- ISIN
- US33740F4090
- CUSIP
- 33740F409
- Issuer
- First Trust
- Inception Date
- Sep 27, 2016
- Region
- North America (U.S.)
- Category
- Diversified Portfolio
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Multi-Asset
- Asset Class Size
- Multi-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $78M
Share Price Chart
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Performance
FCEF Performance Chart
First Trust CEF Income Opportunity ETF (FCEF) is up 6.6% since the beginning of the year. FCEF is currently trading at $24 per share. Investors who bought $1,000 worth of FCEF shares 5 years ago would now be looking at an investment worth $1,328.
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Returns By Period
First Trust CEF Income Opportunity ETF (FCEF) has returned 6.63% so far this year and 16.43% over the past 12 months.
First Trust CEF Income Opportunity ETF
- 1D
- -0.04%
- 1M
- 0.34%
- YTD
- 6.63%
- 6M
- 7.47%
- 1Y
- 16.43%
- 3Y*
- 15.53%
- 5Y*
- 5.83%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
FCEF Monthly Returns History
Based on dividend-adjusted daily data since Sep 29, 2016, FCEF's average daily return is +0.04%, while the average monthly return is +0.74%. At this rate, an investment would double in approximately 7.8 years.
Historically, 67% of months were positive and 33% were negative. The best month was Nov 2020 with a return of +14.2%, while the worst month was Mar 2020 at -20.6%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 3 months.
On a daily basis, FCEF closed higher 57% of trading days. The best single day was Mar 19, 2020 with a return of +9.2%, while the worst single day was Mar 18, 2020 at -18.2%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2.95% | 1.64% | -4.71% | 6.14% | 1.69% | -0.91% | 6.63% | ||||||
| 2025 | 3.15% | 0.20% | -1.06% | -1.32% | 3.09% | 3.59% | 1.10% | 1.81% | 0.92% | 0.68% | 1.34% | 0.16% | 14.39% |
| 2024 | 1.19% | 2.17% | 3.18% | -2.32% | 4.17% | 1.65% | 3.64% | 1.59% | 2.44% | -1.22% | 3.37% | -3.28% | 17.51% |
| 2023 | 7.21% | -2.65% | -2.35% | 0.66% | -2.53% | 3.86% | 3.26% | -2.09% | -2.95% | -3.48% | 7.98% | 3.83% | 10.27% |
| 2022 | -6.14% | -4.22% | 3.64% | -6.91% | -0.31% | -8.07% | 8.89% | -3.03% | -9.87% | 6.14% | 4.49% | -4.05% | -19.51% |
| 2021 | 0.57% | 2.95% | 3.43% | 4.37% | 1.56% | 1.99% | -1.03% | 2.49% | -3.06% | 3.95% | -2.75% | 3.83% | 19.50% |
Benchmark Metrics
First Trust CEF Income Opportunity ETF has an annualized alpha of -0.28%, beta of 0.64, and R2 of 0.58 versus S&P 500 Index. Calculated based on daily prices since September 29, 2016.
- This ETF participated in 91.16% of S&P 500 Index downside but only 72.68% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.64 indicates this ETF moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- -0.28%
- Beta
- 0.64
- R²
- 0.58
- Upside Capture
- 72.68%
- Downside Capture
- 91.16%
Expense Ratio
FCEF has a high expense ratio of 2.91%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
FCEF ranks 62 for risk / return — better than 62% of ETFs on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for First Trust CEF Income Opportunity ETF (FCEF) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FCEF | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.37 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.35 | 2.78 | -0.44 |
| Martin ratioReturn relative to average drawdown | 10.43 | 12.44 | -2.01 |
Dividends
Dividend History
First Trust CEF Income Opportunity ETF provided a 6.89% dividend yield over the last twelve months, with an annual payout of $1.63 per share. The fund has been increasing its distributions for 5 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.63 | $1.62 | $1.54 | $1.42 | $1.40 | $1.22 | $1.13 | $1.17 | $1.13 | $1.08 | $0.30 |
Dividend yield | 6.89% | 7.05% | 7.13% | 7.17% | 7.26% | 4.74% | 5.03% | 5.07% | 5.96% | 4.90% | 1.51% |
Monthly Dividends
The table displays the monthly dividend distributions for First Trust CEF Income Opportunity ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.14 | $0.14 | $0.14 | $0.14 | $0.14 | $0.14 | $0.82 | ||||||
| 2025 | $0.14 | $0.14 | $0.14 | $0.14 | $0.14 | $0.14 | $0.14 | $0.14 | $0.14 | $0.14 | $0.14 | $0.14 | $1.62 |
| 2024 | $0.12 | $0.12 | $0.13 | $0.13 | $0.13 | $0.13 | $0.13 | $0.13 | $0.14 | $0.14 | $0.14 | $0.14 | $1.54 |
| 2023 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $1.42 |
| 2022 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $1.40 |
| 2021 | $0.09 | $0.09 | $0.09 | $0.10 | $0.10 | $0.10 | $0.11 | $0.11 | $0.11 | $0.11 | $0.11 | $0.11 | $1.22 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the First Trust CEF Income Opportunity ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the First Trust CEF Income Opportunity ETF was 44.81%, occurring on Mar 18, 2020. Recovery took 204 trading sessions.
The current First Trust CEF Income Opportunity ETF drawdown is 0.91%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -44.81%Mar 2020 | 26d | 9mo 25d | 10mo 21dFeb 2020 - Jan 2021 |
Bear market2022 | -25.32%Oct 2022 | 1y 1mo | 1y 9mo | 2y 10moSep 2021 - Jul 2024 |
Rate-hike selloffLate 2018 | -17.78%Dec 2018 | 3mo 26d | 3mo 12d | 7mo 8dAug 2018 - Apr 2019 |
2025 selloff2025 | -12.39%Apr 2025 | 1mo 15d | 1mo 27d | 3mo 12dFeb 2025 - Jun 2025 |
2026 pullback2026 | -7.03%Mar 2026 | 27d | 1mo 1d | 1mo 28dMar 2026 - Apr 2026 |
Drawdown Indicators
| FCEF | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.81% | -56.78% | +11.97% |
Max Drawdown (1Y)Largest decline over 1 year | -7.03% | -9.10% | +2.07% |
Max Drawdown (3Y)Largest decline over 3 years | -12.39% | -18.90% | +6.51% |
Max Drawdown (5Y)Largest decline over 5 years | -25.32% | -25.43% | +0.11% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.91% | -1.80% | +0.89% |
Average DrawdownAverage peak-to-trough decline | -6.25% | -10.71% | +4.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.58% | 2.03% | -0.45% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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