ETF Research Center

The First Trust Indxx Global Agriculture ETF tracks the price and yield performance, before fees and expenses, of the Indxx Global Agriculture Index.

FUND BASICS
Category	US Equities
Fund Sponsor	First Trust Advisors LP
Website	www.ftportfolios.com
Inception date	Mar 12, 2010
Assets (mns)	$3
Currency	USD
Expense ratio	70 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	42
Wgt avg mkt cap (mns)	$38,004
Large cap (>$10bn)	76.3%
Mid cap ($2-10bn)	21.6%
Small cap (<$2bn)	2.2%
Developed mkts	90.7%
Emerging mkts	9.4%

TOP TEN HOLDINGS
Total	64.2 %
BASF SE	10.7 %
DEERE & CO	10.3 %
BAYER AG	10.0 %
DOW CHEMICAL	9.2 %
DOW, INC.	5.2 %
NUTRIEN LTD.	4.2 %
WILMAR INTERNATIONAL LTD	3.9 %
CORTEVA INC	3.9 %
KUBOTA CORP	3.8 %
CNH GLOBAL N.V.	3.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	41.4 %
	GERMANY	23.9 %
	JAPAN	8.0 %
	CANADA	4.2 %
	SINGAPORE	3.9 %
	INDIA	3.9 %
	BRITAIN	3.1 %
	MALAYSIA	2.9 %
	NORWAY	2.1 %
	AUSTRALIA	1.4 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
6.4%	1.4%	-14.0%	--	-16.9%

Market Correlations
versus...	Beta	R-squared
S&P500	1.07	69%
MSCI EAFE	1.24	78%
MSCI Emg. Mkts.	0.85	61%

Technical Indicators
Recent close	$23.07
30d moving avg.	$23.30
Annualized volatility	15.5%
Short interest (ETF)	0.7%
Relative strength (RSI)	63

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.27%
ADV underlying (mns)	$2,101

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

FTAG

Expense:

70 bp

ALTAR Score™:

8.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FTAG
Ticker	Fund Name	Overlap¹ vs FTAG (%)	Expense ratio (bp)	Savings vs FTAG (bp)	ALTAR Score™ (%)	ALTAR vs FTAG (%)
MOO	VanEck Vectors Agribusiness ETF	48.9	54	16	6.4	-2.1
VEGI	iShares MSCI Global Agriculture Producers	41.9	39	31	7.0	-1.6
DIET	Defiance Next Gen Food & Agriculture	26.2	30	40	5.9	-2.7
SOIL	Global X Fertilizers/Potash	23.4	69	1	5.5	-3.0
HAP	VanEck Vectors Hard Asset Producers	22.3	50	20	5.9	-2.7
IYM	iShares DJ US Basic Material	21.6	42	28	8.8	+0.2
XLB	Materials Select Sector SPDR	19.3	13	57	9.4	+0.8
RTM	Invesco S&P Equal Weight Materials	16.4	40	30	8.6	-0.0
FMAT	Fidelity MSCI Materials	16.0	8	62	8.8	+0.2
DXGE	WisdomTree Germany Hedged Equity	16.0	48	22	9.5	+1.0
VAW	Vanguard Materials	15.8	10	60	8.7	+0.2
GUNR	Flexshares Global Upstream Natural Resources	13.8	46	24	5.7	-2.9
NANR	SPDR S&P N. American Nat. Resources	13.8	35	35	4.2	-4.4
MXI	iShares S&P Global Materials	13.6	46	24	6.9	-1.7
QDEU	SPDR MSCI Germany Quality Mix	12.3	14	56	8.4	-0.2
DAX	Global X DAX Germany	12.3	20	50	8.8	+0.2
JHMA	John Hancock Multifactor Materials	11.8	40	30	7.6	-1.0
EWG	iShares MSCI Germany	11.7	47	23	7.8	-0.7
FLGR	Franklin FTSE Germany	11.5	9	61	8.1	-0.5
DBGR	Xtrackers MSCI Germany Hedged	11.4	45	25	7.8	-0.8

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 Indxx Global Agriculture
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	11.4	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	70	bp
Equals: ALTAR Score	8.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.55	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.