At a glance
DVLU charges 0.6% a year, above the 0.42% average of the 6 funds most like it (the 5th cheapest of 7). It has $45.6M in assets, the 6th largest of that group; it paid 0.79% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +14.4% with distributions reinvested (S&P 500: +11.5%), 6th of those 7 funds; over three years it returned +23.8% a year. At its worst it fell 53.0% in the 2020 crash (S&P 500: 33.7%) and 22.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 15 months after the lows. Its ten largest positions make up 33.8% of the fund, out of 50 in all.
The short version
First Trust Dorsey Wright Momentum & Value ETF (DVLU) is an index fund that holds 50 large and mid-sized US stocks. It first picks stocks with strong recent price trends (momentum), then keeps the cheapest of those on value measures. It is small, with about $45.6 million in net assets as of June 30, 2026. Its 0.60% expense ratio is above the 0.42% average of similar funds, and it trades its holdings heavily.
Price history
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DVLU +14.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DVLU official prospectus, to Dec 31, 2025 | — | +23.54% | — | +16.33% | — | +9.88% |
| DVLU price data to Oct 27, 2026 | +9.9% | +14.4% | +23.8% | +11.4% | — | +10.3% |
- Over the year to Oct 27, 2026, DVLU returned +14.4%, 6th of 7 among similar funds.
- Its 5-year annualized return was +11.4%.
- In the 2020 COVID crash it fell 53% and regained its old high 10.5 months after the low.
- Its worst full calendar year was 2022 (-9.8%); its best was 2021 (+41.6%).
- The deepest fall in its price history was 53.3% (Jan 17, 2020 to Mar 23, 2020), recovered by Feb 5, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.9% | — |
| 2025 | +23.7% | +23.54% |
| 2024 | +13.3% | +13.48% |
| 2023 | +18.8% | +18.59% |
| 2022 | -9.8% | -9.86% |
| 2021 | +41.6% | +42.15% |
| 2020 | -6.8% | -7.11% |
| 2019 | +33.6% | +29.71% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 53% over that stretch · deepest drop along the way 53%, back to its old high 10.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 15.9% over that stretch · deepest drop along the way 22.4%, back to its old high 14.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2200 | |
| 2025 | $0.2600 | -13.3% |
| 2024 | $0.3000 | -14.3% |
| 2023 | $0.3500 | -27.1% |
| 2022 | $0.4800 | +45.5% |
| 2021 | $0.3300 | +43.5% |
| 2020 | $0.2300 | -32.4% |
| 2019 | $0.3400 |
What's inside
As of Jun 30, 2026, the fund held 50 securities; the ten largest made up 33.77% of assets.
| Holding | Weight | |
|---|---|---|
| DELL TECHNOLOGIES INC | 5.86% | |
| DELTA AIR LINES INC | 3.82% | |
| TD SYNNEX CORP | 3.65% | |
| GENERAL MOTORS COMPANY | 3.17% | |
| INVESCO LTD | 3.10% | |
| POPULAR INC | 2.89% | |
| OLD NATIONAL BANCORP | 2.89% | |
| FIRST CITIZENS BANCSHARES INC | 2.80% | |
| AGNC INVESTMENT CORP | 2.80% | |
| US BANCORP | 2.79% | |
| CITIGROUP INC | 2.77% | |
| ARCHER DANIELS MIDLAND COMPANY | 2.74% | |
| EDISON INTERNATIONAL | 2.69% | |
| OLD REPUBLIC INTERNATIONAL CORP | 2.66% | |
| OSHKOSH CORP | 2.66% |
By country
United States 91.66%Bermuda 3.1%Puerto Rico 2.89%Switzerland 2.25%By asset type
Stocks 99.91%By sector
Sectors of the companies held, for the 50.6% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $2.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +11.28%, +2.05%, +2.19%.
How it works
DVLU tracks the Dorsey Wright Momentum Plus Value Index, which Nasdaq owns and developed. Stocks start out eligible if they belong to the Nasdaq US Large Mid Cap Index and meet liquidity rules, meaning they trade often enough. Nasdaq then ranks every stock on its own "relative strength" score, which measures how its intermediate- and long-term price moves compare with a market benchmark. The idea behind momentum investing is that stocks that have been rising tend to keep rising for a while.
The stocks that pass the momentum screen are then scored on four value measures: price-to-sales, price-to-book, price-to-earnings and price-to-cash-flow. A stock needs at least three of the four. The 50 stocks with the best combined value scores make the index. Each one is weighted by its share of the total value score, not by company size. As of June 30, 2026, the largest positions were Dell Technologies (5.9%), Delta Air Lines (3.8%), TD Synnex (3.6%), General Motors (3.2%) and Invesco (3.1%). The top 10 made up about 34% of the fund.
The index is rebuilt and rebalanced every quarter, and the fund follows shortly after. That is why portfolio turnover reached 187%, according to the prospectus filed January 28, 2026. The fund invests at least 90% of its assets in index stocks. It can be concentrated in whatever industries the index favors. As of December 31, 2025, that was financial companies.
What it really costs
- DVLU charges 0.6% a year, versus an average of 0.42% for the similar funds below (5th of 7, cheapest first).
In a retirement portfolio
It holds a concentrated 50-stock basket that changes every quarter and has fallen hard in sell-offs, so it fits better as a small add-on than as a main holding.
DVLU has fallen hard in market sell-offs. In the 2020 COVID crash it dropped 53% between February 19 and March 23, 2020, and needed about 10.5 months to get back to its earlier high, on February 5, 2021. In 2022 it fell 22.4% between June and September and took 14.6 months to recover, by December 14, 2023. Its worst calendar year was 2022, at −9.86%. It launched in 2018, so it has no record from the 2008 crisis. Anyone forced to sell shares during a drop like 2020 would have locked in deep losses.
Income is small: the trailing 12-month yield was 0.79% as of October 27, 2026, paid quarterly. Its 0.60% expense ratio is above the 0.42% peer average. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want one fund that combines momentum and value screens on US large and mid-sized stocks, rebuilt every quarter.
- People seeking a small satellite position that leans toward financial companies and cheaper stocks such as Dell, Delta Air Lines and General Motors.
- Long-term holders who can sit through deep drops like the 53% fall in early 2020 without needing to sell.
Look elsewhere if
- Cost-focused investors: the 0.60% expense ratio is well above value funds such as WisdomTree U.S. Value Fund (WTV) at 0.12%.
- Retirees who need meaningful income, since the trailing yield was just 0.79% as of October 27, 2026.
- Those who prefer large, heavily traded funds; DVLU had about $45.6 million in net assets and 187% portfolio turnover.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| DVLU this fund | — | 0.6% | $45.6M | +14.4% | +23.8% |
| DDIV First Trust Dorsey Wright Momentum & Divide… | 44% | 0.6% | $67.6M | +15.8% | +22.2% |
| RPV Invesco S&P 500® Pure Value ETF | 20% | 0.35% | $1.68B | +21.8% | +24.0% |
| COWZ Pacer US Cash Cows 100 ETF | 17% | 0.49% | $18.69B | +25.8% | +15.5% |
| WTV WisdomTree U.S. Value Fund | 15% | 0.12% | $2.95B | +17.8% | +24.7% |
| FCFY First Trust S&P 500 Diversified Free Cash F… | 13% | 0.6% | $1.3M | +14.0% | +19.9% |
| KBWB Invesco KBW Bank ETF | 12% | 0.35% | $6.77B | +17.4% | +37.5% |
Questions investors ask
What does the DVLU ETF invest in?
DVLU holds 50 large and mid-size company stocks from the Nasdaq US Large Mid Cap Index. It tracks the Dorsey Wright Momentum Plus Value Index, which Nasdaq owns. First the index ranks stocks by momentum, meaning how strongly their prices have risen compared with the market. Among those leaders, it then picks the 50 cheapest on four measures: price-to-sales, price-to-book, price-to-earnings and price-to-cash-flow. As of June 30, 2026, the largest holdings were Dell Technologies (5.9%), Delta Air Lines (3.8%), TD Synnex (3.6%) and General Motors (3.2%).
Is DVLU good for retirement income?
Not on its own. DVLU pays dividends quarterly, but its trailing yield was 0.79% as of October 27, 2026. That works out to about $0.31 per share. Trailing yield is the past year's dividends divided by the share price. The fund picks stocks for momentum and low valuations, not for dividends. It may suit retirees who want stock-market growth from this holding and get income elsewhere. For a momentum approach with a dividend focus, it is worth comparing with First Trust's DDIV.
What is DVLU's expense ratio?
DVLU charges 0.60% a year, according to its prospectus filed January 28, 2026. The whole amount is its management fee. That is above the 0.42% average of the similar funds we compared. WisdomTree U.S. Value Fund (WTV) charges 0.12%, and Invesco S&P 500 Pure Value ETF (RPV) charges 0.35%. DVLU's portfolio turnover, a measure of how much of the portfolio is replaced in a year, was 187% because of quarterly rebalancing. Trading costs from that turnover are not included in the expense ratio.
What's the difference between DVLU and DDIV?
Both are First Trust ETFs that combine Dorsey Wright momentum screening with a second factor, and both charge 0.60%. DVLU's second factor is value: it picks the cheapest momentum stocks on four valuation measures. DDIV, the First Trust Dorsey Wright Momentum & Dividend ETF, adds a dividend focus, as its name suggests. As of October 27, 2026, DDIV returned 15.8% over one year, compared with 14.4% for DVLU. Over three years, DVLU was ahead, at 23.8% a year versus 22.2%.
How has DVLU performed, and how far can it fall?
Through December 31, 2025, DVLU's prospectus shows a 23.54% return for 2025, 16.33% a year over five years and 9.88% a year since its September 2018 launch. Losses have been steep at times. Its worst quarter was a 38.23% loss in the first quarter of 2020. Its price fell 53.3% from January 17 to March 23, 2020, and recovered by February 5, 2021. In the 2022 bear market, a long and broad market decline, it dropped 22.4% and took 14.6 months to recover.