Home   Logon   Mobile Site   Research and Commentary   About Us   Call 1.800.621.1675 or Email Us       Follow Us: 

Search by Ticker, Keyword or CUSIP       
First Trust Value Line® 100 Exchange-Traded Fund (FVL)
  • On September 14, 2020, a Special Meeting of shareholders of First Trust Value Line® 100 Exchange-Traded Fund (NYSE Arca: FVL), an index based exchange-traded fund (“ETF”), managed by First Trust Advisors L.P. (“FTA”) will be held. Holders of record of shares of FVL at the close of business on July 9, 2020 are entitled to notice of and to vote at the Meeting to approve the reorganization of FVL into First Trust Value Line® Dividend Index Fund (NYSE Arca: FVD), an index based ETF managed by FTA. FVD will be the surviving fund.More information on the proposed transaction can be found here.
Investment Objective/Strategy - The First Trust Value Line® 100 Exchange-Traded Fund is an exchange-trade fund. The objective of the Fund is seek investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an equity index called the Value Line® 100 Index.
There can be no assurance that the Fund's investment objectives will be achieved.
  • The Value Line® 100 Index selects 100 stocks from the universe of stocks of which Value Line, Inc.® ("Value Line®") gives a #1 ranking in the Value Line TimelinessTM Ranking System (the "Ranking System").
  • The Index is comprised of securities of companies that are listed on a U.S. exchange. Value Line® reconstitutes the Index on a monthly basis to match any changes in those stocks ranked #1 by the Ranking System.
  • Each week, Value Line® screens a wide array of data, using a series of proprietary calculations, such as long-term earnings and price trends, recent company earnings and price performance and earnings relative to expectations, to assign a TimelinessTM rank to each of the approximately 1,700 stocks in the Value Line® universe, based on their expected price performance relative to the other stocks in the universe over the following 6 to 12 months. At any one time, only 100 stocks are ranked #1 in the Ranking System.
  • The Index is rebalanced on or about the last Thursday of each calendar quarter so that each stock will be equally weighted as of such date.
Fund Overview
Fund TypeGrowth
Investment AdvisorFirst Trust Advisors L.P.
Investor Servicing AgentBank of New York Mellon
Fiscal Year-End12/31
ExchangeNYSE Arca
Inception Price$15.00
Inception NAV$14.32
Rebalance FrequencyQuarterly
Gross Expense Ratio*0.85%
Net Expense Ratio*0.70%
* As of 5/1/2020
Expenses are capped contractually at 0.70% per year, at least until April 30, 2021.
Current Fund Data (as of 8/11/2020)
Closing NAV1$22.08
Closing Market Price2$22.08
Bid/Ask Midpoint$22.08
Bid/Ask Premium0.01%
Total Net Assets$95,817,665
Outstanding Shares4,339,982
Daily Volume13,111
Average 30-Day Daily Volume104,214
Closing Market Price 52-Week High/Low$23.79 / $15.18
Closing NAV 52-Week High/Low$23.79 / $15.22
Number of Holdings (excluding cash)100
Fund Characteristics (as of 7/31/2020)8
Maximum Market Cap.$1,551,445
Median Market Cap.$42,527
Minimum Market Cap.$4,519
Price/Cash Flow17.56
Top Holdings (as of 8/11/2020)*
Holding Percent
Microsoft Corporation 1.49%
The Procter & Gamble Company 1.38%
Newmont Corporation 1.28%
Church & Dwight Co., Inc. 1.27%
Tractor Supply Company 1.26%
Adobe Incorporated 1.24%
Fastenal Company 1.22%
Cadence Design Systems, Inc. 1.19%
Costco Wholesale Corporation 1.18%
Mastercard Incorporated 1.18%

* 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 8/12/2020)3$0.0387
30-Day SEC Yield (as of 7/31/2020)40.91%
Unsubsidized 30-Day SEC Yield (as of 7/31/2020)50.79%
12-Month Distribution Rate (as of 7/31/2020)60.76%
Index Yield (as of 7/31/2020)71.46%
For funds with certain equity strategies, due to the negative economic impact across many industries caused by the recent COVID-19 outbreak, certain of the issuers of the securities included in the fund may elect to reduce the amount of dividends and/or distributions paid in the future. As a result, the "12-Month Distribution Rate," which is based on the fund's trailing 12-month ordinary distributions, will likely be higher, and in some cases significantly higher, than the actual 12-month distribution rate achieved by the fund.
Bid/Ask Midpoint vs. NAV (as of 6/30/2020)
Number of Days Bid/Ask Midpoint Above NAV
Quarter Ended 0-49
Basis Points
Basis Points
Basis Points
Basis Points
6/30/2020 3 0 0 0
3/31/2020 3 0 0 0
12/31/2019 22 0 0 0
9/30/2019 28 0 0 0
Number of Days Bid/Ask Midpoint Below NAV
Quarter Ended 0-49
Basis Points
Basis Points
Basis Points
Basis Points
6/30/2020 60 0 0 0
3/31/2020 59 0 0 0
12/31/2019 42 0 0 0
9/30/2019 36 0 0 0

The price used to calculate market return is determined by using the midpoint between the highest bid and the lowest offer on the stock exchange, on which shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated.

Top Industry Exposure (as of 8/11/2020)
Information Technology 21.45%
Health Care 20.68%
Consumer Staples 13.59%
Financials 12.77%
Industrials 12.04%
Real Estate 4.86%
Materials 4.35%
Consumer Discretionary 4.27%
Communication Services 4.15%
Utilities 1.84%
Month End Performance (as of 7/31/2020)
  3 Month YTD 1 Year 3 Year 5 Year 10 Year Since
Fund Performance *
Net Asset Value (NAV) 11.00% -2.58% -0.50% 1.83% 1.51% 7.82% 5.02%
After Tax Held 10.92% -2.73% -0.83% 1.53% 1.22% 7.55% 4.25%
After Tax Sold 6.51% -1.54% -0.31% 1.27% 1.02% 6.23% 3.79%
Market Price 11.16% -2.50% -0.46% 1.84% 1.52% 7.84% 5.02%
Index Performance **
Value Line® 100 Index 11.35% -2.08% 0.35% 2.67% 2.45% 8.82% N/A
Russell 3000® Index 13.88% 2.01% 10.93% 11.39% 10.89% 13.59% 9.52%
Quarter End Performance (as of 6/30/2020)
  3 Month YTD 1 Year 3 Year 5 Year 10 Year Since
Fund Performance *
Net Asset Value (NAV) 17.86% -7.07% -4.36% 0.56% 0.91% 8.09% 4.76%
After Tax Held 17.77% -7.20% -4.67% 0.26% 0.62% 7.81% 3.99%
After Tax Sold 10.57% -4.19% -2.58% 0.30% 0.57% 6.47% 3.57%
Market Price 17.89% -7.16% -4.36% 0.51% 0.89% 8.07% 4.75%
Index Performance **
Value Line® 100 Index 18.11% -6.67% -3.52% 1.37% 1.84% 9.08% N/A
Russell 3000® Index 22.03% -3.48% 6.53% 10.04% 10.03% 13.72% 9.21%
3-Year Statistics (as of 7/31/2020)
  Standard Deviation Alpha Beta Sharpe Ratio Correlation
FVL 17.62% -8.14 0.91 0.09 0.93
Russell 3000® Index 17.90% --- 1.00 0.59 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 based on the midpoint of the bid/ask spread on the stock exchange on which shares of the fund are listed for trading 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. The fund's performance reflects fee waivers and expense reimbursements, absent which performance would have been lower.

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 the Value Line® 100 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.

On June 15, 2007, the fund acquired the assets and adopted the performance history of the First Trust Value Line® 100 Fund, a closed-end fund. The investment goals, strategies and policies of the fund are substantially similar to those of the predecessor fund. Performance information for periods prior to June 15, 2007 is based on the performance history of the predecessor fund and reflects the operating expenses of the predecessor fund.

Russell 3000® Index - The Index is comprised of the 3000 largest and most liquid stocks based and traded in the U.S.

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 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.
4 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.
5 The unsubsidized 30-day SEC yield is calculated the same as the 30-day SEC yield, however it excludes contractual fee waivers and expense reimbursements.
6 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.
7 Index yield represents the weighted average trailing 12-month dividend of the constituents of the Value Line® 100 Index.
8 All market capitalization numbers are in USD$ Millions.
9 Inception Date is 6/12/2003

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.

ETF Characteristics

The fund lists and principally trades its shares on the NYSE Arca, Inc.

The fund's return may not match the return of the Value Line® 100 Index.  Securities held by the fund will generally not be bought or sold in response to market fluctuations.

Investors buying or selling fund shares on the secondary market may incur customary brokerage commissions. Market prices may differ to some degree from the net asset value of the shares. Investors who sell fund shares may receive less than the share's net asset value. Shares may be sold throughout the day on the exchange through any brokerage account. However, unlike mutual funds, shares may only be redeemed directly from the fund by authorized participants, in very large creation/redemption units. If the 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 discount to the fund's net asset value and possibly face delisting.

Risk Considerations

The fund's shares will change in value and you could lose money by investing in the fund. One of the principal risks of investing in the fund is market risk. Market risk is the risk that a particular security owned by the fund, fund shares or securities in general may fall in value. There can be no assurance that the fund's investment objective will be achieved. The outbreak of the respiratory disease designated as COVID-19 in December 2019 has caused significant volatility and declines in global financial markets, which have caused losses for investors. The impact of this COVID-19 pandemic may be short term or may last for an extended period of time, and in either case could result in a substantial economic downturn or recession.

The fund may invest in securities issued by companies concentrated in a particular industry. The fund may invest in small capitalization and mid capitalization companies. Such companies may experience greater price volatility than larger, more established companies.

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

Value Line® and Value Line® 100 Index are trademarks or registered trademarks of Value Line, Inc. (“Value Line”) and have been licensed for use for certain purposes by First Trust. The Fund is not sponsored, endorsed, recommended, sold or promoted by Value Line and Value Line makes no representation regarding the advisability of investing in products utilizing such strategy.

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.
First Trust Portfolios L.P.  Member SIPC and FINRA. (Form CRS)   •  First Trust Advisors L.P. (Form CRS)
Home |  Important Legal Information |  Privacy Policy |  California Privacy Policy |  Business Continuity Plan |  FINRA BrokerCheck
Copyright © 2020 All rights reserved.