FCTR vs ILCV: Grades, Fees and Holdings Compared

First Trust Lunt U.S. Factor Rotation ETF

FCTRFCboe

iShares Morningstar Value ETF

ILCVANYSE Arca

Overlap

11.6%by weight

Expense ratio

ILCV −0.61pt a year

FCTR0.65%ILCV0.04%

Avg volume · 30D

ILCV 12.6×the volume

FCTR1.93KILCV24.4K

5Y return · a year

ILCV +12.9pt

FCTR−0.3%ILCV+12.6%

FCTR vs ILCV Performance

Oct 29, 2021 – Oct 30, 2026

−1.4%FCTR+81.1%ILCV

Expense ratio: FCTR 0.65%; ILCV 0.04%, better
Fund size: FCTR $47M; ILCV $1.37B
1Y total return: FCTR −7.8%; ILCV +21.0%, better
Yield (12M): FCTR 0.62%; ILCV 1.51%, better
Holdings: FCTR 144; ILCV 375
Avg volume (30D): FCTR 1.93K sh; ILCV 24.4K sh, better
NAV per share: FCTR $33.59; ILCV $109.27
52W range

ETF.net Grade

Pillar letters and Scores for FCTR, ILCV, with each pillar’s weight
Pillar	FCTR	ILCV
Cost30% weight	F7	A99Higher
Mission25% weight	F19	A82Higher
Risk15% weight	F10	A90Higher
Tradability15% weight	F20	B64Higher
Holdings10% weight	B60Higher	D39
Durability5% weight	D32	A82Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. FCTR 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 FCTR 98th 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 97FPAMCPacer Lunt MidCap Multi-Factor Alternator ETFScore 23
Rank 98FFCTRFirst Trust Lunt U.S. Factor Rotation ETFScore 19
Rank 99FMBCEMonarch Blue Chips Elite Index ETFScore 18

Our read on each fund

ETF.net Research

FCTRFFirst Trust Lunt U.S. Factor Rotation ETF

ILCVAiShares Morningstar Value ETF

In short

FCTR Most multifactor ETFs blend value, momentum, quality and low volatility all at once. FCTR ranks them instead and rotates toward whichever are winning on relative strength. A factor market-timer in a category built on holding everything.

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

FCTR The Fund aims to outperform the large- and mid-capitalization U.S. equity market before fees and expenses by investing primarily in U.S.-listed large- and mid-capitalization stocks selected through a proprietary factor-rotation model.

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

FCTR The rotation is the whole product: value, momentum, quality and low volatility get scored on risk-adjusted relative strength, and exposure leans toward the leaders rather than averaging across all four.stockanalysis.com
Roughly 170 large- and mid-cap U.S. stocks sit underneath, so the basket still reads like a core equity sleeve even when the factor tilt swings. The holdings are the strongest part of the package.
Live since 2018, which means the rotation model has a real-world record through a full market cycle instead of a backtest.
The stated yardstick is candid: a custom 80% MSCI USA / 20% MSCI USA Minimum Volatility blend, not a flattering plain-vanilla comparison.

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

FCTR At 0.65% a year, it runs about double the typical U.S. multifactor ETF and several times cheaper index-based peers like FNDX (0.25%) or VONV (0.06%).
It trades lightly next to the giants in its category, so the bid/ask spread is a real part of the cost of getting in and out.
Rotation is a timing call by design. When factor leadership flips quickly, the model can be shifting into a factor as it cools rather than ahead of it.

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 FCTR profile⁠

Full ILCV profile⁠

FCTR vs ILCV Holdings

How FCTR and ILCV differ

Overlap by weight

11.6%

Shared holdings make up 39.8% of FCTR and 23.6% of ILCV.

Level by level

Holdings68 in both11.6%
Sector11 Sectors79.5%
Countryby domicile98.6%
Asset classEquity100%

Sector

Sector weights in FCTR and ILCV, widest gap first
Sector	More in FCTRMore in ILCV	FCTR	ILCV
Financials	FCTR +9.9 points	27.6%	17.7%
Communication	ILCV +6.6 points	2.2%	8.8%
Technology	ILCV +6.0 points	17.9%	23.9%
Consumer Discretionary	ILCV +3.8 points	4.8%	8.6%
Real Estate	FCTR +3.7 points	5.4%	1.7%
Industrials	FCTR +3.7 points	10.6%	6.9%
Energy	ILCV +2.2 points	4.4%	6.6%
Consumer Staples	FCTR +2.1 points	9.4%	7.3%
Materials	ILCV +1.8 points	0.3%	2.1%
Health Care	FCTR +0.6 points	14.0%	13.4%
Utilities	FCTR +0.4 points	3.4%	3.0%

Country, concentration and asset class

Country by domicile

Country weights in FCTR and ILCV, widest gap first
Country	More in FCTRMore in ILCV	FCTR	ILCV
United Kingdom	FCTR +1.4 points	1.5%	0.1%
United States	ILCV +0.9 points	98.3%	99.2%
Other countries (4)	ILCV +0.5 points	0.2%	0.7%

Concentration

Weight in the 10 largest Holdings

FCTR19.7%
ILCV34.4%

Securities held

FCTR143
ILCV372

Asset class

FCTR: Equity
ILCV: Equity

Holdings

Only in FCTR75
In both68
Only in ILCV304

Only in FCTR

75 securities, 60.1% of FCTR by weight

CrowdStrike Holdings, Inc. (Class A)3.41%
Cloudflare, Inc. (Class A)2.10%
Lumentum Holdings Inc.1.86%
Axon Enterprise Inc.1.86%
Snowflake Inc. (Class A)1.85%
ON Semiconductor Corporation1.63%
Okta, Inc.1.57%
Palo Alto Networks, Inc.1.51%
Intel Corporation1.44%
Guardant Health, Inc.1.31%
Natera, Inc.1.27%
Marvell Technology, Inc.1.18%
Microchip Technology Incorporated1.16%
Lam Research Corporation1.15%
Palantir Technologies Inc. (Class A)1.11%
Astera Labs, Inc.1.07%
Zscaler, Inc.1.02%
Rocket Lab Corporation1.02%
Circle Internet Group, Inc. (Class A)1.01%
Credo Technology Group Holding Ltd1.00%
Insmed Incorporated1.00%
Sitime Corporation0.98%
Twilio Inc. (Class A)0.98%
Fortinet, Inc.0.89%
Vertiv Holdings Co (Class A)0.89%
MACOM Technology Solutions Holdings, Inc.0.88%
Robinhood Markets, Inc. (Class A)0.88%
Entegris, Inc.0.87%
Roblox Corporation (Class A)0.86%
Corning Incorporated0.85%
Monolithic Power Systems, Inc.0.85%
Fair Isaac Corporation0.82%
Bloom Energy Corporation (Class A)0.81%
Teradyne, Inc.0.76%
IonQ, Inc.0.72%
HF Sinclair Corp.0.71%
Arista Networks, Inc.0.69%
Live Nation Entertainment, Inc.0.67%
Interactive Brokers Group, Inc. (Class A)0.65%
Everpure, Inc. (Class A)0.62%
AST SpaceMobile, Inc.0.61%
Texas Pacific Land Corporation0.57%
TransDigm Group Incorporated0.55%
MSCI Inc.0.54%
Eli Lilly and Company0.54%
Freeport-McMoRan Inc.0.54%
Datadog, Inc. (Class A)0.53%
Vistra Corp.0.52%
Ciena Corporation0.52%
Cadence Design Systems, Inc.0.51%

Only in ILCV

304 securities, 76.2% of ILCV by weight

Microsoft8.45%
Amazon.com Inc3.08%
Berkshire Hathaway Inc Class B2.84%
JPMorgan Chase & Co2.60%
Meta Platforms Class A2.50%
Alphabet Class A2.04%
Johnson & Johnson1.89%
Alphabet Class C1.65%
AbbVie1.46%
Procter & Gamble1.06%
UnitedHealth Group1.05%
Coca-Cola1.03%
Visa Class A1.00%
Bank of America0.94%
Home Depot0.93%
Philip Morris International0.92%
Walmart0.91%
Goldman Sachs Group0.77%
Rtx0.76%
Thermo Fisher Scientific0.75%
Wells Fargo0.73%
Amgen Inc0.71%
Costco Wholesale Corp0.71%
International Business Machines Co0.69%
Linde PLC0.66%
Morgan Stanley0.64%
Mastercard Class A0.63%
Citigroup0.60%
Walt Disney0.54%
Pepsico0.52%
Mcdonalds Corp0.52%
Verizon Communications Inc0.52%
Abbott Laboratories0.51%
Union Pacific0.51%
Nextera Energy0.49%
Pfizer0.49%
BlackRock0.46%
Texas Instrument0.45%
Danaher0.43%
Accenture PLC Class A0.43%
AT&T0.41%
Caterpillar Inc0.38%
Progressive0.38%
Altria Group Inc0.36%
Chubb0.36%
Lockheed Martin0.36%
Bristol Myers Squibb0.36%
Medtronic PLC0.35%
American Express0.35%
Prologis Reit0.35%

Weight gaps

All 68 Holdings in both funds, largest gap first.

Holding weights in FCTR and ILCV, widest gap first
Holding	More in FCTRMore in ILCV	FCTR	ILCV
Apple Inc.AAPL	ILCV +7.03 points	0.21%	7.24%
Moderna, Inc.MRNA	FCTR +1.87 points	2.09%	0.22%
ExxonMobil Holdings Corp.XOM	ILCV +1.86 points	0.28%	2.14%
Dell Technologies Inc. (Class C)DELL	FCTR +1.64 points	1.75%	0.11%
Roivant Sciences Ltd.ROIV	FCTR +1.52 points	1.55%	0.03%
Revolution Medicines, Inc.RVMD	FCTR +1.47 points	1.53%	0.06%
Strategy Incorporated (Class A)MSTR	FCTR +1.35 points	1.50%	0.15%
Sandisk CorporationSNDK	FCTR +1.09 points	1.38%	0.29%
Cisco Systems, Inc.CSCO	ILCV +1.01 points	0.21%	1.22%
International Paper CompanyIP	FCTR +0.96 points	0.99%	0.03%
Nucor CorporationNUE	FCTR +0.89 points	0.96%	0.07%
Occidental Petroleum CorporationOXY	FCTR +0.89 points	1.02%	0.13%
Centene CorporationCNC	FCTR +0.88 points	0.93%	0.05%
LyondellBasell Industries N.V.LYB	FCTR +0.84 points	0.89%	0.05%
Weyerhaeuser CompanyWY	FCTR +0.84 points	0.85%	0.01%
Dow Inc.DOW	FCTR +0.82 points	0.89%	0.07%
Steel Dynamics, Inc.STLD	FCTR +0.82 points	0.85%	0.03%
Hewlett Packard Enterprise CompanyHPE	FCTR +0.80 points	1.02%	0.22%
Merck & Co., Inc.MRK	ILCV +0.74 points	0.29%	1.03%
Illumina, Inc.ILMN	FCTR +0.68 points	0.73%	0.05%
Chevron CorporationCVX	ILCV +0.58 points	0.65%	1.23%
Marathon Petroleum CorporationMPC	FCTR +0.56 points	0.74%	0.18%
HP Inc.HPQ	FCTR +0.56 points	0.64%	0.08%
SBA Communications CorporationSBAC	FCTR +0.54 points	0.57%	0.03%
Reliance Inc.RS	FCTR +0.53 points	0.56%	0.03%
Lennar CorporationLEN	FCTR +0.49 points	0.54%	0.05%
Ford Motor CompanyF	FCTR +0.45 points	0.59%	0.14%
NetApp, Inc.NTAP	FCTR +0.42 points	0.50%	0.08%
Bunge Global S.A.BG	FCTR +0.41 points	0.45%	0.04%
Iron Mountain IncorporatedIRM	FCTR +0.40 points	0.43%	0.03%
Charter Communications, Inc. (Class A)CHTR	FCTR +0.40 points	0.43%	0.03%
Edison InternationalEIX	FCTR +0.40 points	0.46%	0.06%
TD SYNNEX CorporationSNX	FCTR +0.37 points	0.40%	0.03%
Valero Energy CorporationVLO	FCTR +0.37 points	0.68%	0.31%
Workday, Inc. (Class A)WDAY	FCTR +0.35 points	0.46%	0.11%
Humana Inc.HUM	FCTR +0.33 points	0.41%	0.08%
CoreWeave, Inc. (Class A)CRWV	FCTR +0.29 points	0.31%	0.02%
Albemarle CorporationALB	FCTR +0.28 points	0.29%	0.01%
WESCO International, Inc.WCC	FCTR +0.27 points	0.30%	0.03%
Phillips 66PSX	FCTR +0.26 points	0.57%	0.31%
F5, Inc.FFIV	FCTR +0.25 points	0.28%	0.03%
Southwest Airlines Co.LUV	FCTR +0.24 points	0.26%	0.02%
Micron Technology, Inc.MU	FCTR +0.22 points	1.57%	1.35%
Tesla, Inc.TSLA	ILCV +0.22 points	1.02%	1.24%
QUALCOMM IncorporatedQCOM	ILCV +0.21 points	0.35%	0.56%
Tyson Foods, Inc. (Class A)TSN	FCTR +0.18 points	0.23%	0.05%
Targa Resources Corp.TRGP	FCTR +0.18 points	0.28%	0.10%
Incyte CorporationINCY	FCTR +0.18 points	0.21%	0.03%
Tenet Healthcare CorporationTHC	FCTR +0.18 points	0.24%	0.06%
Ovintiv Inc.OVV	FCTR +0.17 points	0.23%	0.06%
Flutter Entertainment PlcFLUT	FCTR +0.17 points	0.19%	0.02%
ConocoPhillipsCOP	FCTR +0.17 points	0.68%	0.51%
Archer-Daniels-Midland CompanyADM	FCTR +0.16 points	0.26%	0.10%
State Street CorporationSTT	FCTR +0.16 points	0.24%	0.08%
Diamondback Energy, Inc.FANG	FCTR +0.15 points	0.26%	0.11%
Newmont CorporationNEM	ILCV +0.15 points	0.18%	0.33%
Halliburton CompanyHAL	FCTR +0.14 points	0.23%	0.09%
Garmin Ltd.GRMN	FCTR +0.14 points	0.18%	0.04%
NRG Energy, Inc.NRG	FCTR +0.13 points	0.16%	0.03%
Eaton Corporation PlcETN	ILCV +0.12 points	0.14%	0.26%
Starbucks CorporationSBUX	FCTR +0.11 points	0.28%	0.17%
Devon Energy CorporationDVN	FCTR +0.09 points	0.25%	0.16%
Capital One Financial CorporationCOF	ILCV +0.09 points	0.27%	0.36%
Salesforce, Inc.CRM	ILCV +0.08 points	0.44%	0.52%
General Motors CompanyGM	FCTR +0.07 points	0.28%	0.21%
NIKE, Inc. (Class B)NKE	FCTR +0.05 points	0.18%	0.13%
Oracle CorporationORCL	FCTR +0.04 points	0.39%	0.35%
Gilead Sciences, Inc.GILD	Same weight	0.58%	0.58%

All 143 FCTR holdings⁠All 372 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.

FCTR vs ILCV Cost

Overpaying FCTR vs ILCV

$11,868

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

FCTR 0.65%
$12,717
ILCV 0.04%
$849

Amount$10,000

Years30 years

Cost over time

FCTR 0.65%
ILCV 0.04%
Overpaying

Year by year

Year	FCTR	ILCV	Overpaying
10	$1,163	$73	$1,090
20	$4,440	$288	$4,152
30	$12,717	$849	$11,868

Expense ratio

0.65%FCTR
0.04%ILCV, cheaper

ILCV0.04%FCTR0.65%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

ILCV cheapest of 99 funds

FCTR 91st cheapest of 99 funds

FCTR vs ILCV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FCTR 0.62%; ILCV 1.51%, better
Payout (12M): FCTR $0.21; ILCV $1.65
Last payment: FCTR $0.06; ILCV $0.42
Ex-dividend: FCTR Sep 24, 2026; ILCV Sep 15, 2026
Paid on: FCTR Sep 30, 2026; ILCV Sep 18, 2026
Frequency: FCTR Quarterly; ILCV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FCTRQuarterly · 31 paymentsAll FCTR payments⁠

ILCVQuarterly · 39 paymentsAll ILCV payments⁠

FCTR vs ILCV Risk

Fall from peak · 5 years

FCTR
ILCV

Risk facts

VolatilityStd dev, 3 years: FCTR 18.1%ILCV 10.7%, better
Return per unit of riskSharpe ratio, 3 years: FCTR 0.57ILCV 1.57, better
Worst fallMax drawdown, 5 years: FCTR −37.1%ILCV −18.6%, better
Market sensitivityBeta, 5 years: FCTR 1.04ILCV 0.82; Market = 1

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