At a glance
FXD charges 0.6% a year, above the 0.23% average of the 4 funds most like it (the most expensive of 5). It has $269.2M in assets, the 5th largest of that group; it paid 0.72% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −1.1% with distributions reinvested (S&P 500: +11.5%), 2nd of those 5 funds; over three years it returned +13.6% a year. At its worst it fell 49.5% in the 2020 crash (S&P 500: 33.7%) and 30.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 17 months after the lows. Its ten largest positions make up 16.0% of the fund, out of 113 in all.
The short version
First Trust Consumer Discretionary AlphaDEX Fund (FXD) tracks the StrataQuant Consumer Discretionary Index. That index picks US consumer stocks from the Russell 1000 by scoring them on growth and value. The fund weights its holdings close to equally, so no single giant dominates: its top 10 made up just 16% of assets as of July 31, 2026. The trade-off is cost. Its 0.60% expense ratio compares with an average of 0.23% for similar funds.
Price history
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FXD -1.1% 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 | |
|---|---|---|---|---|---|---|
| FXD official prospectus, to Dec 31, 2024 | — | +10.73% | — | +8.22% | +7.05% | +7.73% |
| FXD price data to Oct 27, 2026 | -1.8% | -1.1% | +13.6% | +2.7% | +7.9% | +7.2% |
- Over the year to Oct 27, 2026, FXD returned -1.1%, 2nd of 5 among similar funds.
- Its 5-year annualized return was +2.7% and its 10-year +7.9%.
- In the 2020 COVID crash it fell 49.5% and regained its old high 7.9 months after the low.
- Its worst full calendar year was 2008 (-42.7%); its best was 2009 (+57.1%).
- The deepest fall in its price history was 65.3% (Jul 9, 2007 to Mar 9, 2009), recovered by Feb 4, 2011.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -1.8% | — |
| 2025 | +6.7% | — |
| 2024 | +10.6% | +10.73% |
| 2023 | +23.4% | +23.28% |
| 2022 | -21.6% | -21.49% |
| 2021 | +22.7% | +22.68% |
| 2020 | +12.9% | +12.92% |
| 2019 | +24.2% | +24.16% |
| 2018 | -11.6% | -11.42% |
| 2017 | +19.8% | +19.74% |
| 2016 | +5.2% | +5.13% |
| 2015 | -3.9% | -3.81% |
| 2014 | +11.6% | — |
| 2013 | +43.3% | — |
| 2012 | +15.6% | — |
| 2011 | +0.9% | — |
| 2010 | +32.0% | — |
| 2009 | +57.1% | — |
| 2008 | -42.7% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 62.9% over that stretch · deepest drop along the way 63.2%, back to its old high 20.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 48.5% over that stretch · deepest drop along the way 49.5%, back to its old high 7.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 27.8% over that stretch · deepest drop along the way 30.8%, back to its old high 17 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3500 | |
| 2025 | $0.5500 | -5.2% |
| 2024 | $0.5800 | +41.5% |
| 2023 | $0.4100 | -14.6% |
| 2022 | $0.4800 | +26.3% |
| 2021 | $0.3800 | +81.0% |
| 2020 | $0.2100 | -48.8% |
| 2019 | $0.4100 | +2.5% |
| 2018 | $0.4000 | +2.6% |
| 2017 | $0.3900 | +5.4% |
| 2016 | $0.3700 | +19.4% |
| 2015 | $0.3100 | +63.2% |
| 2014 | $0.1900 | +63.8% |
| 2013 | $0.1160 | -64.4% |
| 2012 | $0.3260 | +158.7% |
| 2011 | $0.1260 | +43.2% |
| 2010 | $0.0880 | +27.5% |
| 2009 | $0.0690 | -19.8% |
| 2008 | $0.0860 |
What's inside
As of Jul 31, 2026, the fund held 113 securities; the ten largest made up 16% of assets.
| Holding | Weight | |
|---|---|---|
| FOX CORP | 1.67% | |
| DILLARD'S INC | 1.66% | |
| MATTEL INC | 1.63% | |
| LYFT INC | 1.62% | |
| GAP INC (THE) | 1.61% | |
| SHARKNINJA INC | 1.59% | |
| LITHIA MOTORS INC | 1.59% | |
| MACY'S INC | 1.58% | |
| LULULEMON ATHLETICA INC | 1.56% | |
| SIRIUS XM HOLDINGS INC | 1.50% | |
| VERSANT MEDIA GROUP INC | 1.49% | |
| THOR INDUSTRIES INC | 1.49% | |
| VIKING HOLDINGS LTD | 1.49% | |
| LEAR CORP | 1.46% | |
| PENSKE AUTOMOTIVE GROUP INC | 1.45% |
By country
United States 91.8%Bermuda 3.18%Cayman Islands 1.89%Jersey 1.56%Switzerland 0.74%By asset type
Stocks 99.83%RA 0.52%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $6.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.30%, +2.04%, +1.00%.
How it works
FXD is an index fund. It normally puts at least 90% of its assets in the stocks of the StrataQuant Consumer Discretionary Index, which ICE Data Indices builds and owns. The index starts with the Russell 1000, roughly the 1,000 largest US companies, and keeps those that pass share-class and trading-volume screens. Each stock gets a growth score, a value score, or the better of the two. This is First Trust's "AlphaDEX" method, which aims to pick stocks that may beat traditional indexes after adjusting for risk.
Within the consumer discretionary sector, which covers retailers, media, autos, travel and other non-essential spending, the index keeps the top 75% of scorers or 40 stocks, whichever is greater. It then splits them into five groups by score. Higher-scoring groups get more weight, but stocks within a group are weighted equally. As a result, the fund's largest positions are mid-sized names such as Fox Corp, Dillard's, Mattel, Lyft and Gap, each about 1.6% to 1.7% of assets as of July 31, 2026.
The index is rebuilt and rebalanced every quarter, and the fund follows shortly after. That causes a lot of trading: portfolio turnover was 68%. The fund held no derivatives as of July 31, 2026.
What it really costs
- FXD charges 0.6% a year, versus an average of 0.23% for the similar funds below (5th of 5, cheapest first).
- Of that, 0.5% is the management fee; the rest covers other fund expenses.
In a retirement portfolio
FXD is a single-sector, factor-driven bet on consumer spending that has fallen steeply in downturns, so it fits better as a small add-on than as a foundation.
FXD could add a tilt toward mid-sized consumer companies that broad market funds hold only lightly. The cost of that tilt shows up in bad markets. The fund fell 63.2% in the 2008 financial crisis and needed about 20.5 months from the low to recover. It fell 49.5% in the 2020 COVID crash and 30.8% in the 2022 bear market, when recovery took 17 months. Its worst calendar year was 2008, at -42.7%. Anyone who must sell shares or take cash in a year like that would be locking in deep losses. Income is small: the trailing yield was 0.72% as of October 27, 2026, paid quarterly. The 0.60% expense ratio is well above 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 who want consumer stocks weighted close to equally, so names like Fox, Dillard's and Mattel count as much as larger companies.
- Those who already own a broad core fund and want a small, rules-based tilt toward mid-sized US retailers, automakers and media firms.
- Investors who accept quarterly rebalancing and 68% turnover in exchange for a growth-and-value scoring method instead of plain market-cap weighting.
Look elsewhere if
- Cost-focused investors: the 0.60% expense ratio compares with 0.09% for VCR and 0.084% for FDIS.
- Retirees who need income: the trailing yield was just 0.72% as of October 27, 2026.
- Anyone who can't stomach big drops: the fund lost 65.3% from its 2007 peak to its 2009 low and fell 49.5% in early 2020.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FXD this fund | — | 0.6% | $269.2M | -1.1% | +13.6% |
| IYC iShares U.S. Consumer Discretionary ETF | 30% | 0.39% | $1.19B | -4.2% | +17.0% |
| XRT SPDR S&P Retail ETF | 27% | 0.35% | $381.4M | +3.0% | +16.0% |
| FDIS Fidelity MSCI Consumer Discretionary Index … | 23% | 0.084% | $1.68B | -2.3% | +16.4% |
| VCR Vanguard Consumer Discretionary ETF | 23% | 0.09% | $6.63B | -2.6% | +16.3% |
Questions investors ask
Does FXD pay dividends?
Yes. FXD pays dividends quarterly, but they are small. Its trailing 12-month yield was 0.72% as of October 27, 2026, or about $0.48 per share. The fund holds consumer discretionary stocks picked partly for growth, and many of those companies pay little or nothing. Investors looking for steady income would likely find the payout modest. The fund is built mainly for price growth, not cash flow.
What's the difference between FXD and IYC?
Both hold US consumer discretionary stocks, but they build their portfolios differently. FXD scores stocks on growth and value and weights them close to equally. In its top 10, which was just 16% of assets as of July 31, 2026, no stock is more than about 1.7%. IYC, the iShares U.S. Consumer Discretionary ETF, costs 0.39% against FXD's 0.60%, and the two share about 30% of their holdings. Over the three years to October 27, 2026, IYC returned 17% a year and FXD 13.6%.
Why is FXD's expense ratio higher than other consumer ETFs?
FXD charges 0.60% a year, made up mostly of a 0.50% management fee, with no fee waiver. Similar funds average 0.23%. Vanguard's VCR charges 0.09% and Fidelity's FDIS 0.084%. The higher fee pays for First Trust's AlphaDEX approach, which re-scores and rebalances the index every quarter. That rebalancing also drives 68% portfolio turnover. The trading costs from turnover are not included in the expense ratio, but they still affect returns.
Is FXD a good investment for retirement?
FXD is a higher-risk sector fund, not a core retirement holding. It fell 63.2% in the 2008 financial crisis, 49.5% in the 2020 COVID crash and 30.8% in 2022. Its worst quarter was a 40.28% drop in early 2020. It yields only 0.72% (as of October 27, 2026) and costs more than its peers. It may suit investors who want a small consumer tilt next to broader funds and who can wait out deep drops.
How has FXD performed over the last 10 years?
FXD returned an average of 7.05% a year over the 10 years ended December 31, 2024, according to its prospectus. Based on price, it returned 7.9% a year over the 10 years to October 27, 2026. Recent years were weaker against similar funds. Over the three years to October 27, 2026, FXD returned 13.6% a year, the lowest of five comparable funds, which returned between 16% and 17%. Results were also uneven: up 23.28% in 2023, down 21.49% in 2022.