ETF Research Center

MMLG is actively managed to invest in US large cap growth stocks. Stock selections are made by two portfolio managers.

FUND BASICS
Category	US Equities
Fund Sponsor	First Trust
Website	www.ftportfolios.com
Inception date	Jul 21, 2020
Assets (mns)	$69
Currency	USD
Expense ratio	85 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	Yes
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	78
Wgt avg mkt cap (mns)	$842,839
Large cap (>$10bn)	98.2%
Mid cap ($2-10bn)	1.3%
Small cap (<$2bn)	0.3%
Developed mkts	98.0%
Emerging mkts	2.0%

TOP TEN HOLDINGS
Total	46.1 %
NVIDIA CORP	6.9 %
MICROSOFT CORP	6.5 %
AMAZON.COM INC	5.4 %
NETFLIX INC	4.5 %
META PLATFORMS INC	4.4 %
US DOLLAR	3.9 %
APPLE INC	3.7 %
SERVICENOW INC	3.7 %
SPOTIFY TECHNOLOGY SA	3.6 %
BROADCOM INC.	3.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	84.0 %
	LUXEMBOURG	3.6 %
	SINGAPORE	2.4 %
	CANADA	1.8 %
	CAYMAN ISLANDS	1.6 %
	AUSTRALIA	1.5 %
	TAIWAN	1.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru April 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
-6.1%	9.3%	--	--	7.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.23	85%
MSCI EAFE	0.82	40%
MSCI Emg. Mkts.	0.67	27%

Technical Indicators
Recent close	$29.39
30d moving avg.	$27.15
Annualized volatility	22.1%
Short interest (ETF)	0.0%
Short interest (Underlying)	2.5%
Relative strength (RSI)	50

Liquidity measures
Avg. volume (thou.)	32
Turnover	1.4%
Bid/Ask (% of price)	0.08%
ADV underlying (mns)	$131,651

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 31 potential alternatives to the First Trust Multi-Manager Large Growth ETF ETF based on the alternatives' overlap in portfolio holdings with MMLG. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

MMLG

Expense:

85 bp

ALTAR Score™:

2.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH MMLG
Ticker	Fund Name	Overlap¹ vs MMLG (%)	Expense ratio (bp)	Savings vs MMLG (bp)	ALTAR Score™ (%)	ALTAR vs MMLG (%)
QYLD	Global X NASDAQ 100 Covered Call ETF	44.5	60	25	4.2	+2.1
QRMI	Global X NASDAQ 100 Risk Managed Income ETF	44.5	60	25	4.2	+2.1
QYLG	Global X Nasdaq 100 Covered Call & Growth ETF	43.8	60	25	4.2	+2.0
NUSI	Nationwide Nasdaq-100 Risk-Managed Income ETF	43.3	68	17	4.1	+2.0
QTR	Global X NASDAQ 100 Tail Risk ETF	43.1	26	59	4.5	+2.4
QCLR	Global X NASDAQ 100 Collar 95-110 ETF	43.1	25	60	4.5	+2.4
XYLD	Global X S&P 500 Covered Call ETF	42.3	60	25	5.0	+2.8
XRMI	Global X S&P 500 Risk Managed Income ETF	42.1	60	25	5.0	+2.8
PBP	Invesco S&P 500 BuyWrite ETF	41.9	49	36	5.0	+2.9
GARP	iShares MSCI USA Quality GARP ETF	41.7	15	70	4.6	+2.5
XYLG	Global X S&P 500 Covered Call & Growth ETF	41.0	60	25	5.0	+2.8
XTR	Global X S&P 500 Tail Risk ETF	39.8	26	59	5.3	+3.1
XCLR	Global X S&P 500 Collar 95-110 ETF	39.4	25	60	5.3	+3.2
FTQI	First Trust Nasdaq BuyWrite Income ETF	39.3	75	10	3.9	+1.8
SFLR	Innovator Equity Managed Floor ETF	38.2	89	-4	4.3	+2.2
JEPQ	J.P. Morgan Nasdaq Equity Premium Income ETF	37.9	35	50	4.6	+2.5
EFIV	SPDR S&P 500 ESG ETF	36.7	10	75	5.6	+3.5
ACIO	Aptus Collared Investment Opportunity ETF	35.8	79	6	4.4	+2.3
FTHI	First Trust BuyWrite Income ETF	33.7	75	10	5.1	+3.0
QQQA	ProShares Nasdaq-100 Dorsey Wright Momentum ETF	26.9	58	27	2.5	+0.4
TYLG	Global X Information Technology Covered Call & Growth ETF	25.7	60	25	4.7	+2.6
THNQ	ROBO Global Artificial Intelligence ETF	21.6	68	17	2.7	+0.6
DJIA	Global X Dow 30 Covered Call ETF	19.4	60	25	5.5	+3.4
DYLG	Global X Dow 30 Covered Call & Growth ETF	19.2	60	25	5.4	+3.3
DIVO	Amplify CWP Enhanced Dividend Income ETF	17.3	55	30	5.4	+3.3
CCOR	Core Alternative ETF	16.7	107	-22	5.5	+3.4
LCG	Sterling Capital Focus Equity ETF	13.6	59	26	3.2	+1.1
SIXH	ETC 6 Meridian Hedged Equity Index Option ETF	12.5	82	3	7.2	+5.1
XVOL	Acruence Active Hedge U.S. Equity ETF	12.4	83	2	4.4	+2.3
IDVO	Amplify International Enhanced Dividend Income ETF	2.2	65	20	5.7	+3.6
KNG	FT Vest S&P 500 Dividend Aristocrats Target Income ETF	1.6	75	10	5.8	+3.7

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

	2020	2021	2022	2023	2024	2025E	2026E
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

	2024	2025E	2026E
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 Multi-Manager Large Growth 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	21.4	%
Divided by: Fwd. P/BV	7.2	x
Less: Expense ratio	85	bp
Equals: ALTAR Score	2.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.47	CATEGORY AVERAGE	1.58

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.