At a glance
FDT charges 0.8% a year, above the 0.14% average of the 6 funds most like it (the most expensive of 7). It has $1.30B in assets, the 7th largest of that group; it paid 3.06% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +20.3% with distributions reinvested (S&P 500: +11.5%), 2nd of those 7 funds; over three years it returned +28.4% a year. At its worst it fell 37.0% in the 2020 crash (S&P 500: 33.7%) and 31.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 22 months after the lows. Its ten largest positions make up 16.6% of the fund, out of 302 in all.
The short version
First Trust Developed Markets ex-US AlphaDEX Fund (FDT) is an ETF that tracks the Nasdaq AlphaDEX Developed Markets Ex-US Index. The index is a rules-based selection of 300 mid- and large-cap stocks outside the US, picked and weighted by growth and value scores. FDT charges 0.80% a year, far more than the 0.03% of VEA and SPDW. As of June 30, 2026, it leaned heavily on Japan (28%) and South Korea (21%).
Price history
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FDT +20.3% 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 | |
|---|---|---|---|---|---|---|
| FDT official prospectus, to Dec 31, 2025 | — | +51.78% | — | +10.77% | +8.51% | +5.97% |
| FDT price data to Oct 27, 2026 | +15.0% | +20.3% | +28.4% | +11.5% | +9.7% | +6.5% |
- Over the year to Oct 27, 2026, FDT returned +20.3%, 2nd of 7 among similar funds.
- Its 5-year annualized return was +11.5% and its 10-year +9.7%.
- In the 2020 COVID crash it fell 37% and regained its old high 8.1 months after the low.
- Its worst full calendar year was 2018 (-20.0%); its best was 2025 (+52.2%).
- The deepest fall in its price history was 46.1% (Jan 26, 2018 to Mar 23, 2020), recovered by Apr 15, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +15.1% | — |
| 2025 | +52.2% | +51.78% |
| 2024 | +7.0% | +7.02% |
| 2023 | +15.0% | +13.89% |
| 2022 | -19.5% | -18.57% |
| 2021 | +11.4% | +10.70% |
| 2020 | +4.3% | +4.61% |
| 2019 | +16.8% | +16.56% |
| 2018 | -20.0% | -19.52% |
| 2017 | +34.4% | +33.57% |
| 2016 | +3.0% | +3.55% |
| 2015 | +0.3% | — |
| 2014 | -6.5% | — |
| 2013 | +18.6% | — |
| 2012 | +15.8% | — |
| 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 37% over that stretch · deepest drop along the way 37%, back to its old high 8.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 29.6% over that stretch · deepest drop along the way 31.5%, back to its old high 21.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.6400 | |
| 2025 | $2.6100 | +23.7% |
| 2024 | $2.1100 | -7.9% |
| 2023 | $2.2900 | +110.1% |
| 2022 | $1.0900 | -52.8% |
| 2021 | $2.3100 | +68.6% |
| 2020 | $1.3700 | -11.0% |
| 2019 | $1.5400 | +46.7% |
| 2018 | $1.0500 | +7.1% |
| 2017 | $0.9800 | +18.1% |
| 2016 | $0.8300 | -2.4% |
| 2015 | $0.8500 | +3.7% |
| 2014 | $0.8200 | -16.3% |
| 2013 | $0.9800 | +14.0% |
| 2012 | $0.8600 |
What's inside
As of Jun 30, 2026, the fund held 302 securities; the ten largest made up 16.62% of assets.
| Holding | Weight | |
|---|---|---|
| BOFA SECURITIES, INC. RA | 4.20% | |
| SAMSUNG ELECTRO MECHANICS | 2.11% | |
| KINGBOARD LAMINATES HOLDINGS LTD | 2.07% | |
| KINGBOARD HOLDINGS LTD | 1.79% | |
| SK SQUARE CO LTD | 1.43% | |
| LG INNOTEK COMPANY LTD | 1.31% | |
| SK HYNIX INC | 1.29% | |
| SK INC | 0.82% | |
| SOFTBANK GROUP CORP | 0.82% | |
| FURUKAWA ELECTRIC CO LTD (THE) | 0.80% | |
| SAMSUNG ELECTRONICS CO LTD | 0.78% | |
| SAMSUNG LIFE INSURANCE COMPANY LTD | 0.75% | |
| NGK CORP | 0.74% | |
| DOOSAN CORP | 0.71% | |
| LS CORP | 0.70% |
By country
Japan 28.26%South Korea 21.04%Cayman Islands 6.14%Canada 5.69%United Kingdom 5.64%By asset type
Stocks 99.42%RA 4.2%Preferred stock 0.24%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $122.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +9.31%, +6.69%, -6.09%.
How it works
FDT aims to track the Nasdaq AlphaDEX Developed Markets Ex-US Index and normally puts at least 90% of its net assets in the index's stocks. Nasdaq owns and runs the index. It starts with the Nasdaq Developed Markets Ex-US Index, which covers companies in developed countries other than the US. Nasdaq removes duplicate share classes and stocks that fail its trading-volume screens. It also drops companies at or below the mid-cap breakpoint, which is the middle point of company size by market value. That breakpoint was $4.45 billion as of March 31, 2026. South Korean stocks that have hit their foreign-ownership limit are excluded.
Each remaining stock gets ranked on growth factors and on value factors, and keeps the stronger of its two ranks. The top 300 stocks make the cut. They are split into five equal groups (quintiles), and the higher-scoring groups get larger weights. Each industry and country has a weight limit set 15% above its share of the base index. A stock that would push past that limit moves to a lower-weighted group, or is dropped if it is already in the lowest one.
The index is rebalanced and reconstituted twice a year. The fund's portfolio turnover, the share of its holdings replaced in a year, was 109%. FDT may handle some creations and redemptions in cash, which can make it less tax-efficient than ETFs that swap shares in kind. It uses no leverage or options, and it held no derivatives as of June 30, 2026.
What it really costs
- FDT charges 0.8% a year, versus an average of 0.14% for the similar funds below (7th of 7, cheapest first).
In a retirement portfolio
FDT's high fee, frequent trading, heavy weighting in Japan and South Korea and deep past drops make it better suited to a small add-on position than to a core holding.
FDT could add a rules-based slice of non-US stocks, especially from Japan and South Korea, along with quarterly income. Its trailing 12-month yield was 3.06% as of October 27, 2026. The ride has been rough. In the 2020 COVID crash it fell 37% and took about eight months to recover. In 2022 it dropped 31.5% and needed about 21.5 months to get back to its peak. Its deepest decline was 46.1%, from January 2018 to March 2020, and it did not fully recover until April 2021. Its worst calendar year was 2018, at -19.52%. It launched in 2011, so it has no 2008 record. Anyone who has to sell shares in a slump could lock in steep losses. The 0.80% fee is more than five times the 0.14% average of 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 who want non-US mid- and large-cap stocks chosen and weighted by growth and value scores, not by company size.
- Investors comfortable with heavy Asian exposure: Japan was about 28% and South Korea about 21% of assets as of June 30, 2026.
- Investors looking for quarterly dividends from foreign stocks. The trailing yield was 3.06% as of October 27, 2026.
Look elsewhere if
- Cost-focused investors: FDT's 0.80% expense ratio compares with 0.03% for VEA and SPDW and 0.06% for SCHF.
- Retirees who may need to sell during downturns, since FDT fell 37% in early 2020 and 31.5% in 2022.
- Taxable-account investors wary of 109% turnover and cash redemptions, which can make FDT less tax-efficient than ETFs that redeem in kind.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FDT this fund | — | 0.8% | $1.30B | +20.3% | +28.4% |
| SCHF Schwab International Equity ETF | 13% | 0.06% | $69.68B | +17.7% | +20.4% |
| EFV iShares MSCI EAFE Value ETF | 12% | 0.33% | $29.11B | +21.9% | +23.3% |
| SPDW SPDR Portfolio Developed World ex-US ETF | 12% | 0.03% | $40.29B | +17.3% | +20.5% |
| VEA Vanguard FTSE Developed Markets ETF | 12% | 0.03% | $316.42B | +16.8% | +21.7% |
| EFA iShares MSCI EAFE ETF | 11% | 0.32% | $77.98B | +13.5% | +18.2% |
| IEFA iShares Core MSCI EAFE ETF | 10% | 0.07% | $190.11B | +13.7% | +18.5% |
Questions investors ask
What does FDT invest in?
FDT holds about 300 stocks from developed countries outside the US, chosen by Nasdaq's AlphaDEX rules. As of June 30, 2026, it had 302 holdings, with 28.3% of assets in Japan and 21.0% in South Korea. Its largest stock positions included Samsung Electro-Mechanics (2.1%), Kingboard Laminates (2.1%), Kingboard Holdings (1.8%), SK Square (1.4%), LG Innotek (1.3%) and SK Hynix (1.3%). The prospectus notes significant investments in industrial companies.
What is FDT's expense ratio?
FDT's expense ratio is 0.80% a year, according to its prospectus filed April 30, 2026. That is the highest of the seven funds compared here. The average for similar funds is 0.14%, and broad developed-market ETFs such as VEA and SPDW charge 0.03%. The fee pays for the AlphaDEX stock selection and the twice-yearly rebalancing. It is taken out of the fund's returns every year, in good markets and bad.
Does FDT pay dividends?
Yes, FDT pays dividends every quarter. Over the 12 months through October 27, 2026, it paid $2.75 per share, a trailing yield of about 3.06%. Dividends from foreign stocks can change with company profits and with exchange rates, because a weaker foreign currency shrinks the dollar value of each payment. The fund picks stocks on growth and value scores, not on dividends, so income is a by-product rather than its goal.
FDT vs SCHF: what's the difference?
SCHF is a much cheaper and broader way to own developed-market stocks outside the US. FDT is a rules-based pick of about 300 stocks. SCHF charges 0.06% a year, compared with 0.80% for FDT, and the two funds share only about 13% of their holdings. FDT has done better lately. As of October 27, 2026, it returned 20.3% over one year and averaged 28.4% a year over three years. As of October 29, 2026, SCHF returned 18.5% and 22.8%.
How has FDT performed over the long term?
FDT's long-term results are more modest than its big 2025 suggests. As of December 31, 2025, it returned 51.78% over one year, an average of 10.77% a year over five years, 8.51% a year over 10 years and 5.97% a year since its 2011 launch. Calendar-year returns swung widely, from -19.52% in 2018 and -18.57% in 2022 to 51.78% in 2025. Its worst quarter was a 28.32% drop in the first quarter of 2020.