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Name

As of 05/14/2024

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 Long Duration Opportunities ETF

LGOV | Active ETF

$20.83

$329 M

4.03%

$0.84

0.67%

Vitals

YTD Return

-4.6%

1 yr return

-4.5%

3 Yr Avg Return

-6.0%

5 Yr Avg Return

-1.5%

Net Assets

$329 M

Holdings in Top 10

33.0%

52 WEEK LOW AND HIGH

$20.7
$19.38
$22.48

Expenses

OPERATING FEES

Expense Ratio 0.67%

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 05/14/2024

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 Long Duration Opportunities ETF

LGOV | Active ETF

$20.83

$329 M

4.03%

$0.84

0.67%

LGOV - Profile

Distributions

  • YTD Total Return -4.6%
  • 3 Yr Annualized Total Return -6.0%
  • 5 Yr Annualized Total Return -1.5%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.61%
DIVIDENDS
  • Dividend Yield 4.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    First Trust Long Duration Opportunities ETF
  • Fund Family Name
    First Trust Advisors L.P.
  • Inception Date
    Jan 22, 2019
  • Shares Outstanding
    1450002
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Jeremiah Charles

Fund Description

Under normal market conditions, the Fund will invest at least 80% of its net assets (including investment borrowings) in a portfolio of investment-grade debt securities issued or guaranteed by the U.S. government, its agencies or government-sponsored entities, including publicly-issued U.S. Treasury securities and mortgage-related securities. The Fund may also invest in exchange-traded funds (“ETFs”) that principally invest in such securities. As discussed in more detail below, the Fund may purchase mortgage-related securities in “to-be-announced” transactions (“TBA Transactions”), including mortgage dollar rolls. The Fund includes cash set aside or otherwise held as collateral for settling mortgage dollar rolls and other TBA Transactions towards its 80% investment requirement. The Fund’s investment advisor seeks to manage the Fund’s portfolio to have a weighted average effective duration of eight or more years. Duration, which is discussed in more detail below, measures a debt security’s expected life on a present value basis, taking into account the debt security’s yield, interest payments and final maturity.In managing the Fund’s portfolio, the Fund’s portfolio managers utilize a top-down, bottom-up analytical investment process. The portfolio managers will first conduct a top-down review of the mortgage-backed security and Treasury fixed income sectors to determine sector position weights based on its evaluation of market fundamentals. The portfolio managers then perform a bottom-up analysis of individual securities to determine in which sub-sectors the portfolio will be over, neutral and underweight. The portfolio managers analyze the Fund’s holdings on a systematic basis to monitor any changes in security and portfolio performance, in addition to looking for meaningful changes in risk factors.Under normal market conditions, the portfolio managers will manage the Fund’s portfolio to have a weighted average effective duration of eight or more years. Duration is a mathematical calculation of the average life of a debt security (or portfolio of debt securities) that serves as a measure of its price risk. In general, each year of duration represents an expected 1% change in the value of a security for every 1% immediate change in interest rates. For example, the price of a debt security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive to interest rate changes than debt securities with longer durations. As the value of a debt security changes over time, so will its duration. The Fund’s portfolio managers will calculate the duration of the portfolio by modeling the cash flows of all the individual holdings, including the impact of prepayment variability and coupon adjustments where applicable, to determine the duration of each holding and then aggregating based on the size of the position. In performing this duration calculation, the Fund’s portfolio managers will utilize third-party models.The Fund’s investments in mortgage-related securities may include investments in fixed or adjustable-rate securities structured as “pass-through” securities and collateralized mortgage obligations, including residential and commercial mortgage-backed securities, stripped mortgage-backed securities and real estate mortgage investment conduits. The Fund will invest in mortgage-related securities issued or guaranteed by the U.S. government, its agencies (such as Ginnie Mae), and U.S. government-sponsored entities (such as Fannie Mae and Freddie Mac). The Fund may purchase government-sponsored mortgage-related securities in TBA Transactions, including mortgage dollar rolls. In a TBA Transaction, a seller and buyer of securities agree upon a price for delivering a given volume of securities at a specified future date. The characteristic feature of a TBA Transaction is that the actual identity of the securities to be delivered at settlement is not specified on the trade date. Instead, participants agree upon only the general parameters of the securities to be delivered, including issuer, maturity, coupon, price, par amount and settlement date. Generally, two days prior to the settlement date, the seller provides the buyer with the identity of the securities it intends to deliver on the settlement date. In a mortgage dollar roll, the Fund will sell (or buy) mortgage-backed securities for delivery on a specified date and simultaneously contract to repurchase (or sell) substantially similar (same type, coupon and maturity) securities on a future date. The Fund intends to enter into mortgage dollar rolls only with high quality securities dealers and banks, as determined by the Fund’s portfolio managers.In addition to its investment in securities issued or guaranteed by the U.S. government, its agencies and government-sponsored entities, the Fund may invest up to 20% of its net assets in other types of debt securities, including privately-issued, non-agency sponsored asset-backed and mortgage-related securities, futures contracts, options, swap agreements, cash and cash equivalents, and ETFs that investment principally in fixed income securities. Further, the Fund may enter into short sales as part of its overall portfolio management strategy, or to offset a potential decline in the value of a security; however, the Fund does not expect, under normal market conditions, to engage in short sales with respect to more than 30% of the value of its net assets. The Fund may “set aside” liquid assets or engage in other similar measures in connection with the foregoing types of transactions.Although the Fund intends to invest primarily in investment grade securities, the Fund may invest up to 20% of its net assets in securities of any credit quality, including securities that are below investment grade, which are also known as high yield securities, or commonly referred to as “junk” bonds, or unrated securities that have not been judged by the portfolio managers to be of comparable quality to rated investment grade securities. In the case of a split rating between one or more of the nationally recognized statistical rating organizations, the Fund will consider the highest rating. The Fund may also invest in floating-rate securities, inverse floating-rate securities, interest or principal only securities and zero coupon bonds.
Read More

LGOV - Performance

Return Ranking - Trailing

Period LGOV Return Category Return Low Category Return High Rank in Category (%)
YTD -4.6% -11.4% -1.8% 12.50%
1 Yr -4.5% -13.7% -2.4% 9.38%
3 Yr -6.0%* -15.1% -4.4% 6.25%
5 Yr -1.5%* -6.5% -0.8% 7.14%
10 Yr N/A* -0.7% 0.9% 71.43%

* Annualized

Return Ranking - Calendar

Period LGOV Return Category Return Low Category Return High Rank in Category (%)
2023 1.1% -2.9% 2.7% 6.25%
2022 -21.2% -42.8% -16.7% 6.25%
2021 -4.4% -25.7% -4.1% 6.25%
2020 7.2% -7.9% 22.6% 56.67%
2019 N/A 3.3% 18.5% N/A

Total Return Ranking - Trailing

Period LGOV Return Category Return Low Category Return High Rank in Category (%)
YTD -4.6% -11.4% -1.8% 12.50%
1 Yr -4.5% -13.7% -2.4% 9.38%
3 Yr -6.0%* -15.1% -4.4% 6.25%
5 Yr -1.5%* -6.5% -0.8% 7.14%
10 Yr N/A* -0.7% 0.9% N/A

* Annualized

Total Return Ranking - Calendar

Period LGOV Return Category Return Low Category Return High Rank in Category (%)
2023 4.9% 0.9% 4.9% 3.13%
2022 -19.7% -41.3% -15.2% 6.25%
2021 -1.9% -6.5% -1.9% 3.13%
2020 11.3% 10.0% 25.0% 96.67%
2019 N/A 8.0% 21.2% N/A

LGOV - Holdings

Concentration Analysis

LGOV Category Low Category High LGOV % Rank
Net Assets 329 M 25.2 M 49.8 B 84.38%
Number of Holdings 97 4 288 21.88%
Net Assets in Top 10 107 M 25.2 M 26.4 B 90.63%
Weighting of Top 10 32.98% 18.0% 114.3% 64.52%

Top 10 Holdings

  1. Fannie Mae REMICS 5.55%
  2. Government National Mortgage Association 3.63%
  3. Freddie Mac REMICS 3.45%
  4. Tennessee Valley Authority 3.34%
  5. United States Treasury Note/Bond 3.10%
  6. United States Treasury Note/Bond 2.89%
  7. Government National Mortgage Association 2.84%
  8. United States Treasury Note/Bond 2.75%
  9. Government National Mortgage Association 2.74%
  10. Government National Mortgage Association 2.69%

Asset Allocation

Weighting Return Low Return High LGOV % Rank
Bonds 		96.34% 96.34% 207.72% 100.00%
Cash 		2.44% 0.00% 7.19% 12.50%
Other 		1.10% -109.51% 1.64% 9.38%
Stocks 		0.12% 0.00% 0.12% 3.13%
Preferred Stocks 		0.00% 0.00% 0.00% 31.25%
Convertible Bonds 		0.00% 0.00% 0.00% 31.25%

Stock Sector Breakdown

Weighting Return Low Return High LGOV % Rank
Utilities 		0.00% N/A N/A N/A
Technology 		0.00% N/A N/A N/A
Real Estate 		0.00% N/A N/A N/A
Industrials 		0.00% N/A N/A N/A
Healthcare 		0.00% N/A N/A N/A
Financial Services 		0.00% N/A N/A N/A
Energy 		0.00% N/A N/A N/A
Communication Services 		0.00% N/A N/A N/A
Consumer Defense 		0.00% N/A N/A N/A
Consumer Cyclical 		0.00% N/A N/A N/A
Basic Materials 		0.00% N/A N/A N/A

Stock Geographic Breakdown

Weighting Return Low Return High LGOV % Rank
US 		0.12% 0.00% 0.12% 3.13%
Non US 		0.00% 0.00% 0.00% 31.25%

Bond Sector Breakdown

Weighting Return Low Return High LGOV % Rank
Securitized 		42.48% 0.00% 42.48% 3.13%
Government 		25.53% 25.53% 99.97% 100.00%
Cash & Equivalents 		1.68% 0.00% 7.19% 28.13%
Derivative 		1.10% -5.09% 1.64% 9.38%
Corporate 		0.00% 0.00% 0.48% 37.50%
Municipal 		0.00% 0.00% 0.01% 37.50%

Bond Geographic Breakdown

Weighting Return Low Return High LGOV % Rank
US 		96.34% 96.34% 206.99% 100.00%
Non US 		0.00% 0.00% 0.72% 31.25%

LGOV - Expenses

Operational Fees

LGOV Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.67% 0.03% 3.12% 29.03%
Management Fee 0.65% 0.00% 0.65% 100.00%
12b-1 Fee 0.00% 0.00% 1.00% 20.00%
Administrative Fee N/A 0.15% 0.35% N/A

Sales Fees

LGOV Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.75% 3.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

LGOV Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 2.00% 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.

LGOV Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 6.00% 114.00% 76.47%

LGOV - Distributions

Dividend Yield Analysis

LGOV Category Low Category High LGOV % Rank
Dividend Yield 4.03% 0.00% 4.46% 25.00%

Dividend Distribution Analysis

LGOV Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

LGOV Category Low Category High LGOV % Rank
Net Income Ratio 1.61% 0.74% 2.87% 77.42%

Capital Gain Distribution Analysis

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

Distributions History

View More +

LGOV - Fund Manager Analysis

Managers

Jeremiah Charles

Start Date

Tenure

Tenure Rank

Jan 22, 2019

3.36

3.4%

Mr. Charles is a Portfolio Manager for the First Trust Mortgage Securities Team. Prior to joining First Trust in 2013, Mr. Charles was a Vice President of Mortgage Product Sales at CRT Capital and a Senior Portfolio Manager at Deerfield Capital Management.

James Snyder

Start Date

Tenure

Tenure Rank

Jan 22, 2019

3.36

3.4%

Mr. Snyder is a Senior Vice President and Portfolio Manager for First Trust. Prior to joining First Trust in 2013, Mr. Snyder worked as a Senior Portfolio Manager at Fort Sheridan Advisors where he managed mortgage portfolios for institutional clients. Mr. Snyder has led several mortgage trading and portfolio groups at Deerfield Capital, Spyglass Capital & Trading and American Express Financial Advisors. Mr. Snyder holds a B.S. and M.A. in Economics from DePaul University and an MBA from University of Chicago Booth School of Business.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.41 25.85 8.04 14.84

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