At a glance
FYX charges 0.58% a year, above the 0.22% average of the 8 funds most like it (the 8th cheapest of 9). It has $1.37B in assets, the 6th largest of that group; it paid 1.1% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +25.4% with distributions reinvested (S&P 500: +11.5%), 2nd of those 9 funds; over three years it returned +24.3% a year. At its worst it fell 44.8% in the 2020 crash (S&P 500: 33.7%) and 25.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 22 months after the lows. Its ten largest positions make up 5.0% of the fund, out of 526 in all.
The short version
First Trust Small Cap Core AlphaDEX Fund (FYX) is an index ETF that holds about 525 mostly US small-company stocks chosen by the Nasdaq AlphaDEX Small Cap Core Index. The index ranks stocks on growth and value measures. Unlike most small-cap funds, it gives higher-scoring stocks bigger weights and rebalances every quarter. It charges 0.58% a year, well above the 0.22% average for similar funds.
Price history
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FYX +25.4% 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 | |
|---|---|---|---|---|---|---|
| FYX official prospectus, to Dec 31, 2024 | — | +12.20% | — | +10.45% | +8.61% | +7.97% |
| FYX price data to Oct 27, 2026 | +23.6% | +25.4% | +24.3% | +9.4% | +12.7% | +9.1% |
- Over the year to Oct 27, 2026, FYX returned +25.4%, 2nd of 9 among similar funds.
- Its 5-year annualized return was +9.4% and its 10-year +12.7%.
- In the 2020 COVID crash it fell 44.8% and regained its old high 7.8 months after the low.
- Its worst full calendar year was 2008 (-34.7%); its best was 2013 (+43.1%).
- The deepest fall in its price history was 61.8% (Jul 17, 2007 to Mar 9, 2009), recovered by Jan 3, 2011.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +23.6% | — |
| 2025 | +12.7% | — |
| 2024 | +12.2% | +12.20% |
| 2023 | +18.3% | +18.12% |
| 2022 | -18.4% | -18.39% |
| 2021 | +27.4% | +27.48% |
| 2020 | +19.5% | +19.23% |
| 2019 | +21.3% | +21.04% |
| 2018 | -10.6% | -10.26% |
| 2017 | +14.3% | +14.45% |
| 2016 | +23.1% | +22.72% |
| 2015 | -9.1% | -8.91% |
| 2014 | +1.3% | — |
| 2013 | +43.1% | — |
| 2012 | +16.4% | — |
| 2011 | -0.4% | — |
| 2010 | +27.4% | — |
| 2009 | +36.8% | — |
| 2008 | -34.7% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 60.3% over that stretch · deepest drop along the way 60.4%, back to its old high 21.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 44% over that stretch · deepest drop along the way 44.8%, back to its old high 7.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23.8% over that stretch · deepest drop along the way 25.9%, back to its old high 21.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.1500 | |
| 2025 | $0.7200 | -55.8% |
| 2024 | $1.6300 | +45.5% |
| 2023 | $1.1200 | +49.3% |
| 2022 | $0.7500 | -21.1% |
| 2021 | $0.9500 | +90.0% |
| 2020 | $0.5000 | -31.5% |
| 2019 | $0.7300 | +23.7% |
| 2018 | $0.5900 | +63.9% |
| 2017 | $0.3600 | -28.0% |
| 2016 | $0.5000 | +28.2% |
| 2015 | $0.3900 | +34.5% |
| 2014 | $0.2900 | +81.2% |
| 2013 | $0.1600 | -75.8% |
| 2012 | $0.6600 | +1000.0% |
| 2011 | $0.0600 | -50.0% |
| 2010 | $0.1200 | +100.0% |
| 2009 | $0.0600 | -33.3% |
| 2008 | $0.0900 |
What's inside
As of Jul 31, 2026, the fund held 526 securities; the ten largest made up 4.96% of assets.
| Holding | Weight | |
|---|---|---|
| TD SECURITIES (USA) LLC RA | 0.83% | |
| CBIZ INC | 0.55% | |
| EVERFORTH INC | 0.51% | |
| PBF ENERGY INC | 0.51% | |
| PAR PACIFIC HOLDINGS INC | 0.49% | |
| CONMED CORP | 0.45% | |
| DORIAN LPG LTD | 0.43% | |
| DXC TECHNOLOGY COMPANY | 0.40% | |
| INTERNATIONAL SEAWAYS INC | 0.40% | |
| KORN FERRY | 0.39% | |
| ACADIAN ASSET MANAGEMENT INC | 0.39% | |
| CHEFS' WAREHOUSE INC (THE) | 0.38% | |
| PVH CORP | 0.37% | |
| ADIENT PLC | 0.36% | |
| TIDEWATER INC | 0.36% |
By country
United States 94.68%Bermuda 1.78%Cayman Islands 1.1%Marshall Islands 0.83%Ireland 0.74%By asset type
Stocks 99.88%RA 0.83%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $70.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.27%, +7.75%, -1.64%.
How it works
FYX tracks the Nasdaq AlphaDEX Small Cap Core Index, which Nasdaq, Inc. owns and runs. First Trust normally invests at least 90% of the fund's net assets in the index's stocks. The starting pool is the Nasdaq US 700 Small Cap Index. That index holds the companies ranked 1,101 to 1,800 by market value (share price times shares outstanding) in Nasdaq's broad US benchmark. Nasdaq removes duplicate share classes and stocks that trade too thinly.
Nasdaq labels each remaining stock as either value or growth, then ranks it on that set of measures. This "AlphaDEX" method aims for alpha, meaning returns above a standard benchmark after adjusting for risk. The 525 top scorers make the index. They are split into five equal groups, called quintiles, and higher-scoring groups get bigger weights. As of October 31, 2025, index companies ranged from $509.25 million to $9.69 billion in market value.
Nasdaq rebuilds and rebalances the index every quarter, and the fund follows shortly after. All that trading produces portfolio turnover of 102%, which is like replacing the whole portfolio about once a year. The fund won't sell a stock just because it grew or shrank out of the index's size range. It can also end up concentrated in one industry if the index is.
What it really costs
- FYX charges 0.58% a year, versus an average of 0.22% 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
Its small-company, score-based portfolio has suffered deep drops, including 60.4% in the 2008 crisis, and it costs well above similar funds, so it fits a small slice of a portfolio rather than the core.
FYX could add a tilt toward smaller US companies, which large-company index funds hold little of. The price of that tilt is sharp swings. FYX fell 60.4% in the 2008 financial crisis, 44.8% in the 2020 COVID crash and 25.9% in the 2022 bear market. Its worst calendar year was 2008, a loss of 34.7%. Its deepest drop, 61.8% from July 2007 to March 2009, did not fully recover until January 2011. The 2022 losses took until July 2024 to win back. Anyone who had to sell shares in those stretches would have locked in losses. Income is modest: the yield was 1.1% as of October 27, 2026, paid quarterly. Its 0.58% expense ratio is well above the 0.22% average for 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 a small slice of US small-company stocks picked and weighted by growth and value scores, not just company size.
- Those who can sit through deep drops like the 44.8% fall in the 2020 COVID crash and 60.4% in 2008.
- People who want money spread thinly: 526 holdings, with the top 10 at 4.96% of assets as of July 31, 2026.
Look elsewhere if
- Cost-focused investors: FYX charges 0.58% a year, compared with 0.06% for iShares Core S&P Small-Cap ETF (IJR) and 0.03% for SPSM.
- Retirees who need meaningful income; the trailing yield was 1.1% as of October 27, 2026.
- Investors who want a stable, simple holdings list; quarterly rebuilds push portfolio turnover to 102%.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FYX this fund | — | 0.58% | $1.37B | +25.4% | +24.3% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 60% | 0.72% | $194.5M | +27.4% | +18.4% |
| EES WisdomTree U.S. SmallCap Fund | 47% | 0.38% | $724.3M | +19.4% | +19.9% |
| AVSC Avantis U.S Small Cap Equity ETF | 39% | 0.25% | $3.11B | +22.7% | +21.5% |
| VIOO Vanguard S&P Small-Cap 600 ETF | 38% | 0.07% | $6.45B | +16.7% | +18.6% |
| QVMS Invesco S&P SmallCap 600 QVM Multi-factor E… | 37% | 0.15% | $248.2M | +17.1% | +18.9% |
| SPSM SPDR Portfolio S&P 600 Small Cap ETF | 36% | 0.03% | $16.92B | +21.7% | +17.4% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 36% | 0.1% | $1.98B | +19.0% | +19.4% |
Questions investors ask
Is FYX good for retirement?
FYX may suit a retirement portfolio as a small, higher-risk slice rather than a core holding. It holds about 526 small-company stocks and has swung hard. It fell 60.4% in the 2008 crisis and 25.9% in the 2022 bear market, and the 2022 losses took until July 2024 to recover. Its yield was 1.1% as of October 27, 2026. Its 0.58% expense ratio is well above the 0.22% average for similar funds.
What's the difference between FYX and IJR?
The main differences are cost and method. iShares Core S&P Small-Cap ETF (IJR) charges 0.06% a year, compared with 0.58% for FYX. IJR is also far larger, at $111 billion in net assets as of June 30, 2026, against FYX's $1.37 billion as of July 31, 2026. FYX picks and weights stocks by growth and value scores and rebuilds its index quarterly. The two share about 35% of their holdings. Over three years, FYX returned 24.3% a year through October 27, 2026, and IJR returned 19.3% a year through October 29, 2026.
Does FYX pay dividends?
Yes, FYX pays dividends four times a year. Over the 12 months to October 27, 2026, it paid $1.52 per share, a trailing yield of 1.1%. That is modest income. The fund is built around picking stocks by score, not around dividends. Its prospectus also notes that growth stocks, which make up part of the portfolio, may pay no dividends to help cushion their share prices.
What is the expense ratio of FYX?
FYX's expense ratio is 0.58% a year, according to its prospectus filed November 28, 2025. That includes a 0.50% management fee, with no fee waiver. Among nine similar funds, it ranks 8th of 9 on cost, and the group average is 0.22%. Vanguard S&P Small-Cap 600 ETF (VIOO) charges 0.07%, and SPDR Portfolio S&P 600 Small Cap ETF (SPSM) charges 0.03%. Only its sister fund, First Trust Small Cap Value AlphaDEX Fund (FYT), costs more, at 0.72%.
How has FYX performed over 10 years?
As of December 31, 2024, the prospectus reported average annual returns of 8.61% over 10 years, 10.45% over five years and 12.2% over one year. Based on price returns through October 27, 2026, the 10-year figure was 12.7% a year, and the fund was up 23.6% for 2026 through that date. Results have been uneven. It lost 18.39% in 2022 and 10.26% in 2018. Its worst quarter, the first quarter of 2020, was a 36.4% loss.