First Trust Financials AlphaDEX(AMEX:FXO)

FXO attempts to beat the US financials market, instead of providing a market-like sector exposure. The fund applies a quant-based model to the Russell 1000 financials universeit hopes to pick winners by determining the degree to which firms outperform or underperform on a risk-adjusted basis relative to the benchmark. The fund then equal-weights the chosen outperforming stocks in tiers. This method leads FXO to a perpetual mid-cap bias, and tilts it to different sectors, including non-financials. The index is reconstituted and rebalanced quarterly.