At a glance
FV charges 0.89% a year, above the 0.86% average of the 7 funds most like it (the 6th cheapest of 8). It has $3.94B in assets, the 2nd largest of that group; it paid 0.36% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +20.7% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +22.7% a year. At its worst it fell 34.0% in the 2020 crash (S&P 500: 33.7%) and 20.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 15 months after the lows.
The short version
First Trust Dorsey Wright Focus 5 ETF (FV) is a fund of funds. It tracks the Dorsey Wright Focus Five Index, which holds five equal-weighted First Trust sector and industry ETFs chosen for momentum. The lineup can change twice a month, and only First Trust funds are eligible. Its 0.89% expense ratio covers FV's own fee plus the costs of the funds it owns.
Price history
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FV +20.7% 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 | |
|---|---|---|---|---|---|---|
| FV official prospectus, to Dec 31, 2025 | — | +7.27% | — | +9.86% | +10.96% | +10.70% |
| FV price data to Oct 27, 2026 | +20.2% | +20.7% | +22.7% | +10.1% | +13.4% | +11.6% |
- Over the year to Oct 27, 2026, FV returned +20.7%, 1st of 8 among similar funds.
- Its 5-year annualized return was +10.1% and its 10-year +13.4%.
- In the 2020 COVID crash it fell 34% and regained its old high 4.4 months after the low.
- Its worst full calendar year was 2018 (-8.3%); its best was 2020 (+28.4%).
- The deepest fall in its price history was 34% (Feb 19, 2020 to Mar 23, 2020), recovered by Aug 3, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +20.2% | — |
| 2025 | +7.3% | +7.27% |
| 2024 | +14.7% | +13.98% |
| 2023 | +11.3% | +13.40% |
| 2022 | -4.0% | -5.12% |
| 2021 | +21.6% | +21.68% |
| 2020 | +28.4% | +28.36% |
| 2019 | +25.7% | +25.42% |
| 2018 | -8.3% | -8.05% |
| 2017 | +19.9% | +19.86% |
| 2016 | -0.6% | -0.37% |
| 2015 | +6.8% | — |
| 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 34% over that stretch · deepest drop along the way 34%, back to its old high 4.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 10.9% over that stretch · deepest drop along the way 20.2%, 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) | $0.1300 | |
| 2025 | $0.4000 | +344.4% |
| 2024 | $0.0900 | -64.0% |
| 2023 | $0.2500 | -60.9% |
| 2022 | $0.6400 | +1180.0% |
| 2021 | $0.0500 | +66.7% |
| 2020 | $0.0300 | -82.4% |
| 2019 | $0.1700 | +297.2% |
| 2018 | $0.0428 | -76.2% |
| 2017 | $0.1800 | -18.2% |
| 2016 | $0.2200 | +587.5% |
| 2015 | $0.0320 |
What's inside
As of Jun 30, 2026, the fund held 5 securities; the ten largest made up 99.83% of assets.
| Fund held | Weight | |
|---|---|---|
| First Trust NYSE Arca Biotechnology Index Fund | 20.50% | |
| First Trust NASDAQ-100-Technology Sector Index Fund | 19.94% | |
| First Trust Nasdaq Semiconductor ETF | 19.88% | |
| First Trust Technology AlphaDEX Fund | 19.87% | |
| First Trust Nasdaq Transportation ETF | 19.65% |
By country
United States 99.83%By asset type
Stocks 99.83%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $119.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +10.64%, +8.04%, +5.06%.
How it works
FV aims to track the Dorsey Wright Focus Five Index. Dorsey Wright & Associates owns the index, and Nasdaq calculates it. The fund normally invests at least 90% of its net assets in the ETFs that make up the index. The pool it chooses from includes only First Trust ETFs that target one sector or industry, or lean heavily toward one. Those funds are ranked by relative strength, a momentum measure that compares each fund's price performance with the others. The five top-ranked funds are picked, and together they must cover at least three broad sectors.
The five funds get equal weight. The index is reviewed twice a month, in the second and fourth weeks. December is the exception, with one review. The prospectus reports 60% portfolio turnover, meaning the share of the portfolio replaced over a year. The lineup can change a lot. As of December 31, 2025, the index held internet, financials, aerospace and defense, semiconductor and utilities funds. By June 30, 2026, FV held biotech, two technology funds, semiconductors and transportation.
Because every holding is a First Trust ETF, First Trust collects fees at two levels: FV's own fee and the fees of the funds it holds. The prospectus says ETFs from other issuers with similar exposure, lower fees or better performance are left out of the index.
What it really costs
- FV charges 0.89% a year, versus an average of 0.86% for the similar funds below (6th of 8, cheapest first).
- Of that, 0.3% is the management fee; the rest covers other fund expenses.
Structure and tax notes
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
FV puts all its money in five narrow sector funds chosen by momentum, so it is more volatile and more concentrated than a broad core holding.
FV could add a rules-based momentum tilt next to a broad stock fund. It launched in March 2014, so it has no record from the 2008 crisis. In the 2020 COVID crash it fell 34% between February 19 and March 23, 2020, then recovered by August 3, about 4.4 months later. In 2022 it dropped 20.2% between June 7 and September 26 and took about 14.6 months to recover. Its worst calendar year was 2018, with a loss of 8.05%, per the prospectus. Anyone who had to sell shares during a slump like 2022 would have locked in losses that took more than a year to recover. Income is minimal: the trailing yield was 0.36% as of October 27, 2026, paid twice a year. The 0.89% expense ratio is a steady drag. Past results don't predict the future, 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 a rules-based momentum strategy that rotates among First Trust sector ETFs twice a month, without trading those funds themselves.
- Those who can live with swings like the 34% drop in early 2020 and keep FV as a small satellite position.
- People who already own a broad core fund and want a tilt toward whichever sectors are leading, such as technology and semiconductors as of June 30, 2026.
Look elsewhere if
- Retirees who need income: the trailing yield was 0.36% as of October 27, 2026, paid only twice a year.
- Cost-focused investors: the 0.89% expense ratio includes the underlying ETFs' fees on top of FV's 0.30% management fee.
- Those who want access to any issuer's funds: the index picks only First Trust ETFs, even when cheaper or better-performing rivals exist.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| FV this fund | 0.89% | $3.94B | +20.7% | +22.7% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Is FV good for retirement?
FV is better suited to a small, higher-risk slice of a retirement portfolio than to the core. It holds only five sector ETFs, chosen by momentum, and fell 34% during the 2020 COVID crash. After its 2022 drop of 20.2%, it took about 14.6 months to recover. The yield was 0.36% as of October 27, 2026, so it provides little income. The 0.89% expense ratio is also high for a stock fund.
What ETFs does FV hold?
As of June 30, 2026, FV held five First Trust ETFs, each about 20% of the fund: First Trust NYSE Arca Biotechnology Index Fund (FBT), First Trust NASDAQ-100-Technology Sector Index Fund (QTEC), First Trust Nasdaq Semiconductor ETF (FTXL), First Trust Technology AlphaDEX Fund (FXL) and First Trust Nasdaq Transportation ETF (FTXR). The lineup can change at reviews held twice a month. As of December 31, 2025, the index held a different mix that included internet, financials, aerospace and defense, and utilities funds.
Why is FV's expense ratio so high?
FV's expense ratio is 0.89%, per its prospectus filed January 28, 2026, because it is a fund of funds. FV charges a 0.30% management fee. As a shareholder in other ETFs, it also bears its share of those funds' expenses. All of the underlying funds are First Trust ETFs, so First Trust collects fees at both levels. The prospectus discloses this as a conflict of interest.
Does FV pay dividends?
Yes, but not much. FV pays distributions twice a year. Over the 12 months through October 27, 2026, it paid about $0.27 per share, a trailing yield of 0.36%. The fund is built to follow sector momentum, not to produce income, so its payouts depend on whatever the five underlying ETFs happen to distribute.
How has FV performed over 10 years?
FV's average annual return was 10.96% over 10 years as of December 31, 2025, per the prospectus. Over five years it was 9.86%, and over one year 7.27%. Calendar-year results ranged from a 28.36% gain in 2020 to an 8.05% loss in 2018. Price-based figures through October 27, 2026 show a 13.4% annualized 10-year return and a 20.2% gain year to date. Past returns don't predict future results.