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| Investment Objective/Strategy -
This exchange-traded fund seeks investment results that correspond generally to the price and yield (before the fund's fees and expenses) of an equity index called the Value Line® 100 IndexTM. |
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| There can be no assurance that the Fund's investment objectives will be achieved. |
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- The Value Line® 100 Index selects 100 stocks from the universe of stocks of which Value Line, Inc.® ("Value Line®") gives a #1 ranking in the Value Line TimelinessTM Ranking System (the "Ranking System").
- The Index is comprised of securities of companies that are listed on a U.S. exchange. Value Line® reconstitutes the Index on a monthly basis to match any changes in those stocks ranked #1 by the Ranking System.
- Each week, Value Line® screens a wide array of data, using a series of proprietary calculations, such as long-term earnings and price trends, recent company earnings and price performance and earnings relative to expectations, to assign a TimelinessTM rank to each of the approximately 1,700 stocks in the Value Line® universe, based on their expected price performance relative to the other stocks in the universe over the following 6 to 12 months. At any one time, only 100 stocks are ranked #1 in the Ranking System.
- The Index is rebalanced on or about the last Thursday of each calendar quarter so that each stock will be equally weighted as of such date.
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Fund Overview
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| Ticker |
FVL |
| Fund Type |
Growth |
| Investment Adviser/Portfolio Manager |
First Trust Advisors L.P. |
| Investor Servicing Agent |
Bank of New York |
| CUSIP |
33735G107 |
| Intraday NAV |
FVLIV |
| Fiscal Year-End |
12/31 |
| Exchange |
NYSE Arca |
| Inception |
6/12/2003 |
| Inception Price |
$15.00 |
| Inception NAV |
$14.32 |
Gross Expense Ratio
(12/31/2009) |
0.85% |
| Net Expense Ratio |
0.70% |
| Rebalance Frequency |
QUARTERLY |
| Marginable |
Yes |
| Options |
No |
| Short Sell |
Yes |
Pursuant to contract, First Trust has agreed to waive fees and/or pay fund expenses to prevent the net expense ratio of the fund from exceeding 0.70% per year, at least until May 15, 2011.
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| Bid/Ask Midpoint and NAV History (Since Inception) |
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Past performance is not indicative of future results.
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Current Fund Data (as of 7/29/2010)
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| Closing Share Price |
$11.13 |
| Bid/Ask Midpoint |
$11.07 |
| Closing NAV |
$11.08 |
| Bid/Ask Discount |
0.08% |
| Total Net Assets |
$58,608,955 |
| Common Shares Outstanding |
5,289,982 |
| Dividend Frequency |
Semi-Annual |
| Daily Volume |
20,796 |
| Average 30-Day Daily Volume |
19,874 |
| Closing Share Price 52-Week High/Low |
$12.13 / $9.20 |
| Closing NAV 52-Week High/Low |
$12.14 / $9.20 |
| Number of Stocks |
100 |
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| Consumer Discretionary |
40.64% |
| Consumer Staples |
8.06% |
| Financials |
2.07% |
| Health Care |
9.52% |
| Industrials |
5.05% |
| Information Technology |
28.62% |
| Materials |
4.95% |
| Telecommunication Services |
1.09% |
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| Top 10 Holdings (as of 7/30/2010) |
| Holdings |
Percent (%) |
| Power-One, Inc. |
1.69 |
| Keithley Instruments, Inc. |
1.30 |
| F5 Networks, Inc. |
1.20 |
| Diamond Foods, Inc. |
1.18 |
| Steven Madden, Ltd. |
1.16 |
| Cirrus Logic, Inc. |
1.15 |
| Atlas Air Worldwide Holdings, Inc. |
1.14 |
| Lattice Semiconductor Corporation |
1.14 |
| AutoZone, Inc. |
1.10 |
| DSW Inc. |
1.10 |
| Fund Characteristics (as of 6/30/2010) 1 |
| Median Market Cap. |
$1,942 |
| Maximum Market Cap. |
$228,801 |
| Minimum Market Cap. |
$135 |
| Price/Earnings |
18.44 |
| Price/Book |
2.78 |
| Price/Cash Flow |
9.20 |
| Price/Sales |
0.93 |
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| Number of Days Bid/Ask Midpoint Above NAV |
| Quarter Ended |
0-49
Basis Points |
50-99
Basis Points |
100-199
Basis Points |
>=200
Basis Points |
| 6/30/2010 |
39 |
0 |
0 |
0 |
| 3/31/2010 |
28 |
0 |
0 |
0 |
| 12/31/2009 |
15 |
0 |
0 |
0 |
| 9/30/2009 |
26 |
1 |
0 |
0 |
| Number of Days Bid/Ask Midpoint Below NAV |
| Quarter Ended |
0-49
Basis Points |
50-99
Basis Points |
100-199
Basis Points |
>=200
Basis Points |
| 6/30/2010 |
24 |
0 |
0 |
0 |
| 3/31/2010 |
33 |
0 |
0 |
0 |
| 12/31/2009 |
49 |
0 |
0 |
0 |
| 9/30/2009 |
37 |
0 |
0 |
0 |
The price used to calculate market return is determined by using the midpoint between the highest bid and the lowest offer on the stock exchange, on which shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated.
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| Month End Performance (as of 6/30/2010) |
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3 Mos |
YTD |
1 Year |
3 Year |
5 Year |
10 Year |
Since
Fund
Inception2 |
| Fund Performance * |
| NAV |
-7.59% |
-0.86% |
16.29% |
-14.71% |
-4.31% |
N/A |
0.21% |
| After Tax Held |
-7.59% |
-0.86% |
16.29% |
-14.71% |
-5.86% |
N/A |
-1.21% |
| After Tax Sold |
-4.93% |
-0.56% |
10.59% |
-12.17% |
-4.02% |
N/A |
-0.25% |
| Market Price |
-7.67% |
-0.86% |
16.29% |
-14.69% |
-1.55% |
N/A |
0.21% |
| Index Performance ** |
| Value Line® 100 Index™ |
-7.37% |
-0.35% |
17.49% |
-14.05% |
N/A |
N/A |
N/A |
| Russell 3000® Index |
-11.32% |
-6.05% |
15.72% |
-9.47% |
-0.48% |
N/A |
3.12% |
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| Quarter End Performance (as of 6/30/2010) |
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3 Mos |
YTD |
1 Year |
3 Year |
5 Year |
10 Year |
Since
Fund
Inception2 |
| Fund Performance * |
| NAV |
-7.59% |
-0.86% |
16.29% |
-14.71% |
-4.31% |
N/A |
0.21% |
| After Tax Held |
-7.59% |
-0.86% |
16.29% |
-14.71% |
-5.86% |
N/A |
-1.21% |
| After Tax Sold |
-4.93% |
-0.56% |
10.59% |
-12.17% |
-4.02% |
N/A |
-0.25% |
| Market Price |
-7.67% |
-0.86% |
16.29% |
-14.69% |
-1.55% |
N/A |
0.21% |
| Index Performance ** |
| Value Line® 100 Index™ |
-7.37% |
-0.35% |
17.49% |
-14.05% |
N/A |
N/A |
N/A |
| Russell 3000® Index |
-11.32% |
-6.05% |
15.72% |
-9.47% |
-0.48% |
N/A |
3.12% |
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5-Year Statistics (as of 6/30/2010)
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Standard Deviation |
Alpha |
Beta |
Sharpe Ratio |
Correlation |
| First Trust Value Line® 100 Exchange-Traded Fund |
19.97% |
-3.42 |
0.99 |
-0.28 |
0.85 |
| Russell 3000® Index |
17.46% |
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-0.13 |
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*Performance data quoted represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares when sold or redeemed, may be worth more or less than their original cost. You can obtain performance information which is current through the most recent month-end by visiting ftportfolios.com.
On June 15, 2007, the fund acquired the assets and adopted the performance history of the First Trust Value Line® 100 Fund, a closed-end fund. The investment goals, strategies and policies of the fund are substantially similar to those of the predecessor fund. Performance information for periods prior to June 15th, 2007 is based on the performance history of the predecessor fund and reflects the operating expenses of the predecessor fund.
After Tax Held returns represent return after taxes on distributions. Assumes shares have not been sold. After Tax Sold returns represent the return after taxes on distributions and the sale of fund shares. Returns do not represent the returns you would receive if you traded shares at other times. Market Price returns are based on the midpoint of the bid/ask spread. Returns are average annualized total returns, except those for periods of less than one year, which are cumulative. The fund's performance reflects fee waivers and expense reimbursements, absent which performance would have been lower.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
The gross expense ratio for this fund is 0.85%.
Pursuant to contract, First Trust has agreed to waive fees and/or pay fund expenses to prevent the net expense ratio of the fund from exceeding 0.70% per year, at least until May 15, 2011.
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**Past performance is not a guarantee of future results.Performance
information for the Value Line® 100 IndexTM is for illustrative purposes only and
does not represent actual fund performance. The index does not charge
management fees or brokerage expenses, and no such fees or expenses were
deducted from the performance shown. Indexes are unmanaged and an
investor cannot invest directly in an index. All index returns assume that dividends are
reinvested when they are received.
Standard Deviation is a measure of price variability (risk).
Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark.
Beta is a
measure of price variability relative to the market.
Sharpe Ratio is a measure of excess reward per unit of volatility.
Correlation is a measure of the similarity of performance.
The Russell 3000 Index is composed of 3000 large U.S. companies, as determined by market capitalization.
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| Footnotes
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| 1 |
All market capitalization numbers are in US$ Millions. |
| 2 |
Inception Date is 6/12/2003 |
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You should consider the fund's investment objectives, risks, and charges and expenses carefully before investing. You can download a prospectus or contact First Trust Portfolios, L.P. at 1-800-621-1675 to request a prospectus, which contains this and other information about the fund. Read it carefully before you invest.
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The fund's shares will change in value, and you could lose money by investing in the fund. One of the principal risks of investing in the fund is market risk. Market risk is the risk that a particular stock owned by the fund, fund shares or stocks in general may fall in value.
The fund's return may not match the return of the index. The fund may not be fully invested at times. Securities held by the fund will generally not be bought or sold in response to market fluctuations. The fund may invest in small capitalization and mid capitalization companies. Such companies may experience greater price volatility than larger, more established companies.
Investors buying or selling fund shares on the secondary market may incur customary brokerage commissions. Investors who sell fund shares may receive less than the share's net asset value. Shares may be sold throughout the day on the exchange through any brokerage account. However, shares may only be redeemed directly from the fund by authorized participants, in very large creation/redemption units.
The fund is concentrated in stocks of companies in the technology sector. You should be aware that an investment in a portfolio which is concentrated in a particular sector involves additional risks, including limited diversification. The companies engaged in the technology sector are subject to fierce competition, high research and development costs, and their products and services may be subject to rapid obsolescence.
Not FDIC Insured * Not Bank Guaranteed * May Lose Value
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