FNK vs IUSV: Grades, Fees and Holdings Compared

First Trust Mid Cap Value AlphaDEX Fund

FNKCNasdaq

iShares Core S&P U.S. Value ETF

IUSVANasdaq

Overlap

3.7%by weight

Expense ratio

IUSV −0.70pt a year

FNK0.74%IUSV0.04%

Avg volume · 30D

IUSV 79.5×the volume

FNK7.33KIUSV582K

10Y return · a year

IUSV +2.2pt

FNK+9.8%IUSV+12.0%

FNK vs IUSV Performance

Nov 9, 2021 – Nov 9, 2026

+47.4%FNK+70.1%IUSV

Expense ratio: FNK 0.74%; IUSV 0.04%, better
Fund size: FNK $238M; IUSV $28.2B
1Y total return: FNK +22.8%, better; IUSV +17.6%
Yield (12M): FNK 1.52%; IUSV 1.62%, better
Holdings: FNK 227; IUSV 734
Avg volume (30D): FNK 7.33K sh; IUSV 582K sh, better
NAV per share: FNK $63.53; IUSV $114.31
52W range

ETF.net Grade

Pillar letters and Scores for FNK, IUSV, with each pillar’s weight
Pillar	FNK	IUSV
Cost30% weight	F3	A96Higher
Mission25% weight	A93Higher	A89
Risk15% weight	D31	B62Higher
Tradability15% weight	C51	A81Higher
Holdings10% weight	A70Higher	C48
Durability5% weight	B55	A82Higher

Rank among US Value Index funds

How we build Categories ›

Same Category. FNK and IUSV are both graded against the same 40 US Value Index funds, so their Grades compare head to head.

US Value Index⁠

Category · 40 funds

See all 40 ›

IUSV ranks 3rd and FNK 33rd of 40 funds in the US Value Index Category.

Rank 1ASCHVSchwab U.S. Large-Cap Value ETFScore 85
Rank 2AVTVVanguard Morningstar Value ETFScore 82
Rank 3AIUSViShares Core S&P U.S. Value ETFScore 81
Rank 4AIWDiShares Russell 1000 Value ETFScore 77
Rank 32CNIXTResearch Affiliates Deletions ETFScore 46
Rank 33CFNKFirst Trust Mid Cap Value AlphaDEX FundScore 45
Rank 34CFYTFirst Trust Small Cap Value AlphaDEX FundScore 44

Our read on each fund

ETF.net Research

FNKCFirst Trust Mid Cap Value AlphaDEX Fund

IUSVAiShares Core S&P U.S. Value ETF

In short

FNK Not a plain value index fund: the AlphaDEX screen ranks mid-cap value stocks on growth and value metrics, keeps a subset and weights by rank rather than size. A quant strategy in an index wrapper, priced closer to active.

IUSV A value fund with a wider net: it tracks the S&P 900 Value Index, which screens S&P 500 and MidCap 400 stocks on book value, earnings and sales versus price. Roughly 700 names, 0.04% a year, running since 2000.

Stated mandate

FNK The Fund seeks to track, before fees and expenses, the price and yield performance of the Nasdaq AlphaDEX Mid Cap Value Index. The index uses AlphaDEX to select and weight securities from the Nasdaq US 600 Mid Cap Value Index.

IUSV The fund seeks to track the S&P 900 Value Index, which represents large- and mid-capitalization U.S. value equities. Value characteristics are identified using book value, earnings, and sales relative to price.

Why people hold it

FNK Rank drives weight, not market cap: the AlphaDEX screen scores stocks on growth and value metrics, then tiers them, so size alone doesn't buy a big slot.ftportfolios.com otcmarkets.com
Roughly 230 mid-cap names, so no single stock steers the portfolio.
Running since 2011, one of the longer-lived rules-based factor funds, and it distributes quarterly.

IUSV Costs 0.04% a year, a fraction of the typical US value ETF, and level with the cheapest of its large peers like SCHV.
The index reaches past the S&P 500 into the S&P MidCap 400, so mid-cap value names come along. Large-cap-only rivals such as SCHV stop short of them.spindices.com
A 2000 vintage and now a multi-billion-dollar iShares Core holding: it trades actively, tracks its index closely, and pays quarterly.

Worth knowing

FNK At 0.74% a year it sits at the pricey end of the factor aisle (VONV charges 0.06%, FNDX 0.25%), and that cost is what keeps it in the back of its peer group.
Thinly traded, so spreads can run wider than on household-name index ETFs; the cost of getting in and out matters more here.
Value label, but the screen scores growth metrics too, so the basket won't always look like a textbook value fund.ftportfolios.com

IUSV S&P's style system splits the parent index by formula, and stocks with both value and growth traits can sit in each. This is the cheap half of the market, not a deep-value sleeve.spglobal.com spglobal.com 2
The screen is pure price ratios (book value, earnings, sales), with no profitability or quality filter, so cheap-for-a-reason names are part of the deal.spglobal.com
Holdings are float-market-cap weighted, so the biggest value names drive most of the movement.spglobal.com

Full FNK profile⁠

Full IUSV profile⁠

FNK vs IUSV Holdings

How FNK and IUSV differ

Overlap by weight

3.7%

Shared holdings make up 69.0% of FNK and 3.7% of IUSV.

Level by level

Holdings158 in both3.7%
Sector11 Sectors73.7%
Countryby domicile99.2%
Asset classStocks100%

Sector

Sector weights in FNK and IUSV, widest gap first
Sector	Gap	FNK	IUSV
Technology	IUSV +12.4 points	5.8%	18.2%
Financials	FNK +10.9 points	27.0%	16.1%
Health Care	IUSV +9.8 points	3.5%	13.3%
Consumer Discretionary	FNK +9.2 points	19.5%	10.3%
Consumer Staples	IUSV +4.1 points	5.3%	9.4%
Energy	FNK +3.1 points	10.6%	7.5%
Utilities	FNK +1.3 points	5.5%	4.2%
Real Estate	FNK +1.3 points	4.8%	3.5%
Industrials	FNK +0.5 points	11.8%	11.3%
Communication	Same weight	2.6%	2.6%
Materials	Same weight	3.6%	3.6%

Country, concentration and asset class

Country by domicile

Country weights in FNK and IUSV, widest gap first
Country	Gap	FNK	IUSV
India	FNK +0.7 points	0.7%	0.0%
Switzerland	IUSV +0.6 points	0.0%	0.6%
Other countries (5)	IUSV +0.1 points	99.3%	99.4%

Concentration

Weight in the 10 largest Holdings

FNK8.5%
IUSV23.1%

Securities held

FNK226
IUSV731

Asset class

FNK: Stocks
IUSV: Stocks

Holdings

Only in FNK68
In both158
Only in IUSV573

Only in FNK

68 securities, 30.9% of FNK by weight

ADT Inc.1.12%
Mohawk Industries, Inc.0.83%
EPAM Systems, Inc.0.81%
Radian Group Inc.0.81%
Boyd Gaming Corporation0.79%
Lyft, Inc. (Class A)0.79%
Axis Capital Holdings Limited0.78%
White Mountains Insurance Group Ltd.0.77%
Enact Holdings, Inc.0.74%
Versant Media Group, Inc. (Class A)0.73%
Magnolia Oil & Gas Corporation (Class A)0.70%
Millrose Properties, Inc. (Class A)0.69%
Lincoln National Corporation0.69%
Amentum Holdings, Inc.0.65%
The Campbell's Company0.64%
Reynolds Consumer Products Inc.0.62%
International Seaways, Inc.0.61%
Urban Outfitters, Inc.0.61%
SM Energy Company0.61%
JBS N.V. (Class A)0.61%
LKQ Corporation0.61%
Meritage Homes Corporation0.60%
ACADIA Pharmaceuticals Inc.0.58%
Mercury General Corporation0.58%
Rithm Capital Corp.0.57%
OneMain Holdings, Inc.0.56%
Eastman Chemical Company0.55%
Churchill Downs Incorporated0.54%
Core Natural Resources, Inc.0.51%
JBT Marel Corporation0.50%
Crescent Energy Company0.48%
Federated Hermes, Inc. (Class B)0.47%
Boot Barn Holdings, Inc.0.45%
Axos Financial, Inc.0.44%
The Trade Desk, Inc. (Class A)0.44%
Fulton Financial Corporation0.44%
Atlantic Union Bankshares Corporation0.43%
Affiliated Managers Group, Inc.0.41%
Warrior Met Coal, Inc.0.40%
Ingram Micro Holding Corporation0.39%
Gates Industrial Corporation Ltd.0.38%
Venture Global, Inc. (Class A)0.38%
Lamb Weston Holdings, Inc.0.37%
Herc Holdings, Inc.0.34%
Lineage, Inc.0.32%
Waystar Holding Corp.0.31%
Builders FirstSource, Inc.0.30%
Ollie's Bargain Outlet Holdings, Inc.0.29%
BOK Financial Corporation0.28%
Popular, Inc.0.28%

Only in IUSV

573 securities, 96.1% of IUSV by weight

Apple7.88%
Amazon.com Inc3.77%
Exxonmobil Holdings Corp2.15%
Walmart1.76%
Costco Wholesale Corp1.47%
Chevron1.33%
Procter & Gamble1.21%
Tesla Inc1.21%
Merck & Co Inc1.14%
UnitedHealth Group1.12%
Home Depot1.08%
Visa Class A1.02%
Bank of America1.01%
JPMorgan Chase & Co0.90%
Intel Corporation0.88%
AbbVie0.88%
Johnson & Johnson0.86%
Thermo Fisher Scientific0.81%
Wells Fargo0.80%
Texas Instrument0.80%
Linde PLC0.75%
Coca-Cola0.68%
Walt Disney0.64%
Citigroup0.63%
Pepsico0.61%
Abbott Laboratories0.60%
Verizon Communications Inc0.60%
Nextera Energy0.57%
Analog Devices0.56%
Qualcomm0.56%
Salesforce0.55%
Mastercard Class A0.55%
Cisco Systems Inc0.55%
Union Pacific0.54%
BlackRock0.54%
Deere0.53%
Pfizer0.53%
Conocophillips0.52%
Ge Aerospace0.51%
Accenture PLC Class A0.50%
Charles Schwab0.47%
AT&T0.47%
Danaher0.45%
Vertex Pharmaceuticals0.44%
Philip Morris International0.43%
Eaton PLC0.42%
Chubb0.40%
Altria Group Inc0.40%
Bristol Myers Squibb0.40%
Lowes Companies Inc0.40%

Weight gaps

The 100 widest of 158 Holdings in both funds.

Holding weights in FNK and IUSV, widest gap first
Holding	Gap	FNK	IUSV
Range Resources CorporationRRC	FNK +0.87 points	0.91%	0.04%
Sirius XM Holdings Inc.SIRI	FNK +0.84 points	0.86%	0.02%
Spire Inc.SR	FNK +0.80 points	0.81%	<0.01%
CNX Resources CorporationCNX	FNK +0.75 points	0.77%	0.02%
MGIC Investment CorporationMTG	FNK +0.75 points	0.76%	<0.01%
Southwest Gas Holdings, Inc.SWX	FNK +0.75 points	0.77%	0.02%
Essent Group Ltd.ESNT	FNK +0.75 points	0.76%	0.01%
Bank OZKOZK	FNK +0.74 points	0.76%	0.02%
Universal Health Services, Inc. (Class B)UHS	FNK +0.74 points	0.77%	0.03%
First American Financial CorporationFAF	FNK +0.74 points	0.76%	0.02%
RenaissanceRe Holdings Ltd.RNR	FNK +0.73 points	0.75%	0.02%
Everest Group, Ltd.EG	FNK +0.73 points	0.78%	0.05%
Antero Resources CorporationAR	FNK +0.72 points	0.75%	0.03%
Lithia Motors, Inc.LAD	FNK +0.71 points	0.73%	0.02%
Genpact LimitedG	FNK +0.71 points	0.72%	0.01%
H&R Block, Inc.HRB	FNK +0.70 points	0.71%	<0.01%
Crocs, Inc.CROX	FNK +0.70 points	0.71%	0.01%
Sonoco Products CompanySON	FNK +0.69 points	0.71%	0.02%
APA CorporationAPA	FNK +0.69 points	0.74%	0.05%
McCormick & Company, IncorporatedMKC	FNK +0.68 points	0.72%	0.04%
Macy's, Inc.M	FNK +0.68 points	0.70%	0.02%
Chord Energy CorporationCHRD	FNK +0.68 points	0.70%	0.02%
Commercial Metals CompanyCMC	FNK +0.67 points	0.69%	0.02%
National Fuel Gas CompanyNFG	FNK +0.66 points	0.67%	<0.01%
Matador Resources CompanyMTDR	FNK +0.65 points	0.67%	0.02%
Murphy Oil CorporationMUR	FNK +0.65 points	0.67%	0.02%
Black Hills CorporationBKH	FNK +0.65 points	0.67%	0.02%
Ingredion IncorporatedINGR	FNK +0.64 points	0.66%	0.02%
Silgan Holdings Inc.SLGN	FNK +0.64 points	0.65%	0.01%
Selective Insurance Group, Inc.SIGI	FNK +0.64 points	0.66%	0.02%
The Gap, Inc.GAP	FNK +0.63 points	0.65%	0.02%
AutoNation, Inc.AN	FNK +0.64 points	0.65%	0.01%
Lear CorporationLEA	FNK +0.62 points	0.64%	0.02%
Gentex CorporationGNTX	FNK +0.62 points	0.63%	<0.01%
Alcoa CorporationAA	FNK +0.62 points	0.65%	0.03%
ONE Gas, Inc.OGS	FNK +0.60 points	0.62%	0.02%
Abercrombie & Fitch Co. (Class A)ANF	FNK +0.60 points	0.61%	0.01%
Tyson Foods, Inc. (Class A)TSN	FNK +0.60 points	0.65%	0.05%
PBF Energy Inc.PBF	FNK +0.58 points	0.60%	0.02%
Toll Brothers, Inc.TOL	FNK +0.58 points	0.63%	0.05%
EPR PropertiesEPR	FNK +0.58 points	0.59%	<0.01%
Old Republic International CorporationORI	FNK +0.58 points	0.59%	0.01%
The Cooper Companies, Inc.COO	FNK +0.57 points	0.61%	0.04%
DICK'S Sporting Goods, Inc.DKS	FNK +0.56 points	0.58%	0.02%
Oshkosh CorporationOSK	FNK +0.57 points	0.58%	0.01%
Textron Inc.TXT	FNK +0.56 points	0.61%	0.05%
UFP Industries Inc.UFPI	FNK +0.56 points	0.57%	0.01%
F.N.B. CorporationFNB	FNK +0.55 points	0.57%	0.02%
Host Hotels & Resorts, Inc.HST	FNK +0.56 points	0.61%	0.05%
Portland General Electric CompanyPOR	FNK +0.55 points	0.57%	0.02%
UGI CorporationUGI	FNK +0.55 points	0.57%	0.02%
Gaming and Leisure Properties, Inc.GLPI	FNK +0.55 points	0.57%	0.02%
Vontier CorporationVNT	FNK +0.55 points	0.56%	0.01%
SouthState Bank CorporationSSB	FNK +0.55 points	0.58%	0.03%
Zions Bancorporation, National AssociationZION	FNK +0.54 points	0.57%	0.03%
Western Alliance BancorporationWAL	FNK +0.54 points	0.56%	0.02%
Ally Financial Inc.ALLY	FNK +0.53 points	0.56%	0.03%
TransUnionTRU	FNK +0.53 points	0.55%	0.02%
Solventum CorporationSOLV	FNK +0.53 points	0.57%	0.04%
Norwegian Cruise Line Holdings Ltd.NCLH	FNK +0.50 points	0.51%	0.01%
Aptiv PlcAPTV	FNK +0.48 points	0.51%	0.03%
Nexstar Media Group, Inc.NXST	FNK +0.48 points	0.49%	<0.01%
Booz Allen Hamilton Holding CorporationBAH	FNK +0.48 points	0.51%	0.03%
The Hanover Insurance Group, Inc.THG	FNK +0.45 points	0.47%	0.02%
Ryder System, Inc.R	FNK +0.45 points	0.48%	0.03%
Floor & Decor Holdings, Inc. (Class A)FND	FNK +0.44 points	0.46%	0.02%
Eagle Materials Inc.EXP	FNK +0.44 points	0.45%	<0.01%
Valley National BancorpVLY	FNK +0.44 points	0.46%	0.02%
Fidelity National Financial, Inc.FNF	FNK +0.44 points	0.47%	0.03%
Weatherford International PlcWFRD	FNK +0.43 points	0.44%	0.01%
Darling Ingredients Inc.DAR	FNK +0.44 points	0.46%	0.02%
OGE Energy Corp.OGE	FNK +0.43 points	0.46%	0.03%
New Jersey Resources CorporationNJR	FNK +0.42 points	0.44%	0.02%
Pinnacle West Capital CorporationPNW	FNK +0.42 points	0.46%	0.04%
Associated Banc-CorpASB	FNK +0.42 points	0.44%	0.02%
KBR, Inc.KBR	FNK +0.43 points	0.44%	0.01%
Deckers Outdoor CorporationDECK	FNK +0.42 points	0.46%	0.04%
Home BancShares, Inc.HOMB	FNK +0.42 points	0.44%	0.02%
CNO Financial Group, Inc.CNO	FNK +0.41 points	0.43%	0.02%
American Homes 4 Rent (Class A)AMH	FNK +0.42 points	0.45%	0.03%
Columbia Banking System, Inc.COLB	FNK +0.41 points	0.44%	0.03%
Huntington Ingalls Industries, Inc.HII	FNK +0.41 points	0.45%	0.04%
Wintrust Financial CorporationWTFC	FNK +0.41 points	0.44%	0.03%
SLM CorporationSLM	FNK +0.41 points	0.41%	<0.01%
Jefferies Financial Group Inc.JEF	FNK +0.41 points	0.43%	0.02%
Alaska Air Group, Inc.ALK	FNK +0.41 points	0.42%	0.01%
Sprouts Farmers Market, Inc.SFM	FNK +0.40 points	0.41%	<0.01%
UMB Financial CorporationUMBF	FNK +0.40 points	0.43%	0.03%
Old National BancorpONB	FNK +0.39 points	0.42%	0.03%
GameStop Corp. (Class A)GME	FNK +0.39 points	0.42%	0.03%
First Horizon CorporationFHN	FNK +0.38 points	0.41%	0.03%
AGCO CorporationAGCO	FNK +0.38 points	0.40%	0.02%
V.F. CorporationVFC	FNK +0.38 points	0.40%	0.02%
Kirby CorporationKEX	FNK +0.37 points	0.38%	0.01%
ESAB CorporationESAB	FNK +0.34 points	0.35%	<0.01%
GXO Logistics, Inc.GXO	FNK +0.32 points	0.34%	0.02%
Erie Indemnity CompanyERIE	FNK +0.32 points	0.34%	0.02%
RLI Corp.RLI	FNK +0.32 points	0.34%	0.02%
Simpson Manufacturing Co., Inc.SSD	FNK +0.31 points	0.32%	0.01%
Stanley Black & Decker, Inc.SWK	FNK +0.30 points	0.36%	0.06%

All 226 FNK holdings⁠All 732 IUSV 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.

FNK vs IUSV Cost

Overpaying FNK vs IUSV

$13,458

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

FNK 0.74%
$14,307
IUSV 0.04%
$849

Amount$10,000

Years30 years

Cost over time

FNK 0.74%
IUSV 0.04%
Overpaying

Year by year

Year	FNK	IUSV	Overpaying
10	$1,319	$73	$1,246
20	$5,015	$288	$4,727
30	$14,307	$849	$13,458

Expense ratio

0.74%FNK
0.04%IUSV, cheaper

IUSV0.04%FNK0.74%

0.03%0.80%

Middle half of US Value Index funds
Median 0.20%

IUSV 3rd cheapest of 40 funds

FNK 39th cheapest of 40 funds

FNK vs IUSV Dividends

Last 12 months to Nov 9, 2026

Yield (12M): FNK 1.52%; IUSV 1.62%, better
Payout (12M): FNK $0.98; IUSV $1.89
Last payment: FNK $0.28; IUSV $0.49
Ex-dividend: FNK Sep 24, 2026; IUSV Sep 15, 2026
Paid on: FNK Sep 30, 2026; IUSV Sep 18, 2026
Frequency: FNK Quarterly; IUSV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FNKQuarterly · 39 paymentsAll FNK payments⁠

IUSVQuarterly · 39 paymentsAll IUSV payments⁠

FNK vs IUSV Risk

Fall from peak · 5 years

FNK
IUSV

Risk facts

VolatilityStd dev, 3 years: FNK 17.7%IUSV 11.9%, better
Return per unit of riskSharpe ratio, 3 years: FNK 0.71IUSV 1.15, better
Worst fallMax drawdown, 5 years: FNK −25.2%IUSV −17.9%, better
Market sensitivityBeta, 5 years: FNK 0.98IUSV 0.84; Market = 1

FNK and IUSV in the news

All news⁠

Category Review
One US value fund returned 68% with Micron at 22.5%. The median returned 22%
Updated Sep 23, 2026IUSV

Popular comparisons

FNKCvsSCHVA
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FNK vs IUSV

In short

Stated mandate

Why people hold it

Worth knowing

How FNK and IUSV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FNK

Only in IUSV

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

One US value fund returned 68% with Micron at 22.5%. The median returned 22%

How FNK and IUSV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FNK

Only in IUSV

Weight gaps