ETF Research Center

First Trust Germany AlphaDEX Fund is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that correspond to the Defined Germany Index.

FUND BASICS
Category	International Equities
Fund Sponsor	First Trust Advisors LP
Website	www.ftportfolios.com
Inception date	Feb 15, 2012
Assets (mns)	$145
Currency	USD
Expense ratio	80 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Brown Brothers Harriman & Co
Weighting	Tiered
Index replication	Full
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	40
Wgt avg mkt cap (mns)	$15,885
Large cap (>$10bn)	40.7%
Mid cap ($2-10bn)	55.6%
Small cap (<$2bn)	3.7%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	40.1 %
RWE AG	4.6 %
BECHTLE AG	4.4 %
TALANX AG	4.2 %
PORSCHE AUTOMOBIL HLDG-PFD	4.2 %
DELIVERY HERO SE	4.1 %
SCHAEFFLER AG	4.1 %
BASF SE	3.9 %
EVONIK INDUSTRIES AG	3.8 %
TAG IMMOBILIEN AG	3.5 %
HANNOVER RUECKVERSICHERU-REG	3.4 %

TOP COUNTRY EXPOSURE
	GERMANY	95.4 %
	LUXEMBOURG	4.2 %

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.
20.7%	20.7%	6.2%	--	6.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.98	58%
MSCI EAFE	1.28	82%
MSCI Emg. Mkts.	0.89	68%

Technical Indicators
Recent close	$44.49
30d moving avg.	$44.20
Annualized volatility	15.6%
Short interest (ETF)	0.2%
Relative strength (RSI)	61

Liquidity measures
Avg. volume (thou.)	2
Turnover	0.1%
Bid/Ask (% of price)	0.61%
ADV underlying (mns)	$1,465

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

FGM

Expense:

80 bp

ALTAR Score™:

8.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FGM
Ticker	Fund Name	Overlap¹ vs FGM (%)	Expense ratio (bp)	Savings vs FGM (bp)	ALTAR Score™ (%)	ALTAR vs FGM (%)
FLGR	Franklin FTSE Germany	29.9	9	71	7.8	-0.8
EWG	iShares MSCI Germany	28.5	47	33	7.5	-1.0
DXGE	WisdomTree Germany Hedged Equity	28.3	48	32	9.1	+0.6
DBGR	Xtrackers MSCI Germany Hedged	28.0	45	35	7.5	-1.0
FEUZ	First Trust Eurozone AlphaDex	26.5	80	0	7.1	-1.5
QDEU	SPDR MSCI Germany Quality Mix	25.3	14	66	8.1	-0.5
DAX	Global X DAX Germany	20.4	20	60	8.6	+0.0
EWGS	iShares MSCI Germany Small Cap	17.7	59	21	5.8	-2.8
FEP	First Trust Europe AlphaDEX	17.3	80	0	7.1	-1.4
EURZ	Xtrackers Eurozone Equity	10.7	9	71	6.8	-1.7
CARZ	First Trust NASDAQ Global Auto	10.4	70	10	14.0	+5.4
HEDJ	Wisdomtree International Hedged Equity	10.2	58	22	7.6	-1.0
EZU	iShares MSCI Euro Monetary Union	10.0	47	33	6.5	-2.0
SMEZ	SPDR Euro Stoxx Small Cap	9.7	46	34	5.4	-3.1
DBEZ	Xtrackers MSCI EMU Hedged	9.5	45	35	6.3	-2.3
FEZ	SPDR DJ Euro Stoxx 50	9.3	29	51	6.8	-1.8
IFEU	iShares FTSE EPRA/NAREIT Europe	8.8	48	32	5.6	-3.0
FTAG	First Trust Indxx Global Agriculture	8.3	70	10	8.3	-0.3
FDT	First Trust Developed Markets ex-US AlphaDEX	8.3	80	0	7.8	-0.7
KARS	KraneShares Electric Vehicles & Future Mobility Index	7.8	70	10	5.9	-2.6

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 Germany
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	11.1	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	80	bp
Equals: ALTAR Score	8.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.67	CATEGORY AVERAGE	1.63

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.