The ETF that is highlighted in a recent note is the First Trust Strategic Value Index ETF (NYSEArca: FDVwith a net expense ratio of 0.65%. Many of the comparable large-cap funds trading have expense ratios of 0.25%, but they lack the custom, rules-based approach that this ETF has. If an ETF re-balances often to keep over-concentration risk at bay, the fee may be higher. [ETF Chart of the Day: Mega Caps]

According to the S&P Capital IQ, the underlying holdings in this fund look healthy and from a technical standpoint, the trend looks bullish for FDV. [In the ETF Price War, Investors Win]

FDV has a heavy weight toward financials, energy and information technology. According to Rosenbluth, the need for investors to consider stock exposure, and overall stewardship of an ETF has been neglected in the headlines too much, and while cost is important, it should not be an end-all be-all for the decision-making process. After all, sometimes you get what you pay for. [ETFs: Still the Industry Bargain They Used to Be?]

First Trust Strategic Value Index ETF

Tisha Guerrero contributed to this article.