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First Trust Dorsey Wright Momentum & Dividend ETF (DDIV)
Investment Objective/Strategy - The First Trust Dorsey Wright Momentum & Dividend ETF, formerly the First Trust RBA Quality Income ETF, seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an index called the Dorsey Wright Momentum Plus Dividend Yield™ Index (the "Index"). Under normal conditions, the Fund will invest at least 90% of its net assets (including investment borrowings) in the equity securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Fund's investment advisor seeks a correlation of 0.95 or better (before fees and expenses) between the Fund's performance and the performance of the Index; a figure of 1.00 would represent perfect correlation. The Index is owned and was developed by Nasdaq, Inc. (the "Index Provider").
There can be no assurance that the Fund's investment objectives will be achieved.
Index Description According to the Index Provider
  • The Index is a rules-based equity index that is designed to track the overall performance of the 50 highest dividend yielding stocks within the Nasdaq US Large Mid Cap Index that maintain high levels of relative strength.
  • To construct the Index, Dorsey, Wright & Associates (DWA) begins with the eligible constituents of the Nasdaq US Large Mid Cap Index.
    • These eligible constituents are determined after meeting certain criteria, including maintaining a minimum average daily dollar volume of $1 million for the 30-day period prior to evaluation.
  • Each security is assigned a relative strength score based on its forward price momentum compared to the momentum of a broad market benchmark index. Securities that exhibit a minimum level of relative strength are eligible for inclusion in the index.
  • Eligible securities are then ranked based upon their current dividend yield, and the top 50 securities with the highest dividend yield are selected for inclusion in the index.
    • The securities are then weighted, with greater weights given to securities with higher dividend yields.
  • The Index is reconstituted and rebalanced quarterly.
Fund Overview
Fund TypeLarge Value
Investment AdvisorFirst Trust Advisors L.P.
Investor Servicing AgentBrown Brothers Harriman
Fiscal Year-End09/30
Inception Price$20.00
Inception NAV$20.00
Rebalance FrequencyQuarterly
Expense Ratio*0.60%
* As of 2/1/2023
The Investment Advisor has implemented fee breakpoints, which reduce the fund's investment management fee at certain assets levels. Please see the fund's SAI for full details.
Current Fund Data (as of 2/6/2023)
Closing NAV1$30.41
Closing Market Price2$30.41
Bid/Ask Midpoint$30.41
Bid/Ask Premium0.00%
30-Day Median Bid/Ask Spread30.13%
Total Net Assets$69,939,264
Outstanding Shares2,300,002
Daily Volume1,268
Average 30-Day Daily Volume8,287
Closing Market Price 52-Week High/Low$34.30 / $26.90
Closing NAV 52-Week High/Low$34.35 / $26.84
Number of Holdings (excluding cash)50
Top Holdings (as of 2/6/2023)*
Holding Percent
OneMain Holdings, Inc. 5.50%
Starwood Property Trust, Inc. 5.28%
Antero Midstream Corp. 3.84%
Spirit Realty Capital, Inc. 3.61%
Simon Property Group, Inc. 3.48%
Gaming and Leisure Properties, Inc. 3.02%
Kinder Morgan, Inc. 2.96%
Iron Mountain Incorporated 2.84%
Lamar Advertising Company 2.83%
ONEOK, Inc. 2.76%

* Excluding cash.  Holdings are subject to change.

NAV History (Since Inception)
Past performance is not indicative of future results.
Distribution Information
Dividend per Share Amt (as of 2/7/2023)4$0.4598
30-Day SEC Yield (as of 12/30/2022)54.85%
12-Month Distribution Rate (as of 12/30/2022)63.60%
Index Yield (as of 12/30/2022)75.66%
Fund Characteristics (as of 1/31/2023)9
Maximum Market Cap.$473,553
Median Market Cap.$15,739
Minimum Market Cap.$4,869
Price/Cash Flow9.20
Bid/Ask Premium/Discount (as of 2/6/2023)
  2022 Q1 2023 Q2 2023 Q3 2023
Days Traded at Premium 170 17 --- ---
Days Traded at Discount 81 7 --- ---
Top Sector Exposure (as of 2/6/2023)
Financials 33.75%
Real Estate 26.20%
Energy 16.57%
Health Care 6.33%
Consumer Staples 5.36%
Information Technology 2.90%
Utilities 2.50%
Consumer Discretionary 1.95%
Industrials 1.89%
Communication Services 1.41%
Materials 1.14%
Hypothetical Growth of $10,000 Since Inception (as of 2/6/2023) *
Tracking Index: Dorsey Wright Momentum Plus Dividend Yield™ Index

Month End Performance (as of 1/31/2023)
  3 Month YTD 1 Year 3 Year 5 Year 10 Year Since
Fund Performance *
Net Asset Value (NAV) 4.39% 6.33% -3.84% 7.41% 6.81% N/A 7.79%
After Tax Held 3.72% 6.33% -5.22% 6.08% 5.50% N/A 6.54%
After Tax Sold 2.57% 3.75% -2.33% 5.10% 4.68% N/A 5.59%
Market Price 4.35% 6.33% -3.84% 7.43% 6.82% N/A 7.79%
Index Performance **
Dorsey Wright Momentum Plus Dividend Yield™ Index 4.56% 6.40% -3.29% 8.16% N/A N/A N/A
Dow Jones U.S. Select Dividend™ Index 7.38% 4.14% 5.19% 11.03% 8.80% N/A 10.65%
S&P 500 Index 5.76% 6.28% -8.22% 9.88% 9.54% N/A 11.20%
Quarter End Performance (as of 12/30/2022)
  3 Month YTD 1 Year 3 Year 5 Year 10 Year Since
Fund Performance *
Net Asset Value (NAV) 8.23% -12.43% -12.43% 5.59% 5.53% N/A 7.12%
After Tax Held 7.53% -13.69% -13.69% 4.29% 4.24%