At a glance
FCA charges 0.8% a year, above the 0.64% average of the 3 funds most like it (the most expensive of 4). It has $34.5M in assets, the 4th largest of that group; it paid 6.04% of its price in distributions over the past 12 months, semiannual. Over the past year it returned −15.2% with distributions reinvested (S&P 500: +11.5%), the best of those 4 funds; over three years it returned +13.5% a year. At its worst it fell 25.9% in the 2020 crash (S&P 500: 33.7%) and 24.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 32 months after the lows. Its ten largest positions make up 44.5% of the fund, out of 51 in all.
The short version
First Trust China AlphaDEX Fund (FCA) is an index ETF that holds about 50 Chinese stocks. Nasdaq's AlphaDEX rules pick and weight them using growth and value scores. Its holdings overlap little with larger China funds such as FXI and MCHI, and as of March 31, 2026 it held large stakes in financial, industrial and materials companies. It also costs more: 0.80% a year, against a 0.64% average for similar funds.
Price history
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FCA -15.2% 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 | |
|---|---|---|---|---|---|---|
| FCA official prospectus, to Dec 31, 2025 | — | +42.95% | — | +4.15% | +7.28% | +3.25% |
| FCA price data to Oct 27, 2026 | -12.7% | -15.2% | +13.5% | +0.5% | +5.7% | +2.0% |
- Over the year to Oct 27, 2026, FCA returned -15.2%, 1st of 4 among similar funds.
- Its 5-year annualized return was +0.5% and its 10-year +5.7%.
- In the 2020 COVID crash it fell 25.9% and regained its old high 3.6 months after the low.
- Its worst full calendar year was 2018 (-18.3%); its best was 2017 (+60.2%).
- The deepest fall in its price history was 45.6% (May 4, 2015 to Feb 11, 2016), recovered by Sep 15, 2017.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -12.7% | — |
| 2025 | +45.2% | +42.95% |
| 2024 | +13.8% | +15.43% |
| 2023 | -8.4% | -9.32% |
| 2022 | -17.6% | -17.10% |
| 2021 | -0.7% | -1.18% |
| 2020 | +11.9% | +13.58% |
| 2019 | +18.7% | +17.34% |
| 2018 | -18.3% | -17.87% |
| 2017 | +60.2% | +58.35% |
| 2016 | -5.0% | -4.96% |
| 2015 | -6.1% | — |
| 2014 | -0.7% | — |
| 2013 | -3.7% | — |
| 2012 | +30.3% | — |
| 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 24.8% over that stretch · deepest drop along the way 25.9%, back to its old high 3.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23% over that stretch · deepest drop along the way 24.2%, back to its old high 32.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.2900 | |
| 2025 | $0.7600 | -26.2% |
| 2024 | $1.0300 | -1.9% |
| 2023 | $1.0500 | -18.0% |
| 2022 | $1.2800 | -4.5% |
| 2021 | $1.3400 | +12.6% |
| 2020 | $1.1900 | +19.0% |
| 2019 | $1.0000 | +37.0% |
| 2018 | $0.7300 | +7.4% |
| 2017 | $0.6800 | +41.7% |
| 2016 | $0.4800 | -42.9% |
| 2015 | $0.8400 | +50.0% |
| 2014 | $0.5600 | -16.4% |
| 2013 | $0.6700 | +86.1% |
| 2012 | $0.3600 |
What's inside
As of Jun 30, 2026, the fund held 51 securities; the ten largest made up 44.49% of assets.
| Holding | Weight | |
|---|---|---|
| YANGTZE OPTICAL FIBRE AND CABLE JOINT STOCK LTD CO | 13.80% | |
| TD SECURITIES (USA) LLC RA | 4.59% | |
| INNER MONGOLIA YITAI COAL COMPANY LTD | 3.89% | |
| JD LOGISTICS INC | 3.59% | |
| PETROCHINA COMPANY LTD | 3.53% | |
| COSCO SHIPPING HOLDINGS CO LTD | 3.30% | |
| QINGDAO PORT INTERNATIONAL CO LTD | 3.16% | |
| DONGFANG ELECTRIC CORP LTD | 2.97% | |
| CHINA NATIONAL BUILDING MATERIAL COMPANY LTD | 2.91% | |
| CHINA COAL ENERGY COMPANY LTD | 2.76% | |
| CHINA LIFE INSURANCE COMPANY LTD | 2.71% | |
| CHINA TOWER CORP LTD | 2.66% | |
| JIANGXI COPPER CO LTD | 2.52% | |
| NEW CHINA LIFE INSURANCE COMPANY LTD | 2.36% | |
| ZHEJIANG EXPRESSWAY CO LTD | 2.31% |
By country
China 89.05%Cayman Islands 8.77%United States 4.59%By asset type
Stocks 97.82%RA 4.59%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $67.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.88%, -5.05%, -9.80%.
How it works
FCA aims to track the Nasdaq AlphaDEX China Index, which Nasdaq owns and maintains. The fund normally invests at least 90% of its net assets in the index's stocks. The index starts from the Nasdaq China Index, a broad set of companies Nasdaq assigns to China mainly by where they are incorporated, based and listed. Nasdaq removes duplicate share classes, stocks that trade too thinly, and stocks worth no more than the mid-cap breakpoint. That breakpoint was $4.45 billion as of March 31, 2026. Smaller stocks can be added back if too few qualify.
Each remaining stock is ranked on growth factors and on value factors, and keeps whichever rank is better. The top 50 make the index. They are split into five equal groups, called quintiles, and higher-scoring groups get larger weights. No industry can be more than 15 percentage points above its weight in the starting index. The index is rebuilt every six months, and the fund follows shortly after. Portfolio turnover was 101%, which means the fund traded roughly its whole portfolio's worth of stock in a year.
The fund can own Hong Kong-listed shares, B shares, US-listed stocks and depositary receipts. To reach some Chinese companies that foreigners can't buy directly, it invests heavily in offshore shell companies that use variable interest entities (VIEs). A VIE gives investors control of the Chinese business through contracts rather than direct ownership, so shareholder rights may be weaker.
What it really costs
- FCA charges 0.8% a year, versus an average of 0.64% for the similar funds below (4th of 4, cheapest first).
In a retirement portfolio
It is a small, concentrated, single-country emerging-market fund with deep past drops, so it fits a limited slice of a portfolio rather than its core.
FCA could add Chinese financial, industrial and materials stocks that a US-focused portfolio lacks. The ride has been rough. In the 2020 COVID crash it fell 25.9% and recovered in about four months. In the 2022 bear market it fell 24.2% and took 32 months to recover, until June 2025. Its deepest drop was 45.6%, from May 2015 to February 2016, and it took about 19 months to recover. The fund launched in 2011, so it has no record from 2008. Anyone forced to sell in a slump could lock in losses.
The trailing 12-month yield was 6.04% as of October 27, 2026. The fund pays twice a year, but payouts can vary. The 0.80% expense ratio is above the 0.64% average for similar funds. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking a rules-based tilt toward Chinese financial, industrial and materials stocks that overlap little with FXI or MCHI.
- Those wanting income from Chinese stocks: the trailing yield was 6.04% as of October 27, 2026, paid twice a year.
- Investors who can hold through swings, such as a 24.2% drop in 2022 that took 32 months to recover, within a small slice.
Look elsewhere if
- Cost-focused investors: at 0.80%, FCA costs the most of the China funds compared here. MCHI and GXC charge 0.59%.
- Those wanting broad China exposure: FCA holds about 50 stocks, and Yangtze Optical Fibre and Cable alone was 13.8% as of June 30, 2026.
- Investors wary of small or high-turnover funds: net assets were $34.5 million as of June 30, 2026, and turnover was 101%.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
What does FCA invest in?
FCA holds about 50 stocks of companies assigned to China, chosen by Nasdaq's AlphaDEX growth and value scores. As of June 30, 2026, the largest position by far was Yangtze Optical Fibre and Cable at 13.8% of net assets. Next came Inner Mongolia Yitai Coal (3.9%), JD Logistics (3.6%), PetroChina (3.5%) and COSCO Shipping (3.3%). The top 10 positions made up about 44% of the fund.
What's the difference between FCA and FXI?
FCA picks about 50 Chinese stocks using AlphaDEX growth and value scores. FXI, the iShares China Large-Cap ETF, is much larger: $4.3 billion in net assets as of July 31, 2026, against FCA's $34.5 million as of June 30, 2026. Only 16% of their holdings overlap. FXI is cheaper, at 0.74% versus 0.80%. As of October 27, 2026, FCA's one-year return was -15.2%, against -19.4% for FXI. Its three-year annualized return was 13.5%, against 11%.
Does FCA pay dividends?
Yes. FCA pays distributions twice a year. In the 12 months to October 27, 2026, it paid $1.42 per share, a trailing yield of 6.04%. A trailing yield looks backward, so future payouts may differ. The index changes its holdings every six months, and Chinese company dividends can rise or fall. Exchange-rate moves against the US dollar can also change what holders receive.
What is FCA's expense ratio?
FCA's expense ratio is 0.80% a year, according to the prospectus filed April 30, 2026. All of it is a management fee, and there is no fee waiver. That makes it the most expensive of the four China funds compared here: FXI charges 0.74%, and MCHI and GXC each charge 0.59%, an average of 0.64%. FCA's 101% turnover can also add trading costs that the expense ratio doesn't include.
How has FCA performed over 10 years?
Results have been uneven. As of December 31, 2025, the prospectus shows FCA returned 7.28% a year over 10 years and 4.15% a year over five years. It returned 3.25% a year since its April 2011 launch, and 42.95% in 2025 alone. Calendar years ranged from 58.35% in 2017 to -17.87% in 2018. Based on price, it returned -12.7% in 2026 through October 27, which is only part of the year.