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First Trust Value Line® Equity Allocation Index Fund (FVI)
  • 2014 Estimated Capital Gain Distributions
    The First Trust Exchange-Traded Funds are not expecting to pay long-term capital gain distributions during the remainder of 2014.  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 - The First Trust Value Line® Equity Allocation Index Fund is an exchange-traded index fund. The objective of the Fund is to seek 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® Equity Allocation Index.
There can be no assurance that the Fund's investment objectives will be achieved.
  • The Index is designed to objectively identify and select those stocks that appear to have the greatest potential for capital appreciation from the universe of stocks Value Line® gives a TimelinessTM, SafetyTM or TechnicalTM Ranking of #1 or #2 using the Value Line® Ranking Systems.
  • The universe of stocks is separated into large, mid and small cap categories. Stocks which do not meet certain daily trading volume and market cap criteria are eliminated. The remaining stocks are then divided into growth and value universes. Value Line determines the equity allocations among the six resulting style classifications.
  • The stocks in each style classification are then ranked using several factors including price to cash flow, price to book, return on assets and price appreciation. The 25 highest ranked stocks in each of the six style classifications are selected. The stocks are equally weighted within each classification.
  • On a weekly basis, stocks in the index are adjusted to reflect changes in Value Line's rankings. The index is rebalanced semi-annually each February and August through the re-application of the stock selection methodology.
Fund Overview
Fund TypeGrowth
Investment AdvisorFirst Trust Advisors L.P.
Investor Servicing AgentBank of New York Mellon
Fiscal Year-End12/31
ExchangeNYSE Arca
Inception Price$20.00
Inception NAV$20.00
Rebalance FrequencySemi-Annual
Gross Expense Ratio*1.88%
Net Expense Ratio*0.70%
* As of 6/30/2014
Expenses are capped contractually at 0.70% per year, at least until April 30, 2015.
Current Fund Data (as of 12/17/2014)
Closing NAV1$25.51
Closing Share Price2$25.43
Bid/Ask Midpoint$25.50
Bid/Ask Discount0.05%
Total Net Assets$5,101,779
Outstanding Shares200,002
Daily Volume1,257
Average 30-Day Daily Volume2,817
Closing Share Price 52-Week High/Low$27.46 / $24.08
Closing NAV 52-Week High/Low$27.42 / $23.97
Number of Holdings150
Fund Characteristics (as of 11/28/2014)7
Median Market Cap.$6,001
Maximum Market Cap.$671,202
Minimum Market Cap.$393
Price/Cash Flow7.37
Top Holdings (as of 12/17/2014)
Holding Percent
Southwest Airlines Co. 1.74%
Royal Caribbean Cruises Ltd. 1.67%
The Kroger Co. 1.56%
Dollar Tree, Inc. 1.53%
Bed Bath & Beyond Inc. 1.46%
NetApp Inc. 1.43%
The Travelers Companies, Inc. 1.43%
Apple Inc. 1.41%
C.R. Bard, Inc. 1.40%
ACE Limited 1.39%

Holdings are subject to change.

NAV History (Since Inception)
Past performance is not indicative of future results.
Distribution Information
Dividend per Share Amt3$0.0841
30-Day SEC Yield (as of 11/28/2014)41.11%
12-Month Distribution Rate (as of 11/28/2014)51.00%
Index Yield (as of 11/28/2014)61.82%
Bid/Ask Midpoint vs. NAV (as of 9/30/2014)
Number of Days Bid/Ask Midpoint Above NAV
Quarter Ended 0-49
Basis Points
Basis Points
Basis Points
Basis Points
9/30/2014 52 0 0 0
6/30/2014 40 0 0 0
3/31/2014 38 0 0 0
12/31/2013 37 0 0 0
Number of Days Bid/Ask Midpoint Below NAV
Quarter Ended 0-49
Basis Points
Basis Points
Basis Points
Basis Points
9/30/2014 12 0 0 0
6/30/2014 18 5 0 0
3/31/2014 22 1 0 0
12/31/2013 27 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.

Top Sector Exposure (as of 12/17/2014)
Financials 19.54%
Information Technology 18.70%
Consumer Discretionary 18.36%
Industrials 10.48%
Energy 10.05%
Health Care 7.50%
Consumer Staples 6.84%
Materials 4.26%
Utilities 2.81%
Telecommunication Services 1.46%
Month End Performance (as of 11/28/2014)
  3 Mos YTD 1 Year 3 Year 5 Year 10 Year Since
Fund Performance *
NAV -4.04% 2.18% 4.48% 14.48% 11.31% N/A 4.79%
After Tax Held -4.17% 1.85% 4.03% 13.83% 10.75% N/A 4.29%
After Tax Sold -2.29% 1.23% 2.53% 11.05% 8.74% N/A 3.53%
Market Price -3.97% 2.25% 4.64% 14.53% 11.34% N/A 4.80%
Index Performance **
Value Line® Equity Allocation Index -3.87% 3.00% 5.37% 15.46% 12.26% N/A 5.67%
Russell 3000® Index 3.05% 12.56% 15.53% 20.84% 16.28% N/A 7.26%
Quarter End Performance (as of 9/30/2014)
  3 Mos YTD 1 Year 3 Year 5 Year 10 Year Since
Fund Performance *
NAV -3.62% 1.24% 11.21% 17.75% 11.52% N/A 4.77%
After Tax Held -3.75% 0.92% 10.73% 17.08% 10.95% N/A 4.27%
After Tax Sold -2.05% 0.70% 6.35% 13.69% 8.91% N/A 3.51%
Market Price -3.54% 1.32% 11.25% 17.75% 11.55% N/A 4.79%
Index Performance **
Value Line® Equity Allocation Index -3.38% 1.92% 12.13% 18.71% 12.48% N/A 5.65%
Russell 3000® Index 0.01% 6.95% 17.76% 23.08% 15.78% N/A 6.72%
3-Year Statistics (as of 11/28/2014)
  Standard Deviation Alpha Beta Sharpe Ratio Correlation
FVI 11.24% -7.85 1.13 1.23 0.95
Russell 3000® Index 9.39% --- 1.00 2.05 1.00
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.

*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. 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.

**Performance information for the Value Line® Equity Allocation Index 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.

The gross expense ratio for this fund is 1.88%. Expenses are capped contractually at 0.70% per year, at least until April 30, 2015.

The Russell 3000® Index is comprised of the 3000 largest and most liquid stocks based and traded in the U.S.

1 The NAV represents the fund's net assets (assets less liabilities) divided by the fund's shares outstanding.
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 through today's date. Subject to change in the future.
4 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.
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 Value Line® Equity Allocation Index
7 All market capitalization numbers are in USD$ Millions.
8 Inception Date is 12/5/2006

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 NYSE Arca, Inc.

The fund's return may not match the return of the Value Line® Equity Allocation 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 stock 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 fund may invest in securities issued by companies concentrated in a particular industry. The fund may invest in small capitalization and mid capitalization companies. Such companies may experience greater price volatility than larger, more established companies.

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.

"Value Line®" and "Value Line® Equity Allocation Index" are trademarks or registered trademarks of Value Line, Inc. ("Value Line") in the United States and other countries and have been licensed for use for certain purposes by First Trust Advisors L.P. This product is not sponsored, endorsed, recommended, sold or promoted by Value Line and Value Line makes no representation regarding the advisability of investing in products utilizing such strategy. First Trust Advisors L.P. is not affiliated with any Value Line company.

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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