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First Trust Long/Short Equity ETF (FTLS)
  • 2024 Estimated Capital Gain Distributions
    Certain First Trust First Trust Exchange-Traded Funds are expected to pay a long-term capital gain distribution in December. For a list of exchange-traded funds expected to pay a long-term capital gain distribution, please click here. Also, certain First Trust Exchange-Traded Funds are expected to pay short-term capital gain distributions in December. For a list of exchange-traded funds expected to pay a short-term capital gain distribution, please click here. 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 noted above.
Investment Objective/Strategy - The Fund's investment objective is to seek to provide investors with long term total return. The Fund intends to pursue its investment objective by establishing long and short positions in a portfolio of Equity Securities.
There can be no assurance that the Fund's investment objectives will be achieved.
Fund Overview
TickerFTLS
Fund TypeU.S. Equity
Investment AdvisorFirst Trust Advisors L.P.
Investor Servicing AgentBank of New York Mellon Corp
CUSIP33739P103
ISINUS33739P1030
Intraday NAVFTLSIV
Fiscal Year-End10/31
ExchangeNYSE Arca
Inception9/8/2014
Inception Price$30.00
Inception NAV$30.00
Fees And Expenses
Management Fees0.95%
Other Expenses0.51%
Total Expense Ratio1.46%
As of Date 3/1/2024
"Other Expenses" consist of margin interest expense and dividend expense on investments sold short.
Current Fund Data (as of 11/29/2024)
Closing NAV1$66.11
Closing Market Price2$66.26
Bid/Ask Midpoint$66.21
Bid/Ask Premium0.15%
30-Day Median Bid/Ask Spread30.23%
Total Net Assets$1,669,381,064
Outstanding Shares25,250,002
Daily Volume28,309
Average 30-Day Daily Volume125,438
Closing Market Price 52-Week High/Low$66.26 / $55.34
Closing NAV 52-Week High/Low$66.11 / $55.21
Number of Holdings (excluding cash)359
Fund Characteristics - Long Exposure (as of 10/31/2024)8
Maximum Market Cap.$3,434,767
Median Market Cap.$7,599
Minimum Market Cap.$841
Price/Earnings18.89
Price/Book3.28
Price/Cash Flow13.62
Price/Sales2.05
Fund Characteristics - Short Exposure (as of 10/31/2024)8
Maximum Market Cap.$802,033
Median Market Cap.$20,413
Minimum Market Cap.$648
Price/Earnings23.32
Price/Book3.48
Price/Cash Flow15.52
Price/Sales2.48
Top Holdings - Long Exposure (as of 11/29/2024)*
Holding Percent
Apple Inc. 5.96%
NVIDIA Corporation 5.58%
Microsoft Corporation 5.25%
Amazon.com, Inc. 3.30%
Meta Platforms Inc. (Class A) 2.09%
AbbVie Inc. 1.99%
QUALCOMM Incorporated 1.98%
Cisco Systems, Inc. 1.97%
Citigroup Inc. 1.97%
Elevance Health Inc. 1.95%

* Excluding cash.  Holdings are subject to change.

Top Holdings - Short Exposure (as of 11/29/2024)*
Holding Percent
JD.com, Inc. (ADR) -0.58%
Alibaba Group Holding Limited (ADR) -0.57%
The Boeing Company -0.57%
T-Mobile US, Inc. -0.56%
General Electric Company -0.55%
Linde Plc -0.55%
The Coca-Cola Company -0.55%
The Walt Disney Company -0.55%
Comcast Corporation (Class A) -0.54%
Intel Corporation -0.53%

* Excluding cash.  Holdings are subject to change.

NAV History (Since Inception)
Past performance is not indicative of future results.
Overall Morningstar RatingTM (as of 10/31/2024)4

Among 98 funds in the Long-Short Equity category. This fund was rated 4 stars/98 funds (3 years), 4 stars/90 funds (5 years), 4 stars/52 funds (10 years) based on risk adjusted returns.
Distribution Information
Dividend per Share Amt (as of 12/1/2024)5$0.2648
30-Day SEC Yield (as of 11/29/2024)60.23%
12-Month Distribution Rate (as of 11/29/2024)71.51%
Fund Exposure (as of 11/29/2024)
Long Exposure98.54%
Short Exposure-35.74%
Net Exposure62.80%
Top Sector - Long Exposure (as of 11/29/2024)
Percent
Information Technology 30.86%
Financials 17.79%
Health Care 16.07%
Consumer Discretionary 7.68%
Industrials 7.27%
Communication Services 7.06%
Consumer Staples 5.53%
Energy 3.86%
Materials 2.22%
Real Estate 0.20%
Top Sector - Short Exposure (as of 11/29/2024)
Percent
Industrials -5.21%
Information Technology -4.89%
Materials -3.32%
Consumer Discretionary -3.10%
Consumer Staples -2.66%
Communication Services -2.31%
Health Care -2.25%
Financials -1.69%
Energy -1.69%
Real Estate -0.32%
Bid/Ask Premium/Discount (as of 11/29/2024)
  2023 Q1 2024 Q2 2024 Q3 2024
Days Traded at Premium 187 48 55 56
Days Traded at Discount 63 13 8 8
Hypothetical Growth of $10,000 Since Inception (as of 11/27/2024) *


Month End Performance (as of 10/31/2024)
  3 Month YTD 1 Year 3 Year 5 Year 10 Year Since
Fund
Inception9
Fund Performance *
Net Asset Value (NAV) 1.89% 14.14% 22.52% 9.47% 9.74% 8.50% 8.57%
After Tax Held 1.72% 13.62% 21.70% 8.95% 9.37% 8.14% 8.21%
After Tax Sold 1.12% 8.36% 13.31% 7.11% 7.53% 6.75% 6.81%
Market Price 1.87% 14.18% 22.49% 9.45% 9.73% 8.49% 8.58%
Index Performance **
S&P 500® Index 3.66% 20.97% 38.02% 9.08% 15.27% 13.00% 12.92%
Quarter End Performance (as of 9/30/2024)
  3 Month YTD 1 Year 3 Year 5 Year 10 Year Since
Fund
Inception9
Fund Performance *
Net Asset Value (NAV) 1.83% 13.49% 21.37% 10.77% 9.99% 8.76% 8.59%
After Tax Held 1.66% 12.98% 20.56% 10.25% 9.63% 8.39% 8.22%
After Tax Sold 1.09% 7.98% 12.63% 8.14% 7.74% 6.97% 6.82%
Market Price 1.72% 13.44% 21.22% 10.74% 9.97% 8.74% 8.58%
Index Performance **
S&P 500® Index 5.89% 22.08% 36.35% 11.91% 15.98% 13.38% 13.14%
3-Year Statistics (as of 10/31/2024)
  Standard Deviation Alpha Beta Sharpe Ratio Correlation
FTLS 9.39% 2.61 0.50 0.64 0.93
S&P 500® Index 17.20% --- 1.00 0.39 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 determined by using the midpoint of the national best bid offer price ("NBBO") as of the time that the fund's NAV is calculated. 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 each listed 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.

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

Footnotes
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 market 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 The median bid-ask spread is calculated by identifying the national best bid and national best offer ("NBBO") for the fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage rounded to the nearest hundredth.
4
The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
5 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.
6 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.
7 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.
8 All market capitalization numbers are in USD$ Millions.
9 Inception Date is 9/8/2014

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.

Risk Considerations

You could lose money by investing in a fund. An investment in a fund is not a deposit of a bank and is not insured or guaranteed. There can be no assurance that a fund's objective(s) will be achieved. Investors buying or selling shares on the secondary market may incur customary brokerage commissions. Please refer to each fund's prospectus and Statement of Additional Information for additional details on a fund's risks. The order of the below risk factors does not indicate the significance of any particular risk factor.

Unlike mutual funds, shares of the fund may only be redeemed directly from a fund by authorized participants in very large creation/redemption units. If a fund's authorized participants are unable to proceed with creation/redemption orders and no other authorized participant is able to step forward to create or redeem, fund shares may trade at a premium or discount to a fund's net asset value and possibly face delisting and the bid/ask spread may widen.

A fund may be subject to the risk that a counterparty will not fulfill its obligations which may result in significant financial loss to a fund.

Current market conditions risk is the risk that a particular investment, or shares of the fund in general, may fall in value due to current market conditions. As a means to fight inflation, the Federal Reserve and certain foreign central banks have raised interest rates; however, the Federal Reserve has recently lowered interest rates and may continue to do so. Recent and potential future bank failures could result in disruption to the broader banking industry or markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain fund investments as well as fund performance and liquidity. The COVID-19 global pandemic, or any future public health crisis, and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects.

A fund is susceptible to operational risks through breaches in cyber security. Such events could cause a fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss.

Depositary receipts may be less liquid than the underlying shares in their primary trading market and distributions may be subject to a fee. Holders may have limited voting rights, and investment restrictions in certain countries may adversely impact their value.

The use of derivatives instruments involves different and possibly greater risks than investing directly in securities including counterparty risk, valuation risk, volatility risk, and liquidity risk. Further, losses because of adverse movements in the price or value of the underlying asset, index or rate may be magnified by certain features of the derivatives.

Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, company, industry or sector of the market.

A fund may invest in the shares of other ETFs, which involves additional expenses that would not be present in a direct investment in the underlying funds. In addition, a fund's investment performance and risks may be related to the investment performance and risks of the underlying funds.

The risk of a position in a futures contract may be very large compared to the relatively low level of margin a fund is required to deposit and a relatively small price movement in a futures contract may result in immediate and substantial loss relative to the size of margin deposit.

A fund may be a constituent of one or more indices or models which could greatly affect a fund's trading activity, size and volatility.

Information technology companies are subject to certain risks, including rapidly changing technologies, short product life cycles, fierce competition, aggressive pricing and reduced profit margins, loss of patent, copyright and trademark protections, cyclical market patterns, evolving industry standards and regulation and frequent new product introductions.

Leverage may result in losses that exceed the amount originally invested and may accelerate the rates of losses. Leverage tends to magnify, sometimes significantly, the effect of any increase or decrease in a fund's exposure to an asset or class of assets and may cause the value of a fund's shares to be volatile and sensitive to market swings.

Certain fund investments may be subject to restrictions on resale, trade over-the-counter or in limited volume, or lack an active trading market. Illiquid securities may trade at a discount and may be subject to wide fluctuations in market value.

The portfolio managers of an actively managed portfolio will apply investment techniques and risk analyses that may not have the desired result.

Market risk is the risk that a particular security, or shares of a fund in general may fall in value. Securities are subject to market fluctuations caused by such factors as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious disease or other public health issues, recessions, natural disasters or other events could have significant negative impact on a fund.

A fund faces numerous market trading risks, including the potential lack of an active market for fund shares due to a limited number of market makers. Decisions by market makers or authorized participants to reduce their role or step away in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of a fund's portfolio securities and a fund's market price.

Master limited partnerships ("MLPs") are subject to certain risks, including price and supply fluctuations caused by international politics, energy conservation, taxes, price controls, and other regulatory policies of various governments. In addition, there is the risk that MLPs could be taxed as corporations, resulting in decreased returns from such MLPs.

Securities of non-U.S. issuers are subject to additional risks, including currency fluctuations, political risks, withholding, lack of liquidity, lack of adequate financial information, and exchange control restrictions impacting non-U.S. issuers.

A fund and a fund's advisor may seek to reduce various operational risks through controls and procedures, but it is not possible to completely protect against such risks. The fund also relies on third parties for a range of services, including custody, and any delay or failure related to those services may affect the fund's ability to meet its objective.

High portfolio turnover may result in higher levels of transaction costs and may generate greater tax liabilities for shareholders.

The market price of a fund's shares will generally fluctuate in accordance with changes in the fund's net asset value ("NAV") as well as the relative supply of and demand for shares on the exchange, and a fund's investment advisor cannot predict whether shares will trade below, at or above their NAV.

Real Estate Investment Trusts ("REITs") are subject to the risks of investing in real estate, including, but not limited to, changes in the real estate market, vacancy rates and competition, volatile interest rates and economic recession. Increases in interest rates typically lower the present value of a REIT's future earnings stream and may make financing property purchases and improvements more costly. The value of a fund will generally decline when investors in REIT stocks anticipate or experience rising interest rates.

Short selling creates special risks which could result in increased gains or losses and volatility of returns. Because losses on short sales arise from increases in the value of the security sold short, such losses are theoretically unlimited.

A fund with significant exposure to a single asset class, country, region, industry, or sector may be more affected by an adverse economic or political development than a broadly diversified fund.

Securities of small- and mid-capitalization companies may experience greater price volatility and be less liquid than larger, more established companies.

Trading on an exchange may be halted due to market conditions or other reasons. There can be no assurance that a fund's requirements to maintain the exchange listing will continue to be met or be unchanged.

A fund may hold securities or other assets that may be valued on the basis of factors other than market quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. Portfolio holdings that are valued using techniques other than market quotations, including "fair valued" assets or securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. There is no assurance that a fund could sell or close out a portfolio position for the value established for it at any time.

A fund may invest in securities that exhibit more volatility than the market as a whole.

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

©2024 Morningstar, Inc. All Rights Reserved. The Morningstar RatingTM information contained herein: (1) is proprietary to Morningstar;(2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by FactSet Research Systems Inc. and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, ©2024 CUSIP Global Services. "CUSIP" is a registered trademark of the American Bankers Association.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value
 
The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
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