At a glance
FPA charges 0.8% a year, above the 0.38% average of the 6 funds most like it (the most expensive of 7). It has $123.8M in assets, the 6th largest of that group; it paid 4.38% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +18.3% with distributions reinvested (S&P 500: +11.5%), 3rd of those 7 funds; over three years it returned +28.5% a year. At its worst it fell 39.0% in the 2020 crash (S&P 500: 33.7%) and 27.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 23 months after the lows. Its ten largest positions make up 34.4% of the fund, out of 101 in all.
The short version
First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) is an index ETF. It tracks the Nasdaq AlphaDEX Asia Pacific Ex-Japan Index, a rules-based list of 100 larger stocks picked for their growth and value scores. As of June 30, 2026, about 58% of the fund was in South Korean stocks. Its 0.80% expense ratio was the highest among the similar funds compared, which averaged 0.38%.
Price history
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FPA +18.3% 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 | |
|---|---|---|---|---|---|---|
| FPA official prospectus, to Dec 31, 2025 | — | +42.31% | — | +7.23% | +6.57% | +4.75% |
| FPA price data to Oct 27, 2026 | +21.0% | +18.3% | +28.5% | +10.4% | +8.1% | +5.6% |
- Over the year to Oct 27, 2026, FPA returned +18.3%, 3rd of 7 among similar funds.
- Its 5-year annualized return was +10.4% and its 10-year +8.1%.
- In the 2020 COVID crash it fell 39% and regained its old high 5.4 months after the low.
- Its worst full calendar year was 2018 (-21.9%); its best was 2025 (+43.2%).
- The deepest fall in its price history was 52.9% (Jan 26, 2018 to Mar 23, 2020), recovered by Jan 21, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +21.1% | — |
| 2025 | +43.2% | +42.31% |
| 2024 | +3.9% | +3.84% |
| 2023 | +9.9% | +10.67% |
| 2022 | -14.6% | -15.62% |
| 2021 | +2.9% | +2.75% |
| 2020 | +13.4% | +14.89% |
| 2019 | +8.9% | +7.35% |
| 2018 | -21.9% | -20.71% |
| 2017 | +35.8% | +35.93% |
| 2016 | +1.3% | +0.29% |
| 2015 | +0.1% | — |
| 2014 | +2.8% | — |
| 2013 | +3.7% | — |
| 2012 | +24.7% | — |
| 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% over that stretch · deepest drop along the way 39%, back to its old high 5.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 24.7% over that stretch · deepest drop along the way 27.6%, back to its old high 22.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.9400 | |
| 2025 | $1.7600 | +89.2% |
| 2024 | $0.9300 | +13.4% |
| 2023 | $0.8200 | -24.1% |
| 2022 | $1.0800 | -32.1% |
| 2021 | $1.5900 | +211.8% |
| 2020 | $0.5100 | -54.1% |
| 2019 | $1.1100 | +44.2% |
| 2018 | $0.7700 | -31.3% |
| 2017 | $1.1200 | +72.3% |
| 2016 | $0.6500 | +35.4% |
| 2015 | $0.4800 | -57.9% |
| 2014 | $1.1400 | +70.1% |
| 2013 | $0.6700 | +52.3% |
| 2012 | $0.4400 |
What's inside
As of Jun 30, 2026, the fund held 101 securities; the ten largest made up 34.42% of assets.
| Holding | Weight | |
|---|---|---|
| SAMSUNG ELECTRO MECHANICS | 6.83% | |
| KINGBOARD LAMINATES HOLDINGS LTD | 5.37% | |
| KINGBOARD HOLDINGS LTD | 4.65% | |
| SK SQUARE CO LTD | 3.71% | |
| SK HYNIX INC | 3.35% | |
| LG INNOTEK COMPANY LTD | 2.56% | |
| SK INC | 2.12% | |
| SAMSUNG ELECTRONICS CO LTD | 2.04% | |
| SAMSUNG LIFE INSURANCE COMPANY LTD | 1.94% | |
| DOOSAN CORP | 1.85% | |
| LS CORP | 1.82% | |
| HYOSUNG HEAVY INDUSTRIES CORP | 1.79% | |
| LS ELECTRIC CO LTD | 1.69% | |
| HYUNDAI MOBIS COMPANY LTD | 1.69% | |
| WASHINGTON H SOUL PATTINSON AND CO LTD | 1.49% |
By country
South Korea 57.59%Cayman Islands 17.95%Australia 9.53%Hong Kong 6.29%Singapore 5.19%By asset type
Stocks 99.61%RA 1.18%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $66.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +18.03%, +12.74%, -6.87%.
How it works
FPA, a First Trust index fund, normally holds at least 90% of net assets in the Nasdaq AlphaDEX Asia Pacific Ex-Japan Index's stocks. Nasdaq starts from its Developed Markets Asia Pacific Ex-Japan Index. It removes duplicate share classes, hard-to-trade stocks and, usually, companies at or below the mid-cap breakpoint (the 50th percentile of size), which was $4.450 billion as of March 31, 2026. South Korean stocks at their foreign ownership limit are excluded.
The rest are scored on growth and value, and each keeps its better score. The top 100 are split into quintiles (five equal groups); higher-scoring groups get bigger weights. This AlphaDEX method aims for alpha: beating traditional indexes on a risk-adjusted basis. Industry and country weights are capped at 15% above their share of the starting index. Twice-yearly index rebuilds can mean heavy trading: turnover was 104%, per the April 30, 2026 prospectus.
For some Chinese companies closed to foreign investors, the fund uses variable interest entities (VIEs): offshore shell companies tied to the business by contract, not ownership. It may sell holdings to pay cash to large institutions redeeming shares, which can be less tax-efficient than handing over stocks. As of June 30, 2026, South Korean stocks were about 58% of the portfolio.
What it really costs
- FPA charges 0.8% a year, versus an average of 0.38% for the similar funds below (7th of 7, cheapest first).
In a retirement portfolio
FPA is a concentrated, high-cost bet that leans heavily on South Korea and has had sharp swings, so it fits better as a small add-on than as a foundation.
FPA could add a factor-driven slice of larger Asia-Pacific companies next to a broader core holding. Its swings have been large. It fell 39% in the 2020 COVID crash and got back to its prior peak by September 2, 2020. In 2022 it dropped 27.6% and did not regain its peak until August 21, 2024. Its deepest drop, 52.9%, ran from January 2018 to March 2020. Its worst calendar year was 2018, when it lost 20.71%. The fund launched in 2011, so it has no record from 2008. Anyone who has to sell shares during a slump like these could lock in losses. The trailing yield was 4.38% as of October 27, 2026, paid quarterly, and that income can change. The 0.80% expense ratio is about double the 0.38% peer average. Past results don't predict future returns, 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 a small, rules-based slice of Asia-Pacific stocks with a heavy South Korea tilt (about 58% as of June 30, 2026).
- Holders who can sit through deep drops, including a 52.9% peak-to-trough fall from January 2018 to March 2020.
- Income-minded investors who like quarterly payouts; the trailing yield was 4.38% as of October 27, 2026.
Look elsewhere if
- Cost-focused investors: the 0.80% expense ratio is the highest in its comparison group, against 0.07% for Vanguard FTSE Pacific ETF (VPL).
- Those wanting broad diversification: electronics names like Samsung Electro-Mechanics and Kingboard Laminates led the holdings as of June 30, 2026.
- Taxable investors who want to avoid capital gains payouts: 104% turnover and cash redemptions may make the fund less tax-efficient.
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 |
|---|---|---|---|---|---|
| FPA this fund | — | 0.8% | $123.8M | +18.3% | +28.5% |
| EWY iShares MSCI South Korea ETF | 31% | 0.59% | $27.72B | +59.9% | +41.1% |
| VPL Vanguard FTSE Pacific ETF | 12% | 0.07% | $13.10B | +22.2% | +22.6% |
| AAXJ iShares MSCI All Country Asia ex-Japan ETF | 12% | 0.72% | $3.72B | +15.1% | +23.3% |
| FLAX Franklin FTSE Asia ex Japan ETF | 12% | 0.19% | $51.2M | +15.2% | +23.2% |
| EEMV iShares MSCI Emerging Markets Min Vol Facto… | 9% | 0.26% | $3.66B | +12.4% | +15.5% |
| EPP iShares MSCI Pacific ex Japan ETF | 9% | 0.48% | $2.32B | +10.7% | +17.8% |
Questions investors ask
What does FPA invest in?
FPA holds about 100 larger stocks from developed Asia-Pacific markets outside Japan, chosen by the Nasdaq AlphaDEX Asia Pacific Ex-Japan Index. As of June 30, 2026, South Korea made up about 58% of the fund. Cayman Islands-incorporated companies made up about 18%, Australia about 10%, Hong Kong about 6% and Singapore about 5%. The largest holdings were Samsung Electro-Mechanics (6.8%), Kingboard Laminates (5.4%), Kingboard Holdings (4.7%), SK Square (3.7%) and SK Hynix (3.3%).
Is FPA good for retirement?
FPA is better described as a higher-risk satellite holding than a core retirement fund. It fell 39% in early 2020 and 27.6% in 2022, and its deepest drop was 52.9%, from 2018 to 2020. Its three-year volatility was 25.6% as of October 27, 2026. It pays income quarterly, but its 0.80% expense ratio is well above the 0.38% average of similar funds. Someone who may need to sell in a downturn would be exposed to those swings.
Does FPA pay dividends?
Yes. FPA pays distributions quarterly. Over the 12 months ending October 27, 2026, it paid about $1.94 per share, a trailing yield of 4.38%. These payments come from dividends on the stocks it holds, so they rise and fall with company payouts and with exchange rates, since most of its holdings pay in foreign currencies. A past yield doesn't promise future income.
FPA vs EWY: what's the difference?
iShares MSCI South Korea ETF (EWY) holds only South Korean stocks. FPA spreads across Korea, Hong Kong-listed companies, Australia and Singapore, and it picks and weights stocks by growth and value scores rather than company size. About 31% of their holdings overlap. EWY costs 0.59% a year against FPA's 0.80%, and it is far larger. EWY returned 64.2% over the year to October 30, 2026, while FPA returned 18.3% over the year to October 27, 2026.
How has FPA performed over the long term?
As of December 31, 2025, FPA's average annual returns were 42.31% over one year, 7.23% over five years, 6.57% over ten years and 4.75% since its 2011 launch. Results have been uneven from year to year. It gained 35.93% in 2017, lost 20.71% in 2018 and lost 15.62% in 2022. Its best quarter was up 26.26% (ending June 30, 2025), and its worst was down 30.45% (ending March 31, 2020).