At a glance
FLCV charges 0.32% a year, above the 0.19% average of the 8 funds most like it (the most expensive of 9). It has $139.3M in assets, the 8th largest of that group; it paid 0.69% of its price in distributions over the past 12 months, annual. Over the past year it returned +24.1% with distributions reinvested (S&P 500: +11.5%), 2nd of those 9 funds. Its ten largest positions make up 30.5% of the fund, out of 125 in all.
The short version
Federated Hermes MDT Large Cap Value ETF (FLCV) is an actively managed fund. It uses a computer-driven model to pick large U.S. value stocks, mostly from the Russell 1000 Value Index. It charges 0.32% a year after a fee waiver, the highest of nine similar funds compared, where the average is 0.19%. It launched on July 31, 2024, so its track record is short.
Price history
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FLCV +24.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| FLCV official prospectus, to Dec 31, 2025 | — | +15.47% | — | — | — | +16.03% |
| FLCV price data to Oct 27, 2026 | +21.7% | +24.1% | — | — | — | +19.8% |
- Over the year to Oct 27, 2026, FLCV returned +24.1%, 2nd of 9 among similar funds.
- Its worst full calendar year was 2025 (+15.7%); its best was 2025 (+15.7%).
- The deepest fall in its price history was 15.9% (Nov 26, 2024 to Apr 8, 2025), recovered by Jun 24, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +21.7% | — |
| 2025 | +15.7% | +15.47% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.2600 |
What's inside
As of Aug 31, 2026, the fund held 125 securities; the ten largest made up 30.46% of assets.
| Holding | Weight | |
|---|---|---|
| APPLE INC | 5.90% | |
| AMAZON.COM INC | 5.68% | |
| MICROSOFT CORP | 4.06% | |
| ABBVIE INC | 2.77% | |
| FISERV INC | 2.15% | |
| WALMART INC | 2.04% | |
| TRAVELERS COMPANIES INC (THE) | 2.02% | |
| STATE STREET CORP | 2.00% | |
| JOHNSON & JOHNSON | 1.99% | |
| JP MORGAN CHASE & COMPANY | 1.84% | |
| AMERIPRISE FINANCIAL INC | 1.73% | |
| PRUDENTIAL FINANCIAL INC | 1.70% | |
| BANK OF NEW YORK MELLON CORP (THE) | 1.61% | |
| COSTCO WHOLESALE CORP | 1.59% | |
| EXXONMOBIL HOLDINGS CORP | 1.57% |
By country
United States 97.33%Ireland 1.15%Puerto Rico 0.81%British Virgin Islands 0.12%By asset type
Stocks 99.41%By sector
Sectors of the companies held, for the 81.2% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $35.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.61%, +2.99%, +1.52%.
How it works
The fund picks most of its stocks from the Russell 1000 Value Index. That index tracks large U.S. companies with lower price-to-book ratios (share price compared with the company's accounting net worth) and lower forecast growth. At least 80% of net assets must be in large-cap value stocks. FLCV doesn't try to copy the index. It aims to beat it while keeping risk relative to it in check. Its sector weights roughly mirror the index, so financials, health care and industrials can be large.
A quantitative model chooses the stocks. It scores companies on fundamental measures (business data such as earnings) and technical measures (price and trading patterns). The goal is to take emotion out of stock picking. Limits on single companies, and on groups of stocks that tend to move together, keep the portfolio diversified. The model trades only when it expects a gain after trading costs. There's no fixed rebalancing calendar like an index fund has. The fund trades actively instead, and portfolio turnover was 68%. That can produce short-term capital gains, which are usually taxed at higher rates than long-term gains.
As of August 31, 2026, the fund held 125 stocks, 0.51% cash and no derivatives. Its 10 largest positions made up 30.5% of assets. Apple, Amazon and Microsoft led the list.
What it really costs
- FLCV charges 0.32% a year, versus an average of 0.19% for the similar funds below (9th of 9, cheapest first).
- Of that, 0.42% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.11% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $44 in the first year and $542 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FLCV | $44 | $138 | $241 | $542 |
In a retirement portfolio
It holds about 125 large U.S. stocks across many sectors, so it could fill a large-cap value slot, though its short record and above-average cost call for caution.
FLCV launched on July 31, 2024, so it has no record from the 2008, 2020 or 2022 market declines. Its deepest drop was 15.9%, from November 26, 2024, to April 8, 2025. It was back to its prior high by June 24, 2025, about 2.5 months later. Its only full calendar year, 2025, returned 15.47%, so it hasn't had a losing year to study yet. A retiree who had to sell shares during that spring dip would have sold at lower prices. Income is small: the trailing yield was 0.69% as of October 27, 2026, paid once a year. On the SEC's standard $10,000 example, costs come to $44 after one year and $542 after 10 years. Past results don't predict future returns, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a rules-based, actively managed large-cap value fund that aims to beat the Russell 1000 Value Index while limiting risk against it.
- Those comfortable that Apple, Amazon and Microsoft together made up about 15.6% of assets as of August 31, 2026.
- Holders in tax-advantaged accounts such as IRAs, where 68% turnover and possible short-term gains matter less.
Look elsewhere if
- Cost-focused investors: SPYV and IUSV charge 0.04% and IWD 0.19%, compared with FLCV's 0.32% after a fee waiver.
- Income seekers: the trailing yield was 0.69% as of October 27, 2026, and the fund pays only once a year.
- Anyone who wants a long track record: the fund launched in July 2024 and hasn't been through a major bear market.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FLCV this fund | — | 0.32% | $139.3M | +24.1% | — |
| FLCC Federated Hermes MDT Large Cap Core ETF | 58% | 0.29% | $132.8M | +14.1% | — |
| IWD iShares Russell 1000 Value ETF | 39% | 0.19% | $79.74B | +28.8% | +22.2% |
| FYEE Fidelity Yield Enhanced Equity ETF | 36% | 0.28% | $218.3M | +15.1% | — |
| SPYV SPDR Portfolio S&P 500 Value ETF | 33% | 0.04% | $35.30B | +16.8% | +17.8% |
| IVE iShares S&P 500 Value ETF | 33% | 0.18% | $47.74B | +16.7% | +17.7% |
| LGDX Intech S&P Large Cap Diversified Alpha ETF | 33% | 0.25% | $142.0M | +11.1% | — |
| IUSV iShares Core S&P U.S. Value ETF | 32% | 0.04% | $26.46B | +16.8% | +17.8% |
Questions investors ask
Is FLCV good for retirement income?
FLCV isn't built mainly for income. Its trailing 12-month yield was 0.69% as of October 27, 2026, about $0.26 per share, and it pays once a year. Its stated goal is long-term capital appreciation. Retirees who need regular cash may find monthly or quarterly payers easier to plan around. A fund like this would more likely fill a growth role within a wider portfolio.
What's the difference between FLCV and IWD?
IWD is an index fund that tracks the Russell 1000 Value Index. FLCV uses that index as its benchmark but picks stocks with a quantitative model. IWD costs 0.19% a year, compared with 0.32% for FLCV. IWD held about $79.7 billion as of June 30, 2026. FLCV held $139.3 million as of August 31, 2026. Their holdings overlapped by 39%. Over one year, IWD's price return was 28.9% through October 30, 2026, and FLCV's was 24.1% through October 27.
What is FLCV's expense ratio?
FLCV's expense ratio is 0.32% a year, according to its prospectus filed April 27, 2026. That figure includes a 0.11% fee waiver against a 0.42% management fee. In the SEC's standard example, $10,000 invested at a 5% yearly return costs $44 after one year, $138 after three, $241 after five and $542 after 10. The average among similar funds is 0.19%. Fee waivers can be changed or ended, which would raise the cost.
What are FLCV's top holdings?
As of August 31, 2026, the largest holdings were Apple (5.9%), Amazon (5.7%), Microsoft (4.1%), AbbVie (2.8%) and Fiserv (2.2%). Walmart, Travelers, State Street, Johnson & Johnson and JPMorgan Chase completed the top 10. Together those 10 made up 30.5% of the fund's 125 stocks. Among the holdings with sector data, technology (19.9%) and financials (17.9%) were the largest sectors.
How has FLCV performed since it launched?
FLCV has gained since its July 2024 launch, but the record is short. Its prospectus reports a 15.47% return for 2025 and a 16.03% average annual return from inception through December 31, 2025. In 2025, even its weakest quarter gained 1.84%. Based on price, it returned 24.1% over the year to October 27, 2026. Its deepest drop was 15.9%, from November 2024 to April 2025, and it recovered by June 2025.