At a glance
FXN charges 0.63% a year, above the 0.43% average of the 8 funds most like it (the 8th cheapest of 9). It has $379.1M in assets, the 7th largest of that group; it paid 1.66% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +58.5% with distributions reinvested (S&P 500: +11.5%), 3rd of those 9 funds; over three years it returned +15.6% a year. At its worst it fell 61.5% in the 2020 crash (S&P 500: 33.7%) and 24.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 4 months after the lows. Its ten largest positions make up 44.4% of the fund, out of 39 in all.
The short version
First Trust Energy AlphaDEX Fund (FXN) is an ETF that tracks the StrataQuant Energy Index. That index is a rules-based pick of about 40 large and midsize U.S. energy stocks drawn from the Russell 1000. The index doesn't size holdings by company value. It scores each stock on growth and value measures and gives more weight to the top scorers, so the largest companies don't dominate. This approach costs 0.63% a year, compared with a 0.43% average for similar energy funds.
Price history
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FXN +58.5% 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 | |
|---|---|---|---|---|---|---|
| FXN official prospectus, to Dec 31, 2024 | — | +0.39% | — | +12.53% | -0.21% | +0.44% |
| FXN price data to Oct 27, 2026 | +52.3% | +58.5% | +15.6% | +17.3% | +7.7% | +2.8% |
- Over the year to Oct 27, 2026, FXN returned +58.5%, 3rd of 9 among similar funds.
- Its 5-year annualized return was +17.3% and its 10-year +7.7%.
- In the 2020 COVID crash it fell 61.5% and regained its old high 2.5 months after the low.
- Its worst full calendar year was 2008 (-50.2%); its best was 2021 (+51.8%).
- The deepest fall in its price history was 87.4% (Jun 23, 2014 to Mar 23, 2020), recovered by Mar 26, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +52.3% | — |
| 2025 | +3.4% | — |
| 2024 | +0.3% | +0.39% |
| 2023 | +1.0% | +0.78% |
| 2022 | +46.9% | +47.14% |
| 2021 | +51.8% | +51.52% |
| 2020 | -20.0% | -20.02% |
| 2019 | -6.7% | -6.84% |
| 2018 | -24.8% | -24.64% |
| 2017 | -5.0% | -5.12% |
| 2016 | +20.6% | +20.46% |
| 2015 | -32.6% | -32.38% |
| 2014 | -15.9% | — |
| 2013 | +28.4% | — |
| 2012 | +4.0% | — |
| 2011 | -8.4% | — |
| 2010 | +27.6% | — |
| 2009 | +46.6% | — |
| 2008 | -50.2% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 61.6% over that stretch · deepest drop along the way 72.5%, back to its old high 63.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 61.5% over that stretch · deepest drop along the way 61.5%, back to its old high 2.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 41.6% over that stretch · deepest drop along the way 24.6%, back to its old high 3.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3000 | |
| 2025 | $0.4200 | +2.4% |
| 2024 | $0.4100 | -21.2% |
| 2023 | $0.5200 | +33.3% |
| 2022 | $0.3900 | +271.4% |
| 2021 | $0.1050 | -71.6% |
| 2020 | $0.3700 | +131.3% |
| 2019 | $0.1600 | -5.9% |
| 2018 | $0.1700 | -5.6% |
| 2017 | $0.1800 | 0.0% |
| 2016 | $0.1800 | -45.5% |
| 2015 | $0.3300 | -10.8% |
| 2014 | $0.3700 | +73.7% |
| 2013 | $0.2130 | +0.9% |
| 2012 | $0.2110 | +134.4% |
| 2011 | $0.0900 | -22.4% |
| 2010 | $0.1160 | +197.4% |
| 2009 | $0.0390 | +44.4% |
| 2008 | $0.0270 |
What's inside
As of Jul 31, 2026, the fund held 39 securities; the ten largest made up 44.4% of assets.
| Holding | Weight | |
|---|---|---|
| HF SINCLAIR CORP | 5.72% | |
| APA CORP | 4.99% | |
| DEVON ENERGY CORP | 4.76% | |
| RANGE RESOURCES CORP | 4.70% | |
| EXPAND ENERGY CORP | 4.49% | |
| ANTERO RESOURCES CORP | 4.48% | |
| EQT CORP | 4.37% | |
| CHORD ENERGY CORP | 3.74% | |
| OVINTIV INC | 3.62% | |
| CONOCOPHILLIPS | 3.53% | |
| PERMIAN RESOURCES CORP | 3.53% | |
| EOG RESOURCES INC | 3.49% | |
| WEATHERFORD INTERNATIONAL PLC | 3.28% | |
| MATADOR RESOURCES COMPANY | 3.06% | |
| PHILLIPS 66 | 2.86% |
By country
United States 92.49%Ireland 3.28%Curaçao 2.44%United Kingdom 1.65%By asset type
Stocks 99.86%By sector
Sectors of the companies held, for the 44.7% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $742.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -4.66%, -5.58%, +9.29%.
How it works
FXN puts at least 90% of its net assets into the stocks of the StrataQuant Energy Index. ICE Data Indices builds and owns the index. It starts with the Russell 1000, about 1,000 of the largest U.S. stocks, and keeps those that pass share-class and trading-volume screens. Each stock is ranked on growth and value factors and gets a "selection score." A stock that counts as both growth and value gets the better of its two scores.
The index then ranks the energy stocks by score. It keeps the top 75% or 40 stocks, whichever is greater. These stocks are split into five groups by score, and higher-scoring groups get bigger weights. First Trust calls this "modified equal-dollar" weighting. The aim is "alpha," meaning returns above a traditional index after adjusting for risk. There is no guarantee it works.
The index is rebuilt and rebalanced every quarter, and the fund follows shortly after. That helps explain its 50% portfolio turnover, the share of holdings replaced in a year. As of July 31, 2026, the fund held 39 stocks, and the top ten made up 44.4% of assets. The largest were HF Sinclair (5.7%), APA (5.0%) and Devon Energy (4.8%). The fund holds ordinary stocks and uses no leverage or derivatives.
What it really costs
- FXN charges 0.63% a year, versus an average of 0.43% for the similar funds below (8th of 9, cheapest first).
- Of that, 0.5% is the management fee; the rest covers other fund expenses.
In a retirement portfolio
FXN holds only energy stocks and has fallen more than 60% more than once, so it fits better as a small side position than as a foundation.
FXN adds a concentrated bet on U.S. oil and gas companies. Energy sometimes moves differently from the broad market. In the 2022 bear market, from January 3 to October 12, 2022, FXN gained 41.6%, though it had a 24.6% drop along the way. In bad stretches it can fall very hard. It lost 72.5% in the 2008 crisis and 50.2% in calendar 2008, then fell 61.5% in early 2020. Its deepest drop was 87.4%, from June 2014 to March 2020, and it didn't regain that 2014 peak until March 26, 2026. Anyone forced to sell or draw income during a slump like that would lock in deep losses. The trailing yield was 1.66% as of October 27, 2026, paid quarterly. The expense ratio is 0.63%. Past results don't predict future returns, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small energy position spread across about 39 stocks, with no single holding above roughly 6% as of July 31, 2026.
- People who can accept sharp swings, like a 61.97% drop in the first quarter of 2020 followed by a 65.48% gain the next quarter.
- Investors who want a rules-based tilt toward energy stocks with strong growth or value scores, rebalanced quarterly, and accept about 50% annual turnover.
Look elsewhere if
- Cost-focused investors: the 0.63% expense ratio ranks 8th of 9 among similar funds, and Fidelity MSCI Energy Index ETF (FENY) charges 0.084%.
- Anyone who may need to sell in a downturn: FXN took until March 2026 to regain its June 2014 high, after an 87.4% fall.
- Investors who want income as the main goal: the trailing yield was 1.66% as of October 27, 2026, and energy payouts can shrink when prices fall.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FXN this fund | — | 0.63% | $379.1M | +58.5% | +15.6% |
| RSPG Invesco S&P 500 Equal Weight Energy ETF | 57% | 0.4% | $573.6M | +56.1% | +19.7% |
| FTXN First Trust Nasdaq Oil & Gas ETF | 54% | 0.6% | $180.7M | +57.0% | +16.5% |
| IYE iShares U.S. Energy ETF | 50% | 0.39% | $1.76B | +56.7% | +20.5% |
| PXE Invesco Energy Exploration & Production ETF | 49% | 0.63% | $84.7M | +57.9% | +14.1% |
| XOP SPDR S&P Oil & Gas Exploration & Production… | 49% | 0.35% | $2.91B | +59.0% | +14.2% |
| FENY Fidelity MSCI Energy Index ETF | 47% | 0.084% | $2.01B | +56.9% | +20.5% |
| IEO iShares U.S. Oil & Gas Exploration & Produc… | 47% | 0.4% | $516.1M | +67.3% | +18.3% |
Questions investors ask
Does FXN pay dividends?
Yes. FXN pays dividends quarterly. Over the 12 months to October 27, 2026, it paid about $0.41 per share, a trailing yield of 1.66%. The payouts come from the dividends of the energy companies it owns, so they can rise or fall as oil and gas profits change and as the index swaps holdings each quarter. Income is a side benefit here, not the fund's main purpose.
What's the difference between FXN and RSPG?
Both spread money more evenly across energy stocks than size-weighted funds do, and their holdings overlap by about 57%. Invesco S&P 500 Equal Weight Energy ETF (RSPG) costs 0.40% a year, compared with FXN's 0.63%. FXN picks stocks from the Russell 1000 using growth and value scores and gives more weight to higher scorers. As of October 27, 2026, FXN returned 58.5% over one year versus 56.1% for RSPG. Over three years, FXN averaged 15.6% a year versus 19.7%.
Is FXN a good long-term investment?
Its long-term record has been weak and uneven. The prospectus shows an average annual return of -0.21% over 10 years and 0.44% since its 2007 launch, both as of December 31, 2024. A strong run afterward changed the picture. The 10-year price return reached 7.7% a year as of October 27, 2026, after a 52.3% gain in 2026 through that date. Results depend heavily on when an investor buys and sells.
Why is FXN so volatile?
FXN owns only energy stocks, and their profits rise and fall with oil and natural gas prices. Its weighting also gives midsize producers such as Range Resources and Antero Resources as much room as larger firms. As of October 31, 2025, index members ranged from $2.67 billion to $482.26 billion in market value. Three-year volatility was 25.8% as of October 27, 2026. Its worst quarter was a 61.97% loss in early 2020.
What is the AlphaDEX methodology in FXN?
AlphaDEX is the stock-picking method behind FXN's index, the StrataQuant Energy Index from ICE Data Indices. It ranks Russell 1000 energy stocks on growth and value factors. It keeps the top 75% or 40 stocks, whichever is greater, and splits them into five groups by score. Higher-scoring groups get larger weights. The goal is to beat traditional indexes after adjusting for risk, though there's no guarantee. The index is rebalanced every quarter.