Multi-Asset Diversified Income Index Fund (MDIV) holdings & weights
Per-holding contribution · concentration · sector skew — a deep read
Fund overview
This is a US-listed ETF from First Trust. It tracks the NASDAQ US Multi-Asset Diversified Income Index. Key facts — expense ratio 0.71%; net assets about $412M; inception Aug 14, 2012. Its 1-year return is +8.36%.
Fund details
Fund overview
This is a US-listed ETF from First Trust. It tracks the NASDAQ US Multi-Asset Diversified Income Index. Key facts — expense ratio 0.71%; net assets about $412M; inception Aug 14, 2012. Its 1-year return is +8.36%.
21 identified stocks · net exposure / NAV 43.51%. Display weights are normalized to 100%; calculations retain original exposures without an additional leverage multiplier. Cash and unallocated contracts are excluded from stock attribution.
Weight and calculation basis
21 identified stocks · net exposure / NAV 43.51%. Display weights are normalized to 100%; calculations retain original exposures without an additional leverage multiplier. Cash and unallocated contracts are excluded from stock attribution.
We have this ETF's holdings, but the prices for those particular listings are outside our quote coverage (currently Korea- and US-listed securities). So today's contribution and return are not computed — showing 0% would claim it did not move, which is a different statement. The holdings and weights below follow the calculation basis above.
Today's summary
Its top 10 holdings make up about 75.7% of the fund. The concentration index (HHI) is 2398 — Moderate, and the largest sector is Unclassified (50%). The higher the concentration, the more one stock or sector drives the whole ETF's return.
Structural health
A five-axis read on how this fund is built. It is not a return forecast or a recommendation, and a low score does not mean a bad fund — leveraged products score low by design. Each axis shows the figure behind it.
Concentration sits in the 1,500–2,500 band (2,398) — moderate.
Unclassified is 50%, a clear tilt. That industry's swings will drive the fund.
0.71% a year is on the high side — about 7.1% over a decade, so it needs a reason to earn that.
Net assets of $412M — liquid enough to trade, and unlikely to be wound down.
A plain 1x physical fund holding the shares themselves — no structural drift from how long you hold it.
Concentration and diversification
Structural health
A five-axis read on how this fund is built. It is not a return forecast or a recommendation, and a low score does not mean a bad fund — leveraged products score low by design. Each axis shows the figure behind it.
Concentration sits in the 1,500–2,500 band (2,398) — moderate.
Unclassified is 50%, a clear tilt. That industry's swings will drive the fund.
0.71% a year is on the high side — about 7.1% over a decade, so it needs a reason to earn that.
Net assets of $412M — liquid enough to trade, and unlikely to be wound down.
A plain 1x physical fund holding the shares themselves — no structural drift from how long you hold it.
Top 20 holdings
Weights are normalized to 100% of absolute exposures across analysed positions, including positions outside this top list. Cash, collateral and unverified assets are excluded. Contributions retain original signed NAV exposures; leverage is not applied twice.
Normalized to 100% of analysed positions
Weights are normalized to 100% of absolute exposures across analysed positions, including positions outside this top list. Cash, collateral and unverified assets are excluded. Contributions retain original signed NAV exposures; leverage is not applied twice.
| # | Holding | Weight |
|---|---|---|
| 1 | First Trust Tactical High Yield ETFHYLS | 47.48% |
| 2 | Icahn EnterprisesIEP | 3.79% |
| 3 | ARMOUR ResidentialARR | 3.31% |
| 4 | Mach Natural ResourcesMNR | 3.29% |
| 5 | AGNC InvestmentAGNC | 3.15% |
| 6 | Annaly Capital ManagementNLY | 3.10% |
| 7 | TXO PartnersTXO | 3.06% |
| 8 | Kimbell Royalty PartnersKRP | 2.97% |
| 9 | Rithm CapitalRITM | 2.83% |
| 10 | Dorchester MineralsDMLP | 2.74% |
| 11 | Western Midstream PartnersWES | 2.55% |
| 12 | CrossAmerica PartnersCAPL | 2.48% |
| 13 | Alliance Resource PartnersARLP | 2.44% |
| 14 | Black Stone MineralsBSM | 2.25% |
| 15 | AGNC InvestmentAGNCN | 2.11% |
| 16 | Delek Logistics PartnersDKL | 2.11% |
| 17 | Gaming and Leisure PropertiesGLPI | 2.11% |
| 18 | USA Compression PartnersUSAC | 2.09% |
| 19 | Annaly Capital Management Cum Conv Red Pfd Registered Shs Series -F-NLYPF | 2.07% |
| 20 | AGNC InvestmentAGNCP | 2.05% |
Holdings below 0.5% or outside the top list are folded into “Others” and omitted above.
Where the weight sits — sector mix
Listed equity weights summed by sector and normalized to 100%. Each band is one sector's share.
Industry breakdown
HHI sums the squared weights. The more it leans on a few names, the higher it goes — and the more the whole ETF moves with them.
How concentrated is it
Multi-Asset Diversified Income Index Fund leans heavily on a handful of names. Its concentration index (HHI) is 2398, and the top 10 holdings make up 75.7% of equity weight — closer to owning a few stocks than a diversified basket.
If you bought it for diversification, note that when one or two of those names move sharply, most of the fund's day comes from them.
HHI squares each weight and sums them: 10,000 means one stock is everything, and the more evenly spread the holdings, the closer it falls to zero.
Where the sector weight sits
Sector weights run Unclassified(50%) · Energy(25%) · Real Estate(21%). At 50%, the leading sector is a clear tilt.
Expect it to ride that industry's cycle — ahead of the index in good stretches, behind in bad ones.
Weights above sum the individually listed equities and normalize that equity total to 100%.
How much it overlaps others
Even its closest peer, LDSF, overlaps only 12% (1 shared names).
Funds filed under the same label can hold quite different companies, so pairing this one with another may genuinely spread risk.
What it is made of
The fund holds 125 positions in total; this page lists the largest 21 and folds the rest into "Others".
Equities are 43.5% of the fund, the rest swaps and cash — index exposure built synthetically rather than by owning the shares, which adds counterparty risk.
The expense ratio is 0.71% a year, which is not cheap. Fees come out of returns every year you hold, so it is worth checking whether the same index is available for less.
This page is not investment advice. Investment decisions and responsibility are your own.
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