This ETF offers broad-based exposure to U.S. equity markets, including stocks across a number of different sectors and companies of various sizes. As such, FAD may be appealing to investors building a long-term, buy-and-hold portfolio; this fund covers an asset class that is a core holding of most investor portfolios. FAD is one of the AlphaDEX products from First Trust, meaning that it is linked to an index that employs stock screening tactics with the objective of outperforming simple cap-weighted benchmarks. The AlphaDEX methodology has an impressive track record, so those in hunt of alpha may want to take a closer look at this "enhanced" ETF that is linked to a quant-based index. Those seeking to minimize costs will probably steer clear, as FAD is considerably more expensive than IWZ (which seeks to replicate the Russell 3000 Growth Index). FAB is a trade-off between the potential to beat a broad cap-weighted benchmark (such as the Russell 3000) and increased annual expenses.Those who believe the AlphaDEX methodology can generate alpha over the long term may prefer this fund, while those who believe in efficient markets may want to stick to simple cap-weighting.