First Trust Indxx Aerospace & Defense ETF (MISL)

Market Price (9/11/2026): $42.55

First Trust Indxx Aerospace & Defense ETF (MISL)

Market Price (9/11/2026): $42.55

Key Takeaways

MISL has returned -1.2% YTD vs +11.4% for SPY; +9.1% over the past 12 months (SPY +17.2%). details →
Priced in gold, MISL has returned -16.7% over the past 3 years, vs +92.3% in dollars — its dollar gains have lagged gold. details →
Over the past month, MISL has seen net outflows of −$14M (−1.8% of assets). details →
MISL's portfolio trades at 31.0x forward earnings — a 322% premium to SPY (7.4x). details →
MISL's top 10 holdings represent 63% of the fund vs 37% for SPY — a more concentrated portfolio. details →

Last updated: 9/10/2026.

Price Chart

ETF Price
Price/Gold

Asset Allocation with MISL

Risk Tolerance:

ConservativeModerateAggressive

Moderate — 55% equity / 25% bonds / 20% alternatives

10Y Return (ann.)

+7.5%

Volatility

7.9%

Sharpe

0.60

YTD

+1.1%

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.

	ETF	%	1D	1W	1M	YTD
Equity	MISL	25.0%	-0.5%	-1.6%	-11.0%	-1.2%
Bond	BND	50.0%	-0.6%	-0.8%	-1.0%	-1.2%
Gold	GLD	10.0%	-1.7%	-1.6%	-1.1%	0.0%
Commodity	DBC	2.5%	0.0%	2.9%	9.6%	46.9%
Real Estate	VNQ	5.0%	-0.9%	-1.7%	-2.3%	8.4%
Bitcoin	BTCUSD	0.0%	0.1%	1.3%	23.2%	-10.5%
Cash	GOVT	7.5%	-0.6%	-0.7%	-1.2%	-1.7%
Conservative Portfolio		100.0%	-0.7%	-1.0%	-3.3%	0.6%

	ETF	%	1D	1W	1M	YTD
Equity	MISL	55.0%	-0.5%	-1.6%	-11.0%	-1.2%
Bond	BND	25.0%	-0.6%	-0.8%	-1.0%	-1.2%
Gold	GLD	7.0%	-1.7%	-1.6%	-1.1%	0.0%
Commodity	DBC	4.0%	0.0%	2.9%	9.6%	46.9%
Real Estate	VNQ	5.0%	-0.9%	-1.7%	-2.3%	8.4%
Bitcoin	BTCUSD	2.0%	0.1%	1.3%	23.2%	-10.5%
Cash	GOVT	2.0%	-0.6%	-0.7%	-1.2%	-1.7%
Moderate Portfolio		100.0%	-0.6%	-1.1%	-5.7%	1.1%

	ETF	%	1D	1W	1M	YTD
Equity	MISL	80.0%	-0.5%	-1.6%	-11.0%	-1.2%
Bond	BND	5.0%	-0.6%	-0.8%	-1.0%	-1.2%
Gold	GLD	3.0%	-1.7%	-1.6%	-1.1%	0.0%
Commodity	DBC	2.2%	0.0%	2.9%	9.6%	46.9%
Real Estate	VNQ	4.5%	-0.9%	-1.7%	-2.3%	8.4%
Bitcoin	BTCUSD	5.2%	0.1%	1.3%	23.2%	-10.5%
Cash	GOVT	0.0%	-0.6%	-0.7%	-1.2%	-1.7%
Aggressive Portfolio		100.0%	-0.5%	-1.3%	-7.5%	-0.1%

	ETF	%	Return	Volatility	Sharpe
Equity	MISL	25.0%	0.0%	11.1%	0.42
Bond	BND	50.0%	1.3%	5.1%	-0.28
Gold	GLD	10.0%	12.2%	15.2%	0.64
Commodity	DBC	2.5%	8.4%	17.3%	0.37
Real Estate	VNQ	5.0%	4.6%	17.5%	0.18
Bitcoin	BTCUSD	0.0%	63.4%	76.0%	0.95
Cash	GOVT	7.5%	0.3%	4.9%	-0.49
Conservative Portfolio		100.0%	4.3%	5.9%	0.27

	ETF	%	Return	Volatility	Sharpe
Equity	MISL	55.0%	0.0%	11.1%	0.42
Bond	BND	25.0%	1.3%	5.1%	-0.28
Gold	GLD	7.0%	12.2%	15.2%	0.64
Commodity	DBC	4.0%	8.4%	17.3%	0.37
Real Estate	VNQ	5.0%	4.6%	17.5%	0.18
Bitcoin	BTCUSD	2.0%	63.4%	76.0%	0.95
Cash	GOVT	2.0%	0.3%	4.9%	-0.49
Moderate Portfolio		100.0%	7.5%	7.9%	0.60

	ETF	%	Return	Volatility	Sharpe
Equity	MISL	80.0%	0.0%	11.1%	0.42
Bond	BND	5.0%	1.3%	5.1%	-0.28
Gold	GLD	3.0%	12.2%	15.2%	0.64
Commodity	DBC	2.2%	8.4%	17.3%	0.37
Real Estate	VNQ	4.5%	4.6%	17.5%	0.18
Bitcoin	BTCUSD	5.2%	63.4%	76.0%	0.95
Cash	GOVT	0.0%	0.3%	4.9%	-0.49
Aggressive Portfolio		100.0%	10.8%	10.6%	0.76

Figures are on an annualized basis, based on monthly return data for the last 10 years

	ETF	%	Inflation Shock	Covid Pandemic	2018 Correction
Equity	MISL	25.0%
Bond	BND	50.0%	-14.2%	-2.2%	1.3%
Gold	GLD	10.0%	-7.7%	-6.3%	5.0%
Commodity	DBC	2.5%	20.5%	-23.7%	-17.5%
Real Estate	VNQ	5.0%	-29.8%	-41.6%	-11.1%
Bitcoin	BTCUSD	0.0%	-56.0%	-33.5%	-37.4%
Cash	GOVT	7.5%	-12.4%	4.4%	1.6%
Conservative Portfolio		100.0%	-13.0%	-5.4%	0.4%

	ETF	%	Inflation Shock	Covid Pandemic	2018 Correction
Equity	MISL	55.0%
Bond	BND	25.0%	-14.2%	-2.2%	1.3%
Gold	GLD	7.0%	-7.7%	-6.3%	5.0%
Commodity	DBC	4.0%	20.5%	-23.7%	-17.5%
Real Estate	VNQ	5.0%	-29.8%	-41.6%	-11.1%
Bitcoin	BTCUSD	2.0%	-56.0%	-33.5%	-37.4%
Cash	GOVT	2.0%	-12.4%	4.4%	1.6%
Moderate Portfolio		100.0%	-13.6%	-10.2%	-2.9%

	ETF	%	Inflation Shock	Covid Pandemic	2018 Correction
Equity	MISL	80.0%
Bond	BND	5.0%	-14.2%	-2.2%	1.3%
Gold	GLD	3.0%	-7.7%	-6.3%	5.0%
Commodity	DBC	2.2%	20.5%	-23.7%	-17.5%
Real Estate	VNQ	4.5%	-29.8%	-41.6%	-11.1%
Bitcoin	BTCUSD	5.2%	-56.0%	-33.5%	-37.4%
Cash	GOVT	0.0%	-12.4%	4.4%	1.6%
Aggressive Portfolio		100.0%	-23.8%	-22.3%	-13.2%

The table shows the return of different asset classes during market crises - specifically during the period where the S&P fell and bottomed

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Top 20 Holdings for MISL

Total Weights
Top 5: 43.4% | Top 10: 62.8% | Top 20: 87.7%

Ticker	Holding	ETF Weight	Sales Weight	Earnings Weight	Fwd P/S	Fwd P/E	Fwd Sales Growth	Fwd Earnings Growth
Total		98.86%	100.00%	100.00%	2.8	31.0	+11.4%	+16.4%
Top 20		87.72%	80.44%	87.12%	3.0	32.3	+12.2%	+16.8%
PLTR	Palantir Technologies	11.02%	0.54%	3.32%	35.4	88.8	+49.7%	+40.0%
SPCX	Space Exploration Technologies	8.66%	0.65%	—	9.8	202.3	+140.4%	+141.6%
RTX	RTX	8.32%	9.24%	9.57%	2.6	25.4	+7.4%	+8.8%
BA	Boeing	7.78%	14.35%	4.65%	1.5	77.9	+14.8%	—
GE	GE Aerospace	7.65%	3.65%	8.09%	6.2	35.9	+10.9%	+14.8%
LMT	Lockheed Martin	4.20%	8.43%	8.61%	1.4	16.5	+5.8%	+7.0%
NOC	Northrop Grumman	3.94%	7.29%	9.56%	1.6	17.3	+6.9%	+4.1%
GD	General Dynamics	3.90%	7.10%	7.27%	1.7	19.3	+4.9%	+9.3%
HEI	Heico	3.69%	1.39%	2.85%	7.3	43.2	+11.1%	+14.1%
TDG	TransDigm	3.64%	1.79%	4.76%	5.6	23.2	+10.1%	+17.5%
LHX	L3Harris Technologies	3.61%	5.68%	5.77%	1.9	18.8	+7.0%	+15.0%
HWM	Howmet Aerospace	3.51%	1.11%	2.86%	8.2	36.8	+13.5%	+20.6%
RKLB	Rocket Lab	3.33%	0.21%	—	30.3	—	+45.5%	—
ASTS	AST SpaceMobile	2.83%	0.06%	—	31.1	—	+345.0%	—
CW	Curtiss-Wright	2.34%	1.31%	2.43%	5.1	33.3	+8.2%	+10.1%
WWD	Woodward	2.23%	1.50%	2.48%	4.2	30.3	+8.9%	+12.3%
FTAI	FTAI Aviation	2.23%	1.19%	2.38%	3.2	15.7	+65.6%	+140.5%
LDOS	Leidos	1.79%	6.16%	6.02%	0.9	9.7	+4.7%	+4.4%
TXT	Textron	1.53%	5.40%	4.14%	0.9	10.9	+3.7%	+12.4%
CACI	CACI International	1.52%	3.36%	2.36%	1.3	17.8	+6.7%	+12.3%

[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 9/30/27. Individual constituent FY1 and FY2 consensus figures adjusted to align with 9/30/27.
[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

Ticker	Holding	Weight	Mkt Price 9/10	1D Rtn	1M Rtn	YTD Rtn	1Y Rtn	3Y Rtn	5Y Rtn	10Y Rtn
MISL	First Trust Indxx Aerospace & Defense ETF	100.00%	42.29	-0.5%	-11.0%	-1.2%	9.1%	92.3%
PLTR	Palantir Technologies	11.02%	165.86	-2.2%	-5.2%	-6.7%	-0.5%	950.4%	531.1%
SPCX	Space Exploration Technologies	8.66%	148.18	0.4%	11.2%
RTX	RTX	8.32%	198.12	0.3%	-11.2%	9.2%	29.7%	173.5%	165.8%	308.3%
BA	Boeing	7.78%	204.80	-0.8%	-12.2%	-5.7%	-10.0%	-2.9%	-2.6%	71.1%
GE	GE Aerospace	7.65%	324.15	-0.4%	-11.9%	5.5%	15.0%	261.3%	417.8%	145.5%
LMT	Lockheed Martin	4.20%	530.12	1.1%	-10.8%	11.6%	17.2%	36.5%	75.2%	189.0%
NOC	Northrop Grumman	3.94%	518.95	0.7%	-9.4%	-7.9%	-9.0%	28.4%	58.9%	189.8%
GD	General Dynamics	3.90%	354.25	0.4%	-9.6%	6.6%	11.6%	73.8%	95.2%	189.8%
HEI	Heico	3.69%	312.49	0.1%	-14.8%	-3.4%	-1.2%	92.0%	152.5%	803.0%
TDG	TransDigm	3.64%	1,126.88	0.1%	-9.3%	-15.3%	-12.5%	50.2%	126.1%	529.5%
LHX	L3Harris Technologies	3.61%	248.37	-0.8%	-12.7%	-14.3%	-8.4%	55.8%	18.5%	225.8%
HWM	Howmet Aerospace	3.51%	227.91	-2.0%	-19.0%	11.3%	24.3%	380.3%	640.6%	962.7%
RKLB	Rocket Lab	3.33%	61.96	-1.8%	-22.6%	-11.2%	34.2%	925.8%	231.5%
ASTS	AST SpaceMobile	2.83%	59.91	-4.0%	-16.4%	-17.5%	59.4%	1,440.1%	413.4%
CW	Curtiss-Wright	2.34%	559.74	-1.0%	-20.7%	1.6%	13.1%	180.1%	402.3%	566.6%
WWD	Woodward	2.23%	332.76	-1.5%	-6.6%	10.4%	39.9%	159.5%	184.3%	475.4%
FTAI	FTAI Aviation	2.23%	180.09	-2.8%	-20.0%	-8.0%	8.0%	408.4%	890.3%	3,076.6%
LDOS	Leidos	1.79%	129.55	1.1%	-8.0%	-27.8%	-27.4%	39.8%	42.1%	258.9%
TXT	Textron	1.53%	79.18	-0.9%	-10.2%	-9.1%	-2.2%	4.5%	12.8%	98.5%
CACI	CACI International	1.52%	624.01	2.8%	-6.5%	17.1%	28.3%	95.7%	143.9%	524.6%

Guidance Updates for MISL Top Holdings

	Ticker	Company	Earnings Date	Guidance Metric	Midpoint Value	% Change	Guidance Change
CACI_8052026	CACI	CACI International	8/5/2026	2027 Revenue	10.75 Bil	12.6%	Higher NewNew Guidance Higher than Prior Actual of 9.55 Bil for 2026
HWM_8062026	HWM	Howmet Aerospace	8/6/2026	Q3 2026 Revenue	2.58 Bil	7.3%	Higher NewNew Guidance Higher than Prior Actual of 2.40 Bil for Q2 2026
PLTR_8032026	PLTR	Palantir Technologies	8/3/2026	2026 Revenue	8.15 Bil	6.5%	RaisedRaised Prior Guidance of 7.66 Bil for 2026
RKLB_8102026	RKLB	Rocket Lab	8/10/2026	Q3 2026 Revenue	257.50 Mil	10.8%	Higher NewNew Guidance Higher than Prior Actual of 232.50 Mil for Q2 2026

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
MISL Return	-	8%	15%	20%	41%	-1%	110%
Peers Return	15%	-20%	33%	13%	40%	38%	171%
S&P 500 Return	27%	-19%	24%	23%	16%	12%	103%
Monthly Win Rates [3]
MISL Win Rate	-	100%	58%	58%	83%	44%
Peers Win Rate	58%	45%	62%	58%	67%	67%
S&P 500 Win Rate	75%	42%	67%	75%	67%	44%
Max Drawdowns [4]
MISL Max Drawdown	-	-	-10%	-10%	-16%	-17%
Peers Max Drawdown	-20%	-37%	-19%	-18%	-26%	-18%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: SMH, SOXX, IBB, XBI, ITA.
[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 9/10/2026 (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.

Ticker	1Y	3Y	5Y
MISL	0.44	0.95	0.92
Equity Top Results (3Y)
IALT	2.08	2.08	2.08
VLUE	2.53	1.42	0.74
SPMO	0.94	1.37	0.79
CORO	1.35	1.33	1.33
CGDV	1.28	1.31	0.94

Results as of 8312026.

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Compare to SMH, SOXX, IBB, XBI, ITA

In The Past

First Trust Indxx Aerospace & Defense ETF's stock fell -8.9% during the 2025 US Tariff Shock. Such a loss loss requires a 9.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

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Compare to SMH, SOXX, IBB, XBI, ITA

In The Past

First Trust Indxx Aerospace & Defense ETF's stock fell -8.9% during the 2025 US Tariff Shock. Such a loss loss requires a 9.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

MISL Dip Buy History

MISL had 5 events since 10/26/2022 where the dip threshold of -5.0% within 60 days was triggered

46% median peak return within 1 year of dip event
368 days is the median time to peak return after a dip event
-2.1% median max drawdown within 1 year of dip event

60 Day Dip			MISL Subsequent Performance
Date	MISL	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			45%	46%	-2%	368
8242026	-9%	1%			-5%	3
4152026	-7%	1%			-11%	43
12312024	-5%	3%	54%	55%	-10%	371
9252023	-6%	-1%	45%	46%	-2%	364
5042023	-6%	-2%	30%	30%	-1%	368

[1] Dip event defined as first instance dip threshold is triggered within a 60-day time period.
[2] Analysis for period from 1/1/2005 to 9/10/2026

MISL had 3 events since 10/26/2022 where the dip threshold of -10% within 90 days was triggered

80% median peak return within 1 year of dip event
302 days is the median time to peak return after a dip event
-3.2% median max drawdown within 1 year of dip event

90 Day Dip			MISL Subsequent Performance
Date	MISL	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			68%	80%	-3%	302
7102026	-12%	10%			-5%	35
4042025	-13%	-14%	70%	86%	0%	287
3042025	-10%	-1%	66%	74%	-6%	318

[1] Dip event defined as first instance dip threshold is triggered within a 90-day time period.
[2] Analysis for period from 1/1/2005 to 9/10/2026

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Current Dip Buy Opportunities Across ETFs

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

Ticker	Name	Dip %	Mkt Price	Price Date	Peak Price	Peak Date	# Days
QQQ	Invesco QQQ Trust, Series 1	-5.0%	708.69	9102026	746.16	6022026	100
QQQM	Invesco NASDAQ 100 ETF	-5.0%	291.80	9102026	307.23	6022026	100
QQEW	First Trust Nasdaq-100 Select Equal Weight ETF	-6.2%	156.65	9102026	167.03	8132026	28
IJH	iShares Core S&P Mid-Cap ETF	-6.1%	73.86	9102026	78.67	8162026	25
IWR	iShares Russell Mid-Cap ETF	-5.1%	108.96	9102026	114.82	8162026	25
MDY	State Street SPDR S&P MIDCAP 400 ETF Trust	-6.1%	673.25	9102026	716.91	8162026	25
SCHM	Schwab U.S. Mid-Cap ETF	-5.4%	34.89	9102026	36.87	6302026	72
IVOO	Vanguard S&P Mid-Cap 400 ETF	-6.1%	125.01	9102026	133.08	8162026	25
IJR	iShares Core S&P Small-Cap ETF	-6.0%	141.44	9102026	150.44	8162026	25
VB	Vanguard Small-Cap ETF	-5.9%	291.18	9102026	309.29	8162026	25
IWM	iShares Russell 2000 ETF	-5.7%	287.70	9102026	305.09	8162026	25
SCHA	Schwab U.S. Small-Cap ETF	-6.9%	33.65	9102026	36.13	6302026	72
VTWO	Vanguard Russell 2000 ETF	-5.7%	116.34	9102026	123.31	8162026	25
DFAS	Dimensional U.S. Small Cap ETF	-5.3%	80.01	9102026	84.48	8162026	25
ESML	iShares ESG Aware MSCI USA Small-Cap ETF	-5.7%	53.41	9102026	56.64	8162026	25
NUSC	Nuveen ESG Small-Cap ETF	-6.5%	49.80	9102026	53.27	8162026	25
IWF	iShares Russell 1000 Growth ETF	-5.8%	121.32	9102026	128.77	6012026	101
VONG	Vanguard Russell 1000 Growth ETF	-5.7%	124.84	9102026	132.35	6012026	101
AKRE	Akre Focus ETF	-8.8%	56.38	9102026	61.85	8302026	11
IWP	iShares Russell Mid-Cap Growth ETF	-7.5%	136.68	9102026	147.70	8172026	24
VOT	Vanguard Mid-Cap Growth ETF	-6.8%	292.75	9102026	314.02	8162026	25
IJK	iShares S&P Mid-Cap 400 Growth ETF	-7.2%	110.55	9102026	119.11	8172026	24
MDYG	State Street SPDR S&P 400 Mid Cap Growth ETF	-7.2%	105.50	9102026	113.69	8172026	24
IWO	iShares Russell 2000 Growth ETF	-7.6%	365.67	9102026	395.65	8162026	25
VBK	Vanguard Small-Cap Growth ETF	-7.7%	337.98	9102026	366.24	8172026	24
IJT	iShares S&P Small-Cap 600 Growth ETF	-7.5%	165.67	9102026	179.07	8042026	37
SLYG	State Street SPDR S&P 600 Small Cap Growth ETF	-7.5%	110.56	9102026	119.50	8042026	37
IJJ	iShares S&P Mid-Cap 400 Value ETF	-5.0%	144.07	9102026	151.67	8162026	25
IEMG	iShares Core MSCI Emerging Markets ETF	-5.1%	81.58	9102026	86.00	6222026	80
EEM	iShares MSCI Emerging Markets ETF	-5.9%	67.00	9102026	71.21	6222026	80
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	-9.9%	33.62	9102026	37.30	6222026	80
EWY	iShares MSCI South Korea ETF	-16.6%	182.78	9102026	219.20	6212026	81
EWZ	iShares MSCI Brazil ETF	-7.6%	38.56	9102026	41.73	4142026	149
FXI	iShares China Large-Cap ETF	-10.2%	34.35	9102026	38.26	5132026	120
KWEB	KraneShares CSI China Internet ETF	-20.2%	24.44	9102026	30.64	3162026	178
NOBL	ProShares S&P 500 Dividend Aristocrats ETF	-5.1%	56.08	9102026	59.07	8242026	17
MTUM	iShares MSCI USA Momentum Factor ETF	-12.2%	303.15	9102026	345.22	6222026	80
SPHQ	Invesco S&P 500 Quality ETF	-7.0%	83.75	9102026	90.10	6302026	72
FNDA	Schwab Fundamental U.S. Small Company ETF	-6.0%	36.19	9102026	38.52	8162026	25
SPMO	Invesco S&P 500 Momentum ETF	-8.7%	147.53	9102026	161.66	6222026	80
URA	Global X Uranium ETF	-22.8%	45.00	9102026	58.26	5062026	127
BOTZ	Global X Funds Global X Robotics & Artificial Intelligence ETF	-16.5%	34.76	9102026	41.63	5132026	120
ROBO	ROBO Global Robotics & Automation Index ETF	-13.9%	77.82	9102026	90.34	6022026	100
LIT	Global X Lithium & Battery Tech ETF	-21.6%	71.81	9102026	91.62	5112026	122
ICLN	iShares Global Clean Energy ETF	-25.0%	17.82	9102026	23.75	6022026	100
ARKQ	ARK Autonomous Technology & Robotics ETF	-16.2%	120.49	9102026	143.82	5282026	105
ARKX	ARK Space & Defense Innovation ETF	-16.1%	31.66	9102026	37.74	5282026	105
NASA	Tema Space Innovators ETF	-45.0%	23.04	9102026	41.89	5272026	106
AGIX	KraneShares Artificial Intelligence ETF	-8.3%	45.28	9102026	49.40	6012026	101
DRSK	Aptus Defined Risk ETF	-6.1%	27.86	9102026	29.67	6012026	101
GDE	WisdomTree Efficient Gold Plus Equity Strategy Fund	-8.1%	65.53	9102026	71.30	8252026	16
XLK	State Street Technology Select Sector SPDR ETF	-6.6%	185.22	9102026	198.21	6022026	100
XLV	State Street Health Care Select Sector SPDR ETF	-5.7%	165.66	9102026	175.68	8192026	22
XLI	State Street Industrial Select Sector SPDR ETF	-8.6%	170.55	9102026	186.51	8162026	25
XLC	State Street Communication Services Select Sector SPDR ETF	-6.4%	111.50	9102026	119.10	4192026	144
XLY	State Street Consumer Discretionary Select Sector SPDR ETF	-8.3%	111.96	9102026	122.06	5282026	105
XLU	State Street Utilities Select Sector SPDR ETF	-9.8%	42.52	9102026	47.15	4092026	154
XLB	State Street Materials Select Sector SPDR ETF	-5.4%	50.76	9102026	53.67	8262026	15
VHT	Vanguard Health Care ETF	-5.5%	311.27	9102026	329.48	8192026	22
IYJ	iShares U.S. Industrials ETF	-7.8%	156.53	9102026	169.86	8042026	37
IYM	iShares U.S. Basic Materials ETF	-5.3%	186.03	9102026	196.45	8252026	16
SMH	VanEck Semiconductor ETF	-16.2%	560.28	9102026	668.91	6222026	80
SOXX	iShares Semiconductor ETF	-21.0%	517.43	9102026	655.01	6222026	80
IBB	iShares Biotechnology ETF	-6.6%	202.64	9102026	216.96	8192026	22
XBI	State Street SPDR S&P Biotech ETF	-7.5%	156.82	9102026	169.55	8192026	22
ITA	iShares U.S. Aerospace & Defense ETF	-13.8%	218.32	9102026	253.22	8162026	25
IGV	iShares Expanded Tech-Software Sector ETF	-8.3%	101.20	9102026	110.32	8272026	14
IYT	iShares U.S. Transportation ETF	-8.9%	82.03	9102026	90.01	7162026	56
KRE	State Street SPDR S&P Regional Banking ETF	-5.3%	73.81	9102026	77.93	8162026	25
MISL	First Trust Indxx Aerospace & Defense ETF	-14.0%	42.29	9102026	49.19	5282026	105
RING	iShares MSCI Global Gold Miners ETF	-9.2%	84.56	9102026	93.17	8252026	16
SOXQ	Invesco PHLX Semiconductor ETF	-20.5%	91.47	9102026	115.11	6222026	80
TLT	iShares 20+ Year Treasury Bond ETF	-6.9%	80.78	9102026	86.78	6292026	73
VGLT	Vanguard Long-Term Treasury ETF	-5.9%	51.88	9102026	55.12	6292026	73
SPTL	State Street SPDR Portfolio Long Term Treasury ETF	-6.2%	24.70	9102026	26.33	6292026	73
TLH	iShares 10-20 Year Treasury Bond ETF	-5.5%	95.04	9102026	100.56	6292026	73
EDV	Vanguard World Funds Extended Duration ETF	-10.1%	58.85	9102026	65.43	6242026	78
VCLT	Vanguard Long-Term Corporate Bond ETF	-5.7%	70.62	9102026	74.85	6292026	73
SPLB	State Street SPDR Portfolio Long Term Corporate Bond ETF	-6.1%	21.03	9102026	22.40	6292026	73
IGLB	iShares 10+ Year Investment Grade Corporate Bond ETF	-6.0%	47.07	9102026	50.05	6292026	73
LMUB	iShares Long-Term National Muni Bond ETF	-6.4%	47.74	9102026	51.00	7052026	67
GSG	iShares GSCI Commodity	-5.8%	30.01	9102026	31.85	3182026	176
GLD	SPDR Gold Trust	-15.1%	396.36	9102026	466.88	3122026	182
IAU	iShares Gold Trust	-13.5%	82.69	9102026	95.65	3122026	182
GLDM	SPDR Gold MiniShares Trust	-15.0%	85.51	9102026	100.60	3122026	182
SGOL	ETFS Physical Swiss Gold Shares	-7.8%	44.66	9102026	48.43	3122026	182
BAR	Direxion Daily Gold Bull 3X Shares	-11.4%	44.34	9102026	50.06	3122026	182
SLV	iShares Silver Trust	-23.5%	60.72	9102026	79.35	5132026	120
PPLT	ETFS Physical Platinum Shares	-17.5%	16.13	9102026	19.55	5132026	120
CPER	United States Copper Index Fund ETV	-6.6%	33.33	9102026	35.69	3162026	178
PALL	ETFS Physical Palladium Shares	-21.0%	23.23	9102026	29.41	3122026	182
UNG	United States Natural Gas Fund LP	-21.9%	10.19	9102026	13.04	3122026	182
BNO	United States Brent Oil Fund LP ETV	-7.1%	55.85	9102026	60.13	5042026	129
VNQ	Vanguard Real Estate ETF	-6.8%	94.12	9102026	100.95	7282026	44
XLRE	State Street Real Estate Select Sector SPDR ETF	-6.4%	43.05	9102026	46.01	7282026	44
SCHH	Schwab U.S. REIT ETF	-7.2%	23.06	9102026	24.86	7262026	46
IYR	iShares U.S. Real Estate ETF	-6.8%	99.97	9102026	107.26	7282026	44
REET	iShares Global REIT ETF	-6.9%	26.89	9102026	28.89	7262026	46
USRT	iShares Core U.S. REIT ETF	-8.0%	64.22	9102026	69.82	7262026	46
IBIT	iShares Bitcoin Trust ETF	-6.0%	43.68	9102026	46.47	5112026	122
FBTC	Fidelity Wise Origin Bitcoin Fund	-6.0%	67.06	9102026	71.35	5112026	122

ETF Fund Flows

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

Net fund flows · as of 2026-09-10

Asset allocation rotation · Past week

Cash ETFs drew the largest net inflows (+$2.9B), followed by Bond (+$753M), while Equity (−$9.6B) and Real Estate (−$336M) saw the largest outflows.
Within the mix, money rotated into US Total Market (+$1.6B) and out of US Large Cap Core (−$17.6B).
Relative to fund size, USO drew the largest inflow (+23.2% of AUM) and TBLL the largest outflow (−10.4%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$13.94B	+1.3%
2	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	+$4.53B	+0.6%
3	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$1.82B	+1.7%
4	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$1.36B	+0.2%
5	VXUS	Vanguard Total International Stock ETF	Equity International Broad	+$1.2B	+0.7%
6	TLT	iShares 20+ Year Treasury Bond ETF	Bond Long Treasury	+$1.17B	+2.5%
7	IEFA	iShares Core MSCI EAFE ETF	Equity International Developed Broad	+$1.09B	+0.6%
8	IQMM	ProShares - GENIUS Money Market ETF	Other	+$942M	+4.7%
9	SOXX	iShares Semiconductor ETF	Equity Industry Subsector	+$939M	+2.1%
10	BND	Vanguard Total Bond Market ETF	Bond US Aggregate Core	+$784M	+0.5%

#	Ticker	Name	Type	Net flow	% of AUM
1	USO	United States Oil Fund, LP	Commodity Energy	+$461M	+23.2%
2	ETHU	2x Ether ETF	Other	+$134M	+11.3%
3	WTV	WisdomTree U.S. Value Fund	Other	+$263M	+7.9%
4	VTES	Vanguard Short-Term Tax-Exempt Bond ETF	Other	+$188M	+7.2%
5	XAGG		Other	+$109M	+6.9%
6	PSEP	Innovator U.S. Equity Power Buffer ETF	Other	+$64M	+6.3%
7	ETHB	iShares Staked Ethereum Trust ETF	Other	+$54M	+5.4%
8	BOTZ	Global X - Robotics & Artificial Intelligence ETF	Equity Thematic	+$176M	+5.2%
9	IQMM	ProShares - GENIUS Money Market ETF	Other	+$942M	+4.7%
10	DFAL		Other	+$79M	+4.7%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	-$31.27B	-3.7%
2	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	-$4.97B	-3.0%
3	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	-$1.41B	-4.8%
4	HYG	iShares iBoxx $ High Yield Corporate Bond ETF	Bond High Yield Corporate	-$782M	-5.1%
5	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	-$567M	-0.1%
6	XBI	State Street SPDR S&P Biotech ETF	Equity Industry Subsector	-$541M	-4.9%
7	XLY	State Street Consumer Discretionary Select Sector SPDR ETF	Equity Broad Sector	-$534M	-2.5%
8	DRAM	Roundhill Memory ETF	Other	-$526M	-2.0%
9	IGV	iShares Expanded Tech-Software Sector ETF	Equity Industry Subsector	-$453M	-3.4%
10	XLK	State Street Technology Select Sector SPDR ETF	Equity Broad Sector	-$432M	-0.4%

#	Ticker	Name	Type	Net flow	% of AUM
1	TBLL	Invesco Short Term Treasury ETF	Other	-$277M	-10.4%
2	SNXX	Tradr 2X Long SNDK Daily ETF	Other	-$206M	-10.3%
3	XHB	State Street SPDR S&P Homebuilders ETF	Other	-$81M	-6.2%
4	FCOM	Fidelity MSCI Communication Services Index ETF	Other	-$107M	-5.9%
5	ITB	iShares U.S. Home Construction ETF	Other	-$115M	-5.3%
6	IYR	iShares U.S. Real Estate ETF	Real Estate	-$228M	-5.3%
7	HYG	iShares iBoxx $ High Yield Corporate Bond ETF	Bond High Yield Corporate	-$782M	-5.1%
8	XBI	State Street SPDR S&P Biotech ETF	Equity Industry Subsector	-$541M	-4.9%
9	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	-$1.41B	-4.8%
10	ARKG	ARK Genomic Revolution ETF	Other	-$92M	-4.8%

Asset allocation rotation · Past month

Bond ETFs drew the largest net inflows (+$16.2B), followed by Equity (+$15.4B), while Real Estate (−$520M) saw the largest outflows.
Within the mix, money rotated into Short Treasury (+$9.1B) and out of US Large Cap Core (−$18.4B).
Relative to fund size, CNEQ drew the largest inflow (+79.2% of AUM) and SNXX the largest outflow (−41.2%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$43.65B	+4.2%
2	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$7.65B	+1.1%
3	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$7.49B	+7.1%
4	VGSH	Vanguard Short-Term Treasury ETF	Bond Short Treasury	+$4.68B	+14.9%
5	GLD	SPDR Gold Shares	Commodity Gold	+$4.19B	+2.8%
6	SCHD	Schwab U.S. Dividend Equity ETF	Equity Dividend Income	+$3.83B	+3.4%
7	AVLV	Avantis U.S. Large Cap Value ETF	Other	+$3.78B	+17.5%
8	TLT	iShares 20+ Year Treasury Bond ETF	Bond Long Treasury	+$3.65B	+7.8%
9	VXUS	Vanguard Total International Stock ETF	Equity International Broad	+$3.31B	+2.0%
10	IBIT	iShares Bitcoin Trust ETF	Crypto	+$2.8B	+4.6%

#	Ticker	Name	Type	Net flow	% of AUM
1	CNEQ	Alger Concentrated Equity ETF	Other	+$1.62B	+79.2%
2	MGNR	American Beacon GLG Natural Resources ETF	Other	+$375M	+33.0%
3	USMC	Principal U.S. Mega-Cap ETF	Other	+$1.4B	+27.6%
4	ACYN	FT Vest Laddered Autocallable Barrier & Income ETF	Other	+$426M	+24.7%
5	BFLX	iShares Flexible Equity Active ETF	Other	+$472M	+22.8%
6	ZROZ	PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund	Other	+$352M	+21.3%
7	SPTS	State Street SPDR Portfolio Short Term Treasury ETF	Bond Short Treasury	+$1.42B	+20.9%
8	BKGI	BNY Mellon Global Infrastructure Income ETF	Other	+$268M	+18.3%
9	PSC	Principal U.S. Small-Cap Multi-Factor ETF	Other	+$485M	+18.3%
10	AVLV	Avantis U.S. Large Cap Value ETF	Other	+$3.78B	+17.5%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	-$59.47B	-6.7%
2	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	-$4.97B	-2.9%
3	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	-$4.14B	-12.6%
4	XLF	State Street Financial Select Sector SPDR ETF	Equity Broad Sector	-$3.42B	-6.2%
5	HYG	iShares iBoxx $ High Yield Corporate Bond ETF	Bond High Yield Corporate	-$3.03B	-18.4%
6	VGIT	Vanguard Intermediate-Term Treasury ETF	Bond Intermediate Treasury	-$2.47B	-5.8%
7	DRAM	Roundhill Memory ETF	Other	-$2.14B	-8.2%
8	GOVT	iShares U.S. Treasury Bond ETF	Bond Intermediate Treasury	-$1.82B	-4.2%
9	XLK	State Street Technology Select Sector SPDR ETF	Equity Broad Sector	-$1.18B	-1.0%
10	EWY	iShares MSCI South Korea ETF	Equity Emerging Markets	-$1.06B	-3.8%

#	Ticker	Name	Type	Net flow	% of AUM
1	SNXX	Tradr 2X Long SNDK Daily ETF	Other	-$780M	-41.2%
2	RSPN	Invesco S&P 500 Equal Weight Industrials ETF	Other	-$256M	-24.3%
3	XOVR	ERShares Private-Public Crossover ETF	Equity Thematic	-$388M	-20.9%
4	TAN	Invesco Solar ETF	Other	-$219M	-18.8%
5	HYG	iShares iBoxx $ High Yield Corporate Bond ETF	Bond High Yield Corporate	-$3.03B	-18.4%
6	XNTK	State Street SPDR NYSE Technology ETF	Other	-$322M	-16.4%
7	CORP	PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund	Other	-$232M	-15.9%
8	EWA	iShares MSCI Australia ETF	Other	-$185M	-13.9%
9	USO	United States Oil Fund, LP	Commodity Energy	-$243M	-12.7%
10	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	-$4.14B	-12.6%

Asset allocation rotation · Past 3 months

Equity ETFs drew the largest net inflows (+$139.0B), followed by Bond (+$60.9B), with every major asset class in net inflows.
Within the mix, money rotated into US Nasdaq Growth (+$20.3B) and out of Intermediate Treasury (−$4.5B).
Relative to fund size, BFLX drew the largest inflow (+131.2% of AUM) and NASA the largest outflow (−83.5%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$16.7B	+10.4%
2	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$14.83B	+14.9%
3	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$14.44B	+2.2%
4	DRAM	Roundhill Memory ETF	Other	+$11.44B	+46.2%
5	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	+$11.23B	+2.3%
6	SCHD	Schwab U.S. Dividend Equity ETF	Equity Dividend Income	+$9.95B	+9.6%
7	TLT	iShares 20+ Year Treasury Bond ETF	Bond Long Treasury	+$9.57B	+22.5%
8	QQQM	Invesco NASDAQ 100 ETF	Equity US Nasdaq Growth	+$9.02B	+9.0%
9	VXUS	Vanguard Total International Stock ETF	Equity International Broad	+$8.94B	+5.7%
10	AVLV	Avantis U.S. Large Cap Value ETF	Other	+$8.41B	+47.3%

#	Ticker	Name	Type	Net flow	% of AUM
1	BFLX	iShares Flexible Equity Active ETF	Other	+$2.09B	+131.2%
2	ACYN	FT Vest Laddered Autocallable Barrier & Income ETF	Other	+$1.25B	+96.8%
3	SNXX	Tradr 2X Long SNDK Daily ETF	Other	+$1.27B	+57.9%
4	ARKQ	ARK Autonomous Technology & Robotics ETF	Equity Thematic	+$1.13B	+56.5% ⚠
5	FINA	Fidelity MSCI North American Subset Index ETF	Other	+$792M	+54.5% ⚠
6	FLKR	Franklin FTSE South Korea ETF	Other	+$703M	+52.0%
7	AVLV	Avantis U.S. Large Cap Value ETF	Other	+$8.41B	+47.3%
8	DRAM	Roundhill Memory ETF	Other	+$11.44B	+46.2%
9	CBOX		Other	+$575M	+46.1%
10	EWI	iShares MSCI Italy ETF	Other	+$433M	+42.7%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	-$16.26B	-1.8%
2	VLUE	iShares MSCI USA Value Factor ETF	Equity Factor Smart Beta	-$4.94B	-50.7%
3	IEF	iShares 7-10 Year Treasury Bond ETF	Bond Intermediate Treasury	-$4.09B	-8.7%
4	IGV	iShares Expanded Tech-Software Sector ETF	Equity Industry Subsector	-$2.42B	-17.5%
5	IAU	iShares Gold Trust	Commodity Gold	-$2.15B	-3.4%
6	VO	Vanguard Morningstar Mid-Cap ETF	Equity US Mid Cap Core	-$1.88B	-1.8%
7	SCZ	iShares MSCI EAFE Small-Cap ETF	Equity International Small Cap	-$1.73B	-12.9%
8	EWZ	iShares MSCI Brazil ETF	Equity Emerging Markets	-$1.53B	-17.1%
9	IWF	iShares Russell 1000 Growth ETF	Equity US Large Growth	-$1.45B	-1.2%
10	HYG	iShares iBoxx $ High Yield Corporate Bond ETF	Bond High Yield Corporate	-$1.41B	-8.5%

#	Ticker	Name	Type	Net flow	% of AUM
1	NASA	Tema Space Innovators ETF	Equity Thematic	-$974M	-83.5%
2	FTXL	First Trust Nasdaq Semiconductor ETF	Other	-$1.03B	-68.9%
3	VLUE	iShares MSCI USA Value Factor ETF	Equity Factor Smart Beta	-$4.94B	-50.7%
4	XOVR	ERShares Private-Public Crossover ETF	Equity Thematic	-$796M	-42.2%
5	TAN	Invesco Solar ETF	Other	-$488M	-33.9%
6	FXI	iShares China Large-Cap ETF	Equity Emerging Markets	-$1.26B	-29.3%
7	QLTA	iShares Aaa - A Rated Corporate Bond ETF	Other	-$335M	-27.2%
8	CHAT	Roundhill Generative AI & Technology ETF	Other	-$416M	-22.3%
9	LCTU	iShares U.S. Carbon Transition Readiness Aware Active ETF	Other	-$272M	-21.7%
10	RSPN	Invesco S&P 500 Equal Weight Industrials ETF	Other	-$228M	-21.2%

Largest ETF fund flows across ~2646 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

Holdings Count: 49
Expense Ratio: 0.6%
Inception Date: 2022-10-25

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

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
WLTH	Wealthfront	1.7	15.0%	-19.9%
SWKS	Skyworks Solutions	12.6	9.8%	35.3%
ANGX	Angel Studios	1.0	9.1%	15.2%
CLOV	Clover Health Investments	2.5	8.5%	100.4%
SPTX	Seaport Therapeutics	0.8	7.0%	17.3%
TYRA	Tyra Biosciences	1.6	7.0%	-10.5%
QRVO	Qorvo	9.9	6.8%	33.0%
APPS	Digital Turbine	1.4	6.7%	136.0%
RDDT	Reddit	29.9	6.1%	-32.4%
ASO	Academy Sports and Outdoors	3.5	6.0%	9.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
NAVN	Navan	5.1	-21.7%	18.6%
RWT	Redwood Trust	0.5	-14.8%	-29.6%
COO	Cooper Companies	10.6	-14.7%	-33.9%
EIKN	Eikon Therapeutics	0.5	-14.2%	-38.6%
AEO	American Eagle Outfitters	2.4	-14.0%	-43.9%
AXGN	Axogen	2.2	-11.5%	27.9%
COAG	Hemab Therapeutics	1.2	-10.4%	17.3%
RELY	Remitly Global	4.6	-8.9%	58.9%
FRVO	Fervo Energy	2.5	-8.8%	-57.0%
LEU	Centrus Energy	3.3	-8.6%	-31.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
DOCN	DigitalOcean	13.7	25.0%	172.3%
ASO	Academy Sports and Outdoors	3.5	24.3%	9.2%
SECZ	Securitize	1.2	23.5%	-34.6%
SEI	Solaris Energy Infrastructure	3.8	21.6%	40.1%
WLTH	Wealthfront	1.7	20.8%	-19.9%
APPS	Digital Turbine	1.4	20.7%	136.0%
ANGX	Angel Studios	1.0	19.8%	15.2%
ROIV	Roivant Sciences	29.5	19.8%	88.7%
COHU	Cohu	2.6	19.6%	135.2%
SIG	Signet Jewelers	3.9	19.6%	19.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
ADBT	Advasa	0.2	-82.0%	-95.1%
RARE	Ultragenyx Pharmaceutical	1.5	-45.7%	-37.4%
TTAN	ServiceTitan	5.3	-39.2%	-47.4%
GWRE	Guidewire Software	11.8	-27.3%	-30.3%
DYN	Dyne Therapeutics	3.0	-26.7%	-5.8%
BRZE	Braze	2.7	-26.3%	-29.2%
MEI	Methode Electronics	0.5	-24.9%	108.2%
NAVN	Navan	5.1	-24.7%	18.6%
TBBK	Bancorp	2.1	-24.3%	-25.5%
PATH	UiPath	7.3	-22.9%	-15.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
MRNA	Moderna	54.4	125.6%	363.3%
CAPR	Capricor Therapeutics	0.5	111.2%	-71.2%
PURR	Hyperliquid Strategies	1.4	67.6%	209.3%
ARX	Accelerant	4.3	58.5%	21.3%
AVAH	Aveanna Healthcare	3.0	54.9%	69.6%
HTFL	HeartFlow	3.9	54.0%	56.1%
FWDI	Forward Industries	0.6	50.9%	-2.3%
BTGO	BitGo	0.9	49.4%	-59.9%
WEAV	Weave Communications	0.6	45.1%	-3.8%
CVI	CVR Energy	4.9	42.7%	92.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
ALMS	Alumis	1.3	-61.0%	1.4%
IESC	IES	12.7	-47.9%	-17.9%
RARE	Ultragenyx Pharmaceutical	1.5	-46.6%	-37.4%
KRMN	Karman	4.6	-44.5%	-53.0%
AADX	Applied Aerospace & Defense	1.7	-44.0%	-39.3%
AEVA	Aeva Technologies	1.0	-37.8%	12.7%
LCID	Lucid	1.6	-37.6%	-60.5%
TTAN	ServiceTitan	5.3	-36.6%	-47.4%
DKS	Dick's Sporting Goods	11.7	-35.7%	-32.6%
CRDO	Credo Technology	29.6	-35.3%	11.4%

Peer Comparisons

Peers to compare with:

Profile

	MISL	SMH	SOXX	IBB	XBI	ITA	Median
Name	First Trus.	VanEck Sem.	iShares Se.	iShares Bi.	State Stre.	iShares U..
Asset Class	Equity	Equity	Equity	Equity	Equity	Equity	-
AUM ($ Bil)	0.7	66.6	41.0	10.7	11.5	13.3	12.4
Expense Ratio	0.60%	0.35%	0.33%	0.44%	0.35%	0.37%	0.36%
10-D Avg Volume (Mil)	0.42	10.48	9.47	1.55	8.76	0.74	5.15
Latest Day Volume (Mil)	0.10	6.25	6.46	1.89	9.67	-	6.25
Holdings Count	49	26	30	247	154	48	48
Inception Date	10/25/2022	12/20/2011	7/9/2001	2/4/2001	1/31/2006	4/30/2006	-

Fundamentals

	MISL	SMH	SOXX	IBB	XBI	ITA	Median
Name	First Trus.	VanEck Sem.	iShares Se.	iShares Bi.	State Stre.	iShares U..
Net Asset Value	43.52	550.64	501.55	213.81	164.46	223.28	-
Premium/Discount	-2.8%	1.8%	3.2%	-5.2%	-4.6%	-2.2%	-2.5%
Distribution Yield	0.4%	0.2%	0.3%	0.2%	0.4%	0.0%	0.2%
Sales Yield	31.6%	7.3%	7.6%	12.6%	8.9%	32.3%	10.7%
Earnings Yield	2.5%	2.4%	2.1%	1.9%	1.3%	2.8%	2.3%

Valuation

	MISL	SMH	SOXX	IBB	XBI	ITA	Median
Name	First Trus.	VanEck Sem.	iShares Se.	iShares Bi.	State Stre.	iShares U..
P/S (TTM)	3.2x	13.6x	13.2x	7.9x	11.3x	3.1x	9.6x
P/E (TTM)	39.6x	40.8x	47.4x	51.8x	75.6x	35.2x	44.1x
P/FCF (TTM)	55.8x	50.4x	56.7x	-	-	37.1x	53.1x
Forward P/E	31.0x	-	-	-	59.7x	28.5x	31.0x
Forward P/S	2.8x	-	-	-	6.9x	2.8x	2.8x

Risk

	MISL	SMH	SOXX	IBB	XBI	ITA	Median
Name	First Trus.	VanEck Sem.	iShares Se.	iShares Bi.	State Stre.	iShares U..
Volatility (1Y)	25.7%	39.4%	45.5%	21.9%	27.9%	23.3%	26.8%
Volatility (3Y)	20.9%	36.9%	39.5%	21.0%	27.9%	20.2%	24.4%
Volatility (5Y)	19.9%	36.7%	38.5%	22.3%	32.3%	20.3%	27.3%
Beta (1Y)	1.22	2.36	2.57	0.81	1.08	1.05	1.15
Beta (3Y)	0.87	1.97	2.05	0.82	1.03	0.85	0.95
Beta (5Y)	0.82	1.76	1.81	0.86	1.16	0.81	1.01
Sharpe Ratio (1Y)	0.50	1.81	1.85	1.71	1.95	0.59	1.76
Sharpe Ratio (3Y)	1.09	1.35	1.15	0.84	0.95	1.20	1.12
Sharpe Ratio (5Y)	1.06	0.97	0.84	0.26	0.26	0.85	0.85
Max Drawdown (1Y)	-17.1%	-24.6%	-29.0%	-9.6%	-10.5%	-15.8%	-16.5%
Max Drawdown (3Y)	-17.9%	-35.7%	-41.4%	-24.9%	-33.0%	-15.8%	-28.9%
Max Drawdown (5Y)	-17.9%	-45.3%	-45.8%	-39.7%	-54.0%	-18.7%	-42.5%

Returns

	MISL	SMH	SOXX	IBB	XBI	ITA	Median
Name	First Trus.	VanEck Sem.	iShares Se.	iShares Bi.	State Stre.	iShares U..
1M Return	-11.0%	-2.2%	-3.1%	1.5%	-0.8%	-13.3%	-2.7%
3M Return	-5.7%	-1.9%	-4.4%	22.1%	21.7%	-2.9%	-2.4%
6M Return	-12.7%	39.7%	51.3%	18.7%	24.1%	-8.5%	21.4%
YTD Return	-1.2%	55.6%	71.9%	20.2%	28.6%	1.8%	24.4%
1Y Return	10.0%	88.7%	108.6%	42.1%	65.7%	11.7%	53.9%
2Y Return	39.2%	151.7%	145.7%	40.7%	60.5%	55.2%	57.9%
3Y Return	86.1%	262.7%	209.2%	59.4%	97.9%	94.2%	96.1%

Short Interest

Short Interest: As Of Date	8142026
Short Interest: Shares Quantity	0.0 Mil
Short Interest: % Change Since 7312026	85.9%
Average Daily Volume	0.1 Mil
Days-to-Cover Short Interest	1

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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First Trust Indxx Aerospace & Defense ETF (MISL)

Market Price (9/11/2026): $42.55

First Trust Indxx Aerospace & Defense ETF (MISL)

Market Price (9/11/2026): $42.55

Key Takeaways

Price Chart

Asset Allocation with MISL

Valuation & Yield

Top 20 Holdings for MISL

Performance for MISL Top Holdings

Guidance Updates for MISL Top Holdings

Return vs. Risk

Price Returns Compared

Sharpe Ratios Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

MISL Dip Buy History

Current Dip Buy Opportunities Across ETFs

ETF Fund Flows

Asset allocation rotation · Past week

Asset allocation rotation · Past month

Asset allocation rotation · Past 3 months

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Trade & Investment Ideas

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