FICS vs IQLT: Grades, Fees and Holdings Compared

First Trust International Developed Capital Strength ETF

FICSCNasdaq

iShares MSCI Intl Quality Factor ETF

IQLTBNYSE Arca

Overlap

22.9%by weight

Expense ratio

IQLT −0.40pt a year

FICS0.70%IQLT0.30%

Avg volume · 30D

IQLT 144.9×the volume

FICS10.2KIQLT1.47M

5Y return · a year

IQLT +2.5pt

FICS+5.1%IQLT+7.6%

FICS vs IQLT Performance

Oct 29, 2021 – Oct 30, 2026

+28.1%FICS+44.5%IQLT

Expense ratio: FICS 0.70%; IQLT 0.30%, better
Fund size: FICS $205M; IQLT $13.7B
1Y total return: FICS +10.9%; IQLT +16.0%, better
Yield (12M): FICS 1.87%; IQLT 2.37%, better
Holdings: FICS 56; IQLT 308
Avg volume (30D): FICS 10.2K sh; IQLT 1.47M sh, better
NAV per share: FICS $41.74; IQLT $50.38
52W range

ETF.net Grade

Pillar letters and Scores for FICS, IQLT, with each pillar’s weight
Pillar	FICS	IQLT
Cost30% weight	F10	C44Higher
Mission25% weight	A85	Not scored
Risk15% weight	B56Higher	C52
Tradability15% weight	C45	A85Higher
Holdings10% weight	C42	B62Higher
Durability5% weight	C41	A86Higher

Rank among International Quality Index funds

How we build Categories ›

Same Category. FICS and IQLT are both graded against the same 6 International Quality Index funds, so their Grades compare head to head.

International Quality Index⁠

Category · 6 funds

See all 6 ›

IQLT ranks 4th and FICS 5th of 6 funds in the International Quality Index Category.

Rank 1AQLVDNorthern Trust Developed Markets ex-US Quality Low Volatility ETFScore 71
Rank 2BIDHQInvesco S&P International Developed Quality ETFScore 63
Rank 3BDIHPDimensional International High Profitability ETFScore 60
Rank 4BIQLTiShares MSCI Intl Quality Factor ETFScore 59
Rank 5CFICSFirst Trust International Developed Capital Strength ETFScore 45
Rank 6DEAFGPacer Developed Markets Cash Cows Growth Leaders ETFScore 25

Our read on each fund

ETF.net Research

FICSCFirst Trust International Developed Capital Strength ETF

IQLTBiShares MSCI Intl Quality Factor ETF

In short

FICS A balance-sheet screen shipped overseas. FICS holds roughly 60 developed-market names filtered for financial strength and lower volatility, and charges 0.70% for the sorting work.

IQLT Quality investing abroad, with the sector bets stripped out. IQLT holds developed-market companies picked for high return on equity, stable earnings and low debt, while keeping sector weights close to the broad market.

Stated mandate

FICS The fund seeks to track, before fees and expenses, the price and yield of The International Developed Capital StrengthTM Index. Normally, it invests at least 90% of net assets in the index’s common stocks and REITs.

IQLT The fund seeks to track an index of international developed-market stocks selected for high return on equity, stable earnings, and low debt.

Why people hold it

FICS Rules-based quality and low-volatility screen on developed international stocks, with at least 90% of net assets in the index's own common stocks and REITs.ftportfolios.com
Roughly 60 holdings, so the screen actually shows up in the portfolio instead of getting diluted into a market-cap blob.
Pure non-US developed exposure with no home-market overlap, and cash comes back on a quarterly schedule.
Running since its 2020 launch, tracking a named, published index rather than a manager's discretion.

IQLT The screen is refreshingly plain: high return on equity, stable earnings, low debt, spread across roughly 300 developed-market companies outside the US.ishares.com
Sector neutral by design. The quality tilt shows up in which companies it owns, not as a quiet overweight to whatever sector screens well that year.ishares.com
0.30% a year, below the typical international factor fund, and it has been running since 2015.
A multi-billion-dollar, actively traded fund, which puts it among the more established ways to own the quality factor overseas.

Worth knowing

FICS The 0.70% expense ratio sits above what plain index trackers in its cohort typically charge. That is the price of the screen.
One of the thinner traders in its category, so spreads can widen. Limit orders are the standard defense.
About 60 stocks with a quality and low-vol tilt means returns can diverge meaningfully from broad developed-market indexes in either direction.

IQLT Developed markets outside the US only. No American stocks, no emerging markets, so it fills one slot rather than covering the whole map.
A quality screen narrows the field to profitable, low-debt names, so results can diverge from the broad international market in either direction.
Cheaper factor options sit in the same aisle (QLVD, EFAV, ACWV), though each runs a different screen rather than sector-neutral quality.

Full FICS profile⁠

Full IQLT profile⁠

FICS vs IQLT Holdings

How FICS and IQLT differ

Overlap by weight

22.9%

Shared holdings make up 66.4% of FICS and 23.9% of IQLT.

Level by level

Holdings33 in both22.9%
Countryby domicile71.8%
Sector11 Sectors77.0%
Asset classEquity100%

Sector

Sector weights in FICS and IQLT, widest gap first
Sector	More in FICSMore in IQLT	FICS	IQLT
Technology	IQLT +10.6 points	0.0%	10.6%
Consumer Staples	FICS +7.5 points	14.0%	6.5%
Industrials	FICS +5.6 points	23.7%	18.1%
Materials	IQLT +5.0 points	1.9%	6.9%
Utilities	IQLT +3.8 points	0.0%	3.8%
Financials	FICS +3.7 points	30.4%	26.7%
Health Care	FICS +3.3 points	12.3%	9.0%
Communication	FICS +2.6 points	6.0%	3.4%
Energy	IQLT +2.3 points	4.0%	6.3%
Real Estate	IQLT +1.3 points	0.0%	1.3%
Consumer Discretionary	FICS +0.3 points	7.8%	7.5%

Country, concentration and asset class

Country by domicile

Country weights in FICS and IQLT, widest gap first
Country	More in FICSMore in IQLT	FICS	IQLT
Japan	IQLT +10.5 points	4.1%	14.6%
Switzerland	FICS +8.9 points	22.8%	13.9%
United Kingdom	IQLT +8.5 points	7.6%	16.1%
Canada	FICS +5.1 points	14.2%	9.1%
Netherlands	IQLT +4.9 points	2.0%	6.9%
Sweden	FICS +3.7 points	7.8%	4.1%
Singapore	FICS +3.0 points	5.9%	2.9%
Finland	FICS +2.7 points	4.0%	1.3%
Other countries (9)	FICS +0.6 points	31.7%	31.1%

Outside the US: FICS 98% developed, 2% emerging. IQLT 98% developed, 2% emerging.

Concentration

Weight in the 10 largest Holdings

FICS21.1%
IQLT23.6%

Securities held

FICS50
IQLT290

Asset class

FICS: Equity
IQLT: Equity

Holdings

Only in FICS17
In both33
Only in IQLT257

Only in FICS

17 securities, 33.4% of FICS by weight

Sgs S.a.2.10%
Aena SME, S.A.2.08%
Canadian Imperial Bank of Commerce2.06%
Swiss Life Holding AG (Registered)2.05%
Royal Bank of Canada2.04%
Shionogi & Co., Ltd.2.04%
Investor AB (Class B)2.02%
Washington H Soul Pattinson & Co., Ltd.1.99%
Singapore Telecommunications Limited1.97%
Woolworths Limited1.96%
DBS Group Holdings Limited1.96%
Poste Italiane SpA1.95%
Singapore Exchange Limited1.91%
Volvo AB (Class B)1.90%
ANTA Sports Products Limited1.90%
Atlas Copco AB (Class A)1.82%
Safran S.A.1.71%

Only in IQLT

257 securities, 75.5% of IQLT by weight

Asml Holding5.21%
Recruit Holdings Ltd1.99%
Shell1.96%
Advantest1.86%
Astrazeneca PLC1.85%
Abb Ltd1.71%
Tokio Marine Holdings1.62%
Bhp Group Ltd1.44%
Totalenergies1.43%
Iberdrola1.38%
Rolls-Royce Holdings PLC1.26%
Canadian Natural Resources Ltd1.14%
Schneider Electric1.14%
Tokyo Electron1.06%
Dbs Group Holdings Ltd1.03%
Novo Nordisk Class B0.94%
Deutsche Boerse AG0.91%
Oversea-Chinese Banking0.87%
Manulife Financial0.86%
Investor Class B0.83%
Wesfarmers0.76%
Nintendo0.76%
Fast Retailing0.75%
Lair Liquide Societe Anonyme Pour0.74%
Axa SA0.73%
Compagnie Financiere Richemont SA0.73%
National Grid PLC0.68%
London Stock Exchange Group PLC0.67%
Bae Systems PLC0.67%
Relx PLC0.65%
Ferrari0.64%
MS&AD Insurance Group Holdings0.63%
Kddi0.60%
Compass Group PLC0.56%
British American Tobacco0.55%
Rheinmetall AG0.53%
Sun Life Financial Inc0.53%
3I Group Fund PLC0.52%
Canadian National Railway0.52%
Atlas Copco Class A0.50%
Agnico Eagle Mines0.50%
Intact Financial Corp0.49%
Prudential PLC0.45%
Daiichi Life Group0.44%
Experian PLC0.42%
Qbe Insurance Group0.41%
Adyen0.41%
Caixabank SA0.41%
Hermes International0.40%
Assicurazioni Generali0.39%

Weight gaps

All 33 Holdings in both funds, largest gap first.

Holding weights in FICS and IQLT, widest gap first
Holding	More in FICSMore in IQLT	FICS	IQLT
Schindler Holding AG (Participation Certificate)	FICS +2.08 points	2.23%	0.15%
Coca-Cola HBC AGCCH.L	FICS +2.04 points	2.12%	0.08%
Astellas Pharma Inc.	FICS +1.98 points	2.10%	0.12%
Telstra Group Ltd	FICS +1.95 points	2.10%	0.15%
Sonova Holding AG (Registered)	FICS +1.95 points	2.02%	0.07%
Imperial Oil Ltd.	FICS +1.89 points	2.05%	0.16%
Kuehne + Nagel International AG (Registered)	FICS +1.87 points	2.03%	0.16%
Loblaw Companies Limited	FICS +1.84 points	1.98%	0.14%
Great-West Lifeco Inc.	FICS +1.80 points	2.03%	0.23%
Hannover Rueck SE	FICS +1.79 points	2.08%	0.29%
Alimentation Couche-Tard Inc.	FICS +1.77 points	1.95%	0.18%
Thales S.A.	FICS +1.76 points	1.98%	0.22%
Alfa Laval AB	FICS +1.75 points	1.89%	0.14%
Kone OYJ (Class B)	FICS +1.67 points	1.97%	0.30%
Sampo Oyj (Class A)	FICS +1.64 points	2.06%	0.42%
Publicis Groupe	FICS +1.59 points	1.93%	0.34%
Reckitt Benckiser Group PlcRKT.L	FICS +1.51 points	1.93%	0.42%
Swiss Re AG	FICS +1.44 points	2.03%	0.59%
L'Oreal S.A.	FICS +1.38 points	2.11%	0.73%
Suncor Energy Inc.	FICS +1.31 points	2.03%	0.72%
GSK PlcGSK.L	FICS +1.27 points	1.98%	0.71%
Rio Tinto PlcRIO.L	FICS +1.19 points	1.78%	0.59%
Industria de Diseno Textil, S.A. (Inditex)	FICS +1.12 points	1.98%	0.86%
LVMH Moet Hennessy Louis Vuitton SE	FICS +1.12 points	1.92%	0.80%
Hong Kong Exchanges and Clearing Limited	FICS +0.93 points	1.95%	1.02%
Muenchener Rueckversicherungs-Gesellschaft AG	FICS +0.88 points	2.04%	1.16%
Airbus SE	FICS +0.82 points	1.90%	1.08%
Allianz SE	IQLT +0.66 points	1.99%	2.65%
Unilever PlcULVR.L	FICS +0.57 points	1.95%	1.38%
Roche Holding AG	IQLT +0.37 points	2.11%	2.48%
Novartis AG	FICS +0.25 points	2.11%	1.86%
Zurich Insurance Group AG	FICS +0.19 points	2.02%	1.83%
Nestle S.A. (Registered)	FICS +0.16 points	2.03%	1.87%

All 51 FICS holdings⁠All 291 IQLT 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.

FICS vs IQLT Cost

Overpaying FICS vs IQLT

$7,457

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

FICS 0.70%
$13,606
IQLT 0.30%
$6,149

Amount$10,000

Years30 years

Cost over time

FICS 0.70%
IQLT 0.30%
Overpaying

Year by year

Year	FICS	IQLT	Overpaying
10	$1,250	$545	$705
20	$4,760	$2,113	$2,647
30	$13,606	$6,149	$7,457

Expense ratio

0.70%FICS
0.30%IQLT, cheaper

IQLT0.30%FICS0.70%

0.12%0.70%

Middle half of International Quality Index funds
Median 0.29%

IQLT 4th cheapest of 6 funds

FICS 6th cheapest of 6 funds

FICS vs IQLT Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FICS 1.87%; IQLT 2.37%, better
Payout (12M): FICS $0.78; IQLT $1.20
Last payment: FICS $0.10; IQLT $0.75
Ex-dividend: FICS Sep 24, 2026; IQLT Jun 15, 2026
Paid on: FICS Sep 30, 2026; IQLT Jun 18, 2026
Frequency: FICS Quarterly; IQLT Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

FICSQuarterly · 23 paymentsAll FICS payments⁠

IQLTTwice a year · 19 paymentsAll IQLT payments⁠

FICS vs IQLT Risk

Fall from peak · 5 years

FICS
IQLT

Risk facts

VolatilityStd dev, 3 years: FICS 12.3%IQLT 12.2%, better
Return per unit of riskSharpe ratio, 3 years: FICS 0.80IQLT 1.08, better
Worst fallMax drawdown, 5 years: FICS −29.2%, betterIQLT −29.7%
Market sensitivityBeta, 5 years: FICS 0.71IQLT 0.83; Market = 1

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