At a glance
IFV charges 1.14% a year, above the 0.86% average of the 7 funds most like it (the most expensive of 8). It has $255.8M in assets, the 8th largest of that group; it paid 2.1% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −1.8% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +14.4% a year. At its worst it fell 44.2% in the 2020 crash (S&P 500: 33.7%) and 30.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 31 months after the lows.
The short version
First Trust Dorsey Wright International Focus 5 ETF (IFV) is a fund of funds. It holds five other First Trust ETFs that focus on countries or regions outside the US, picked by the Dorsey Wright International Focus Five Index based on price momentum. Two things set it apart: it rotates among countries and regions as trends change, and it costs a lot. Its total expense ratio is 1.14%, which includes the fees of the funds it holds, according to the prospectus filed January 28, 2026.
Price history
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IFV -1.8% 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 | |
|---|---|---|---|---|---|---|
| IFV official prospectus, to Dec 31, 2025 | — | +31.76% | — | +4.82% | +5.48% | +3.90% |
| IFV price data to Oct 27, 2026 | -2.7% | -1.8% | +14.4% | +2.8% | +5.0% | +3.3% |
- Over the year to Oct 27, 2026, IFV returned -1.8%, 8th of 8 among similar funds.
- Its 5-year annualized return was +2.8% and its 10-year +5.0%.
- In the 2020 COVID crash it fell 44.2% and regained its old high 8.1 months after the low.
- Its worst full calendar year was 2022 (-25.4%); its best was 2017 (+32.5%).
- The deepest fall in its price history was 48.9% (Jan 26, 2018 to Mar 18, 2020), recovered by Jan 5, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -2.8% | — |
| 2025 | +32.3% | +31.76% |
| 2024 | +0.3% | +0.97% |
| 2023 | +20.5% | +19.83% |
| 2022 | -25.4% | -25.25% |
| 2021 | +5.6% | +6.16% |
| 2020 | +6.1% | +5.97% |
| 2019 | +26.4% | +25.32% |
| 2018 | -20.4% | -20.24% |
| 2017 | +32.5% | +32.26% |
| 2016 | -3.8% | -3.77% |
| 2015 | -0.2% | — |
| 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 43.6% over that stretch · deepest drop along the way 44.2%, back to its old high 8.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 29.7% over that stretch · deepest drop along the way 30.2%, back to its old high 31.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3500 | |
| 2025 | $0.4900 | +11.4% |
| 2024 | $0.4400 | -22.8% |
| 2023 | $0.5700 | -9.5% |
| 2022 | $0.6300 | +162.5% |
| 2021 | $0.2400 | -29.4% |
| 2020 | $0.3400 | -46.0% |
| 2019 | $0.6300 | +96.9% |
| 2018 | $0.3200 | +1.9% |
| 2017 | $0.3140 | +67.9% |
| 2016 | $0.1870 | -31.3% |
| 2015 | $0.2720 |
What's inside
As of Jun 30, 2026, the fund held 5 securities; the ten largest made up 99.87% of assets.
| Fund held | Weight | |
|---|---|---|
| First Trust International Equity Opportunities ETF | 21.36% | |
| First Trust Germany AlphaDEX Fund | 19.99% | |
| First Trust Europe AlphaDEX Fund | 19.73% | |
| First Trust Eurozone AlphaDEX ETF | 19.69% | |
| First Trust Asia Pacific ex-Japan AlphaDEX Fund | 19.11% |
By country
United States 99.87%By asset type
Stocks 99.87%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $20.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.95%, +2.73%, -3.82%.
How it works
IFV tracks the Dorsey Wright International Focus Five Index. Dorsey Wright & Associates owns the index, and Nasdaq calculates it. The process starts with every First Trust ETF. It keeps only those that target a single country or region outside the US, or lean heavily toward one. It then ranks them by relative strength, a momentum measure that compares each fund's price performance with the others. The five top-ranked ETFs go into the index, and IFV normally puts at least 90% of its net assets into them.
The index is checked twice a month. An ETF is sold only when it falls far enough out of favor, and a new one is added only when another is sold. After any change, the five positions are reset to equal weights. This rotation produces high trading: portfolio turnover was 80%. On December 31, 2025, the index held First Trust's China, Europe, Eurozone, Germany and United Kingdom AlphaDEX funds. By June 30, 2026, China and the UK had been replaced. IFV then held International Equity Opportunities (FPXI, 21.4%), Germany AlphaDEX (FGM, 20.0%), Europe AlphaDEX (FEP, 19.7%), Eurozone AlphaDEX (FEUZ, 19.7%) and Asia Pacific ex-Japan AlphaDEX (FPA, 19.1%).
The index can only choose First Trust funds, and First Trust collects advisory fees from each one. The prospectus warns that cheaper or better-performing funds from other issuers are left out. IFV also pays its share of the underlying funds' expenses.
What it really costs
- IFV charges 1.14% a year, versus an average of 0.86% for the similar funds below (8th 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
It concentrates in five momentum-picked international funds, charges a high fee and has suffered steep, slow-to-recover losses.
IFV could add a small, rotating slice of non-US stocks to a portfolio, but its losses have been deep. It fell 44.2% between February 19 and March 18, 2020, then recovered by November 2020. In the 2022 bear market it dropped 30.2% and took about 31 months, until May 2025, to get back to its old high. Its worst calendar year was 2022, at −25.25%. It launched in 2014, so it has no record from 2008. Anyone who has to sell shares during a stretch like that locks in the loss. The trailing yield was 2.1% as of October 27, 2026, paid quarterly, which is modest income. The 1.14% expense ratio is high for a stock fund. Past results don't predict future ones, and a retirement 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 international ETFs and accept frequent changes, with 80% portfolio turnover.
- People looking for a small international satellite position next to a broad core holding, spread across just five equal-weighted funds.
- Holders who see quarterly income, a 2.1% trailing yield as of October 27, 2026, as a side benefit rather than the main goal.
Look elsewhere if
- Cost-conscious investors: the 1.14% total expense ratio stacks IFV's 0.30% management fee on top of the underlying funds' costs.
- Anyone who can't tolerate big drops: IFV fell 44.2% in early 2020 and took about 31 months to recover from its 2022 decline.
- Investors who want steady, broad international exposure, since a reconstitution can shift the fund heavily toward places like China or Germany.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| IFV this fund | 1.14% | $255.8M | -1.8% | +14.4% |
| 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
What does IFV invest in?
IFV holds five other First Trust ETFs, not individual stocks. As of June 30, 2026, they were First Trust International Equity Opportunities (21.4%), Germany AlphaDEX (20.0%), Europe AlphaDEX (19.7%), Eurozone AlphaDEX (19.7%) and Asia Pacific ex-Japan AlphaDEX (19.1%). The Dorsey Wright International Focus Five Index picks them by ranking First Trust's country and region funds on price momentum. The list can change twice a month. China and UK funds were in the index on December 31, 2025, for example.
How has IFV performed over the long term?
According to the prospectus, IFV's average annual returns as of December 31, 2025 were 31.76% over one year, 4.82% over five years, 5.48% over ten years and 3.9% since its 2014 launch. Year-to-year results swing widely: +32.26% in 2017, −20.24% in 2018 and −25.25% in 2022. Based on price, it was down 2.7% for 2026 through October 27, 2026.
Why is IFV's expense ratio so high?
IFV's total expense ratio is 1.14%, according to the prospectus filed January 28, 2026, but its own management fee is only 0.30%. The gap comes from the fund-of-funds structure. IFV pays its share of the fees charged by the five First Trust ETFs it holds, so investors pay two layers of costs. The prospectus also notes that First Trust earns fees from those underlying funds, which creates a conflict of interest.
Does IFV pay dividends?
Yes. IFV pays distributions quarterly. Over the twelve months to October 27, 2026, it paid about $0.50 per share, a trailing yield of 2.1%. The income comes from the dividends paid by the stocks inside the five underlying ETFs, so the amount can rise or fall as the fund rotates between countries and regions. Income isn't the strategy's goal. The index chooses funds for price momentum, not for yield.
What's the difference between IFV and owning FEP or FGM directly?
Owning First Trust Europe AlphaDEX (FEP) or Germany AlphaDEX (FGM) directly gives fixed exposure to one region or country, and you pay one fund's fees. IFV held both, at about 20% each, as of June 30, 2026. It can swap them out whenever their momentum fades, and it adds its own fee on top, for a 1.14% total. IFV suits people who want the rotation handled by rules. Holding the funds directly gives more control and a single layer of cost.