FVD seeks to deliver better-than-average dividend yields via an equal-weighted portfolio of dividend-paying stocks. It builds this portfolio in two steps: first, it uses Value Line's proprietary 'safety rating' system to select low-beta stocks from companies with strong balance sheets, and then it chooses the stocks with above-average yields and weights them equally. Excluded companies are those with more risky ranking, less than $1 billion in market cap, and lower average dividend yield compared to that of the S&P 500. FVDs equal-weighted approach results in a pronounced midcap tilt compared to its high-yield benchmark. The fund may carry slightly lower risk compared to its benchmark, but it doesn't necessarily succeed in delivering equal or better yields. The Index is rebalanced and reconstituted monthly. On December 14, 2020, the First Trust Value Line 100 ETF (ticker: FVL) merged into FVD. Assets from FVL stood at just under $37 million, with 1,589,982 shares outstanding.