First Trust Small Cap Growth AlphaDEX Fund (FYC) is an exchange-traded fund that seeks to provide investment results that correspond generally to the price and yield, before fees and expenses, of the Nasdaq AlphaDEX Small Cap Growth Index. The fund employs the proprietary AlphaDEX stock selection methodology to choose securities from the Nasdaq US 700 Small Cap Growth Index, focusing on small capitalization growth stocks across various sectors including information technology, health care, consumer discretionary, industrials, and financials; its portfolio typically holds around 200 positions with top holdings such as Park National Corp, Kymera Therapeutics Inc, XPEL Inc, Cadre Holdings Inc, and First Advantage Corp, representing diversified exposure to small-cap growth equities characterized by higher volatility and growth potential. Shares of the fund trade on the Nasdaq exchange under the ticker FYC and are managed by First Trust Advisors L.P., an affiliate of First Trust Portfolios L.P., which serves as the sponsor and distributor.
Launched on April 19, 2011, and domiciled in the United States with headquarters operations aligned to First Trust Advisors L.P. in Wheaton, Illinois, the fund targets investors seeking enhanced small-cap growth exposure through an index-based strategy that aims to outperform traditional market-cap weighted benchmarks via factor-driven selection.
On April 8, 2016, the fund underwent a significant operational change by switching its underlying benchmark from the Defined Small Cap Growth Index to the Nasdaq AlphaDEX Small Cap Growth Index, which continues to define its current investment approach and performance characteristics. More recently, as of late 2025, the fund has experienced strong market performance with year-to-date returns around 20-22% and assets under management exceeding $750 million, alongside increased institutional interest such as Bank of America raising its stake by 92.8%; no major acquisitions, partnerships, funding rounds, or new product launches specific to FYC have been reported in the last 1-2 years, though First Trust as a firm maintains ongoing portfolio rebalancing and high turnover consistent with its AlphaDEX methodology.