29%
Victoria's Secret & Co.0.29%
ITT Inc.0.28%
PACS Group, Inc.0.28%

Only in ILCV

292 securities, 54.5% of ILCV by weight

Berkshire Hathaway Inc Class B3.04%
JPMorgan Chase & Co2.56%
Exxonmobil Holdings Corp1.97%
Alphabet Class C1.68%
Chevron1.15%
Tesla Inc1.11%
Procter & Gamble1.11%
UnitedHealth Group1.02%
Home Depot0.99%
Walmart0.96%
Bank of America0.92%
Costco Wholesale Corp0.76%
Thermo Fisher Scientific0.74%
Wells Fargo0.73%
Linde PLC0.68%
International Business Machines Co0.67%
Walt Disney0.58%
Citigroup0.58%
Mcdonalds Corp0.56%
Pepsico0.56%
Abbott Laboratories0.55%
Verizon Communications Inc0.55%
Nextera Energy0.52%
Salesforce0.49%
Pfizer0.48%
BlackRock0.47%
Conocophillips0.47%
Accenture PLC Class A0.46%
AT&T0.43%
Danaher0.43%
Progressive0.38%
Medtronic PLC0.38%
Chubb0.37%
Altria Group Inc0.37%
Bristol Myers Squibb0.37%
Lowes Companies Inc0.36%
Capital One Financial Corp0.36%
Prologis Reit0.35%
Automatic Data Processing Inc0.35%
Lockheed Martin0.32%
Cme Group Class A0.32%
Cvs Health0.31%
Southern0.31%
Oracle0.30%
Valero Energy Corp0.29%
Duke Energy Corp0.29%
Charles Schwab0.28%
Phillips 660.28%
Intercontinental Exchange Inc0.28%
Adobe Inc0.27%

Weight gaps

All 79 Holdings in both funds, largest gap first.

Holding weights in FAD and ILCV, widest gap first
Holding	Gap	FAD	ILCV
Microsoft CorporationMSFT	ILCV +8.29 points	0.29%	8.58%
Apple Inc.AAPL	ILCV +6.81 points	0.39%	7.20%
Amazon.com, Inc.AMZN	ILCV +2.92 points	0.40%	3.32%
Meta Platforms, Inc. (Class A)META	ILCV +2.15 points	0.32%	2.47%
Alphabet Inc. (Class A)GOOGL	ILCV +1.85 points	0.23%	2.08%
Johnson & JohnsonJNJ	ILCV +1.72 points	0.20%	1.92%
AbbVie Inc.ABBV	ILCV +1.27 points	0.21%	1.48%
The Coca-Cola CompanyKO	ILCV +0.87 points	0.21%	1.08%
Visa Inc. (Class A)V	ILCV +0.82 points	0.22%	1.04%
Cisco Systems, Inc.CSCO	ILCV +0.74 points	0.33%	1.07%
Micron Technology, Inc.MU	ILCV +0.70 points	0.31%	1.01%
Philip Morris International Inc.PM	ILCV +0.69 points	0.20%	0.89%
Merck & Co., Inc.MRK	ILCV +0.65 points	0.39%	1.04%
RTX CorporationRTX	ILCV +0.54 points	0.20%	0.74%
Corpay, Inc.CPAY	FAD +0.52 points	0.56%	0.04%
The Goldman Sachs Group, Inc.GS	ILCV +0.46 points	0.27%	0.73%
Expeditors International of Washington, Inc.EXPD	FAD +0.45 points	0.48%	0.03%
Incyte CorporationINCY	FAD +0.44 points	0.47%	0.03%
Expedia Group, Inc.EXPE	FAD +0.43 points	0.47%	0.04%
Mastercard IncorporatedMA	ILCV +0.42 points	0.23%	0.65%
Ross Stores, Inc.ROST	FAD +0.41 points	0.47%	0.06%
Agilent Technologies, Inc.A	FAD +0.41 points	0.48%	0.07%
Union Pacific CorporationUNP	ILCV +0.40 points	0.10%	0.50%
Workday, Inc. (Class A)WDAY	FAD +0.37 points	0.48%	0.11%
Northern Trust CorporationNTRS	FAD +0.34 points	0.39%	0.04%
eBay Inc.EBAY	FAD +0.34 points	0.44%	0.10%
Illumina, Inc.ILMN	FAD +0.34 points	0.37%	0.03%
Garmin Ltd.GRMN	FAD +0.34 points	0.38%	0.04%
NetApp, Inc.NTAP	FAD +0.33 points	0.39%	0.06%
International Flavors & Fragrances Inc.IFF	FAD +0.32 points	0.38%	0.06%
Amgen Inc.AMGN	ILCV +0.30 points	0.42%	0.72%
Gilead Sciences, Inc.GILD	ILCV +0.29 points	0.31%	0.60%
Mettler-Toledo International Inc.MTD	FAD +0.27 points	0.32%	0.05%
Williams-Sonoma, Inc.WSM	FAD +0.26 points	0.31%	0.05%
QUALCOMM IncorporatedQCOM	ILCV +0.26 points	0.25%	0.51%
Booking Holdings Inc.BKNG	ILCV +0.26 points	0.09%	0.35%
Morgan StanleyMS	ILCV +0.25 points	0.37%	0.62%
Moderna, Inc.MRNA	FAD +0.24 points	0.50%	0.26%
F5, Inc.FFIV	FAD +0.25 points	0.27%	0.02%
United Rentals, Inc.URI	FAD +0.23 points	0.29%	0.06%
Dell Technologies Inc. (Class C)DELL	FAD +0.21 points	0.29%	0.08%
Coeur Mining, Inc.CDE	FAD +0.20 points	0.25%	0.05%
Liberty Media Corporation (Class C)FWONK	FAD +0.20 points	0.22%	0.02%
KKR & Co. Inc. (Class A)KKR	FAD +0.20 points	0.30%	0.10%
Emerson Electric Co.EMR	FAD +0.19 points	0.29%	0.10%
Targa Resources Corp.TRGP	FAD +0.19 points	0.27%	0.08%
Marriott International, Inc.MAR	FAD +0.17 points	0.33%	0.16%
Roivant Sciences Ltd.ROIV	FAD +0.17 points	0.20%	0.03%
Hewlett Packard Enterprise CompanyHPE	FAD +0.17 points	0.34%	0.17%
S&P Global Inc.SPGI	ILCV +0.16 points	0.11%	0.27%
Iron Mountain IncorporatedIRM	FAD +0.15 points	0.18%	0.03%
American Express CompanyAXP	ILCV +0.15 points	0.20%	0.35%
Cardinal Health, Inc.CAH	FAD +0.15 points	0.23%	0.08%
Caterpillar Inc.CAT	ILCV +0.15 points	0.19%	0.34%
Newmont CorporationNEM	FAD +0.13 points	0.50%	0.37%
Zoom Communications, Inc. (Class A)ZM	FAD +0.13 points	0.19%	0.06%
Texas Instruments IncorporatedTXN	ILCV +0.12 points	0.28%	0.40%
CSX CorporationCSX	FAD +0.11 points	0.20%	0.09%
Analog Devices, Inc.ADI	FAD +0.11 points	0.35%	0.24%
Uber Technologies, Inc.UBER	ILCV +0.10 points	0.19%	0.29%
TKO Group Holdings, Inc. (Class A)TKO	FAD +0.09 points	0.10%	0.01%
Las Vegas Sands Corp.LVS	FAD +0.09 points	0.10%	0.01%
CoreWeave, Inc. (Class A)CRWV	FAD +0.08 points	0.10%	0.02%
Church & Dwight Co., Inc.CHD	FAD +0.07 points	0.11%	0.04%
United Therapeutics CorporationUTHR	FAD +0.07 points	0.10%	0.03%
Eaton Corporation PlcETN	FAD +0.07 points	0.30%	0.23%
Starbucks CorporationSBUX	ILCV +0.07 points	0.10%	0.17%
3M CompanyMMM	ILCV +0.06 points	0.22%	0.28%
NXP Semiconductors N.V.NXPI	FAD +0.05 points	0.10%	0.05%
Sandisk CorporationSNDK	FAD +0.04 points	0.23%	0.19%
Colgate-Palmolive CompanyCL	ILCV +0.04 points	0.11%	0.15%
Trane Technologies plcTT	ILCV +0.04 points	0.08%	0.12%
Equinix, Inc.EQIX	ILCV +0.03 points	0.09%	0.12%
Talen Energy CorporationTLN	FAD +0.03 points	0.05%	0.02%
The Sherwin-Williams CompanySHW	FAD +0.02 points	0.10%	0.08%
Vertex Pharmaceuticals IncorporatedVRTX	FAD +0.01 points	0.29%	0.28%
Parker-Hannifin CorporationPH	ILCV +0.01 points	0.18%	0.19%
Illinois Tool Works Inc.ITW	ILCV +0.01 points	0.10%	0.11%
Simon Property Group, Inc.SPG	FAD +0.01 points	0.11%	0.10%

All 676 FAD holdings⁠All 371 ILCV 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.

FAD vs ILCV Cost

Overpaying FAD vs ILCV

$11,510

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

FAD 0.63%
$12,359
ILCV 0.04%
$849

Amount$10,000

Years30 years

Cost over time

FAD 0.63%
ILCV 0.04%
Overpaying

Year by year

Year	FAD	ILCV	Overpaying
10	$1,128	$73	$1,055
20	$4,311	$288	$4,023
30	$12,359	$849	$11,510

Expense ratio

0.63%FAD
0.04%ILCV, cheaper

ILCV0.04%FAD0.63%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

ILCV cheapest of 99 funds

FAD 89th cheapest of 99 funds

FAD vs ILCV Dividends

Last 12 months to Nov 9, 2026

Yield (12M): FAD 0.09%; ILCV 1.50%, better
Payout (12M): FAD $0.15; ILCV $1.65
Last payment: FAD $0.05; ILCV $0.42
Ex-dividend: FAD Sep 24, 2026; ILCV Sep 15, 2026
Paid on: FAD Sep 30, 2026; ILCV Sep 18, 2026
Frequency: FAD Quarterly; ILCV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FADQuarterly · 34 paymentsAll FAD payments⁠

ILCVQuarterly · 39 paymentsAll ILCV payments⁠

FAD vs ILCV Risk

Fall from peak · 5 years

FAD
ILCV

Risk facts

VolatilityStd dev, 3 years: FAD 17.9%ILCV 10.7%, better
Return per unit of riskSharpe ratio, 3 years: FAD 1.03ILCV 1.57, better
Worst fallMax drawdown, 5 years: FAD −32.0%ILCV −18.6%, better
Market sensitivityBeta, 5 years: FAD 1.18ILCV 0.82; Market = 1

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