ETF Research Center

The First Trust IPOX Europe Equity Opportunities ETF tracks a market-cap-weighted index of the 100 largest European IPOs over the first 1,000 trading days for each stock.

FUND BASICS
Category	International Equities
Fund Sponsor	First Trust
Website	www.ftportfolios.com
Inception date	Oct 04, 2018
Assets (mns)	$2
Currency	USD
Expense ratio	70 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	100
Wgt avg mkt cap (mns)	$42,400
Large cap (>$10bn)	71.1%
Mid cap ($2-10bn)	28.2%
Small cap (<$2bn)	0.7%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	49.9 %
NOVARTIS AG-REG	9.8 %
PROSUS N.V. CLASS N	6.5 %
SANOFI-AVENTIS	6.5 %
SIEMENS HEALTHINEERS AG	5.8 %
FERRARI NV	5.0 %
DONG ENERGY A/S	4.5 %
AENA SA	3.1 %
ADYEN NV	3.1 %
E.ON AG	2.8 %
ALCON, INC.	2.8 %

TOP COUNTRY EXPOSURE
	GERMANY	15.4 %
	SWITZERLAND	13.8 %
	FRANCE	10.5 %
	ITALY	7.4 %
	NETHERLANDS	7.0 %
	DENMARK	7.0 %
	SPAIN	3.8 %
	BRITAIN	3.7 %
	SWEDEN	2.3 %
	LUXEMBOURG	1.0 %

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.
32.3%	32.3%	--	--	20.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.63	67%
MSCI EAFE	0.81	68%
MSCI Emg. Mkts.	0.51	46%

Technical Indicators
Recent close	$22.10
30d moving avg.	$21.55
Annualized volatility	12.1%
Short interest (ETF)	1.1%
Relative strength (RSI)	76

Liquidity measures
Avg. volume (thou.)	2
Turnover	2.0%
Bid/Ask (% of price)	0.18%
ADV underlying (mns)	$1,762

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

FPXE

Expense:

70 bp

ALTAR Score™:

3.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FPXE
Ticker	Fund Name	Overlap¹ vs FPXE (%)	Expense ratio (bp)	Savings vs FPXE (bp)	ALTAR Score™ (%)	ALTAR vs FPXE (%)
FPXI	First Trust International IPO	32.1	70	0	4.0	+0.3
FLSW	Franklin FTSE Switzerland	11.9	9	61	5.2	+1.5
EWL	iShares MSCI Switzerland	11.8	47	23	4.7	+1.0
FDNI	First Trust Dow Jones International Internet	10.1	65	5	3.8	-0.0
EWN	iShares MSCI NetherlanIds	8.9	47	23	5.1	+1.3
IPOS	Renaissance International IPO	7.7	80	-10	5.0	+1.2
DDEZ	WisdomTree Dynamic Currency Hedged Europe Equity	7.7	43	27	6.2	+2.4
IDMO	Invesco S&P Int'l Dev. Momentum	7.4	25	45	4.4	+0.7
FLFR	Franklin FTSE France	7.2	9	61	6.5	+2.7
EWQ	iShares MSCI France	7.2	47	23	6.1	+2.3
IXJ	iShares S&P Global Healthcare	7.1	46	24	6.0	+2.2
EMQQ	Emerging Markets Internet & E-Commerce	7.0	86	-16	3.2	-0.6
IDHQ	Invesco Int'l Developed High Quality Portfolio	6.8	29	41	4.8	+1.0
FLIY	Franklin FTSE Italy	6.6	9	61	6.0	+2.2
HEDJ	Wisdomtree International Hedged Equity	6.5	58	12	7.5	+3.8
FAN	First Trust Global Wind	6.5	60	10	5.2	+1.4
HDEF	Xtrackers MSCI EAFE High Div Yld Hedged	6.4	20	50	8.4	+4.7
EDEN	iShares MSCI Denmark Capped	6.3	53	17	4.4	+0.7
IDNA	iShares Genomics Immunology and Healthcare	6.3	47	23	-3.1	-6.9
EWI	iShares MSCI Italy	6.2	47	23	5.9	+2.2

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 IPOX Europe Equity Opportunities
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	11.9	%
Divided by: Fwd. P/BV	2.7	x
Less: Expense ratio	70	bp
Equals: ALTAR Score	3.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.66	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.