FNX vs ILCV: Grades, Fees and Holdings Compared

First Trust Mid Cap Core AlphaDEX Fund

FNXCNasdaq

iShares Morningstar Value ETF

ILCVANYSE Arca

Overlap

0.2%by weight

Expense ratio

ILCV −0.58pt a year

FNX0.62%ILCV0.04%

Avg volume · 30D

ILCV 1.6×the volume

FNX14.9KILCV24.4K

10Y return · a year

ILCV +0.4pt

FNX+11.9%ILCV+12.3%

FNX vs ILCV Performance

Oct 29, 2021 – Oct 30, 2026

+45.4%FNX+81.1%ILCV

Expense ratio: FNX 0.62%; ILCV 0.04%, better
Fund size: FNX $1.41B; ILCV $1.37B
1Y total return: FNX +14.7%; ILCV +21.0%, better
Yield (12M): FNX 0.98%; ILCV 1.51%, better
Holdings: FNX 452; ILCV 375
Avg volume (30D): FNX 14.9K sh; ILCV 24.4K sh, better
NAV per share: FNX $141.27; ILCV $109.27
52W range

ETF.net Grade

Pillar letters and Scores for FNX, ILCV, with each pillar’s weight
Pillar	FNX	ILCV
Cost30% weight	F11	A99Higher
Mission25% weight	A99Higher	A82
Risk15% weight	D30	A90Higher
Tradability15% weight	C52	B64Higher
Holdings10% weight	A84Higher	D39
Durability5% weight	A70	A82Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. FNX 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 FNX 56th 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 56CFLQSFranklin U.S. Small Cap Multifactor Index ETFScore 52
Rank 56CFNXFirst Trust Mid Cap Core AlphaDEX FundScore 52
Rank 56CGRPMInvesco S&P MidCap 400 GARP ETFScore 52

Our read on each fund

ETF.net Research

FNXCFirst Trust Mid Cap Core AlphaDEX Fund

ILCVAiShares Morningstar Value ETF

In short

FNX One of the original smart-beta funds (2007): FNX runs the Nasdaq US 600 mid caps through First Trust's AlphaDEX growth-and-value screen and holds roughly 500 survivors. Screened mid-cap exposure, priced closer to active management.

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

FNX The Fund is an exchange-traded fund seeking results that generally correspond to the price and yield of the Nasdaq AlphaDEX Mid Cap Core Index before fees and expenses. The index uses an enhanced selection process for stocks from the Nasdaq US 600 Mid Cap 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

FNX Launched in 2007, before smart beta was even a marketing category. The AlphaDEX screen has been grinding through mid caps for more than 15 years.ftportfolios.com
Not a closet mid-cap index. Names are pulled from the Nasdaq US 600 Mid Cap universe by an enhanced selection process that scores stocks on growth and value marks.ftportfolios.com
Roughly 500 holdings, so no single stock steers the fund. Distributions land quarterly.
A multi-billion-dollar fund and the mid-cap anchor of First Trust's AlphaDEX lineup, which has kept the strategy funded through multiple market cycles.

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

FNX At 0.62%, it sits near the top of the US multifactor cost range. Broad rivals such as VONV and IUSG charge a small fraction of that.
Thinly traded next to the category's giants, so the spread you pay at the screen can matter as much as the expense ratio.
Screening on growth and value together means the portfolio can look nothing like a plain mid-cap index, in either direction. That is the design, not a defect.

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 FNX profile⁠

Full ILCV profile⁠

FNX vs ILCV Holdings

How FNX and ILCV differ

Overlap by weight

0.2%

Shared holdings make up 1.9% of FNX and 0.2% of ILCV.

Level by level

Holdings9 in both0.2%
Sector11 Sectors77.2%
Countryby domicile99.5%
Asset classEquity100%

Sector

Sector weights in FNX and ILCV, widest gap first
Sector	More in FNXMore in ILCV	FNX	ILCV
Technology	ILCV +10.5 points	13.4%	23.9%
Industrials	FNX +8.0 points	14.8%	6.9%
Consumer Discretionary	FNX +6.9 points	15.5%	8.6%
Communication	ILCV +6.9 points	1.9%	8.8%
Real Estate	FNX +4.6 points	6.3%	1.7%
Consumer Staples	ILCV +3.7 points	3.6%	7.3%
Health Care	ILCV +1.8 points	11.6%	13.4%
Energy	FNX +1.2 points	7.8%	6.6%
Materials	FNX +1.1 points	3.1%	2.1%
Financials	FNX +1.0 points	18.7%	17.7%
Utilities	FNX +0.1 points	3.1%	3.0%

Country, concentration and asset class

Country by domicile

Country weights in FNX and ILCV, widest gap first
Country	More in FNXMore in ILCV	FNX	ILCV
United States	FNX +0.1 points	99.3%	99.2%
India	FNX +0.4 points	0.4%	0.0%
Switzerland	ILCV +0.2 points	0.2%	0.4%
Brazil	ILCV +0.1 points	0.0%	0.1%
United Kingdom	ILCV +0.1 points	0.0%	0.1%
China	ILCV +0.1 points	0.0%	0.1%
Ireland	ILCV +0.1 points	0.0%	0.1%

Concentration

Weight in the 10 largest Holdings

FNX4.7%
ILCV34.4%

Securities held

FNX451
ILCV372

Asset class

FNX: Equity
ILCV: Equity

Holdings

Only in FNX442
In both9
Only in ILCV363

Only in FNX

442 securities, 98.0% of FNX by weight

ADT Inc.0.57%
Range Resources Corporation0.52%
Glaukos Corporation0.51%
EPAM Systems, Inc.0.46%
APA Corporation0.45%
Antero Resources Corporation0.45%
Genpact Limited0.43%
Amentum Holdings, Inc.0.43%
CNX Resources Corporation0.43%
Qualys, Inc.0.42%
SM Energy Company0.42%
Urban Outfitters, Inc.0.42%
Murphy Oil Corporation0.42%
Halozyme Therapeutics, Inc.0.42%
Matador Resources Company0.42%
Hinge Health, Inc. (Class A)0.42%
Concentra Group Holdings Parent, Inc.0.41%
Chord Energy Corporation0.41%
Radian Group Inc.0.41%
Essent Group Ltd.0.41%
Spire Inc.0.41%
PACS Group, Inc.0.41%
Southwest Gas Holdings, Inc.0.40%
Haemonetics Corporation0.40%
White Mountains Insurance Group Ltd.0.40%
Magnolia Oil & Gas Corporation (Class A)0.40%
Everest Group, Ltd.0.40%
Sirius XM Holdings Inc.0.40%
Caris Life Sciences, Inc.0.40%
Mohawk Industries, Inc.0.40%
LifeStance Health Group, Inc.0.39%
Axis Capital Holdings Limited0.39%
Coca-Cola Consolidated, Inc.0.39%
Bank OZK0.39%
Crescent Energy Company0.39%
MGIC Investment Corporation0.39%
TG Therapeutics, Inc.0.39%
Brinker International, Inc.0.39%
Boyd Gaming Corporation0.39%
Victoria's Secret & Co.0.39%
Enact Holdings, Inc.0.39%
RingCentral, Inc. (Class A)0.39%
Rubrik, Inc. (Class A)0.38%
UGI Corporation0.38%
Toll Brothers, Inc.0.38%
Lyft, Inc. (Class A)0.38%
Dropbox, Inc. (Class A)0.38%
The Cheesecake Factory Incorporated0.38%
Amneal Pharmaceuticals, Inc.0.38%
RenaissanceRe Holdings Ltd.0.38%

Only in ILCV

363 securities, 99.6% of ILCV by weight

Microsoft8.45%
Apple7.24%
Amazon.com Inc3.08%
Berkshire Hathaway Inc Class B2.84%
JPMorgan Chase & Co2.60%
Meta Platforms Class A2.50%
Exxonmobil Holdings Corp2.14%
Alphabet Class A2.04%
Johnson & Johnson1.89%
Alphabet Class C1.65%
AbbVie1.46%
Micron Technology1.35%
Tesla Inc1.24%
Chevron1.23%
Cisco Systems Inc1.22%
Procter & Gamble1.06%
UnitedHealth Group1.05%
Coca-Cola1.03%
Merck & Co Inc1.03%
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%
Gilead Sciences0.58%
Qualcomm0.56%
Walt Disney0.54%
Salesforce0.52%
Pepsico0.52%
Mcdonalds Corp0.52%
Verizon Communications Inc0.52%
Abbott Laboratories0.51%
Conocophillips0.51%
Union Pacific0.51%
Nextera Energy0.49%
Pfizer0.49%
BlackRock0.46%
Texas Instrument0.45%
Danaher0.43%

Weight gaps

All 9 Holdings in both funds, largest gap first.

Holding weights in FNX and ILCV, widest gap first
Holding	More in FNXMore in ILCV	FNX	ILCV
Alcoa CorporationAA	FNX +0.30 points	0.33%	0.03%
Textron Inc.TXT	FNX +0.29 points	0.32%	0.03%
DICK'S Sporting Goods, Inc.DKS	FNX +0.27 points	0.30%	0.03%
Tyson Foods, Inc. (Class A)TSN	FNX +0.27 points	0.32%	0.05%
Fidelity National Financial, Inc.FNF	FNX +0.19 points	0.22%	0.03%
Albemarle CorporationALB	FNX +0.11 points	0.12%	0.01%
Mid-America Apartment Communities, Inc.MAA	FNX +0.10 points	0.14%	0.04%
TKO Group Holdings, Inc. (Class A)TKO	FNX +0.06 points	0.07%	0.01%
Watsco, Inc.WSO	FNX +0.06 points	0.07%	0.01%

All 451 FNX 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.

FNX vs ILCV Cost

Overpaying FNX vs ILCV

$11,330

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

FNX 0.62%
$12,179
ILCV 0.04%
$849

Amount$10,000

Years30 years

Cost over time

FNX 0.62%
ILCV 0.04%
Overpaying

Year by year

Year	FNX	ILCV	Overpaying
10	$1,111	$73	$1,038
20	$4,246	$288	$3,958
30	$12,179	$849	$11,330

Expense ratio

0.62%FNX
0.04%ILCV, cheaper

ILCV0.04%FNX0.62%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

ILCV cheapest of 99 funds

FNX 88th cheapest of 99 funds

FNX vs ILCV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FNX 0.98%; ILCV 1.51%, better
Payout (12M): FNX $1.38; ILCV $1.65
Last payment: FNX $0.41; ILCV $0.42
Ex-dividend: FNX Sep 24, 2026; ILCV Sep 15, 2026
Paid on: FNX Sep 30, 2026; ILCV Sep 18, 2026
Frequency: FNX Quarterly; ILCV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FNXQuarterly · 39 paymentsAll FNX payments⁠

ILCVQuarterly · 39 paymentsAll ILCV payments⁠

FNX vs ILCV Risk

Fall from peak · 5 years

FNX
ILCV

Risk facts

VolatilityStd dev, 3 years: FNX 17.1%ILCV 10.7%, better
Return per unit of riskSharpe ratio, 3 years: FNX 0.85ILCV 1.57, better
Worst fallMax drawdown, 5 years: FNX −25.0%ILCV −18.6%, better
Market sensitivityBeta, 5 years: FNX 1.07ILCV 0.82; Market = 1

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