ETF Research Center

The First Trust International IPO ETF tracks a market-cap-weighted index of the 50-largest IPOs outside of the US over the first 1,000 trading days of each stock. Stocks must pass additional quantitative screens to be included.

FUND BASICS
Category	International Equities
Fund Sponsor	First Trust
Website	www.ftportfolios.com
Inception date	Nov 05, 2014
Assets (mns)	$48
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	50
Wgt avg mkt cap (mns)	$26,440
Large cap (>$10bn)	80.1%
Mid cap ($2-10bn)	19.9%
Small cap (<$2bn)	0.0%
Developed mkts	82.6%
Emerging mkts	17.4%

TOP TEN HOLDINGS
Total	47.5 %
SOFTBANK CORP.	8.0 %
POSTAL SAVINGS BANK OF CHINA CO.,	6.5 %
SIEMENS HEALTHINEERS AG	5.8 %
FERRARI NV	5.2 %
DONG ENERGY A/S	4.6 %
CHINA TOWER CORP. LTD. CLASS H	4.5 %
ATLASSIAN CORP. PLC CLASS A	3.7 %
MEITUAN DIANPING	3.5 %
YUM CHINA HOLDINGS, INC.	2.9 %
PINDUODUO, INC. SPONSORED ADR CLAS	2.7 %

TOP COUNTRY EXPOSURE
	CHINA	29.9 %
	JAPAN	10.0 %
	ITALY	8.6 %
	GERMANY	7.1 %
	BRAZIL	5.6 %
	NETHERLANDS	5.4 %
	DENMARK	4.7 %
	BRITAIN	3.7 %
	SINGAPORE	3.1 %
	CANADA	2.5 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
27.6%	20.9%	--	--	7.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.88	50%
MSCI EAFE	1.08	63%
MSCI Emg. Mkts.	0.91	72%

Technical Indicators
Recent close	$38.78
30d moving avg.	$38.28
Annualized volatility	15.0%
Short interest (ETF)	0.7%
Relative strength (RSI)	63

Liquidity measures
Avg. volume (thou.)	8
Turnover	0.6%
Bid/Ask (% of price)	0.58%
ADV underlying (mns)	$2,859

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

FPXI

Expense:

70 bp

ALTAR Score™:

3.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FPXI
Ticker	Fund Name	Overlap¹ vs FPXI (%)	Expense ratio (bp)	Savings vs FPXI (bp)	ALTAR Score™ (%)	ALTAR vs FPXI (%)
FPXE	First Trust IPOX Europe Equity Opportunities	32.9	70	0	3.8	-0.1
IPOS	Renaissance International IPO	28.1	80	-10	5.7	+1.7
FDNI	First Trust Dow Jones International Internet	12.7	65	5	4.5	+0.6
ARKF	ARK Fintech Innovation	10.4	75	-5	1.8	-2.1
CXSE	WisdomTree China ex-State Owned Enterprises	9.9	32	38	7.0	+3.1
CHIQ	Global X MSCI China Consumer Discretionary	9.1	65	5	5.3	+1.4
FXI	iShares China Large-Cap	7.8	74	-4	14.2	+10.3
BICK	First Trust BICK Index Fund	7.3	64	6	5.6	+1.7
FLIY	Franklin FTSE Italy	6.9	9	61	6.0	+2.1
PLAT	WisdomTree Modern Tech Platforms	6.8	45	25	2.8	-1.2
EWI	iShares MSCI Italy	6.5	47	23	6.1	+2.2
FNI	First Trust ISE Chindia	6.2	59	11	4.0	+0.1
KWEB	KraneShares CSI China Internet	6.2	76	-6	3.9	-0.1
PGJ	Invesco Golden Dragon China	5.7	70	0	3.7	-0.2
GXC	SPDR S&P China ETF	5.6	59	11	9.2	+5.2
GIGE	SoFi Gig Economy	5.5	59	11	0.4	-3.6
FLCH	Franklin FTSE China	5.3	19	51	10.0	+6.1
EMQQ	Emerging Markets Internet & E-Commerce	5.1	86	-16	3.9	-0.1
CQQQ	Invesco China Technology	4.8	70	0	5.3	+1.3
KMED	KraneShares Emerging Markets Healthcare Index	4.8	79	-9	3.5	-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 International IPO
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	13.2	%
Divided by: Fwd. P/BV	2.9	x
Less: Expense ratio	70	bp
Equals: ALTAR Score	3.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.51	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.