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Name

As of 06/01/2026

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 Horizon Managed Volatility Small/Mid ETF

HSMV | Active ETF

$36.57

$30.4 M

1.29%

$0.47

0.80%

Vitals

YTD Return

2.9%

1 yr return

4.6%

3 Yr Avg Return

8.3%

5 Yr Avg Return

3.7%

Net Assets

$30.4 M

Holdings in Top 10

14.9%

52 WEEK LOW AND HIGH

$37.0
$35.13
$38.44

Expenses

OPERATING FEES

Expense Ratio 0.80%

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 06/01/2026

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 Horizon Managed Volatility Small/Mid ETF

HSMV | Active ETF

$36.57

$30.4 M

1.29%

$0.47

0.80%

HSMV - Profile

Distributions

  • YTD Total Return 2.9%
  • 3 Yr Annualized Total Return 8.3%
  • 5 Yr Annualized Total Return 3.7%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.02%
DIVIDENDS
  • Dividend Yield 1.3%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    First Trust Horizon Managed Volatility Small/Mid ETF
  • Fund Family Name
    First Trust Advisors L.P.
  • Inception Date
    Apr 06, 2020
  • Shares Outstanding
    500002
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Scott Ladner

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 small- and/or mid-capitalization common stocks listed and traded on U.S. national securities exchanges that Horizon Investments, LLC (“Horizon” or the “Sub-Advisor”) believes exhibit low future expected volatility. The Fund defines small- and mid-capitalization companies as those that, at the time of investment, have a market capitalization between the minimum and maximum market capitalization of a widely recognized index of small- or mid-capitalization companies, respectively, based upon the composition of the index at the time of investment. As of October 31, 2025, the Fund considers small- and mid-capitalization companies to be those with a market capitalization between $100 million and $35 billion. The exact size of the companies included will change with market conditions and the Fund will not automatically sell or cease to purchase a stock that it already owns due to changes in market conditions. The Fund may also invest in the equity securities of real estate investment trusts ("REITs"). The goal of this strategy is to capture upside price movements in rising markets and reduce downside risk when markets decline. To implement this strategy, the Sub-Advisor employs volatility forecasting models to forecast future expected volatility. Volatility is a statistical measure of the magnitude of changes in the Fund’s return without regard to the direction of those changes, and higher volatility generally indicates higher risk and is often reflected by frequent and sometimes significant movements up and down in value. A volatility forecast is a statistical estimate of future expected volatility that uses historical price returns over multiple time frames as inputs to determine volatility forecasts for individual equities. Volatility forecasts are a unique estimate of volatility that the Sub-Advisor believes may be more responsive and accurate in predicting future volatility than historical standard deviation. These statistical models attempt to measure observed characteristics of volatility over time in order to estimate the forecasts. The strategy is largely quantitative and rules-based, but also includes multiple parameters over which the Sub-Advisor may exercise discretion (including, but not limited to, the number of holdings and the weightings of particular holdings) in connection with its active management of the Fund. To begin, the Sub-Advisor gathers historical pricing data and generates return data for the starting universe, which is comprised of common stocks listed and traded on U.S. national securities exchanges that are issued by small- and/or mid-capitalization companies. The Sub-Advisor then uses this data in volatility forecasting models to rank the securities comprising the starting universe from low to high based on their volatility forecasts. Once the final portfolio is selected, the Sub-Advisor gives larger weights to securities with lower future expected volatility; however, the Sub-Advisor may choose to deviate from such approach depending on current market conditions across various market sectors. The Sub-Advisor periodically rebalances and reallocates the portfolio using this methodology, which may result in higher levels of portfolio turnover. As of October 31, 2025, the Fund had significant investments in financial 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.
Read More

HSMV - Performance

Return Ranking - Trailing

Period HSMV Return Category Return Low Category Return High Rank in Category (%)
YTD 2.9% -3.4% 36.4% 97.14%
1 Yr 4.6% -2.2% 70.4% 98.98%
3 Yr 8.3%* 0.0% 27.0% 96.32%
5 Yr 3.7%* -5.7% 28.4% 87.94%
10 Yr N/A* 2.2% 15.5% 57.14%

* Annualized

Return Ranking - Calendar

Period HSMV Return Category Return Low Category Return High Rank in Category (%)
2025 -0.4% -59.8% 21.0% 59.39%
2024 11.6% -45.8% 22.7% 8.78%
2023 3.4% -19.9% 29.0% 94.05%
2022 -10.6% -59.3% 118.2% 5.17%
2021 22.7% -27.4% 39.3% 11.92%

Total Return Ranking - Trailing

Period HSMV Return Category Return Low Category Return High Rank in Category (%)
YTD 2.9% -3.4% 36.4% 97.14%
1 Yr 4.6% -2.2% 70.4% 98.98%
3 Yr 8.3%* 0.0% 27.0% 96.32%
5 Yr 3.7%* -5.7% 28.4% 87.94%
10 Yr N/A* 2.2% 15.5% N/A

* Annualized

Total Return Ranking - Calendar

Period HSMV Return Category Return Low Category Return High Rank in Category (%)
2025 1.6% -7.3% 22.4% 88.37%
2024 13.2% -14.7% 32.4% 27.76%
2023 5.0% -7.1% 31.8% 98.77%
2022 -9.4% -45.2% 123.7% 8.26%
2021 23.7% 0.0% 45.6% 48.33%

HSMV - Holdings

Concentration Analysis

HSMV Category Low Category High HSMV % Rank
Net Assets 30.4 M 825 K 177 B 96.12%
Number of Holdings 152 2 2429 54.08%
Net Assets in Top 10 4.37 M 164 K 14 B 97.76%
Weighting of Top 10 14.85% 3.9% 110.2% 61.68%

Top 10 Holdings

  1. New Jersey Resources Corp 1.65%
  2. Four Corners Property Trust Inc 1.59%
  3. Ellington Financial Inc 1.58%
  4. Gaming and Leisure Properties Inc 1.56%
  5. OGE Energy Corp 1.54%
  6. Starwood Property Trust Inc 1.49%
  7. IDACORP Inc 1.45%
  8. Ingredion Inc 1.36%
  9. Annaly Capital Management Inc 1.33%
  10. Graco Inc 1.31%

Asset Allocation

Weighting Return Low Return High HSMV % Rank
Stocks 		99.79% 4.13% 107.43% 7.96%
Cash 		0.21% 0.00% 41.75% 87.76%
Preferred Stocks 		0.00% 0.00% 2.27% 97.96%
Other 		0.00% -0.09% 55.42% 87.96%
Convertible Bonds 		0.00% 0.00% 3.17% 97.96%
Bonds 		0.00% 0.00% 148.81% 97.96%

Stock Sector Breakdown

Weighting Return Low Return High HSMV % Rank
Real Estate 		20.27% 0.00% 29.43% 0.41%
Industrials 		19.65% 8.23% 37.42% 22.93%
Financial Services 		13.43% 0.00% 34.45% 86.98%
Technology 		10.31% 0.00% 43.95% 88.22%
Utilities 		9.96% 0.00% 18.58% 0.83%
Consumer Cyclical 		7.50% 0.99% 47.79% 89.88%
Healthcare 		6.40% 0.00% 26.53% 90.91%
Consumer Defense 		6.11% 0.00% 18.87% 11.16%
Basic Materials 		4.05% 0.00% 16.91% 67.15%
Energy 		1.31% 0.00% 37.72% 88.84%
Communication Services 		1.02% 0.00% 14.85% 86.16%

Stock Geographic Breakdown

Weighting Return Low Return High HSMV % Rank
US 		99.79% 0.00% 107.43% 7.14%
Non US 		0.00% 0.00% 98.75% 97.96%

HSMV - Expenses

Operational Fees

HSMV Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.80% 0.02% 18.26% 72.07%
Management Fee 0.80% 0.00% 1.25% 71.72%
12b-1 Fee 0.00% 0.00% 1.00% 22.07%
Administrative Fee N/A 0.01% 0.45% N/A

Sales Fees

HSMV Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.50% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

HSMV Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 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.

HSMV Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 1.00% 314.00% 1.48%

HSMV - Distributions

Dividend Yield Analysis

HSMV Category Low Category High HSMV % Rank
Dividend Yield 1.29% 0.00% 42.47% 42.65%

Dividend Distribution Analysis

HSMV Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annually Quarterly Annual

Net Income Ratio Analysis

HSMV Category Low Category High HSMV % Rank
Net Income Ratio 1.02% -2.40% 2.49% 11.98%

Capital Gain Distribution Analysis

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

Distributions History

View More +

HSMV - Fund Manager Analysis

Managers

Scott Ladner

Start Date

Tenure

Tenure Rank

Apr 06, 2020

2.15

2.2%

Mr. Ladner serves as Chief Investment Officer and is the Chair of the Investment Committee for Horizon. In these capacities, he oversees all aspects of the Investment Management division for the firm. He also provides the Investment Management division with Macro analysis and interpretation of global derivatives, credit, foreign exchange, equity, and funding markets. His previous roles at Horizon included Head of Risk and Director of Quantitative & Alternative Strategies. Prior to Horizon, Mr. Ladner was a founder of Charlotte Global Advisors and Principal Guard, LLC. Mr. Ladner helped to launch an equity index volatility and dispersion trading unit at PEΔK6 Investments in Chicago, a proprietary listed option and volatility trading firm. Previously at First Union/Wachovia, Mr. Ladner founded and ran the equity swap and forwards portfolio while also managing equity option and volatility portfolios. He also co-founded and managed the Risk Arbitrage and Special Situations portfolio.Mr. Ladner then managed the swaption and cap/floor portion of the bank’s interest rate derivatives portfolio. Mr. Ladner received his BA in Economics and Russian Language & Literature from the University of North Carolina at Chapel Hill.

Michael Dickson

Start Date

Tenure

Tenure Rank

Apr 06, 2020

2.15

2.2%

Dr. Dickson serves as Head of Portfolio Management and in this role oversees all investment strategies managed by Horizon. He also conducts research on the development of quantitative methods and strategies that support Horizon’s investment process and new product development. His research is published in scholarly journals and he frequently speaks on these topics at industry conferences. In previous roles at Horizon, he served as Director of Structured Financial Solutions and as a portfolio manager with an emphasis on retirement income and protection strategies. Dr. Dickson specializes in the areas of empirical asset pricing, portfolio construction, and factor models. Both during and after his Ph.D. studies he taught undergraduate and graduate school coursework in finance and portfolio management at UNC Charlotte. Prior to earning his Ph.D. he worked in financial analysis support roles at Premier, Inc. and Global Compliance. Dr. Dickson received his BS in Chemistry from Winthrop University and both an MS in Economics and Ph.D. in Finance from UNC Charlotte.

Steven Clark

Start Date

Tenure

Tenure Rank

Apr 06, 2020

2.15

2.2%

Dr. Clark serves as Managing Director of Structured Financial Solutions for Horizon. He is also an Associate Professor of Finance at UNC Charlotte, where he conducts research in the areas of mathematical finance, derivative securities, asset pricing, and financial econometrics. His work at Horizon focuses on volatility forecasting models, dynamic factor models, and other quantitative methods. He has a Ph.D. in Mathematical Sciences (with a concentration in applied probability and stochastic modeling) and a Ph.D. in Applied Economics (with a concentration in financial economics), both from Clemson University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 49.61 7.09 0.54

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