FVI Fund Description

The First Trust Value Line Equity Allocation Fund tracks an index of stocks with the highest expected capital appreciation based on multiple factors according to the Value Line Ranking System.

FVI ETF.com Insight

FVI does not aim to provide investors with neutral exposure to the US equity market, attempting instead to pick stocks that have the greatest potential for capital appreciation. ThisFVI has the segment's highest expense ratio and is extremely difficult to trade methodology, which separates companies into the six different style box categories, produces a dramatically different portfolio than the market. FVI tilts drastically smaller than our benchmark while heavily overweighting technology and utilities at the expense of consumer non-cyclicals and energy. Making matters worse, FVI carries the highest expense ratio in the segment and is extremely difficult to trade, making all-in costs high. The fund's proprietary index methodology may very well create excess returns in the future, but over the past year it has failed to do so. (Insight updated 08/18/2014)

  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 12/18/14]
1 Month
3 Month
YTD
1 Year
3 Years
5 Years
10 Years

FVI
-1.83% -4.42% 1.16% 4.37% 14.08% 9.20% --

FVI (NAV)
-0.76% -3.39% 1.71% 4.00% 15.36% 10.48% --

Value Line Equity Allocation Index
-- -3.17% 2.58% 4.91% 16.35% -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

FVI Top 10 Countries

FVI Top 10 Sectors

FVI Top 10 Holdings View All

FVI Summary Data

Issuer First Trust

A company that produces and manages ETFs.

Inception Date 12/05/06

The first date of a fund's operations, as documented by the issuer.

Legal Structure Open-Ended Fund

The organizational structure of the fund or ETN.

Expense Ratio 0.70%

The net total annual fee a fund holder pays to the issuer.

Assets Under Management $5.21 M

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

Average Daily $ Volume $79.69 K

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

(%) | The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent." href="javascript:void(0)" class="term">Average Spread (%) 0.38%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

FVI Portfolio Data

Weighted Average Market Cap $50.86 B

Describes the average of each stock's market cap (share price x shares outstanding) scaled by its weight in the portfolio.

Price / Earnings Ratio 18.60

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

Price / Book Ratio 1.93

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

Distribution Yield 0.74%

The ratio of distributions paid by the fund over the past 12 months, divided by the fund’s NAV.

Next Ex-Dividend Date 12/23/14

The date on which a security's price excludes an upcoming dividend.

Number of Holdings 150

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

FVI Index Data

Index Tracked Value Line Equity
Allocation Index

This is the benchmark an ETF is desigend to track or replicate.

Index Weighting Methodology Proprietary

A set of rules that the underlying index provider follows to weight its constituent securities.

Index Selection Methodology Proprietary

A set of rules that the underlying index provider follows to select its constituent securities.

Segment Benchmark MSCI USA Investable Markets

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to FVI

Top Competing ETFs VTI, DTN, SCHB, VTHR

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

FVI ETF.com Efficiency Insight

FVI's segment-high 70 basis point expense ratio undermines its efficiency score. It has struggled to meet even this high hurdle, lagging its index by around a full percentage point on a median 1-year basis the past two years with high relative volatility. Unfortunately, the fund may continue to post worst-in-class Efficiency scores, burdened by high fees and a low asset base. (Insight updated 08/18/2014)


Total Return - 12/18/2014

  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 12/18/14]
1 Month
3 Month
YTD
1 Year
3 Years
5 Years
10 Years

FVI
-1.83% -4.42% 1.16% 4.37% 14.08% 9.20% --

FVI (NAV)
-0.76% -3.39% 1.71% 4.00% 15.36% 10.48% --

Value Line Equity Allocation Index
-- -3.17% 2.58% 4.91% 16.35% -- --

MSCI USA Investable Markets
0.55% 2.44% 11.75% 14.23% 20.92% 15.30% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

FVI Portfolio Management

Expense Ratio 0.70%

The net annual fee a fund holder pays to the issuer.

(12 Mo) | Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results." href="javascript:void(0)" class="term">Median Tracking Difference (12 Mo) -0.93%

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

FVI Tax Exposures

Max LT/ST Capital Gains Rate 20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

Tax on Distributions Qualified dividends

IRS treatment of the majority of the fund's distributions.

Distributes K1 No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

FVI Fund Structure

Legal Structure Open-Ended Fund

The organizational structure of the fund or ETN.

OTC Derivative Use No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

Securities Lending Active No

An indicator of whether or not a fund actively lends its portfolio holdings.

ETN Counterparty N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

ETN Counterparty Risk N/A

The risk of default by the ETN counterparty.

Fund Closure Risk High

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Portfolio Disclosure Daily

The frequency of an issuer's disclosure of all fund holdings.

FVI ETF.com Tradability Insight

Retail investors will have an extremely difficult time trading FVI. Spreads are wide on meager daily trading volume. Use limit orders to avoid even wider spreads. Be sure to check iNAV prior to setting your orders. Institutions trading in large blocks can do much better using a market maker since underlying liquidity is strong. (Insight updated 08/18/2014)

Average Spread

Premium/Discount

Volume

FVI ETF.com/ Block LiquidityAs of 12/19/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of FVI. FVI is rated a 4 out of 5.

FVI Tradability

Avg. Daily Share Volume 3,097

It is the daily number of shares traded, averaged over the past 45 trading days.

Average Daily $ Volume $79.69 K

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

Median Daily Share Volume 471

Median number of shares traded over the past 45 trading days.

(%) | The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent." href="javascript:void(0)" class="term">Average Spread (%) 0.38%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

($) | The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars." href="javascript:void(0)" class="term">Average Spread ($) $0.10

The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars.

(12 Mo) | The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period." href="javascript:void(0)" class="term">Max. Premium / Discount (12 Mo) 3.46% / -2.38%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period.

Impediment to Creations None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

Market Hours Overlap 100.00%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

(Shares) | The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund." href="javascript:void(0)" class="term">Creation Unit Size (Shares) 50,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

(45 Day Average) | The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots." href="javascript:void(0)" class="term">Creation Unit/Day (45 Day Average) 0.01

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

(%) | The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit." href="javascript:void(0)" class="term">Creation Unit Cost (%) 0.04%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

Underlying Volume / Unit 0.02%

This metric serves as a way of understanding the impact of executing 1 creation unit worth of an ETF in terms of the volume of its underlying components.

Open Interest on ETF Options --

The total number of net outstanding options contracts for an ETF.

ETF.com Implied Liquidity 4

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

FVI ETF.com Fit Insight

FVI doesn't aim for neutral total market exposure. Instead, the fund tries to choose the stocks best positioned for capital appreciation, which creates a vast wedge between the makeup of its portfolio and that of the market. By sector, FVI overweights technology while underweighting energy. Unfortunately, this strategy hasn't worked lately: FVI has failed to generate alpha over the past year. (Insight updated 08/18/2014)

FVI Sector/Industry BreakdownView All

Sector FVI Segment Benchmark
Consumer Cyclicals 13.98% 20.55%

Technology 17.10% 18.55%

Financials 17.44% 18.38%

Energy 7.81% 11.27%

Industrials 13.50% 11.15%

Basic Materials 2.92% 4.42%

Healthcare 12.81% 4.35%

Utilities 3.24% 0.73%

FVI Geographic ExposureView All

Countries FVI Segment Benchmark
United States 99.68% 89.25%

Japan -- 3.62%

Canada 0.02% 1.96%

India -- 1.46%

Mexico -- 1.21%

Brazil -- 0.68%

Panama -- 0.42%

Singapore 0.10% --

Other 0.2% 0%

Regions FVI Segment Benchmark
North America 99.71% 91.21%

Asia-Pacific 0.10% 6.47%

Latin America 0.02% 2.31%

Europe 0.16% --

Developed /
Emerging Split
99.98% / 0.02% 96.23% / 3.77%

FVI Performance Statistics

Beta 1.07

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

Annualized Alpha -9.84%

The excess return of fund relative to ETF.com segment benchmark on a risk adjusted basis. Only reported if statistically significant.

Up Beta 1.00

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

Down Beta 1.07

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

Downside Standard Deviation 0.22%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

Segment Benchmark MSCI USA Investable Markets

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

FVI Benchmark Comparison

FVI
150 Holdings
Segment Benchmark
2519 Constituents
Shared Holdings
136 (Count)
 
12.15% (Weight)
FVISegment Benchmark
Market Cap | The average market capitalization of the firms in the portfolio based on each firm’s weighting in the portfolio." href="javascript:void(0)" class="term">Weighted Average
Market Cap
$109.02 B$50.86 B

The average market capitalization of the firms in the portfolio based on each firm’s weighting in the portfolio.

Size Split

The breakdown of the portfolio’s holdings into each market capitalization bucket based on each firm’s weighting in the portfolio.

Large (>12.9B)77%55%
Mid (>2.7B)17%28%
Small (>600M)5%16%
Micro (<600M)1%0%
Price / Book Ratio2.781.93

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

Dividend Yield1.76%1.84%

The weighted average of the current yield on the portfolio’s holdings.

Holdings | The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper." href="javascript:void(0)" class="term">Number Of
Holdings
2519150

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

ConcentrationLowLow

The level of return contribution attributable to the average portfolio constituent.