First Trust AlphaDEX U.S. Technology Sector Index ETF

The fund attempts to outperform the broad US technology market by selecting securities based on growth and value factors, and skewing away from neutral coverage. The fund’s tiered equal-weighting scheme leads to a midcap bias and significant sector tilts. That is, FHQ overweights semiconductor companies at the expense of larger software and IT services firms. Overall, the fund offers a “smart beta” approach to the US technology space, instead of giving market-like sector exposure. The index is reconstituted and rebalanced quarterly.