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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™ Index.
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*0.80%
Net Expense Ratio*0.68%
* As of 2/1/2024
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, 2025, 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.
Current Fund Data (as of 4/22/2024)
Closing NAV1$15.58
Closing Market Price2$15.57
Bid/Ask Midpoint$15.57
Bid/Ask Discount0.10%
30-Day Median Bid/Ask Spread (as of 4/19/2024)30.26%
Total Net Assets$417,533,767
Outstanding Shares26,800,002
Daily Volume34,420
Average 30-Day Daily Volume114,559
Closing Market Price 52-Week High/Low$15.81 / $14.11
Closing NAV 52-Week High/Low$15.83 / $14.08
Number of Holdings (excluding cash)123
Top Holdings (as of 4/19/2024)*
Holding Percent
First Trust Tactical High Yield ETF 19.65%
Alliance Resource Partners, L.P. 1.47%
Ready Capital Corporation 1.44%
PennyMac Mortgage Investment Trust 1.40%
Icahn Enterprises, L.P. 1.36%
Dorchester Minerals, L.P. 1.22%
Rithm Capital Corp. 1.22%
NuStar Logistics, L.P., Variable Rate, Due 01/15/2043 1.18%
Black Stone Minerals, L.P. 1.17%
Kimbell Royalty Partners LP 1.17%

* 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 4/23/2024)4$0.1249
30-Day SEC Yield (as of 3/28/2024)56.61%
Unsubsidized 30-Day SEC Yield (as of 3/28/2024)66.49%
12-Month Distribution Rate (as of 3/28/2024)76.02%
Distribution Rate (as of 3/28/2024)99.47%
Index Yield (as of 3/28/2024)87.08%
Fund Characteristics (as of 3/28/2024)10
Maximum Market Cap.$292,966
Median Market Cap.$11,163
Minimum Market Cap.$866
Price/Cash Flow7.77
Bid/Ask Premium/Discount (as of 4/22/2024)
  2023 Q1 2024 Q2 2024 Q3 2024
Days Traded at Premium 101 25 5 ---
Days Traded at Discount 149 36 11 ---
Fund Composition (as of 4/19/2024)
Dividend Paying Equities 21.71%
High Yield Corporate Bond ETFs 19.75%
REITS 19.73%
Preferred Securities 19.10%
MLPs 17.92%
Other 1.79%
Hypothetical Growth of $10,000 Since Inception (as of 4/19/2024) *