Short Interest in First Trust Multi-Asset Diversified Income Index Fund (NASDAQ:MDIV) Rises By 58.4%

Key Points

• Short interest in MDIV rose 58.4% to 24,982 shares as of July 31, representing 0.1% of shares outstanding and a days-to-cover ratio of 0.5.
• MDIV shares opened at $16.90, near the upper end of their 52-week range of $15.52 to $17.00. The fund recently paid a monthly dividend of $0.0684 per share, implying a 4.9% annualized yield.
• Several institutional investors increased their positions, including Ameriprise Financial, which boosted its holdings by 147%. MDIV invests across dividend stocks, REITs, preferred securities, MLPs and high-yield bonds.

First Trust Multi-Asset Diversified Income Index Fund (NASDAQ:MDIV - ) was the recipient of a large growth in short interest during the month of July. As of July 31st, there was short interest totaling 24,982 shares, a growth of 58.4% from the July 15th total of 15,773 shares. Based on an average trading volume of 47,501 shares, the days-to-cover ratio is presently 0.5 days. Currently, 0.1% of the company's stock are sold short.

First Trust Multi-Asset Diversified Income Index Fund Price Performance

Shares of MDIV stock opened at $16.90 on Tuesday. The firm has a market cap of $431.79 million, a P/E ratio of 14.11 and a beta of 0.54. First Trust Multi-Asset Diversified Income Index Fund has a 1-year low of $15.52 and a 1-year high of $17.00. The firm has a fifty day moving average of $16.70 and a two-hundred day moving average of $16.56.

First Trust Multi-Asset Diversified Income Index Fund Cuts Dividend

The business also recently declared a monthly dividend, which was paid on Friday, July 31st. Stockholders of record on Tuesday, July 21st were given a dividend of $0.0684 per share. The ex-dividend date of this dividend was Tuesday, July 21st. This represents a c) annualized dividend and a dividend yield of 4.9%.

Hedge Funds Weigh In On First Trust Multi-Asset Diversified Income Index Fund

A number of hedge funds have recently bought and sold shares of MDIV. Royal Bank of Canada increased its holdings in First Trust Multi-Asset Diversified Income Index Fund by 4.3% in the first quarter. Royal Bank of Canada now owns 330,822 shares of the company's stock valued at $5,410,000 after buying an additional 13,600 shares during the last quarter. Baird Financial Group Inc. lifted its holdings in First Trust Multi-Asset Diversified Income Index Fund by 17.8% during the 2nd quarter. Baird Financial Group Inc. now owns 14,134 shares of the company's stock worth $223,000 after buying an additional 2,134 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in First Trust Multi-Asset Diversified Income Index Fund by 147.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,538,244 shares of the company's stock worth $24,348,000 after buying an additional 915,595 shares during the last quarter. Bank of America Corp DE grew its position in shares of First Trust Multi-Asset Diversified Income Index Fund by 3.9% in the 3rd quarter. Bank of America Corp DE now owns 551,792 shares of the company's stock worth $8,851,000 after acquiring an additional 20,850 shares in the last quarter. Finally, Harvest Investment Services LLC grew its position in shares of First Trust Multi-Asset Diversified Income Index Fund by 2.7% in the 3rd quarter. Harvest Investment Services LLC now owns 110,026 shares of the company's stock worth $1,765,000 after acquiring an additional 2,901 shares in the last quarter.

About First Trust Multi-Asset Diversified Income Index Fund

The Multi-Asset Diversified Income Index Fund (MDIV) is an exchange-traded fund that mostly invests in target outcome asset allocation. The fund tracks an index of equal-weighted US-listed securities, comprised of dividend-paying equities, REITs, preferred securities, MLPs, and a high-yield bond ETF. MDIV was launched on Aug 14, 2012 and is managed by First Trust.

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