ETF Research Center

First Trust Value Line 100 Exchange-Traded Fund seeks to track the performance of the Value Line 100 Index.

FUND BASICS
Category	US Equities
Fund Sponsor	First Trust Advisors LP
Website	www.ftportfolios.com
Inception date	Jun 12, 2003
Assets (mns)	$40
Currency	USD
Expense ratio	70 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	98
Wgt avg mkt cap (mns)	$54,040
Large cap (>$10bn)	63.8%
Mid cap ($2-10bn)	22.6%
Small cap (<$2bn)	13.6%
Developed mkts	99.0%
Emerging mkts	1.0%

TOP TEN HOLDINGS
Total	12.9 %
AUDIOCODES LTD	1.4 %
TYLER TECHNOLOGIES INC	1.3 %
WEST PHARMACEUTICAL SERVICES	1.3 %
CROWN CASTLE INTL CORP	1.3 %
COPART INC	1.3 %
TELEDYNE TECHNOLOGIES INC	1.3 %
ZOETIS INC	1.3 %
MICROSOFT CORP	1.2 %
SBA COMMUNICATIONS CORP. CLASS A	1.2 %
FRANCO-NEVADA CORP	1.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	79.5 %
	CANADA	7.2 %
	BERMUDA	4.1 %
	IRELAND	2.9 %
	BRITAIN	2.1 %
	ISRAEL	1.4 %
	TAIWAN	1.0 %
	JAPAN	0.9 %
	SWITZERLAND	0.9 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
0.6%	15.4%	3.8%	9.4%	8.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.85	69%
MSCI EAFE	0.77	46%
MSCI Emg. Mkts.	0.50	34%

Technical Indicators
Recent close	$23.76
30d moving avg.	$23.20
Annualized volatility	12.5%
Short interest (ETF)	0.1%
Short interest (Underlying)	4.1%
Relative strength (RSI)	66

Liquidity measures
Avg. volume (thou.)	3
Turnover	0.2%
Bid/Ask (% of price)	0.19%
ADV underlying (mns)	$16,634

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the First Trust Value Line 100 ETF based on the alternatives' overlap in portfolio holdings with FVL. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

FVL

Expense:

70 bp

ALTAR Score™:

4.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FVL
Ticker	Fund Name	Overlap¹ vs FVL (%)	Expense ratio (bp)	Savings vs FVL (bp)	ALTAR Score™ (%)	ALTAR vs FVL (%)
SPLV	Invesco S&P 500 Low Volatility	21.4	25	45	4.9	+0.8
LVHB	Elkhorn Lunt Low Vol/High Beta Tactical	21.4	52	18	6.6	+2.6
JMIN	JPMorgan U.S. Minimum Volatility	20.0	12	58	5.3	+1.2
KLCD	KFA Large Cap Quality Dividend Index	19.7	41	29	5.0	+0.9
AFLG	First Trust Active Factor Large Cap	19.2	55	15	6.2	+2.2
LSLT	Salt Low truBeta US Market	18.6	0	70	6.3	+2.2
USMV	iShares MSCI USA Minimum Volatility	18.2	15	55	4.9	+0.9
MTUM	iShares MSCI USA Momentum Factor	17.5	15	55	4.1	+0.1
LGLV	SPDR Russell 1000 Low Volatility	16.9	12	58	4.9	+0.8
FCTR	First Trust Lunt U.S. Factor Rotation	16.8	65	5	6.4	+2.3
DEF	Invesco Defensive Equity	16.6	59	11	4.6	+0.6
HUSV	First Trust Horizon Managed Volatility Domestic	16.2	70	0	4.6	+0.6
NFO	Invesco Insider Sentiment	16.0	66	4	4.3	+0.3
PDP	Invesco DWA Technical Leaders	16.0	62	8	3.1	-1.0
RBUS	Nationwide Risk-Based U.S. Equity	16.0	30	40	5.4	+1.4
AMOM	Qraft AI-Enhanced U.S. Large Cap Momentum	15.1	75	-5	3.8	-0.3
VFMV	Vanguard U.S. Minimum Volatility	14.8	13	57	4.9	+0.9
SPMO	Invesco S&P 500 Momentum Portfolio	14.6	13	57	4.0	-0.0
DYNF	BlackRock U.S. Equity Factor Rotation	14.5	30	40	6.3	+2.3
FDMO	Fidelity Momentum Factor	14.5	29	41	3.9	-0.2

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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 Value Line 100
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	13.4	%
Divided by: Fwd. P/BV	2.8	x
Less: Expense ratio	70	bp
Equals: ALTAR Score	4.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.59	CATEGORY AVERAGE	1.56

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.