ETF Research Center

First Trust Large Cap Value Opportunities AlphaDEX Fund seeks investment results that correspond to the Defined Large Cap Value Opportunities Index.

FUND BASICS
Category	US Equities
Fund Sponsor	First Trust Advisors LP
Website	www.ftportfolios.com
Inception date	May 10, 2007
Assets (mns)	$1,122
Currency	USD
Expense ratio	62 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Bank of New York Mellon
Weighting	Tiered
Index replication	Full
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	188
Wgt avg mkt cap (mns)	$59,099
Large cap (>$10bn)	98.6%
Mid cap ($2-10bn)	1.4%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	9.7 %
LENNAR CORP-CL A	1.1 %
DR HORTON INC	1.0 %
MICRON TECHNOLOGY INC	1.0 %
ALLY FINANCIAL INC	1.0 %
SOUTHWEST AIRLINES CO	1.0 %
EXELON CORP	1.0 %
NEWMONT MINING CORP	0.9 %
CAPITAL ONE FINANCIAL CORP	0.9 %
VORNADO REALTY TRUST	0.9 %
METLIFE INC	0.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.6 %
	BRITAIN	1.6 %
	BERMUDA	1.0 %
	IRELAND	0.9 %
	SWITZERLAND	0.9 %

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.
24.7%	24.7%	7.3%	11.5%	7.1%

Market Correlations
versus...	Beta	R-squared
S&P500	1.15	86%
MSCI EAFE	1.10	65%
MSCI Emg. Mkts.	0.74	51%

Technical Indicators
Recent close	$55.80
30d moving avg.	$56.29
Annualized volatility	15.0%
Short interest (ETF)	0.2%
Short interest (Underlying)	5.2%
Relative strength (RSI)	61

Liquidity measures
Avg. volume (thou.)	50
Turnover	0.3%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$49,970

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

FTA

Expense:

62 bp

ALTAR Score™:

8.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FTA
Ticker	Fund Name	Overlap¹ vs FTA (%)	Expense ratio (bp)	Savings vs FTA (bp)	ALTAR Score™ (%)	ALTAR vs FTA (%)
FEX	First Trust Large Cap Core Alphadex	57.5	61	1	6.1	-2.2
FAB	First Trust Multi Cap Value	50.3	71	-9	8.2	-0.2
SPVM	Invesco S&P 500 Value with Momentum	44.2	39	23	8.0	-0.3
RPV	Invesco S&P 500 Pure Value ETF	42.1	35	27	10.7	+2.4
SPVU	Invesco S&P 500 Value	39.4	13	49	10.4	+2.1
PQLC	PGIM QMA Strategic Alpha Large-Cap Core	38.4	17	45	6.7	-1.6
OVLU	Invesco Russell 1000 Value Factor ETF	38.1	19	43	7.6	-0.7
RWL	Invesco S&P 500 Revenue ETF	36.3	39	23	7.3	-1.0
VFVA	Vanguard U.S. Value Factor	35.6	13	49	9.1	+0.7
VLUE	iShares MSCI USA Value Factor	35.5	15	47	10.5	+2.2
RNLC	Large Cap US Equity Select	35.5	60	2	6.0	-2.3
SPYV	SPDR Portfolio S&P 500 Value	35.2	4	58	7.0	-1.3
IVE	iShares S&P 500 Value	35.2	18	44	6.9	-1.4
VOOV	Vanguard S&P 500 Value	34.8	15	47	6.8	-1.5
SCIU	Global X Scientific Beta US	34.8	19	43	5.5	-2.8
JKI	iShares Morningstar Mid Cap Value	34.7	30	32	8.4	+0.1
RSP	Invesco S&P 500 Equal Weight	34.6	20	42	6.4	-1.9
VLU	SPDR S&P 1500 Value Tilt	34.5	12	50	7.1	-1.2
TUSA	First Trust Total US Market AlphaDEX	34.3	70	-8	6.2	-2.1
GSEW	Goldman Sachs Equal Weight U.S. Large Cap Equity	34.2	9	53	5.8	-2.6

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 Large Cap Value
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	13.8	%
Divided by: Fwd. P/BV	1.6	x
Less: Expense ratio	62	bp
Equals: ALTAR Score	8.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.57	CATEGORY AVERAGE	1.55

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.