At a glance
FEUZ charges 0.8% a year, above the 0.28% average of the 6 funds most like it (the most expensive of 7). It has $136.1M in assets, the 7th largest of that group; it paid 3.14% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +10.6% with distributions reinvested (S&P 500: +11.5%), 3rd of those 7 funds; over three years it returned +25.4% a year. At its worst it fell 41.8% in the 2020 crash (S&P 500: 33.7%) and 36.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 19 months after the lows. Its ten largest positions make up 18.1% of the fund, out of 152 in all.
The short version
First Trust Eurozone AlphaDEX ETF (FEUZ) tracks the Nasdaq AlphaDEX Eurozone Index. The index holds 150 larger companies from 12 eurozone countries and picks and weights them by growth and value scores, not by company size. As a result, no single stock made up much more than 1.5% of assets as of June 30, 2026. The cost of that approach is a 0.80% expense ratio, well above the 0.28% average for similar funds.
Price history
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FEUZ +10.6% 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 | |
|---|---|---|---|---|---|---|
| FEUZ official prospectus, to Dec 31, 2025 | — | +56.57% | — | +10.86% | +9.36% | +8.77% |
| FEUZ price data to Oct 27, 2026 | +5.5% | +10.6% | +25.4% | +8.8% | +9.7% | +8.5% |
- Over the year to Oct 27, 2026, FEUZ returned +10.6%, 3rd of 7 among similar funds.
- Its 5-year annualized return was +8.8% and its 10-year +9.7%.
- In the 2020 COVID crash it fell 41.8% and regained its old high 8.5 months after the low.
- Its worst full calendar year was 2018 (-20.6%); its best was 2025 (+56.3%).
- The deepest fall in its price history was 48.1% (Jan 26, 2018 to Mar 18, 2020), recovered by Apr 5, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +5.5% | — |
| 2025 | +56.3% | +56.57% |
| 2024 | +1.6% | +1.88% |
| 2023 | +17.2% | +15.71% |
| 2022 | -19.8% | -19.65% |
| 2021 | +11.9% | +12.90% |
| 2020 | +5.0% | +4.69% |
| 2019 | +22.1% | +21.15% |
| 2018 | -20.6% | -19.82% |
| 2017 | +36.7% | +36.19% |
| 2016 | +5.9% | +5.49% |
| 2015 | +3.5% | — |
| 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 39.4% over that stretch · deepest drop along the way 41.8%, back to its old high 8.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 35.9% over that stretch · deepest drop along the way 36.6%, back to its old high 19.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.5100 | |
| 2025 | $1.7200 | +109.8% |
| 2024 | $0.8200 | -31.7% |
| 2023 | $1.2000 | +6.2% |
| 2022 | $1.1300 | -2.6% |
| 2021 | $1.1600 | +87.1% |
| 2020 | $0.6200 | -21.5% |
| 2019 | $0.7900 | -7.1% |
| 2018 | $0.8500 | +51.8% |
| 2017 | $0.5600 | -18.8% |
| 2016 | $0.6900 | +97.1% |
| 2015 | $0.3500 |
What's inside
As of Jun 30, 2026, the fund held 152 securities; the ten largest made up 18.11% of assets.
| Holding | Weight | |
|---|---|---|
| TD SECURITIES (USA) LLC RA | 6.08% | |
| PRYSMIAN SPA | 1.51% | |
| GLANBIA PLC | 1.48% | |
| DEUTSCHE LUFTHANSA AG | 1.42% | |
| HOCHTIEF AG | 1.36% | |
| ACCIONA SA | 1.27% | |
| ASML HOLDING NV | 1.26% | |
| ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA | 1.26% | |
| AURUBIS AG | 1.24% | |
| ARCELORMITTAL SA | 1.23% | |
| SCHAEFFLER AG | 1.23% | |
| DANIELI & C. - OFFICINE MECCANICHE SPA | 1.18% | |
| KLEPIERRE SA | 1.16% | |
| SAIPEM SPA | 1.15% | |
| THYSSENKRUPP AG | 1.15% |
By country
Germany 21.67%France 20.03%Italy 13.97%Netherlands 10.17%Spain 9.08%By asset type
Stocks 97.84%RA 6.08%Preferred stock 1.78%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $16.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +7.56%, +2.62%, -2.31%.
How it works
FEUZ is an index fund. It keeps at least 90% of its assets in the stocks of the Nasdaq AlphaDEX Eurozone Index, which Nasdaq owns and runs. The index starts with the broader Nasdaq Eurozone Index. That covers companies from Austria, Belgium, Germany, Spain, Finland, France, Greece, Ireland, Italy, the Netherlands, Luxembourg and Portugal. Nasdaq then removes duplicate share classes, hard-to-trade stocks and any company at or below the median company size. As of March 31, 2026, that cutoff was $4.450 billion.
Each remaining stock is scored on growth factors and on value factors, and keeps whichever score is better. The top 150 stocks are sorted into five equal groups, called quintiles, and the higher-scoring groups get bigger weights. The aim is to find stocks that may earn "alpha," meaning returns above what their risk would predict. Caps stop any industry or country from going more than 15% above its weight in the broader index.
The index is rebuilt twice a year, and the fund trades to match it soon after. This drove portfolio turnover of 91%. The fund owns stocks priced in euros, so a weaker euro against the dollar lowers its value. It can also hold depositary receipts, REITs and preferred shares.
What it really costs
- FEUZ charges 0.8% a year, versus an average of 0.28% for the similar funds below (7th of 7, cheapest first).
In a retirement portfolio
It is a single-region stock fund with a factor tilt, a high fee and deep past drops, so it fits better as a smaller add-on than as a foundation.
FEUZ could add eurozone stocks, and exposure to the euro, to a portfolio built mostly on US assets. Its history shows the risks. The fund fell 41.8% from February 19 to March 18, 2020, and took about 8.5 months to recover. In the 2022 bear market it dropped 36.6% and needed about 19 months to get back. Its deepest decline was 48.1%, from January 2018 to March 2020, and it didn't recover until April 2021. Its worst calendar year was 2018, when it lost 19.82%. The fund launched in 2014, so it has no record from 2008. Anyone forced to sell during stretches like these would lock in large losses. As of October 27, 2026, the trailing yield was 3.14%, paid quarterly, but the 0.80% expense ratio takes a noticeable bite. 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 eurozone stocks chosen by growth and value scores rather than size, with no stock much above 1.5% as of June 30, 2026.
- Holders who want some quarterly income from European companies; the trailing yield was 3.14% as of October 27, 2026.
- Portfolios built mostly on US assets that want a small, higher-risk tilt toward German, French and Italian industrial and financial companies.
Look elsewhere if
- Cost-conscious investors: its 0.80% expense ratio compares with 0.06% for Vanguard FTSE Europe ETF and 0.09% for iShares Core MSCI Europe ETF.
- People who may need to sell in a downturn: it fell 36.6% in 2022 and took about 19 months to recover.
- Investors who want UK or Swiss companies or a low-turnover fund: it holds only eurozone countries and had 91% portfolio turnover.
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 |
|---|---|---|---|---|---|
| FEUZ this fund | — | 0.8% | $136.1M | +10.6% | +25.4% |
| EZU iShares MSCI Eurozone ETF | 25% | 0.51% | $9.91B | +6.8% | +21.0% |
| IEV iShares Europe ETF | 16% | 0.61% | $1.63B | +9.5% | +19.4% |
| IEUR iShares Core MSCI Europe ETF | 16% | 0.09% | $8.95B | +9.6% | +19.9% |
| VGK Vanguard FTSE Europe ETF | 16% | 0.06% | $38.51B | +11.9% | +19.7% |
| BBEU JPMorgan BetaBuilders Europe ETF | 15% | 0.09% | $9.36B | +9.5% | +19.8% |
| EFA iShares MSCI EAFE ETF | 12% | 0.32% | $77.98B | +13.5% | +18.2% |
Questions investors ask
Does FEUZ pay dividends?
Yes. FEUZ pays dividends quarterly. As of October 27, 2026, its trailing 12-month yield was 3.14%, or about $1.99 per share. The payments come from dividends paid by the eurozone companies it owns. They can change from quarter to quarter as those companies change their payouts, as the euro moves against the dollar, and as the index swaps holdings twice a year.
What's the difference between FEUZ and EZU?
Both hold eurozone stocks, but they choose them differently. iShares MSCI Eurozone ETF (EZU) has the most holdings in common with FEUZ. FEUZ picks 150 stocks by growth and value scores and gives higher-scoring stocks more weight. EZU costs less, at 0.51% a year against 0.80%. It is also far larger: about $9.9 billion as of August 31, 2026, against FEUZ's $136 million as of June 30, 2026. Over the three years to October 27, 2026, FEUZ returned 25.4% a year, against 21% for EZU.
What is the FEUZ expense ratio?
FEUZ's expense ratio is 0.80% a year, according to its prospectus filed April 30, 2026. It was the most expensive of seven comparable Europe funds, where the average was 0.28%. Vanguard FTSE Europe ETF charges 0.06% and iShares Core MSCI Europe ETF charges 0.09%. Those funds follow broader, size-weighted approaches. The higher fee pays for FEUZ's rules-based stock selection.
What stocks are in FEUZ?
As of June 30, 2026, FEUZ held about 150 eurozone stocks with fairly even weights. The largest stock positions were Prysmian (1.51%), Glanbia (1.48%), Deutsche Lufthansa (1.42%), Hochtief (1.36%), Acciona (1.27%) and ASML (1.26%). By country, Germany made up 21.67%, France 20.03%, Italy 13.97%, the Netherlands 10.17% and Spain 9.08%. As of March 31, 2026, the prospectus noted large stakes in financial and industrial companies.
How much did FEUZ drop in 2022 and 2020?
FEUZ fell sharply in both downturns. In the 2022 bear market it dropped 36.6% from January 13 to October 12, 2022, and did not recover until May 14, 2024. In the 2020 COVID crash it fell 41.8% in about a month and recovered by December 1, 2020. Its worst quarter was the first quarter of 2020, when it lost 29.55%. It also posted strong gains, including 56.57% in 2025.