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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 Dorsey Wright Momentum Plus Dividend Yield™ 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™ 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™ 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 ssecurity 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 AgentBank of New York Mellon Corp
Fiscal Year-End09/30
Inception Price$20.00
Inception NAV$20.00
Rebalance FrequencyQuarterly
Expense Ratio*0.60%
* As of 2/1/2024
Current Fund Data (as of 4/12/2024)
Closing NAV1$32.68
Closing Market Price2$32.68
Bid/Ask Midpoint$32.69
Bid/Ask Premium0.02%
30-Day Median Bid/Ask Spread30.12%
Total Net Assets$44,123,957
Outstanding Shares1,350,002
Daily Volume2,860
Average 30-Day Daily Volume4,725
Closing Market Price 52-Week High/Low$34.07 / $26.44
Closing NAV 52-Week High/Low$34.04 / $26.45
Number of Holdings (excluding cash)50
Top Holdings (as of 4/12/2024)*
Holding Percent
Antero Midstream Corp. 5.05%
Starwood Property Trust, Inc. 4.47%
OneMain Holdings, Inc. 4.43%
DT Midstream, Inc. 3.94%
Simon Property Group, Inc. 3.67%
Lamar Advertising Company 3.48%
Iron Mountain Incorporated 2.95%
Dick's Sporting Goods, Inc. 2.87%
Phillips 66 2.76%
Kimco Realty Corporation 2.70%

* 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 4/14/2024)4$0.1363
30-Day SEC Yield (as of 3/28/2024)52.90%
12-Month Distribution Rate (as of 3/28/2024)62.54%
Index Yield (as of 3/28/2024)73.59%
Fund Characteristics (as of 3/28/2024)8
Maximum Market Cap.$614,223
Median Market Cap.$23,837
Minimum Market Cap.$5,933
Price/Cash Flow11.15
Bid/Ask Premium/Discount (as of 4/12/2024)
  2023 Q1 2024 Q2 2024 Q3 2024
Days Traded at Premium 130 28 7 ---
Days Traded at Discount 120 33 3 ---
Top Sector Exposure (as of 4/12/2024)
Financials 33.08%
Energy 23.49%
Real Estate 17.25%
Information Technology 7.39%
Industrials 6.73%
Consumer Discretionary 5.69%
Materials 3.24%
Utilities 2.19%
Health Care 0.94%
Hypothetical Growth of $10,000 Since Inception (as of 4/11/2024) *