VFLEX Mutual Fund — First Trust Alternative Opportunities Fund

First Trust Alternative Opportunities Fund (VFLEX)

Updated October 2, 2026.

VFLEX is a Mutual Fund. its distribution rate is 6.33%, its trailing-12-month yield is 6.33%, its expense ratio is 2.92%. Dividend Vision Distribution Safety Score™ is 95/100 (Safe). Total return is 90.7% over the past 9.4 years, 184.0 points behind SPY at 274.7%.

At the current 6.33% distribution rate, a $10,000 investment would generate approximately $633 per year, or $52.75 per month.

First Trust Alternative Opportunities Fund is an actively managed mutual fund that constructs a diversified portfolio across multiple asset classes including credit, real estate, and hedged strategies. The fund's distribution characteristics are not currently available. This fund appeals to investors seeking exposure to alternative investments across different sectors within a single portfolio structure.

VFLEX performance versus SPY

Price and return data through 2026-10-02.

Total return is 90.7% over the past 9.4 years, 184.0 points behind SPY at 274.7%. Over the past year its total return — price change plus distributions reinvested — is 9.8%. Its deepest 1-year drawdown was 0.6%.

VFLEX key facts

Distribution Safety Score™

95 · Safe

Safety-Adjusted Yield

6.01%

Issuer

First Trust

Asset type

Mutual Fund

Asset class

Multi-Asset

Inception date

04/28/2017

Expense ratio

2.92%

Distribution rate

6.33%

Distribution frequency

Monthly

Trailing yield

6.33%

Last close

$27.99 (as of 2026-10-02)

Average volume

0.0

Last dividend

$0.164

Last ex-dividend date

09/02/2026

Last payment date

09/02/2026

How Dividend Vision calculates yield and returns

Distribution rate (6.33%) 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 (6.33%) 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. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: First Trust or company page; Prospectus; 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.

VFLEX risks and drawbacks

Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 0.6%.

Who may consider VFLEX — and who may not

VFLEX may suit someone looking for a high Distribution Safety Score. It is a weaker fit for investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

Frequently asked questions

More securities from First Trust.