At a glance
FEX charges 0.57% a year, above the 0.22% average of the 8 funds most like it (the most expensive of 9). It has $1.57B in assets, the 5th largest of that group; it paid 1.0% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +17.4% with distributions reinvested (S&P 500: +11.5%), 3rd of those 9 funds; over three years it returned +22.9% a year. At its worst it fell 39.5% in the 2020 crash (S&P 500: 33.7%) and 20.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months and 15 months after the lows. Its ten largest positions make up 5.5% of the fund, out of 376 in all.
The short version
First Trust Large Cap Core AlphaDEX Fund (FEX) tracks the Nasdaq AlphaDEX Large Cap Core Index. The index picks 375 large US stocks by growth and value scores and weights them by those scores, not by company size. No single stock dominates: the top 10 holdings were just 5.48% of assets as of July 31, 2026. The trade-off is cost. Its 0.57% expense ratio compares with a 0.22% average for similar funds.
Price history
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FEX +17.4% 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 | |
|---|---|---|---|---|---|---|
| FEX official prospectus, to Dec 31, 2024 | — | +17.13% | — | +11.30% | +10.06% | +8.67% |
| FEX price data to Oct 27, 2026 | +17.1% | +17.4% | +22.9% | +10.5% | +13.1% | +9.5% |
- Over the year to Oct 27, 2026, FEX returned +17.4%, 3rd of 9 among similar funds.
- Its 5-year annualized return was +10.5% and its 10-year +13.1%.
- In the 2020 COVID crash it fell 39.5% and regained its old high 6.7 months after the low.
- Its worst full calendar year was 2008 (-38.7%); its best was 2009 (+36.8%).
- The deepest fall in its price history was 58.8% (Jul 13, 2007 to Mar 6, 2009), recovered by Feb 17, 2011.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +17.1% | — |
| 2025 | +15.1% | — |
| 2024 | +17.1% | +17.13% |
| 2023 | +14.3% | +14.40% |
| 2022 | -11.9% | -11.92% |
| 2021 | +26.8% | +26.78% |
| 2020 | +14.3% | +14.13% |
| 2019 | +26.9% | +27.02% |
| 2018 | -9.9% | -9.80% |
| 2017 | +21.4% | +21.52% |
| 2016 | +14.3% | +14.11% |
| 2015 | -4.0% | -3.87% |
| 2014 | +12.3% | — |
| 2013 | +36.0% | — |
| 2012 | +15.5% | — |
| 2011 | -0.4% | — |
| 2010 | +20.6% | — |
| 2009 | +36.8% | — |
| 2008 | -38.7% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 56.8% over that stretch · deepest drop along the way 58%, back to its old high 23.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 39.5% over that stretch · deepest drop along the way 39.5%, back to its old high 6.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 19.5% over that stretch · deepest drop along the way 20.9%, back to its old high 14.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.9700 | |
| 2025 | $1.3000 | +4.8% |
| 2024 | $1.2400 | 0.0% |
| 2023 | $1.2400 | -3.1% |
| 2022 | $1.2800 | +70.7% |
| 2021 | $0.7500 | -15.7% |
| 2020 | $0.8900 | +3.5% |
| 2019 | $0.8600 | +22.9% |
| 2018 | $0.7000 | +12.9% |
| 2017 | $0.6200 | -1.6% |
| 2016 | $0.6300 | +8.6% |
| 2015 | $0.5800 | -3.3% |
| 2014 | $0.6000 | +39.5% |
| 2013 | $0.4300 | -40.3% |
| 2012 | $0.7200 | +140.0% |
| 2011 | $0.3000 | +25.0% |
| 2010 | $0.2400 | +20.0% |
| 2009 | $0.2000 | -31.0% |
| 2008 | $0.2900 |
What's inside
As of Jul 31, 2026, the fund held 376 securities; the ten largest made up 5.48% of assets.
| Holding | Weight | |
|---|---|---|
| COGNIZANT TECHNOLOGY SOLUTIONS CORP | 0.64% | |
| ACCENTURE PLC | 0.60% | |
| PAYPAL HOLDINGS INC | 0.60% | |
| REGENERON PHARMACEUTICALS INC | 0.55% | |
| CONOCOPHILLIPS | 0.52% | |
| GLOBAL PAYMENTS INC | 0.52% | |
| FIDELITY NATIONAL INFORMATION SERVICES INC | 0.52% | |
| EOG RESOURCES INC | 0.52% | |
| TRAVELERS COMPANIES INC (THE) | 0.51% | |
| AT&T INC | 0.51% | |
| ALLSTATE CORP (THE) | 0.50% | |
| VERIZON COMMUNICATIONS INC | 0.50% | |
| FISERV INC | 0.49% | |
| DEVON ENERGY CORP | 0.49% | |
| ZIMMER BIOMET HOLDINGS INC | 0.49% |
By country
United States 93.69%Ireland 2.95%Switzerland 0.86%Jersey 0.7%Cayman Islands 0.62%By asset type
Stocks 99.9%RA 0.19%By sector
Sectors of the companies held, for the 63.6% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $8.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.31%, +3.84%, -2.65%.
How it works
FEX normally puts at least 90% of its net assets in the stocks of the Nasdaq AlphaDEX Large Cap Core Index, which Nasdaq owns and maintains. The index starts with the Nasdaq US 500 Large Cap Index, which holds the 500 largest stocks in the Nasdaq US Benchmark Index. Nasdaq removes duplicate share classes and stocks that fail its liquidity screens. Liquidity means how easily a stock trades. Each remaining stock is labeled either value or growth, and its rank on that style becomes its selection score.
The 375 highest-scoring stocks make the cut. They are split into quintiles, five equal groups, by score, and higher-scoring groups get more weight. The goal is "alpha," meaning better risk-adjusted returns than a traditional index. Because weight comes from score rather than market value, the largest companies get no extra weight just for being large. As of October 31, 2025, the index's stocks ranged from $7.69 billion to $4.92 trillion in market value.
Nasdaq rebuilds and rebalances the index every quarter, and the fund follows shortly after. That schedule led to 83% portfolio turnover, which means a lot of buying and selling and can add trading costs. As of July 31, 2026, the fund held 376 stocks, about 0.09% in cash and no derivatives.
What it really costs
- FEX charges 0.57% a year, versus an average of 0.22% for the similar funds below (9th of 9, cheapest first).
- Of that, 0.5% is the management fee; the rest covers other fund expenses.
In a retirement portfolio
It spreads money across 375 large US companies in many sectors, though its score-based tilts and higher cost set it apart from a plain index fund.
FEX could form the US stock part of a portfolio, with a different mix than a size-weighted index. Its largest position was only 0.64% of assets as of July 31, 2026. It has still fallen hard alongside the market. It dropped 58% in the 2008 financial crisis and didn't regain its peak until February 2011. Its worst calendar year was 2008, at -38.7%. It fell 39.5% in the 2020 COVID crash and recovered in about seven months. In the 2022 bear market it lost 20.9% and took about 14.5 months to recover. Anyone forced to sell during stretches like these would lock in losses.
The yield was 1% as of October 27, 2026, paid quarterly, so this isn't an income fund. The 0.57% expense ratio is well above the 0.22% 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 wanting large US stocks without heavy reliance on the biggest names; the top 10 holdings were 5.48% of assets as of July 31, 2026.
- People who like a rules-based mix of value and growth scoring, reset every quarter, alongside a standard size-weighted index fund.
- Long-term holders who can ride out deep swings, including a 58.8% drop from July 2007 to March 2009 that took until 2011 to recover.
Look elsewhere if
- Cost-focused investors: the 0.57% expense ratio compares with 0.09% for GSEW and EUSA and 0.20% for RSP.
- Anyone needing meaningful income from stocks; the yield was 1% as of October 27, 2026, paid quarterly.
- Investors who want full exposure to the largest companies in proportion to their size, as a market-value-weighted index fund provides.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FEX this fund | — | 0.57% | $1.57B | +17.4% | +22.9% |
| GSEW Goldman Sachs Equal Weight U.S. Large Cap E… | 60% | 0.09% | $2.08B | +13.5% | +21.4% |
| SIZE iShares MSCI USA Size Factor ETF | 59% | 0.15% | $428.8M | +12.2% | +19.6% |
| CFO VictoryShares US 500 Enhanced Volatility Wt… | 59% | 0.37% | $412.4M | +11.2% | +14.9% |
| CFA VictoryShares US 500 Volatility Wtd ETF | 59% | 0.35% | $533.5M | +11.2% | +17.3% |
| EUSA iShares MSCI USA Equal Weighted ETF | 59% | 0.09% | $1.93B | +12.3% | +19.6% |
| RSP Invesco S&P 500® Equal Weight ETF | 56% | 0.2% | $96.47B | +18.9% | +18.3% |
| IMCB iShares Morningstar Mid-Cap ETF | 51% | 0.04% | $1.66B | +18.7% | +22.2% |
Questions investors ask
What does FEX invest in?
FEX owns about 375 large US companies chosen by Nasdaq's AlphaDEX method, which scores stocks on growth or value traits. As of July 31, 2026, it held 376 stocks. The largest were Cognizant Technology Solutions at 0.64%, Accenture at 0.60%, PayPal at 0.60% and Regeneron Pharmaceuticals at 0.55%. Higher-scoring stocks get more weight, but no single company comes close to dominating. Net assets were about $1.57 billion as of that date.
What is FEX's expense ratio?
FEX's expense ratio is 0.57% a year, according to its prospectus filed November 28, 2025. That includes a 0.50% management fee, with no fee waiver. It is the most expensive of nine comparable funds in our comparison, where the average was 0.22%. For example, the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (GSEW) and the iShares MSCI USA Equal Weighted ETF (EUSA) each charge 0.09%.
Does FEX pay dividends?
Yes, FEX pays dividends quarterly. Over the 12 months to October 27, 2026, it paid about $1.38 per share, a yield of roughly 1%. That's modest, because the fund picks stocks by growth and value scores rather than by dividends. The prospectus also warns that growth stocks may pay little or no dividend. Investors looking mainly for income may find this fund's payout small.
What's the difference between FEX and GSEW?
Both spread money across large US stocks rather than favoring the biggest companies, and about 60% of their holdings overlap. FEX scores stocks on growth and value and gives higher-scoring groups more weight. GSEW, as its name says, uses equal weighting. GSEW costs 0.09% compared with FEX's 0.57%. As of October 27, 2026, FEX returned 17.4% over one year and 22.9% a year over three years, versus 13.5% and 21.4% for GSEW.
How has FEX performed over the long term?
FEX's average annual returns were 17.13% over one year, 11.3% over five years and 10.06% over ten years as of December 31, 2024, according to its prospectus. Based on share price, it returned about 13.1% a year over the ten years to October 27, 2026. Its record includes steep losses, though: -11.92% in 2022, and a 26.64% drop in the first quarter of 2020 alone.