ETF Research Center

First Trust NASDAQ-100 Ex-Technology Sector Index Fund seeks investment results that correspond to the price and yield of the NASDAQ-100 Ex-Tech Sector Index, which tracks securities that are no

FUND BASICS
Category	US Equities
Fund Sponsor	First Trust Advisors LP
Website	www.ftportfolios.com
Inception date	Feb 14, 2007
Assets (mns)	$99
Currency	USD
Expense ratio	60 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	65
Wgt avg mkt cap (mns)	$64,890
Large cap (>$10bn)	99.2%
Mid cap ($2-10bn)	0.8%
Small cap (<$2bn)	0.0%
Developed mkts	95.2%
Emerging mkts	4.8%

TOP TEN HOLDINGS
Total	19.1 %
ALIGN TECHNOLOGY INC	2.3 %
TESLA MOTORS INC	2.2 %
BIOGEN IDEC INC	1.9 %
VERTEX PHARMACEUTICALS INC	1.9 %
REGENERON PHARMACEUTICALS	1.9 %
AMGEN INC	1.8 %
LULULEMON ATHLETICA INC	1.8 %
NETFLIX INC	1.8 %
PACCAR INC	1.8 %
FASTENAL CO	1.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	91.0 %
	BRITAIN	4.2 %
	CHINA	3.2 %
	ARGENTINA	1.6 %

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.
25.4%	14.1%	7.7%	13.6%	9.3%

Market Correlations
versus...	Beta	R-squared
S&P500	1.05	86%
MSCI EAFE	1.02	67%
MSCI Emg. Mkts.	0.76	60%

Technical Indicators
Recent close	$56.59
30d moving avg.	$56.11
Annualized volatility	13.7%
Short interest (ETF)	0.4%
Short interest (Underlying)	5.0%
Relative strength (RSI)	67

Liquidity measures
Avg. volume (thou.)	4
Turnover	0.2%
Bid/Ask (% of price)	0.09%
ADV underlying (mns)	$25,898

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

QQXT

Expense:

60 bp

ALTAR Score™:

5.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH QQXT
Ticker	Fund Name	Overlap¹ vs QQXT (%)	Expense ratio (bp)	Savings vs QQXT (bp)	ALTAR Score™ (%)	ALTAR vs QQXT (%)
QQEW	First Trust NASDAQ 100 Equal Weight	61.5	60	0	5.9	+0.1
QQQE	Direxion NASDAQ-100 Equal Weight	61.4	35	25	0.0	-5.9
QYLD	Global X NASDAQ 100 Covered Call ETF	33.9	60	0	4.8	-1.1
QQQ	Invesco QQQ	33.4	20	40	5.2	-0.7
JKE	iShares Morningstar Large Cap Growth	25.8	25	35	4.0	-1.8
RYH	Invesco S&P Equal Weight Healthcare	22.3	40	20	7.0	+1.1
ONEQ	Fidelity NASDAQ Composite	20.2	21	39	4.0	-1.9
IYC	iShares DJ US Consumer Services	20.2	42	18	5.1	-0.8
JHMC	John Hancock Multifactor Consumer Discretionary	18.9	40	20	5.9	+0.1
QGRO	American Century STOXX U.S. Quality Growth	18.7	29	31	5.5	-0.4
NULG	NuShares ESG Large-Cap Growth	17.9	35	25	4.1	-1.7
RCD	Invesco S&P Equal Weight Consumer Discretionary	17.7	40	20	8.4	+2.5
GBUY	Goldman Sachs Motif New Age Consumer	17.0	50	10	3.0	-2.9
IBB	iShares NASDAQ Biotechnology	16.9	47	13	0.4	-5.5
EQWL	Invesco Fundamental Pure Large Core	15.8	25	35	6.3	+0.5
IEDI	iShares Evolved U.S. Discretionary Spending	15.8	18	42	5.0	-0.8
BBH	VanEck Vectors Biotech	15.6	35	25	4.5	-1.4
FBT	First Trust NYSE-ARCA Biotechnology	15.6	57	3	-0.7	-6.6
FTVA	Aptus Fortified Value	15.6	79	-19	11.3	+5.4
IEME	iShares Evolved U.S. Media and Entertainment	15.3	18	42	6.6	+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 NASDAQ-100 Ex-Tech
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	21.5	%
Divided by: Fwd. P/BV	3.3	x
Less: Expense ratio	60	bp
Equals: ALTAR Score	5.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.56	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.