FEP ETF — First Trust Europe AlphaDEX® Fund

First Trust Europe AlphaDEX® Fund (FEP)

FEP is an ETF. As of August 19, 2026, its distribution rate is 5.35%, its trailing-12-month yield is 2.68%, its expense ratio is 0.80%. Dividend Vision Distribution Safety Score™ is 54/100 (Caution). Fund total return is 192.8% over the past 15.3 years, 452.2 points behind SPY at 645.0%.

At the current 5.35% distribution rate, a $10,000 investment would generate approximately $535 per year, or $44.58 per month on an equivalent basis. Actual quarterly payments vary.

First Trust Europe AlphaDEX® Fund is an ETF that invests at least ninety percent of its assets in European stocks selected from the NASDAQ Europe Index using the AlphaDEX® methodology, which aims to identify securities with positive risk-adjusted returns relative to traditional indices. The fund distributes quarterly and carries a current distribution rate in the low-to-mid range, with an expense ratio of 0.80%. It appeals to income-focused investors seeking exposure to European equities with an active stock-selection approach.

FEP performance versus SPY

Data as of August 19, 2026.

Fund total return is 192.8% over the past 15.3 years, 452.2 points behind SPY at 645.0%. Its deepest 1-year drawdown was 12.1%.

FEP key facts

Data as of August 19, 2026.

Distribution Safety Score™

54 · Caution

Safety-Adjusted Yield

2.89%

Issuer

First Trust

Asset type

ETF

Asset class

Equity

Inception date

04/18/2011

Expense ratio

0.80%

Distribution rate

5.35%

Distribution frequency

Quarterly

Trailing yield

2.68%

Last close

$59.73

AUM

$536,836,356

Average volume

13974.0

Last dividend

$0.7990

Ex-dividend date

06/25/2026

Payment date

06/30/2026

Beta

0.94

P/E ratio

13.4048

How Dividend Vision calculates yield and returns

Distribution rate (5.35%) is the latest regular payout annualized by the fund's stated frequency, divided by the last close. Issuers often publish this as “Distribution Rate” on the fact sheet. Trailing-12-month yield (2.68%) is the sum of distributions paid in the last 12 months, split-adjusted, divided by the last close. It lags a recent raise or cut. We show a 30-day SEC yield when the fund publishes one. Schwab and other issuers may report a TTM distribution yield or SEC yield on a different date — all can be valid; they are not interchangeable. Fund total return uses split-adjusted close with distributions reinvested from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is what the fund did, not your personal gain/loss. Figures below use Dividend Vision data as of August 19, 2026.

Distribution rate methodology · Distribution Safety Score methodology · SEC yield

Sources and review

Data as of August 19, 2026.

Primary sources: First Trust fund page; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

FEP risks and drawbacks

Payments are quarterly, so cash flow is lumpy versus a monthly fund. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 12.1%.

Who may consider FEP — and who may not

FEP may suit someone looking for moderate current income with a quality tilt. It is a weaker fit for investors who need monthly cash flow (FEP pays quarterly); investors hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

Frequently asked questions

More funds from First Trust.