ETF Research Center

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

FUND BASICS
Category	US Equities
Fund Sponsor	First Trust
Website	www.ftportfolios.com
Inception date	Jun 20, 2017
Assets (mns)	$15
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	379
Wgt avg mkt cap (mns)	$5,662
Large cap (>$10bn)	4.5%
Mid cap ($2-10bn)	93.9%
Small cap (<$2bn)	1.6%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	11.3 %
BRUKER CORP	1.3 %
ENCOMPASS HEALTH CORPORATION	1.3 %
BIO-TECHNE CORPORATION	1.3 %
CHEMED CORP	1.2 %
CANTEL MEDICAL CORP	1.2 %
HILL-ROM HOLDINGS INC	1.2 %
UBIQUITI NETWORKS INC	1.1 %
PERRIGO CO	1.1 %
ENSIGN GROUP INC/THE	1.0 %
MKS INSTRUMENTS INC	0.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.0 %
	IRELAND	1.1 %
	BERMUDA	1.0 %
	PUERTO RICO	0.2 %

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.
25.6%	11.2%	--	--	8.0%

Market Correlations
versus...	Beta	R-squared
S&P500	1.15	85%
MSCI EAFE	1.14	65%
MSCI Emg. Mkts.	0.74	44%

Technical Indicators
Recent close	$23.37
30d moving avg.	$23.02
Annualized volatility	16.6%
Short interest (ETF)	1.0%
Relative strength (RSI)	61

Liquidity measures
Avg. volume (thou.)	4
Turnover	0.6%
Bid/Ask (% of price)	0.28%
ADV underlying (mns)	$16,377

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the First Trust Mid Cap US Equity Select ETF based on the alternatives' overlap in portfolio holdings with RNMC. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

RNMC

Expense:

60 bp

ALTAR Score™:

6.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH RNMC
Ticker	Fund Name	Overlap¹ vs RNMC (%)	Expense ratio (bp)	Savings vs RNMC (bp)	ALTAR Score™ (%)	ALTAR vs RNMC (%)
FNX	First Trust Mid Cap Core Alpadex	57.6	62	-2	6.5	-0.0
EZM	WisdomTree Midcap Earnings	50.3	38	22	7.6	+1.0
DON	WisdomTree Midcap Dividend	49.5	38	22	6.9	+0.4
SFYX	SoFi Next 500	45.7	0	60	5.6	-0.9
SCHM	Schwab US Mid Cap	44.3	4	56	6.3	-0.3
EWMC	Invesco S&P Mid Cap 400 Equal Weight	44.2	40	20	6.5	-0.1
JHSC	John Hancock Multifactor Small Cap	42.6	50	10	5.6	-0.9
MDY	S&P MidCap 400 SPDR	42.3	24	36	6.0	-0.5
IJH	iShares Core S&P MidCap	42.1	7	53	6.2	-0.4
IVOO	Vanguard S&P Mid-Cap 400	42.0	15	45	6.1	-0.4
VBR	Vanguard Small-Cap Value ETF	41.0	7	53	7.5	+1.0
FNK	First Trust Mid Cap Value AlphaDEX	39.8	70	-10	8.7	+2.2
FSMD	Fidelity Small-Mid Factor ETF	39.6	29	31	6.3	-0.2
SPMD	SPDR Portfolio Mid Cap	38.9	5	55	6.0	-0.5
VB	Vanguard Smallcap ETF	38.6	5	55	5.4	-1.1
PSM	Principal U.S. Small-MidCap Multi-Factor Core Index	38.5	20	40	6.8	+0.3
OMFL	Oppenheimer Russell 1000 Dynamic Multifactor	38.3	29	31	9.1	+2.6
OSIZ	Invesco Russell 1000 Size Factor ETF	38.3	19	41	6.2	-0.4
PBSM	Invesco PureBeta MSCI USA Small Cap	36.3	6	54	5.2	-1.3
MDYV	SPDR S&P400 Mid Cap Value	35.2	15	45	7.3	+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 Mid Cap US Equity Select
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	13.6	%
Divided by: Fwd. P/BV	1.9	x
Less: Expense ratio	60	bp
Equals: ALTAR Score	6.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.61	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.