This ETF offers exposure to the large cap sector of the U.S. equity market, making it one of many options for accessing an asset class that receives significant allocations in many portfolios. As such, FEX will appeal primarily to investors constructing exposure for the long term, and won't be of much use to short-term focused traders. This ETF is one of the AlphaDEX products from First Trust, linked to an index that utilizes rules-based quantitative screens to identify companies that are poised to outperform broad-based cap-weighted benchmarks. The AlphaDEX products have an impressive track record compared to funds such as SPY, though the historical period is somewhat limited. Investors convinced by the stellar performance and underlying methodology may prefer FEX as a tool for accessing large cap U.S. stocks, while those who believe in perfectly efficient markets and focus on minimizing fees will want to look elsewhere. This fund's expense ratio is considerably higher than other options such as SPY or VOO.