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Multi-Asset Diversified Income Index Fund (MDIV)
Investment Objective/Strategy - The Multi-Asset Diversified Income Index Fund is an exchange-traded fund. The investment objective of the Fund is to seek investment results that correspond generally to the price and yield, before the Fund's fees and expenses, of an index called the Nasdaq US Multi-Asset Diversified Income IndexSM.
There can be no assurance that the Fund's investment objectives will be achieved.
Index Description According to the Index Provider
  • The Index is a modified market capitalization-weighted index designed to provide exposure to multiple asset segments, each selected to result in a consistent and high yield for the index. The Index is comprised of securities classified as equities (20%), real estate investment trusts (REITs) (20%), preferred securities (20%), master limited partnerships (MLPs) (20%) and a high yield corporate debt ETF (20%).
  • Each segment has its own set of eligibility criteria.
  • Every security in the Index is U.S.-listed and meets stringent eligibility criteria based on liquidity, size, volatility and yield.
  • The Index is rebalanced quarterly.
Fund Description
  • The fund will normally invest at least 90% of its net assets (plus the amount of any borrowings for investment purposes) in the common stocks and/or depositary receipts, REITs, preferred securities, MLPs and an ETF that comprise each segment of the index.
  • The percentages provided above in the Index Description reflect the approximate percentages of each of the index segments included in the index as of each quarterly rebalance. The percentages will vary from these amounts between rebalances of the index.
Fund Overview
Fund TypeMulti Asset Income
Investment AdvisorFirst Trust Advisors L.P.
Investor Servicing AgentBank of New York Mellon Corp
Fiscal Year-End09/30
Inception Price$19.98
Inception NAV$19.98
Rebalance FrequencyQuarterly
Gross Expense Ratio*0.84%
Net Expense Ratio*0.72%
* As of 2/1/2023
First Trust has contractually agreed to reduce management fees earned by the fund for management fees due to be paid to the underlying investment companies advised by First Trust. The agreement is expected to remain in place until at least January 31, 2024, or until its termination at the direction of the Trust's Board of Trustees, or the termination of the Investment Management Agreement. Please see the Fees and Expenses of the Fund section in the fund's prospectus for more details. The Investment Advisor has implemented fee breakpoints, which reduce the fund's investment management fee at certain assets levels. Please see the fund's Statement of Additional Information for full details.
Current Fund Data (as of 9/29/2023)
Closing NAV1$14.60
Closing Market Price2$14.60
Bid/Ask Midpoint$14.60
Bid/Ask Discount0.03%
30-Day Median Bid/Ask Spread30.20%
Total Net Assets$413,278,239
Outstanding Shares28,300,002
Daily Volume114,809
Average 30-Day Daily Volume54,427
Closing Market Price 52-Week High/Low$16.25 / $14.05
Closing NAV 52-Week High/Low$16.25 / $14.06
Number of Holdings (excluding cash)126
Top Holdings (as of 9/29/2023)*
Holding Percent
First Trust Tactical High Yield ETF 19.93%
Icahn Enterprises, L.P. 1.83%
Ready Capital Corporation 1.35%
Alliance Resource Partners, L.P. 1.33%
Rithm Capital Corp. 1.25%
Starwood Property Trust, Inc. 1.23%
Dorchester Minerals, L.P. 1.16%
Ladder Capital Corp (Class A) 1.10%
NuStar Logistics, L.P., Variable Rate, Due 01/15/2043 1.09%
USA Compression Partners LP 1.09%

* 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 10/1/2023)4$0.0983
30-Day SEC Yield (as of 8/31/2023)56.68%
Unsubsidized 30-Day SEC Yield (as of 8/31/2023)66.56%
12-Month Distribution Rate (as of 8/31/2023)76.60%
Distribution Rate (as of 8/31/2023)97.12%
Index Yield (as of 8/31/2023)87.57%
Fund Characteristics (as of 8/31/2023)10
Maximum Market Cap.$147,057
Median Market Cap.$3,747
Minimum Market Cap.$685
Price/Cash Flow6.63
Bid/Ask Premium/Discount (as of 9/29/2023)
  2022 Q1 2023 Q2 2023 Q3 2023
Days Traded at Premium 154 38 25 22
Days Traded at Discount 97 24 37 41
Fund Composition (as of 9/29/2023)
Preferred Securities 20.19%
Dividend Paying Equities 20.07%
High Yield Corporate Bond ETFs 20.01%
MLPs 19.30%
REITS 19.00%
Other 1.43%
Hypothetical Growth of $10,000 Since Inception (as of 9/28/2023) *