First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL) Research

The First Trust Dorsey Wright Momentum & Low Volatility ETF, or "the Fund," aims to deliver investment returns that broadly align with the price and income generated by its underlying benchmark, the Dorsey Wright Momentum Plus Low Volatility Index (referred to as "the Index"), before accounting for fund-related fees and expenses. To achieve this, the Fund generally commits at least 90% of its net assets—including any capital acquired through borrowing—to the equity securities comprising the Index. Adopting an indexing strategy, the Fund's primary goal is to replicate the Index's performance as closely as possible, prior to fees and operating costs. The Fund's investment advisor endeavors to maintain a strong correlation of 0.95 or higher (before fees and expenses) between the Fund's financial performance and that of the Index, with a value of 1.00 signifying absolute perfect alignment. Nasdaq, Inc., known as the "Index Provider," is the developer and proprietor of this Index.

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