Tearsheet

First Trust Indxx Aerospace & Defense ETF (MISL)


Market Price (7/13/2026): $44.49

First Trust Indxx Aerospace & Defense ETF (MISL)


Market Price (7/13/2026): $44.49

Key Takeaways

  • MISL has returned +4.1% YTD vs +11.0% for SPY; +18.0% over the past 12 months (SPY +22.1%). details →
  • Priced in gold, MISL has returned -7.6% over the past 3 years, vs +93.1% in dollars — its dollar gains have lagged gold. details →
  • Over the past month, MISL has seen net outflows of −$13M (−1.7% of assets). details →
  • MISL's portfolio trades at 31.7x forward earnings — a 57% premium to SPY (20.1x). details →
  • MISL's top 10 holdings represent 59% of the fund vs 37% for SPY — a more concentrated portfolio. details →
Last updated: 7/12/2026.

Price Chart

Asset Allocation with MISL

Risk Tolerance:
ConservativeModerateAggressive
Moderate — 55% equity / 25% bonds / 20% alternatives
10Y Return (ann.)
+7.7%
Volatility
7.7%
Sharpe
0.64
YTD
+2.9%
Modeled with monthly rebalancing to target weights; 10-year figures are annualized from monthly returns. Illustrative only — past performance is not indicative of future results.

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Tailored Asset Allocation
[1] Personalized 5 Level Risk Tolerance Assessment
[2] Asset Allocation for My Risk Tolerance
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Protect Wealth
[1] Defensive Portfolios
[2] Tax-Efficient Strategies

Top 20 Holdings for MISL

Total Weights
Top 5: 37.9% | Top 10: 62.0% | Top 20: 87.4%

TickerHoldingETF WeightSales WeightEarnings WeightFwd P/SFwd P/EFwd Sales GrowthFwd Earnings Growth
Total91.13%100.00%100.00%2.831.7+9.1%+21.0%
Top 2078.80%78.16%86.24%3.232.8+9.3%+22.0%
GEGE Aerospace8.80%3.94%9.18%7.341.6+9.8%+20.1%
BABoeing7.48%13.72%4.40%1.665.7+14.7%+778.3%
PLTRPalantir Technologies7.26%0.44%2.48%31.171.3+45.5%+40.0%
SPCXSpace Exploration Technologies7.23%
RTXRTX7.10%8.47%8.87%2.726.9+7.0%+8.1%
LMTLockheed Martin6.39%13.91%11.57%1.516.8+5.5%+6.9%
RKLBRocket Lab5.30%0.26%43.6+39.3%
HEIHeico4.39%1.53%3.21%8.652.9+10.1%+12.4%
TDGTransDigm4.01%1.77%5.05%6.727.7+9.3%+20.1%
GDGeneral Dynamics4.00%7.41%7.79%1.821.1+4.6%+8.8%
HWMHowmet Aerospace3.85%1.06%2.80%10.347.6+13.1%+15.2%
ASTSAST SpaceMobile3.22%0.04%42.4+340.2%
LHXL3Harris Technologies3.07%4.43%4.45%2.222.9+8.0%+17.0%
NOCNorthrop Grumman2.93%5.64%7.94%1.718.6+6.8%+6.4%
CWCurtiss-Wright2.85%1.28%2.37%7.045.8+8.0%+10.4%
FTAIFTAI Aviation2.58%1.10%2.70%5.223.3+45.0%+72.3%
WWDWoodward2.53%1.46%2.44%5.238.0+8.9%+14.2%
TXTTextron1.64%5.46%4.37%1.012.7+3.5%+14.1%
LDOSLeidos1.39%6.24%6.63%0.78.0+4.6%+6.4%
nullN/A1.35%
[1] Total and Top 20 rows are weighted aggregates across constituents.
[2] Forward P/S and P/E ratios use consensus sales and earnings for the 12 months ending 7/31/27. Individual constituent FY1 and FY2 consensus figures adjusted to align with 7/31/27.
[3] Forward Sales and Non-GAAP Earnings Growth are calculated as next fiscal year (FY2) consensus growth over current fiscal year (FY1) consensus. They are not derived from the forward P/S and P/E multiples shown.

Performance for MISL Top Holdings

TickerHoldingWeightMkt Price
7/12
1D Rtn1M RtnYTD Rtn1Y Rtn3Y Rtn5Y Rtn10Y Rtn
MISLFirst Trust Indxx Aerospace & Defense ETF100.00%44.530.0%-3.3%4.1%18.0%93.1%  
GEGE Aerospace8.80%359.270.0%7.3%17.0%41.4%311.2%467.6%154.2%
BABoeing7.48%222.280.0%1.5%2.4%-2.0%2.5%-2.6%85.2%
PLTRPalantir Technologies7.26%126.790.0%-0.9%-28.7%-10.8%657.4%464.8% 
SPCXSpace Exploration Technologies7.23%145.300.0%-9.7%     
RTXRTX7.10%195.930.0%6.8%7.6%35.5%114.8%156.3%300.6%
LMTLockheed Martin6.39%523.220.0%-3.2%9.5%14.9%21.6%58.5%166.3%
RKLBRocket Lab5.30%81.040.0%-20.9%16.2%107.6%1,120.5%638.7% 
HEIHeico4.39%350.920.0%5.9%8.5%11.6%102.1%157.6%958.6%
TDGTransDigm4.01%1,291.350.0%2.8%-2.9%-10.6%69.0%139.6%657.6%
GDGeneral Dynamics4.00%375.060.0%4.6%12.9%26.3%83.5%120.7%226.7%
HWMHowmet Aerospace3.85%270.850.0%2.3%32.2%51.1%449.6%735.6%1,056.1%
ASTSAST SpaceMobile3.22%73.320.0%-11.0%1.0%60.9%1,555.1%488.0% 
LHXL3Harris Technologies3.07%290.770.0%-5.5%-0.2%13.8%55.5%43.0%310.1%
NOCNorthrop Grumman2.93%539.630.0%-1.9%-4.6%6.5%24.1%59.3%186.5%
CWCurtiss-Wright2.85%754.760.0%-0.4%37.0%59.7%303.9%550.5%822.7%
FTAIFTAI Aviation2.58%227.350.0%-6.0%15.9%106.4%635.2%907.5%4,836.4%
WWDWoodward2.53%406.400.0%5.1%34.7%66.4%244.7%248.3%626.8%
TXTTextron1.64%90.910.0%-2.1%4.3%7.0%32.3%37.0%138.9%
LDOSLeidos1.39%107.020.0%-12.1%-40.3%-33.3%23.2%9.0%240.9%
nullN/A1.35%        

Guidance Updates for MISL Top Holdings

 TickerCompanyEarnings DateGuidance MetricMidpoint Value% ChangeGuidance Change
HWM_5072026HWMHowmet Aerospace5/7/20262026 Revenue9.65 Bil6.0%RaisedRaised Prior Guidance of 9.10 Bil for 2026
PLTR_5042026PLTRPalantir Technologies5/4/20262026 Revenue7.66 Bil6.5%RaisedRaised Prior Guidance of 7.19 Bil for 2026
RKLB_5072026RKLBRocket Lab5/7/2026Q2 2026 Revenue232.50 Mil20.8%Higher NewNew Guidance Higher than Prior Actual of 192.50 Mil for Q1 2026

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
MISL Return-8%15%20%41%5%121%
Peers Return      0%
S&P 500 Return27%-19%24%23%16%10%101%

Monthly Win Rates [3]
MISL Win Rate-100%58%58%83%43% 
Peers Win Rate       
S&P 500 Win Rate75%42%67%75%67%57% 

Max Drawdowns [4]
MISL Max Drawdown---10%-10%-16%-16% 
Peers Max Drawdown       
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: .
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/10/2026 (YTD)

Sharpe Ratios Compared

One measure of reward vs. risk is a Sharpe ratio. A higher ratio indicates better risk-adjusted returns. Most funds have Sharpe ratios < 1.0.

Ticker1Y3Y5Y
MISL0.821.051.03
Equity Top Results (3Y)   
NUSC2.472.472.47
IALT2.092.092.09
SPMO1.671.650.98
VLUE2.901.450.74
SMH2.401.410.98

Results as of 6302026.

MISL Dip Buy History


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Current Dip Buy Opportunities Across ETFs

ETFs currently down 5% or more from trailing 6M peaks.

TickerNameDip %Mkt PricePrice DatePeak PricePeak Date# Days
AKREAkre Focus ETF-16.4%55.14712202665.921112026182
SCHCSchwab International Small-Cap Equity ETF-6.3%48.30712202651.543012026133
IEMGiShares Core MSCI Emerging Markets ETF-5.4%81.32712202686.00622202620
EEMiShares MSCI Emerging Markets ETF-6.1%66.90712202671.21622202620
ASHRXtrackers Harvest CSI 300 China A-Shares ETF-5.1%35.38712202637.30622202620
EWYiShares MSCI South Korea ETF-16.3%183.527122026219.20621202621
EWZiShares MSCI Brazil ETF-13.9%35.93712202641.73414202689
FXIiShares China Large-Cap ETF-17.9%33.48712202640.781292026164
ILFiShares Latin America 40 ETF-9.4%34.51712202638.10414202689
KWEBKraneShares CSI China Internet ETF-30.0%26.38712202637.661122026181
MTUMiShares MSCI USA Momentum Factor ETF-6.8%321.777122026345.22622202620
URAGlobal X Uranium ETF-30.5%42.97712202661.811282026165
BOTZGlobal X Funds Global X Robotics & Artificial Intelligence ETF-11.3%36.91712202641.63513202660
ROBOROBO Global Robotics & Automation Index ETF-8.2%82.96712202690.34602202640
LITGlobal X Lithium & Battery Tech ETF-21.1%72.32712202691.62511202662
ICLNiShares Global Clean Energy ETF-18.9%19.25712202623.75602202640
ARKQARK Autonomous Technology & Robotics ETF-13.8%123.997122026143.82528202645
ARKXARK Space & Defense Innovation ETF-15.1%32.05712202637.74528202645
NASATema Space Innovators ETF-37.5%26.18712202641.89527202646
AGIXKraneShares Artificial Intelligence ETF-8.0%45.44712202649.40601202641
GDEWisdomTree Efficient Gold Plus Equity Strategy Fund-10.6%62.91712202670.39511202662
RAAXVanEck Real Assets ETF-7.6%39.47712202642.70511202662
VGTVanguard Information Technology ETF-6.0%118.087122026125.62602202640
XLKState Street Technology Select Sector SPDR ETF-6.3%185.787122026198.21602202640
XLEState Street Energy Select Sector SPDR ETF-12.0%55.08712202662.563292026105
XLCState Street Communication Services Select Sector SPDR ETF-6.7%111.647122026119.702012026161
XLYState Street Consumer Discretionary Select Sector SPDR ETF-5.7%117.247122026124.271122026181
XLPState Street Consumer Staples Select Sector SPDR ETF-6.0%84.12712202689.513012026133
IYMiShares U.S. Basic Materials ETF-5.7%178.247122026189.083022026132
FXNFirst Trust Energy AlphaDEX Fund-11.0%20.62712202623.183292026105
SMHVanEck Semiconductor ETF-8.7%611.037122026668.91622202620
SOXXiShares Semiconductor ETF-11.2%581.347122026655.01622202620
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF-15.7%158.577122026188.183292026105
IGViShares Expanded Tech-Software Sector ETF-14.2%92.417122026107.70601202641
MISLFirst Trust Indxx Aerospace & Defense ETF-12.6%44.53712202650.981192026174
RINGiShares MSCI Global Gold Miners ETF-34.7%64.89712202699.423012026133
SOXQInvesco PHLX Semiconductor ETF-11.3%102.067122026115.11622202620
BWXState Street SPDR Bloomberg International Treasury Bond ETF-5.7%21.59712202622.902162026146
IGOViShares International Treasury Bond ETF-5.0%40.84712202642.993012026133
TLTiShares 20+ Year Treasury Bond ETF-5.6%84.47712202689.483012026133
SPTLState Street SPDR Portfolio Long Term Treasury ETF-5.2%25.69712202627.093012026133
EDVVanguard World Funds Extended Duration ETF-7.7%62.25712202667.423012026133
PDBCInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF-13.1%16.44712202618.91512202661
DBCInvesco DB Commodity Index Tracking Fund-13.2%27.52712202631.69512202661
COMTiShares GSCI Commodity Dynamic Roll Strategy ETF-14.1%31.37712202636.53519202654
GSGiShares GSCI Commodity-5.8%30.01712202631.853182026116
BCIabrdn Bloomberg All Commodity Strategy K-1 Free ETF-11.3%22.99712202625.91512202661
FTGCFirst Trust Global Tactical Commodity Strategy Fund-8.2%28.02712202630.53512202661
HGERHarbor Commodity All-Weather Strategy ETF-8.7%30.57712202633.47512202661
GLDSPDR Gold Trust-24.0%377.017122026495.901292026164
IAUiShares Gold Trust-23.9%77.267122026101.571292026164
GLDMSPDR Gold MiniShares Trust-23.9%81.297122026106.771292026164
SGOLETFS Physical Swiss Gold Shares-13.1%44.66712202651.411292026164
BARDirexion Daily Gold Bull 3X Shares-16.6%44.34712202653.161292026164
SLViShares Silver Trust-48.9%53.957122026105.601282026165
SIVRETFS Physical Silver Shares Trust ETF-24.8%83.397122026110.871282026165
PPLTETFS Physical Platinum Shares-41.4%14.77712202625.231252026168
CPERUnited States Copper Index Fund ETV-13.9%33.33712202638.711292026164
PALLETFS Physical Palladium Shares-38.0%23.07712202637.181282026165
USOUnited States Oil Fund LP-28.9%108.707122026152.96519202654
UNGUnited States Natural Gas Fund LP-37.3%10.60712202616.902012026161
BNOUnited States Brent Oil Fund LP ETV-7.1%55.85712202660.13504202669
IBITiShares Bitcoin Trust ETF-34.7%36.23712202655.441142026179
FBTCFidelity Wise Origin Bitcoin Fund-34.7%55.62712202685.121142026179
GBTCGrayscale Bitcoin Trust ETF-19.0%61.84712202676.311142026179
ETHAiShares Ethereum Trust ETF-47.1%13.53712202625.591142026179

ETF Fund Flows

Largest fund inflows and outflows across ETFs, with the asset-allocation rotation they imply.

Net fund flows · as of 2026-07-10

Asset allocation rotation · Past month

  • Equity ETFs drew the largest net inflows (+$71.6B), followed by Bond (+$29.3B), while Commodity (−$3.6B) and Crypto (−$2.6B) saw the largest outflows.
  • Within the mix, money rotated into US Large Cap Core (+$19.2B) and out of Gold (−$3.6B).
  • Relative to fund size, ARKQ drew the largest inflow (+57.6% of AUM) and FXN the largest outflow (−69.9%).
Largest inflows
#TickerNameTypeNet flow% of AUM
1IVViShares Core S&P 500 ETFEquity US Large Cap Core+$67.44B+7.7%
2SPYMState Street SPDR Portfolio S&P 500 ETFEquity US Large Cap Core+$17.8B+11.8%
3DRAMRoundhill Memory ETFOther+$8.61B+37.2%
4LQDiShares iBoxx $ Investment Grade Corporate Bond ETFBond Intermediate Corporate+$6.5B+19.9%
5SOXXiShares Semiconductor ETFEquity Industry Subsector+$4.91B+11.0%
6AVLVAvantis U.S. Large Cap Value ETFOther+$3.85B+23.1%
7VTIVanguard Total Stock Market ETFEquity US Total Market+$3.63B+0.5%
8VXUSVanguard Total International Stock ETFEquity International Broad+$3.56B+2.3%
9QQQMInvesco NASDAQ 100 ETFEquity US Nasdaq Growth+$3.42B+3.5%
10RSPInvesco S&P 500 Equal Weight ETFEquity Factor Smart Beta+$3.18B+3.4%
Largest outflows
#TickerNameTypeNet flow% of AUM
1VOOVanguard S&P 500 ETFEquity US Large Cap Core-$53.22B-5.4%
2SPYState Street SPDR S&P 500 ETFEquity US Large Cap Core-$13.26B-1.7%
3VLUEiShares MSCI USA Value Factor ETFEquity Factor Smart Beta-$4.5B-41.6%
4IAUiShares Gold TrustCommodity Gold-$1.96B-3.2%
5IBITiShares Bitcoin Trust ETFCrypto-$1.76B-3.8%
6GLDSPDR Gold SharesCommodity Gold-$1.36B-1.0%
7BILState Street SPDR Bloomberg 1-3 Month T-Bill ETFCash-$1.17B-2.5%
8VOVanguard Mid-Cap ETFEquity US Mid Cap Core-$1.06B-1.0%
9NASATema Space Innovators ETFEquity Thematic-$989M-62.4%
10XLCState Street Communication Services Select Sector SPDR ETFEquity Broad Sector-$911M-4.0%

Largest ETF fund flows across ~2565 funds (min AUM $100M). Net creations/redemptions; leveraged & inverse ETFs excluded. A ⚠ marks a day excluded as a suspected data error.

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About MISL

0Holdings Count: 49
Expense Ratio: 0.6%
Inception Date: 2022-10-24
First Trust Indxx Aerospace & Defense ETF
The First Trust Indxx Aerospace & Defense ETF aims to mirror the financial performance, specifically the capital appreciation and income generation, of the Indxx US Aerospace & Defense Index, before factoring in its operational costs. Typically, under ordinary market circumstances, the Fund allocates a minimum of 80% of its net assets, including any capital acquired through borrowing, to the equity securities composing that benchmark index.
Asset Class: Sector Equity | ETF Website

Recent Active Movers

Peer Comparisons

Peers to compare with:

Profile

MISLMedian
NameFirst Trus. 
Asset ClassEquity-
AUM ($ Bil)0.80.8
Expense Ratio0.60%0.60%
10-D Avg Volume (Mil)0.460.46
Latest Day Volume (Mil)0.050.05
Holdings Count4949
Inception Date10/24/2022-

Fundamentals

MISLMedian
NameFirst Trus. 
Net Asset Value46.89-
Premium/Discount-5.0%-5.0%
Distribution Yield0.4%0.4%
Sales Yield29.2%29.2%
Earnings Yield2.2%2.2%

Valuation

MISLMedian
NameFirst Trus. 
P/S (TTM)3.4x3.4x
P/E (TTM)44.7x44.7x
P/FCF (TTM)56.3x56.3x
Forward P/E34.1x34.1x
Forward P/S3.0x3.0x

Risk

MISLMedian
NameFirst Trus. 
Volatility (1Y)24.2%24.2%
Volatility (3Y)20.1%20.1%
Volatility (5Y)19.6%19.6%
Beta (1Y)1.131.13
Beta (3Y)0.840.84
Beta (5Y)0.800.80
Sharpe Ratio (1Y)0.840.84
Sharpe Ratio (3Y)1.201.20
Sharpe Ratio (5Y)1.191.19
Max Drawdown (1Y)-15.7%-15.7%
Max Drawdown (3Y)-17.9%-17.9%
Max Drawdown (5Y)-17.9%-17.9%

Returns

MISLMedian
NameFirst Trus. 
1M Return-2.9%-2.9%
3M Return-5.7%-5.7%
6M Return-3.0%-3.0%
YTD Return4.1%4.1%
1Y Return19.0%19.0%
2Y Return60.9%60.9%
3Y Return94.9%94.9%

Short Interest

Short Interest: As Of Date6302026
Short Interest: Shares Quantity0.0 Mil
Short Interest: % Change Since 615202677.6%
Average Daily Volume0.1 Mil
Days-to-Cover Short Interest1