“In terms of performance, since inception, the fund has lagged the market with a performance of only +3.70% versus 7.98% for the S&P 500 index. We attribute this to the fact the fund had a poor start for the first three months. What impresses us is in the last three months ending August 29, the fund performed +9.09% versus 4.68% for the S&P. The fund began trading at $20.00 per share (range $17.75-$20.87), and is just off its yearly high of $20.54-$20.24 as of September 22, 2014,” notes Reuben Sushman in a piece on Seeking Alpha.

Undoubtedly, FV’s recent outpacing of the broader market has come by way of its health care sector exposure. The ETF holds five other First Trust ETFs, including the First Trust NYSE Arca Biotechnology Index Fund (NYSEArca: FBT) and the First Trust Health Care AlphaDEX Fund (NYSEArca: FXH). As its name implies, FBT is a dedicated biotech ETF, but the $2.3 billion FXH does not short-change investors for biotech exposure with a 15.3% weight to that industry. That is to say, what is good for biotech stocks should trickle down to FV. [Strategic Health Care ETF Soars]

The First Trust Dow Jones Internet Index Fund (NYSEArca: FDN), FV’s third-largest holding at a weight of 19.5%, outpaced the S&P 500 by 80 basis points over the 90 days ended Sept. 23.

First Trust Dorsey Wright Focus 5 ETF