ETF Research Center

First Trust RBA American Industrial Renaissance ETF is an exchange traded fund incorporated in the USA. The Fund seeks investment results that correspond to an index called the Richard Bernstein Advisors American Industrial Renaissance Index.

FUND BASICS
Category	Global Equities
Fund Sponsor	First Trust Advisors LP
Website	www.ftportfolios.com
Inception date	Mar 11, 2014
Assets (mns)	$65
Currency	USD
Expense ratio	70 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian	Brown Brothers Harriman & Co
Weighting	Proprietary
Index replication	Optimized
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	57
Wgt avg mkt cap (mns)	$2,635
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	44.6%
Small cap (<$2bn)	55.4%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	33.3 %
ASTEC INDUSTRIES INC	3.8 %
SPX CORP	3.7 %
ATKORE INTERNATIONAL GROUP INC.	3.6 %
ARCOSA INC	3.4 %
OSHKOSH CORP	3.4 %
GENERAC HOLDINGS INC	3.3 %
CLEAN HARBORS INC	3.1 %
ARGAN INC	3.1 %
HUBBELL INCORPORATED CLASS B	3.0 %
DOUGLAS DYNAMICS INC	3.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.8 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
34.0%	34.0%	9.9%	--	7.4%

Market Correlations
versus...	Beta	R-squared
S&P500	1.31	68%
MSCI EAFE	1.21	47%
MSCI Emg. Mkts.	0.73	29%

Technical Indicators
Recent close	$29.02
30d moving avg.	$29.02
Annualized volatility	19.3%
Short interest (ETF)	0.2%
Short interest (Underlying)	6.1%
Relative strength (RSI)	54

Liquidity measures
Avg. volume (thou.)	10
Turnover	0.4%
Bid/Ask (% of price)	0.14%
ADV underlying (mns)	$731

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the First Trust RBA American Industrial Renaissance ETF based on the alternatives' overlap in portfolio holdings with AIRR. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

AIRR

Expense:

70 bp

ALTAR Score™:

5.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH AIRR
Ticker	Fund Name	Overlap¹ vs AIRR (%)	Expense ratio (bp)	Savings vs AIRR (bp)	ALTAR Score™ (%)	ALTAR vs AIRR (%)
EVX	VanEck Vectors Environmental Services ETF	14.4	56	14	5.0	-0.2
PSCI	Invesco S&P Small Cap Industrials	12.2	29	41	6.3	+1.1
TPSC	Timothy Plan US Small Cap Core	11.4	52	18	6.6	+1.4
PAVE	Global X U.S. Infrastructure Development	10.8	47	23	5.5	+0.3
FLM	First Trust ISE Global Engineering & Construction	10.3	70	0	7.8	+2.7
PLCY	EventShares US Policy Alpha	10.1	75	-5	3.2	-2.0
XKII	SPDR Kensho Intelligent Structures	9.0	45	25	5.9	+0.8
PKB	Invesco Dynamic Building & Construction	8.4	60	10	6.8	+1.7
IFRA	iShares U.S. Infrastructure	8.0	40	30	5.1	-0.0
CSML	IQ Chaikin U.S. Small Cap	7.7	35	35	7.6	+2.4
FIW	First Trust ISE Water	7.1	55	15	3.5	-1.7
QABA	First Trust NASDAQ ABA Community Bank	6.4	60	10	7.9	+2.8
FDM	First Trust DJ Select Microcap	6.3	60	10	6.7	+1.5
DVLU	First Trust Dorsey Wright Momentum & Value	6.2	60	10	8.1	+3.0
CSF	Compass EMP US Discovery 500 Enhanced Vol.	5.8	35	35	7.0	+1.8
CSA	Victory CEMP US Small Cap Volatility Wtd	5.7	35	35	7.0	+1.8
XSVM	Invesco S&P SmallCap Value with Momentum	5.6	39	31	8.9	+3.7
PHO	Invesco Water Resources	5.1	60	10	3.8	-1.4
VAMO	Cambria Value & Momentum	4.9	64	6	6.2	+1.0
FXR	First Trust Industrials/Producer Durables	4.7	62	8	6.6	+1.5

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

	2014	2015	2016	2017	2018	2019E	2020E
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

	2018	2019E	2020E
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 RBA American Industrial Renaissance
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	11.0	%
Divided by: Fwd. P/BV	1.9	x
Less: Expense ratio	70	bp
Equals: ALTAR Score	5.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.50	CATEGORY AVERAGE	1.54

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.