First Trust Low Duration Opportunities ETF
First Trust Exchange-Traded Fund IV · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
First Trust Low Duration Opportunities ETF is an actively managed U.S. bond ETF.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- ETF
- Credit quality
- Investment grade
- Rate sensitivity
- Short duration
Fund profile
As filed in the prospectus · 2026 Q1
The First Trust Low Duration Opportunities ETFs (the Fund ) primary investment objective is to generate current income. The Fund's secondary investment objective is to provide capital appreciation.
The fund invests at least 60% of assets in mortgage-backed securities, including residential and commercial mortgage pools, stripped securities, and collateralized mortgage obligations, with the remainder in cash, short-term investments, and government obligations. The fund targets an effective duration of three years or less to limit sensitivity to interest rate movements. The fund may invest up to 20% of assets in below-investment-grade or unrated securities and employs mortgage dollar rolls and to-be-announced transactions as part of its portfolio management.
| Share class | Expense ratio |
|---|---|
| LMBS | 0.66% |
Portfolio turnover 268.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Securitized | 83.53% |
| Bonds | 21.56% |
| Cash & short-term | 1.04% |
| Derivatives | 0.37% |
| Stocks | 0.03% |
Look-through blends 3 underlying funds; 0.026% of NAV was not looked through and stays direct-classified.
Latest quarter
What changed since the fund's previous filing
Largest new: FEDERAL NATIONAL MORTGAGE ASSOCIATION ×3, UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT ×5
Largest exited: Fannie Mae or Freddie Mac ×3, TREASURY BILL ×3, Government National Mortgage A, TSY INFL IX N/B
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 56.1% |
| Floating rate | 25.7% |
| Zero-coupon or unclassified | 18.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 10.8% |
| 1-3y | 3.1% |
| 3-5y | 2.8% |
| 5-10y | 9.4% |
| 10y+ | 73.9% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 68% |
| Interest rates | 32% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +4.59 yr |
| High yield | +0.16 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.03 yr | 1% |
| 1 yr | 0.39 yr | 18% |
| 5 yr | 0.57 yr | 26% |
| 10 yr | 1.03 yr | 47% |
| 30 yr | 0.17 yr | 8% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.32 yr | 7% |
| 5 yr | 2.69 yr | 57% |
| 10 yr | 1.48 yr | 31% |
| 30 yr | 0.26 yr | 6% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.03 | +0.00 | +0.00 | $1.2k | $121 |
| 1 yr | +0.39 | +0.29 | +0.03 | $178.4k | $18.4k |
| 5 yr | +0.57 | +2.61 | +0.08 | $1.61m | $51.4k |
| 10 yr | +1.03 | +1.43 | +0.05 | $880.4k | $30.6k |
| 30 yr | +0.17 | +0.26 | +0.00 | $160.5k | $772 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | FHLMC Super 30Y Fixed4.00% · due 2049-05-01 | 1.72% | $105.98M | — |
| — | FEDERAL NATIONAL MORTGAGE ASSOCIATION5.50% · due 2056-06-15 | 1.54% | $94.87M | — |
| — | FEDERAL NATIONAL MORTGAGE ASSOCIATION5.50% · due 2056-07-15 | 1.33% | $81.73M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT0.00% · due 2026-05-12 | 1.22% | $74.92M | — |
| — | FEDERAL NATIONAL MORTGAGE ASSOCIATION4.00% · due 2049-05-01 | 1.05% | $64.49M | — |
| — | MORGAN STANLEY INSTITUTIONAL LIQUIDITY FUNDS | 1.04% | $64.08M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT0.00% · due 2026-05-07 | 0.97% | $59.96M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT0.00% · due 2026-05-21 | 0.97% | $59.88M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT0.00% · due 2026-05-28 | 0.97% | $59.84M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT0.00% · due 2026-06-04 | 0.97% | $59.80M | — |
Top 10 positions are 11.77% of net assets, top 25 23.87%, across 192 issuers.
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