The First Trust Dorsey Wright Focus 5 ETF (NasdaqGM: FV) is off to a fast start, at least terms of gathering assets. FV, which is not yet six weeks old, has already accumulated $134.3 million in assets under management.

Such asset-gathering proficiency is impressive under any circumstances, but that is particularly true of FV.  The ETF makes a Dorsey Wright strategy used by advisors and institutional investors accessible to a broader audience. FV tracks the Dorsey Wright Focus Five Index which is comprised of “five First Trust sector and industry based ETFs identified by DWA’s index methodology to offer the greatest potential to outperform the other ETFs in the selection universe,” according to a statement. [A New ETF of ETFs]

FV’s holdings are the First Trust NYSE Arca Biotechnology Index Fund (NYSEArca: FBT), First Trust Dow Jones Internet Index Fund (NYSEArca: FDN), First Trust Health Care AlphaDEX Fund (NYSEArca: FXH), First Trust Consumer Discretionary AlphaDEX Fund (NYSEArca: FXD) and the First Trust Consumer Staples AlphaDEX Fund (NYSEArca: FXG). With the possible exception of FXG, FV’s holding can be considered momentum ETFs.

All of those ETFs have traded significantly lower since FV debuted. Not surprisingly, it has been FBT and FDN that endured the worst of the selling. Those ETFs have an average loss of 16.9% since March 5. FXH has 15.7% weight to biotech stocks, explaining its nearly 10% loss since FV debuted. [Investors Leave Biotech ETFs]

The good news is FV offers a high level of flexibility. Its “relative strength analysis is conducted on a weekly basis. ETFs are replaced when they fall sufficiently out of favor, based on their relative strength, versus the other ETFs within the universe. The index is rebalanced so each position is equally weighted,” according to First Trust.

That means any of the aforementioned ETFs could depart FV and be replaced by another First Trust sector or industry ETF. The issuer has a total of 23 sector and industry ETFs. Some, including the First Trust Utilities AlphaDEX Fund (NYSEArca: FXU) and the First Trust ISE-Revere Natural Gas Index Fund (NYSEArca: FCG), have recently been strong performers.