At a glance
FNY charges 0.73% a year, above the 0.22% average of the 8 funds most like it (the most expensive of 9). It has $577.6M in assets, the 8th largest of that group. Over the past year it returned +4.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 9 funds; over three years it returned +21.5% a year. At its worst it fell 38.9% in the 2020 crash (S&P 500: 33.7%) and 29.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 17 months after the lows. Its ten largest positions make up 8.7% of the fund, out of 226 in all.
The short version
First Trust Mid Cap Growth AlphaDEX Fund (FNY) is an ETF that tracks the Nasdaq AlphaDEX Mid Cap Growth Index. The index holds about 225 US mid-sized companies, chosen and weighted by growth and value scores rather than by company size. That spreads money thinly: the top 10 holdings were just 8.7% of assets as of July 31, 2026. The catch is cost. It charges 0.73% a year, against an average of 0.22% for similar funds.
Price history
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FNY +4.3% 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 | |
|---|---|---|---|---|---|---|
| FNY official prospectus, to Dec 31, 2024 | — | +18.27% | — | +11.10% | +10.88% | +10.91% |
| FNY price data to Oct 27, 2026 | +8.3% | +4.3% | +21.5% | +6.0% | +13.3% | +10.9% |
- Over the year to Oct 27, 2026, FNY returned +4.3%, 9th of 9 among similar funds.
- Its 5-year annualized return was +6.0% and its 10-year +13.3%.
- In the 2020 COVID crash it fell 38.9% and regained its old high 4.4 months after the low.
- Its worst full calendar year was 2022 (-23.8%); its best was 2020 (+37.0%).
- The deepest fall in its price history was 38.9% (Feb 19, 2020 to Mar 23, 2020), recovered by Aug 3, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.3% | — |
| 2025 | +14.0% | — |
| 2024 | +18.1% | +18.27% |
| 2023 | +21.1% | +21.06% |
| 2022 | -23.8% | -23.82% |
| 2021 | +13.5% | +13.38% |
| 2020 | +37.0% | +36.90% |
| 2019 | +32.5% | +32.57% |
| 2018 | -7.5% | -7.36% |
| 2017 | +25.1% | +24.92% |
| 2016 | +9.6% | +9.42% |
| 2015 | -1.4% | -1.20% |
| 2014 | +4.9% | — |
| 2013 | +36.6% | — |
| 2012 | +10.2% | — |
| 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 38.9% over that stretch · deepest drop along the way 38.9%, back to its old high 4.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 25.7% over that stretch · deepest drop along the way 29%, back to its old high 17.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.0300 | -93.3% |
| 2024 | $0.4500 | +181.3% |
| 2023 | $0.1600 | +23.1% |
| 2022 | $0.1300 | -20.7% |
| 2020 | $0.1640 | +26.2% |
| 2019 | $0.1300 | +550.0% |
| 2018 | $0.0200 | -77.8% |
| 2017 | $0.0900 | -55.0% |
| 2016 | $0.2000 | +42.9% |
| 2015 | $0.1400 | +125.8% |
| 2014 | $0.0620 | -38.0% |
| 2013 | $0.1000 | -9.1% |
| 2012 | $0.1100 |
What's inside
As of Jul 31, 2026, the fund held 226 securities; the ten largest made up 8.7% of assets.
| Holding | Weight | |
|---|---|---|
| CITIGROUP GLOBAL MARKETS INC. RA | 1.15% | |
| ETSY INC | 0.86% | |
| GUARDANT HEALTH INC | 0.86% | |
| PACS GROUP INC | 0.86% | |
| VICTORIA'S SECRET & COMPANY | 0.84% | |
| AMNEAL PHARMACEUTICALS INC | 0.84% | |
| ENOVA INTERNATIONAL INC | 0.84% | |
| CORCEPT THERAPEUTICS INC | 0.84% | |
| IES HOLDINGS INC | 0.81% | |
| TUTOR PERINI CORP | 0.80% | |
| COCA-COLA CONSOLIDATED INC | 0.78% | |
| MADISON SQUARE GARDEN SPORTS CORP | 0.78% | |
| GLAUKOS CORP | 0.76% | |
| TG THERAPEUTICS INC | 0.75% | |
| FRONTDOOR INC | 0.74% |
By country
United States 99.34%Bermuda 1.45%Netherlands 0.18%Ireland 0.18%By asset type
Stocks 100%RA 1.15%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $53.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.03%, +5.84%, -7.74%.
How it works
FNY aims to match the Nasdaq AlphaDEX Mid Cap Growth Index before fees, and it normally keeps at least 90% of its net assets in the index's stocks. Nasdaq builds the index from the Nasdaq US 600 Mid Cap Growth Index. It removes duplicate share classes and stocks that trade too thinly. It then ranks the rest on growth and value factors. A stock tagged as growth is scored on its growth rank, and a stock tagged as value on its value rank. Nasdaq calls this method AlphaDEX. The aim is to find stocks that may beat traditional indexes on a risk-adjusted basis, which is what "alpha" means.
The top 225 scorers make the index. They are split into five equal-sized groups (quintiles), and the higher-scoring groups get bigger weights. A stock's market value doesn't set its weight. So no single company dominates: the largest stock positions, Etsy, Guardant Health and PACS Group, were each about 0.86% of assets as of July 31, 2026.
The index is rebuilt and rebalanced every quarter. That drove portfolio turnover of 130%, meaning the fund replaced more than its whole portfolio in a year. Trading costs from that turnover are not part of the expense ratio. As of October 31, 2025, index companies ranged from $2.23 billion to $31.26 billion in market value, and the fund leaned toward industrial companies.
What it really costs
- FNY charges 0.73% a year, versus an average of 0.22% for the similar funds below (9th of 9, cheapest first).
- Of that, 0.7% is the management fee; the rest covers other fund expenses.
In a retirement portfolio
It is a high-cost, high-turnover, rules-based bet on mid-cap stocks that has swung more than the market, so it fits better as a small add-on than as a foundation.
FNY could add exposure to hundreds of mid-sized US companies, spread more evenly than in a size-weighted fund. It has moved sharply in downturns. It launched in 2011, so it has no 2008 record. In the 2020 COVID crash it fell 38.9% between February 19 and March 23, 2020. It took about four months to recover, by August 3, 2020. In 2022 it dropped 29% from January 3 to September 26 and did not regain that peak until March 4, 2024, about 17 months later. Its worst calendar year was 2022, at -23.8%. Anyone who had to sell shares in those stretches would have locked in losses. It made no distributions in the year to October 27, 2026, so it offers no income. It costs 0.73% a year. 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 mid-cap stocks spread across about 225 names, with no single holding above roughly 1% as of July 31, 2026.
- People open to a rules-based approach that picks stocks by growth and value scores and rebuilds the index every quarter.
- Long-term holders who can ride out drops like the 29% fall in 2022, which took about 17 months to recover.
Look elsewhere if
- Cost-conscious investors: at 0.73% a year it was the priciest of nine similar funds, several of which charge 0.17% or less.
- Retirees who need income, since it made no distributions in the year to October 27, 2026.
- Anyone uneasy with big swings: it fell 38.9% in early 2020, and its one-year beta was 1.36.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FNY this fund | — | 0.73% | $577.6M | +4.3% | +21.5% |
| ISCG iShares Morningstar Small-Cap Growth ETF | 39% | 0.06% | $970.9M | +10.3% | +21.2% |
| FNX First Trust Mid Cap Core AlphaDEX Fund | 38% | 0.58% | $1.37B | +11.5% | +19.3% |
| VBK Vanguard Small Cap Growth ETF | 35% | 0.07% | $47.02B | +10.3% | +19.4% |
| IVOG Vanguard S&P Mid-Cap 400 Growth ETF | 33% | 0.1% | $1.80B | +11.7% | +18.0% |
| MDYG SPDR S&P 400 Mid Cap Growth ETF | 33% | 0.15% | $2.92B | +11.7% | +17.9% |
| IJK iShares S&P Mid-Cap 400 Growth ETF | 33% | 0.17% | $11.30B | +11.6% | +17.9% |
| FAD First Trust Multi Cap Growth AlphaDEX Fund | 30% | 0.62% | $577.4M | +8.6% | +25.1% |
Questions investors ask
Does FNY pay a dividend?
No, not lately. FNY made no distributions in the 12 months to October 27, 2026, so its trailing yield was 0%. That fits its focus on growth-oriented mid-cap stocks. The prospectus warns that growth stocks may lack the dividend payments that can help cushion a share price in a decline. Investors who need regular income from their holdings would have to look at other kinds of funds.
What's the difference between FNY and IJK?
Both hold mid-cap growth stocks, but they choose and weight them differently. As its name says, the iShares S&P Mid-Cap 400 Growth ETF (IJK) follows S&P's mid-cap growth stocks. FNY uses Nasdaq's AlphaDEX scoring, with quarterly rebuilds and equal-sized score groups. IJK costs 0.17% a year against FNY's 0.73%, and their holdings overlap by about 33%. As of October 27, 2026, IJK returned 11.6% over one year and 17.9% a year over three, versus 4.3% and 21.5% for FNY.
What is the AlphaDEX method in First Trust ETFs?
AlphaDEX is a rule set for choosing and weighting stocks. For FNY, Nasdaq starts with the Nasdaq US 600 Mid Cap Growth Index. It removes thinly traded stocks and ranks the rest on growth and value factors. The top 225 scorers are split into five groups, and higher-scoring groups get bigger weights. The goal is to beat traditional indexes on a risk-adjusted basis, but nothing guarantees that. The quarterly rebuilds pushed turnover to 130%.
Why is FNY's expense ratio so high?
FNY charges 0.73% a year, and 0.70% of that is the management fee, according to its November 28, 2025 prospectus. That made it the costliest of nine similar funds. Their average was 0.22%, and some size-weighted mid-cap growth funds charge 0.10% to 0.17%. On top of the expense ratio, FNY's 130% turnover adds trading costs, which come out of returns but aren't included in the fee figure.
How has FNY performed over the long term?
It has been strong overall but uneven. The prospectus reports average annual returns of 11.10% over five years and 10.88% over ten years through December 31, 2024. Calendar years ranged from a 36.90% gain in 2020 to a 23.82% loss in 2022. Over the year to October 27, 2026, it returned 4.3%, the weakest among nine similar funds. Over three years it ranked second, at 21.5% a year.