At a glance
FXL charges 0.6% a year, above the 0.34% average of the 8 funds most like it (the most expensive of 9). It has $2.57B in assets, the 6th largest of that group. Over the past year it returned +27.7% with distributions reinvested (S&P 500: +11.5%), 2nd of those 9 funds; over three years it returned +29.5% a year. At its worst it fell 34.0% in the 2020 crash (S&P 500: 33.7%) and 34.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 15 months after the lows. Its ten largest positions make up 18.1% of the fund, out of 111 in all.
The short version
First Trust Technology AlphaDEX Fund (FXL) is an exchange-traded fund that tracks the StrataQuant Technology Index. The index picks U.S. technology stocks from the Russell 1000 based on growth and value scores, not company size. Its money is spread fairly evenly, so as of July 31, 2026 its largest holdings were Cognizant and EPAM, not the tech giants. That approach costs 0.60% a year, the highest of nine similar funds compared.
Price history
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FXL +27.7% 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 | |
|---|---|---|---|---|---|---|
| FXL official prospectus, to Dec 31, 2024 | — | +16.00% | — | +15.62% | +16.14% | +12.35% |
| FXL price data to Oct 27, 2026 | +33.8% | +27.7% | +29.5% | +11.9% | +20.5% | +13.5% |
- Over the year to Oct 27, 2026, FXL returned +27.7%, 2nd of 9 among similar funds.
- Its 5-year annualized return was +11.9% and its 10-year +20.5%.
- In the 2020 COVID crash it fell 34% and regained its old high 2.4 months after the low.
- Its worst full calendar year was 2008 (-48.4%); its best was 2009 (+66.8%).
- The deepest fall in its price history was 61.4% (Oct 10, 2007 to Nov 20, 2008), recovered by Dec 10, 2010.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +33.8% | — |
| 2025 | +13.3% | — |
| 2024 | +16.1% | +16.00% |
| 2023 | +40.5% | +40.43% |
| 2022 | -30.4% | -30.40% |
| 2021 | +18.2% | +18.26% |
| 2020 | +54.2% | +54.11% |
| 2019 | +38.7% | +38.79% |
| 2018 | +2.7% | +2.69% |
| 2017 | +35.8% | +35.80% |
| 2016 | +15.4% | +15.42% |
| 2015 | -3.3% | -3.30% |
| 2014 | +16.4% | — |
| 2013 | +38.2% | — |
| 2012 | +8.6% | — |
| 2011 | -11.7% | — |
| 2010 | +26.6% | — |
| 2009 | +66.8% | — |
| 2008 | -48.4% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 61.2% over that stretch · deepest drop along the way 61.4%, back to its old high 24.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 32.8% over that stretch · deepest drop along the way 34%, back to its old high 2.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 34.9% over that stretch · deepest drop along the way 34.9%, back to its old high 15.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.0100 | -94.1% |
| 2024 | $0.1700 | -67.3% |
| 2023 | $0.5200 | +67.7% |
| 2022 | $0.3100 | +121.4% |
| 2021 | $0.1400 | +180.0% |
| 2020 | $0.0500 | -81.5% |
| 2019 | $0.2700 | +58.8% |
| 2018 | $0.1700 | +30.8% |
| 2017 | $0.1300 | -69.0% |
| 2016 | $0.4200 | +250.0% |
| 2015 | $0.1200 | -45.5% |
| 2014 | $0.2200 | +131.6% |
| 2013 | $0.0950 | +25.0% |
| 2012 | $0.0760 | +1166.7% |
| 2010 | $0.0060 |
What's inside
As of Jul 31, 2026, the fund held 111 securities; the ten largest made up 18.09% of assets.
| Holding | Weight | |
|---|---|---|
| COGNIZANT TECHNOLOGY SOLUTIONS CORP | 2.36% | |
| EPAM SYSTEMS INC | 2.20% | |
| PTC INC | 2.00% | |
| LEIDOS HOLDINGS INC | 1.86% | |
| ZOOM COMMUNICATIONS INC | 1.84% | |
| AMDOCS LTD | 1.82% | |
| ADOBE INC | 1.62% | |
| DELL TECHNOLOGIES INC | 1.55% | |
| RINGCENTRAL INC | 1.42% | |
| WESTERN DIGITAL CORP | 1.41% | |
| KBR INC | 1.40% | |
| FORTINET INC | 1.40% | |
| MONOLITHIC POWER SYSTEMS INC | 1.37% | |
| DATADOG INC | 1.36% | |
| ADVANCED MICRO DEVICES INC | 1.36% |
By country
United States 94.54%Cayman Islands 2.03%Guernsey 1.82%Australia 1.07%Netherlands 0.76%By asset type
Stocks 99.98%RA 0.64%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $999.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +14.00%, +2.61%, -7.96%.
How it works
FXL aims to match the StrataQuant Technology Index, before fees. The index is built and owned by ICE Data Indices. The fund normally invests at least 90% of its net assets in the index's stocks. The starting pool is the Russell 1000, which holds roughly the 1,000 largest U.S. companies, after screens for share class and trading volume. Each stock is ranked on growth factors and value factors. The index provider labels each stock as growth, value or a blend, and a blend stock gets the better of its two scores. First Trust calls this the AlphaDEX method. It aims for alpha, meaning better returns after adjusting for risk than a traditional index.
Within the technology sector, the index keeps the top 75% of stocks by score, or 40 stocks, whichever is greater. Big companies don't get bigger weights. The chosen stocks are split into five groups by score, and the higher-scoring groups get larger weights. As of July 31, 2026, the fund held 111 stocks, and its top 10 made up just 18.1% of assets. The largest was Cognizant at 2.4%.
The index is rebuilt and rebalanced every quarter, and the fund follows shortly after. As a result, the prospectus reported portfolio turnover of 104%. The fund uses no derivatives. The index provider can also add or swap out stocks at its own discretion.
What it really costs
- FXL charges 0.6% a year, versus an average of 0.34% for the similar funds below (9th of 9, cheapest first).
- Of that, 0.5% is the management fee; the rest covers other fund expenses.
In a retirement portfolio
It is a single-sector stock fund with deep past drops, no income and an above-average fee, so it fits best as a small add-on rather than a foundation.
FXL could add a tilt toward mid-sized and large technology companies outside the handful of giants. The price of that tilt is sharp swings. From October 2007 to November 2008 it fell 61.4%, and it lost 48.4% in calendar 2008. It didn't regain its old peak until December 2010. It dropped 34% in the 2020 COVID crash but recovered by late May 2020. In the 2022 bear market it fell 34.9%, and it didn't recover until January 2024. Anyone who had to sell shares or draw money during those stretches would have locked in losses. It paid no distributions in the year to October 27, 2026, so it offers no income. Its 0.60% expense ratio is nearly double the 0.32% average of 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 tech exposure spread across about 111 stocks, with no single holding above roughly 2.4% as of July 31, 2026.
- People who want a rules-based growth-and-value scoring screen instead of size-based weighting, and who accept 104% yearly portfolio turnover.
- Long-horizon investors who could have held through past drops like the 61.4% fall in 2007–2008 and the 34.9% fall in 2022.
Look elsewhere if
- Cost-focused investors: FXL's 0.60% expense ratio compares with 0.09% for Vanguard's VGT and 0.08% for XLK.
- Anyone who needs income from a holding; the fund paid no distributions in the year to October 27, 2026.
- Investors who want big stakes in tech's largest companies; FXL's top 10 holdings made up just 18.1% of assets as of July 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FXL this fund | — | 0.6% | $2.57B | +27.7% | +29.5% |
| RSPT Invesco S&P 500 Equal Weight Technology ETF | 43% | 0.4% | $5.47B | +42.6% | +36.6% |
| QTEC First Trust NASDAQ-100 Technology Sector In… | 31% | 0.57% | $4.99B | +27.5% | +30.9% |
| IYW iShares U.S. Technology ETF | 31% | 0.39% | $23.58B | +13.9% | +30.4% |
| WTAI WisdomTree Artificial Intelligence and Inno… | 28% | 0.45% | $669.5M | +24.9% | +35.1% |
| FTEC Fidelity MSCI Information Technology Index … | 28% | 0.084% | $19.85B | +15.4% | +30.0% |
| VGT Vanguard Information Technology ETF | 27% | 0.09% | $170.66B | +19.7% | +33.3% |
| SPHB Invesco S&P 500® High Beta ETF | 26% | 0.25% | $909.8M | +23.7% | +31.8% |
Questions investors ask
Is FXL a good fit for retirement?
FXL may suit retirees who want a growth-oriented tech holding and can sit through deep drops. It paid no dividends in the year to October 27, 2026. Its one-year beta, a gauge of how sharply it moves with the market, was 1.76 at that date. It fell 61.4% from October 2007 to November 2008 and didn't recover until December 2010. In the 2022 bear market it lost 34.9%. On the plus side, its 10-year average annual return was 16.14% through December 31, 2024.
Does FXL pay a dividend?
No, not in the 12 months through October 27, 2026. FXL made no distributions over that period, so its trailing yield (income paid over the past year as a share of the price) was 0%. The fund picks technology stocks partly on growth factors. Its prospectus warns that growth stocks may lack dividend payments that can help cushion share prices. Retirees who rely on portfolio income would need to get it from other holdings.
What's the difference between FXL and RSPT?
FXL picks and weights stocks by score, while RSPT, the Invesco S&P 500 Equal Weight Technology ETF, gives each S&P 500 tech stock an equal weight. FXL follows the StrataQuant Technology Index, which ranks Russell 1000 tech stocks on growth and value factors and gives higher-scoring groups more weight. Their holdings overlapped by 43%, the most of any similar fund. RSPT is cheaper: 0.40% versus 0.60%. It returned 42.6% over one year through October 27, 2026, against FXL's 27.7%, and averaged 36.6% a year over three years versus 29.5%.
Is FXL expensive compared with other tech ETFs?
Yes, compared with similar funds. FXL's expense ratio (the yearly fee taken from fund assets) is 0.60%, including a 0.50% management fee with no waiver, according to the prospectus filed November 28, 2025. That is the highest among FXL and eight similar funds matched by holdings overlap, which averaged 0.34%. Vanguard Information Technology ETF (VGT) charges 0.09% and Fidelity MSCI Information Technology Index ETF (FTEC) 0.084%. FXL's portfolio turnover of 104% can also add trading costs that the expense ratio doesn't capture.
What are FXL's top holdings?
As of July 31, 2026, FXL's largest positions were Cognizant Technology Solutions (2.36%), EPAM Systems (2.20%), PTC (2.00%), Leidos Holdings (1.86%) and Zoom Communications (1.84%). Amdocs, Adobe, Dell Technologies, RingCentral and Western Digital completed the top 10, which made up 18.09% of assets across 111 holdings. The index sets weights by score group rather than company size, so no single stock dominates. The list can shift a lot, because the index is rebalanced quarterly and yearly turnover was 104%.