It is.
I'm not familiar with the LV variant, but I seem to recall somewhere that it has a lower viscosity than plain Mercon (a.k.a., Transfer Case Fluid) or Mercon V.
Ford discontinued licensing Mercon in 2007, superseding it with Mercon V (this is why Mercon is now sold as "Dex/Merc" and (for a time) "Transfer Case Fluid"). Problem with Mercon V is it was too slippery for the t-case clutch to function correctly, so with Mercon no longer available, they renamed it Transfer Case Fluid.
This created a huge boondoggle for sure (and to this day it still causes plenty of headache for people needing the original Mercon fluid, not just for t-cases, but manual transmissions too).
I do not recommend Mercon V for manuals either (Mercon V seems to be fine in automatics though, even those that called for original Mercon).
There's not much inside a 2011 t-case besides spinning gears and chains though, so pretty much any fluid should be fine.