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First Trust SSI Strategic Convertible Securities ETF

Active ETF
FCVT
Payout Change
Pending
Price as of:
$32.69 -0.04 -0.12%
primary theme
Convertible Bond
FCVT (ETF)

First Trust SSI Strategic Convertible Securities ETF

Payout Change
Pending
Price as of:
$32.69 -0.04 -0.12%
primary theme
Convertible Bond
FCVT (ETF)

First Trust SSI Strategic Convertible Securities ETF

Payout Change
Pending
Price as of:
$32.69 -0.04 -0.12%
primary theme
Convertible Bond

Name

As of 04/17/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

First Trust SSI Strategic Convertible Securities ETF

FCVT | Active ETF

$32.69

$81.9 M

0.00%

0.95%

Vitals

YTD Return

-1.6%

1 yr return

4.2%

3 Yr Avg Return

-6.5%

5 Yr Avg Return

7.5%

Net Assets

$81.9 M

Holdings in Top 10

17.6%

52 WEEK LOW AND HIGH

$32.7
$29.38
$34.19

Expenses

OPERATING FEES

Expense Ratio 0.95%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 04/17/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

First Trust SSI Strategic Convertible Securities ETF

FCVT | Active ETF

$32.69

$81.9 M

0.00%

0.95%

FCVT - Profile

Distributions

  • YTD Total Return -1.6%
  • 3 Yr Annualized Total Return -6.5%
  • 5 Yr Annualized Total Return 7.5%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio -2.60%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    First Trust SSI Strategic Convertible Securities ETF
  • Fund Family Name
    First Trust Advisors L.P.
  • Inception Date
    Nov 03, 2015
  • Shares Outstanding
    5600002
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Ravi Malik

Fund Description

Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (including investment borrowings) in a portfolio of U.S. and non-U.S. convertible securities (described below). In general, convertible securities combine the investment characteristics of bonds and common stocks and typically consist of debt securities or preferred securities that may be converted or exchanged within a specified period of time (typically for the entire life of the security) into a certain amount of common stock or other equity security (such equity securities referred to as “underlying securities”) of the same or a different issuer (and/or the cash equivalent thereof). A convertible security is designed to provide current income and also the potential for capital appreciation through the conversion feature, which enables the holder to benefit from increases (if any) in the market price of the underlying equity security. Accordingly, these equity-linked instruments offer the potential for equity market participation along with, in light of their bond-like characteristics, potential mitigated downside risk (which is generally the risk that a security may suffer a decline in value) in periods of equity market declines.The Fund may invest in the following convertible securities (collectively, the “Convertible Securities”):•Convertible and exchangeable notes, bonds and debentures;•Convertible preferred securities;•Mandatory convertible securities (Conversion is not optional for these convertible securities, which automatically convert on maturity.);•Contingent convertible securities (“CoCos”) (These convertible securities may provide for conversion under certain circumstances, including, for example: if a company fails to meet the minimum amount of capital described in the security; if the company’s regulator makes a determination that the security should convert; or if the company receives specified levels of extraordinary public support. Additionally, CoCos may contain features that limit an investor’s ability to convert the convertible security into its underlying security unless certain conditions are met, including, for example, when the sale price of the underlying security exceeds the conversion price by a specified percentage for a certain specified period of time.);•Synthetic convertible securities (These convertible securities (a) consist of two or more distinct securities whose economic characteristics, when taken together, resemble those of traditional convertible securities (i.e., an income-producing security and the right to acquire an equity security (through, for example, an option or a warrant)); or (b) are exchangeable or equity-linked securities issued by a broker-dealer, investment bank or other financial institution with proceeds going directly to the broker-dealer, investment bank or other financial institution, as applicable, that have economic characteristics similar to those of traditional convertible securities.);•Corporate bonds and preferred securities with attached warrants; and•Convertible securities that are eligible for purchase and sale pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) (such as, for example, convertible securities that are issued in private placements).In selecting securities for the Fund, SSI Investment Management LLC, the Fund’s sub-advisor (the “Sub-Advisor”), utilizes both quantitative and fundamental analysis to construct a portfolio of Convertible Securities intended to provide an attractive level of returns typically associated with investments in equity securities, but with a degree of downside protection that is provided through bond-like characteristics. Through its investment process, the Sub-Advisor attempts to identify attractive Convertible Securities based on its positive view of the underlying security or its view of the company’s potential for credit improvement. The Sub-Advisor screens the universe for Convertible Securities that present the most attractive reward per unit of risk. Once attractive Convertible Securities have been identified, the Sub-Advisor generally uses fundamental equity and credit analysis to determine which of the attractive Convertible Securities it believes have a sound underlying security with potential for increase in value. In conjunction with its analysis, the Sub-Advisor reviews the overall economic situation. In this regard, the Fund is actively managed, whereby, the Sub-Advisor assesses the position of the economic cycle and the performance outlook for certain economic sectors. In making decisions to purchase or sell Convertible Securities, the Sub-Advisor will, at times, over- or underweight different economic sectors, market capitalizations, and credit quality exposures relative to the available universe of Convertible Securities. The Sub-Advisor may also adjust the sensitivity of the portfolio to movements in the equity market and to interest rates based on the macroeconomic outlook. The Fund may manage the market exposure defensively during periods of market distress.The Fund may invest in Convertible Securities of any credit quality, including securities that are rated below investment grade or unrated, and with effective or final maturities of any length. Below investment grade securities are commonly referred to as “junk” or “high yield” securities and are considered speculative with respect to the issuer’s capacity to pay interest and repay principal. The Fund’s investment advisor expects that, under normal market conditions, generally, for a Convertible Security to be considered as an eligible investment, after taking into account such an investment, at least 75% of the Fund’s net assets that are invested in Convertible Securities will be comprised of Convertible Securities that will have, at the time of original issuance, $200 million or more in par amount outstanding.The Fund will limit its investments in synthetic convertible securities to 10% of its net assets (calculated at the time of investment). The Fund’s investments in options will be limited to options that represent a component of a synthetic convertible security.The Fund may invest, without limit, in securities that have not been registered under the Securities Act and continue to be subject to restrictions on resale, securities held by control persons of the issuer and securities that are subject to contractual restrictions on their resale (collectively, “restricted securities”). Restricted securities include, without limitation, securities eligible for purchase and sale pursuant to Rule 144A under the Securities Act (“Rule 144A”) and other securities issued in private placements. Under normal market conditions, the Fund will limit its investments in Convertible Securities that are Rule 144A securities to securities with $100 million or more in principal amount outstanding as of the time of their original issuance.In addition to investing in Convertible Securities, the Fund also may invest in the following securities and instruments. The Fund may invest up to 20% of its net assets in exchange-traded notes (“ETNs”), which are a type of senior, unsecured, unsubordinated debt security issued by financial institutions that combines both aspects of bonds and exchange-traded funds (“ETFs”). The Fund may invest up to 20% of its net assets in equity securities listed on U.S. or non-U.S. securities exchanges, including, but not limited to, depositary receipts, equity securities issued by business development companies (“BDCs”), and equity securities held upon conversion of Convertible Securities into their corresponding underlying securities. The Fund may also invest in zero coupon bonds. As of January 31, 2024, the Fund had significant investments in information technology companies, although this may change from time to time. To the extent the Fund invests a significant portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or investment sector.To the extent permitted under applicable law, percentage limitations described in this prospectus are generally as of the time of investment by the Fund and may be exceeded on a going-forward basis as a result of market fluctuations affecting the Fund’s portfolio securities.
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FCVT - Performance

Return Ranking - Trailing

Period FCVT Return Category Return Low Category Return High Rank in Category (%)
YTD -1.6% -6.2% 2.6% 70.73%
1 Yr 4.2% -13.6% 9.1% 74.39%
3 Yr -6.5%* -18.9% -0.2% 75.31%
5 Yr 7.5%* -7.2% 10.8% 66.23%
10 Yr N/A* -1.4% 9.7% 57.14%

* Annualized

Return Ranking - Calendar

Period FCVT Return Category Return Low Category Return High Rank in Category (%)
2023 5.2% -7.7% 13.1% 57.14%
2022 -23.5% -37.8% -9.7% 67.47%
2021 -15.4% -18.9% 2.4% 84.34%
2020 48.0% 5.8% 54.0% 3.80%
2019 20.2% 9.9% 24.4% 20.25%

Total Return Ranking - Trailing

Period FCVT Return Category Return Low Category Return High Rank in Category (%)
YTD -1.6% -6.2% 2.6% 70.73%
1 Yr 4.2% -13.6% 9.1% 74.39%
3 Yr -6.5%* -18.9% -0.2% 75.31%
5 Yr 7.5%* -7.2% 10.8% 66.23%
10 Yr N/A* -1.4% 9.7% N/A

* Annualized

Total Return Ranking - Calendar

Period FCVT Return Category Return Low Category Return High Rank in Category (%)
2023 7.1% -7.7% 15.3% 71.43%
2022 -20.9% -37.8% -9.7% 68.67%
2021 4.1% -12.2% 11.3% 49.40%
2020 51.0% 5.8% 64.4% 24.05%
2019 22.3% 12.2% 28.7% 63.29%

FCVT - Holdings

Concentration Analysis

FCVT Category Low Category High FCVT % Rank
Net Assets 81.9 M 17.5 M 3.69 B 89.53%
Number of Holdings 131 40 381 19.77%
Net Assets in Top 10 14.1 M 4.72 M 669 M 90.70%
Weighting of Top 10 17.60% 9.5% 50.5% 96.51%

Top 10 Holdings

  1. Palo Alto Networks Inc 3.18%
  2. Akamai Technologies Inc 1.91%
  3. Wells Fargo Co 1.89%
  4. Bank of America Corp 1.66%
  5. Liberty Media Corp 1.58%
  6. ON Semiconductor Corp 1.51%
  7. Dexcom Inc 1.49%
  8. Snap Inc 1.46%
  9. MongoDB Inc 1.46%
  10. Morgan Stanley Finance LLC 1.45%

Asset Allocation

Weighting Return Low Return High FCVT % Rank
Bonds 		91.91% 0.00% 141.12% 22.09%
Convertible Bonds 		78.21% 33.22% 110.54% 53.49%
Preferred Stocks 		7.21% 0.00% 22.50% 31.40%
Cash 		0.88% -78.94% 18.48% 81.40%
Stocks 		0.00% 0.00% 23.09% 91.86%
Other 		0.00% -17.11% 0.97% 82.56%

Bond Sector Breakdown

Weighting Return Low Return High FCVT % Rank
Corporate 		91.60% 91.11% 100.00% 98.84%
Cash & Equivalents 		0.49% 0.00% 18.32% 69.77%
Derivative 		0.00% -0.03% 0.32% 70.93%
Securitized 		0.00% 0.00% 0.00% 89.53%
Municipal 		0.00% 0.00% 0.00% 89.53%
Government 		0.00% 0.00% 2.94% 89.53%

Bond Geographic Breakdown

Weighting Return Low Return High FCVT % Rank
US 		91.91% 0.00% 141.12% 18.60%
Non US 		0.00% 0.00% 19.91% 89.53%

FCVT - Expenses

Operational Fees

FCVT Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.95% 0.20% 3.16% 66.28%
Management Fee 0.95% 0.20% 1.23% 92.94%
12b-1 Fee 0.00% 0.00% 1.00% 15.69%
Administrative Fee N/A 0.04% 0.15% N/A

Sales Fees

FCVT Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

FCVT Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 2.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

FCVT Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 30.00% 154.00% 80.00%

FCVT - Distributions

Dividend Yield Analysis

FCVT Category Low Category High FCVT % Rank
Dividend Yield 0.00% 0.00% 12.43% 61.63%

Dividend Distribution Analysis

FCVT Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Quarterly Quarterly

Net Income Ratio Analysis

FCVT Category Low Category High FCVT % Rank
Net Income Ratio -2.60% -3.72% 10.32% 95.29%

Capital Gain Distribution Analysis

FCVT Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Semi-Annually Annually

Distributions History

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FCVT - Fund Manager Analysis

Managers

Ravi Malik

Start Date

Tenure

Tenure Rank

Nov 03, 2015

6.58

6.6%

Oversees the daily management of the Convertible Investment portfolios; provides equity and credit research in the Technology and Emerging Markets Sectors Board of Director and Member of the Executive Committee Portfolio Manager of SSI’s Convertible Team and the Froley, Revy Convertible Team (acquired by SSI in 2009) Collaborates with CIO in analyzing Global and Macro environments and formulates strategy according to client mandates Prior to joining SSI, Ravi spent 10 years in the Indian Administrative Service (IAS), India’s highest level “Think Tank”; he also served as Finance Commissioner to the Andaman Islands MBA, Finance, Anderson Graduate School of Management, University of California, Los Angeles; BA, Mathematics and Economics, Punjab University

George Douglas

Start Date

Tenure

Tenure Rank

Nov 03, 2015

6.58

6.6%

Portfolio Manager of the Hedged Convertible strategies SSI’s Chief Investment Officer Board of Director and Chairperson of the Executive Committee Prior to joining SSI, George was Director of Quantitative Equity Investments at CS First Boston Asset Management Named to Institutional Investor's "All American Research Team" four times MBA, Finance; MS, Statistics; BS, Mathematics, University of Wisconsin

Michael Opre

Start Date

Tenure

Tenure Rank

Nov 03, 2015

6.58

6.6%

Oversees the daily management of the Convertible Investment portfolios and provides equity and credit research in the Finance, Energy and Materials Sectors Portfolio Manager of the SSI Convertible Investment Strategy and the Froley, Revy Convertible Strategy (acquired by SSI in 2009) Mike’s prior experience includes serving as Senior Investment Manager at Wells Fargo and a Research Analyst with Pacific Strategic Fund Group, Inc. specializing in fundamental analysis and risk arbitrage MBA, Finance, Anderson Graduate School of Management, University of California, Los Angeles; BA, University of California, Los Angeles

Florian Eitner

Start Date

Tenure

Tenure Rank

Nov 03, 2015

6.58

6.6%

Oversees the daily management of the Convertible Investment portfolios and provides equity and credit research in the Healthcare, Industrials, Telecommunications and Transportation Sectors Portfolio Manager of SSI’s Convertible Investment Team Prior to joining SSI, Florian was an Associate in the Leveraged Finance Group at Lehman Brothers Europe. Previously, he was a member of the CTC, LLC options trading group at the Chicago Mercantile Exchange MBA, Finance and Student Investment Fund Fellow, Anderson Graduate School of Management, University of California, Los Angeles; BA, Economics, Northwestern University, Chicago

Stephen Wachtel

Start Date

Tenure

Tenure Rank

Mar 02, 2020

2.25

2.3%

*Portfolio Manager of SSI’s Core Equity Strategies *Member of SSI’s Tactical Asset Allocation Portfolio Team which monitors the Tactical Alpha Signals and manages the Flexible Allocation Strategy *Provides equity research in Financials, Industrials and Consumer Sectors *Joined SSI in 2010 as an Equity Portfolio Manager. In addition Steve worked for Froley Revy as an Outright Convertible Portfolio Manager for 7 years *MBA, Finance and Student Investment Fund Fellow, Anderson Graduate School of Management, University of California, Los Angeles; BS, Finance, Lehigh University

Tenure Analysis

Category Low Category High Category Average Category Mode
0.25 36.97 10.12 7.42

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