First Trust Value Line® Dividend Index Fund (FVD)
Investment Objective/Strategy - The First Trust Value Line® Dividend Index Fund is an exchange-traded index fund. The objective of the Fund is to seek investment results that correspond generally to the price and yield, before fees and expenses, of the Value Line® Dividend Index.
There can be no assurance that the Fund's investment objectives will be achieved.
Index Description According to the Index Provider
  • The index begins with the universe of stocks that Value Line® gives a SafetyTM Ranking of #1 or #2 using the Value Line® SafetyTM Ranking System. All registered investment companies, limited partnerships and foreign securities not listed in the U.S. are removed from this universe.
  • From those stocks, Value Line® selects those companies with a higher than average dividend yield, as compared to the indicated dividend yield of the Standard & Poor's 500 Composite Stock Price Index.
  • Value Line® then eliminates those companies with an equity market capitalization of less than $1 billion.
  • The index seeks to be equally weighted in each of the securities in the index. The index is rebalanced on the application of the above model on a monthly basis.
Fund Overview
TickerFVD
Fund TypeEquity Income
Investment AdvisorFirst Trust Advisors L.P.
Investor Servicing AgentBank of New York Mellon Corp
CUSIP33734H106
ISINUS33734H1068
Intraday NAVFVDIV
Fiscal Year-End12/31
ExchangeNYSE Arca
Inception8/19/2003
Inception Price$15.00
Inception NAV$14.32
Rebalance FrequencyMonthly
Total Expense Ratio*0.60%
Net Expense Ratio*0.60%
* As of 5/1/2024
Expenses are capped contractually at 0.70% per year, at least through April 30, 2025. 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 3/28/2025)
Closing NAV1$44.23
Closing Market Price2$44.20
Bid/Ask Midpoint$44.22
Bid/Ask Discount0.02%
30-Day Median Bid/Ask Spread30.02%
Total Net Assets$9,080,602,516
Outstanding Shares205,290,884
Daily Volume714,316
Average 30-Day Daily Volume597,624
Closing Market Price 52-Week High/Low$46.70 / $39.94
Closing NAV 52-Week High/Low$46.70 / $39.97
Number of Holdings (excluding cash)223
Top Holdings (as of 3/28/2025)*
Holding Percent
American States Water Company 0.47%
American Water Works Company, Inc. 0.47%
AT&T Inc. 0.47%
California Water Service Group 0.47%
Flowers Foods, Inc. 0.47%
Gilead Sciences, Inc. 0.47%
Hormel Foods Corporation 0.47%
Middlesex Water Company 0.47%
Mondelez International, Inc. 0.47%
Paychex, Inc. 0.47%

* 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 3/31/2025)4$0.2612
30-Day SEC Yield (as of 2/28/2025)52.41%
Unsubsidized 30-Day SEC Yield (as of 2/28/2025)62.41%
12-Month Distribution Rate (as of 2/28/2025)72.14%
Index Yield (as of 2/28/2025)82.93%
Fund Characteristics (as of 2/28/2025)9
Maximum Market Cap.$819,833
Median Market Cap.$37,579
Minimum Market Cap.$1,324
Price/Earnings19.96
Price/Book2.62
Price/Cash Flow12.28
Price/Sales1.95
Bid/Ask Premium/Discount (as of 3/28/2025)
  2024 Q1 2025 Q2 2025 Q3 2025
Days Traded at Premium 101 20 --- ---
Days Traded at Discount 151 39 --- ---
Top Sector Exposure (as of 3/28/2025)
Industrials 20.78%
Utilities 19.61%
Consumer Staples 15.60%
Financials 11.99%
Health Care 8.53%
Information Technology 6.07%
Materials 5.79%
Consumer Discretionary 4.82%
Communication Services 3.69%
Energy 1.80%
Real Estate 1.32%
Hypothetical Growth of $10,000 Since Inception (as of 3/27/2025) *
Tracking Index: Value Line® Dividend Index

Month End Performance (as of 2/28/2025)
  3 Month YTD 1 Year 3 Year 5 Year 10 Year Since
Fund
Inception10
Fund Performance *
Net Asset Value (NAV) -2.39% 3.88% 12.76% 5.85% 9.34% 8.81% 9.35%
After Tax Held -2.64% 3.88% 11.73% 4.88% 8.34% 7.80% 8.01%
After Tax Sold -1.42% 2.29% 7.52% 4.06% 6.88% 6.62% 7.22%
Market Price -2.43% 3.90% 12.85% 5.85% 9.31% 8.81% 9.35%
Index Performance **
Value Line® Dividend Index -2.24% 4.02% 13.54% 6.59% 10.20% 9.66% N/A
Dow Jones U.S. Select Dividend Index -2.59% 5.33% 23.44% 8.06% 13.05% 9.93% N/A
S&P 500® Index -0.97% 1.44% 18.41% 12.55% 16.85% 12.98% 10.75%
S&P 500® Value Index -3.69% 3.33% 12.27% 11.50% 14.07% 10.28% 9.25%
Quarter End Performance (as of 12/31/2024)
  3 Month YTD 1 Year 3 Year 5 Year 10 Year Since
Fund
Inception10
Fund Performance *
Net Asset Value (NAV) -3.55% 10.00% 10.00% 2.76% 6.26% 8.50% 9.23%
After Tax Held -3.80% 9.00% 9.00% 1.82% 5.29% 7.50% 7.88%
After Tax Sold -2.10% 5.91% 5.91% 1.69% 4.42% 6.37% 7.10%
Market Price -3.57% 10.00% 10.00% 2.75% 6.26% 8.50% 9.23%
Index Performance **
Value Line® Dividend Index -3.43% 10.74% 10.74% 3.47% 7.08% 9.35% N/A
Dow Jones U.S. Select Dividend Index -1.85% 16.62% 16.62% 6.60% 8.86% 9.38% N/A
S&P 500® Index 2.41% 25.02% 25.02% 8.94% 14.53% 13.10% 10.76%
S&P 500® Value Index -2.67% 12.29% 12.29% 9.16% 10.49% 10.01% 9.16%
3-Year Statistics (as of 2/28/2025)
  Standard Deviation Alpha Beta Sharpe Ratio Correlation
FVD 14.45% -4.10 0.73 0.18 0.86
Dow Jones U.S. Select Dividend Index 17.63% -2.32 0.82 0.30 0.79
S&P 500® Index 16.95% --- 1.00 0.55 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 determined by using the midpoint of the national best bid offer price ("NBBO") 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 each listed 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 December 15, 2006, the Fund acquired the assets and adopted the financial and performance history of First Trust Value Line® Dividend Fund (the "Predecessor FVD Fund," a closed-end fund), which had an inception date of August 19, 2003. The investment goals, strategies and policies of the Fund are substantially similar to those of the Predecessor FVD Fund. Accordingly, the performance information shown above for periods prior to December 15, 2006 is that of the Predecessor FVD Fund's shares. NAV and Market Value returns assume that all distributions have been reinvested in the Fund at NAV and Market Value, respectively. Prior to December 15, 2006, NAV and Market Value returns assumed that all distributions were reinvested at prices obtained by the Dividend Reinvestment Plan of the Predecessor FVD Fund and the price used to calculate Market Value return was the AMEX (now known as the NYSE American) closing market price of the Predecessor FVD Fund.

Dow Jones U.S. Select Dividend Index - The Index consists of 100 widely-traded, dividend-paying stocks derived from the Dow Jones U.S.Total Market IndexSM.

S&P 500® Index - The Index is an unmanaged index of 500 companies used to measure large-cap U.S. stock market performance.

S&P 500® Value Index - The Index contains those securities with value characteristics from the S&P 500 Index.
Footnotes
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 The median bid-ask spread is calculated by identifying the national best bid and national best offer ("NBBO") for the fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage rounded to the nearest hundredth.
4 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.
5 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.
6 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.
7 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.
8 Index yield represents the weighted average trailing 12-month dividend of the constituents of the Value Line® Dividend Index.
9 All market capitalization numbers are in USD$ Millions.
10 Inception Date is 8/19/2003

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.

Risk Considerations

You could lose money by investing in a fund. An investment in a fund is not a deposit of a bank and is not insured or guaranteed. There can be no assurance that a fund's objective(s) will be achieved. Investors buying or selling shares on the secondary market may incur customary brokerage commissions. Please refer to each fund's prospectus and Statement of Additional Information for additional details on a fund's risks. The order of the below risk factors does not indicate the significance of any particular risk factor.

Unlike mutual funds, shares of the fund may only be redeemed directly from a fund by authorized participants in very large creation/redemption units. If a 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 premium or discount to a fund's net asset value and possibly face delisting and the bid/ask spread may widen.

Current market conditions risk is the risk that a particular investment, or shares of the fund in general, may fall in value due to current market conditions. For example, changes in governmental fiscal and regulatory policies, disruptions to banking and real estate markets, actual and threatened international armed conflicts and hostilities, and public health crises, among other significant events, could have a material impact on the value of the fund's investments.

A fund is susceptible to operational risks through breaches in cyber security. Such events could cause a fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss.

Depositary receipts may be less liquid than the underlying shares in their primary trading market and distributions may be subject to a fee. Holders may have limited voting rights, and investment restrictions in certain countries may adversely impact their value.

Companies that issue dividend-paying securities are not required to continue to pay dividends on such securities. Therefore, there is a possibility that such companies could reduce or eliminate the payment of dividends in the future.

Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, company, industry or sector of the market.

An index fund will be concentrated in an industry or a group of industries to the extent that the index is so concentrated. A fund with significant exposure to a single asset class, or the securities of issuers within the same country, state, region, industry, or sector may have its value more affected by an adverse economic, business or political development than a broadly diversified fund.

A fund may be a constituent of one or more indices or models which could greatly affect a fund's trading activity, size and volatility.

There is no assurance that the index provider or its agents will compile or maintain the index accurately. Losses or costs associated with any index provider errors generally will be borne by a fund and its shareholders.

Industrials and producer durables companies are subject to certain risks, including the general state of the economy, intense competition, consolidation, domestic and international politics, excess capacity and consumer demand and spending trends. They may also be significantly affected by overall capital spending levels, economic cycles, technical obsolescence, delays in modernization, labor relations, and government regulations.

As inflation increases, the present value of a fund's assets and distributions may decline.

Large capitalization companies may grow at a slower rate than the overall market.

Market risk is the risk that a particular security, or shares of a fund in general may fall in value. Securities are subject to market fluctuations caused by such factors as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious disease or other public health issues, recessions, natural disasters or other events could have significant negative impact on a fund.

A fund faces numerous market trading risks, including the potential lack of an active market for fund shares due to a limited number of market makers. Decisions by market makers or authorized participants to reduce their role or step away in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of a fund's portfolio securities and a fund's market price.

Mid capitalization companies may experience greater price volatility than larger, more established companies.

An index fund's return may not match the return of the index for a number of reasons including operating expenses, costs of buying and selling securities to reflect changes in the index, and the fact that a fund's portfolio holdings may not exactly replicate the index.

Securities of non-U.S. issuers are subject to additional risks, including currency fluctuations, political risks, withholding, lack of liquidity, lack of adequate financial information, and exchange control restrictions impacting non-U.S. issuers.

A fund and a fund's advisor may seek to reduce various operational risks through controls and procedures, but it is not possible to completely protect against such risks. The fund also relies on third parties for a range of services, including custody, and any delay or failure related to those services may affect the fund's ability to meet its objective.

A fund that invests in securities included in or representative of an index will hold those securities regardless of investment merit and the fund generally will not take defensive positions in declining markets.

High portfolio turnover may result in higher levels of transaction costs and may generate greater tax liabilities for shareholders.

The market price of a fund's shares will generally fluctuate in accordance with changes in the fund's net asset value ("NAV") as well as the relative supply of and demand for shares on the exchange, and a fund's investment advisor cannot predict whether shares will trade below, at or above their NAV.

Securities of small capitalization companies may experience greater price volatility and be less liquid than larger, more established companies.

Trading on an exchange may be halted due to market conditions or other reasons. There can be no assurance that a fund's requirements to maintain the exchange listing will continue to be met or be unchanged.

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

Value Line® and Value Line® Dividend 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.

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by FactSet Research Systems Inc. and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, ©2025 CUSIP Global Services. "CUSIP" is a registered trademark of the American Bankers Association.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value