At a glance
FBZ charges 0.8% a year, above the 0.39% average of the 4 funds most like it (the most expensive of 5). It has $7.2M in assets, the 5th largest of that group. Over the past year it returned +0.0% with distributions reinvested (S&P 500: +11.5%), 4th of those 5 funds; over three years it returned +7.4% a year. At its worst it fell 57.7% in the 2020 crash (S&P 500: 33.7%) and 31.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 63 months and 17 months after the lows. Its ten largest positions make up 36.1% of the fund, out of 49 in all.
The short version
First Trust Brazil AlphaDEX Fund (FBZ) holds about 50 Brazilian stocks picked by the Nasdaq AlphaDEX Brazil Index, which ranks companies on growth and value and weights top scorers more. It may suit those wanting Brazil exposure not simply weighted by company size, but costs 0.80% a year, more than any of four similar funds (average 0.39%). It is also tiny, with $7.2 million in net assets as of June 30, 2025.
Price history
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FBZ 0.0% 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 | |
|---|---|---|---|---|---|---|
| FBZ price data to Oct 27, 2026 | 0.0% | 0.0% | +7.4% | +5.2% | +4.3% | -0.7% |
- Over the year to Oct 27, 2026, FBZ returned 0.0%, 4th of 5 among similar funds.
- Its 5-year annualized return was +5.2% and its 10-year +4.3%.
- In the 2020 COVID crash it fell 57.7% and regained its old high 63.4 months after the low.
- Its worst full calendar year was 2015 (-41.9%); its best was 2016 (+57.3%).
- The deepest fall in its price history was 72.4% (Apr 26, 2011 to Jan 20, 2016), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | 0.0% |
| 2025 | +29.6% |
| 2024 | -23.0% |
| 2023 | +29.5% |
| 2022 | -0.1% |
| 2021 | -8.6% |
| 2020 | -19.7% |
| 2019 | +43.3% |
| 2018 | -2.1% |
| 2017 | +28.7% |
| 2016 | +57.3% |
| 2015 | -41.9% |
| 2014 | -16.9% |
| 2013 | -15.7% |
| 2012 | +7.5% |
| 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 | Lost 55.2% over that stretch · deepest drop along the way 57.7%, back to its old high 63.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 2.6% over that stretch · deepest drop along the way 31.8%, back to its old high 17.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.1900 | -55.8% |
| 2024 | $0.4300 | -58.7% |
| 2023 | $1.0400 | 0.0% |
| 2022 | $1.0400 | +33.3% |
| 2021 | $0.7800 | +122.9% |
| 2020 | $0.3500 | -77.7% |
| 2019 | $1.5700 | -8.2% |
| 2018 | $1.7100 | -12.3% |
| 2017 | $1.9500 | +747.8% |
| 2016 | $0.2300 | -32.4% |
| 2015 | $0.3400 | -53.4% |
| 2014 | $0.7300 | +37.7% |
| 2013 | $0.5300 | -42.4% |
| 2012 | $0.9200 |
What's inside
As of Jun 30, 2025, the fund held 49 securities; the ten largest made up 36.13% of assets.
| Holding | Weight | |
|---|---|---|
| Porto Seguro SA | 4.33% | |
| Cia De Sanena Do Parana | 3.93% | |
| Embraer SA | 3.93% | |
| Marfrig Global Foods SA | 3.85% | |
| COPASA | 3.85% | |
| TIM SA/Brazil | 3.49% | |
| Vibra Energia SA | 3.48% | |
| Pagseguro Digital Ltd | 3.10% | |
| JBS NV | 3.09% | |
| Cia de Saneamento Basico do Es | 3.09% | |
| StoneCo Ltd | 3.04% | |
| Energisa S/A | 3.04% | |
| Vale SA | 2.77% | |
| Gerdau SA Preferred stock | 2.53% | |
| Rede D'Or Sao Luiz SA | 2.40% |
By country
Brazil 98.96%By asset type
Stocks 80.99%Preferred stock 17.98%What changed recently
- Over the three months to Jun 30, 2025, investors added a net $539K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.46%, +2.27%, +7.94%.
How it works
FBZ tracks the Nasdaq AlphaDEX Brazil Index and normally keeps at least 90% of its net assets in the index's stocks. Nasdaq starts with its broader Nasdaq Brazil Index. It then drops duplicate share classes, hard-to-trade stocks and companies at or below its mid-cap breakpoint, a size cutoff of $4.008 billion in market value as of March 31, 2025. Smaller names can return if too few qualify.
The remaining stocks are ranked on growth and value measures, and each keeps its better rank. The top 50 make the index. Nasdaq says the aim is to pick stocks that may earn "alpha," meaning better risk-adjusted returns than traditional indexes. Rather than weighting by company size, the index sorts the 50 into quintiles (five equal groups) and gives higher-scoring groups bigger weights. No industry may exceed its share of the broader index by more than 15 percentage points. A stock that breaks the limit moves to a lower-weighted group or is dropped.
Every six months the index is rebalanced and its lineup refreshed, and the fund follows soon after. That helps explain its 63% portfolio turnover, a gauge of yearly trading that can add costs beyond the 0.80% expense ratio. The fund holds shares directly, with no leverage, options or swaps. As of June 30, 2025, about 18% was in preferred shares.
What it really costs
- FBZ charges 0.8% a year, versus an average of 0.39% for the similar funds below (5th of 5, cheapest first).
In a retirement portfolio
A single-country emerging-market fund with a 72.4% peak-to-trough loss on record and a 0.80% fee fits only as a small, higher-risk add-on.
FBZ could add Brazilian stocks that US-focused portfolios often lack, but the ride has been rough. Launched in 2011, it has no 2008 record. In the 2020 COVID crash it lost 57.7% in under a month and needed about 63 months, until June 30, 2025, to recover. In 2022 it fell 31.8% from April to July, then took about 17 months to recover. Its worst calendar year was 2015 (-41.9%). Its deepest drop, 72.4% from April 2011 to January 2016, remained unrecovered as of October 27, 2026. Anyone selling shares for cash in slumps like these would lock in steep losses.
It isn't an income source: it made no distributions in the 12 months through October 27, 2026. Its 0.80% expense ratio is well above the 0.39% average of similar funds. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting Brazil exposure picked on growth and value scores rather than company size, who accept a 0.80% expense ratio for that rules-based approach.
- Those wanting a spread-out lineup: about 50 stocks, with the largest, Porto Seguro, at 4.3% and the top 10 at 36% (June 30, 2025).
- Investors using it as a small add-on to a broader portfolio who can sit through drops like the 57.7% plunge in early 2020.
Look elsewhere if
- Cost-focused investors: FLBR charges 0.19% and iShares MSCI Brazil (EWZ) 0.59%, versus FBZ's 0.80%, highest of five funds compared.
- Retirees needing income or near-term cash: no distributions in the 12 months through October 27, 2026, and a 63-month recovery after the 2020 crash.
- Anyone wary of tiny funds: $7.2 million in net assets as of June 30, 2025, the smallest among its peers; small funds can close.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FBZ this fund | — | 0.8% | $7.2M | 0.0% | +7.4% |
| FLBR Franklin FTSE Brazil ETF | 35% | 0.19% | $518.1M | +22.1% | +13.4% |
| EWZ iShares MSCI Brazil ETF | 30% | 0.59% | $8.17B | +16.6% | +10.9% |
| FLLA Franklin FTSE Latin America ETF | 26% | 0.19% | $105.9M | +21.1% | +15.1% |
| EWZS iShares MSCI Brazil Small-Cap ETF | 22% | 0.6% | $217.6M | -12.8% | +1.0% |
Questions investors ask
What does FBZ invest in?
FBZ holds about 50 Brazilian stocks chosen by the Nasdaq AlphaDEX Brazil Index. As of June 30, 2025, the largest were Porto Seguro (4.3%), Cia de Saneamento do Paraná (3.9%), Embraer (3.9%), Marfrig Global Foods (3.9%) and Copasa (3.8%). The top 10 made up 36% of assets. About 18% was in preferred shares and 99% in Brazilian companies. The prospectus noted large utilities holdings as of March 31, 2025. The mix changes each time the index is rebalanced.
What's the difference between FBZ and FLBR?
The biggest differences are cost, size and returns. FBZ charges 0.80% a year. Franklin FTSE Brazil ETF (FLBR) charges 0.19%, and about 35% of the two funds' holdings overlap. FLBR had $518 million in net assets as of June 30, 2026, against FBZ's $7.2 million as of June 30, 2025. Based on share prices, FLBR returned 13.4% a year over the three years to October 27, 2026, and FBZ returned 7.4%. FBZ also picks and weights its stocks by growth and value scores.
Does FBZ pay dividends?
It paid nothing in the 12 months through October 27, 2026, so its yield over that period was 0%. The fund aims to match the price and yield of its index before fees, so dividends paid by its Brazilian holdings can be passed through to shareholders. Investors who rely on steady income from their holdings may find it a poor fit and may want to compare it with funds that have a steadier payout record.
How has FBZ performed over the long term?
Modestly, with big swings. Based on share prices through October 27, 2026, FBZ returned 7.4% a year over three years, 5.2% over five and 4.3% over ten. Its three-year return ranked fourth among five comparable funds. Calendar years have swung sharply: up 29.53% in 2023, down 23.03% in 2024 and up 29.58% in 2025. As of October 27, 2026, it had still not climbed back to its April 2011 high.
How risky is FBZ?
It has been very volatile. FBZ holds about 50 stocks from a single emerging market. Per its prospectus, its worst quarter was a 49.9% loss in the first quarter of 2020, followed by a 28.34% gain the next quarter. Its deepest drop was 72.4%, from April 2011 to January 2016, and its worst calendar year was 2015, at -41.9%. Its three-year volatility, a measure of how widely returns swing, was 19% as of October 27, 2026. Very small funds also face a higher risk of being closed.