ETF Research Center

AFMC is an actively managed portfolio of factor-focused US midcap companies seeking capital appreciation.

FUND BASICS
Category	US Equities
Fund Sponsor	First Trust
Website	www.ftportfolios.com
Inception date	Dec 03, 2019
Assets (mns)	$3
Currency	USD
Expense ratio	65 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	207
Wgt avg mkt cap (mns)	$6,322
Large cap (>$10bn)	12.1%
Mid cap ($2-10bn)	85.0%
Small cap (<$2bn)	2.9%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	11.2 %
HAWAIIAN ELECTRIC INDS	1.4 %
RELIANCE STEEL & ALUMINUM	1.3 %
KBR INC	1.2 %
SYNNEX CORP	1.2 %
DAVITA INC	1.1 %
PORTLAND GENERAL ELECTRIC CO	1.1 %
AUTONATION INC	1.0 %
BIO-RAD LABORATORIES-CL A	1.0 %
JABIL CIRCUIT INC	1.0 %
CHEMED CORP	1.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.3 %
	IRELAND	0.4 %
	BRITAIN	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-2.5%	--	--	--	-2.5%

Market Correlations
versus...	Beta	R-squared
S&P500	--	--
MSCI EAFE	--	--
MSCI Emg. Mkts.	--	--

Technical Indicators
Recent close	$18.49
30d moving avg.	$20.48
Annualized volatility	0.0%
Short interest (ETF)	0.1%
Relative strength (RSI)	37

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.15%
ADV underlying (mns)	$10,494

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the First Trust Active Factor Mid Cap ETF ETF based on the alternatives' overlap in portfolio holdings with AFMC. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

AFMC

Expense:

65 bp

ALTAR Score™:

7.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH AFMC
Ticker	Fund Name	Overlap¹ vs AFMC (%)	Expense ratio (bp)	Savings vs AFMC (bp)	ALTAR Score™ (%)	ALTAR vs AFMC (%)
MDY	SPDR S&P Midcap 400 ETF Trust	34.3	23	42	6.2	-1.1
SPMD	SPDR Portfolio Mid Cap ETF	34.2	5	60	6.4	-1.0
IJH	iShares Core S&P Mid-Cap ETF	34.2	6	59	6.4	-1.0
FNK	First Trust Mid Cap Value AlphaDEX Fund	33.8	70	-5	10.5	+3.2
IVOO	Vanguard S&P Mid-Cap 400 ETF	33.8	10	55	6.4	-1.0
EZM	WisdomTree U.S. MidCap Earnings Fund	33.7	38	27	9.4	+2.1
FNX	First Trust Mid Cap Core AlphaDEX Fund	33.3	61	4	7.3	-0.1
RWK	Invesco S&P MidCap 400 Revenue ETF	33.2	39	26	8.2	+0.8
MDYG	SPDR S&P 400 Mid Cap Growth ETF	33.1	15	50	4.3	-3.1
IJK	iShares S&P Mid-Cap 400 Growth ETF	33.0	24	41	4.2	-3.2
IVOG	Vanguard S&P Mid-Cap 400 Growth ETF	32.5	15	50	4.3	-3.1
EWMC	Invesco S&P MidCap 400 Equal Weight ETF	31.1	40	25	7.0	-0.4
SMDY	Syntax Stratified MidCap ETF	30.2	30	35	6.9	-0.5
PSM	Principal U.S. Small-MidCap Multi-Factor Core Index ETF	29.2	20	45	7.1	-0.2
RNMC	Mid Cap US Equity Select ETF	28.2	60	5	7.3	-0.1
IVOV	Vanguard S&P Mid-Cap 400 Value ETF	26.8	15	50	8.7	+1.3
IJJ	iShares S&P Mid-Cap 400 Value ETF	26.8	25	40	8.6	+1.3
MDYV	SPDR S&P 400 Mid Cap Value ETF	26.8	15	50	8.7	+1.4
JHSC	John Hancock Multifactor Small Cap ETF	26.3	50	15	6.2	-1.2
VUSE	Vident Core US Equity Fund	26.1	48	17	8.2	+0.8

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2015	2016	2017	2018	2019	2020E	2021E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2019	2020E	2021E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	First Trust Active Factor Mid Cap ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	13.0	%
Divided by: Fwd. P/BV	1.6	x
Less: Expense ratio	65	bp
Equals: ALTAR Score	7.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.66	CATEGORY AVERAGE	1.56

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.