First Trust Multi Cap Growth AlphaDEX Fund (NASDAQ: FAD)

First Trust Multi Cap Growth AlphaDEX Fund (NASDAQ:FAD), Quote.Headers.trade-ideas

First Trust Multi Cap Growth AlphaDEX Fund

First Trust MuFirst Trust Multi CG AlphaDEX

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The Fund will normally invest at least 90 percent of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is owned and is developed, maintained and sponsored by Nasdaq, Inc. (the Index Provider). The Index Provider may, from time to time, exercise reasonable discretion as it deems appropriate in order to maintain Index integrity.

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The First Trust Multi Cap Growth AlphaDEX ETF (NASDAQ: FAD) was launched on 05/08/2007, and is a smart beta exchange traded fund designed to offer broad exposure to the Style Box - All Cap Growth category of the market.

Is First Trust Multi Cap Growth AlphaDEX ETF a Strong ETF Right Now?

Sector ETFs

ARKQ

FDRR

PowerShares ETF Trust Dynamic Building &nstruction Portfolio

5 ETFs To Buy On 13-Year High Manufacturing Activity

Broad U.S. Equity ETFs

MSFT

Best &amp; Worst ETFs and Mutual Funds: All-cap Growth Style

The First Trust Multi Cap Growth AlphaDEX ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/fad#NASDAQ">FAD</a>) was launched on 05/08/2007, and is a smart beta exchange traded fund designed to offer broad exposure to the Style Box - All Cap Growth category of the market.
<h2>What Are Smart Beta ETFs?</h2>
The ETF industry has long been dominated by products based on market cap weighted indexes, a strategy created to reflect the market or a particular market segment.
Investors who believe in market efficiency should consider market cap indexes, as they replicate market returns in a low-cost, convenient, and transparent way.
There are some investors, though, who think it&#39;s possible to beat the market with great stock selection; this group likely invests in another class of funds known as smart beta, which track non-cap weighted strategies.
This kind of index follows this same mindset, as it attempts to pick stocks that have better chances of risk-return performance; non-cap weighted strategies base selection on certain fundamental characteristics, or a mix of such characteristics.
Even though this space provides many choices to investors--think one of the simplest methodologies like equal-weighting and more complicated ones like fundamental and volatility/momentum based weighting--not all have been able to deliver first-rate results.
<h2>Fund Sponsor &amp; Index</h2>
The fund is managed by First Trust Advisors. FAD has been able to amass assets over $204.85 million, making it one of the average sized ETFs in the Style Box - All Cap Growth. Before fees and expenses, this particular fund seeks to match the performance of the Nasdaq AlphaDEX Multi Cap Growth Index.
The NASDAQ AlphaDEX Multi Cap Growth Index is an enhanced which employs the AlphaDEX stock selection methodology to select stocks from the NASDAQ US 500 Large Cap Index, NASDAQ US 600 Mid Cap Index and NASDAQ US 700 Small Cap Index.
<h2>Cost &amp; Other Expenses</h2>
Investors should also pay attention to an ETF&#39;s expense ratio. Lower cost products will produce better results than those with a higher cost, assuming all other metrics remain the same.
Annual operating expenses for FAD are 0.64%, which makes it on par with most peer products in the space.
The fund has a 12-month trailing dividend yield of 0.30%.
<h2>Sector Exposure and Top Holdings</h2>
While ETFs offer diversified exposure, which minimizes single stock risk, a deep look into a fund&#39;s holdings is a valuable exercise. And, most ETFs are very transparent products that disclose their holdings on a daily basis.
FAD&#39;s heaviest allocation is in the Industrials sector, which is about 26.10% of the portfolio. Its Information Technology and Consumer Discretionary round out the top three.
Looking at individual holdings, Nvidia Corporation&nbsp;accounts for about 0.62% of total assets, followed by Vistra Corp. and Arista Networks, Inc.
Its top 10 holdings account for approximately 5.3% of FAD&#39;s total assets under management.
<h2>Performance and Risk</h2>
The ETF has gained about 10.63% so far this year and is up roughly 18.30% in the last one year (as of 08/15/2024). In the past 52-week period, it has traded between $92.91 and $129.73.
The ETF has a beta of 1.11 and standard deviation of 20.62% for the trailing three-year period, making it a medium risk choice in the space. With about 672 holdings, it effectively diversifies company-specific risk.
<h2>Alternatives</h2>
First Trust Multi Cap Growth AlphaDEX ETF is a reasonable option for investors seeking to outperform the Style Box - All Cap Growth segment of the market. However, there are other ETFs in the space which investors could consider.
IShares Morningstar Growth ETF (ARCA:ILCG) tracks MORNINGSTAR US LARGE-MID CP BRD GRWTH ID and the iShares Core S&amp;P U.S. Growth ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/iusg#NASDAQ">IUSG</a>) tracks S&amp;P 900 Growth Index. IShares Morningstar Growth ETF has $2.23 billion in assets, iShares Core S&amp;P U.S. Growth ETF has $18.62 billion. ILCG has an expense ratio of 0.04% and IUSG charges 0.04%.
Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Style Box - All Cap Growth.
<a href="https://www.zacks.com/stock/news/2322381/is-first-trust-multi-cap-growth-alphadex-etf-fad-a-strong-etf-right-now?cid=CS-BENZ-FT-smart_beta_etf-2322381">To read this article on Zacks.com click here.</a>

Finally, the windfall of hurricanes Harvey and Irma are being realized. U.S. factory activity jumped to a more than 13-year high in September thanks to higher new orders and raw material prices. The Institute for Supply Management&#39;s Manufacturing PMI in the United States increased to 60.8 in September 2017 from 58.8 in August, trumping <a href="https://tradingeconomics.com/united-states/business-confidence">market expectations of 58</a>.
Out of the 18 manufacturing industries, as many as 17 registered expansion last month. Just the reading of one industry, Furniture &amp; Related Products, showed sequential contraction in September. In fact, a rebound in construction spending in August has also been noticed. Construction spending increased 0.5% to $1.21 trillion in August. However, July&#39;s construction expenditures were revised down to a 1.2% decline instead of the previously reported 0.6% retreat.
This upbeat performance was sort of expected. Hurricane Harvey flooded Texas at August-end and Irma demolished Florida in early September. So, the need for reconstruction of infrastructure and remodeling of houses was higher post hurricanes (read: <a href="Top%20ETF%20Stories%20of%20Third%20Quarter">Top ETF Stories of Third Quarter</a>).
Against this backdrop, we highlight below a few ETF options that can be good momentum plays.
Industrial Innovation ETF ARKQ 
Most of the industrial ETFs were in the green post release of manufacturing data. While there are several ETFs available in this space, ARKQ is one of the top beneficiaries. This actively managed ETF seeks long-term capital appreciation by investing in companies that benefit from the development of new products or services, technological improvements and advancements in scientific research. The fund gained about 1.1% on Oct 2 (<a href="https://www.zacks.com/funds/etfs/etf-categories/Industrials-ETFs-14">see all industrials ETFs here</a>).
PowerShares Dynamic Building &amp; Construction ETF PKB
Though nonresidential construction spending could decline in September thanks to back-to-back storms, ongoing activity should be higher in the sector. As per the Commerce Department, Texas and Florida made up about 22% of U.S. private nonresidential construction spending in 2016, as quoted on <a href="https://www.cnbc.com/2017/10/02/september-ism-manufacturing-index-august-construction-spending.html">CNBC.com</a>. This indicates the extent of construction activity in the region and PKB is likely to gain from this trend. The fund gained about 0.7% on Oct 2.
First Trust Multi Cap Growth AlphaDEX Fund FAD
The manufacturing sector makes up about <a href="https://www.cnbc.com/2017/10/02/september-ism-manufacturing-index-august-construction-spending.html">12%</a> of the U.S. economy. So, higher activity in this arena clearly points to a rebounding economy. This makes the case for investing in growth ETFs like FAD sensible. The fund gained more than 0.6% on Oct 2 (read: <a href="https://www.zacks.com/stock/news/275518/market-hits-new-record-high-growth-etfs-top">Market Hits New Record High: Growth ETFs Top</a>).
Fidelity Dividend ETF for Rising Rates FDRR
The stronger the economy, the higher the chances of a rate hike in December. In any case, the Fed has been acknowledging the need for a rate hike in the final month of the year. In late September, &quot;the dot plot from the last meeting showed <a href="https://www.housingwire.com/articles/41399-fed-chair-yellen-defends-need-for-december-rate-hike">11 out of the Fed&#39;s 16</a> members are forecasting a rate hike in December.&quot;
Now, upbeat manufacturing data has cemented that possibility. Benchmark 10-Year Treasury bond yield rose to 2.34% on Oct 2 from 2.33% the day before. In this scenario, FDRR can be a good bet. The fund added about 0.5% on Oct 2 (read: <a href="https://www.zacks.com/stock/news/276665/best-etf-strategies-for-a-hawkish-fed">Best ETF Strategies for a Hawkish Fed</a>).
First Trust Small Cap Core AlphaDEX ETF FYX
As the greenback has gained post manufacturing data, chances of outperformance in small-cap ETFs are higher now. This is because small-cap stocks are more domestically focused. The fund added about 1.3% on Oct 2.
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<div class="entry-content">

		The all-cap growth style ranks fifth out of the twelve fund styles as detailed in my <a href="http://blog.newconstructs.com/2012/10/11/investment-style-rankings-for-etfs-mutual-funds/">style rankings for ETFs and mutual funds</a>. It gets my Neutral rating, which is based on aggregation of ratings of two ETFs and 490 mutual funds in the all-cap growth style as of October 17, 2012. Prior reports on the best &amp; worst ETFs and mutual funds in every sector and style are <a href="http://www.newconstructs.com/nc/research/report/etf-and-fund-reports.htm">here</a>.

		Figure 1 ranks from best to worst the two all-cap growth ETFs and Figure 2 shows the five best and worst-rated all-cap growth mutual funds. Not all all-cap growth style ETFs and mutual funds are created the same. The number of holdings varies widely (from 16 to 2061), which creates drastically different investment implications and ratings. The best ETFs and mutual funds allocate more value to Attractive-or-better-rated stocks than the worst, which allocate too much value to Neutral-or-worse-rated stocks.

		To <a href="http://blog.newconstructs.com/2012/10/09/how-to-find-the-best-etfs-2/">identify the best</a> and <a href="http://blog.newconstructs.com/2012/10/16/how-to-avoid-the-worst-etfs-2/">avoid the worst</a> ETFs and mutual funds within the all-cap growth style, investors need a <a href="http://blog.newconstructs.com/2011/11/23/predictive-fund-rating-methodology/">predictive rating</a> based on (1) <a href="http://blog.newconstructs.com/2011/11/22/portfolio-management-rating-methodology/">stocks ratings</a> of the holdings and (2) the <a href="http://blog.newconstructs.com/2011/10/28/total-annual-costs-methodology/">all-in expenses</a> of each ETF and mutual fund. Investors need not rely on backward-looking ratings. My fund rating methodology is detailed <a href="http://blog.newconstructs.com/2011/11/23/predictive-fund-rating-methodology/">here</a>.

		Investors seeking exposure to the all-cap growth style should buy one of the Attractive-or-better rated mutual funds from Figures 2.

		Get my ratings on all ETFs and mutual funds in this style on my free <a href="http://www.newconstructs.com/nc/fundscreener/fund-screener.htm?task=ACTION_CATEGORY_TYPE_SEARCH&amp;selectedTypes=0,1&amp;selectedCategoryIds=5d91cd42114e11e1bf1100188b533b34">mutual fund and ETF screener</a>.
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			Figure 1: ETFs with the Best &amp; Worst Ratings
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		<a href="http://blog.newconstructs.com/wp-content/uploads/2012/10/AllCapGrowthFig1.jpg"><img alt="" class="aligncenter size-full wp-image-4859" height="136" src="http://blog.newconstructs.com/wp-content/uploads/2012/10/AllCapGrowthFig1.jpg" title="AllCapGrowthFig1" width="333" /></a>

		* Best ETFs exclude ETFs with less NAV&rsquo;s less than 100 million.
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			Sources: New Constructs, LLC and company filings
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			Figure 2: Mutual Funds with the Best &amp; Worst Ratings &ndash; Top 5 

			<a href="http://blog.newconstructs.com/wp-content/uploads/2012/10/AllCapGrowthFig2.jpg"><img alt="" class="aligncenter size-full wp-image-4858" height="247" src="http://blog.newconstructs.com/wp-content/uploads/2012/10/AllCapGrowthFig2.jpg" title="AllCapGrowthFig2" width="333" /></a>

			* Best mutual funds exclude funds with NAV&rsquo;s less than 100 million.
</div>
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			Sources: New Constructs, LLC and company filings
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		iShares Russell 3000 Growth Index Fund (NYSE: <a class="ticker" href="/stock/iwz#NYSE">IWZ</a>) is my top-rated all-cap growth ETF and earns my Neutral rating. Advisers Investment Trust: Independent Franchise Partners US Equity Fund (NYSE: IFPUX) is my top-rated all-cap growth mutual fund and earns my Attractive rating.

		First Trust Multi Cap Growth AlphaDEX Fund (NYSE: <a class="ticker" href="/stock/fad#NYSE">FAD</a>) is my worst-rated all-cap growth ETF and earns my Neutral rating. Starboard Investment Trust: Caritas All-Cap Growth Fund (NYSE: CTSAX) is my worst-rated all-cap growth mutual fund and earns my Very Dangerous rating.

		Figure 3 shows that 505 out of the 2125 stocks (over 42% of the total net assets) held by all-cap growth ETFs and mutual funds get an Attractive-or-better rating. However, neither of two all-cap growth ETFs and only ten out of 489 all-cap growth mutual funds (less than 1% of total net assets) get an Attractive-or-better rating.

		The takeaways are: mutual fund managers allocate too much capital to low-quality stocks and all-cap growth ETFs hold poor quality stocks.
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			Figure 3: All-cap Growth Style Landscape For ETFs, Mutual Funds &amp; Stocks
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			<a href="http://blog.newconstructs.com/wp-content/uploads/2012/10/AllCapGrowthFig3.jpg"><img alt="" class="aligncenter size-full wp-image-4857" height="156" src="http://blog.newconstructs.com/wp-content/uploads/2012/10/AllCapGrowthFig3.jpg" title="AllCapGrowthFig3" width="405" /></a>

			Sources: New Constructs, LLC and company filings
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		As detailed in &ldquo;<a href="http://blog.newconstructs.com/2012/07/20/low-cost-funds-dupe-investors-2/">Cheap Funds Dupe Investors</a>&rdquo;, the fund industry offers many cheap funds but very few funds with high-quality stocks, or with what I call good <a href="http://blog.newconstructs.com/2011/11/22/portfolio-management-rating-methodology/">portfolio management</a>.

		Investors need to tread carefully when considering all-cap growth ETFs and mutual funds, as only 10 mutual funds in the all-cap growth style allocate enough value to Attractive-or-better-rated stocks to earn an Attractive rating.

		Microsoft Corporation (NASDAQ: <a class="ticker" href="/stock/msft#NASDAQ">MSFT</a>) is one of my favorite stocks held by all-cap growth ETFs and mutual funds and earns my Very Attractive rating. MSFT has generated a return on invested capital (<a href="http://www.newconstructs.com/nc/help/glossary.htm#roicDef">ROIC</a>) above 67% every year since 2001, with an impressively average ROIC of 113% over the 12 year period. MSFT&rsquo;s 2012 ROIC is 71%. This consistent performance puts MSFT in the top 2% of the Russell 3000 every year for this 12-year period. Combine MSFT&rsquo;s history of operational excellence with a stock price (~$29.49) that implies that cash flows will permanently decline by 42%, and you have an investment primed to outperform.

		Ashland Inc. (NYSE: <a class="ticker" href="/stock/ash#NYSE">ASH</a>) is one of my least favorite stocks held by all-cap growth ETFs and mutual funds and earns my Very Dangerous rating. ASH is a value destroyer that has produced negative <a href="http://www.newconstructs.com/nc/help/glossary.htm#epDef">economic earnings</a> in each of the last 14 years, my full coverage history. In order to justify its current stock price of ~$69.85, ASH will need to grow its profits by 13.6% annually for the next 20 years, a high hurdle for a company with a history of poor performance.

		Figures 4 and 5 show the rating landscape of all all-cap growth ETFs and mutual funds.

		Our <a href="http://blog.newconstructs.com/2012/10/11/investment-style-rankings-for-etfs-mutual-funds/">style rankings for ETFs and mutual funds</a> report ranks all styles and highlights those that offer the best investments.
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			Figure 4: Separating the Best ETFs From the Worst Funds
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			<a href="http://blog.newconstructs.com/wp-content/uploads/2012/10/AllCapGrowthFig4.jpg"><img alt="" class="aligncenter size-full wp-image-4856" height="245" src="http://blog.newconstructs.com/wp-content/uploads/2012/10/AllCapGrowthFig4.jpg" title="AllCapGrowthFig4" width="409" /></a>

			Sources: New Constructs, LLC and company filings
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			Figure 5: Separating the Best Mutual Funds From the Worst Funds
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			<a href="http://blog.newconstructs.com/wp-content/uploads/2012/10/AllCapGrowthFig5.jpg"><img alt="" class="aligncenter size-full wp-image-4855" height="245" src="http://blog.newconstructs.com/wp-content/uploads/2012/10/AllCapGrowthFig5.jpg" title="AllCapGrowthFig5" width="409" /></a>

			Sources: New Constructs, LLC and company filings
</div>

		Review my <a href="http://www.newconstructs.com/nc/fundscreener/fund-screener.htm?task=ACTION_CATEGORY_TYPE_SEARCH&amp;selectedTypes=0,1&amp;selectedCategoryIds=5d91cd42114e11e1bf1100188b533b34">full list</a> of ratings and rankings along with reports on the two ETFs and 490 mutual funds in the all-cap growth style.

		Disclosure: I own MSFT.&nbsp; I receive no compensation to write about any specific stock, sector, style or&nbsp;theme.
</div>

Best & Worst ETFs and Mutual Funds: All-cap Growth Style

<div class="entry-content">

		The all-cap growth style ranks fifth out of the twelve fund styles as detailed in my <a data-cke-saved-href="http://blog.newconstructs.com/2012/07/16/roadmap-to-the-best-worst-etf-mutual-fund-styles/" href="http://blog.newconstructs.com/2012/07/16/roadmap-to-the-best-worst-etf-mutual-fund-styles/">style roadmap</a>. It earns my Neutral rating, which is based on aggregation of ratings of 2 ETFs and 436 mutual funds in the all-cap growth style as of July 18, 2012. Reports on the best &amp; worst ETFs and mutual funds in every sector and style are <a data-cke-saved-href="http://www.newconstructs.com/nc/research/report/etf-and-fund-reports.htm" href="http://www.newconstructs.com/nc/research/report/etf-and-fund-reports.htm">here</a>.

		Figure 1 ranks from best to worst the two all-cap growth ETFs and Figure 2 shows the five best and worst-rated all-cap growth mutual funds. Not all all-cap growth style ETFs and mutual funds are created the same. The number of holdings varies widely (from 19 to 2042), which creates drastically different investment implications and ratings. The best ETFs and mutual funds allocate more value to Attractive-or-better-rated stocks than the worst, which allocate too much value to Neutral-or-worse-rated stocks.

		To <a data-cke-saved-href="http://blog.newconstructs.com/2012/04/03/how-to-find-the-best-etfs/" href="http://blog.newconstructs.com/2012/04/03/how-to-find-the-best-etfs/">identify the best</a> and <a data-cke-saved-href="http://blog.newconstructs.com/2012/04/05/how-to-avoid-the-worst-etfs/" href="http://blog.newconstructs.com/2012/04/05/how-to-avoid-the-worst-etfs/">avoid the worst</a> ETFs and mutual funds within the all-cap growth style, investors need a <a data-cke-saved-href="http://blog.newconstructs.com/2011/11/23/predictive-fund-rating-methodology/" href="http://blog.newconstructs.com/2011/11/23/predictive-fund-rating-methodology/">predictive rating</a> based on (1) <a data-cke-saved-href="http://blog.newconstructs.com/2011/11/22/portfolio-management-rating-methodology/" href="http://blog.newconstructs.com/2011/11/22/portfolio-management-rating-methodology/">stocks ratings</a> of the holdings and (2) the <a data-cke-saved-href="http://blog.newconstructs.com/2011/10/28/total-annual-costs-methodology/" href="http://blog.newconstructs.com/2011/10/28/total-annual-costs-methodology/">all-in expenses</a> of each ETF and mutual fund. Investors need not rely on backward-looking ratings. My fund rating methodology is detailed <a data-cke-saved-href="http://blog.newconstructs.com/2011/11/23/predictive-fund-rating-methodology/" href="http://blog.newconstructs.com/2011/11/23/predictive-fund-rating-methodology/">here</a>.

		Investors seeking exposure to the all-cap growth style should buy one of the Attractive-or-better rated mutual funds from Figures 2.

		See ratings and reports on all ETFs and mutual funds in this style on my free <a data-cke-saved-href="http://www.newconstructs.com/nc/fundscreener/fund-screener.htm?task=ACTION_CATEGORY_TYPE_SEARCH&amp;selectedTypes=0,1&amp;selectedCategoryIds=5d91cd42114e11e1bf1100188b533b34" href="http://www.newconstructs.com/nc/fundscreener/fund-screener.htm?task=ACTION_CATEGORY_TYPE_SEARCH&amp;selectedTypes=0,1&amp;selectedCategoryIds=5d91cd42114e11e1bf1100188b533b34">mutual fund and ETF screener</a>.
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			Figure 1: ETFs with the Best &amp; Worst Ratings &ndash; Top 5 (where available)
</div>

		<a data-cke-saved-href="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapGrowth1.jpg" href="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapGrowth1.jpg"><img alt="" class="aligncenter size-full wp-image-4316" data-cke-saved-src="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapGrowth1.jpg" height="124" src="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapGrowth1.jpg" title="AllCapGrowth1" width="324" /></a>

		* Best ETFs exclude ETFs with less NAV&rsquo;s less than 100 million.
<div>

			Sources: New Constructs, LLC and company filings
</div>
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			Figure 2: Mutual Funds with the Best &amp; Worst Ratings &ndash; Top 5
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		<a data-cke-saved-href="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapGrowth2.jpg" href="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapGrowth2.jpg"><img alt="" class="aligncenter size-full wp-image-4315" data-cke-saved-src="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapGrowth2.jpg" height="235" src="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapGrowth2.jpg" title="AllCapGrowth2" width="324" /></a>

		* Best mutual funds exclude funds with NAV&rsquo;s less than 100 million.
<div>

			Sources: New Constructs, LLC and company filings
</div>

		<a data-cke-saved-href="http://bit.ly/MswsDP" href="http://bit.ly/MswsDP">Five mutual funds</a> are excluded from Figure 2 because their total net assets (TNA) are below $100 million and do not meet our liquidity standards.

		iShares Russell 3000 Growth Index Fund (NYSE: <a class="ticker" href="/stock/iwz#NYSE">IWZ</a>) earns my Neutral rating and is my top-rated all-cap growth ETF. Fidelity Commonwealth Trust II: Fidelity lgCap Gro Enhanced Idx Fd (NYSE: FLGEX) earns my Attractive rating and is my top-rated all-cap growth mutual fund.

		First Trust Multi Cap Growth AlphaDEX Fund (NYSE: <a class="ticker" href="/stock/fad#NYSE">FAD</a>) earns my Neutral rating and is my worst-rated all-cap growth ETF. John Hancock Funds II: Technical Opportunities Fund (NYSE: JTCAX) earns my Very Dangerous rating and is my worst-rated all-cap growth mutual fund.

		Figure 3 shows that 519 out of the 2192 stocks (over 48% of the total net assets) held by all-cap growth ETFs and mutual funds get an Attractive-or-better rating. However, no all-cap growth ETFs and only 20 out of 436 all-cap growth mutual funds (less than 1% of total net assets) get an Attractive-or-better rating.

		The takeaways are: mutual fund managers pick the wrong stocks and ETFs offer exposure to poor quality stocks.
<div>

			Figure 3: All-cap Growth Style Landscape For ETFs, Mutual Funds &amp; Stocks
</div>
<div>

			<a data-cke-saved-href="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapGrowth3.jpg" href="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapGrowth3.jpg"><img alt="" class="aligncenter size-full wp-image-4314" data-cke-saved-src="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapGrowth3.jpg" height="156" src="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapGrowth3.jpg" title="AllCapGrowth3" width="401" /></a>

			Sources: New Constructs, LLC and company filings
</div>

		As detailed in &ldquo;<a data-cke-saved-href="http://blog.newconstructs.com/2012/05/09/low-cost-funds-dupe-investors/" href="http://blog.newconstructs.com/2012/05/09/low-cost-funds-dupe-investors/">Cheap Funds Dupe Investors</a>&rdquo;, the fund industry offers many cheap funds but very few funds with high-quality stocks, or with what I call good <a data-cke-saved-href="http://blog.newconstructs.com/2011/11/22/portfolio-management-rating-methodology/" href="http://blog.newconstructs.com/2011/11/22/portfolio-management-rating-methodology/">portfolio management</a>.

		Investors need to tread carefully when considering all-cap growth ETFs and mutual funds. No ETFs and 20 mutual funds in the all-cap growth style allocate enough value to Attractive-or-better-rated stocks to earn an Attractive rating.

		Exxon Mobil Corp (NYSE: <a class="ticker" href="/stock/xom#NYSE">XOM</a>) is one of my favorite stocks held by all-cap growth ETFs and mutual funds and earns my Very Attractive rating. Exxon is a well-established, consistently profitable business, with positive <a data-cke-saved-href="http://www.newconstructs.com/nc/help/glossary.htm#epDef" href="http://www.newconstructs.com/nc/help/glossary.htm#epDef">economic earnings</a> in the last nine years, a feat matched by less than 10% of Russell 3000 companies. Exxon&rsquo;s current stock price (~$85.73) implies that the company&rsquo;s after-tax profits (<a data-cke-saved-href="http://www.newconstructs.com/nc/help/glossary.htm#nopat" href="http://www.newconstructs.com/nc/help/glossary.htm#nopat">NOPAT</a>) will permanently decline by 40%. Consistently high historical profits and low expectations for future profitability make an attractive risk/reward tradeoff for investors.

		Amylin Pharmaceuticals Inc. (NASDAQ: <a class="ticker" href="/stock/amln#NASDAQ">AMLN</a>) is one of my least favorite stocks held by all-cap growth ETFs and mutual funds and earns my Dangerous rating. AMLN is a value destroyer. The company has generated a negative <a data-cke-saved-href="http://www.newconstructs.com/nc/help/glossary.htm#nopat" href="http://www.newconstructs.com/nc/help/glossary.htm#nopat">NOPAT</a> and <a data-cke-saved-href="http://www.newconstructs.com/nc/help/glossary.htm#epDef" href="http://www.newconstructs.com/nc/help/glossary.htm#epDef">economic earnings</a> in each of the 14 years of my model and negative free cash flow (<a data-cke-saved-href="http://www.newconstructs.com/nc/help/glossary.htm#fcfDef" href="http://www.newconstructs.com/nc/help/glossary.htm#fcfDef">FCF</a>) in all years but one. The company&rsquo;s disappointing return on invested capital (<a data-cke-saved-href="http://www.newconstructs.com/nc/help/glossary.htm#roicDef" href="http://www.newconstructs.com/nc/help/glossary.htm#roicDef">ROIC</a>) of -4% places it in the bottom 12th percentile of all Russell 3000 companies. AMLN is a Biotech and could develop the next cure of diabetes, which would cause the stock price to skyrocket but the company&rsquo;s past performance coupled with high expectations for future profits make the stock too much of a gamble.

		Figures 4 and 5 show the rating landscape of all all-cap growth ETFs and mutual funds.

		Our <a data-cke-saved-href="http://blog.newconstructs.com/2012/07/16/roadmap-to-the-best-worst-etf-mutual-fund-styles/" href="http://blog.newconstructs.com/2012/07/16/roadmap-to-the-best-worst-etf-mutual-fund-styles/">style roadmap</a> report ranks all styles and highlights those that offer the best investments.
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			Figure 4: Separating the Best ETFs From the Worst Funds
</div>
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			<a data-cke-saved-href="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapGrowth4.jpg" href="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapGrowth4.jpg"><img alt="" class="aligncenter size-full wp-image-4313" data-cke-saved-src="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapGrowth4.jpg" height="245" src="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapGrowth4.jpg" title="AllCapGrowth4" width="409" /></a>

			Sources: New Constructs, LLC and company filings
</div>
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			Figure 5: Separating the Best Mutual Funds From the Worst Funds
</div>
<div>

			<a data-cke-saved-href="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapGrowth5.jpg" href="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapGrowth5.jpg"><img alt="" class="aligncenter size-full wp-image-4312" data-cke-saved-src="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapGrowth5.jpg" height="245" src="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapGrowth5.jpg" title="AllCapGrowth5" width="409" /></a>

			Sources: New Constructs, LLC and company filings
</div>

		Review my <a data-cke-saved-href="http://www.newconstructs.com/nc/fundscreener/fund-screener.htm?task=ACTION_CATEGORY_TYPE_SEARCH&amp;selectedTypes=0,1&amp;selectedCategoryIds=5d91cd42114e11e1bf1100188b533b34" href="http://www.newconstructs.com/nc/fundscreener/fund-screener.htm?task=ACTION_CATEGORY_TYPE_SEARCH&amp;selectedTypes=0,1&amp;selectedCategoryIds=5d91cd42114e11e1bf1100188b533b34">full list</a> of ratings and rankings along with free reports on all 2 ETFs and 436 mutual funds in the all-cap growth style.

		Disclosure: I own XOM.&nbsp; I receive no compensation to write about any specific stock, sector, style or&nbsp;theme.
</div>

Global

AMLN

Some investors focus exclusively on large caps. Others prefer the risk and volatility associated with small caps. Still others enjoy the anonymity afforded by the hidden gem atmosphere of the mid-cap universe. And there are those that just need to have all three cap spectrums in their portfolios at all times.

For the indecisive among us, there are all cap ETFs, funds that are intended to give investors the best of all three cap worlds. On the surface, it might appear as though all cap ETFs aren't much different than total market ETFs, but some all cap plays serve specific niches that make them compelling in their own right.

Here are five all cap plays your broker probably forgot to tell you about.

First Trust Multi Cap Value AlphaDEX Fund (NYSE: <a class="ticker" href="/stock/fab#NYSE">FAB</a>):
The First Trust Multi Cap Value AlphaDEX Fund sure doesn't get much press for an ETF that is over four years-old and has almost $39 million in assets under management, but FAB has been fabulous this month, surging more than 20%. Home to almost 600 stocks, FAB gives double-digit sector allocations to five industry groups – technology, industrials, financials, consumer discretionary and energy. FAB is a buy above $29, the ETF's 200-day moving average.

Guggenheim China All Cap ETF (NYSE: <a class="ticker" href="/stock/yao#NYSE">YAO</a>):
Admittedly, the Guggenheim China All Cap ETF makes the list more because of title than actual all cap representation. YAO is home to over 190 stocks and $57.4 million in AUM, but the ETF's top-10 holdings are dominated by Chinese large-caps. That group accounts for roughly 44% of YAO's weight. It's not that mid caps and small caps are absent from YAO. They're not. Just know that you're getting more of large-cap fund than the title implies. YAO's chart looks strong and a run back to $26 could be in the cards.

iShares Russell 3000 Index Fund (NYSE: <a class="ticker" href="/stock/iwv#NYSE">IWV</a>):
OK, so the iShares Russell 3000 Index Fund doesn't hold 3,000 stocks. It holds 2,958 and a robust $3.1 billion in AUM. A very reasonable 0.2% expense ratio is another point in the ETF's favor. Technology, financials, consumer discretionary, health care, producer durables and energy all get double-digit allocations. Trading around $74, IWV could 8%-10% upside in the near-term.

First Trust Multi Cap Growth AlphaDEX Fund (NYSE: <a class="ticker" href="/stock/fad#NYSE">FAD</a>):
FAB has a growth counterpart in the form of the First Trust Multi Cap Growth AlphaDEX Fund. Both have expense ratios of 0.7%, but FAD is smaller with 531 stocks and $29.4 million in AUM. Even though this is a growth fund, the usual growth sectors don't weigh as heavily here as consumer discretionary and staples which combine for over 36% of FAD's weight. No stock receives an allocation of more than 0.54%.

Schwab U.S. Broad Market ETF (NYSE: <a class="ticker" href="/stock/schb#NYSE">SCHB</a>):
Just a few days shy of its second birthday, SCHB has accomplished a lot in that time as the ETF is home to almost $672 million in AUM. Even more impressive is an expense ratio of just 0.06%, which undercuts comparable funds from all rival firms. SCHB tracks an index that is home to 2,500 stocks, but the ETF itself currently holds 1,499 securities. Remember, SCHB is commission-free if you're a Schwab client.

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Five All Cap ETFs Your Broker Forgot to Mention

Weyerhaeuser Co. (<a href="http://www.zacks.com/stock/quote/WY">WY</a>) came out with its dividend guidance for the fiscal year 2011 on December 13. The company's board of directors expects paying a 15 cent per share quarterly dividend in 2011.

	The announced quarterly rate is three times the company's previous dividend rate of 5 cents and equates to an annualized rate of 60 cents per common share. The first payment of the revised dividend is expected to be paid in March 2011. Weyerhaeuser targets a dividend payout ratio of 75 percent of Funds Available for Distribution (<a class="ticker" href="/stock/fad#">FAD</a>) over time.

	The company will elect for a REIT conversion while filing its 2010 tax return, retroactive from January 1, 2010. Conversion into a REIT structure would lower Weyerhaeuser's tax liabilities due to lower taxes on REIT, qualifying timberlands income. The effective tax rate of the year is estimated to be approximately 18.5%.

	Apart from its dividend guidance, management provided its outlook on the housing market for 2011. Significant improvements were least expected in 2011, with a positive long-term outlook based on favorable macroeconomic conditions and acceleration in housing starts.

	Management also anticipates incurring $95 million of impairment charge in 2011 related to the ongoing review of the company's Wood Products system capacity and $15 million on certain real estate assets.

	Weyerhaeuser remains one of the leading US forest product companies with approximately 6.6 million acres of timberland in North America. We believe the company stands well positioned to manage its timber portfolios with its conversion into a REIT structure. These along with effective cost control initiatives, solid balance sheet, and robust guidance bode well for the company's future growth prospects.

	However, the positives are offset by concerns over the industry's sensitiveness to macroeconomic conditions and its cyclical nature.  Three of the company's five business segments are highly dependent on the US housing market, which is still at the early stages of recovery after plunging badly following the recent economic crisis.  Weyerhaeuser also faces stiff competition from privately held Canfor Corporation, International Paper Co. (<a href="http://www.zacks.com/stock/quote/IP">IP</a>), and Louisiana-Pacific Corp. (<a href="http://www.zacks.com/stock/quote/LPX">LPX</a>). 

	We currently expect the company's performance to be in line with the market and, thus, maintain a Neutral recommendation on the stock.
   <a href="http://www.zacks.com/registration/pfp?ALERT=ZER_LINK&amp;d_alert=ZER_LINK&amp;t=IP&amp;ADID=BENZ_CONTENT_ZER">INTL PAPER (<a class="ticker" href="/stock/ip#">IP</a>): Free Stock Analysis Report</a>   <a href="http://www.zacks.com/registration/pfp?ALERT=ZR_LINK&amp;d_alert=rd_final_rank&amp;t=LPX&amp;ADID=BENZ_CONTENT_ZRANK">LOUISIANA PAC (<a class="ticker" href="/stock/lpx#">LPX</a>): Free Stock Analysis Report</a>   <a href="http://www.zacks.com/registration/pfp?ALERT=ZER_LINK&amp;d_alert=ZER_LINK&amp;t=WY&amp;ADID=BENZ_CONTENT_ZER">WEYERHAEUSER CO (<a class="ticker" href="/stock/wy#">WY</a>): Free Stock Analysis Report</a>   <a href="http://www.zacks.com/">Zacks Investment Research</a>

WY Issues Dividend Guidance - Analyst Blog

Weyerhaeuser Company (NYSE: <a class="ticker" href="/stock/wy#NYSE">WY</a>) today announced the dividend guidance its board of directors is providing for 2011. 
Weyerhaeuser anticipates paying a quarterly dividend of 15 cents per share, or 60 cents per share on an annualized basis, with the first dividend payment expected to occur in March 2011. The board will determine and declare the actual dividend on a quarterly basis. 
The company is targeting a dividend payout ratio of 75 percent of Funds Available for Distribution (<a class="ticker" href="/stock/fad#">FAD</a>) over the cycle. However, given the near-term outlook, the company's 2011 dividend payout may be significantly all of its FAD for the year.

Weyerhaeuser Anticipates 2011 Annual Dividend of $.60

Public Storage (<a href="http://www.zacks.com/stock/quote/PSA">PSA</a>), a top real estate investment trust (REIT) operating self-storage facilities, reported third quarter 2010 FFO (funds from operations) of $1.69 per share, compared with $1.44 in the year-earlier quarter. Fund from operations, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.

	The increase in year-over-year FFO was primarily due to several non-recurring items, excluding which FFO for third quarter 2010 was $1.35 per share compared with $1.30 in the year-ago quarter. Third quarter 2010 recurring FFO missed the Zacks Consensus Estimate by 3 cents.

	During the reported quarter, Public Storage recorded an increase in total revenue to $422.8 million from $412.1 million in the year-earlier quarter. Total revenues for the reported quarter were well ahead of the Zacks Consensus Estimate of $395 million.

	Same-store revenues increased 1.2% year over year to $365.1 million during the quarter, while net operating income climbed 0.2% to $245.7 million. The increase in same-store revenues was primarily due to a 1.6% increase in average occupancy, partially offset by a 0.5% dip in realized rent per occupied square foot. Occupancy in the same-store portfolio was 91.0% at quarter-end versus 89.6% in the prior-year period. Realized annual rent per occupied square foot decreased from $12.73 in the year-earlier quarter to $12.66 in the reported quarter.

	Public Storage currently has a 49% stake in Shurgard Europe, which has interests in 188 facilities (10 million net rentable square feet) located in 7 Western European countries. Public Storage is also the managing member of the JV that owns Shurgard Europe.

	During the quarter, Public Storage acquired 7 self-storage facilities spanning across 390,000 square feet of space for $27 million. Four of these properties are located in California, while the remaining 3 are located in Hawaii, Illinois and Louisiana. In addition, Public Storage is currently under negotiation to acquire 4 properties in Florida, New Jersey and Ohio for approximately $14.4 million.

	At quarter-end, Public Storage had $513.5 million of cash, $102.1 million invested in short-term corporate securities and full availability of $300 million under its line of credit. The company maintained its quarterly dividend of 80 cents per share. Funds from operations available for distribution (<a class="ticker" href="/stock/fad#">FAD</a>) among common shareholders exceeded the regular common distributions by about $67 million during the quarter.

	We maintain our Neutral rating on the stock, which presently has a Zacks #3 Rank, translating into a short-term Hold” rating.
   <a href="http://www.zacks.com/registration/pfp?ALERT=ZER_LINK&amp;d_alert=ZER_LINK&amp;t=PSA&amp;ADID=BENZ_CONTENT_ZER">PUBLIC STORAGE (<a class="ticker" href="/stock/psa#">PSA</a>): Free Stock Analysis Report</a>   <a href="http://www.zacks.com/">Zacks Investment Research</a>

Public Storage Misses Estimates - Analyst Blog

Public Storage (<a href="http://www.zacks.com/stock/quote/PSA">PSA</a>), a real estate investment trust (REIT) operating self-storage facilities, reported first quarter 2010 FFO (funds from operations) of $0.78 per share, compared to $1.51 in the year-earlier quarter. Funds from operations, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. 
The decrease in year-over-year FFO was primarily due to several non-recurring items, excluding which FFO for first quarter 2010 was $1.15 per share compared to $1.16 in the year-ago quarter. 
During the quarter, Public Storage also reported a decline in total revenues to $398.1 million, compared to $404.2 million in the year-earlier quarter. The year-over-year decrease in revenue was primarily due to a reduction in realized rent per square foot. 
Same-store revenues decreased 2.2% year-over-year to $347.8 million during the quarter, while net operating income declined 3.0% to $221.3 million. Overall occupancy in the same-store portfolio was 88.9% at quarter-end versus 88.2% in the prior-year period. Realized annual rent per occupied square foot decreased from $12.84 in the year-earlier quarter to $12.46 in the reported quarter – a year-over-year decrease of 3.0%. 
Public Storage currently has a 49% stake in Shurgard Europe, which has interests in 187 facilities (10 million net rentable square feet) located in seven Western European countries. Public Storage is also the managing member of the JV that owns Shurgard Europe. 
Subsequent to quarter-end, Public Storage announced plans to acquire 30 self-storage facilities spanning across 1.9 million square feet of space for $189 million, including debt assumption of approximately $100 million. About 28 of the 30 facilities (1.8 million square feet) are located in the Los Angeles area and the adjacent Southern California market, while the remaining two properties are located in Chicago. With the acquisition, the company intends to strengthen its position in these markets, increasing its market presence by as much as 20%. 
At quarter-end, Public Storage had $720 million of cash and access to $300 million line of credit. Total outstanding debt as of Mar 31, 2010 was $516.1 million with no significant debt maturities before 2011. During the quarter, funds from operations available for distribution among common shareholders (FAD) exceeded the regular common distributions by about $80 million. Management also increased the quarterly dividend by 23.1% from $0.65 per share to $0.80.
<a href="http://register.zacks.com/ucd/step1.php?ALERT=YAHOO_ZR&amp;d_alert=rd_final_rank&amp;ADID=GENSYND_ZER&amp;t=PSA">Read the full analyst report on "PSA"</a> <a href="http://www.zacks.com" alt="Investment Research">Zacks Investment Research</a>

Public Storage FFO Dips  - Analyst Blog

Public Storage (<a href="http://www.zacks.com/stock/quote/psa">PSA</a>), a real estate investment trust (REIT) operating self-storage facilities, reported a decline in total revenues for fourth quarter 2009 to $402.9 million, compared to $416.8 million in the year-earlier quarter. For full year 2009, total revenues were $1.6 billion compared to $1.7 billion in the previous year. The year-over-year decrease in revenue was primarily due to a reduction in realized rent per square foot.
During the quarter, FFO (fund from operations) was $1.27 per share compared to $1.48 in the year-earlier quarter. Fund from operations, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. 
The year-over-year decrease in FFO was largely due to foreign currency exchange loss. Excluding the one-time items, FFO for the fourth quarter of 2009 was $1.33 per share compared to $1.38 in the year-ago period. For full year 2009, Public Storage reported FFO of $5.61 per share compared to $5.05 in the previous year. Excluding non-recurring items, FFO for full year 2009 was $5.03 per share, versus $5.16 in 2008. 
Same-store revenues decreased 3.9% during the quarter year-over-year, while net operating income declined 3.7%. Overall occupancy in the same-store portfolio was 87.4% during the quarter versus 87.8% in the prior-year quarter. Realized annual rent per occupied square foot decreased 3.8% year-over-year from $13.27 to $12.76.
For full year 2009, same-store revenues of Public Storage decreased 3.2%, while net operating income declined 3.9% compared to the year-ago period. Overall occupancy in the same-store portfolio was 88.7% during the year versus 89.5% in the prior year. Realized annual rent per occupied square foot decreased 2.8% year-over-year from $13.08 to $12.71.
Public Storage currently has a 49% stake in Shurgard Europe that has interests in 187 facilities (10 million net rentable square feet) located in seven Western European countries. Public Storage is also the managing member of the JV that owns Shurgard Europe. The company has currently extended the maturity of its existing $561.7 million loan to Shurgard Europe to Mar 2013.
At year-end 2009, Public Storage had $764 million of unrestricted cash and access to $300 million line of credit. Total outstanding debt as of Dec 31, 2009 was $519 million with no significant debt maturities before 2011. During the year, funds from operations available to distribute to common shareholders (FAD) exceeded the regular common distributions by $430 million. Management also increased the quarterly dividend by 18% from $0.55 per share to $0.65. <a href="http://register.zacks.com/ucd/step1.php?ALERT=YAHOO_ZR&amp;d_alert=rd_final_rank&amp;ADID=GENSYND_ZER&amp;t=PSA">Read the full analyst report on "PSA"</a> <a href="http://www.zacks.com" alt="Investment Research">Zacks Investment Research</a>

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First Trust Multi Cap Growth AlphaDEX Fund

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First Trust Multi Cap Growth AlphaDEX Fund (NASDAQ:FAD), Quote.Headers.trade-ideas