At a glance
FLN charges 0.8% a year, above the 0.36% average of the 6 funds most like it (the most expensive of 7). It has $34.6M in assets, the 7th largest of that group; it paid 3.82% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +19.8% with distributions reinvested (S&P 500: +11.5%), 4th of those 7 funds; over three years it returned +16.5% a year. At its worst it fell 55.3% in the 2020 crash (S&P 500: 33.7%) and 25.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 24 months and 12 months after the lows. Its ten largest positions make up 33.0% of the fund, out of 50 in all.
The short version
First Trust Latin America AlphaDEX Fund (FLN) is an exchange-traded fund (ETF) that tracks the Nasdaq AlphaDEX Latin America Index. The index holds 50 Latin American stocks, chosen and weighted by growth and value scores rather than by company size. Its 0.80% expense ratio is the highest of the seven similar funds compared, whose average is 0.36%. With about $35 million in net assets as of June 30, 2026, it is also the smallest.
Price history
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FLN +19.8% 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 | |
|---|---|---|---|---|---|---|
| FLN official prospectus, to Dec 31, 2025 | — | +54.67% | — | +8.14% | +10.05% | +1.93% |
| FLN price data to Oct 27, 2026 | +11.1% | +19.8% | +16.5% | +12.3% | +6.7% | +2.3% |
- Over the year to Oct 27, 2026, FLN returned +19.8%, 4th of 7 among similar funds.
- Its 5-year annualized return was +12.3% and its 10-year +6.7%.
- In the 2020 COVID crash it fell 55.3% and regained its old high 24.4 months after the low.
- Its worst full calendar year was 2015 (-29.2%); its best was 2025 (+55.0%).
- The deepest fall in its price history was 57.9% (Apr 26, 2011 to Jan 20, 2016), recovered by Jan 13, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.1% | — |
| 2025 | +55.0% | +54.67% |
| 2024 | -23.1% | -22.67% |
| 2023 | +29.7% | +29.64% |
| 2022 | +2.8% | +2.17% |
| 2021 | -7.0% | -6.66% |
| 2020 | -12.4% | -12.32% |
| 2019 | +27.2% | +26.26% |
| 2018 | -8.3% | -7.50% |
| 2017 | +21.4% | +20.50% |
| 2016 | +42.6% | +42.81% |
| 2015 | -29.2% | — |
| 2014 | -16.5% | — |
| 2013 | -11.5% | — |
| 2012 | +15.6% | — |
| 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 52.3% over that stretch · deepest drop along the way 55.3%, back to its old high 24.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 0.5% over that stretch · deepest drop along the way 25.9%, back to its old high 12.3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.6300 | |
| 2025 | $0.7700 | -18.9% |
| 2024 | $0.9500 | +9.2% |
| 2023 | $0.8700 | -7.4% |
| 2022 | $0.9400 | +14.6% |
| 2021 | $0.8200 | +164.5% |
| 2020 | $0.3100 | -27.9% |
| 2019 | $0.4300 | -23.2% |
| 2018 | $0.5600 | -73.3% |
| 2017 | $2.1000 | +999.5% |
| 2016 | $0.1910 | -40.3% |
| 2015 | $0.3200 | -57.7% |
| 2014 | $0.7570 | +58.4% |
| 2013 | $0.4780 | -40.1% |
| 2012 | $0.7980 |
What's inside
As of Jun 30, 2026, the fund held 50 securities; the ten largest made up 33.03% of assets.
| Holding | Weight | |
|---|---|---|
| ENEVA SA | 3.76% | |
| COCA-COLA FEMSA SAB DE CV | 3.73% | |
| FIBRA UNO ADMINISTRACION SA DE CV | 3.62% | |
| COMPANHIA PARANAENSE DE ENERGIA SA | 3.37% | |
| VIBRA ENERGIA SA | 3.27% | |
| CREDICORP LTD | 3.14% | |
| ENEL CHILE SA | 3.14% | |
| ULTRAPAR PARTICIPACOES SA | 3.14% | |
| COMPANHIA ENERGETICA DE MINAS GERAIS SA Preferred stock | 2.98% | |
| CEMEX-CEMENTOS MEXICANOS SAB DE CV Preferred stock | 2.88% | |
| AMERICA MOVIL SAB DE CV | 2.80% | |
| PRIO SA | 2.72% | |
| PROMOTORA Y OPERADORA DE INFRAESTRUCTURA SAB/DE/CV | 2.70% | |
| PETROLEO BRASILEIRO SA Preferred stock | 2.69% | |
| ITAU UNIBANCO HOLDING SA Preferred stock | 2.68% |
By country
Brazil 53.31%Mexico 27.16%Chile 13.27%Bermuda 3.14%Colombia 2.27%By asset type
Stocks 79.81%Preferred stock 19.35%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.05%, -4.66%, -2.45%.
How it works
FLN, from First Trust, is an index fund: it copies the Nasdaq AlphaDEX Latin America Index and normally keeps at least 90% of its net assets in the index's stocks. Nasdaq starts with its broader Latin America index, then drops duplicate share classes, hard-to-trade stocks and companies in the smaller half by market value (a $4.450 billion cutoff as of March 31, 2026).
The rest are scored on growth and value measures, and each keeps its better score. The top 50 are split into fifths, and higher-scoring fifths get bigger weights, so company size does not set weight. Industry and country weights are capped at 15% above their share of the broader index; a stock that breaks a cap moves to a lower-weighted group or is dropped. AlphaDEX aims to beat traditional indexes after adjusting for risk, which is not guaranteed.
Nasdaq resets the index's members and weights twice a year, and the fund trades shortly after. The prospectus lists portfolio turnover of 100%, roughly the whole portfolio traded in a year. The fund settles some or all share creations and redemptions with large dealers in cash, which can force sales and make it less tax-efficient than ETFs that swap shares in kind. As of June 30, 2026, Brazil was 53% of assets and Mexico 27%.
What it really costs
- FLN charges 0.8% a year, versus an average of 0.36% for the similar funds below (7th of 7, cheapest first).
In a retirement portfolio
FLN is a small, costly single-region emerging-markets fund whose past declines have run past 50%, so it fits best as a minor add-on rather than a foundation.
FLN could add exposure to Latin American utilities, energy companies, banks and consumer firms that US-focused portfolios rarely hold. It also pays income. The trailing 12-month yield was 3.82% as of October 27, 2026, paid quarterly. The swings have been severe, though. FLN launched in 2011, so it has no 2008 record. It fell 55.3% in early 2020 and took about two years to recover. In 2022 it dropped 25.9% and needed roughly a year to regain its peak. Its deepest fall, 57.9% from April 2011 to January 2016, was not fully recovered until January 2020. Anyone forced to sell in a slump like that could lock in large losses. The 0.80% expense ratio is well above the 0.36% average of similar funds. Past results don't predict future returns, and a plan should look at how the whole portfolio holds up, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a small Latin America slice weighted toward Brazil (53%) and Mexico (27%), as of June 30, 2026.
- Those who prefer a rules-based growth-and-value selection of 50 stocks over size weighting, with no holding above 4% as of June 30, 2026.
- Investors comfortable with sharp swings who value quarterly income, with a trailing 12-month yield of 3.82% as of October 27, 2026.
Look elsewhere if
- Cost-focused investors: FLN's 0.80% expense ratio is more than four times the 0.19% charged by Franklin FTSE Latin America ETF (FLLA).
- Anyone who may need to sell in a downturn: FLN fell 55.3% in early 2020 and took about two years to recover.
- Investors wanting a large fund or a tax-efficient structure: FLN held about $35 million, and its cash redemptions may trigger capital gains.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FLN this fund | — | 0.8% | $34.6M | +19.8% | +16.5% |
| FLLA Franklin FTSE Latin America ETF | 45% | 0.19% | $105.9M | +21.1% | +15.1% |
| FLBR Franklin FTSE Brazil ETF | 34% | 0.19% | $518.1M | +22.1% | +13.4% |
| EWZ iShares MSCI Brazil ETF | 34% | 0.59% | $8.17B | +16.6% | +10.9% |
| ILF iShares Latin America 40 ETF | 24% | 0.48% | $3.74B | +19.9% | +16.3% |
| FLMX Franklin FTSE Mexico ETF | 23% | 0.19% | $84.3M | +17.2% | +14.8% |
| EWW iShares MSCI Mexico ETF | 21% | 0.5% | $1.82B | +17.0% | +15.2% |
Questions investors ask
Is FLN good for retirement?
FLN may suit retirees only as a small satellite holding, not a core one. It holds 50 Latin American stocks, mostly from Brazil and Mexico. It fell 55.3% in early 2020 and took about two years to recover. Its worst overall decline, 57.9%, took until January 2020 to make back. It does pay income: the trailing yield was 3.82% as of October 27, 2026, paid quarterly. But its 0.80% expense ratio is well above the 0.36% average of similar funds.
What's the difference between FLN and FLLA?
Both own Latin American stocks and share about 45% of their holdings, but they choose them differently. FLN picks 50 stocks using Nasdaq's AlphaDEX growth-and-value scoring. Franklin FTSE Latin America ETF (FLLA) tracks a FTSE Latin America index. FLLA costs 0.19% a year, compared with FLN's 0.80%. As of October 27, 2026, FLN returned 19.8% over one year and 16.5% a year over three years. FLLA returned 21.1% and 15.1%. FLLA is also larger, at about $106 million in net assets.
Does FLN pay dividends?
Yes. FLN pays dividends quarterly. Over the 12 months to October 27, 2026, it paid $0.94 per share, a yield of 3.82%. Payouts come from the dividends of its Latin American holdings, so they can rise or fall with company profits. Currency moves also affect them, because the fund converts local-currency payments into US dollars. About 19% of the portfolio was in preferred shares as of June 30, 2026.
What stocks are in FLN?
As of June 30, 2026, FLN held 50 companies, and no single position topped 4%. The largest were Eneva, Coca-Cola FEMSA, Fibra Uno Administracion, Companhia Paranaense de Energia and Vibra Energia, each between about 3.3% and 3.8%. By country, Brazil made up 53%, Mexico 27% and Chile 13%. Peru-focused bank Credicorp, which is incorporated in Bermuda, made up 3%, and Colombia 2%. The prospectus notes significant investments in financial companies.
How has FLN performed over the long term?
FLN's results have been strong in some years and poor in others. As of December 31, 2025, the prospectus shows average annual returns of 54.67% over one year, 8.14% over five years and 10.05% over ten years. Since its 2011 launch, the average was just 1.93% a year. Calendar years swung from a 22.67% loss in 2024 to a 54.67% gain in 2025. Its worst quarter, the first quarter of 2020, lost 46.21%.