First Trust United Kingdom AlphaDEX Fund (FKU) is an exchange-traded fund that seeks investment results tracking the Nasdaq AlphaDEX United Kingdom Index, employing a proprietary quantitative methodology to select and weight stocks from the NASDAQ United Kingdom Index based on both growth and value factors to generate positive alpha relative to traditional market capitalization-weighted indices; the fund holds approximately 75 tiered equal-weighted securities, primarily large- and mid-cap UK equities across sectors such as financial services, consumer discretionary, industrials, and materials, with top holdings including Entain PLC, International Consolidated Airlines Group SA, and St James's Place PLC. It provides exposure to the UK equity market for individual investors, financial advisors, and institutions, with quarterly distributions and a focus on risk-adjusted outperformance. Launched on February 14, 2012, FKU is managed by First Trust Advisors L.P., founded in 1991 and headquartered in Wheaton, Illinois.
The fund operates geographically with primary exposure to issuers domiciled or principally trading in the United Kingdom, subjecting it to UK-specific regulatory, political, currency, economic, and post-Brexit trade risks associated with the European Union; it trades on Nasdaq with assets under management of approximately $71-78 million USD and an expense ratio of 0.80%. In July 2015, the fund underwent a significant index change from the prior Defined United Kingdom Index to the current Nasdaq AlphaDEX United Kingdom Index, enhancing its multi-factor selection process. More recently, on December 11, 2025, First Trust Advisors announced a 43% increase in FKU's quarterly dividend to $0.4568 per share (yielding around 3.7% annualized), payable December 31, 2025, alongside distributions for 155 other First Trust ETFs; institutional holdings adjustments occurred in 2025, including First Trust Advisors increasing its stake by 24% in Q3 to over 700,000 shares valued at $34 million.