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First Trust Dorsey Wright Focus 5 ETF (FV)
  • 2015 Estimated Capital Gain Distributions
    The First Trust Exchange-Traded Funds, except for First Trust Managed Municipal ETF (FMB), are not expecting to pay long-term capital gain distributions during the remainder of 2015. Short-term capital gain distributions, if any, are expected to be nominal and are taxed like ordinary income. Final determination of the source and tax status of all distributions paid in the current year are to be made after year-end and could differ from the expectations indicated above.
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 Dorsey Wright Focus Five Index.
There can be no assurance that the Fund's investment objectives will be achieved.
  • The Dorsey Wright Focus Five Index is designed to provide targeted exposure to the five First Trust sector and industry based ETFs that Dorsey, Wright & Associates (DWA) believes offer the greatest potential to outperform the other ETFs in the selection universe and that satisfy trading volume and liquidity requirements.
  • To construct the index, DWA begins with the universe of First Trust sector and industry ETFs.
  • Using the DWA proprietary relative strength methodology, the ETFs are compared to each other to determine inclusion by measuring each ETF’s price momentum relative to other ETFs in the universe.
  • Each ETF is given a score that allows DWA to objectively determine where it ranks relative to all other ETFs in the universe.
  • The five top-ranking ETFs that satisfy trading volume and liquidity requirements are included in the index.
  • The relative strength analysis is conducted on a weekly basis. ETFs are replaced when they fall sufficiently out of favor, based on their relative strength, versus the other ETFs within the universe. The index is rebalanced so each position is equally weighted.
Fund Overview
Fund TypeSector Rotation
Investment AdvisorFirst Trust Advisors L.P.
Investor Servicing AgentBrown Brothers Harriman
Intraday NAVFVIV
Fiscal Year-End09/30
ExchangeNASDAQ Stock Market
Inception Price$20.02
Inception NAV$20.02
Rebalance FrequencyPeriodically
Fees and Expenses
Management Fees: 0.30%
Acquired Fund Fees and Expenses:* 0.64%
Total Annual Expenses: 0.94%
*Acquired fund fees and expenses reflect the fund's pro rata share of the indirect fees and expenses incurred by investing in one or more acquired funds.
Current Fund Data (as of 11/25/2015)
Closing NAV1$23.74
Closing Share Price2$23.75
Bid/Ask Midpoint$23.74
Bid/Ask Discount0.01%
Total Net Assets$4,690,613,567
Outstanding Shares197,600,002
Daily Volume1,428,180
Average 30-Day Daily Volume1,798,550
Closing Share Price 52-Week High/Low$25.51 / $21.12
Closing NAV 52-Week High/Low$25.48 / $21.10
Number of Holdings5
Fund Characteristics (as of 10/30/2015)7
Maximum Market Cap.$4,018
Median Market Cap.$3,062
Minimum Market Cap.$2,489
Top Holdings (as of 11/25/2015)
Holding Percent
First Trust NYSE Arca Biotechnology Index Fund 25.00%
First Trust Dow Jones Internet Index Fund 21.27%
First Trust Health Care AlphaDEX® Fund 19.11%
First Trust Consumer Staples AlphaDEX® Fund 17.85%
First Trust Consumer Discretionary AlphaDEX® Fund 16.70%

Holdings are subject to change.

NAV History (Since Inception)
Past performance is not indicative of future results.
Distribution Information
Dividend per Share Amt3$0.0024
30-Day SEC Yield (as of 10/30/2015)40.20%
12-Month Distribution Rate (as of 10/30/2015)50.13%
Index Yield (as of 10/30/2015)60.49%
Bid/Ask Midpoint vs. NAV (as of 9/30/2015)
Number of Days Bid/Ask Midpoint Above NAV
Quarter Ended 0-49
Basis Points
Basis Points
Basis Points
Basis Points
9/30/2015 44 0 0 0
6/30/2015 35 8 0 0
3/31/2015 29 3 0 0
12/31/2014 47 0 0 1
Number of Days Bid/Ask Midpoint Below NAV
Quarter Ended 0-49
Basis Points
Basis Points
Basis Points
Basis Points
9/30/2015 20 0 0 0
6/30/2015 16 4 0 0
3/31/2015 26 3 0 0
12/31/2014 16 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.

Month End Performance (as of 10/30/2015)
  3 Mos YTD 1 Year 3 Year 5 Year 10 Year Since
Fund Performance *
Net Asset Value (NAV) -8.44% 4.91% 8.56% N/A N/A N/A 9.03%
After Tax Held -8.45% 4.89% 8.50% N/A N/A N/A 8.99%
After Tax Sold -4.78% 2.78% 4.84% N/A N/A N/A 6.91%
Market Price -8.44% 4.77% 8.61% N/A N/A N/A 9.03%
Index Performance **
Dorsey Wright Focus Five Index -8.36% 5.19% 8.91% N/A N/A N/A 9.37%
S&P 500 Index -0.63% 2.70% 5.20% N/A N/A N/A 8.65%
Quarter End Performance (as of 9/30/2015)
  3 Mos YTD 1 Year 3 Year 5 Year 10 Year Since
Fund Performance *
Net Asset Value (NAV) -10.31% -0.36% 7.55% N/A N/A N/A 6.01%
After Tax Held -10.31% -0.38% 7.48% N/A N/A N/A 5.96%
After Tax Sold -5.83% -0.20% 4.27% N/A N/A N/A 4.57%
Market Price -10.42% -0.50% 7.50% N/A N/A N/A 6.01%
Index Performance **
Dorsey Wright Focus Five Index -10.23% -0.14% 7.89% N/A N/A N/A 6.33%
S&P 500 Index -6.44% -5.29% -0.61% N/A N/A N/A 3.66%

*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.

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.

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.

**Performance information for the Dorsey Wright Focus Five Index is for illustrative purposes only and does not represent actual fund performance.
Indexes do 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.
Total Annual Expenses are 0.94%. Unitary management fees are 0.30% and acquired fund fees and expenses are 0.64%.

S&P 500 Index - The Index is an unmanaged index of 500 stocks used to measure large-cap U.S. stock market performance.

1 The NAV represents the fund's net assets (assets less liabilities) divided by the fund's outstanding shares .
2 Fund shares are purchased and sold on an exchange at their share price rather than net asset value (NAV), which may cause the shares to trade at a price greater than NAV (premium) or less than NAV (discount).
3 Most recent distribution paid or declared to today's date. Subject to change in the future. There is no guarantee that the fund will declare dividends.
4 The 30-day SEC yield is calculated by dividing the net investment income per share earned during the most recent 30-day period by the maximum offering price per share on the last day of the period and includes the effects of fee waivers and expense reimbursements, if applicable.
5 12-Month Distribution Rate is calculated by dividing the sum of the fund's trailing 12-month ordinary distributions paid or declared by the NAV price. Distribution rates may vary.
6 Index yield represents the weighted average trailing 12-month dividend of the constituents of the Dorsey Wright Focus Five Index.
7 All market capitalization numbers are in USD$ Millions.
8 Inception Date is 3/5/2014

You should consider the fund's investment objectives, risks, and charges and expenses carefully before investing. You can download a prospectus or summary prospectus, or contact First Trust Portfolios L.P. at 1-800-621-1675 to request a prospectus or summary prospectus which contains this and other information about the fund. The prospectus or summary prospectus should be read carefully before investing.

ETF Characteristics

The fund lists and principally trades its shares on the NASDAQ Stock Market LLC.

The fund's return may not match the return of the Dorsey Wright Focus Five Index.  Securities held by the fund will generally not be bought or sold in response to market fluctuations.

Investors buying or selling fund shares on the secondary market may incur customary brokerage commissions. Market prices may differ to some degree from the net asset value of the shares. 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, unlike mutual funds, shares may only be redeemed directly from the fund by authorized participants, in very large creation/redemption units.

Risk Considerations

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 ETF owned by the fund, fund shares or stocks in general may fall in value. There can be no assurance that the fund's investment objective will be achieved.

The ETFs in which the fund invests are likely to be concentrated in a single industry or sector. An ETF concentrated in a single industry or sector presents more risks than a fund that is broadly diversified over several industries or sectors.

The ETFs in which the fund invests may invest in small capitalization and mid capitalization companies. Such companies may experience greater price volatility than larger, more established companies.

The ETFs in which the fund invests may invest in securities of non-U.S. issuers which are subject to additional risks, including currency fluctuations, political risks, withholding, the lack of adequate financial information, and exchange control restrictions impacting non-U.S. issuers. These risks may be heightened for securities of companies located in, or with significant operations in, emerging market countries. The ETFs in which the fund invests may invest in depositary receipts which may be less liquid than the underlying shares in their primary trading market.

The fund invests in securities of affiliated ETFs, which involves additional expenses that would not be present in a direct investment in such affiliated ETFs.

The fund is classified as "non-diversified" and may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly concentrated in certain issuers.

First Trust Advisors L.P. is the adviser to the fund. First Trust Advisors L.P. is an affiliate of First Trust Portfolios L.P., the fund's distributor.

The fund is not sponsored, endorsed, sold or promoted by Dorsey Wright. Dorsey Wright makes no representation or warranty, express or implied, to the owners of the fund or any member of the public regarding the advisability of trading in the fund. Dorsey Wright's only relationship to First Trust is the licensing of certain trademarks and trade names of Dorsey Wright and of the index, which is determined, composed and calculated by Dorsey Wright without regard to First Trust or the fund.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value
First Trust Portfolios L.P.  Member SIPC and FINRA.
First Trust Advisors L.P.
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