ETFs in Focus First Trust Financials AlphaDEX ETF FXO – P/E 8.01X; Zacks Rank #2 (Buy) Financials stocks had unperformed the broader indexes earlier this year due to concerns that the Fed’s aggressive tightening campaign to tame inflation would push the economy into a recession. First Trust Financials AlphaDEX ETF (FXO): ETF Research Reports “Our analysis indicates September weakness is marking a final leg lower in the bear cycle, and a bullish opportunity for long-term investors,” Wald recently explained.