What Is FDL? First Trust Morningstar Dividend Leaders Index Fund
Last updated July 2026
Short answer
FDL is First Trust Morningstar Dividend Leaders Index Fund, an ETF that tracks a US large-cap value index at a 0.43% expense ratio. FDL tracks a US large-cap value index. At 0.43% it costs more than the typical large value fund, nearer 0.27%. It yields about 3.80%, enough that income is part of the reason people hold it. It has traded since 2006, so its record spans more than one full cycle. It is concentrated: the ten largest positions are about 48% of the fund, led by CVX at 7.4%.
FDL is issued by First Trust and tracks a US large-cap value index. It charges a 0.43% expense ratio, holds approximately $7.3B in assets under management, yields about 3.80%, and launched in 2006.
What is FDL?
FDL is First Trust Morningstar Dividend Leaders Index Fund, an ETF that tracks a US large-cap value index at a 0.43% expense ratio. FDL tracks a US large-cap value index. At 0.43% it costs more than the typical large value fund, nearer 0.27%. It yields about 3.80%, enough that income is part of the reason people hold it. It has traded since 2006, so its record spans more than one full cycle. It is concentrated: the ten largest positions are about 48% of the fund, led by CVX at 7.4%.
FDL is issued by First Trust and tracks a US large-cap value index, so a single ticker gives you the whole portfolio of underlying holdings weighted by the index's methodology rather than by any active stock-picking.
What does FDL hold?
FDL is weighted toward its largest constituents. As of August 2026, the top holdings are:
| Rank | Ticker | Company | % of FDL | |
|---|---|---|---|---|
| 1 | CVX | Chevron Corp | 7.4% | |
| 2 | VZ | Verizon Communications Inc | 7.2% | |
| 3 | PM | Philip Morris International Inc | 6.1% | |
| 4 | PFE | Pfizer Inc | 5.9% | |
| 5 | PEP | PepsiCo Inc | 4.8% | |
| 6 | MO | Altria Group Inc | 4.6% | |
| 7 | BMY | Bristol-Myers Squibb Co | 3.4% | |
| 8 | UPS | United Parcel Service Inc Class B | 3.2% | |
| 9 | CMCSA | Comcast Corp Class A | 3.1% | |
| 10 | SO | Southern Co | 2.3% |
The remaining holdings make up the balance of the fund, with weights tapering off below the top names. Because the index reconstitutes on a rolling basis, the roster stays current without active management. Each ticker above links to its individual stock guide in Walnut.
How do I invest in FDL?
There are three common ways to get FDL exposure. Buy shares (or fractional shares) of FDL directly at any major broker that lists it. Hold it as a core position and layer more concentrated ideas on top. Or build it into a thematic portfolio in Walnut, so FDL sits alongside other holdings that express the same thesis, with target weights you can rebalance toward. FDL trades like a stock during market hours, so you buy it the same way you would any listed share.
New to buying funds? See how to buy an ETF, step by step.
Is FDL a good buy?
Whether FDL is a good buy depends less on any single call and more on your time horizon and what you already hold: it tracks a US large-cap value index, so the real question is whether you want that exposure in your mix and at what weight. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is FDL a buy?
The bottom line on FDL
FDL gives you a US large-cap value index exposure in one ticker at a 0.43% expense ratio. Most investors use it as a core holding and layer more concentrated thematic portfolios on top.
More on FDL
Whether FDL is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is FDL a buy?
FDL yields 3.80% as of August 2026, paid by passing through the dividends of its underlying holdings. For the payout schedule, history, and how the distributions are taxed, see FDL dividend: yield and schedule.
New to funds like FDL? Start with what an ETF is, then how to buy an ETF, or browse the full guide to ETF investing.
Wondering how FDL fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in FDL with AI
Connect the broker you already use and ask Walnut's AI how FDL fits what you actually hold: what it overlaps with, what it leaves you exposed to, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is FDL's ticker symbol?
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FDL, First Trust Morningstar Dividend Leaders Index Fund. Issued by First Trust; tracks a US large-cap value index. Trades during US market hours, available at every major US brokerage.
What is FDL's expense ratio?
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0.43% as of August 2026.
What are FDL's top holdings?
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Top holdings as of August 2026: CVX, VZ, PM, PFE, PEP and others. See the full holdings table above.
How can I invest in FDL through Walnut?
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Walnut isn't a broker. Connect a brokerage and Walnut sits on top to help you build and track thematic portfolios. FDL can be a constituent alongside individual stocks.
How do I compare FDL to similar ETFs?
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Put a few fields side by side: the expense ratio (fees compound over decades), the index or strategy it tracks, the top holdings and how much they overlap with what you already own, the dividend yield, and the AUM, liquidity, and bid-ask spread that affect trading costs. For index funds, tracking error (how closely it follows its index) and tax efficiency matter too. FDL's figures are above; the full method is in Walnut's guide on how to compare ETFs.
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Walnut is informational, not investment advice. Holdings weights and fund statistics on this page are approximations stamped to August 2026; verify current figures against First Trust's fund page or your broker before investing.