First Trust Energy AlphaDEX Fund (FXN)

Market Price (9/27/2026): $22.36

First Trust Energy AlphaDEX Fund (FXN)

Market Price (9/27/2026): $22.36

Key Takeaways

FXN has returned +36.7% YTD vs +13.7% for SPY; +35.0% over the past 12 months (SPY +17.5%). details →
Priced in gold, FXN has returned -41.4% over the past 3 years, vs +35.1% in dollars — its dollar gains have lagged gold. details →
Over the past month, FXN has seen net outflows of −$14M (−3.6% of assets). details →
Analysts expect -4% revenue growth across FXN's holdings (next fiscal year) vs +13% for SPY; expected earnings growth: -8% vs +18%. details →
Risk-adjusted returns trail SPY: 3-year Sharpe ratio of 0.4 vs 1.0. details →

Last updated: 9/26/2026.

Price Chart

ETF Price
Price/Gold

Asset Allocation with FXN

Risk Tolerance:

ConservativeModerateAggressive

Moderate — 55% equity / 25% bonds / 20% alternatives

10Y Return (ann.)

+9.2%

Volatility

22.3%

Sharpe

0.38

YTD

+21.6%

Modeled with monthly rebalancing to target weights; 10-year figures are annualized from monthly returns. Illustrative only — past performance is not indicative of future results.

	ETF	%	1D	1W	1M	YTD
Equity	FXN	25.0%	-1.1%	-4.1%	-3.4%	36.7%
Bond	BND	50.0%	0.3%	-0.8%	-2.3%	-2.1%
Gold	GLD	10.0%	0.4%	-1.9%	-6.6%	-0.7%
Commodity	DBC	2.5%	-1.7%	-0.9%	7.0%	45.9%
Real Estate	VNQ	5.0%	-0.2%	-1.2%	-6.9%	5.7%
Bitcoin	BTCUSD	0.0%	-0.4%	3.9%	6.3%	-4.0%
Cash	GOVT	7.5%	0.1%	-0.7%	-2.5%	-2.5%
Conservative Portfolio		100.0%	-0.2%	-1.7%	-3.0%	9.3%

	ETF	%	1D	1W	1M	YTD
Equity	FXN	55.0%	-1.1%	-4.1%	-3.4%	36.7%
Bond	BND	25.0%	0.3%	-0.8%	-2.3%	-2.1%
Gold	GLD	7.0%	0.4%	-1.9%	-6.6%	-0.7%
Commodity	DBC	4.0%	-1.7%	-0.9%	7.0%	45.9%
Real Estate	VNQ	5.0%	-0.2%	-1.2%	-6.9%	5.7%
Bitcoin	BTCUSD	2.0%	-0.4%	3.9%	6.3%	-4.0%
Cash	GOVT	2.0%	0.1%	-0.7%	-2.5%	-2.5%
Moderate Portfolio		100.0%	-0.6%	-2.6%	-2.9%	21.6%

	ETF	%	1D	1W	1M	YTD
Equity	FXN	80.0%	-1.1%	-4.1%	-3.4%	36.7%
Bond	BND	5.0%	0.3%	-0.8%	-2.3%	-2.1%
Gold	GLD	3.0%	0.4%	-1.9%	-6.6%	-0.7%
Commodity	DBC	2.2%	-1.7%	-0.9%	7.0%	45.9%
Real Estate	VNQ	4.5%	-0.2%	-1.2%	-6.9%	5.7%
Bitcoin	BTCUSD	5.2%	-0.4%	3.9%	6.3%	-4.0%
Cash	GOVT	0.0%	0.1%	-0.7%	-2.5%	-2.5%
Aggressive Portfolio		100.0%	-1.0%	-3.2%	-2.9%	30.4%

	ETF	%	Return	Volatility	Sharpe
Equity	FXN	25.0%	6.8%	37.9%	0.30
Bond	BND	50.0%	1.3%	5.2%	-0.26
Gold	GLD	10.0%	12.1%	15.3%	0.64
Commodity	DBC	2.5%	8.5%	17.4%	0.41
Real Estate	VNQ	5.0%	4.8%	17.6%	0.20
Bitcoin	BTCUSD	0.0%	63.7%	76.3%	0.96
Cash	GOVT	7.5%	0.3%	5.0%	-0.47
Conservative Portfolio		100.0%	5.6%	11.1%	0.30

	ETF	%	Return	Volatility	Sharpe
Equity	FXN	55.0%	6.8%	37.9%	0.30
Bond	BND	25.0%	1.3%	5.2%	-0.26
Gold	GLD	7.0%	12.1%	15.3%	0.64
Commodity	DBC	4.0%	8.5%	17.4%	0.41
Real Estate	VNQ	5.0%	4.8%	17.6%	0.20
Bitcoin	BTCUSD	2.0%	63.7%	76.3%	0.96
Cash	GOVT	2.0%	0.3%	5.0%	-0.47
Moderate Portfolio		100.0%	9.2%	22.3%	0.38

	ETF	%	Return	Volatility	Sharpe
Equity	FXN	80.0%	6.8%	37.9%	0.30
Bond	BND	5.0%	1.3%	5.2%	-0.26
Gold	GLD	3.0%	12.1%	15.3%	0.64
Commodity	DBC	2.2%	8.5%	17.4%	0.41
Real Estate	VNQ	4.5%	4.8%	17.6%	0.20
Bitcoin	BTCUSD	5.2%	63.7%	76.3%	0.96
Cash	GOVT	0.0%	0.3%	5.0%	-0.47
Aggressive Portfolio		100.0%	11.9%	32.0%	0.42

Figures are on an annualized basis, based on monthly return data for the last 10 years

	ETF	%	Inflation Shock	Covid Pandemic	2018 Correction
Equity	FXN	25.0%	39.9%	-58.3%	-37.2%
Bond	BND	50.0%	-14.2%	-2.2%	1.3%
Gold	GLD	10.0%	-7.7%	-6.3%	5.0%
Commodity	DBC	2.5%	20.5%	-23.7%	-17.5%
Real Estate	VNQ	5.0%	-29.8%	-41.6%	-11.1%
Bitcoin	BTCUSD	0.0%	-56.0%	-33.5%	-37.4%
Cash	GOVT	7.5%	-12.4%	4.4%	1.6%
Conservative Portfolio		100.0%	0.2%	-18.7%	-9.0%

	ETF	%	Inflation Shock	Covid Pandemic	2018 Correction
Equity	FXN	55.0%	39.9%	-58.3%	-37.2%
Bond	BND	25.0%	-14.2%	-2.2%	1.3%
Gold	GLD	7.0%	-7.7%	-6.3%	5.0%
Commodity	DBC	4.0%	20.5%	-23.7%	-17.5%
Real Estate	VNQ	5.0%	-29.8%	-41.6%	-11.1%
Bitcoin	BTCUSD	2.0%	-56.0%	-33.5%	-37.4%
Cash	GOVT	2.0%	-12.4%	4.4%	1.6%
Moderate Portfolio		100.0%	15.8%	-36.7%	-21.8%

	ETF	%	Inflation Shock	Covid Pandemic	2018 Correction
Equity	FXN	80.0%	39.9%	-58.3%	-37.2%
Bond	BND	5.0%	-14.2%	-2.2%	1.3%
Gold	GLD	3.0%	-7.7%	-6.3%	5.0%
Commodity	DBC	2.2%	20.5%	-23.7%	-17.5%
Real Estate	VNQ	4.5%	-29.8%	-41.6%	-11.1%
Bitcoin	BTCUSD	5.2%	-56.0%	-33.5%	-37.4%
Cash	GOVT	0.0%	-12.4%	4.4%	1.6%
Aggressive Portfolio		100.0%	27.2%	-51.1%	-32.4%

The table shows the return of different asset classes during market crises - specifically during the period where the S&P fell and bottomed

Learn More →

Tailored Asset Allocation
[1] Personalized 5 Level Risk Tolerance Assessment
[2] Asset Allocation for My Risk Tolerance

Learn More →

Protect Wealth
[1] Defensive Portfolios
[2] Tax-Efficient Strategies

Valuation & Yield

	Forward [4,5]	Now	Historical (CYE & TTM)
	9/30/27	9/27/26	2025	2024	2023	2022	2021
Share Price CYE		$22.37	$16.36	$15.82	$15.78	$15.63	$10.64
Dividend/Share TTM		$0.26	$0.42	$0.41	$0.52	$0.39	$0.10
Valuation [1]
P/S	—	1.94	1.78	1.93	1.85	1.54	1.51
P/E		14.20	15.04	14.10	10.07	6.27	11.46
P/E (Non-GAAP) [2]	11.24	11.70	14.34	14.02	10.72	12.29	18.61
P/FCF		12.30	14.15	18.43	12.89	8.87	12.04
Yields TTM
Earnings Yield	8.90%	7.04%	6.65%	7.09%	9.93%	15.95%	8.73%
Dividend Yield	1.16%	1.16%	2.55%	2.58%	3.27%	2.49%	0.98%
Total Yield (TY)	10.06%	8.20%	9.20%	9.68%	13.20%	18.44%	9.71%
Risk Premium [3]
Risk Free Rate (Rf)	5.18%	5.18%	4.18%	4.58%	3.88%	3.88%	1.52%
Risk Prem. (TY - Rf)	4.88%	3.02%	5.02%	5.10%	9.32%	14.56%	8.19%
Growth Rates [6]
Sales Growth	-3.9%	11.1%	2.6%	-1.2%	-17.4%	56.2%
Earnings Growth [7]	-8.3%	43.6%	14.3%	-42.7%	-30.7%	281.0%

[1] P/E uses the aggregate method over profitable constituents; P/FCF aggregates net free cash flow across all constituents (negative-FCF names reduce it); P/S uses all constituents. Ratios reflect current ETF holdings at current weights. P/FCF has no Forward column (no analyst FCF estimate).
[2] P/E (Non-GAAP) uses analyst consensus net income (adjusted basis) for all periods. The standard P/E row above uses GAAP net income.
[3] The premium above the risk free rate (US 10Y) offered by the investment. Negative premiums can indicate stretched valuations.
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Highlights

YIELD

FXN's earnings yield is 7.04%, based on its 14.2x trailing P/E. With a 1.16% dividend yield, FXN is yielding 8.20% in total.

RISK

Compared to US Treasuries at 5.18%, FXN's total yield implies a healthy 3.02% risk premium. Healthy risk premiums suggest reasonable valuations.

FORWARD EXPECTATIONS

Based on analyst estimates, FXN's forward total yield is 10.06%, implying a 4.88% risk premium assuming stable Treasury rates.

Top 20 Holdings for FXN

Total Weights
Top 5: 25.6% | Top 10: 44.4% | Top 20: 74.4%

Ticker	Holding	ETF Weight	Sales Weight	Earnings Weight	Fwd P/S	Fwd P/E	Fwd Sales Growth	Fwd Earnings Growth
Total		99.64%	100.00%	100.00%	1.5	11.2	-3.9%	-8.3%
Top 20		74.36%	77.68%	84.98%	1.4	10.3	-5.6%	-11.1%
DINO	HF Sinclair	6.56%	16.71%	8.82%	0.6	8.4	-9.8%	-25.3%
APA	APA	5.56%	5.08%	8.32%	1.8	9.4	-9.9%	-28.8%
DVN	Devon Energy	4.86%	3.39%	4.87%	1.8	14.7	+0.4%	-9.2%
RRC	Range Resources	4.41%	2.49%	5.64%	2.5	10.0	+2.6%	-7.2%
AR	Antero Resources	4.19%	3.40%	5.65%	1.6	8.3	-0.1%	-1.7%
EQT	EQT	4.09%	1.91%	4.70%	3.4	12.6	-0.6%	-3.8%
EXE	Expand Energy	4.09%	4.22%	7.40%	1.6	9.8	-4.1%	+1.6%
COP	ConocoPhillips	3.61%	2.32%	2.92%	2.3	13.5	-6.7%	-13.9%
CHRD	Chord Energy	3.56%	4.61%	5.33%	1.3	8.3	-12.4%	-24.1%
PR	Permian Resources	3.47%	1.74%	3.22%	2.7	9.9	+2.0%	+24.0%
PSX	Phillips 66	3.41%	7.92%	3.18%	0.6	10.5	-7.6%	-15.7%
OVV	Ovintiv	3.35%	3.04%	2.46%	1.8	8.6	-7.8%	-6.3%
VLO	Valero Energy	3.25%	6.24%	2.78%	0.8	9.7	-12.9%	-19.7%
EOG	EOG Resources	3.22%	1.82%	4.04%	2.8	9.5	-7.8%	-16.9%
MTDR	Matador Resources	3.12%	2.93%	4.75%	1.4	5.9	+14.2%	+15.5%
WFRD	Weatherford International	3.09%	3.77%	2.49%	1.2	12.6	+9.4%	+30.1%
CVX	Chevron	2.74%	2.22%	1.89%	1.8	14.3	-8.0%	-15.9%
XOM	ExxonMobil	2.61%	2.20%	1.72%	1.7	14.3	-3.8%	-6.9%
OXY	Occidental Petroleum	2.61%	1.56%	4.49%	2.3	12.5	-8.9%	-36.3%
FSLR	First Solar	2.55%	0.11%	0.31%	33.7	81.1	+17.1%	+32.4%

[1] Total and Top 20 rows are weighted aggregates across constituents.
[2] Forward P/S and P/E ratios use consensus sales and earnings for the 12 months ending 9/30/27. Individual constituent FY1 and FY2 consensus figures adjusted to align with 9/30/27.
[3] Forward Sales and Non-GAAP Earnings Growth are calculated as next fiscal year (FY2) consensus growth over current fiscal year (FY1) consensus. They are not derived from the forward P/S and P/E multiples shown.

Performance for FXN Top Holdings

Ticker	Holding	Weight	Mkt Price 9/26	1D Rtn	1M Rtn	YTD Rtn	1Y Rtn	3Y Rtn	5Y Rtn	10Y Rtn
FXN	First Trust Energy AlphaDEX Fund	100.00%	22.37	0.0%	-4.3%	36.7%	35.0%	35.1%	116.0%	86.1%
DINO	HF Sinclair	6.56%	106.82	0.0%	10.1%	137.2%	107.1%	109.5%	279.3%	519.7%
APA	APA	5.56%	42.74	0.0%	0.8%	78.8%	79.1%	13.1%	113.8%
DVN	Devon Energy	4.86%	47.05	0.0%	0.5%	30.9%	30.4%	6.3%	70.2%	63.5%
RRC	Range Resources	4.41%	38.61	0.0%	-7.1%	10.3%	3.6%	23.8%	81.6%	7.0%
AR	Antero Resources	4.19%	35.00	0.0%	-9.1%	1.6%	2.6%	40.4%	83.2%	30.3%
EQT	EQT	4.09%	50.81	0.0%	-7.2%	-4.4%	-4.9%	33.8%	144.2%	46.2%
EXE	Expand Energy	4.09%	86.84	0.0%	-11.4%	-19.9%	-16.0%	10.4%	75.4%
COP	ConocoPhillips	3.61%	127.30	0.0%	-1.7%	39.0%	33.3%	13.2%	132.0%	318.7%
CHRD	Chord Energy	3.56%	136.27	0.0%	-6.7%	51.2%	36.0%	-2.6%	113.8%
PR	Permian Resources	3.47%	21.36	0.0%	-7.2%	55.9%	61.6%	72.2%	288.7%	70.2%
PSX	Phillips 66	3.41%	255.75	0.0%	6.6%	102.3%	88.8%	133.7%	331.1%	357.6%
OVV	Ovintiv	3.35%	60.13	0.0%	-7.3%	55.8%	42.5%	33.1%	106.0%	60.3%
VLO	Valero Energy	3.25%	387.18	0.0%	11.7%	141.4%	125.1%	192.1%	538.6%	930.6%
EOG	EOG Resources	3.22%	140.35	0.0%	-2.9%	37.0%	23.8%	20.2%	117.2%	106.3%
MTDR	Matador Resources	3.12%	51.55	0.0%	-9.1%	24.2%	8.6%	-9.8%	54.8%	144.2%
WFRD	Weatherford International	3.09%	85.08	0.0%	-7.5%	9.6%	23.7%	-6.6%	355.8%	1,504.2%
CVX	Chevron	2.74%	204.45	0.0%	2.3%	37.9%	32.7%	35.5%	142.6%	205.2%
XOM	ExxonMobil	2.61%	160.59	0.0%	2.7%	36.1%	41.0%	47.4%	222.7%	184.7%
OXY	Occidental Petroleum	2.61%	56.86	0.0%	-3.5%	40.2%	22.2%	-8.4%	102.5%	3.9%
FSLR	First Solar	2.55%	177.71	0.0%	-15.4%	-32.0%	-19.2%	12.0%	86.0%	354.7%

Guidance Updates for FXN Top Holdings

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
FXN Return	52%	47%	1%	0%	3%	38%	223%
Peers Return	36%	-1%	24%	18%	17%	24%	186%
S&P 500 Return	27%	-19%	24%	23%	16%	13%	105%
Monthly Win Rates [3]
FXN Win Rate	67%	67%	42%	42%	58%	67%
Peers Win Rate	72%	43%	62%	63%	63%	49%
S&P 500 Win Rate	75%	42%	67%	75%	67%	56%
Max Drawdowns [4]
FXN Max Drawdown	-18%	-25%	-18%	-19%	-28%	-13%
Peers Max Drawdown	-11%	-27%	-13%	-13%	-20%	-14%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: VGT, XLK, XLF, XLV, XLE.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/25/2026 (YTD)

Sharpe Ratios Compared

One measure of reward vs. risk is a Sharpe ratio. A higher ratio indicates better risk-adjusted returns. Most funds have Sharpe ratios < 1.0.

Ticker	1Y	3Y	5Y
FXN	1.53	0.44	0.68
Equity Top Results (3Y)
IALT	2.08	2.08	2.08
VLUE	2.53	1.42	0.74
SPMO	0.94	1.37	0.79
CORO	1.35	1.33	1.33
CGDV	1.28	1.31	0.94

Results as of 8312026.

Event	FXN	S&P 500
2025 US Tariff Shock
% Loss	-25.4%	-18.8%
% Gain to Breakeven	34.0%	23.1%
Time to Breakeven	239 days	79 days
2023 SVB Regional Banking Crisis
% Loss	-15.2%	-6.7%
% Gain to Breakeven	18.0%	7.1%
Time to Breakeven	82 days	31 days
2020 COVID-19 Crash
% Loss	-61.5%	-33.7%
% Gain to Breakeven	159.5%	50.9%
Time to Breakeven	77 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-40.8%	-19.2%
% Gain to Breakeven	68.8%	23.8%
Time to Breakeven	1211 days	105 days
2016-2017 Trump Reflation Bond Selloff
% Loss	-15.1%	-3.7%
% Gain to Breakeven	17.8%	3.9%
Time to Breakeven	138 days	6 days
2015-2016 China Devaluation / Global Growth Scare
% Loss	-34.9%	-12.2%
% Gain to Breakeven	53.6%	13.9%
Time to Breakeven	320 days	62 days

Compare to VGT, XLK, XLF, XLV, XLE

In The Past

First Trust Energy AlphaDEX Fund's stock fell -25.4% during the 2025 US Tariff Shock. Such a loss loss requires a 34.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Event	FXN	S&P 500
2025 US Tariff Shock
% Loss	-25.4%	-18.8%
% Gain to Breakeven	34.0%	23.1%
Time to Breakeven	239 days	79 days
2020 COVID-19 Crash
% Loss	-61.5%	-33.7%
% Gain to Breakeven	159.5%	50.9%
Time to Breakeven	77 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-40.8%	-19.2%
% Gain to Breakeven	68.8%	23.8%
Time to Breakeven	1211 days	105 days
2015-2016 China Devaluation / Global Growth Scare
% Loss	-34.9%	-12.2%
% Gain to Breakeven	53.6%	13.9%
Time to Breakeven	320 days	62 days
2014-2016 Oil Price Collapse
% Loss	-61.4%	-6.8%
% Gain to Breakeven	159.3%	7.3%
Time to Breakeven	3716 days	15 days
2011 US Debt Ceiling Crisis & European Contagion
% Loss	-36.9%	-17.9%
% Gain to Breakeven	58.5%	21.8%
Time to Breakeven	745 days	123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
% Loss	-22.9%	-15.4%
% Gain to Breakeven	29.7%	18.2%
Time to Breakeven	125 days	125 days
2008-2009 Global Financial Crisis
% Loss	-64.0%	-53.4%
% Gain to Breakeven	177.9%	114.4%
Time to Breakeven	703 days	1085 days

Compare to VGT, XLK, XLF, XLV, XLE

In The Past

First Trust Energy AlphaDEX Fund's stock fell -25.4% during the 2025 US Tariff Shock. Such a loss loss requires a 34.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

FXN Dip Buy History

FXN had 36 events since 5/10/2007 where the dip threshold of -5.0% within 60 days was triggered

19% median peak return within 1 year of dip event
151 days is the median time to peak return after a dip event
-19% median max drawdown within 1 year of dip event

60 Day Dip			FXN Subsequent Performance
Date	FXN	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			-2%	19%	-19%	151
6172026	-6%	13%			-2%	90
2212025	-5%	1%	22%	22%	-23%	371
12182024	-6%	3%	7%	16%	-17%	30
6282024	-5%	5%	-11%	3%	-28%	19
11282023	-5%	1%	8%	17%	-6%	129
12082022	-6%	1%	-2%	11%	-14%	314
9012022	-8%	-4%	8%	14%	-14%	75
6172022	-6%	-17%	6%	32%	-6%	151
8162021	-5%	8%	71%	88%	-5%	295
8282020	-5%	13%	59%	78%	-17%	307
1272020	-6%	7%	-0%	10%	-62%	353
12032019	-9%	4%	-12%	20%	-62%	35
5012019	-6%	8%	-47%	0%	-72%	0
10232018	-9%	-2%	-37%	1%	-42%	15
8152018	-8%	4%	-41%	14%	-43%	49
2052018	-5%	3%	-7%	30%	-23%	240
3032017	-7%	9%	-7%	7%	-21%	326
11042016	-5%	-4%	9%	24%	-11%	35
8312016	-8%	3%	-13%	18%	-16%	100
7212016	-5%	4%	-8%	19%	-12%	141
12072015	-6%	6%	19%	19%	-24%	365
6292015	-7%	-0%	-26%	0%	-45%	1
9122014	-6%	2%	-43%	1%	-46%	4
2032014	-6%	-1%	-5%	28%	-19%	140
6242013	-5%	1%	38%	41%	0%	364
11142012	-6%	-4%	40%	40%	0%	365
4162012	-6%	5%	12%	24%	-13%	304
1262012	-7%	3%	12%	12%	-18%	369
8042011	-12%	-11%	-11%	5%	-25%	203
5162011	-6%	-0%	-23%	10%	-31%	67
5202010	-9%	-3%	55%	68%	-3%	344
2052010	-6%	-2%	45%	46%	-8%	362
7232008	-8%	-8%	-42%	4%	-65%	7
3242008	-5%	-9%	-52%	38%	-62%	91
1162008	-6%	-8%	-49%	43%	-57%	159
8152007	-6%	-7%	14%	53%	-4%	313

[1] Dip event defined as first instance dip threshold is triggered within a 60-day time period.
[2] Analysis for period from 1/1/2005 to 9/26/2026

FXN had 16 events since 5/10/2007 where the dip threshold of -10% within 90 days was triggered

12% median peak return within 1 year of dip event
183 days is the median time to peak return after a dip event
-19% median max drawdown within 1 year of dip event

90 Day Dip			FXN Subsequent Performance
Date	FXN	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			3%	12%	-19%	183
4032025	-14%	-9%	45%	58%	-14%	358
8072024	-10%	-1%	-5%	10%	-21%	163
1182024	-11%	8%	16%	24%	0%	78
3082023	-10%	5%	10%	15%	-11%	224
9262022	-11%	-10%	24%	33%	-0%	50
9242020	-12%	11%	105%	114%	0%	280
1242020	-13%	11%	-1%	6%	-64%	356
5232019	-14%	10%	-40%	2%	-69%	39
10242018	-11%	-4%	-33%	6%	-39%	14
4132017	-10%	7%	6%	13%	-16%	285
6292015	-11%	-1%	-26%	0%	-45%	1
10072014	-11%	1%	-30%	1%	-42%	1
5142012	-11%	5%	27%	30%	-9%	276
8042011	-13%	-8%	-11%	5%	-25%	203
5192010	-12%	-2%	46%	59%	-8%	345
8182008	-11%	-5%	-37%	10%	-62%	3

[1] Dip event defined as first instance dip threshold is triggered within a 90-day time period.
[2] Analysis for period from 1/1/2005 to 9/26/2026

FXN had 9 events since 5/10/2007 where the dip threshold of -20% within 180 days was triggered

21% median peak return within 1 year of dip event
144 days is the median time to peak return after a dip event
-17% median max drawdown within 1 year of dip event

180 Day Dip			FXN Subsequent Performance
Date	FXN	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			5%	21%	-17%	144
4042025	-26%	-8%	63%	77%	-4%	357
12202018	-21%	-6%	-7%	22%	-21%	124
8182017	-23%	12%	34%	43%	-1%	325
7102015	-21%	9%	-21%	3%	-42%	4
12082014	-22%	12%	-27%	18%	-28%	144
4092012	-21%	4%	15%	19%	-17%	311
11252011	-21%	-10%	5%	21%	-10%	90
9282011	-20%	-8%	15%	28%	-9%	148
9162008	-20%	-16%	-13%	13%	-55%	6

[1] Dip event defined as first instance dip threshold is triggered within a 180-day time period.
[2] Analysis for period from 1/1/2005 to 9/26/2026

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Current Dip Buy Opportunities Across ETFs

ETFs currently down 5% or more from trailing 6M peaks.

Ticker	Name	Dip %	Mkt Price	Price Date	Peak Price	Peak Date	# Days
IJH	iShares Core S&P Mid-Cap ETF	-7.2%	72.99	9262026	78.67	8162026	41
VO	Vanguard Mid-Cap ETF	-5.3%	79.99	9262026	84.46	8162026	41
IWR	iShares Russell Mid-Cap ETF	-5.7%	108.30	9262026	114.82	8162026	41
MDY	State Street SPDR S&P MIDCAP 400 ETF Trust	-7.1%	665.87	9262026	716.91	8162026	41
SCHM	Schwab U.S. Mid-Cap ETF	-6.3%	34.54	9262026	36.87	6302026	88
IVOO	Vanguard S&P Mid-Cap 400 ETF	-6.9%	123.52	9262026	132.68	8162026	41
IJR	iShares Core S&P Small-Cap ETF	-8.1%	138.29	9262026	150.44	8162026	41
VB	Vanguard Small-Cap ETF	-6.3%	289.70	9262026	309.29	8162026	41
IWM	iShares Russell 2000 ETF	-7.6%	281.97	9262026	305.09	8162026	41
SCHA	Schwab U.S. Small-Cap ETF	-8.3%	33.13	9262026	36.13	6302026	88
VTWO	Vanguard Russell 2000 ETF	-7.3%	113.88	9262026	122.90	8162026	41
DFAS	Dimensional U.S. Small Cap ETF	-6.9%	78.63	9262026	84.48	8162026	41
ESML	iShares ESG Aware MSCI USA Small-Cap ETF	-6.6%	52.89	9262026	56.64	8162026	41
NUSC	Nuveen ESG Small-Cap ETF	-7.5%	49.28	9262026	53.27	8162026	41
AKRE	Akre Focus ETF	-11.4%	54.79	9262026	61.85	8302026	27
IWP	iShares Russell Mid-Cap Growth ETF	-5.6%	139.48	9262026	147.70	8172026	40
VOT	Vanguard Mid-Cap Growth ETF	-5.3%	297.30	9262026	314.02	8162026	41
IJK	iShares S&P Mid-Cap 400 Growth ETF	-7.2%	110.57	9262026	119.11	8172026	40
MDYG	State Street SPDR S&P 400 Mid Cap Growth ETF	-7.2%	105.53	9262026	113.69	8172026	40
IWO	iShares Russell 2000 Growth ETF	-9.0%	360.15	9262026	395.65	8162026	41
VBK	Vanguard Small-Cap Growth ETF	-6.8%	341.36	9262026	366.24	8172026	40
IJT	iShares S&P Small-Cap 600 Growth ETF	-9.2%	162.66	9262026	179.07	8042026	53
SLYG	State Street SPDR S&P 600 Small Cap Growth ETF	-9.1%	108.62	9262026	119.50	8042026	53
VOE	Vanguard Mid-Cap Value ETF	-5.3%	199.85	9262026	211.01	8162026	41
IWS	iShares Russell Mid-Cap Value ETF	-5.9%	163.25	9262026	173.44	8162026	41
IJJ	iShares S&P Mid-Cap 400 Value ETF	-7.4%	140.49	9262026	151.67	8162026	41
MDYV	State Street SPDR S&P 400 Mid Cap Value ETF	-7.3%	90.29	9262026	97.39	8162026	41
VBR	Vanguard Small-Cap Value ETF	-6.0%	236.51	9262026	251.66	8162026	41
AVUV	Avantis U.S. Small Cap Value ETF	-6.5%	120.41	9262026	128.74	8042026	53
IWN	iShares Russell 2000 Value ETF	-6.1%	213.49	9262026	227.43	8162026	41
IJS	iShares S&P Small-Cap 600 Value ETF	-7.3%	130.48	9262026	140.68	8162026	41
SLYV	State Street SPDR S&P 600 Small Cap Value ETF	-7.3%	103.99	9262026	112.22	8162026	41
VIOV	Vanguard S&P Small-Cap 600 Value ETF	-6.8%	112.05	9262026	120.28	8162026	41
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	-11.3%	33.09	9262026	37.30	6222026	96
EWY	iShares MSCI South Korea ETF	-14.6%	187.18	9262026	219.20	6212026	97
EWZ	iShares MSCI Brazil ETF	-11.8%	36.82	9262026	41.73	4142026	165
FXI	iShares China Large-Cap ETF	-11.2%	33.96	9262026	38.26	5132026	136
ILF	iShares Latin America 40 ETF	-8.8%	34.75	9262026	38.10	4142026	165
KWEB	KraneShares CSI China Internet ETF	-19.6%	24.58	9262026	30.59	5132026	136
SCHD	Schwab US Dividend Equity ETF	-5.7%	33.21	9262026	35.21	8242026	33
VYM	Vanguard High Dividend Yield ETF	-5.1%	157.68	9262026	166.11	8132026	44
DVY	iShares Select Dividend ETF	-6.5%	154.73	9262026	165.50	8162026	41
SDY	State Street SPDR S&P Dividend ETF	-6.7%	148.59	9262026	159.18	8242026	33
NOBL	ProShares S&P 500 Dividend Aristocrats ETF	-6.9%	54.97	9262026	59.07	8242026	33
SCHY	Schwab International Dividend Equity ETF	-5.0%	32.09	9262026	33.78	8252026	32
RSP	Invesco S&P 500 Equal Weight ETF	-5.2%	211.11	9262026	222.77	8162026	41
COWZ	Pacer US Cash Cows 100 ETF	-6.5%	67.73	9262026	72.40	8302026	27
MTUM	iShares MSCI USA Momentum Factor ETF	-7.7%	318.50	9262026	345.22	6222026	96
SPHQ	Invesco S&P 500 Quality ETF	-5.7%	84.92	9262026	90.10	6302026	88
FNDA	Schwab Fundamental U.S. Small Company ETF	-7.8%	35.53	9262026	38.52	8162026	41
SPMO	Invesco S&P 500 Momentum ETF	-5.4%	152.92	9262026	161.66	6222026	96
URA	Global X Uranium ETF	-29.8%	40.91	9262026	58.26	5062026	143
BOTZ	Global X Funds Global X Robotics & Artificial Intelligence ETF	-15.0%	35.40	9262026	41.63	5132026	136
ROBO	ROBO Global Robotics & Automation Index ETF	-10.3%	81.06	9262026	90.34	6022026	116
LIT	Global X Lithium & Battery Tech ETF	-24.7%	69.02	9262026	91.62	5112026	138
ICLN	iShares Global Clean Energy ETF	-27.5%	17.23	9262026	23.75	6022026	116
ARKQ	ARK Autonomous Technology & Robotics ETF	-13.5%	124.42	9262026	143.82	5282026	121
ARKX	ARK Space & Defense Innovation ETF	-13.4%	32.70	9262026	37.74	5282026	121
NASA	Tema Space Innovators ETF	-41.4%	24.54	9262026	41.89	5272026	122
DRSK	Aptus Defined Risk ETF	-6.9%	27.61	9262026	29.67	6012026	117
YYY	Amplify CEF High Income ETF	-8.2%	10.61	9262026	11.56	7122026	76
GDE	WisdomTree Efficient Gold Plus Equity Strategy Fund	-7.2%	66.17	9262026	71.30	8252026	32
RAAX	VanEck Real Assets ETF	-5.0%	40.55	9262026	42.70	5112026	138
XLF	State Street Financial Select Sector SPDR ETF	-6.4%	54.84	9262026	58.56	9032026	23
XLE	State Street Energy Select Sector SPDR ETF	-5.9%	62.04	9262026	65.93	9152026	11
XLI	State Street Industrial Select Sector SPDR ETF	-8.6%	170.43	9262026	186.51	8162026	41
XLY	State Street Consumer Discretionary Select Sector SPDR ETF	-9.2%	110.56	9262026	121.82	5282026	121
XLP	State Street Consumer Staples Select Sector SPDR ETF	-6.2%	82.06	9262026	87.45	8242026	33
XLU	State Street Utilities Select Sector SPDR ETF	-15.7%	39.51	9262026	46.85	4092026	170
XLB	State Street Materials Select Sector SPDR ETF	-7.2%	49.80	9262026	53.67	8262026	31
IYJ	iShares U.S. Industrials ETF	-7.7%	156.72	9262026	169.86	8042026	53
IYM	iShares U.S. Basic Materials ETF	-7.0%	182.67	9262026	196.45	8252026	32
FXN	First Trust Energy AlphaDEX Fund	-8.1%	22.37	9262026	24.35	9152026	11
SMH	VanEck Semiconductor ETF	-9.3%	606.56	9262026	668.91	6222026	96
SOXX	iShares Semiconductor ETF	-12.6%	572.68	9262026	655.01	6222026	96
XBI	State Street SPDR S&P Biotech ETF	-8.6%	155.03	9262026	169.55	8192026	38
ITA	iShares U.S. Aerospace & Defense ETF	-15.6%	213.81	9262026	253.22	8162026	41
XOP	State Street SPDR S&P Oil & Gas Exploration & Production ETF	-9.1%	181.50	9262026	199.70	9152026	11
IYT	iShares U.S. Transportation ETF	-11.8%	79.35	9262026	90.01	7162026	72
IAI	iShares U.S. Broker-Dealers & Securities Exchanges ETF	-8.7%	180.88	9262026	198.06	9032026	23
KRE	State Street SPDR S&P Regional Banking ETF	-8.2%	71.55	9262026	77.93	8162026	41
MISL	First Trust Indxx Aerospace & Defense ETF	-13.3%	42.64	9262026	49.19	5282026	121
RING	iShares MSCI Global Gold Miners ETF	-12.7%	81.35	9262026	93.17	8252026	32
SOXQ	Invesco PHLX Semiconductor ETF	-13.4%	99.68	9262026	115.11	6222026	96
IGOV	iShares International Treasury Bond ETF	-5.1%	40.11	9262026	42.27	5102026	139
LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	-5.2%	103.21	9262026	108.85	6292026	89
TLT	iShares 20+ Year Treasury Bond ETF	-8.6%	79.32	9262026	86.78	6292026	89
VGLT	Vanguard Long-Term Treasury ETF	-7.5%	50.98	9262026	55.12	6292026	89
SPTL	State Street SPDR Portfolio Long Term Treasury ETF	-7.9%	24.26	9262026	26.33	6292026	89
TLH	iShares 10-20 Year Treasury Bond ETF	-7.1%	93.38	9262026	100.56	6292026	89
EDV	Vanguard World Funds Extended Duration ETF	-12.3%	57.37	9262026	65.43	6242026	94
VCLT	Vanguard Long-Term Corporate Bond ETF	-7.0%	69.62	9262026	74.85	6292026	89
SPLB	State Street SPDR Portfolio Long Term Corporate Bond ETF	-7.5%	20.72	9262026	22.40	6292026	89
IGLB	iShares 10+ Year Investment Grade Corporate Bond ETF	-7.3%	46.40	9262026	50.05	6292026	89
MUB	iShares National Muni Bond ETF	-5.7%	101.17	9262026	107.28	7062026	82
VTEB	Vanguard Tax-Exempt Bond Index Fund	-5.5%	47.48	9262026	50.25	7062026	82
TFI	State Street SPDR Nuveen ICE Municipal Bond ETF	-6.0%	42.86	9262026	45.59	7052026	83
ITM	VanEck Intermediate Muni ETF	-5.9%	43.99	9262026	46.77	7062026	82
LMUB	iShares Long-Term National Muni Bond ETF	-8.3%	46.78	9262026	51.00	7052026	83
GLD	SPDR Gold Trust	-11.8%	393.41	9262026	445.93	4192026	160
IAU	iShares Gold Trust	-11.7%	80.66	9262026	91.34	4192026	160
GLDM	SPDR Gold MiniShares Trust	-11.6%	84.89	9262026	96.04	4192026	160
SLV	iShares Silver Trust	-26.7%	58.14	9262026	79.35	5132026	136
PPLT	ETFS Physical Platinum Shares	-17.7%	16.09	9262026	19.55	5132026	136
PALL	ETFS Physical Palladium Shares	-20.5%	22.98	9262026	28.89	4142026	165
USO	United States Oil Fund LP	-8.4%	148.33	9262026	161.86	9152026	11
UNG	United States Natural Gas Fund LP	-9.4%	11.13	9262026	12.28	3292026	181
BNO	United States Brent Oil Fund LP ETV	-7.1%	55.85	9262026	60.13	5042026	145
VNQ	Vanguard Real Estate ETF	-9.1%	90.99	9262026	100.08	7282026	60
XLRE	State Street Real Estate Select Sector SPDR ETF	-9.7%	41.56	9262026	46.01	7282026	60
SCHH	Schwab U.S. REIT ETF	-10.3%	22.31	9262026	24.86	7262026	62
IYR	iShares U.S. Real Estate ETF	-9.9%	96.63	9262026	107.26	7282026	60
REET	iShares Global REIT ETF	-9.8%	26.06	9262026	28.89	7262026	62
USRT	iShares Core U.S. REIT ETF	-10.7%	62.37	9262026	69.82	7262026	62

ETF Fund Flows

Largest fund inflows and outflows across ETFs, with the asset-allocation rotation they imply.

Net fund flows · as of 2026-09-25

Asset allocation rotation · Past week

Equity ETFs drew the largest net inflows (+$14.5B), followed by Bond (+$6.4B), while Commodity (−$571M) saw the largest outflows.
Within the mix, money rotated into US Large Cap Core (+$12.4B) and out of Factor Smart Beta (−$9.2B).
Relative to fund size, CORO drew the largest inflow (+34.7% of AUM) and MTUM the largest outflow (−23.5%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	+$35.65B	+4.0%
2	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	+$19.62B	+2.4%
3	ACWX	iShares MSCI ACWI ex U.S. ETF	Other	+$4.45B	+27.5%
4	IUSB	iShares Core Universal USD Bond ETF	Bond Core Plus Multisector	+$4.45B	+9.3%
5	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$4.4B	+34.7%
6	IWM	iShares Russell 2000 ETF	Equity US Small Cap Core	+$3.17B	+4.1%
7	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	+$3.14B	+0.6%
8	BLCR	iShares Large Cap Core Active ETF	Other	+$2.37B	+26.4%
9	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$2.09B	+1.2%
10	XLF	State Street Financial Select Sector SPDR ETF	Equity Broad Sector	+$2.01B	+3.9%

#	Ticker	Name	Type	Net flow	% of AUM
1	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$4.4B	+34.7%
2	ACWX	iShares MSCI ACWI ex U.S. ETF	Other	+$4.45B	+27.5%
3	BLCR	iShares Large Cap Core Active ETF	Other	+$2.37B	+26.4%
4	GGOV	iShares Global Government Bond USD Hedged Active ETF	Bond International	+$897M	+22.8%
5	XTEN	BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF	Other	+$186M	+15.6%
6	FLTW	Franklin FTSE Taiwan ETF	Other	+$607M	+14.6%
7	EWL	iShares MSCI Switzerland ETF	Other	+$374M	+13.8%
8	IYK	iShares U.S. Consumer Staples ETF	Other	+$191M	+13.6%
9	IALT	iShares Systematic Alternatives Active ETF	Equity Asset Allocation	+$907M	+13.4%
10	IYM	iShares U.S. Basic Materials ETF	Equity Broad Sector	+$138M	+12.0%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	-$44.94B	-4.2%
2	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$4.91B	-23.5%
3	COWZ	Pacer US Cash Cows 100 ETF	Equity Factor Smart Beta	-$3.52B	-18.5%
4	VUG	Vanguard Morningstar Growth ETF	Equity US Large Growth	-$2.73B	-1.2%
5	VO	Vanguard Morningstar Mid-Cap ETF	Equity US Mid Cap Core	-$2.71B	-2.6%
6	VFLO	VictoryShares Free Cash Flow ETF	Other	-$2.43B	-22.1%
7	DIA	State Street SPDR Dow Jones Industrial Average ETF Trust	Equity US Large Concentrated	-$2.04B	-4.5%
8	VTV	Vanguard Morningstar Value ETF	Equity US Large Value	-$2.03B	-1.1%
9	RDVY	First Trust Rising Dividend Achievers ETF	Other	-$1.74B	-6.9%
10	MBB	iShares MBS ETF	Bond Mortgage Backed	-$1.73B	-4.6%

#	Ticker	Name	Type	Net flow	% of AUM
1	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$4.91B	-23.5%
2	VFLO	VictoryShares Free Cash Flow ETF	Other	-$2.43B	-22.1%
3	LMUB	iShares Long-Term National Muni Bond ETF	Bond Municipal	-$319M	-20.9%
4	CALF	Pacer US Small Cap Cash Cows ETF	Other	-$743M	-20.5%
5	COWZ	Pacer US Cash Cows 100 ETF	Equity Factor Smart Beta	-$3.52B	-18.5%
6	FTXL	First Trust Nasdaq Semiconductor ETF	Other	-$236M	-17.8%
7	USVM	VictoryShares US Small Mid Cap Value Momentum ETF	Other	-$289M	-16.7%
8	IDEF	iShares Defense Industrials Act	Other	-$493M	-12.8%
9	FTXH	First Trust Nasdaq Pharmaceuticals ETF	Other	-$125M	-11.7%
10	IGLB	iShares 10+ Year Investment Grade Corporate Bond ETF	Bond Long Corporate	-$300M	-11.7%

Asset allocation rotation · Past month

Equity ETFs drew the largest net inflows (+$31.1B), followed by Bond (+$17.5B), with every major asset class in net inflows.
Within the mix, money rotated into US Total Market (+$7.3B) and out of US Nasdaq Growth (−$5.2B).
Relative to fund size, CORO drew the largest inflow (+54.0% of AUM) and XOVR the largest outflow (−25.7%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$7.24B	+1.0%
2	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$6.54B	+6.0%
3	IUSB	iShares Core Universal USD Bond ETF	Bond Core Plus Multisector	+$5.3B	+12.1%
4	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	+$4.78B	+0.6%
5	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$4.56B	+54.0%
6	ACWX	iShares MSCI ACWI ex U.S. ETF	Other	+$4.45B	+35.6%
7	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$4.38B	+2.6%
8	VGSH	Vanguard Short-Term Treasury ETF	Bond Short Treasury	+$3.73B	+10.7%
9	SCHD	Schwab U.S. Dividend Equity ETF	Equity Dividend Income	+$3.35B	+3.0%
10	BND	Vanguard Total Bond Market ETF	Bond US Aggregate Core	+$2.51B	+1.5%

#	Ticker	Name	Type	Net flow	% of AUM
1	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$4.56B	+54.0%
2	AGIX	KraneShares Public-Private AI & Technology ETF	Equity Thematic	+$412M	+38.8%
3	BLCR	iShares Large Cap Core Active ETF	Other	+$2.5B	+36.8%
4	ACWX	iShares MSCI ACWI ex U.S. ETF	Other	+$4.45B	+35.6%
5	CNEQ	Alger Concentrated Equity ETF	Other	+$961M	+34.1%
6	VTES	Vanguard Short-Term Tax-Exempt Bond ETF	Other	+$889M	+33.5%
7	PSEP	Innovator U.S. Equity Power Buffer ETF	Other	+$332M	+31.6%
8	GGOV	iShares Global Government Bond USD Hedged Active ETF	Bond International	+$952M	+30.8%
9	ARKK	ARK Innovation ETF	Equity Thematic	+$1.86B	+28.2%
10	ETHB	iShares Staked Ethereum Trust ETF	Other	+$257M	+25.2%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	-$10.9B	-1.0%
2	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	-$6.72B	-1.4%
3	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$5.12B	-21.2%
4	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	-$4.7B	-16.7%
5	MBB	iShares MBS ETF	Bond Mortgage Backed	-$1.73B	-4.4%
6	EWY	iShares MSCI South Korea ETF	Equity Emerging Markets	-$1.69B	-6.2%
7	EMB	iShares J.P. Morgan USD Emerging Markets Bond ETF	Other	-$1.62B	-11.6%
8	VGIT	Vanguard Intermediate-Term Treasury ETF	Bond Intermediate Treasury	-$1.57B	-4.0%
9	USHY	iShares Broad USD High Yield Corporate Bond ETF	Bond High Yield Corporate	-$1.54B	-5.5%
10	DRAM	Roundhill Memory ETF	Other	-$1.5B	-5.8%

#	Ticker	Name	Type	Net flow	% of AUM
1	XOVR	ERShares Private-Public Crossover ETF	Equity Thematic	-$394M	-25.7%
2	SCMB	Schwab Municipal Bond ETF	Other	-$948M	-25.1%
3	SNXX	Tradr 2X Long SNDK Daily ETF	Other	-$438M	-23.8%
4	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$5.12B	-21.2%
5	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	-$4.7B	-16.7%
6	CTA	Simplify Managed Futures Strategy ETF	Other	-$225M	-14.4%
7	MTBA	Simplify MBS ETF	Other	-$189M	-13.4%
8	EWG	iShares MSCI Germany ETF	Other	-$220M	-13.0%
9	IGOV	iShares International Treasury Bond ETF	Bond International	-$192M	-12.5%
10	IYZ	iShares U.S. Telecommunications ETF	Other	-$137M	-12.2%

Asset allocation rotation · Past 3 months

Equity ETFs drew the largest net inflows (+$100.6B), followed by Bond (+$60.7B), with every major asset class in net inflows.
Within the mix, money rotated into US Total Market (+$19.0B) and out of US Large Growth (−$9.4B).
Relative to fund size, CNEQ drew the largest inflow (+233.1% of AUM) and FTXL the largest outflow (−82.5%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$18.73B	+1.8%
2	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$17.84B	+10.6%
3	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$17.06B	+2.5%
4	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$16.11B	+15.7%
5	SCHD	Schwab U.S. Dividend Equity ETF	Equity Dividend Income	+$10.2B	+9.4%
6	TLT	iShares 20+ Year Treasury Bond ETF	Bond Long Treasury	+$9.45B	+20.9%
7	SOXX	iShares Semiconductor ETF	Equity Industry Subsector	+$8.23B	+18.8%
8	BND	Vanguard Total Bond Market ETF	Bond US Aggregate Core	+$8.23B	+5.1%
9	VXUS	Vanguard Total International Stock ETF	Equity International Broad	+$7.84B	+4.8%
10	QQQM	Invesco NASDAQ 100 ETF	Equity US Nasdaq Growth	+$7.2B	+7.0%

#	Ticker	Name	Type	Net flow	% of AUM
1	CNEQ	Alger Concentrated Equity ETF	Other	+$2.38B	+233.1%
2	FINA	Fidelity MSCI North American Subset Index ETF	Other	+$1.25B	+85.7% ⚠
3	ACYN	FT Vest Laddered Autocallable Barrier & Income ETF	Other	+$1.29B	+85.0%
4	BFLX	iShares Flexible Equity Active ETF	Other	+$1.41B	+84.2%
5	BKGI	BNY Mellon Global Infrastructure Income ETF	Other	+$810M	+60.9%
6	VTES	Vanguard Short-Term Tax-Exempt Bond ETF	Other	+$1.13B	+50.1%
7	XAGG	Morgan Stanley ETF Trust - Eaton Vance Strategic Income Opportunities ETF	Other	+$641M	+46.1%
8	CBOX	Calamos ETF Trust - Calamos Tax-Aware Collateral ETF	Other	+$585M	+43.6%
9	BLCR	iShares Large Cap Core Active ETF	Other	+$2.91B	+43.5%
10	ACWX	iShares MSCI ACWI ex U.S. ETF	Other	+$5.12B	+42.9%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	-$27.46B	-3.1%
2	IWD	iShares Russell 1000 Value ETF	Equity US Large Value	-$9.08B	-11.0%
3	IWF	iShares Russell 1000 Growth ETF	Equity US Large Growth	-$8.08B	-6.4%
4	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$6.16B	-24.4%
5	IWR	iShares Russell Mid-Cap ETF	Equity US Mid Cap Core	-$4.27B	-7.5%
6	IEF	iShares 7-10 Year Treasury Bond ETF	Bond Intermediate Treasury	-$3.51B	-8.1%
7	VONG	Vanguard Russell 1000 Growth ETF	Equity US Large Growth	-$3.37B	-7.4%
8	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	-$3.0B	-9.1%
9	VONV	Vanguard Russell 1000 Value ETF	Other	-$2.59B	-11.8%
10	VTWO	Vanguard Russell 2000 ETF	Equity US Small Cap Core	-$2.56B	-14.7%

#	Ticker	Name	Type	Net flow	% of AUM
1	FTXL	First Trust Nasdaq Semiconductor ETF	Other	-$1.1B	-82.5%
2	XOVR	ERShares Private-Public Crossover ETF	Equity Thematic	-$669M	-36.3%
3	TAN	Invesco Solar ETF	Other	-$448M	-33.6%
4	VTWG	Vanguard Russell 2000 Growth ETF	Other	-$460M	-30.4%
5	QLTA	iShares Aaa - A Rated Corporate Bond ETF	Other	-$360M	-29.7%
6	LCTU	iShares U.S. Carbon Transition Readiness Aware Active ETF	Other	-$336M	-27.0%
7	RSPN	Invesco S&P 500 Equal Weight Industrials ETF	Other	-$279M	-25.9%
8	NASA	Tema Space Innovators ETF	Equity Thematic	-$275M	-24.6%
9	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$6.16B	-24.4%
10	SNXX	Tradr 2X Long SNDK Daily ETF	Other	-$429M	-21.7%

Largest ETF fund flows across ~2652 funds (min AUM $100M). Net creations/redemptions; leveraged & inverse ETFs excluded. A ⚠ marks a day excluded as a suspected data error.

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About FXN

Holdings Count: 39
Expense Ratio: 0.63%
Inception Date: 2007-05-08

First Trust Energy AlphaDEX Fund
The First Trust Energy AlphaDEX Fund functions as an exchange-traded fund. Its primary goal is to replicate the performance, in terms of both price movements and dividend income, of a specific equity benchmark known as the StrataQuant Energy Index, prior to accounting for any associated fees and operational expenses.
Asset Class: Sector Equity | ETF Website

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AESI	Atlas Energy Solutions	1.6	13.5%	32.4%
PPLI	People	3.0	11.3%	-4.1%
WNC	Wabash National	0.5	11.3%	54.3%
MXL	MaxLinear	8.4	10.0%	438.4%
VECO	Veeco Instruments	3.0	9.3%	73.8%
VIAV	Viavi Solutions	9.7	9.3%	128.3%
BE	Bloom Energy	82.9	8.3%	232.3%
CRDO	Credo Technology	39.0	7.7%	46.6%
NUTX	Nutex Health	1.5	7.6%	33.7%
STAA	Staar Surgical	1.0	7.5%	-11.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ONT	Onterris	0.5	-16.8%	-43.6%
KDK	Kodiak AI	0.5	-12.6%	-77.7%
ZS	Zscaler	31.0	-10.1%	-14.2%
SLI	Standard Lithium	0.5	-9.7%	-58.4%
RPD	Rapid7	0.8	-9.6%	-23.6%
NGNE	Neurogene	0.6	-9.4%	37.4%
FRVO	Fervo Energy	2.4	-9.2%	-58.5%
BYND	Beyond Meat	4.2	-9.1%	-66.1%
PURR	Hyperliquid Strategies	1.6	-8.8%	261.0%
ADBT	Advasa	0.1	-8.8%	-98.2%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
GRAL	GRAIL	5.5	57.1%	48.3%
SECZ	Securitize	2.4	47.0%	29.8%
BALY	Ballys	0.8	34.5%	-15.3%
MRNA	Moderna	79.2	29.1%	574.4%
VICR	Vicor	13.0	26.6%	157.3%
QMCO	Quantum	0.7	26.3%	391.2%
OUST	Ouster	2.9	24.7%	102.0%
ARHS	Arhaus	1.4	24.6%	-9.1%
BAND	Bandwidth	2.0	23.1%	300.1%
VKTX	Viking Therapeutics	4.1	22.7%	1.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
XNDU	Xanadu Quantum Technologies	1.5	-32.9%	-56.7%
CGEM	Cullinan Therapeutics	0.9	-29.7%	43.1%
ALKT	Alkami Technology	1.5	-27.9%	-40.2%
BYND	Beyond Meat	4.2	-27.5%	-66.1%
KDK	Kodiak AI	0.5	-25.9%	-77.7%
GEN	Gen Digital	13.0	-25.5%	-19.3%
PBLS	Parabilis Medicines	0.9	-25.2%	-1.3%
CTEV	Claritev	0.4	-24.7%	-45.7%
ACAD	ACADIA Pharmaceuticals	3.5	-24.2%	-22.6%
ONT	Onterris	0.5	-22.7%	-43.6%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
SECZ	Securitize	2.4	134.7%	29.8%
GRAL	GRAIL	5.5	59.4%	48.3%
BALY	Ballys	0.8	54.0%	-15.3%
MXL	MaxLinear	8.4	49.0%	438.4%
SDGR	Schrodinger	2.2	48.2%	61.4%
FEIM	Frequency Electronics	0.9	45.9%	64.2%
OKTA	Okta	34.4	45.2%	125.7%
VICR	Vicor	13.0	43.0%	157.3%
ACVA	ACV Auctions	1.8	42.9%	30.4%
FWDI	Forward Industries	0.7	42.0%	27.4%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
ADBT	Advasa	0.1	-97.9%	-98.2%
ALMS	Alumis	0.9	-69.9%	-27.3%
XNDU	Xanadu Quantum Technologies	1.5	-51.5%	-56.7%
RARE	Ultragenyx Pharmaceutical	1.5	-45.2%	-37.0%
SWMR	Swarmer	0.3	-44.0%	-33.1%
IMUX	Immunic	0.4	-43.3%	75.1%
XENE	Xenon Pharmaceuticals	3.7	-42.1%	-17.6%
BYND	Beyond Meat	4.2	-41.4%	-66.1%
ALHC	Alignment Healthcare	1.7	-40.9%	-58.4%
PRLD	Prelude Therapeutics	0.4	-40.9%	33.6%

Peer Comparisons

Peers to compare with:

Profile

	FXN	VGT	XLK	XLF	XLV	XLE	Median
Name	First Trus.	Vanguard I.	State Stre.	State Stre.	State Stre.	State Stre.
Asset Class	Equity	Equity	Equity	Equity	Equity	Equity	-
AUM ($ Bil)	0.4	170.2	121.9	53.6	43.6	41.8	48.6
Expense Ratio	0.63%	0.09%	0.08%	0.08%	0.08%	0.08%	0.08%
10-D Avg Volume (Mil)	1.27	4.46	10.24	33.59	9.74	32.05	9.99
Latest Day Volume (Mil)	0.46	2.69	3.97	19.87	3.91	29.66	3.94
Holdings Count	39	310	73	76	60	21	66
Inception Date	5/8/2007	1/26/2004	12/16/1998	12/16/1998	12/16/1998	12/16/1998	-

Fundamentals

	FXN	VGT	XLK	XLF	XLV	XLE	Median
Name	First Trus.	Vanguard I.	State Stre.	State Stre.	State Stre.	State Stre.
Net Asset Value	22.52	122.40	188.07	55.87	168.81	64.46	-
Premium/Discount	-0.7%	3.1%	4.4%	-1.8%	1.1%	-3.8%	0.2%
Distribution Yield	1.6%	0.3%	0.4%	1.5%	1.5%	2.5%	1.5%
Sales Yield	64.2%	77.9%	95.3%	30.5%	61.9%	58.3%	63.0%
Earnings Yield	7.5%	10.1%	12.2%	6.6%	3.1%	5.8%	7.0%

Valuation

	FXN	VGT	XLK	XLF	XLV	XLE	Median
Name	First Trus.	Vanguard I.	State Stre.	State Stre.	State Stre.	State Stre.
P/S (TTM)	1.6x	1.3x	1.0x	3.3x	1.6x	1.7x	1.6x
P/E (TTM)	13.4x	9.9x	8.2x	15.2x	32.5x	17.2x	14.3x
P/FCF (TTM)	12.7x	4.5x	3.5x	32.2x	22.5x	16.7x	14.7x
Forward P/E	11.2x	3.5x	2.8x	14.3x	18.2x	13.5x	12.3x
Forward P/S	1.5x	0.9x	0.8x	3.2x	1.5x	1.6x	1.5x

Risk

	FXN	VGT	XLK	XLF	XLV	XLE	Median
Name	First Trus.	Vanguard I.	State Stre.	State Stre.	State Stre.	State Stre.
Volatility (1Y)	23.7%	24.9%	26.4%	14.7%	16.2%	22.0%	22.8%
Volatility (3Y)	25.7%	24.6%	25.1%	16.2%	14.8%	21.9%	23.3%
Volatility (5Y)	28.5%	26.0%	26.0%	18.4%	15.2%	25.6%	25.8%
Beta (1Y)	-0.09	1.68	1.73	0.61	0.30	-0.31	0.46
Beta (3Y)	0.71	1.49	1.49	0.78	0.45	0.45	0.75
Beta (5Y)	0.79	1.41	1.39	0.86	0.54	0.57	0.82
Sharpe Ratio (1Y)	1.45	1.39	1.44	0.31	1.55	1.65	1.45
Sharpe Ratio (3Y)	0.54	1.33	1.29	1.12	0.76	0.73	0.94
Sharpe Ratio (5Y)	0.74	0.83	0.87	0.60	0.51	0.99	0.78
Max Drawdown (1Y)	-13.4%	-16.4%	-15.9%	-14.8%	-10.5%	-15.0%	-14.9%
Max Drawdown (3Y)	-31.7%	-27.2%	-25.7%	-15.5%	-17.1%	-20.1%	-22.9%
Max Drawdown (5Y)	-31.7%	-35.1%	-33.6%	-25.8%	-17.1%	-26.0%	-28.9%

Returns

	FXN	VGT	XLK	XLF	XLV	XLE	Median
Name	First Trus.	Vanguard I.	State Stre.	State Stre.	State Stre.	State Stre.
1M Return	-3.4%	7.1%	7.3%	-5.9%	-1.6%	-0.6%	-1.1%
3M Return	10.1%	10.9%	8.4%	2.4%	6.5%	15.2%	9.3%
6M Return	-1.9%	45.4%	48.3%	12.2%	17.6%	1.6%	14.9%
YTD Return	36.7%	34.4%	36.7%	1.0%	11.2%	40.7%	35.5%
1Y Return	37.0%	37.2%	41.5%	3.5%	26.8%	40.4%	37.1%
2Y Return	40.3%	76.6%	78.5%	23.8%	13.8%	48.9%	44.6%
3Y Return	37.5%	144.1%	139.8%	66.0%	35.9%	50.0%	58.0%

Short Interest

Short Interest: As Of Date	9152026
Short Interest: Shares Quantity	0.1 Mil
Short Interest: % Change Since 8312026	176.9%
Average Daily Volume	0.5 Mil
Days-to-Cover Short Interest	1

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First Trust Energy AlphaDEX Fund (FXN)

Market Price (9/27/2026): $22.36

First Trust Energy AlphaDEX Fund (FXN)

Market Price (9/27/2026): $22.36

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In The Past

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