FLN vs PXH: Grades, Fees and Holdings Compared

First Trust Latin America AlphaDEX Fund

FLNFNasdaq

Invesco RAFI Emerging Markets ETF

PXHBNYSE Arca

Overlap

9.3%by weight

Expense ratio

PXH −0.33pt a year

FLN0.80%PXH0.47%

Avg volume · 30D

PXH 18.3×the volume

FLN12.2KPXH223K

10Y return · a year

PXH +2.1pt

FLN+6.2%PXH+8.3%

FLN vs PXH Performance

Oct 29, 2021 – Oct 30, 2026

+76.6%FLN+59.1%PXH

Expense ratio: FLN 0.80%; PXH 0.47%, better
Fund size: FLN $40M; PXH $1.94B
1Y total return: FLN +13.6%, better; PXH +13.1%
Yield (12M): FLN 4.02%; PXH 4.13%, better
Holdings: FLN 54; PXH 365
Avg volume (30D): FLN 12.2K sh; PXH 223K sh, better
NAV per share: FLN $23.54; PXH $28.02
52W range

ETF.net Grade

Pillar letters and Scores for FLN, PXH, with each pillar’s weight
Pillar	FLN	PXH
Cost30% weight	F14	C44Higher
Mission25% weight	D27	Not scored
Risk15% weight	F22	B63Higher
Tradability15% weight	C40	A77Higher
Holdings10% weight	D28	B55Higher
Durability5% weight	D29	A76Higher

Rank among Emerging Markets Factor Index funds

How we build Categories ›

Same Category. FLN and PXH are both graded against the same 10 Emerging Markets Factor Index funds, so their Grades compare head to head.

Emerging Markets Factor Index⁠

Category · 10 funds

See all 10 ›

PXH ranks 4th and FLN 10th of 10 funds in the Emerging Markets Factor Index Category.

Rank 1AEEMViShares MSCI Emerging Markets Min Vol Factor ETFScore 78
Rank 2BEELVInvesco S&P Emerging Markets Low Volatility ETFScore 66
Rank 3BFNDESchwab Fundamental Emerging Markets Large Company Index ETFScore 64
Rank 4BPXHInvesco RAFI Emerging Markets ETFScore 57
Rank 5CBLESInspire Global Hope ETFScore 50
Rank 9DPIEInvesco Dorsey Wright Emerging Markets Momentum ETFScore 30
Rank 10FFLNFirst Trust Latin America AlphaDEX FundScore 23

Our read on each fund

ETF.net Research

FLNFFirst Trust Latin America AlphaDEX Fund

PXHBInvesco RAFI Emerging Markets ETF

In short

FLN Most Latin America funds just buy the region's biggest companies. FLN runs Latin American stocks through First Trust's AlphaDEX growth-and-value screen first, then holds the roughly 60 names that survive it.

PXH Most emerging-markets funds size positions by share price. PXH sizes them by economic footprint (sales, cash flow, dividends, book value), the fundamental-indexing approach it has run since 2007. A value-tilted EM portfolio built from the accounting statements up.

Stated mandate

FLN The fund seeks investment results that generally correspond to the price and yield of the Nasdaq AlphaDEX Latin America Index before fees and expenses.

PXH The Fund seeks to track, before fees and expenses, the investment results of the RAFI strategy.

Why people hold it

FLN Rules-based stock picking, not a market-cap copy: the AlphaDEX screen ranks stocks on growth and value factors and builds the index from the winners.
Roughly 60 holdings, so the screen actually shows up in the portfolio instead of getting diluted across hundreds of names.
Live since 2011, giving it a long public record across the region's commodity and currency cycles.
Distributions land quarterly, and the mandate is a clean single-region equity sleeve: Latin America, nothing else bolted on.

PXH Position sizes come from book value, cash flow, sales and dividends, not market price, so a stock rallying does not automatically earn a bigger slot in the fund.invesco.com lseg.com
Running since 2007, one of the longest-lived fundamental-index plays in emerging markets, now at billion-dollar scale and moderately traded.
Roughly 400 stocks across emerging markets, paid out quarterly. Broad coverage rather than a concentrated country or sector bet.

Worth knowing

FLN The screen carries a price: 0.80% a year, well above what plain index-tracking ETFs in its peer group typically charge. That is a permanent drag on the strategy.
Small asset base and light trading volume, so spreads can be wider than on the region's household-name funds and large orders need care.
One region, one currency basket of risks. Latin American politics and exchange rates drive results here in a way a global fund would smooth out.

PXH At 0.47% it costs a shade more than the 0.45% median index tracker, and multiples of the cheapest broad index funds (VT charges 0.06%).
Weighting by fundamentals means the portfolio can look very different from cap-weighted EM benchmarks, and move differently from them for long stretches.lseg.com invesco.com
The benchmark switched in 2025 (it was the FTSE RAFI Emerging Index before), so the fund's long history predates today's selection rules.invesco.com

Full FLN profile⁠

Full PXH profile⁠

FLN vs PXH Holdings

How FLN and PXH differ

Overlap by weight

9.3%

Shared holdings make up 48.9% of FLN and 10.4% of PXH.

Level by level

Holdings25 in both9.3%
Countryby domicile14.4%
Sector11 Sectors70.0%
Asset classEquity100%

Sector

Sector weights in FLN and PXH, widest gap first
Sector	More in FLNMore in PXH	FLN	PXH
Technology	PXH +20.1 points	0.0%	20.1%
Utilities	FLN +14.3 points	16.6%	2.3%
Industrials	FLN +7.3 points	12.3%	5.0%
Consumer Staples	FLN +4.5 points	7.3%	2.8%
Consumer Discretionary	PXH +4.1 points	6.1%	10.2%
Real Estate	FLN +3.1 points	4.6%	1.5%
Financials	PXH +3.0 points	24.8%	27.8%
Energy	PXH +2.2 points	10.9%	13.1%
Materials	FLN +0.7 points	11.3%	10.6%
Health Care	PXH +0.5 points	0.5%	1.0%
Communication	PXH +0.3 points	5.5%	5.8%

Country, concentration and asset class

Country by domicile

Country weights in FLN and PXH, widest gap first
Country	More in FLNMore in PXH	FLN	PXH
Brazil	FLN +43.6 points	54.3%	10.7%
China	PXH +36.5 points	0.0%	36.5%
Taiwan	PXH +26.4 points	0.0%	26.4%
Mexico	FLN +24.5 points	27.7%	3.2%
Chile	FLN +14.1 points	14.6%	0.5%
India	PXH +10.0 points	0.0%	10.0%
South Africa	PXH +6.1 points	0.0%	6.1%
Thailand	PXH +3.3 points	0.0%	3.3%
Other countries (8)	FLN +0.2 points	3.5%	3.3%

Outside the US: FLN 0% developed, 100% emerging. PXH 1% developed, 99% emerging.

Concentration

Weight in the 10 largest Holdings

FLN35.1%
PXH28.4%

Securities held

FLN50
PXH359

Asset class

FLN: Equity
PXH: Equity

Holdings

Only in FLN25
In both25
Only in PXH334

Only in FLN

25 securities, 50.7% of FLN by weight

Promotora y Operadora de Infraestructura, S.A.B. de C.V.3.86%
BBB Foods Inc. (Class A)3.82%
Tim S.a.3.58%
Embraer SA2.80%
Enel Chile SA2.76%
Banco BTG Pactual SA (Unit)2.75%
Banco Itau Chile SA2.68%
Eneva S.a.2.52%
Petro Rio S.A.2.41%
Itausa S.A. (Preference Shares)2.33%
Falabella SA2.14%
GRUMA, S.A.B. de C.V.2.11%
Porto Seguro S.A.1.94%
Industrias Penoles, S.A.B. de C.V.1.79%
Motiva Infraestrutura de Mobilidade SA1.71%
Grupo Financiero Inbursa, S.A.B. de C.V.1.48%
XP Inc. (Class A)1.45%
Grupo Cibest S.A. (Preference)1.45%
Banco de Credito e Inversiones1.34%
Credicorp Ltd.1.31%
Engie Brasil Energia SA1.22%
LATAM Airlines Group S.A.1.19%
BB Seguridade Participacoes S.A.0.72%
Interconexion Electrica S.A. E.S.P.0.71%
Banco Santander Chile0.66%

Only in PXH

334 securities, 89.2% of PXH by weight

Taiwan Semiconductor Manufacturing Co Ltd5.84%
Alibaba Group Holding Ltd2.96%
China Construction Bank Corp2.86%
Hon Hai Precision Industry Co Ltd2.62%
Industrial & Commercial Bank of China Ltd2.15%
Tencent Holdings Ltd2.10%
MediaTek Inc1.72%
Bank of China Ltd1.70%
Vale SA1.67%
JD.com Inc1.59%
Ping An Insurance Group Co of China Ltd1.30%
PetroChina Co Ltd1.13%
Nan Ya Plastics Corp0.98%
China Petroleum & Chemical Corp0.95%
China Merchants Bank Co Ltd0.94%
Reliance Industries Ltd0.93%
Ptt Pcl0.83%
ASE Technology Holding Co Ltd0.80%
PDD Holdings Inc0.78%
United Microelectronics Corp0.77%
Agricultural Bank of China Ltd0.75%
Evergreen Marine Corp Taiwan Ltd0.71%
HDFC Bank Ltd0.69%
ICICI Bank Ltd0.65%
Sasol Ltd0.62%
Saudi Arabian Oil Co0.61%
Infosys Ltd0.58%
Fubon Financial Holding Co Ltd0.58%
Lenovo Group Ltd0.57%
Grupo Financiero Banorte SAB de CV0.55%
Asustek Computer Inc0.54%
Xiaomi Corp0.52%
Meituan0.51%
Baidu Inc0.50%
CTBC Financial Holding Co Ltd0.49%
Innolux Corp0.48%
Valterra Platinum Ltd0.47%
China Shenhua Energy Co Ltd0.47%
Cathay Financial Holding Co Ltd0.46%
Bank of Communications Co Ltd0.43%
NetEase Inc0.41%
FirstRand Ltd0.40%
Formosa Plastics Corp0.39%
Standard Bank Group Ltd0.38%
AUO Corp0.38%
PICC Property & Casualty Co Ltd0.38%
State Bank of India0.37%
MTN Group Ltd0.37%
China Resources Land Ltd0.36%
Quanta Computer Inc0.35%

Weight gaps

All 25 Holdings in both funds, largest gap first.

Holding weights in FLN and PXH, widest gap first
Holding	More in FLNMore in PXH	FLN	PXH
Fibra Uno Administracion, S.A. de C.V.	FLN +3.95 points	4.02%	0.07%
Coca-Cola FEMSA, S.A.B. de C.V.	FLN +3.68 points	3.78%	0.10%
Gerdau S.A. (Preferred Shares)	FLN +3.19 points	3.54%	0.35%
Suzano SA	FLN +2.94 points	3.10%	0.16%
Empresas Copec S.A.	FLN +2.83 points	2.87%	0.04%
Telefonica Brasil S.A.	FLN +2.72 points	2.82%	0.10%
Ultrapar Participacoes S.A.	FLN +2.70 points	2.88%	0.18%
Vibra Energia SA	FLN +2.38 points	2.72%	0.34%
Companhia Energetica de Minas Gerais-CEMIG (Preference)	FLN +2.34 points	2.47%	0.13%
Grupo Mexico, S.A.B. de C.V. (Class B)	FLN +2.18 points	2.69%	0.51%
Companhia Paranaense de Energia-Copel	FLN +1.76 points	1.84%	0.08%
Sigma Foods, S.A.B. de C.V. (Class A)	FLN +1.41 points	1.47%	0.06%
Localiza Rent a Car S.A.	FLN +1.34 points	1.41%	0.07%
Banco do Brasil S.A.	FLN +1.07 points	1.46%	0.39%
Petroleo Brasileiro S.A. (Petrobras) (Preference Shares)	PXH +1.06 points	3.67%	4.73%
Fomento Economico Mexicano, S.A.B. de C.V. (FEMSA)	FLN +0.95 points	1.50%	0.55%
B3 S.A. - Brasil, Bolsa, Balcao	FLN +0.87 points	1.00%	0.13%
Banco Bradesco S.A. (Preference Shares)	FLN +0.61 points	1.02%	0.41%
Banco de Chile	FLN +0.55 points	0.66%	0.11%
Cia. de Saneamento Basico do Estado de Sao Paulo - SABESP	FLN +0.51 points	0.62%	0.11%
CEMEX, S.A.B. de C.V. (Unit)	FLN +0.45 points	0.80%	0.35%
Equatorial Energia SA	FLN +0.43 points	0.55%	0.12%
AXIA Energia SA	FLN +0.37 points	0.59%	0.22%
America Movil, S.A.B. de C.V. (Class B)	FLN +0.34 points	0.82%	0.48%
Itau Unibanco Holding S.A. (Preference Shares)	PXH +0.02 points	0.60%	0.62%

All 50 FLN holdings⁠All 360 PXH holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FLN vs PXH Cost

Overpaying FLN vs PXH

$5,928

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FLN 0.80%
$15,346
PXH 0.47%
$9,418

Amount$10,000

Years30 years

Cost over time

FLN 0.80%
PXH 0.47%
Overpaying

Year by year

Year	FLN	PXH	Overpaying
10	$1,422	$847	$575
20	$5,393	$3,261	$2,132
30	$15,346	$9,418	$5,928

Expense ratio

0.80%FLN
0.47%PXH, cheaper

PXH0.47%FLN0.80%

0.25%0.90%

Middle half of Emerging Markets Factor Index funds
Median 0.44%

PXH 6th cheapest of 10 funds

FLN 9th cheapest of 10 funds

FLN vs PXH Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FLN 4.02%; PXH 4.13%, better
Payout (12M): FLN $0.95; PXH $1.16
Last payment: FLN $0.15; PXH $0.32
Ex-dividend: FLN Sep 24, 2026; PXH Sep 21, 2026
Paid on: FLN Sep 30, 2026; PXH Sep 25, 2026
Frequency: FLN Quarterly; PXH Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FLNQuarterly · 37 paymentsAll FLN payments⁠

PXHQuarterly · 39 paymentsAll PXH payments⁠

FLN vs PXH Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: FLN 19.7%PXH 11.2%, better
Return per unit of riskSharpe ratio, 3 years: FLN 0.59PXH 1.49, better
Worst fallMax drawdown, 5 years: FLN −26.0%, betterPXH −29.6%
Market sensitivityBeta, 5 years: FLN 0.97PXH 0.76; Market = 1

FLN and PXH in the news

All news⁠

ETF Filings
Chile's LarrainVial files an active Latin America ETF through Tidal
Sep 23, 2026FLN

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FLN vs PXH

In short

Stated mandate

Why people hold it

Worth knowing

How FLN and PXH differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FLN

Only in PXH

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Chile's LarrainVial files an active Latin America ETF through Tidal

How FLN and PXH differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FLN

Only in PXH

Weight gaps