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 19, 2019
Assets (mns)	$2
Currency	USD
Expense ratio	95 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	29
Wgt avg mkt cap (mns)	$24,015
Large cap (>$10bn)	73.3%
Mid cap ($2-10bn)	26.7%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	54.3 %
NEXTERA ENERGY PARTNERS LP	7.2 %
EVERSOURCE ENERGY	6.3 %
CMS ENERGY CORP	6.0 %
XCEL ENERGY INC	5.9 %
NEXTERA ENERGY GROUP	5.5 %
ALLIANT ENERGY CORP	5.2 %
SEMPRA ENERGY	4.7 %
TC PIPELINES LP	4.6 %
AMERICAN WATER WORKS CO INC	4.5 %
WEC ENERGY GROUP INC	4.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	76.9 %
	CANADA	7.3 %
	BERMUDA	2.3 %
	DENMARK	2.0 %
	SPAIN	1.1 %
	BRITAIN	0.6 %

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.
0.7%	--	--	--	0.7%

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

Technical Indicators
Recent close	$22.09
30d moving avg.	$21.03
Annualized volatility	0.0%
Short interest (ETF)	1.7%
Relative strength (RSI)	79

Liquidity measures
Avg. volume (thou.)	1
Turnover	1.0%
Bid/Ask (% of price)	0.14%
ADV underlying (mns)	$2,288

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the First Trust EIP Carbon Impact 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:

95 bp

ALTAR Score™:

3.1%

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	Reaves Utilities	48.4	49	46	4.0	+0.9
RYU	Invesco S&P Equal Weight Utilities	43.8	40	55	4.7	+1.6
EMLP	First Trust N. American Energy Infrastructure	40.9	95	0	4.6	+1.5
XLU	Utilities Select Sector SPDR	39.5	13	82	4.8	+1.7
IDU	iShares DJ US Utilities	37.9	43	52	4.5	+1.4
JHMU	John Hancock Multifactor Utilities	37.8	40	55	4.8	+1.7
FUTY	Fidelity MSCI Utilities	37.1	8	87	4.8	+1.7
VPU	Vanguard Utilities ETF	36.9	10	85	4.7	+1.7
PUI	Invesco DWA Utilities Momentum	34.2	60	35	3.8	+0.7
JXI	iShares S&P Global Utilities	30.8	46	49	4.9	+1.8
DVOL	First Trust Dorsey Wright Momentum & Low Volatility	23.6	60	35	4.2	+1.1
DWEQ	AdvisorShares Dorsey Wright Alpha Equal Weight ETF	20.4	99	-4	3.4	+0.3
GII	SPDR FTSE/Macquarie Global Infrastructure	18.5	40	55	4.6	+1.5
IGF	iShares S&P Global Infrastructure	18.5	46	49	4.5	+1.5
FXU	First Trust Utilities Alphadex	18.2	63	32	5.1	+2.0
GLIF	AGFiQ Global Infrastructure	16.4	45	50	4.9	+1.8
DVY	iShares Select Dividend	14.7	39	56	7.7	+4.6
TOLZ	ProShares Global Infrastructure	14.5	46	49	4.9	+1.8
SPLV	Invesco S&P 500 Low Volatility	14.2	25	70	5.0	+1.9

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 EIP Carbon Impact
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	9.7	%
Divided by: Fwd. P/BV	2.4	x
Less: Expense ratio	95	bp
Equals: ALTAR Score	3.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.66	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.