ETF Research Center

First Trust Global Wind Energy Fund seeks investment results that correspond generally to the price and yield (before fees & expenses) of the ISE Global Wind Energy Index, an index of companies engaged in that industry.

FUND BASICS
Category	Global Equities
Fund Sponsor	First Trust Advisors LP
Website	www.ftportfolios.com
Inception date	Jun 16, 2008
Assets (mns)	$109
Currency	USD
Expense ratio	60 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Bank of New York Mellon
Weighting	Tiered
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	44
Wgt avg mkt cap (mns)	$24,964
Large cap (>$10bn)	59.3%
Mid cap ($2-10bn)	25.0%
Small cap (<$2bn)	15.7%
Developed mkts	93.6%
Emerging mkts	6.4%

TOP TEN HOLDINGS
Total	55.1 %
VESTAS WIND SYSTEMS A/S	9.2 %
NORTHLAND POWER INC	8.3 %
GAMESA CORP TECNOLOGICA SA	8.2 %
DONG ENERGY A/S	7.6 %
PATTERN ENERGY GROUP INC	4.9 %
BORALEX INC -CL 'A'	4.9 %
RENEWABLES INFRASTRUCTURE GROUP LI	3.6 %
CHINA LONGYUAN POWER GROUP-H	3.4 %
SSE PLC	2.5 %
GENERAL ELECTRIC CO	2.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	17.2 %
	DENMARK	16.8 %
	CANADA	13.4 %
	SPAIN	12.0 %
	GERMANY	8.4 %
	BRITAIN	6.2 %
	CHINA	5.3 %
	JAPAN	4.7 %
	ITALY	3.1 %
	SWITZERLAND	2.4 %

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.
1.3%	18.7%	11.0%	3.1%	-3.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.83	44%
MSCI EAFE	1.11	65%
MSCI Emg. Mkts.	0.84	65%

Technical Indicators
Recent close	$15.12
30d moving avg.	$15.07
Annualized volatility	15.1%
Short interest (ETF)	1.4%
Relative strength (RSI)	73

Liquidity measures
Avg. volume (thou.)	52
Turnover	0.7%
Bid/Ask (% of price)	0.14%
ADV underlying (mns)	$2,439

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

FAN

Expense:

60 bp

ALTAR Score™:

5.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FAN
Ticker	Fund Name	Overlap¹ vs FAN (%)	Expense ratio (bp)	Savings vs FAN (bp)	ALTAR Score™ (%)	ALTAR vs FAN (%)
ICLN	iShares Global Clean Energy ETF	22.7	46	14	3.1	-2.0
YLCO	Global X YieldCo Index ETF	18.4	65	-5	4.1	-1.0
JXI	iShares Global Utilities ETF	18.2	46	14	4.9	-0.3
GEX	VanEck Vectors Global Alternative Energy ETF	15.5	63	-3	3.5	-1.6
ACES	ALPS Clean Energy ETF	13.8	65	-5	0.7	-4.5
EDEN	iShares MSCI Denmark Capped ETF	12.6	53	7	4.6	-0.6
INFR	Legg Mason Global Infrastructure ETF	10.8	40	20	5.3	+0.1
GHII	Invesco S&P High Income Infrastructure ETF	10.8	45	15	5.0	-0.2
PBD	Invesco Global Clean Energy ETF	10.3	75	-15	0.4	-4.8
PZD	Invesco Cleantech ETF	9.8	68	-8	4.3	-0.8
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	9.5	47	13	6.2	+1.0
IGF	iShares Global Infrastructure ETF	9.1	46	14	4.6	-0.5
GII	SPDR S&P Global Infrastructure ETF	9.1	40	20	4.7	-0.5
XKCP	SPDR Kensho Clean Power ETF	9.1	45	15	-7.7	-12.8
DOO	WisdomTree International Dividend ex-Financials Fund	8.5	58	2	8.6	+3.4
IDHD	Invesco S&P Intl Developed High Dividend Low Volatility ETF	7.8	30	30	6.5	+1.3
EZU	iShares MSCI Eurozone ETF	7.4	49	11	6.8	+1.7
FPXE	First Trust IPOX Europe Equity Opportunities ETF	7.2	70	-10	3.9	-1.2
EURZ	Xtrackers Eurozone Equity ETF	7.1	9	51	7.2	+2.0
FEZ	SPDR EURO STOXX 50 ETF	6.9	29	31	7.2	+2.1

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 Global Wind Energy 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	10.8	%
Divided by: Fwd. P/BV	1.9	x
Less: Expense ratio	60	bp
Equals: ALTAR Score	5.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.63	CATEGORY AVERAGE	1.55

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.