First Trust S&P 500 Diversified Free Cash Flow ETF
FCFY
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- First Trust S&P 500 Diversified Free Cash Flow ETF (FCFY) is an exchange-traded fund that seeks investment results corresponding generally to the price and yield, before fees and expenses, of the S&P 500 Sector-Neutral Free Cash Flow (FCF) Index; the index tracks the performance of companies in the S&P 500 Index exhibiting the highest relative free cash flow yield within each represented GICS sector, providing sector-neutral exposure to large-cap U.S. equities with strong cash generation characteristics. Under normal conditions, the fund invests at least 80% of its net assets in securities comprising the index, which emphasizes financially resilient firms across sectors such as information technology, financials, and consumer discretionary, targeting investors seeking value-oriented, high FCF yield strategies within a mid-cap value style classification. FCFY distributes dividends quarterly and employs a physical replication method as a passively managed, open-ended investment company domiciled in the United States. The ETF operates within the broader U.S. equity asset class, with nearly 100% allocation to U.S. stocks and minimal cash holdings, serving financial advisors, institutional investors, and retail clients focused on core equity holdings with enhanced income potential from free cash flows. It lists on the NYSE Arca exchange with a net expense ratio of 0.60%, no front-end or deferred loads, and daily pricing. Launched on August 23, 2023, FCFY forms part of the product lineup issued by First Trust Advisors L.P., headquartered in Wheaton, Illinois, a privately held financial services firm founded in 1991 that manages over $300 billion in assets across ETFs, unit investment trusts, mutual funds, and separately managed accounts. Recent developments at issuer First Trust Advisors L.P. include multiple ETF launches and strategic expansions in 2024 and 2025, such as the September 2024 debut of BUFY, a laddered portfolio of international equity moderate buffer ETFs sub-advised by Vest Financial LLC, enhancing its Target Outcome lineup. In February 2025, First Trust launched three new Target Income ETFs—HYTI, LQTI, and LTTI—focusing on high-yield, investment-grade, and long-term Treasury strategies, further strengthening ties with sub-advisor Vest Financial. Additional activity encompasses the June 2025 reorganization of its closed-end Specialty Finance and Financial Opportunities Fund into the FT Confluence BDC & Specialty Finance Income ETF (FBDC), alongside June 2025 launches of three new Target Outcome strategy ETFs and a planned reduction in unitary management fees for certain fixed-income funds effective January 2026, reflecting ongoing portfolio innovation and cost efficiencies.