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 02, 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	101
Wgt avg mkt cap (mns)	$34,669
Large cap (>$10bn)	71.2%
Mid cap ($2-10bn)	19.2%
Small cap (<$2bn)	0.6%
Developed mkts	99.9%
Emerging mkts	0.1%

TOP TEN HOLDINGS
Total	45.9 %
PROSUS N.V. CLASS N	7.0 %
NOVARTIS AG-REG	6.3 %
SANOFI-AVENTIS	5.1 %
SPOTIFY TECHNOLOGY SA	4.8 %
SIEMENS HEALTHINEERS AG	4.4 %
ADYEN NV	4.3 %
DONG ENERGY A/S	3.9 %
UCB SA	3.5 %
GENMAB A/S	3.4 %
FERRARI NV	3.3 %

TOP COUNTRY EXPOSURE
	NETHERLANDS	15.6 %
	GERMANY	12.8 %
	SWITZERLAND	9.7 %
	FRANCE	9.3 %
	DENMARK	8.5 %
	LUXEMBOURG	5.5 %
	ITALY	4.5 %
	BELGIUM	3.5 %
	SWEDEN	2.4 %
	BRITAIN	2.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru June 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
9.0%	17.7%	--	--	20.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.77	79%
MSCI EAFE	0.86	81%
MSCI Emg. Mkts.	0.62	63%

Technical Indicators
Recent close	$24.48
30d moving avg.	$23.47
Annualized volatility	18.1%
Short interest (ETF)	0.0%
Relative strength (RSI)	64

Liquidity measures
Avg. volume (thou.)	1
Turnover	1.0%
Bid/Ask (% of price)	0.21%
ADV underlying (mns)	$5,003

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 98 potential alternatives to the First Trust IPOX Europe Equity Opportunities ETF 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™:

2.4%

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 Equity Opportunities ETF	29.1	70	0	3.2	+0.8
EWN	iShares MSCI Netherlands ETF	13.3	50	20	5.1	+2.8
FDNI	First Trust Dow Jones International Internet ETF	13.3	65	5	2.2	-0.2
EUDV	ProShares MSCI Europe Dividend Growers ETF	8.9	55	15	5.7	+3.3
EWL	iShares MSCI Switzerland ETF	8.6	50	20	5.1	+2.7
FLSW	Franklin FTSE Switzerland ETF	8.6	9	61	5.5	+3.2
EUMV	iShares Edge MSCI Min Vol Europe ETF	8.2	25	45	5.0	+2.7
IDNA	iShares Genomics Immunology & Healthcare ETF	8.1	47	23	-2.9	-5.3
EDEN	iShares MSCI Denmark Capped ETF	8.0	53	17	6.1	+3.8
IMTM	iShares Edge MSCI Intl Momentum Factor ETF	8.0	30	40	4.3	+2.0
EZU	iShares MSCI Eurozone ETF	7.9	49	21	6.6	+4.2
HEDJ	WisdomTree Europe Hedged Equity Fund	7.6	58	12	6.9	+4.6
IPAY	ETFMG Prime Mobile Payments ETF	7.5	75	-5	7.2	+4.8
TPAY	Tortoise Digital Payments Infrastructure Fund	7.5	40	30	6.0	+3.6
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	7.5	45	25	6.8	+4.4
GSEU	Goldman Sachs ActiveBeta Europe Equity ETF	7.2	25	45	6.5	+4.2
DBEU	Xtrackers MSCI Europe Hedged Equity ETF	7.2	45	25	6.7	+4.3
FEU	SPDR Portfolio Europe ETF	7.2	9	61	7.4	+5.0
HFXE	IQ 50 PERCENT HEDGED FTSE EUROPE ETF	7.2	30	40	6.8	+4.5
FLEH	Franklin FTSE Europe Hedged ETF	7.2	9	61	7.1	+4.8
BBEU	JPMorgan BetaBuilders Europe ETF	7.1	9	61	7.3	+5.0
FLEE	Franklin FTSE Europe ETF	7.1	9	61	7.0	+4.6
IEUR	iShares Core MSCI Europe ETF	7.1	9	61	7.3	+4.9
IEV	iShares Europe ETF	7.0	59	11	6.8	+4.4
VGK	Vanguard FTSE Europe ETF	7.0	8	62	7.4	+5.1
IXJ	iShares Global Healthcare ETF	7.0	46	24	6.3	+3.9
IVLU	iShares Edge MSCI Intl Value Factor ETF	6.9	30	40	11.5	+9.1
RFEU	First Trust Riverfront Dynamic Europe ETF	6.8	83	-13	5.4	+3.0
IDHQ	Invesco S&P International Developed Quality ETF	6.7	29	41	5.1	+2.7
EMQQ	EMQQ The Emerging Markets Internet & Ecommerce ETF	6.6	86	-16	2.1	-0.2
FLFR	Franklin FTSE France ETF	6.5	9	61	6.9	+4.5
EWQ	iShares MSCI France ETF	6.4	50	20	6.5	+4.1
FEP	First Trust Europe AlphaDEX Fund	6.4	80	-10	7.7	+5.4
FEUZ	First Trust Eurozone AlphaDEX ETF	6.4	80	-10	7.7	+5.4
DXGE	WisdomTree Germany Hedged Equity Fund	6.2	48	22	8.8	+6.4
LNGR	Global X Longevity Thematic ETF	6.0	50	20	3.1	+0.8
IMOM	Alpha Architect International Quantitative Momentum ETF	6.0	59	11	3.4	+1.0
SCID	Global X Scientific Beta Europe ETF	5.9	39	31	6.5	+4.1
FLIY	Franklin FTSE Italy ETF	5.9	9	61	7.6	+5.3
EWG	iShares MSCI Germany ETF	5.9	49	21	6.9	+4.5
EURZ	Xtrackers Eurozone Equity ETF	5.9	9	61	7.1	+4.7
RBIN	Nationwide Risk-Based International Equity ETF	5.8	42	28	6.5	+4.1
DBGR	Xtrackers MSCI Germany Hedged Equity ETF	5.8	45	25	7.0	+4.7
IPOS	Renaissance International IPO ETF	5.8	80	-10	4.7	+2.4
FAN	First Trust Global Wind Energy ETF	5.8	62	8	6.0	+3.7
FINX	Global X FinTech Thematic ETF	5.7	68	2	4.3	+1.9
FLGR	Franklin FTSE Germany ETF	5.6	9	61	7.3	+4.9
EWI	iShares MSCI Italy ETF	5.5	49	21	7.6	+5.2
GDNA	Goldman Sachs Motif Human Evolution ETF	5.5	50	20	0.3	-2.1
PLAT	WisdomTree Modern Tech Platforms Fund	5.5	45	25	1.1	-1.2
GENY	Principal Millennials Index ETF	5.4	45	25	3.8	+1.4
GBUY	Goldman Sachs Motif New Age Consumer ETF	5.4	50	20	1.9	-0.5
EFV	iShares MSCI EAFE Value ETF	5.4	39	31	9.6	+7.3
IGRO	iShares International Dividend Growth ETF	5.4	22	48	8.1	+5.7
OEUR	O'shares FTSE Europe Quality Dividend ETF	5.4	48	22	6.6	+4.3
IEUS	iShares MSCI Europe Small-Cap ETF	5.3	40	30	8.0	+5.7
JPEU	JPMorgan Diversified Return Europe Equity ETF	5.2	37	33	7.0	+4.7
FPX	First Trust US IPO Index Fund	5.2	58	12	2.6	+0.3
LVHI	Legg Mason International Low Volatility High Dividend ETF	5.0	40	30	9.3	+7.0
HDEF	Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF	4.9	20	50	9.6	+7.2
XBUY	Amplify International Online Retail ETF	4.8	69	1	-1.0	-3.4
EFAD	ProShares MSCI EAFE Dividend Growers ETF	4.8	50	20	6.2	+3.8
PBS	Invesco Dynamic Media ETF	4.8	63	7	5.2	+2.9
SOCL	Global X Social Media ETF	4.8	65	5	1.9	-0.5
EFAX	SPDR MSCI EAFE Fossil Fuel Free ETF	4.7	20	50	7.1	+4.8
EFA	iShares MSCI EAFE ETF	4.7	32	38	7.1	+4.7
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	4.7	35	35	6.9	+4.6
DOL	WisdomTree International LargeCap Dividend Fund	4.6	48	22	8.6	+6.3
QINT	American Century Quality Diversified International ETF	4.5	39	31	5.8	+3.4
GSID	Goldman Sachs MarketBeta International Equity ETF	4.5	20	50	7.4	+5.0
IBUY	Amplify Online Retail ETF	4.4	65	5	-1.5	-3.9
IEFA	iShares Core MSCI EAFE ETF	4.4	7	63	7.4	+5.0
RFDI	First Trust Riverfront Dynamic Developed International ETF	4.4	83	-13	5.7	+3.3
MVIN	Natixis Seeyond International Minimum Volatility ETF	4.4	56	14	5.4	+3.0
FIDI	Fidelity International High Dividend ETF	4.4	39	31	11.2	+8.8
DWMF	WisdomTree International Multifactor Fund	4.4	38	32	6.8	+4.5
IDY	Pacific Global International Equity Income ETF	4.3	39	31	8.1	+5.7
QDEU	SPDR MSCI Germany Quality Mix ETF	4.3	14	56	7.5	+5.2
QEFA	SPDR MSCI EAFE Quality Mix ETF	4.3	30	40	6.9	+4.5
BKIE	BNY Mellon International Equity ETF	4.3	4	66	7.5	+5.2
FEZ	SPDR EURO STOXX 50 ETF	4.2	29	41	7.1	+4.7
PBDM	Invesco PureBeta FTSE Developed ex-North America ETF	4.2	7	63	7.6	+5.3
GSIE	Goldman Sachs ActiveBeta International Equity ETF	4.1	25	45	6.6	+4.3
FGM	First Trust Germany AlphaDEX Fund	4.1	80	-10	6.8	+4.4
EFG	iShares MSCI EAFE Growth ETF	4.1	40	30	4.6	+2.2
DTEC	ALPS Disruptive Technologies ETF	4.0	50	20	3.6	+1.2
IDEV	iShares Core MSCI International Developed Markets ETF	4.0	5	65	7.3	+4.9
CNCR	Loncar Cancer Immunotherapy ETF	4.0	79	-9	-2.9	-5.3
MILN	Global X Millennials Thematic ETF	3.9	50	20	2.5	+0.1
HDMV	First Trust Horizon Managed Volatility Developed Intl ETF	3.9	80	-10	6.0	+3.6
GXF	Global X FTSE Nordic Region ETF	3.9	56	14	11.1	+8.8
EFAV	iShares Edge MSCI Min Vol EAFE ETF	3.9	20	50	5.5	+3.2
SCHF	Schwab International Equity ETF	3.9	6	64	7.4	+5.1
DHDG	WisdomTree Dynamic Currency Hedged Intl Quality Div Growth	3.8	30	40	0.0	-2.4
SPDW	SPDR Portfolio Developed World ex-US ETF	3.8	4	66	7.2	+4.9
VIGI	Vanguard International Dividend Appreciation ETF	3.8	25	45	5.6	+3.2
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	3.7	35	35	8.6	+6.2
DWCR	Arrow DWA Country Rotation ETF	3.7	95	-25	16.6	+14.3

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 IPOX Europe Equity Opportunities ETF
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	11.5	%
Divided by: Fwd. P/BV	3.8	x
Less: Expense ratio	70	bp
Equals: ALTAR Score	2.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.53	CATEGORY AVERAGE	1.59

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.