First Trust Multi Cap Value AlphaDEX Fund

FAB

Market cap $120M

FAB is a multi-cap value ETF with exposure to almost 700 U.S. stocks, offering a single-product solution for value investors. Fees are 0.64% and FAB manages $140 million in assets. Despite reasonably attractive fundamentals, FAB has delivered underwhelming returns in the last decade compared to a hypothetical benchmark I created based on ETFs from the S&P 1500 Composite. In addition, FAB's value features are weaker than SYLD's and PEY's, two alternative multi-cap funds appropriate for more aggressive and defensive investors, respectively.

US equities, as measured by the S&P 500 Index, have performed strongly so far in 2023.