At a glance
FSZ charges 0.8% a year, above the 0.21% average of the 6 funds most like it (the most expensive of 7). It has $36.9M in assets, the 7th largest of that group; it paid 2.01% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +5.9% with distributions reinvested (S&P 500: +11.5%), the weakest of those 7 funds; over three years it returned +16.1% a year. At its worst it fell 33.6% in the 2020 crash (S&P 500: 33.7%) and 33.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 20 months after the lows. Its ten largest positions make up 38.2% of the fund, out of 40 in all.
The short version
First Trust Switzerland AlphaDEX Fund (FSZ) holds about 40 Swiss stocks. Nasdaq's rules-based AlphaDEX method picks and weights them by growth and value scores, not company size. Its 0.80% expense ratio is far above the 0.21% average of the broad European funds it is compared with. With $36.9 million in net assets as of June 30, 2026, it is a small, focused bet on one country.
Price history
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FSZ +5.9% 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 | |
|---|---|---|---|---|---|---|
| FSZ official prospectus, to Dec 31, 2025 | — | +30.16% | — | +8.18% | +9.51% | +9.54% |
| FSZ price data to Oct 27, 2026 | +3.1% | +5.9% | +16.1% | +5.9% | +9.7% | +9.2% |
- Over the year to Oct 27, 2026, FSZ returned +5.9%, 7th of 7 among similar funds.
- Its 5-year annualized return was +5.9% and its 10-year +9.7%.
- In the 2020 COVID crash it fell 33.6% and regained its old high 5.4 months after the low.
- Its worst full calendar year was 2022 (-19.6%); its best was 2017 (+31.3%).
- The deepest fall in its price history was 34% (Jan 22, 2020 to Mar 16, 2020), recovered by Sep 2, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +3.1% | — |
| 2025 | +30.1% | +30.16% |
| 2024 | -1.8% | -1.25% |
| 2023 | +21.3% | +22.07% |
| 2022 | -19.6% | -20.88% |
| 2021 | +20.5% | +19.34% |
| 2020 | +13.8% | +14.50% |
| 2019 | +25.9% | +25.91% |
| 2018 | -15.2% | -15.11% |
| 2017 | +31.3% | +31.26% |
| 2016 | +3.8% | +4.21% |
| 2015 | +6.5% | — |
| 2014 | -6.1% | — |
| 2013 | +30.1% | — |
| 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 33.2% over that stretch · deepest drop along the way 33.6%, back to its old high 5.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 33.4% over that stretch · deepest drop along the way 33.4%, back to its old high 19.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.3500 | |
| 2025 | $1.4300 | +26.5% |
| 2024 | $1.1300 | -17.5% |
| 2023 | $1.3700 | -41.7% |
| 2022 | $2.3500 | +70.9% |
| 2021 | $1.3750 | +49.5% |
| 2020 | $0.9200 | -14.8% |
| 2019 | $1.0800 | +8.0% |
| 2018 | $1.0000 | +28.2% |
| 2017 | $0.7800 | -1.3% |
| 2016 | $0.7900 | +83.7% |
| 2015 | $0.4300 | -39.7% |
| 2014 | $0.7130 | -9.7% |
| 2013 | $0.7900 |
What's inside
As of Jun 30, 2026, the fund held 40 securities; the ten largest made up 38.23% of assets.
| Holding | Weight | |
|---|---|---|
| SANDOZ GROUP AG | 4.77% | |
| SFS GROUP AG | 4.63% | |
| GALDERMA GROUP AG | 4.28% | |
| VAT GROUP AG | 4.14% | |
| SIG GROUP AG | 3.60% | |
| HOLCIM AG | 3.54% | |
| AVOLTA AG | 3.46% | |
| UBS GROUP AG | 3.27% | |
| SWISSCOM AG | 3.27% | |
| BUCHER INDUSTRIES AG | 3.26% | |
| GALENICA AG | 3.26% | |
| BARRY CALLEBAUT AG | 3.24% | |
| ROCHE HOLDING AG Preferred stock | 3.06% | |
| PSP SWISS PROPERTY AG | 3.03% | |
| EMMI AG | 2.71% |
By country
Switzerland 94.23%By asset type
Stocks 91.17%Preferred stock 3.06%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $4.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.27%, +3.05%, -0.98%.
How it works
FSZ tracks the Nasdaq AlphaDEX Switzerland Index, which Nasdaq, Inc. builds and maintains. The fund normally puts at least 90% of its net assets in the index's stocks. The index starts from the Nasdaq Switzerland Index, a broad list of companies Nasdaq assigns to Switzerland by where they are incorporated, based and mainly listed. Nasdaq then removes duplicate share classes, hard-to-trade stocks and companies at or below the mid-cap breakpoint, which was $4.450 billion as of March 31, 2026. It can add smaller names back to reach a minimum number of stocks.
Each remaining stock is ranked on growth factors and on value factors, and keeps whichever rank is better. The top 40 make the index. The aim is "alpha," meaning returns better than the risk taken would suggest. The 40 stocks are split into five groups (quintiles) by score, and higher-scoring groups get bigger weights. Most index funds weight by company size instead. No industry's weight can exceed its weight in the base index by more than 15 percentage points. A stock that breaks that limit moves to a lower group, or out of the index entirely.
The index is rebuilt twice a year, and the fund follows shortly after. That schedule helps explain its 80% portfolio turnover, which can add trading costs that the expense ratio doesn't show. The stocks are priced in Swiss francs, so changes in the franc against the dollar also move the fund's value.
What it really costs
- FSZ charges 0.8% a year, versus an average of 0.21% for the similar funds below (7th of 7, cheapest first).
In a retirement portfolio
A 40-stock, single-country fund with a high fee and deep past drops suits a small position next to a broader core, not the core itself.
FSZ can add mid- and large-size Swiss companies, such as Sandoz and Galderma, and exposure to the Swiss franc to a mostly US portfolio. But it holds just 40 stocks from one country, and its drops have been steep. It fell 33.6% in the 2020 COVID crash and recovered in about five months. In the 2022 bear market it fell 33.4% and took about 20 months, until June 2024, to get back to its old high. Its worst calendar year was 2022, at -20.88%. It launched in 2012, so it has no record from the 2008 crisis. Selling shares in a year like 2022 would have locked in big losses. It yielded 2.01% over the 12 months to October 27, 2026, paid twice a year, and it costs 0.80% 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 wanting targeted exposure to Swiss mid- and large-cap companies like Sandoz, SFS Group and VAT Group, plus the Swiss franc.
- Those who prefer a rules-based growth-and-value stock screen to size weighting, and who accept 80% annual turnover.
- Mostly-US investors wanting a small position that has moved less than the market, with a one-year beta of 0.69.
Look elsewhere if
- Cost-conscious investors: the 0.80% expense ratio compares with 0.06% for Vanguard FTSE Europe ETF (VGK) and 0.09% for IEUR.
- Anyone wanting broad diversification: it holds 40 stocks from one country, with $36.9 million in net assets as of June 30, 2026.
- Those who can't sit through long recoveries: it fell 33.4% in 2022 and took about 20 months to get back to its old high.
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 |
|---|---|---|---|---|---|
| FSZ this fund | — | 0.8% | $36.9M | +5.9% | +16.1% |
| IEV iShares Europe ETF | 10% | 0.61% | $1.63B | +9.5% | +19.4% |
| BBEU JPMorgan BetaBuilders Europe ETF | 10% | 0.09% | $9.36B | +9.5% | +19.8% |
| VGK Vanguard FTSE Europe ETF | 9% | 0.06% | $38.51B | +11.9% | +19.7% |
| IEUR iShares Core MSCI Europe ETF | 9% | 0.09% | $8.95B | +9.6% | +19.9% |
| EFA iShares MSCI EAFE ETF | 6% | 0.32% | $77.98B | +13.5% | +18.2% |
| IEFA iShares Core MSCI EAFE ETF | 5% | 0.07% | $190.11B | +13.7% | +18.5% |
Questions investors ask
What does FSZ hold?
FSZ holds 40 Swiss stocks chosen by the Nasdaq AlphaDEX Switzerland Index, as of June 30, 2026. The largest positions were Sandoz (4.8%), SFS Group (4.6%), Galderma (4.3%), VAT Group (4.1%) and SIG Group (3.6%). Holcim, Avolta, UBS and Swisscom were also in the top 10. Weights are fairly even, so the top 10 made up only 38% of assets. The prospectus noted large weights in health care and industrial companies as of March 31, 2026.
Is FSZ expensive compared with other Europe ETFs?
Yes. FSZ's expense ratio is 0.80% a year, according to its April 30, 2026 prospectus. That compares with an average of 0.21% for the six broad European and international funds it is compared with. Vanguard FTSE Europe ETF (VGK) charges 0.06%, and iShares Core MSCI Europe ETF (IEUR) charges 0.09%. FSZ ranks last of seven on cost. Its 80% turnover can also add trading costs that the expense ratio doesn't show.
What's the difference between FSZ and VGK?
VGK is far broader and much cheaper. FSZ holds 40 Swiss stocks chosen by growth and value scores. VGK holds a wide basket of European stocks. Only about 9% of their holdings overlap, so VGK isn't a close substitute. VGK charges 0.06% versus 0.80% for FSZ. VGK returned 11.9% over one year as of October 30, 2026. FSZ returned 5.9% as of October 27, 2026. Over three years, VGK returned 19.7% a year and FSZ 16.1%.
Does FSZ pay dividends?
Yes, twice a year. Over the 12 months to October 27, 2026, FSZ paid $1.63 per share, a trailing yield of 2.01%. Swiss companies pay their dividends in francs, so the dollar amount can rise or fall with exchange rates. Payments can also change when the index swaps stocks at its twice-yearly rebuild. The fund isn't built for income: it picks stocks on growth and value scores, not on dividends.
How has FSZ performed over the long term?
Solidly, but with big swings. As of December 31, 2025, FSZ's average annual return was 9.51% over 10 years, 8.18% over five years and 9.54% since its 2012 launch. Calendar-year results ranged from 31.26% in 2017 to -20.88% in 2022. Its worst quarter was -22.08% in early 2020, and its strongest was 18.16% in the next quarter. Over the year to October 27, 2026, it returned 5.9%, last of the seven funds it is compared with.