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Reorganization
December 14, 2020 – First Trust Advisors L.P. (“FTA”) announced that the reorganization of First Trust Mega Cap AlphaDEX® Fund (Nasdaq: FMK), an index based exchange-traded fund (“ETF”), managed by FTA, into First Trust Dow 30 Equal Weight ETF (NYSE Arca: EDOW), an index based ETF managed by FTA, was completed prior to the open of the NYSE Arca on December 14, 2020. The assets of FMK were transferred to, and the liabilities of FMK were assumed by, EDOW. The shareholders of FMK received shares of EDOW with a value equal to the aggregate net asset value of the shares of FMK held by them. The exchange of shares took place based upon FMK’s and EDOW’s closing net asset values on December 11, 2020. The exchange ratio at which shares of FMK were exchanged for shares of EDOW is 1.595502.More information can be found here.
Investment Objective/Strategy - The First Trust Dow 30 Equal Weight ETF seeks investment results that correspond generally to the price and yield (before fees and expenses) of an equity index called the Dow Jones Industrial Average Equal Weight Index (the "Index"). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in common stocks 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.
There can be no assurance that the Fund's investment objectives will be achieved.
- The Dow Jones Industrial Average Equal Weight Index (the "DJIA Equal Weight Index") is an equally weighted index designed to be a price neutral version of the price-weighted Dow Jones Industrial AverageTM ("DJIA").
- The 30 securities comprising the DJIA are U.S. blue-chip companies covering a wide range of industries and have the following attributes
- Companies with an excellent reputation.
- Companies which demonstrate sustained growth.
- Companies which are of interest to a large number of market participants.
- Companies which derive a majority of revenues from the U.S.
- The DJIA Equal Weight Index gives equal exposure to all 30 constituents. The same weight, or importance, is given to each stock in the index, allowing for the performance of lower priced companies to contribute as much as the higher priced companies within the index.
- To maintain the equal weight focus, the index is rebalanced quarterly (except when there is a component change, in which case the index is rebalanced at the end of the month during which the change takes place).
Ticker | EDOW |
Fund Type | Large Cap Equity |
Investment Advisor | First Trust Advisors L.P. |
Investor Servicing Agent | Bank of New York Mellon |
CUSIP | 33733A201 |
ISIN | US33733A2015 |
Intraday NAV | EDOWIV |
Fiscal Year-End | 12/31 |
Exchange | NYSE Arca |
Inception | 8/8/2017 |
Inception Price | $19.97 |
Inception NAV | $19.97 |
Rebalance Frequency | Quarterly |
Expense Ratio | 0.50% |
Closing NAV1 | $28.72 |
Closing Market Price2 | $28.76 |
Bid/Ask Midpoint | $28.72 |
Bid/Ask Premium | 0.00% |
30-Day Median Bid/Ask Spread3 | 0.11% |
Total Net Assets | $61,676,129 |
Outstanding Shares | 2,147,756 |
Daily Volume | 6,973 |
Average 30-Day Daily Volume | 30,656 |
Closing Market Price 52-Week High/Low | $28.76 / $17.65 |
Closing NAV 52-Week High/Low | $28.72 / $17.53 |
Number of Holdings (excluding cash) | 30 |
Holding |
Percent |
The Goldman Sachs Group, Inc. |
4.29% |
JPMorgan Chase & Co. |
3.99% |
Intel Corporation |
3.96% |
Caterpillar Inc. |
3.86% |
Walgreens Boots Alliance, Inc. |
3.69% |
Dow Inc. |
3.67% |
American Express Company |
3.62% |
The Walt Disney Company |
3.50% |
Chevron Corporation |
3.48% |
The Travelers Companies, Inc. |
3.48% |
* Excluding cash.
Holdings are subject to change.
Past performance is not indicative of future results.
Among 1,130 funds in the Large Value category. This fund was rated 5 stars/1,130 funds (3 years) based on risk adjusted returns.
Maximum Market Cap. | $2,215,357 |
Median Market Cap. | $200,739 |
Minimum Market Cap. | $34,402 |
Price/Earnings | 21.27 |
Price/Book | 3.79 |
Price/Cash Flow | 16.41 |
Price/Sales | 1.98 |
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2020 |
Q1 2021 |
Q2 2021 |
Q3 2021 |
Days Traded at Premium |
132 |
24 |
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--- |
Days Traded at Discount |
121 |
12 |
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Information Technology
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23.60%
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Financials
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15.42%
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Industrials
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13.23%
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Consumer Staples
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12.41%
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Health Care
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12.36%
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Consumer Discretionary
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9.35%
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Communication Services
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6.46%
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Materials
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3.68%
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Energy
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3.49%
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Standard Deviation |
Alpha |
Beta |
Sharpe Ratio |
Correlation |
EDOW |
18.02% |
0.32 |
0.95 |
0.39 |
0.99 |
Dow Jones Industrial Average® |
18.85% |
--- |
1.00 |
0.37 |
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.
Dow Jones Industrial Average® - The Index is a price-weighted average of 30 U.S. blue-chip companies.
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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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