First Trust AlphaDEX TM U.S. Materials Sector Index ETF. Annual Management Report of Fund Performance December 31, 2014
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1 Annual December 31, 2014
2 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE December 31, 2014 First Trust AlphaDEX TM U.S. Materials Sector Index ETF (the First Trust ETF ) This annual management report of fund performance contains financial highlights, but does not contain the complete annual financial statements of the First Trust ETF. All references to dollars contained herein are to Canadian dollars. Securityholders may also contact us to request a copy of the First Trust ETF s proxy voting policies and procedures, proxy voting disclosure record, or quarterly portfolio disclosures relating to the First Trust ETF by calling , by writing to us at FT Portfolios Canada Co., 330 Bay Street, Suite 1300, Toronto, Ontario M5H 2S8 or by visiting our web site at or SEDAR at Forward Looking Statements This document may contain forward-looking statements relating to anticipated future events, results, circumstances, performance or expectations that are not historical facts but instead represent beliefs regarding future events. By their nature, forward-looking statements are based on assumptions and are subject to inherent risks and uncertainties. There is significant risk that forward-looking statements will not prove to be accurate. Readers of this document should not place undue reliance on forward-looking statements as a number of factors could cause actual future results, conditions, actions or events to differ materially from the expectations, estimates or intentions expressed or implied in the forward-looking statements. These factors include but are not limited to market and general economic conditions, interest rates, foreign currency exchange rates, the extent of industry sector exposure, the performance of the securities of the issuers held in the portfolio and regulatory developments and the risks detailed in the First Trust ETF s prospectus. The Manager does not undertake and specifically disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. i
3 Investment Objective and Strategy The fundamental investment objective of First Trust AlphaDEX U.S. Materials Sector Index ETF (the First Trust ETF ) is to replicate, to the extent possible, the performance of the StrataQuant Materials Index ("Index"), net of expenses. The investment strategy of the First Trust ETF is to invest in and hold the constituent securities of the applicable Index in the same proportion as they are reflected in the Index or securities intended to replicate the performance of such Index. The Index results from applying the AlphaDEX methodology to the Russell 1000 Index, a market index representing the large capitalization segment of the U.S. equity universe, and then selecting the constituent securities for the Index from those qualifying stocks included in the Materials and Processing Sector. The First Trust ETF may also hold cash and cash equivalents or other money market instruments to fund current liabilities. The First Trust ETF offers one class of units on the TSX with the symbol: FHM The inception date of the First Trust ETF was October 30, Risk The risks associated with an investment in the First Trust ETF remain as discussed in the First Trust ETF s most recent prospectus. During the period, there were no changes to the First Trust ETF that materially affected the overall risk level associated with an investment in the First Trust ETF. Results of Operations The First Trust ETF s net asset value as of December 31, 2014 was $2,012,899 or $20.13 per unit. The First Trust ETF declared a distribution of $ per unit on December 18 th, 2014 to unitholders of record as of December 31 st, The distribution was paid on January 12, Investment Performance The First Trust ETF returned 2.64%, net of fees and expenses, from the date of inception to December 31, This compares with the Russell 1000 Materials and Processing Index (the benchmark ) total return of 3.03%. The First Trust ETF underperformed the benchmark. The portfolio held 58 equity securities as of December 31, The top ten equity holdings accounted for 30.12% of the portfolio. The AlphaDEX stock selection process is a rules-based process and can result in industry weightings that differ from that of the benchmark. An overweight position in Containers & Packaging significantly aided relative performance. However, negative stock selection mixed throughout the entire First Trust ETF detracted from overall relative performance that lagged the benchmark. Specifically hurting returns was stock selection in Construction Materials, Metals & Mining, Trading Companies & Distributors and Chemicals. An overweight position and stock selection within Building Products was accretive to relative performance. The top five stocks by contribution to portfolio return were Rock-Tenn Company, Owens Corning, Sherwin Williams Company, Sealed Air Corporation and Bemis Company, Inc. The bottom five stocks by contribution to return were Cliffs Natural Resources, Inc., Freeport-McMoRan, Inc., Westlake Chemical Corporation, MRC Global Inc., and LyondellBasell Industries. During the period, appreciation in the US dollar versus the Canadian dollar was not advantageous for the ETF given the currency hedge. 1
4 Recent Developments At year-end, the Materials & Processing sector accounted for 4.09% of the Russell 1000 Index weight making it the smallest sector in the benchmark. The Materials & Processing sector was significantly impacted by the drop in metal prices. Iron Ore, Copper and Gold all dropped since inception. During the period, overall market returns were significantly impacted by the large decline in oil prices. Since inception the price of West Texas Intermediate Crude Oil dropped more than 30%. Lower oil prices did appear to benefit the consumer and other sectors where oil is a significant cost input. Despite the volatility caused by the drop in energy prices, the Russell 1000 Index closed at all-time highs on multiple trading sessions and reached a record high of 1,161.45, on December 29 th, The Russell 1000 Index finished the year trading at a price/earnings multiple of and a dividend yield of 1.87%. Effective after the close of business on January 30, 2015, the First Trust ETF will no longer be hedging its exposure to the U.S. dollar. The First Trust ETF will provide the same exposure to various segments of the U.S. equity market but in a non-us currency hedged manner. International Financial Reporting Standards The financial statements of the First Trust ETF have been prepared in compliance with International Financial Reporting Standards (IFRS) as published by the International Accounting Standards Board (IASB). The First Trust ETF adopted this basis of accounting in 2014 as required by Canadian securities legislation and the Canadian Accounting Standards Board. Related Party Transactions FT Portfolios Canada Co. is the Manager of the First Trust ETF and is a Canadian affiliate of First Trust Advisors L.P., the investment advisor (the Advisor ) of the First Trust ETF. Pursuant to terms of the declaration of trust of the First Trust ETF, the Manager provides or arranges for all management, administrative and other services required by the First Trust ETF. The Manager receives a management fee from the First Trust ETF. For further details, please see Management Fees. The Manager has retained the Advisor to provide certain services to the First Trust ETF pursuant to an investment advisory agreement. The Advisor receives advisory fees from the Manager out of the management fee. 2
5 Financial Highlights The following tables show selected key financial information about the First Trust ETF and are intended to help you understand the First Trust ETF s financial performance from date of inception to the period ended December 31, The date of inception of the First Trust ETF was October 30, This information is derived from the First Trust ETF s annual financial statements for the period ending December 31. Net Asset Value per Unit December 31, 2014 Net asset value, beginning of period (1) $20.00 (a) Increase (Decrease) from operations: Total revenue 0.09 Total expenses (0.04) Realized gains (losses) for the period (0.67) Unrealized gains (losses) for the period 0.77 Total increase (decrease) from operations (2) $0.15 Distributions: From income (excluding dividends) (0.02) From dividends - From capital gains - Return of capital - Total annual distributions (3) $(0.02) Net asset value, end of period (4) $20.13 (a) Initial offering price (1) This information is provided from October 30, 2014 (the date of inception) to the period ended December 31, 2014 and is prepared under IFRS. (2) Net asset value and distributions are based on the actual number of units outstanding at the relevant time. The increase/decrease from operations is based on the weighted average number of units outstanding over the period. (3) Distributions were either paid in cash or reinvested in additional units of the First Trust ETF. (4) This table is not intended to be a reconciliation of beginning to ending net asset value per unit. Ratios and Supplemental Data December 31, 2014 Net asset value (000 s) $2,013 Number of units outstanding 100,000 Management expense ratio (1) 0.79% Management expense ratio before waivers or absorption 0.83% Trading expense ratio (2) 0.01% Portfolio turnover rate (3) 3.45% Net asset value per unit $20.13 (1) Management expense ratio is based on total expenses for the stated period and is expressed as an annualized percentage of daily average net asset value during the period. (2) The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period. (3) The First Trust ETF s portfolio turnover rate indicates how actively the First Trust ETF s portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the First Trust ETF buying and selling all of the securities in its portfolio once in the course of the period. The higher a First Trust ETF s s portfolio turnover rate in a period, the greater the trading cost payable by the First Trust ETF in the period, and the greater the chance of an investor receiving taxable capital gains in the period. There is not necessarily a relationship between high turnover rate and the performance of a First Trust ETF. 3
6 Management Fees The First Trust ETF will pay the Manager a management fee equal to up to 0.70% based on the average daily NAV of the First Trust ETF. The management fee, plus applicable taxes including HST, will be accrued daily and paid quarterly in arrears. The Manager may, from time to time in its discretion, waive all or a portion of the management fee charged at any given time. Past Performance General The past performance information shown assumes that all distributions made by the First Trust ETF in the period shown were reinvested in additional securities of the First Trust ETF. The performance information does not take into account sales, redemption, distribution or other optional charges that would have reduced returns or performance. How the First Trust ETF has performed in the past does not necessarily indicate how it will perform in the future. Year by Year Returns The bar chart below shows the First Trust ETF s performance from the inception date to the period ended December 31. The chart also shows, in percentage terms, how much an investment made on the first day of each financial year would have grown or decreased by the last day of each financial year. 4.00% 3.00% First Trust AlphaDEX TM U.S. Materials Sector Index ETF 2.64% 2.00% 1.00% *Date of Inception 0.00% *Oct 30/14 to Dec 31/14 FHM 2.64% Annual Compound Returns The First Trust ETF underperformed its sector benchmark during the period mainly due to negative stock selection within Chemicals and Metals & Mining. In addition, the First Trust ETF underperformed the broader Russell 1000 Index (CAD-Hedged). Since Inception First Trust AlphaDEX U.S. Materials Sector Index ETF 2.64% Russell 1000 Materials and Processing Index 3.03% Russell 1000 Index (CAD-Hedged) 3.79% S&P 500 Materials Index 2.63% The Russell 1000 Materials & Processing Index - is an unmanaged index which includes the stocks in the materials & processing sector of the Russell 1000 Index. The Russell 1000 Index (CAD-Hedged) - is an unmanaged index used to measure the large-cap U.S. equity universe. The S&P 500 Materials Index - is an unmanaged index which includes the stocks in the materials sector of the S&P 500 Index. 4
7 Summary of Investment Portfolio The table sets out the percentage (based on total net asset value) of the First Trust ETF s top 25 holdings as at December 31, This summary of portfolio holdings may change due to ongoing portfolio transactions of the First Trust ETF. A quarterly update is available at Top 25 Holdings % of ETF Total Net Asset Value Rock-Tenn Co., Class A 3.92% Domtar Corp. 3.50% Owens Illinois Inc. 3.45% Celanese Corp., Series A 3.13% CF Industries Holdings Inc. 2.99% Eastman Chemical Co. 2.87% Sherwin-Williams Co. 2.69% Cabot Corp. 2.64% RPM International Inc. 2.48% Valspar Corp. (The) 2.45% Carpenter Technology Corp. 2.44% Ball Corp. 2.42% Masco Corp. 2.36% Albemarle Corp. 2.29% Eagle Materials Inc. 2.28% Sigma-Aldrich Corp. 2.27% LyondellBasell Industries NV, Class A 2.23% Sealed Air Corp. 2.23% Freeport-McMoRan Inc., Class B 2.19% Bemis Co. Inc. 2.18% Westlake Chemical Corp. 2.16% Valmont Industries, Inc. 2.11% Ashland Inc. 2.11% Sonoco Products Co. 2.04% AptarGroup Inc. 2.02% Portfolio Breakdown The table sets out the percentage (based on total net asset value) of the First Trust ETF s portfolio, by industry, as at December 31, Industry Weightings % of ETF Total Net Asset Value Chemicals 45.96% Containers & Packaging 21.26% Materials & Mining 11.60% Building Products 6.83% Paper & Forest Products 4.76% Machinery 3.96% Construction Materials 3.24% Trading Companies & Distributors 0.73% Electrical Equipment 0.67% Aerospace & Defense 0.59% Cash and Cash Equivalents 0.41% 5
8 F Co. 330 Bay Street, Suite 1300 Toronto, ON M5H 2S8
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