First Trust Emerging Markets Small Cap AlphaDEX Fund (FEMS) is a emerging-markets ETF. As of October 9, 2026, ETF Copilot scores FEMS 3.5 out of 10 — highest on Risk (5.9), lowest on Value (1.1). It trades at 8.8 times earnings, against its own median of 8.1. Its ten largest holdings are 16% of the fund.
What stands out in FEMS's data
Emerging-market small-cap stocks that pay income.
Priced well below the typical emerging-market fund — you pay less for each dollar of earnings.
Trailing EBITDA multiple of 6.5x sits below the peer median of 9.5x. Expense ratio of 0.8% adds a moderate cost to the low valuation.
A high-income tilt in an emerging-markets allocation, built on smaller companies.
How is FEMS rated? ETF Copilot scores First Trust Emerging Markets Small Cap AlphaDEX Fund (FEMS) 3.5 out of 10
As of October 9, 2026, ETF Copilot scores First Trust Emerging Markets Small Cap AlphaDEX Fund (FEMS) 3.5 out of 10 overall.
ETF Copilot scores (0–10 scale, higher is better):
- Overall: 3.5 / 10
- Growth: 5.8 / 10
- Value: 1.1 / 10
- Risk: 5.9 / 10
- Quality: 1.3 / 10
- Return: 2.7 / 10
Is FEMS expensive right now? It trades at 8.8 times earnings, against its own median of 8.1
As of October 9, 2026, FEMS is more expensive than 80% of its own last 9 years.
Trailing 12 months, built from FEMS's holdings. How we calculate this →
What's inside FEMS? 18% Tech
What's inside FEMS: Size (Large 0%, Mid 10%, Small 90%); Geography (International 100%, US 0%); Tech 17.9%; Semiconductors 3.4%.
What are FEMS's top holdings? The ten largest are 16% of the fund
Less concentrated than 82% of Emerging Markets ETFs.
Half of FEMS's weight sits in its 53 largest positions, and once those weights are taken into account it behaves like 120 equally weighted holdings.
What is FEMS's expense ratio? 0.80% a year
As of October 9, 2026, FEMS charges 0.80% a year, yields 3.82% and holds $229M in assets across 200 positions.
| Measure | FEMS |
|---|---|
| Expense ratio | 0.80% |
| Dividend yield | 3.82% |
| Assets under management | $229M |
| Holdings | 200 |
Expense ratio, dividend yield and assets under management are reported by the fund and refreshed daily. Every other figure on this page is computed by ETF Copilot.
Cite this
ETF Copilot, “First Trust Emerging Markets Small Cap AlphaDEX Fund (FEMS) scores and holdings analysis”, as of October 9, 2026.
https://etf-copilot.com/etf/fems
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