Core Viewpoint - The First Trust Mid Cap Value AlphaDEX ETF (FNK) is designed to provide broad exposure to the Mid Cap Value segment of the US equity market, with a focus on balancing growth potential and stability [1][2]. Group 1: Fund Overview - Launched on April 19, 2011, FNK has accumulated assets over $204.79 million, categorizing it as one of the smaller ETFs in its segment [1]. - The ETF is passively managed and sponsored by First Trust Advisors [1]. Group 2: Investment Characteristics - Mid cap companies, with market capitalizations between $2 billion and $10 billion, are generally seen as having higher growth prospects compared to large cap companies while being less risky than small cap companies [2]. - Value stocks, which FNK focuses on, typically have lower price-to-earnings and price-to-book ratios, and have historically outperformed growth stocks in long-term performance [3]. Group 3: Costs and Performance - FNK has annual operating expenses of 0.7%, making it one of the more expensive ETFs in its category, with a 12-month trailing dividend yield of 1.62% [4]. - The ETF aims to match the performance of the Nasdaq AlphaDEX Mid Cap Value Index, with a year-to-date return of approximately 5.62% and a one-year return of about 7.56% as of August 25, 2025 [7]. Group 4: Sector Exposure and Holdings - The ETF has a significant allocation to the Consumer Discretionary sector, comprising about 22.1% of the portfolio, followed by Financials and Industrials [5]. - Riot Platforms, Inc. (RIOT) is the largest individual holding at approximately 1.18% of total assets, with the top 10 holdings accounting for about 9.23% of total assets under management [6]. Group 5: Risk and Alternatives - FNK has a beta of 1.08 and a standard deviation of 21.97% over the trailing three-year period, indicating a medium risk profile [8]. - Alternatives to FNK include the iShares Russell Mid-Cap Value ETF (IWS) and the Vanguard Mid-Cap Value ETF (VOE), which have significantly larger asset bases and lower expense ratios [10].

Core Viewpoint - The First Trust Mid Cap Value AlphaDEX ETF (FNK) offers investors exposure to the mid-cap value segment of the market, utilizing a smart beta strategy to potentially outperform traditional market cap weighted indexes [1][5]. Fund Overview - FNK was launched on April 19, 2011, and is managed by First Trust Advisors, accumulating over $202.57 million in assets, categorizing it as one of the smaller ETFs in its segment [1][5]. - The ETF aims to match the performance of the Nasdaq AlphaDEX Mid Cap Value Index, which employs a stock selection methodology based on fundamental characteristics [5]. Cost Structure - FNK has an annual operating expense ratio of 0.70%, making it one of the more expensive options in the mid-cap value ETF space [6]. - The fund offers a 12-month trailing dividend yield of 1.74% [6]. Sector Exposure and Holdings - The ETF has a significant allocation in the Consumer Discretionary sector, comprising approximately 21.9% of the portfolio, followed by Financials and Industrials [7]. - Riot Platforms, Inc. (RIOT) is the largest individual holding at about 1.07% of total assets, with the top 10 holdings accounting for approximately 8.98% of total assets under management [8]. Performance Metrics - As of July 17, 2025, FNK has experienced a loss of about -1.07% year-to-date and -2.35% over the past year [10]. - The fund has traded between $43.24 and $58.28 in the last 52 weeks, with a beta of 1.06 and a standard deviation of 22.04% over the trailing three-year period, indicating medium risk [10]. Alternatives - Other ETFs in the mid-cap value space include iShares Russell Mid-Cap Value ETF (IWS) and Vanguard Mid-Cap Value ETF (VOE), which have significantly larger asset bases of $13.43 billion and $17.97 billion, respectively, and lower expense ratios of 0.23% and 0.07% [12].