At a glance
RDVI charges 0.75% a year, above the 0.33% average of the 8 funds most like it (the most expensive of 9). It has $3.59B in assets, the 4th largest of that group; it paid 8.91% of its price in distributions over the past 12 months, monthly. Over the past year it returned +17.6% with distributions reinvested (S&P 500: +11.5%), 2nd of those 9 funds; over three years it returned +22.4% a year. Its ten largest positions make up 24.6% of the fund, out of 71 in all.
The short version
FT Vest Rising Dividend Achievers Target Income ETF (RDVI) owns US stocks with growing dividends, picked from the Nasdaq US Rising Dividend Achievers Index. It also sells short-term call options on the S&P 500 to raise extra income. It aims to pay monthly distributions about 8 percentage points above the S&P 500's dividend yield, and its trailing yield was 8.91% as of October 27, 2026. The trade-offs are a 0.75% expense ratio and limited upside.
Price history
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RDVI +17.6% 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 | |
|---|---|---|---|---|---|---|
| RDVI official prospectus, to Dec 31, 2025 | — | +17.97% | — | — | — | +19.00% |
| RDVI price data to Oct 27, 2026 | +14.2% | +17.6% | +22.4% | — | — | +19.2% |
- Over the year to Oct 27, 2026, RDVI returned +17.6%, 2nd of 9 among similar funds.
- Its worst full calendar year was 2024 (+14.5%); its best was 2025 (+18.7%).
- The deepest fall in its price history was 18.4% (Nov 25, 2024 to Apr 8, 2025), recovered by Jul 22, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +14.2% | — |
| 2025 | +18.7% | +17.97% |
| 2024 | +14.5% | +14.41% |
| 2023 | +18.6% | +18.56% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.9500 | |
| 2025 | $2.3000 | +10.6% |
| 2024 | $2.0800 | +6.7% |
| 2023 | $1.9500 |
What's inside
As of Jul 31, 2026, the fund held 71 securities; the ten largest made up 24.6% of assets.
| Holding | Weight | |
|---|---|---|
| APPLIED MATERIALS INC | 3.29% | |
| LAM RESEARCH CORP | 2.99% | |
| KLA CORP | 2.51% | |
| ROSS STORES INC | 2.37% | |
| GE VERNOVA INC | 2.36% | |
| BANK OF NEW YORK MELLON CORP (THE) | 2.33% | |
| TRAVELERS COMPANIES INC (THE) | 2.27% | |
| ALLSTATE CORP (THE) | 2.23% | |
| BANK OF AMERICA CORP | 2.13% | |
| ALPHABET INC | 2.12% | |
| MUELLER INDUSTRIES INC | 2.08% | |
| WILLIAMS SONOMA INC | 2.08% | |
| GE AEROSPACE | 2.06% | |
| JP MORGAN CHASE & COMPANY | 2.05% | |
| SNAP-ON INC | 2.04% |
By country
United States 95.59%Switzerland 2.03%Ireland 1.74%Bermuda 0.57%By asset type
Stocks 99.93%By sector
Sectors of the companies held, for the 79.6% 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 Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $316.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.29%, +8.09%, +0.05%.
How it works
RDVI, a First Trust fund sub-advised by Vest Financial, picks stocks from the Nasdaq US Rising Dividend Achievers Index. That index holds companies that raised dividends over the past three and five years, screened on dividend growth, yield and payout ratio (the share of profits paid out). Unlike an index fund, the managers choose which index stocks to own and how much of each, and they trade often: turnover was 106%. The largest holdings as of July 31, 2026, were Applied Materials and Lam Research.
The fund also sells call options on the S&P 500 or ETFs that track it. A call gives its buyer any gain above a set price, the strike; the fund keeps an upfront fee, the premium. The calls expire in under 30 days and are usually struck at the money, near the index's level when sold. Each week, the fund compares dividend income with its payout target and sells calls to cover the gap.
Before fees, the target is about 8.0% a year above the S&P 500's dividend yield, which was 1.15% for 2025. Payouts are monthly and not guaranteed. If the S&P 500 rallies past the strike, the fund owes the difference and may sell stocks to pay it, even when its own holdings lag.
What it really costs
- RDVI charges 0.75% a year, versus an average of 0.33% for the similar funds below (9th of 9, cheapest first).
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
In a retirement portfolio
Most of the reason to own RDVI is its high monthly payout, built from stock dividends plus S&P 500 option premiums.
RDVI's main appeal is monthly cash. Its trailing 12-month yield was 8.91%, or $2.49 per share, as of October 27, 2026. Its track record is short. It launched on October 19, 2022, so it never went through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its worst full calendar year was 2024, which was still a 14.4% gain. Its deepest drop was 18.4%, from November 25, 2024 to April 8, 2025. It recovered by July 22, 2025, about 3.4 months later.
A retiree who sells shares for cash during a drop like that would be selling at lower prices. The options also limit gains in sharp rebounds. Payouts can shrink if option premiums fall, and option income is usually taxed as ordinary income. The 0.75% fee is well above the 0.33% average for similar funds. 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 seeking monthly income: the trailing yield was 8.91% as of October 27, 2026, from dividends plus S&P 500 option premiums.
- Investors willing to give up some gains in strong rallies in exchange for larger cash payouts from a 71-stock dividend-growth portfolio.
- Investors holding it in an IRA or other tax-advantaged account, where option income usually taxed as ordinary income matters less.
Look elsewhere if
- Cost-focused investors: the 0.75% expense ratio ranks last of nine similar funds, and RDVY holds largely the same stocks for 0.48%.
- Investors who want a long track record: RDVI launched in October 2022 and has not been tested by a deep bear market like 2008.
- Investors wary of concentration: as of July 31, 2026, financials were 33.7% and technology 21.6% of holdings, led by Applied Materials, Lam Research and KLA.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| RDVI this fund | — | 0.75% | $3.59B | +17.6% | +22.4% |
| RDVY First Trust Rising Dividend Achievers ETF · different strategy | 94% | 0.48% | $24.48B | +19.7% | +22.2% |
| RSPF Invesco S&P 500 Equal Weight Financials ETF · different strategy | 30% | 0.4% | $304.7M | +7.7% | +21.1% |
| DYNF iShares U.S. Equity Factor Rotation Active … · different strategy | 27% | 0.27% | $38.61B | +10.7% | +24.9% |
| HAPI Harbor Human Capital Factor US Large Cap ETF · different strategy | 26% | 0.35% | $490.2M | +12.2% | +24.5% |
| TDVG T. Rowe Price Dividend Growth ETF · different strategy | 26% | 0.5% | $1.38B | +13.6% | +18.7% |
| XLF Financial Select Sector SPDR Fund · different strategy | 25% | 0.08% | $51.35B | +9.9% | +22.7% |
| MODL VictoryShares WestEnd U.S. Sector ETF · different strategy | 25% | 0.46% | $1.02B | +11.9% | +23.8% |
Questions investors ask
Does RDVI pay monthly dividends?
Yes. RDVI pays distributions every month. Over the 12 months to October 27, 2026, it paid $2.49 per share, a trailing yield of 8.91%. The money comes from stock dividends plus premiums from selling S&P 500 call options. The fund targets a payout about 8 percentage points above the S&P 500's dividend yield, which was 1.15% for 2025. That target is not guaranteed. Part of a payout may count as return of capital, which the fund tries to limit.
What's the difference between RDVI and RDVY?
Both First Trust funds draw on the Nasdaq US Rising Dividend Achievers Index, and their holdings overlapped by 94%. RDVY just owns the stocks. RDVI adds S&P 500 call options for extra income, and managers actively choose its holdings and weights. RDVY costs 0.48% a year, compared with 0.75% for RDVI. RDVY returned 18.8% over one year and 24.3% a year over three years as of October 29, 2026. RDVI returned 17.6% and 22.4% as of October 27, 2026.
Is RDVI a covered call ETF?
Not in the usual sense. A classic covered call fund sells options on the stocks it owns. RDVI owns dividend-growth stocks but sells calls on the S&P 500 or on ETFs that track it. The calls usually expire within 30 days and are sold near the market's price at the time. If the S&P 500 rises past the strike, the fund owes the difference and may sell stocks to pay it, even if its own holdings did worse than the index.
Is RDVI good for retirement income?
It may suit retirees who want monthly cash. Its trailing yield was 8.91% as of October 27, 2026. The drawbacks matter too. Its 0.75% fee is high next to similar funds, and the options limit gains in strong markets. Option income is usually taxed as ordinary income. Since its 2022 launch, its deepest drop was 18.4%, and it has not been through a long bear market. It is worth comparing with RDVY, which holds similar stocks without the options.
What is RDVI's return since inception?
According to the prospectus, RDVI returned an average of 19% a year from its October 2022 launch through December 31, 2025. Its calendar-year returns were 18.56% in 2023, 14.41% in 2024 and 17.97% in 2025. Based on share prices, it returned 22.4% a year over the three years to October 27, 2026, and 14.2% in 2026 through that date. Its best quarter gained 11.96%, and its worst lost 2.38%.