ETF Research Center

The Large Cap US Equity Select ETF tracks a dividend-selected, tier-weighted index of Large-Cap U.S. Equities.

FUND BASICS
Category	US Equities
Fund Sponsor	First Trust
Website	www.ftportfolios.com
Inception date	Jun 20, 2017
Assets (mns)	$23
Currency	USD
Expense ratio	60 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	358
Wgt avg mkt cap (mns)	$99,697
Large cap (>$10bn)	99.7%
Mid cap ($2-10bn)	0.3%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	9.6 %
APPLIED MATERIALS INC	1.1 %
WESTERN DIGITAL CORP	1.0 %
HEWLETT PACKARD ENTERPRISE CO.	1.0 %
INTEL CORP	1.0 %
KLA-TENCOR CORPORATION	1.0 %
LAM RESEARCH CORP	1.0 %
CDW CORP/DE	0.9 %
SEAGATE TECHNOLOGY	0.9 %
HP INC.	0.9 %
SKYWORKS SOLUTIONS INC	0.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	93.3 %
	IRELAND	2.9 %
	SWITZERLAND	1.4 %
	NETHERLANDS	0.9 %
	BERMUDA	0.8 %
	BRITAIN	0.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru February 28)
Year-to-date	1 year	5 years	10 years	Since Incep.
4.7%	31.0%	--	--	12.4%

Market Correlations
versus...	Beta	R-squared
S&P500	1.06	96%
MSCI EAFE	1.01	87%
MSCI Emg. Mkts.	0.82	71%

Technical Indicators
Recent close	$28.62
30d moving avg.	$28.56
Annualized volatility	20.0%
Short interest (ETF)	0.0%
Short interest (Underlying)	2.2%
Relative strength (RSI)	54

Liquidity measures
Avg. volume (thou.)	2
Turnover	0.3%
Bid/Ask (% of price)	0.49%
ADV underlying (mns)	$157,495

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 96 potential alternatives to the Large Cap US Equity Select ETF ETF based on the alternatives' overlap in portfolio holdings with RNLC. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

RNLC

Expense:

60 bp

ALTAR Score™:

5.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH RNLC
Ticker	Fund Name	Overlap¹ vs RNLC (%)	Expense ratio (bp)	Savings vs RNLC (bp)	ALTAR Score™ (%)	ALTAR vs RNLC (%)
GSEW	Goldman Sachs Equal Weight U.S. Large Cap Equity ETF	58.5	9	51	5.2	-0.2
RSP	Invesco S&P 500 Equal Weight ETF	56.5	20	40	5.4	+0.1
JHML	John Hancock Multifactor Large Cap ETF	53.1	29	31	5.0	-0.4
EUSA	iShares MSCI USA Equal Weighted ETF	51.7	15	45	5.1	-0.2
CFA	VictoryShares US 500 Volatility Weighted Index ETF	51.6	35	25	5.3	-0.1
CFO	VictoryShares US 500 Enhanced Volatility Weighted Index ETF	51.6	35	25	5.2	-0.1
VOOV	Vanguard S&P 500 Value ETF	51.5	10	50	6.3	+0.9
SIZE	iShares MSCI USA Size Factor ETF	51.0	15	45	5.1	-0.2
DYNF	BlackRock U.S. Equity Factor Rotation ETF	49.1	30	30	5.5	+0.2
SCHV	Schwab U.S. Large-Cap Value ETF	48.4	4	56	6.2	+0.8
FEX	First Trust Large Cap Core AlphaDEX Fund	48.3	60	0	5.0	-0.3
PQLC	PGIM QMA Strategic Alpha Large-Cap Core ETF	48.3	17	43	6.2	+0.8
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	48.1	9	51	5.1	-0.3
ESGV	Vanguard ESG U.S. Stock ETF	47.9	12	48	4.7	-0.7
SPYV	SPDR Portfolio S&P 500 Value ETF	47.7	4	56	6.3	+1.0
IVE	iShares S&P 500 Value ETF	47.7	18	42	6.2	+0.8
JPUS	JPMorgan Diversified Return U.S. Equity ETF	46.7	18	42	5.9	+0.6
RNDV	US Equity Dividend Select ETF	46.6	50	10	7.3	+2.0
IUSV	iShares Core S&P U.S. Value ETF	46.5	4	56	6.4	+1.0
PBP	Invesco S&P 500 BuyWrite ETF	45.6	49	11	4.5	-0.9
XYLG	Global X S&P 500 Covered Call & Growth ETF	45.6	60	0	4.4	-0.9
FNDX	Schwab Fundamental U.S. Large Co. Index ETF	45.5	25	35	5.7	+0.4
SPLG	SPDR Portfolio Large Cap ETF	45.5	3	57	5.0	-0.4
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	45.4	20	40	4.9	-0.4
SPY	SPDR S&P 500 ETF Trust	45.4	9	51	4.9	-0.5
IVV	iShares Core S&P 500 ETF	45.4	3	57	4.9	-0.4
VONV	Vanguard Russell 1000 Value Index Fund	45.3	8	52	6.1	+0.8
PBUS	Invesco PureBeta MSCI USA ETF	45.1	4	56	4.8	-0.5
VOO	VANGUARD S&P 500 ETF	44.9	3	57	4.9	-0.4
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	44.8	7	53	4.7	-0.6
BBUS	JP Morgan Betabuilders U.S. Equity ETF	44.8	2	58	4.8	-0.5
VV	Vanguard Large-Cap Index Fund	44.6	4	56	4.8	-0.6
ACVF	American Conservative Values ETF	44.4	75	-15	4.4	-1.0
QUS	SPDR MSCI USA StrategicFactors ETF	44.4	15	45	5.5	+0.1
SCHX	Schwab U.S. Large-Cap ETF	44.3	3	57	4.8	-0.6
PRF	Invesco FTSE RAFI US 1000 ETF	44.1	39	21	5.8	+0.4
SPXE	ProShares S&P 500 Ex-Energy ETF	43.8	27	33	4.8	-0.5
FNDB	Schwab Fundamental U.S. Broad Market Index ETF	43.8	25	35	5.6	+0.3
RWL	Invesco S&P 500 Revenue ETF	43.7	39	21	6.1	+0.8
IWD	iShares Russell 1000 Value ETF	43.5	19	41	6.0	+0.7
SPTM	SPDR Portfolio Total Stock Market ETF	43.5	3	57	5.0	-0.4
SCHK	Schwab 1000 Index ETF	43.3	5	55	4.7	-0.7
IYY	iShares Dow Jones U.S. ETF	43.3	20	40	4.6	-0.7
IWB	iShares Russell 1000 ETF	43.2	15	45	4.7	-0.7
DEUS	Xtrackers Russell 1000 Comprehensive Factor ETF	43.2	17	43	5.8	+0.4
EPS	WisdomTree U.S. Earnings 500 Fund	43.1	8	52	6.2	+0.9
XVV	iShares ESG Screened S&P 500 ETF	43.1	8	52	5.0	-0.4
DFAU	Dimensional US Core Equity Market ETF	42.9	12	48	4.9	-0.5
CATH	Global X S&P 500 Catholic Values Custom ETF	42.8	29	31	4.7	-0.7
DIVB	iShares U.S. Dividend & Buyback ETF	42.7	25	35	6.0	+0.7
MFUS	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	42.5	30	30	5.2	-0.1
ESGU	iShares MSCI USA ESG Optimized ETF	42.4	15	45	4.7	-0.7
VTV	Vanguard Value Index Fund	42.3	4	56	6.6	+1.3
DLN	WisdomTree U.S. LargeCap Dividend Fund	42.3	28	32	6.4	+1.1
VONE	Vanguard Russell 1000 ETF	42.3	8	52	4.7	-0.6
SFY	SoFi Select 500 ETF	42.2	0	60	4.8	-0.6
SCHB	Schwab U.S. Broad Market ETF	41.7	3	57	4.6	-0.7
VLU	SPDR S&P 1500 Value Tilt ETF	41.7	12	48	6.0	+0.7
VTHR	Vanguard Russell 3000 Index Fund	41.6	10	50	4.6	-0.8
ITOT	iShares Core S&P Total U.S. Stock Market ETF	41.6	3	57	4.6	-0.8
IWV	iShares Russell 3000 ETF	41.5	20	40	4.5	-0.9
IUS	Invesco Strategic US ETF	41.5	19	41	5.3	0.0
DTD	WisdomTree U.S.Total Dividend Fund	41.3	28	32	6.5	+1.1
SPXT	ProShares S&P 500 Ex-Technology ETF	41.1	27	33	5.1	-0.2
VTI	Vanguard Total Stock Market Index Fund	40.9	3	57	4.6	-0.8
SPXN	ProShares S&P 500 Ex-Financials ETF	40.2	27	33	4.5	-0.9
SPXV	ProShares S&P 500 Ex-Health Care ETF	40.2	27	33	4.5	-0.9
AVUS	Avantis U.S. Equity ETF	40.0	15	45	5.1	-0.3
JCTR	JPMorgan Carbon Transition U.S. Equity ETF	40.0	15	45	5.0	-0.4
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	39.9	20	40	4.8	-0.6
ONEO	SPDR Russell 1000 Momentum Focus ETF	39.8	20	40	5.7	+0.3
USEQ	Invesco Russell 1000 Enhanced Equal Weight ETF	39.6	29	31	6.4	+1.0
IQSU	IQ Candriam ESG US Equity ETF	39.5	9	51	4.7	-0.6
FLQL	Franklin LibertyQ U.S. Equity ETF	38.9	15	45	6.1	+0.8
MGC	Vanguard Mega Cap Index Fund	38.7	7	53	4.8	-0.5
JVAL	JPMorgan U.S. Value Factor ETF	38.5	12	48	7.1	+1.8
SZNE	Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF	38.2	60	0	4.4	-1.0
AFLG	First Trust Active Factor Large Cap ETF	38.0	55	5	4.9	-0.5
SNPE	Xtrackers S&P 500 ESG ETF	38.0	10	50	4.9	-0.4
EFIV	SPDR S&P 500 ESG ETF	37.9	10	50	4.9	-0.4
ROUS	Hartford Multifactor US Equity ETF	37.7	19	41	6.3	+0.9
USLB	Invesco Russell 1000 Low Beta Equal Weight ETF	37.3	35	25	5.2	-0.1
BKMC	BNY Mellon US Mid Cap Core Equity ETF	37.0	4	56	4.8	-0.5
FTA	First Trust Large Cap Value AlphaDEX Fund	36.8	60	0	7.3	+1.9
DGRO	iShares Core Dividend Growth ETF	36.8	8	52	6.4	+1.1
KOKU	Xtrackers MSCI Kokusai Equity ETF	36.7	9	51	5.2	-0.2
TOK	iShares MSCI Kokusai ETF	36.7	25	35	5.0	-0.3
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	36.5	15	45	0.0	-5.3
RVRS	Reverse Cap Weighted U.S. Large Cap ETF	36.3	29	31	5.6	+0.3
ESG	FlexShares STOXX US ESG Impact Index Fund	36.2	32	28	4.8	-0.6
OMFL	Invesco Russell 1000 Dynamic Multifactor ETF	35.9	29	31	5.3	-0.1
IWL	iShares Russell Top 200 ETF	35.8	15	45	4.7	-0.6
MMTM	SPDR S&P 1500 Momentum Tilt ETF	35.5	12	48	4.2	-1.1
TILT	Flexshares Morningstar US Market Factors Tilt Index Fund	35.4	25	35	5.0	-0.3
RBUS	Nationwide Risk-Based U.S. Equity ETF	35.3	30	30	4.8	-0.5
RESP	WisdomTree US ESG Fund of Benef Interest	35.2	28	32	5.5	+0.1

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

	2016	2017	2018	2019	2020	2021E	2022E
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

	2020	2021E	2022E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Large Cap US Equity Select ETF
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	18.2	%
Divided by: Fwd. P/BV	3.1	x
Less: Expense ratio	60	bp
Equals: ALTAR Score	5.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.52	CATEGORY AVERAGE	1.50

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.