First Trust Dow Jones Select MicroCap Index Fund
FDM
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- First Trust Dow Jones Select MicroCap Index Fund (FDM) is an exchange-traded fund that seeks to provide investment results that correspond generally to the price and yield, before fees and expenses, of the Dow Jones Select Micro-Cap Index. The fund invests substantially all of its net assets in the common stocks included in the underlying index, which comprises a select group of micro-cap U.S. companies selected based on factors such as liquidity, financial strength, and valuation metrics; it offers investors targeted exposure to small-capitalization equities with enhanced selectivity. Managed by First Trust Advisors LP, the fund operates within the asset management industry, targeting institutional and retail investors seeking micro-cap growth opportunities across diverse sectors including industrials, financials, and consumer discretionary. The fund tracks the proprietary Dow Jones Select Micro-Cap Index, which applies a rules-based methodology to select approximately 160 micro-cap securities from a universe of U.S.-listed companies with market capitalizations typically under $1 billion; holdings are weighted by modified market capitalization and rebalanced quarterly to maintain liquidity and quality standards. First Trust Dow Jones Select MicroCap Index Fund provides daily liquidity through NYSE Arca trading, dividend distributions, and performance benchmarking against broader small-cap indices like the Russell 2000. Headquartered in Wheaton, Illinois, the fund was launched in 2008 under the sponsorship of First Trust Advisors LP, a subsidiary of First Trust Portfolios LP, with no significant subsidiaries or parent fund relationships. Recent developments include enhanced index methodology updates in 2024 to incorporate additional ESG screening factors for improved risk-adjusted returns and a strategic distribution increase following strong micro-cap market recovery post-2023; the fund also announced a partnership with Dow Jones Indices in late 2024 to refine constituent selection algorithms amid rising investor demand for thematic micro-cap strategies. No major acquisitions, funding rounds, or name changes have occurred in the last two years, though First Trust expanded its ETF lineup with complementary small-cap products. Operations remain focused on the U.S. market with global investor accessibility.