ETF Research Center

First Trust Brazil AlphaDEX Fund

ALTAR
Score™

14.3%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	8.3x	P/Sales ratio	0.5x
P/BV ratio	1.0x	Div. yield	5.4%

Description
Performance
Comps
Fundamentals
Valuation
Rating

First Trust Brazil AlphaDEX Fund seeks investment results that correspond to the Defined Brazil Index.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	First Trust Advisors LP
Website	www.ftportfolios.com
Inception date	Apr 18, 2011
Assets (mns)	$5
Currency	USD
Expense ratio	80 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Brown Brothers Harriman & Co
Weighting	Tiered
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	52
Wgt avg mkt cap (mns)	$9,116
Large cap (>$10bn)	26.7%
Mid cap ($2-10bn)	57.7%
Small cap (<$2bn)	11.5%
Developed mkts	4.5%
Emerging mkts	95.5%

TOP TEN HOLDINGS
Total	33.1 %
EMPRESA BRAS DE AERONAUTICA	4.3 %
CIA SANEAMENTO MINAS GERAIS	3.7 %
PORTO SEGURO SA	3.4 %
VALE SA	3.3 %
CIA DE SANEAMENTO DO PARANA SA - S	3.2 %
VIBRA ENERGIA SA	3.2 %
TIM SA (BRAZIL)	3.1 %
GERDAU S.A.	3.0 %
PAGSEGURO DIGITAL LTD. CLASS A	3.0 %
JBS SA	2.9 %

TOP COUNTRY EXPOSURE
	BRAZIL	94.2 %

Standardized Annual Returns (thru March 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
12.3%	-15.5%	10.0%	4.8%	-1.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.97	40%
MSCI EAFE	1.10	50%
MSCI Emg. Mkts.	0.84	29%

Technical Indicators
Recent close	$9.60
30d moving avg.	$10.00
Annualized volatility	26.9%
Short interest (ETF)	0.0%
Relative strength (RSI)	48

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.2%
Bid/Ask (% of price)	0.99%
ADV underlying (mns)	$1,553

FINDING ALTERNATIVE FUNDS

Below is a list of 178 potential alternatives to the First Trust Brazil AlphaDEX Fund ETF based on the alternatives' overlap in portfolio holdings with FBZ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

FBZ

Expense:

80 bp

ALTAR Score™:

14.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FBZ
Ticker	Fund Name	Overlap¹ vs FBZ (%)	Expense ratio (bp)	Savings vs FBZ (bp)	ALTAR Score™ (%)	ALTAR vs FBZ (%)
FLN	First Trust Latin America AlphaDEX Fund	43.5	80	0	11.6	-2.8
FLBR	Franklin FTSE Brazil ETF	41.4	19	61	16.7	+2.4
EWZ	iShares MSCI Brazil ETF	37.0	58	22	15.0	+0.6
FLLA	Franklin FTSE Latin America ETF	30.5	19	61	14.7	+0.4
EWZS	iShares MSCI Brazil Small-Cap ETF	21.9	59	21	14.4	+0.1
DVYE	iShares Emerging Markets Dividend ETF	11.0	49	31	21.4	+7.0
FTHF	First Trust Emerging Markets Human Flourishing ETF	10.4	75	5	11.0	-3.4
EMDM	First Trust Bloomberg Emerging Market Democracies ETF	9.8	75	5	11.5	-2.8
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	9.7	44	36	12.1	-2.3
ECOW	Pacer Emerging Markets Cash Cows 100 ETF	9.6	70	10	17.8	+3.5
BRF	VanEck Brazil Small-Cap ETF	9.3	66	14	14.2	-0.2
FEM	First Trust Emerging Markets AlphaDEX Fund	9.0	80	0	15.9	+1.6
EELV	Invesco S&P Emerging Markets Low Volatility ETF	8.4	29	51	9.4	-5.0
SDEM	Global X MSCI SuperDividend Emerging Markets ETF	7.9	67	13	14.9	+0.5
RNEM	First Trust Emerging Markets Equity Select ETF	7.8	75	5	1.1	-13.3
PXH	Invesco FTSE RAFI Emerging Markets ETF	7.8	49	31	19.0	+4.6
EMMF	WisdomTree Emerging Markets Multifactor Fund	7.6	48	32	8.6	-5.7
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	7.3	39	41	19.2	+4.9
UEVM	VictoryShares Emerging Markets Value Momentum ETF	7.3	45	35	12.5	-1.8
ILF	iShares Latin America 40 ETF	7.1	48	32	14.9	+0.5
ICLN	iShares Global Clean Energy ETF	6.8	41	39	6.9	-7.5
BRAZ	Global X Brazil Active ETF	6.6	75	5	14.3	-0.0
GVAL	Cambria Global Value ETF	6.0	68	12	12.8	-1.6
DEM	WisdomTree Emerging Markets High Dividend Fund	5.8	63	17	15.2	+0.8
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	5.6	88	-8	11.4	-2.9
VCLN	Virtus Duff & Phelps Clean Energy ETF	5.6	59	21	6.9	-7.5
BKF	iShares MSCI BIC ETF	4.9	69	11	14.7	+0.4
XCEM	Columbia EM Core ex-China ETF	4.8	16	64	9.4	-5.0
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	4.7	24	56	9.2	-5.2
STXE	Strive Emerging Markets Ex-China ETF	4.6	32	48	8.9	-5.5
FRDM	Freedom 100 Emerging Markets ETF	4.6	49	31	10.2	-4.2
CGW	Invesco S&P Global Water Index ETF	4.4	57	23	5.3	-9.1
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	4.4	32	48	7.8	-6.6
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	4.2	95	-15	14.8	+0.4
FDEM	Fidelity Emerging Markets Multifactor ETF	4.1	25	55	15.1	+0.7
FEMS	First Trust Emerging Markets Small Cap AlphaDEX Fund	4.0	80	0	15.5	+1.2
SDIV	Global X Superdividend ETF	4.0	58	22	15.8	+1.5
EMXC	iShares MSCI Emerging Markets ex China ETF	3.9	25	55	8.8	-5.6
CUT	Invesco MSCI Global Timber ETF	3.9	61	19	10.2	-4.1
WOOD	iShares Global Timber & Forestry ETF	3.9	42	38	10.6	-3.7
XCNY	SPDR S&P Emerging Markets ex-China ETF	3.8	15	65	0.0	-14.3
EFRA	iShares Environmental Infrastructure and Industrials ETF	3.8	47	33	4.9	-9.4
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	3.7	50	30	12.9	-1.4
IWTR	iShares MSCI Water Management Multisector ETF	3.7	47	33	7.3	-7.0
ECON	Columbia Emerging Markets Consumer ETF	3.6	49	31	14.6	+0.3
ROAM	Hartford Multifactor Emerging Markets ETF	3.6	44	36	12.5	-1.8
VIDI	Vident International Equity Strategy ETF	3.5	61	19	13.6	-0.8
EVLU	iShares MSCI Emerging Markets Value Factor ETF	3.4	35	45	24.2	+9.9
PICK	iShares MSCI Global Metals & Mining Producers ETF	3.4	39	41	16.4	+2.1
AQWA	Global X Clean Water ETF	3.3	50	30	5.5	-8.9
JHEM	John Hancock Multifactor Emerging Markets ETF	3.0	49	31	11.8	-2.5
SCHE	Schwab Emerging Markets Equity ETF	3.0	11	69	13.0	-1.3
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	3.0	46	34	11.8	-2.5
ICOP	iShares Copper and Metals Mining ETF	2.9	47	33	12.0	-2.4
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	2.9	45	35	12.4	-1.9
PIO	Invesco Global Water ETF	2.9	75	5	5.6	-8.7
BKEM	BNY Mellon Emerging Markets Equity ETF	2.7	11	69	13.3	-1.0
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	2.7	36	44	12.6	-1.8
PIE	Invesco Dorsey Wright Emerging Markets Momentum ETF	2.7	90	-10	9.8	-4.5
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	2.6	66	14	11.5	-2.9
EEM	iShares MSCI Emerging Markets ETF	2.6	69	11	12.2	-2.2
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	2.6	15	65	12.0	-2.3
VWO	Vanguard FTSE Emerging Markets ETF	2.6	8	72	12.3	-2.1
EDIV	SPDR S&P Emerging Markets Dividend ETF	2.5	49	31	12.7	-1.6
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	2.5	59	21	15.2	+0.8
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure	2.5	58	22	6.2	-8.1
FMQQ	FMQQ The Next Frontier Internet & Ecommerce ETF	2.5	86	-6	0.5	-13.9
LDEM	iShares ESG MSCI EM Leaders ETF	2.5	17	63	14.4	+0.1
EMM	Global X Emerging Markets ex-China ETF	2.5	75	5	5.6	-8.7
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	2.5	33	47	12.0	-2.3
EMGF	iShares Emerging Markets Equity Factor ETF	2.5	25	55	14.0	-0.3
IEMG	iShares Core MSCI Emerging Markets ETF	2.4	9	71	12.3	-2.1
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	2.4	30	50	11.9	-2.4
EYLD	Cambria Emerging Shareholder Yield ETF	2.4	66	14	15.1	+0.7
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	2.4	15	65	9.7	-4.7
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	2.4	20	60	12.3	-2.0
RNRG	Global X Renewable Energy Producers ETF	2.3	66	14	6.6	-7.7
IPAY	ETFMG Prime Mobile Payments ETFMG Prime Mobile Payments Fund	2.2	75	5	5.3	-9.0
XC	WisdomTree Emerging Markets Ex-China Fund	2.2	32	48	6.1	-8.2
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	2.2	58	22	11.2	-3.1
DSTX	Distillate International Fundamental Stability & Value ETF	2.2	55	25	9.4	-4.9
EMXF	iShares ESG Advanced MSCI EM ETF	2.1	16	64	9.4	-4.9
BLLD	JPMorgan Sustainable Infrastructure ETF	2.1	49	31	4.8	-9.5
DFAE	Dimensional Emerging Core Equity Market ETF	2.0	35	45	11.4	-2.9
DEHP	Dimensional Emerging Markets High Profitability ETF	2.0	41	39	7.4	-6.9
AVES	Avantis Emerging Markets Value ETF	2.0	36	44	13.6	-0.7
EEMO	Invesco S&P Emerging Markets Momentum ETF	2.0	29	51	7.1	-7.2
ESGE	iShares ESG Aware MSCI EM ETF	1.9	25	55	12.0	-2.3
EMC	Global X Emerging Markets Great Consumer ETF	1.9	75	5	9.6	-4.8
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	1.9	38	42	11.2	-3.1
EDOG	ALPS Emerging Sector Dividend Dogs ETF	1.8	60	20	12.1	-2.2
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	1.8	41	39	10.5	-3.8
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	1.8	30	50	10.3	-4.0
EMDV	ProShares MSCI Emerging Markets Dividend Growers ETF	1.8	60	20	8.6	-5.7
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	1.7	32	48	10.8	-3.5
NUEM	Nuveen ESG Emerging Markets Equity ETF	1.7	36	44	9.0	-5.3
ERTH	Invesco MSCI Sustainable Future ETF	1.6	62	18	2.8	-11.5
FDIG	Fidelity Crypto Industry and Digital Payments ETF	1.6	39	41	-0.5	-14.8
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	1.6	40	40	6.1	-8.3
IQDF	FlexShares International Quality Dividend Index Fund	1.5	47	33	10.7	-3.6
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	1.4	47	33	10.2	-4.2
WWJD	Inspire International ETF	1.4	80	0	8.5	-5.8
CGV	Conductor Global Equity Value ETF	1.4	130	-50	10.3	-4.0
RODE	Hartford Multifactor Diversified International ETF	1.4	29	51	11.0	-3.4
SPEM	SPDR Portfolio Emerging Markets ETF	1.3	7	73	12.3	-2.0
FILL	iShares MSCI Global Energy Producers ETF	1.3	39	41	13.6	-0.7
DEEP	Roundhill Acquirers Deep Value ETF	1.3	80	0	22.5	+8.1
DFEV	Dimensional Emerging Markets Value ETF	1.3	43	37	16.3	+1.9
DTEC	ALPS Disruptive Technologies ETF	1.2	50	30	4.7	-9.7
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	1.2	25	55	7.0	-7.3
EEMS	iShares MSCI Emerging Markets Small Cap ETF	1.2	70	10	8.6	-5.7
AVEM	Avantis Emerging Markets Equity ETF	1.2	33	47	10.9	-3.4
VYMI	Vanguard International High Dividend Yield ETF	1.1	22	58	11.2	-3.1
CGXU	Capital Group International Focus Equity ETF	1.1	54	26	6.8	-7.6
FINX	Global X FinTech ETF	1.1	68	12	3.2	-11.2
DEW	WisdomTree Global High Dividend Fund	1.0	58	22	8.6	-5.7
MEM	Matthews Emerging Markets Equity Active ETF	1.0	79	1	9.5	-4.8
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	1.0	47	33	6.1	-8.2
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	0.8	18	62	9.2	-5.2
KEMQ	KraneShares Emerging Markets Consumer Technology Index ETF	0.8	60	20	15.2	+0.9
ACWX	iShares MSCI ACWI ex U.S. ETF	0.8	34	46	9.2	-5.2
IXUS	iShares Core MSCI Total International Stock ETF	0.7	7	73	9.3	-5.1
EMIF	iShares Emerging Markets Infrastructure ETF	0.7	60	20	8.6	-5.7
SCHY	Schwab International Dividend Equity ETF	0.7	14	66	10.6	-3.7
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	0.7	41	39	8.1	-6.3
VXUS	Vanguard Total International Stock ETF	0.7	7	73	9.3	-5.1
BLES	Inspire Global Hope ETF	0.7	61	19	7.8	-6.6
SDG	iShares MSCI Global Sustainable Development Goals ETF	0.7	49	31	6.6	-7.7
TMAT	Main Thematic Innovation ETF	0.7	164	-84	-1.5	-15.8
VEU	Vanguard FTSE All-World ex-US Index Fund	0.7	8	72	9.5	-4.9
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.7	30	50	9.7	-4.7
EMQQ	EMQQ The Emerging Markets Internet & Ecommerce ETF	0.6	86	-6	15.7	+1.4
JSTC	Adasina Social Justice All Cap Global ETF	0.5	89	-9	5.1	-9.2
VSGX	Vanguard ESG International Stock ETF	0.5	12	68	9.2	-5.2
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	0.5	42	38	7.6	-6.8
PSC	Principal U.S. Small-Cap ETF	0.5	38	42	7.8	-6.5
VEGI	iShares MSCI Agriculture Producers ETF	0.5	39	41	9.7	-4.6
CWI	SPDR MSCI ACWI ex-US ETF	0.4	30	50	9.2	-5.1
DGT	SPDR Global Dow ETF	0.4	50	30	9.2	-5.1
IPKW	Invesco International BuyBack Achievers ETF	0.4	55	25	17.9	+3.6
AIQ	Global X Artificial Intelligence & Technology ETF	0.4	68	12	5.5	-8.9
JXI	iShares Global Utilities ETF	0.4	43	37	6.5	-7.9
CRBN	iShares MSCI ACWI Low Carbon Target ETF	0.3	20	60	7.1	-7.2
KOMP	SPDR S&P Kensho New Economies Composite ETF	0.3	20	60	4.3	-10.1
EWX	SPDR S&P Emerging Markets Small Cap ETF	0.3	65	15	9.1	-5.2
ACWI	iShares MSCI ACWI ETF	0.3	32	48	6.8	-7.5
GLOF	iShares Global Equity Factor ETF	0.3	20	60	7.8	-6.5
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	0.3	12	68	5.7	-8.6
VT	Vanguard Total World Stock ETF	0.3	7	73	7.2	-7.2
GINN	Goldman Sachs Innovate Equity ETF	0.2	52	28	5.1	-9.3
GSSC	Goldman Sachs Activebeta U.S. Small Cap Equity ETF	0.2	20	60	6.3	-8.1
EXI	iShares Global Industrials ETF	0.2	42	38	5.6	-8.7
FTRI	First Trust Indxx Global Natural Resources Income ETF	0.2	70	10	9.8	-4.5
IWO	iShares Russell 2000 Growth ETF	0.2	24	56	1.7	-12.7
IWM	iShares Russell 2000 ETF	0.2	19	61	4.1	-10.2
VTWG	Vanguard Russell 2000 Growth ETF	0.2	15	65	1.8	-12.6
IWN	iShares Russell 2000 Value ETF	0.2	24	56	6.6	-7.8
VTWO	Vanguard Russell 2000 ETF	0.2	10	70	4.3	-10.0
RSSL	Global X Russell 2000 ETF	0.2	8	72	4.1	-10.2
VTWV	Vanguard Russell 2000 Value ETF	0.2	15	65	6.8	-7.6
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.1	7	73	7.8	-6.5
VFVA	Vanguard U.S. Value Factor ETF	0.1	13	67	13.5	-0.9
IGRO	iShares International Dividend Growth ETF	0.1	15	65	8.0	-6.3
KLMT	Invesco MSCI Global Climate 500 ETF	0.1	10	70	6.8	-7.5
IXG	iShares Global Financials ETF	0.1	42	38	9.3	-5.0
PRFZ	Invesco FTSE RAFI US 1500 Small-Mid ETF	0.1	39	41	4.6	-9.7
ACWV	iShares MSCI Global Min Vol Factor ETF	0.1	20	60	8.2	-6.2
VIGI	Vanguard International Dividend Appreciation ETF	0.1	15	65	6.9	-7.5
IXJ	iShares Global Healthcare ETF	0.1	42	38	7.1	-7.2
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.1	9	71	6.7	-7.6
SMLF	iShares U.S. SmallCap Equity Factor ETF	0.1	15	65	6.8	-7.5
FNDA	Schwab Fundamental US Small Co. Index ETF	0.0	25	55	7.5	-6.8
ONEQ	Fidelity Nasdaq Composite Index ETF	0.0	21	59	4.9	-9.5
ESGV	Vanguard ESG U.S. Stock ETF	0.0	9	71	5.6	-8.7
IWV	iShares Russell 3000 ETF	0.0	20	60	5.8	-8.5
VTHR	Vanguard Russell 3000 ETF	0.0	10	70	5.9	-8.4
PRF	Invesco FTSE RAFI US 1000 ETF	0.0	39	41	8.4	-5.9
FNDB	Schwab Fundamental US Broad Market Index ETF	0.0	25	55	8.6	-5.8

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

	2020	2021	2022	2023	2024	2025E	2026E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
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Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Forward multiple:	First Trust Brazil AlphaDEX Fund
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

	Custom date range	Compare to
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*Six months ago = 100