Investors looking to trade the First Trust Dorsey Wright People’s Portfolio ETF (DWPP) will no longer find it on any exchange. The fund was permanently delisted on October 26, 2022, terminating all public market activity for its shares. This action removed the possibility of buying or selling the ETF through conventional trading venues.
A Liquidation Process for Shareholders
Following the cessation of trading in 2022, the fund’s issuer initiated a full liquidation of the portfolio’s assets. This involved selling off all the fund’s underlying holdings. The proceeds from these sales were subsequently distributed to the remaining shareholders.
Investors who maintained their positions up to the delisting date received a final cash distribution. This payout was equivalent to their proportionate share of the fund’s net asset value (NAV) at the time of liquidation. While the DWPP product itself is now a footnote in market history, the broader investment strategy it employed remains accessible through other active and passive funds. There are no plans to resurrect the DWPP ETF.
The Fund’s Underlying Investment Approach
During its operational life, this ETF utilized a specialized methodology aimed at risk management. Its objective was to reduce losses during U.S. equity market downturns while still capturing gains from major large-cap stocks. The strategy hinged on a daily analysis of the relative strength of two major large-cap indices compared to U.S. Treasury bonds.
Based on this continuous assessment, the fund dynamically shifted its capital allocation. During periods of significant market volatility, the management strategy sought refuge in short-term Treasury bills (T-Bills). Conversely, in stronger bullish trends, the portfolio increased its exposure to U.S. equities. This tactical asset allocation was the fund’s defining characteristic until its closure.
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