ETF Research Center

The First Trust RiverFront Dynamic Europe ETF is an actively-managed fund that seeks capital appreciation from developed European stocks selected using a factor approach. The manager has discretion to currency-hedge up to 100% of the portfolio.

FUND BASICS
Category	International Equities
Fund Sponsor	First Trust
Website	www.ftportfolios.com
Inception date	Apr 14, 2016
Assets (mns)	$8
Currency	USD
Expense ratio	83 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	6
Wgt avg mkt cap (mns)	$101,910
Large cap (>$10bn)	77.7%
Mid cap ($2-10bn)	19.8%
Small cap (<$2bn)	1.7%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	100.0 %
US DOLLAR	99.9 %
POUND STERLING	0.1 %
EVRAZ PLC	0.0 %
DANISH KRONE	0.0 %
EURO	0.0 %
SWISS FRANC	0.0 %

TOP COUNTRY EXPOSURE
	BRITAIN	0.0 %

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.
29.6%	29.6%	6.6%	--	7.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.54	43%
MSCI EAFE	0.89	84%
MSCI Emg. Mkts.	0.63	49%

Technical Indicators
Recent close	$76.15
30d moving avg.	$74.47
Annualized volatility	13.5%
Short interest (ETF)	0.0%
Relative strength (RSI)	62

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.87%
ADV underlying (mns)	$4,522

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 27 potential alternatives to the First Trust Riverfront Dynamic Europe ETF ETF based on the alternatives' overlap in portfolio holdings with RFEU. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

RFEU

Expense:

83 bp

ALTAR Score™:

8.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH RFEU
Ticker	Fund Name	Overlap¹ vs RFEU (%)	Expense ratio (bp)	Savings vs RFEU (bp)	ALTAR Score™ (%)	ALTAR vs RFEU (%)
VYMI	Vanguard International High Dividend Yield ETF	0.0	17	66	8.3	-0.5
VXUS	Vanguard Total International Stock ETF	0.0	5	78	6.8	-2.0
VT	Vanguard Total World Stock ETF	0.0	6	77	5.1	-3.7
VGK	Vanguard FTSE Europe ETF	0.0	6	77	6.4	-2.4
VEU	Vanguard FTSE All-World ex-US Index Fund	0.0	4	79	6.9	-1.9
VEA	Vanguard FTSE Developed Markets ETF	0.0	3	80	6.1	-2.7
ABLG	Abacus FCF International Leaders ETF	0.0	59	24	5.7	-3.1
HAP	VanEck Natural Resources ETF	0.0	50	33	7.9	-0.9
RFEU	First Trust Riverfront Dynamic Europe ETF	0.0	83	0	8.8	0.0
RFDI	First Trust Riverfront Dynamic Developed International ETF	0.0	83	0	8.0	-0.8
FKU	First Trust United Kingdom AlphaDEX Fund	0.0	80	3	6.6	-2.2
FEP	First Trust Europe AlphaDEX Fund	0.0	80	3	6.9	-1.9
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	0.0	32	51	7.0	-1.8
TPIF	Timothy Plan International ETF	0.0	62	21	5.4	-3.4
TTAI	FCF International Quality ETF	0.0	59	24	6.5	-2.3
JPIN	J.P. Morgan Diversified Return International Equity ETF	0.0	37	46	7.3	-1.6
GSID	Goldman Sachs MarketBeta International Equity ETF	0.0	20	63	5.8	-3.0
FLGB	Franklin FTSE United Kingdom ETF	0.0	9	74	6.7	-2.1
FLEE	Franklin FTSE Europe ETF	0.0	9	74	6.3	-2.5
DWMF	WisdomTree International Multifactor Fund	0.0	38	45	6.4	-2.4
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	0.0	42	41	5.5	-3.3
DEW	WisdomTree Global High Dividend Fund	0.0	58	25	7.6	-1.2
DEM	WisdomTree Emerging Markets High Dividend Fund	0.0	63	20	12.0	+3.2
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	0.0	24	59	6.4	-2.4
CIL	VictoryShares International Volatility Wtd ETF	0.0	45	38	5.8	-3.1
BKIE	BNY Mellon International Equity ETF	0.0	4	79	6.0	-2.8
BBEU	JPMorgan BetaBuilders Europe ETF	0.0	9	74	6.2	-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

	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 Riverfront Dynamic Europe ETF
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	19.3	%
Divided by: Fwd. P/BV	2.0	x
Less: Expense ratio	83	bp
Equals: ALTAR Score	8.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.66	CATEGORY AVERAGE	1.64

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.