First Trust Multi Cap Growth AlphaDEX Fund
FAD
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- First Trust Multi Cap Growth AlphaDEX Fund (FAD) is an exchange-traded fund that seeks investment results corresponding generally to the price and yield of the Nasdaq AlphaDEX Multi Cap Growth Index. The fund employs a passive management approach to track the enhanced index, which uses the proprietary AlphaDEX stock selection methodology to identify and weight growth-oriented stocks across large-, mid-, and small-cap segments from the Nasdaq US Select Index Family; it selects securities based on fundamental factors including growth characteristics, value, momentum, and profitability metrics before applying a modified market capitalization weighting. The underlying index is reconstituted and rebalanced quarterly to reflect current market conditions, resulting in a portfolio typically comprising approximately 677 holdings diversified across sectors such as industrials, health care, technology, and consumer discretionary, with top positions including companies like Bloom Energy Corp., Robinhood Markets Inc., and AppLovin Corp. Launched on May 8, 2007, and headquartered in Wheaton, Illinois, under the management of First Trust Advisors L.P., with First Trust Portfolios L.P. serving as distributor and The Bank of New York Mellon Corporation as administrator and custodian, the fund operates primarily in the U.S. equity market targeting investors seeking exposure to multi-cap growth strategies in developed North American markets. It trades on the Nasdaq exchange with assets under management of approximately $358 million, a net expense ratio of 0.62%, and a dividend yield around 0.27%, reflecting its focus on total return through capital appreciation rather than income generation. In April 2016, the fund underwent a significant strategic shift with the change of its underlying benchmark from the Defined Multi Cap Growth Index (previously administered by Standard & Poor's) to the Nasdaq AlphaDEX Multi Cap Growth Index, enhancing its methodology to better capture top-performing growth stocks via Nasdaq's framework while retaining the patented AlphaDEX selection process licensed from First Trust. More recently, in December 2025, First Trust Advisors L.P. announced quarterly distributions for the fund among 156 exchange-traded funds it advises, underscoring ongoing commitment to shareholder returns amid strong performance with annualized returns of approximately 14.0% over five years as of mid-2025. The fund has maintained steady operational focus without major acquisitions, partnerships, or product launches specific to FAD in the last 1-2 years, prioritizing index fidelity and quarterly rebalancing to adapt to evolving market dynamics.