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)	$20
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	76
Wgt avg mkt cap (mns)	$21,528
Large cap (>$10bn)	53.7%
Mid cap ($2-10bn)	41.5%
Small cap (<$2bn)	4.8%
Developed mkts	95.3%
Emerging mkts	4.7%

TOP TEN HOLDINGS
Total	19.2 %
HENNES & MAURITZ AB-B SHS	2.4 %
IG GROUP HOLDINGS PLC	2.1 %
PENNON GROUP PLC	1.9 %
WPP PLC	1.9 %
KLEPIERRE	1.9 %
EDP-ENERGIAS DE PORTUGAL SA	1.9 %
SKANSKA AB-B SHS	1.9 %
IGM FINANCIAL INC	1.8 %
POWER FINANCIAL CORP	1.7 %
POWER CORP OF CANADA	1.6 %

TOP COUNTRY EXPOSURE
	CANADA	25.7 %
	BRITAIN	19.6 %
	FRANCE	9.6 %
	JAPAN	8.6 %
	SWITZERLAND	6.2 %
	SWEDEN	5.4 %
	GERMANY	4.0 %
	HONG KONG	3.2 %
	AUSTRALIA	2.8 %
	SPAIN	2.4 %

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.
20.8%	20.8%	--	--	10.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.65	66%
MSCI EAFE	0.86	84%
MSCI Emg. Mkts.	0.71	87%

Technical Indicators
Recent close	$18.47
30d moving avg.	$18.21
Annualized volatility	13.6%
Short interest (ETF)	1.8%
Relative strength (RSI)	69

Liquidity measures
Avg. volume (thou.)	7
Turnover	0.6%
Bid/Ask (% of price)	0.31%
ADV underlying (mns)	$3,316

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™:

6.9%

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	77.7	40	20	7.1	+0.2
DWX	SPDR S&P International Dividend ETF	21.9	45	15	6.9	-0.0
CID	Victory CEMP International High Div Volatility Wtd	20.4	45	15	8.7	+1.8
HDAW	Xtrackers MSCI All World ex US High Div Yield	19.2	20	40	9.6	+2.7
DOO	WisdomTree Int'l Dividend Ex-Financials	18.4	58	2	7.9	+1.0
FGD	First Trust DJ Global Select Dividend	18.4	58	2	9.2	+2.3
HDEF	Xtrackers MSCI EAFE High Div Yld Hedged	17.9	20	40	8.4	+1.5
IDV	iShares DJ Int'l Select Dividend	17.7	49	11	8.3	+1.4
LVHI	Legg Mason International Low Volatility High Dividend	17.7	40	20	8.9	+2.0
IDLV	Invesco S&P Int'l Developed Low Volatility	17.0	25	35	6.2	-0.7
FDD	First Trust STOXX European Select Dividend	15.7	57	3	7.3	+0.4
IDHD	Invesco S&P Intl Developed High Div Low Volatility	14.9	30	30	6.3	-0.6
RIDV	Invesco International Ultra Dividend Revenue ETF	14.7	42	18	8.9	+2.0
FIDI	Fidelity International High Dividend	13.6	39	21	10.0	+3.1
IDOG	ALPS International Sector Dividend Dogs	13.6	50	10	8.0	+1.1
DTH	WisdomTree DEFA Equity Income	13.3	58	2	8.3	+1.4
QCAN	SPDR MSCI Canada Quality Mix	12.8	14	46	7.0	+0.1
GHII	Invesco S&P High Income Infrastructure	12.1	45	15	5.2	-1.7
DMDV	AAM S&P Developed Markets High Dividend Value	11.8	39	21	9.9	+3.0
HDMV	First Trust Horizon Managed Volatility Developed Int'l	11.7	80	-20	6.0	-0.9

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 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	6.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.81	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.