FXL, the First Trust Technology AlphaDEX Fund, is a $2.8 billion ETF whose main story is the AI compute core. Over the past year it returned +33.2%, against +16.8% for broad US ETFs. Figures to October 2, 2026; past performance, not a recommendation.
The narrative it carries
This is its only narrative.
The AI compute core →
The chips, memory and data centers AI runs on, and the big technology companies that build and buy them.
The band is where this narrative’s level sits among the 22 this week. QUIET means less talked about, not falling.
| # | ETF | SHARE | ASSETS | 1 YEAR | COST |
|---|---|---|---|---|---|
| 1 | VGT | 23.8% | $147.56bn | +36.0% | 0.09% |
| 2 | XLK | 20.5% | $127.30bn | +40.4% | 0.08% |
| 3 | SMH | 12.1% | $74.88bn | +87.0% | 0.35% |
| 4 | SOXX | 7.8% | $48.43bn | +109.7% | 0.33% |
| 5 | IYW | 4.3% | $26.53bn | +36.0% | 0.37% |
| 391 other ETFs | 31.5% |
Share is each ETF’s slice of the capital carrying this narrative. 1 year is market price total return; cost is the expense ratio. See all 396 ETFs on the narrative page →
FRI OCT 2MARKET PRICE TOTAL RETURN
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| FXL | +8.6% | +11.2% | +35.5% | +33.2% | +27.1% | +13.1% |
| The AI compute coreits narrative | +9.5% | +8.7% | +47.8% | +50.2% | +41.6% | +24.5% |
| The marketbroad US ETFs | +0.8% | +2.6% | +14.6% | +16.8% | +22.9% | +12.9% |
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualised. A dash means the ETF has not traded for the whole period. Since it started trading on May 10, 2007: +13.6% a year.
$10,000 invested October 31, 2016
Year by year
Total return in each calendar year; this year is year to date. A year appears only if FXL traded for all of it.
Total return on the market price, with each distribution reinvested on its ex-date. Not the NAV return the issuer publishes; the two differ when the ETF trades above or below the value of its holdings. The narrative is the asset-weighted return of the unlevered ETFs that carry it. The market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
FRI OCT 2MARKET PRICE TOTAL RETURN
How closely it moves
FXL moves closely with the market. When the market has moved 1%, FXL has tended to move 1.42%.
FXL moves closely with the AI compute core. When the AI compute core has moved 1%, FXL has tended to move 0.84%.
Weekly returns over 157 weeks. The narrative is measured without FXL in it, so it is not compared with itself.
ETFs it moves most and least like
Correlation of weekly returns over the last 3 years, among unlevered ETFs StoryVector covers.
Where it sits in The AI compute core
Each dot is one of 77 unlevered ETFs whose main narrative is the AI compute core, placed by its return (up) and how much it swung (right) over the last year.
Risk
How it is built
An unlevered long ETF. It counts toward Share of Narrative.
Narrative exposure
Common questions
What story is FXL selling?
FXL’s main story is the AI compute core, which covers the chips, memory and data centers AI runs on, and the big technology companies that build and buy them.
Which ETFs compete with FXL?
The ETFs whose weekly returns move most like FXL’s over the past 3 years are RSPT (0.96), QTEC (0.94) and JTEK (0.94).
How has FXL performed against its story?
Over the past year FXL returned +33.2%, the ETFs carrying the AI compute core +50.2% and broad US ETFs +16.8%, to October 2, 2026. Its weekly returns have a correlation of 0.91 with the story. Past performance only.
Run an ETF in the AI compute core? StoryVector shows issuers where their ETFs stand against the closest rivals, every week.
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