ETF Research Center

The First Trust S&P International Dividend Aristocrats ETF tracks an index of up to 100 high-dividend-yielding stocks from developed and emerging markets, ex-US. Constituents are selected and weighted by dividends, with screens for payout ratio and long-term dividend growth.

FUND BASICS
Category	International Equities
Fund Sponsor	First Trust
Website	www.ftportfolios.com
Inception date	Aug 23, 2013
Assets (mns)	$18
Currency	USD
Expense ratio	60 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Dividends
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	77
Wgt avg mkt cap (mns)	$19,989
Large cap (>$10bn)	51.1%
Mid cap ($2-10bn)	42.3%
Small cap (<$2bn)	6.6%
Developed mkts	95.1%
Emerging mkts	4.9%

TOP TEN HOLDINGS
Total	18.9 %
HENNES & MAURITZ AB-B SHS	2.5 %
IG GROUP HOLDINGS PLC	2.1 %
KLEPIERRE	2.0 %
WPP PLC	1.9 %
IGM FINANCIAL INC	1.8 %
SKANSKA AB-B SHS	1.8 %
JS GROUP CORP	1.8 %
EDP-ENERGIAS DE PORTUGAL SA	1.8 %
POWER FINANCIAL CORP	1.7 %
BOUYGUES SA	1.6 %

TOP COUNTRY EXPOSURE
	CANADA	25.4 %
	BRITAIN	18.6 %
	FRANCE	9.9 %
	JAPAN	9.1 %
	SWITZERLAND	5.9 %
	SWEDEN	5.4 %
	GERMANY	5.2 %
	HONG KONG	3.1 %
	AUSTRALIA	2.8 %
	SPAIN	2.4 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
16.6%	15.2%	--	--	8.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.66	75%
MSCI EAFE	0.85	87%
MSCI Emg. Mkts.	0.72	87%

Technical Indicators
Recent close	$17.76
30d moving avg.	$17.52
Annualized volatility	13.9%
Short interest (ETF)	0.1%
Relative strength (RSI)	70

Liquidity measures
Avg. volume (thou.)	12
Turnover	1.2%
Bid/Ask (% of price)	0.34%
ADV underlying (mns)	$3,672

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

FID

Expense:

60 bp

ALTAR Score™:

7.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FID
Ticker	Fund Name	Overlap¹ vs FID (%)	Expense ratio (bp)	Savings vs FID (bp)	ALTAR Score™ (%)	ALTAR vs FID (%)
WDIV	SPDR S&P Global Dividend	76.8	40	20	7.5	+0.2
DWX	SPDR S&P International Dividend ETF	21.6	45	15	7.0	-0.2
CID	Victory CEMP International High Div Volatility Wtd	20.5	45	15	9.0	+1.7
DOO	WisdomTree Int'l Dividend Ex-Financials	18.2	58	2	8.1	+0.8
FGD	First Trust DJ Global Select Dividend	18.1	58	2	9.3	+2.1
LVHI	Legg Mason International Low Volatility High Dividend	17.9	40	20	9.1	+1.8
IDV	iShares DJ Int'l Select Dividend	17.8	49	11	8.5	+1.3
HDAW	Xtrackers MSCI All World ex US High Div Yield	17.7	20	40	9.9	+2.7
IDLV	Invesco S&P Int'l Developed Low Volatility	17.3	25	35	6.4	-0.9
HDEF	Xtrackers MSCI EAFE High Div Yld Hedged	16.3	20	40	8.6	+1.4
IDOG	ALPS International Sector Dividend Dogs	16.2	50	10	7.4	+0.2
RIDV	Invesco International Ultra Dividend Revenue ETF	15.4	42	18	9.1	+1.8
FDD	First Trust STOXX European Select Dividend	15.3	57	3	7.6	+0.4
IDHD	Invesco S&P Intl Developed High Div Low Volatility	14.7	30	30	6.5	-0.8
FIDI	Fidelity International High Dividend	13.6	39	21	10.1	+2.9
DTH	WisdomTree DEFA Equity Income	13.1	58	2	8.6	+1.4
QCAN	SPDR MSCI Canada Quality Mix	12.8	14	46	7.3	+0.1
QLVD	FlexShares Developed Mkts ex-US Quality Low Volatility	12.1	32	28	6.7	-0.6
DMDV	AAM S&P Developed Markets High Dividend Value	11.7	39	21	10.3	+3.1
FLCA	Franklin FTSE Canada	11.7	9	51	7.7	+0.4

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 S&P International Dividend Aristocrats
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	11.4	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	60	bp
Equals: ALTAR Score	7.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.80	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.