First Trust Rising Dividend Achievers ETF (RDVY)

UNKNOWN. The provided text describes the Fund's investment strategy and index methodology, but not its overall goal or mission.

The index measures the performance of securities that have increased dividend value over the previous three and five years. It's comprised of four sub-portfolios, each reconstituted annually during its designated quarter. Eligibility criteria are evaluated within each sub-portfolio. To be eligible, securities must meet several requirements including a minimum dividend increase, cash-to-debt ratio greater than 50%, and a payout ratio no greater than 65%. Up to 50 securities with the most favorable combined ranks (based on five-year dividend increase, current dividend yield, and payout ratio) are selected for each sub-portfolio, with at least 33 being large-cap. If an industry has over 15 securities, the highest-ranked is replaced. The sub-portfolios are equally weighted and combined to form the index, which is rebalanced annually in March so each sub-portfolio represents 25% of the total index weight.