ETF Research Center

The First EIP Carbon Impact ETF tracks an index of developed-economy equities of companies committed to a reduction of carbon emissions.

FUND BASICS
Category	Global Equities
Fund Sponsor	First Trust
Website	www.ftportfolios.com
Inception date	Aug 20, 2019
Assets (mns)	$2
Currency	USD
Expense ratio	96 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	33
Wgt avg mkt cap (mns)	$23,089
Large cap (>$10bn)	72.8%
Mid cap ($2-10bn)	26.2%
Small cap (<$2bn)	1.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	49.0 %
NEXTERA ENERGY PARTNERS LP	7.9 %
NEXTERA ENERGY GROUP	6.0 %
EVERSOURCE ENERGY	5.6 %
TC PIPELINES LP	5.6 %
ALLIANT ENERGY CORP	4.5 %
XCEL ENERGY INC	4.5 %
CMS ENERGY CORP	4.2 %
SEMPRA ENERGY	4.0 %
AMERICAN WATER WORKS CO INC	3.4 %
WEC ENERGY GROUP INC	3.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	73.6 %
	CANADA	5.3 %
	SPAIN	3.6 %
	DENMARK	2.6 %
	BERMUDA	2.1 %
	ITALY	1.3 %
	BRITAIN	0.5 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru June 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
-6.1%	--	--	--	-5.5%

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

Technical Indicators
Recent close	$19.74
30d moving avg.	$20.04
Annualized volatility	0.0%
Short interest (ETF)	4.5%
Relative strength (RSI)	54

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.24%
ADV underlying (mns)	$4,421

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the First Trust EIP Carbon Impact ETF ETF based on the alternatives' overlap in portfolio holdings with ECLN. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

ECLN

Expense:

96 bp

ALTAR Score™:

3.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH ECLN
Ticker	Fund Name	Overlap¹ vs ECLN (%)	Expense ratio (bp)	Savings vs ECLN (bp)	ALTAR Score™ (%)	ALTAR vs ECLN (%)
UTES	Virtus Reaves Utilities ETF	56.1	49	47	4.8	+0.9
EMLP	First Trust North American Energy Infrastructure Fund	44.8	96	0	6.0	+2.1
RYU	Invesco S&P 500 Equal Weight Utilities ETF	42.8	40	56	6.4	+2.6
XLU	Utilities Select Sector SPDR Fund	40.9	13	83	6.0	+2.2
IDU	iShares U.S. Utilities ETF	40.0	43	53	5.8	+1.9
VPU	Vanguard Utilities Index Fund	39.7	10	86	6.0	+2.1
FUTY	Fidelity MSCI Utilities Index ETF	39.5	8	88	6.0	+2.1
JHMU	John Hancock Multifactor Utilities ETF	39.2	40	56	6.3	+2.4
PUI	Invesco DWA Utilities Momentum ETF	36.6	60	36	4.9	+1.0
JXI	iShares Global Utilities ETF	32.2	46	50	6.1	+2.2
FXU	First Trust Utilities AlphaDEX Fund	26.5	63	33	6.5	+2.6
GII	SPDR S&P Global Infrastructure ETF	19.8	40	56	5.5	+1.6
IGF	iShares Global Infrastructure ETF	19.7	46	50	5.5	+1.6
UTRN	Vesper U.S. Large Cap Short-Term Reversal Strategy ETF	17.6	75	21	6.0	+2.2
IFRA	iShares U.S. Infrastructure ETF	15.9	40	56	6.3	+2.4
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	15.2	46	50	5.5	+1.6
GLIF	AGFiQ Global Infrastructure ETF	14.3	45	51	5.4	+1.5
DVY	iShares Select Dividend ETF	14.0	39	57	10.1	+6.2
TPHD	Timothy Plan High Dividend Stock ETF	12.4	52	44	8.0	+4.1
BIBL	Inspire ETF	9.9	35	61	4.9	+1.0
TPYP	Tortoise North American Pipeline Fund	9.7	40	56	6.3	+2.4
FVD	First Trust Value Line Dividend Index Fund	9.7	70	26	6.6	+2.7
LSLT	Salt Low truBeta US Market ETF	9.5	29	67	6.1	+2.3
JMIN	JPMorgan U.S. Minimum Volatility ETF	9.4	12	84	6.0	+2.1
JKI	iShares Morningstar Mid-Cap Value ETF	8.7	30	66	9.6	+5.8
DDIV	First Trust Dorsey Wright Momentum & Dividend ETF	8.5	60	36	5.5	+1.6
JDIV	JPMorgan U.S. Dividend ETF	8.4	12	84	8.1	+4.3
INFR	Legg Mason Global Infrastructure ETF	8.2	40	56	6.2	+2.3
LVHD	Legg Mason Low Volatility High Dividend ETF	7.7	27	69	9.1	+5.3
VOE	Vanguard Mid-Cap Value Index Fund	7.7	7	89	8.2	+4.3
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	7.6	47	49	6.6	+2.7
YLCO	Global X YieldCo Index ETF	7.3	65	31	4.6	+0.8
CDL	VictoryShares US Large Cap High Dividend Volatility Wtd Idx	7.1	35	61	9.0	+5.1
KLCD	KFA Large Cap Quality Dividend Index ETF	7.1	41	55	5.4	+1.6
YLDE	ClearBridge Dividend Strategy ESG ETF	6.9	60	36	5.1	+1.2
ACES	ALPS Clean Energy ETF	6.8	65	31	0.9	-3.0
AMLP	The Alerian MLP ETF	6.6	87	9	9.1	+5.2
AMCA	iShares Russell 1000 Pure U.S. Revenue ETF	6.6	15	81	7.0	+3.2
IWS	iShares Russell Mid-Cap Value ETF	6.2	24	72	7.5	+3.6
ESGS	Columbia Sustainable U.S. Equity Income ETF	6.2	35	61	8.9	+5.0
FAN	First Trust Global Wind Energy ETF	6.1	62	34	6.0	+2.2
SPMO	Invesco S&P 500 Momentum ETF	6.0	13	83	4.3	+0.5
PWV	Invesco Dynamic Large Cap Value ETF	5.7	55	41	9.1	+5.2
CDC	VictoryShares US EQ Income Enhanced Volatility Wtd Index ETF	5.7	35	61	8.9	+5.0
MLPA	Global X MLP ETF	5.7	46	50	8.9	+5.1
ZMLP	Direxion Zacks MLP High Income Shares	5.6	81	15	4.5	+0.7
HDV	iShares Core High Dividend ETF	5.6	8	88	6.9	+3.1
SCIU	Global X Scientific Beta US ETF	5.5	19	77	5.8	+2.0
JPUS	JPMorgan Diversified Return U.S. Equity ETF	5.5	18	78	6.4	+2.5
SPYD	SPDR S&P 500 High Dividend ETF	5.4	7	89	10.8	+7.0
VYM	Vanguard High Dividend Yield Index ETF	5.2	6	90	7.6	+3.7
SPHD	Invesco S&P 500 High Dividend Low Volatility ETF	5.0	30	66	10.2	+6.3
JPME	JPMorgan Diversified Return U.S. Mid Cap Equity ETF	4.9	24	72	6.4	+2.5
SPMV	Invesco S&P 500 Minimum Variance ETF	4.8	10	86	5.9	+2.0
MAGA	Point Bridge GOP Stock Tracker ETF	4.8	72	24	6.8	+2.9
SPLV	Invesco S&P 500 Low Volatility ETF	4.7	25	71	5.7	+1.9
USMV	iShares Edge MSCI Min Vol USA ETF	4.7	15	81	5.6	+1.7
DTN	WisdomTree U.S. Dividend ex-Financials Fund	4.6	38	58	8.2	+4.4
EQAL	Invesco Russell 1000 Equal Weight ETF	4.6	20	76	5.8	+2.0
RBUS	Nationwide Risk-Based U.S. Equity ETF	4.5	30	66	5.0	+1.2
QCLN	First Trust Nasdaq Clean Edge Green Energy Index Fund	4.5	60	36	0.3	-3.6
XKCP	SPDR Kensho Clean Power ETF	4.5	45	51	0.3	-3.6
ACSI	American Customer Satisfaction Core Alpha ETF	4.3	66	30	5.8	+1.9
TPLC	Timothy Plan US Large Cap Core ETF	4.3	52	44	5.6	+1.7
USLB	Invesco Russell 1000 Low Beta Equal Weight ETF	4.3	35	61	5.4	+1.6
AMZA	InfraCap MLP ETF	4.3	241	-145	9.6	+5.7
MLPX	Global X MLP & Energy Infrastructure ETF	4.2	45	51	4.0	+0.1
VIG	Vanguard Dividend Appreciation Index Fund	4.2	6	90	5.4	+1.6
VONV	Vanguard Russell 1000 Value Index Fund	4.2	8	88	7.5	+3.6
QLV	FlexShares US Quality Low Volatility Index Fund	4.2	22	74	4.9	+1.0
CFA	VictoryShares US 500 Volatility Weighted Index ETF	4.2	35	61	6.0	+2.1
VTV	Vanguard Value Index Fund	4.1	4	92	7.6	+3.8
IWR	iShares Russell Midcap ETF	4.1	19	77	5.7	+1.8
YMLP	VanEck Vectors High Income MLP ETF	4.0	45	51	5.6	+1.7
DHS	WisdomTree U.S. High Dividend Fund	3.9	38	58	8.9	+5.0
PFM	Invesco Dividend Achievers ETF	3.9	54	42	5.5	+1.7
DEF	Invesco Defensive Equity ETF	3.9	55	41	5.1	+1.2
SPVM	Invesco S&P 500 Value with Momentum ETF	3.9	39	57	9.5	+5.6
FLQL	Franklin LibertyQ U.S. Equity ETF	3.9	15	81	6.3	+2.5
VO	Vanguard Mid-Cap Index Fund	3.9	4	92	5.5	+1.6
ONEV	SPDR Russell 1000 Low Volatility Focus ETF	3.8	20	76	7.2	+3.4
IVE	iShares S&P 500 Value ETF	3.8	18	78	7.5	+3.6
SPYV	SPDR Portfolio S&P 500 Value ETF	3.8	4	92	7.6	+3.7
VOOV	Vanguard S&P 500 Value ETF	3.7	15	81	7.6	+3.7
PID	Invesco International Dividend Achievers ETF	3.7	54	42	9.9	+6.0
DGRO	iShares Core Dividend Growth ETF	3.6	8	88	6.8	+2.9
IUSV	iShares Core S&P U.S. Value ETF	3.6	4	92	7.7	+3.8
BKMC	BNY Mellon US Mid Cap Core Equity ETF	3.6	4	92	5.8	+2.0
PEY	Invesco High Yield Equity Dividend Achievers ETF	3.6	53	43	9.6	+5.8
ACWV	iShares Edge MSCI Min Vol Global ETF	3.5	20	76	5.7	+1.8
DVOL	First Trust Dorsey Wright Momentum & Low Volatility ETF	3.5	60	36	3.4	-0.5
SDOG	ALPS Sector Dividend Dogs ETF	3.5	40	56	10.7	+6.9
IWD	iShares Russell 1000 Value ETF	3.5	19	77	7.4	+3.5
GBDV	Global Beta Smart Income ETF	3.4	29	67	9.3	+5.4
TBLU	Tortoise Water Fund	3.4	40	56	5.0	+1.2
CGW	Invesco S&P Global Water Index ETF	3.4	59	37	4.4	+0.5
PIO	Invesco Global Water ETF	3.4	75	21	4.0	+0.1
FIW	First Trust Water ETF	3.4	55	41	3.9	+0.1
PHO	Invesco Water Resources ETF	3.4	60	36	3.7	-0.2
VFMV	Vanguard U.S. Minimum Volatility ETF	3.3	13	83	4.0	+0.1

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 EIP Carbon Impact ETF
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	10.2	%
Divided by: Fwd. P/BV	2.1	x
Less: Expense ratio	96	bp
Equals: ALTAR Score	3.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.57	CATEGORY AVERAGE	1.50

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.