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On January 3, 2023, the fair value methodology used to value the senior loan investments held by the fund was changed. Prior to that date, the senior loans were valued using the bid side price provided by a pricing service. After such date, the senior loans were valued using the midpoint between the bid and ask price provided by a pricing service. The change in the fund's fair value methodology on January 3, 2023, resulted in a one-time increase in the fund's net asset value of approximately $0.035 per share on that date, which represented a positive impact on the fund's performance of 0.09%.
Investment Objective/Strategy - The First Trust Tactical High Yield ETF is an actively managed exchange-traded fund. The fund's primary investment objective is to provide current income. The fund's secondary investment objective is to provide capital appreciation. Under normal market conditions, the fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in high yield debt securities that are rated below investment grade at the time of purchase or unrated securities deemed by the fund's advisor to be of comparable quality.
There can be no assurance that the Fund's investment objectives will be achieved.
Ticker | HYLS |
Fund Type | High Yield Bond |
Investment Advisor | First Trust Advisors L.P. |
Investor Servicing Agent | Bank of New York Mellon Corp |
CUSIP | 33738D408 |
ISIN | US33738D4088 |
Intraday NAV | HYLSIV |
Fiscal Year-End | 10/31 |
Exchange | Nasdaq |
Inception | 2/25/2013 |
Inception Price | $50.00 |
Inception NAV | $50.00 |
Management Fees | 0.95% |
Other Expenses | 0.18% |
Total Annual Expenses | 1.13% |
As of Date 3/1/2022
"Other Expenses" include margin interest expense and interest on investments sold short.
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.
Closing NAV1 | $40.28 |
Closing Market Price2 | $40.44 |
Bid/Ask Midpoint | $40.44 |
Bid/Ask Premium | 0.38% |
30-Day Median Bid/Ask Spread3 | 0.10% |
Total Net Assets | $1,570,747,663 |
Outstanding Shares | 39,000,002 |
Daily Volume | 508,688 |
Average 30-Day Daily Volume | 356,200 |
Closing Market Price 52-Week High/Low | $47.01 / $38.24 |
Closing NAV 52-Week High/Low | $47.03 / $38.47 |
Number of Holdings (excluding cash) | 266 |
Holding |
Percent |
AMWINS GROUP INC 4.875%, due 06/30/2029 |
3.06% |
HUB INTERNATIONAL LTD 7%, due 05/01/2026 |
2.94% |
SS&C TECHNOLOGIES INC 5.50%, due 09/30/2027 |
2.58% |
NEXSTAR MEDIA INC 5.625%, due 07/15/2027 |
2.47% |
ALLIANT HOLD / CO-ISSUER 6.75%, due 10/15/2027 |
2.30% |
ASSUREDPARTNERS INC 5.625%, due 01/15/2029 |
2.01% |
VERSCEND ESCROW CORP 9.75%, due 08/15/2026 |
1.94% |
VERSCEND HOLDING CORP VCVHHO TL B 1L USD |
1.78% |
CSC HOLDINGS LLC 5.75%, due 01/15/2030 |
1.71% |
GRAHAM PACKAGING/GPC CAP 7.125%, due 08/15/2028 |
1.71% |
*Â Excluding cash.Â
Holdings are subject to change.
Past performance is not indicative of future results.
Net Weighted Average Effective Duration (Includes Short Positions)8 | 3.16 Years |
Weighted Average Effective Duration (Long Positions)8 | 3.16 Years |
Weighted Average Maturity (Long Positions) | 5.03 Years |
Weighted Average Price | $88.02 |
Weighted Average Coupon | 6.19% |
Weighted Average Yield-To-Maturity9 | 7.45% |
Long Positions | 92.74% |
Short Position - U.S. Treasury Securities | 0.00% |
Option-Adjusted Spread10 | 384 bps |
3-Month LIBOR11 | 4.81% |
Portfolio information statistics exclude cash and other assets and liabilities. Weighted average maturity excludes defaulted assets.
|
Asset |
Percent |
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Bond
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85.05%
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Loan
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14.84%
|
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Equity
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0.11%
|
|
2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Days Traded at Premium |
108 |
9 |
--- |
--- |
Days Traded at Discount |
143 |
11 |
--- |
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BBB
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0.83%
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BBB-
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1.26%
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BB+
|
3.70%
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BB
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3.57%
|
BB-
|
10.17%
|
B+
|
20.13%
|
B
|
13.94%
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B-
|
19.63%
|
CCC+
|
22.32%
|
CCC
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3.68%
|
CCC-
|
0.18%
|
C
|
0.02%
|
NR
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0.57%
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The ratings are by S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations except for those debt obligations that are only privately rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Investment grade is defined as those issuers that have a long-term credit rating of BBB- or higher. "NR" indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.
Media
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16.81%
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Software
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16.51%
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Insurance
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13.93%
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Health Care Providers & Services
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10.19%
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Hotels, Restaurants & Leisure
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6.00%
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Health Care Technology
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5.65%
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Containers & Packaging
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4.30%
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Diversified Telecommunication Services
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2.70%
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Building Products
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1.83%
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Health Care Equipment & Supplies
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1.78%
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Standard Deviation |
Alpha |
Beta |
Sharpe Ratio |
Correlation |
HYLS |
10.36% |
-1.42 |
0.90 |
-0.17 |
0.97 |
ICE BofA US High Yield Constrained Index |
11.23% |
--- |
1.00 |
-0.03 |
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.
ICE BofA US High Yield Constrained Index - The Index tracks the performance of U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market but caps issuer exposure at 2%.
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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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