First Trust switches 12 AlphaDEX ETFs to Nasdaq exchange

Dec 15th, 2015 | By | Category: ETF and Index News

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First Trust Advisors, a leading global provider of exchange-traded funds, has announced their intention to move 12 AlphaDEX ETFs to the Nasdaq exchange. Following this, each ETF will change its investment objective by adopting a new index maintained by Nasdaq. The move highlights a growing partnership between the two firms following the previous licensing of the AlphaDEX brand to the exchange.

First Trust switches 12 AlphaDEX ETFs to Nasdaq exchange

First Trust’s AlphaDEX ETFs have repeatedly been relisted on Nasdaq following the licensing of the AlphaDEX brand to the exchange.

AlphaDEX’s proprietary methodology targets similar correlation and risk characteristics as their fund’s broad market benchmark but also seeks to generate alpha. It achieves this by ranking stocks according to several factors such as growth (including three, six and 12-month price appreciation, sales-to-price and one year sales growth), and value (including book value-to-price, cash flow-to-price and return on assets). By providing exposure to these smart beta characteristics the indices aim to provide superior risk-adjusted performance compared to market-capitalisation weighted benchmarks.

The ETFs currently cover various market-capitalisation ranges of the US economy, offering small-, mid-, large-, and multi-cap exposures. The new indices will be weighted according to a modified equal-dollar investment weighting scheme.

The funds are due to adopt their new indices on 8 April 2016 whereby they will cease trading on the NYSE Arca and will be listed on the Nasdaq exchange. Upon transfer to the Nasdaq exchange, each ETF will continue to trade under its existing ticker symbol.

The ETFs and their new indices are:

First Trust Large Cap Core AlphaDEX Fund (FEX)
NASDAQ AlphaDEX Large Cap Core Index
First Trust Large Cap Growth AlphaDEX Fund (FTC)
NASDAQ AlphaDEX Large Cap Growth Index
First Trust Large Cap Value AlphaDEX Fund (FTA)
NASDAQ AlphaDEX Large Cap Value Index
First Trust Mid Cap Core AlphaDEX Fund (FNX)
NASDAQ AlphaDEX Mid Cap Core Index
First Trust Mid Cap Growth AlphaDEX Fund (FNY)
NASDAQ AlphaDEX Mid Cap Growth Index
First Trust Mid Cap Value AlphaDEX Fund (FNK)
NASDAQ AlphaDEX Mid Cap Value Index
First Trust Small Cap Core AlphaDEX Fund (FYX)
NASDAQ AlphaDEX Small Cap Core Index
First Trust Small Cap Growth AlphaDEX Fund (FYC)
NASDAQ AlphaDEX Small Cap Growth Index
First Trust Small Cap Value AlphaDEX Fund (FYT)
NASDAQ AlphaDEX Small Cap Value Index
First Trust Multi Cap Growth AlphaDEX Fund (FAD)
NASDAQ AlphaDEX Multi Cap Growth Index
First Trust Multi Cap Value AlphaDEX Fund (FAB)
NASDAQ AlphaDEX Multi Cap Value Index
First Trust Mega Cap AlphaDEX Fund (FMK)
NASDAQ AlphaDEX Mega Cap Index

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