First Trust Indxx Aerospace & Defense ETF (MISL)

Market Price (9/2/2026): $42.955

First Trust Indxx Aerospace & Defense ETF (MISL)

Market Price (9/2/2026): $42.955

Key Takeaways

MISL has returned +1.6% YTD vs +12.0% for SPY; +11.3% over the past 12 months (SPY +19.1%). details →
Priced in gold, MISL has returned -18.3% over the past 3 years, vs +88.8% in dollars — its dollar gains have lagged gold. details →
Over the past month, MISL has seen net outflows of −$18M (−2.3% of assets). details →
MISL's portfolio trades at 31.9x forward earnings — a 316% premium to SPY (7.7x). details →
MISL's top 10 holdings represent 63% of the fund vs 38% for SPY — a more concentrated portfolio. details →

Last updated: 9/1/2026.

Price Chart

ETF Price
Price/Gold

Asset Allocation with MISL

Risk Tolerance:

ConservativeModerateAggressive

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

10Y Return (ann.)

+7.6%

Volatility

7.8%

Sharpe

0.62

YTD

+2.8%

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%	-1.5%	-2.1%	-1.9%	1.6%
Bond	BND	50.0%	-0.3%	-0.9%	-0.1%	-0.5%
Gold	GLD	10.0%	-2.9%	-7.3%	6.7%	0.1%
Commodity	DBC	2.5%	2.0%	4.9%	10.6%	42.8%
Real Estate	VNQ	5.0%	-0.1%	-3.0%	-2.8%	11.0%
Bitcoin	BTCUSD	0.0%	0.0%	-0.0%	23.8%	-10.2%
Cash	GOVT	7.5%	-0.5%	-1.1%	-0.4%	-1.0%
Conservative Portfolio		100.0%	-0.8%	-1.8%	0.2%	1.7%

	ETF	%	1D	1W	1M	YTD
Equity	MISL	55.0%	-1.5%	-2.1%	-1.9%	1.6%
Bond	BND	25.0%	-0.3%	-0.9%	-0.1%	-0.5%
Gold	GLD	7.0%	-2.9%	-7.3%	6.7%	0.1%
Commodity	DBC	4.0%	2.0%	4.9%	10.6%	42.8%
Real Estate	VNQ	5.0%	-0.1%	-3.0%	-2.8%	11.0%
Bitcoin	BTCUSD	2.0%	0.0%	-0.0%	23.8%	-10.2%
Cash	GOVT	2.0%	-0.5%	-1.1%	-0.4%	-1.0%
Moderate Portfolio		100.0%	-1.0%	-1.8%	0.2%	2.8%

	ETF	%	1D	1W	1M	YTD
Equity	MISL	80.0%	-1.5%	-2.1%	-1.9%	1.6%
Bond	BND	5.0%	-0.3%	-0.9%	-0.1%	-0.5%
Gold	GLD	3.0%	-2.9%	-7.3%	6.7%	0.1%
Commodity	DBC	2.2%	2.0%	4.9%	10.6%	42.8%
Real Estate	VNQ	4.5%	-0.1%	-3.0%	-2.8%	11.0%
Bitcoin	BTCUSD	5.2%	0.0%	-0.0%	23.8%	-10.2%
Cash	GOVT	0.0%	-0.5%	-1.1%	-0.4%	-1.0%
Aggressive Portfolio		100.0%	-1.2%	-1.9%	0.1%	2.2%

	ETF	%	Return	Volatility	Sharpe
Equity	MISL	25.0%	0.0%	11.1%	0.45
Bond	BND	50.0%	1.3%	5.1%	-0.26
Gold	GLD	10.0%	12.0%	15.3%	0.61
Commodity	DBC	2.5%	7.9%	17.4%	0.33
Real Estate	VNQ	5.0%	4.9%	17.4%	0.20
Bitcoin	BTCUSD	0.0%	63.2%	76.0%	0.95
Cash	GOVT	7.5%	0.3%	4.9%	-0.48
Conservative Portfolio		100.0%	4.3%	5.9%	0.28

	ETF	%	Return	Volatility	Sharpe
Equity	MISL	55.0%	0.0%	11.1%	0.45
Bond	BND	25.0%	1.3%	5.1%	-0.26
Gold	GLD	7.0%	12.0%	15.3%	0.61
Commodity	DBC	4.0%	7.9%	17.4%	0.33
Real Estate	VNQ	5.0%	4.9%	17.4%	0.20
Bitcoin	BTCUSD	2.0%	63.2%	76.0%	0.95
Cash	GOVT	2.0%	0.3%	4.9%	-0.48
Moderate Portfolio		100.0%	7.6%	7.8%	0.62

	ETF	%	Return	Volatility	Sharpe
Equity	MISL	80.0%	0.0%	11.1%	0.45
Bond	BND	5.0%	1.3%	5.1%	-0.26
Gold	GLD	3.0%	12.0%	15.3%	0.61
Commodity	DBC	2.2%	7.9%	17.4%	0.33
Real Estate	VNQ	4.5%	4.9%	17.4%	0.20
Bitcoin	BTCUSD	5.2%	63.2%	76.0%	0.95
Cash	GOVT	0.0%	0.3%	4.9%	-0.48
Aggressive Portfolio		100.0%	11.0%	10.6%	0.78

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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[1] Personalized 5 Level Risk Tolerance Assessment
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Top 20 Holdings for MISL

Total Weights
Top 5: 43.4% | Top 10: 63.2% | Top 20: 87.8%

Ticker	Holding	ETF Weight	Sales Weight	Earnings Weight	Fwd P/S	Fwd P/E	Fwd Sales Growth	Fwd Earnings Growth
Total		99.68%	100.00%	100.00%	2.8	31.9	+11.2%	+16.3%
Top 20		87.77%	80.00%	87.16%	3.1	33.1	+12.0%	+16.5%
PLTR	Palantir Technologies	11.84%	0.55%	3.36%	38.5	96.3	+49.5%	+40.0%
RTX	RTX	8.54%	9.30%	9.69%	2.7	26.3	+7.4%	+8.8%
SPCX	Space Exploration Technologies	7.97%	0.64%	—	9.4	202.3	+139.0%	+260.6%
BA	Boeing	7.53%	14.06%	4.58%	1.5	78.2	+14.8%	—
GE	GE Aerospace	7.53%	3.57%	7.97%	6.3	37.8	+11.1%	+12.8%
LMT	Lockheed Martin	4.32%	8.57%	8.81%	1.5	16.9	+5.7%	+6.9%
NOC	Northrop Grumman	4.03%	7.37%	9.72%	1.6	17.8	+6.9%	+4.1%
GD	General Dynamics	3.99%	7.08%	7.29%	1.7	20.1	+4.9%	+9.0%
HEI	Heico	3.80%	1.40%	2.88%	7.7	44.9	+11.2%	+13.6%
LHX	L3Harris Technologies	3.69%	5.56%	5.68%	2.0	19.9	+7.0%	+15.0%
TDG	TransDigm	3.65%	1.78%	4.77%	5.7	23.8	+10.1%	+17.5%
HWM	Howmet Aerospace	3.64%	1.05%	2.72%	9.2	41.1	+13.3%	+20.6%
RKLB	Rocket Lab	3.18%	0.20%	—	30.5	—	+46.1%	—
ASTS	AST SpaceMobile	2.49%	0.06%	—	28.8	—	+351.0%	—
CW	Curtiss-Wright	2.33%	1.29%	2.40%	5.3	34.4	+8.2%	+10.2%
WWD	Woodward	2.20%	1.48%	2.46%	4.2	30.6	+8.9%	+12.3%
FTAI	FTAI Aviation	2.11%	1.09%	2.20%	3.4	16.4	+65.6%	+140.5%
LDOS	Leidos	1.91%	6.21%	6.10%	0.9	10.4	+4.7%	+4.6%
TXT	Textron	1.52%	5.43%	4.18%	0.9	11.0	+3.7%	+12.4%
CACI	CACI International	1.49%	3.31%	2.34%	1.3	18.0	+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 9/1	1D Rtn	1M Rtn	YTD Rtn	1Y Rtn	3Y Rtn	5Y Rtn	10Y Rtn
MISL	First Trust Indxx Aerospace & Defense ETF	100.00%	43.49	-1.5%	1.1%	1.6%	11.3%	88.8%
PLTR	Palantir Technologies	11.84%	179.92	-3.5%	46.2%	1.2%	14.8%	1,085.2%	578.7%
RTX	RTX	8.54%	205.16	-1.2%	-4.4%	13.1%	31.3%	152.4%	170.2%	311.3%
SPCX	Space Exploration Technologies	7.97%	142.23	-1.0%	31.2%
BA	Boeing	7.53%	205.66	-1.0%	-4.8%	-5.3%	-12.4%	-7.9%	-6.9%	70.4%
GE	GE Aerospace	7.53%	331.09	-1.4%	-8.0%	7.8%	20.9%	269.1%	407.7%	144.3%
LMT	Lockheed Martin	4.32%	544.50	-2.4%	-6.0%	14.6%	23.5%	31.6%	73.8%	191.4%
NOC	Northrop Grumman	4.03%	532.91	-1.3%	-1.3%	-5.4%	-7.8%	28.6%	56.9%	193.5%
GD	General Dynamics	3.99%	369.41	-0.5%	-3.7%	11.2%	15.8%	73.2%	102.8%	198.3%
HEI	Heico	3.80%	325.15	-1.8%	-8.8%	0.6%	4.3%	92.5%	157.9%	829.0%
LHX	L3Harris Technologies	3.69%	263.56	-1.0%	-4.9%	-9.5%	-3.5%	56.8%	23.8%	239.4%
TDG	TransDigm	3.65%	1,155.76	-1.4%	-7.9%	-13.1%	-17.4%	48.4%	128.0%	541.3%
HWM	Howmet Aerospace	3.64%	254.89	4.1%	-9.7%	24.5%	46.7%	417.2%	710.9%	1,047.4%
RKLB	Rocket Lab	3.18%	62.54	-2.2%	-3.7%	-10.3%	28.7%	886.4%	437.7%
ASTS	AST SpaceMobile	2.49%	55.80	-5.6%	-5.4%	-23.2%	14.0%	1,298.5%	350.7%
CW	Curtiss-Wright	2.33%	577.99	-0.8%	-20.2%	4.9%	21.1%	178.9%	388.9%	564.1%
WWD	Woodward	2.20%	336.58	-1.0%	-6.6%	11.6%	36.9%	163.3%	183.8%	462.8%
FTAI	FTAI Aviation	2.11%	189.29	-0.4%	-7.9%	-3.3%	24.0%	424.5%	845.2%	3,156.9%
LDOS	Leidos	1.91%	139.18	-0.7%	20.4%	-22.4%	-22.3%	45.7%	49.7%	296.0%
TXT	Textron	1.52%	79.71	-1.1%	-6.5%	-8.5%	-0.5%	2.2%	9.2%	96.5%
CACI	CACI International	1.49%	629.46	1.0%	26.5%	18.1%	31.2%	90.1%	143.1%	529.0%

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%	3%	118%
Peers Return	15%	-20%	33%	13%	40%	38%	170%
S&P 500 Return	27%	-19%	24%	23%	16%	12%	105%
Monthly Win Rates [3]
MISL Win Rate	-	100%	58%	58%	83%	50%
Peers Win Rate	58%	45%	62%	58%	67%	70%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
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 9/1/2026 (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%			-4%	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 9/1/2026

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 9/1/2026

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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	-5.2%	707.64	9012026	746.16	6022026	91
QQQM	Invesco NASDAQ 100 ETF	-5.2%	291.40	9012026	307.23	6022026	91
IJH	iShares Core S&P Mid-Cap ETF	-5.2%	74.60	9012026	78.67	8162026	16
MDY	State Street SPDR S&P MIDCAP 400 ETF Trust	-5.2%	679.95	9012026	716.91	8162026	16
IVOO	Vanguard S&P Mid-Cap 400 ETF	-5.1%	126.25	9012026	133.08	8162026	16
SCHA	Schwab U.S. Small-Cap ETF	-6.6%	33.73	9012026	36.13	6302026	63
IWF	iShares Russell 1000 Growth ETF	-5.9%	121.21	9012026	128.77	6012026	92
VONG	Vanguard Russell 1000 Growth ETF	-5.7%	124.81	9012026	132.35	6012026	92
IWP	iShares Russell Mid-Cap Growth ETF	-6.6%	137.92	9012026	147.70	8172026	15
VOT	Vanguard Mid-Cap Growth ETF	-5.5%	296.66	9012026	314.02	8162026	16
IJK	iShares S&P Mid-Cap 400 Growth ETF	-6.2%	111.67	9012026	119.11	8172026	15
MDYG	State Street SPDR S&P 400 Mid Cap Growth ETF	-6.2%	106.63	9012026	113.69	8172026	15
IWO	iShares Russell 2000 Growth ETF	-6.1%	371.41	9012026	395.65	8162026	16
VBK	Vanguard Small-Cap Growth ETF	-5.9%	344.63	9012026	366.24	8172026	15
IJT	iShares S&P Small-Cap 600 Growth ETF	-6.4%	167.68	9012026	179.07	8042026	28
SLYG	State Street SPDR S&P 600 Small Cap Growth ETF	-6.3%	111.94	9012026	119.50	8042026	28
IEMG	iShares Core MSCI Emerging Markets ETF	-5.3%	81.43	9012026	86.00	6222026	71
EEM	iShares MSCI Emerging Markets ETF	-6.2%	66.77	9012026	71.21	6222026	71
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	-8.3%	34.21	9012026	37.30	6222026	71
EWY	iShares MSCI South Korea ETF	-19.8%	175.80	9012026	219.20	6212026	72
EWZ	iShares MSCI Brazil ETF	-12.4%	36.57	9012026	41.73	4142026	140
FXI	iShares China Large-Cap ETF	-7.6%	35.34	9012026	38.26	5132026	111
ILF	iShares Latin America 40 ETF	-8.0%	35.06	9012026	38.10	4142026	140
KWEB	KraneShares CSI China Internet ETF	-17.1%	25.69	9012026	30.99	3102026	175
MTUM	iShares MSCI USA Momentum Factor ETF	-14.1%	296.52	9012026	345.22	6222026	71
SPHQ	Invesco S&P 500 Quality ETF	-6.2%	84.50	9012026	90.10	6302026	63
SPMO	Invesco S&P 500 Momentum ETF	-10.0%	145.54	9012026	161.66	6222026	71
URA	Global X Uranium ETF	-24.6%	43.94	9012026	58.26	5062026	118
BOTZ	Global X Funds Global X Robotics & Artificial Intelligence ETF	-15.6%	35.15	9012026	41.63	5132026	111
ROBO	ROBO Global Robotics & Automation Index ETF	-12.7%	78.87	9012026	90.34	6022026	91
LIT	Global X Lithium & Battery Tech ETF	-18.5%	74.71	9012026	91.62	5112026	113
ICLN	iShares Global Clean Energy ETF	-27.4%	17.24	9012026	23.75	6022026	91
ARKQ	ARK Autonomous Technology & Robotics ETF	-16.5%	120.15	9012026	143.82	5282026	96
ARKX	ARK Space & Defense Innovation ETF	-15.7%	31.83	9012026	37.74	5282026	96
NASA	Tema Space Innovators ETF	-45.9%	22.68	9012026	41.89	5272026	97
AGIX	KraneShares Artificial Intelligence ETF	-10.5%	44.20	9012026	49.40	6012026	92
DRSK	Aptus Defined Risk ETF	-5.1%	28.16	9012026	29.67	6012026	92
GDE	WisdomTree Efficient Gold Plus Equity Strategy Fund	-7.2%	66.17	9012026	71.30	8252026	7
VGT	Vanguard Information Technology ETF	-5.4%	118.87	9012026	125.62	6022026	91
XLK	State Street Technology Select Sector SPDR ETF	-7.4%	183.64	9012026	198.21	6022026	91
XLI	State Street Industrial Select Sector SPDR ETF	-7.4%	172.73	9012026	186.51	8162026	16
XLC	State Street Communication Services Select Sector SPDR ETF	-6.9%	110.88	9012026	119.10	4192026	135
XLY	State Street Consumer Discretionary Select Sector SPDR ETF	-6.1%	114.59	9012026	122.06	5282026	96
XLU	State Street Utilities Select Sector SPDR ETF	-9.7%	42.56	9012026	47.15	4092026	145
IYJ	iShares U.S. Industrials ETF	-6.6%	158.71	9012026	169.86	8042026	28
SMH	VanEck Semiconductor ETF	-18.5%	545.22	9012026	668.91	6222026	71
SOXX	iShares Semiconductor ETF	-23.6%	500.31	9012026	655.01	6222026	71
ITA	iShares U.S. Aerospace & Defense ETF	-11.0%	225.46	9012026	253.22	8162026	16
IYT	iShares U.S. Transportation ETF	-7.9%	82.93	9012026	90.01	7162026	47
KRE	State Street SPDR S&P Regional Banking ETF	-6.8%	72.62	9012026	77.93	8162026	16
MISL	First Trust Indxx Aerospace & Defense ETF	-13.7%	43.49	9012026	50.39	3042026	181
RING	iShares MSCI Global Gold Miners ETF	-10.8%	83.12	9012026	93.17	8252026	7
SOXQ	Invesco PHLX Semiconductor ETF	-22.8%	88.90	9012026	115.11	6222026	71
TLT	iShares 20+ Year Treasury Bond ETF	-6.7%	81.87	9012026	87.72	3032026	182
VGLT	Vanguard Long-Term Treasury ETF	-5.6%	52.56	9012026	55.69	3032026	182
SPTL	State Street SPDR Portfolio Long Term Treasury ETF	-6.0%	25.01	9012026	26.60	3032026	182
TLH	iShares 10-20 Year Treasury Bond ETF	-5.3%	96.23	9012026	101.62	3032026	182
EDV	Vanguard World Funds Extended Duration ETF	-9.7%	59.89	9012026	66.31	3032026	182
SPLB	State Street SPDR Portfolio Long Term Corporate Bond ETF	-5.2%	21.23	9012026	22.40	6292026	64
GSG	iShares GSCI Commodity	-5.8%	30.01	9012026	31.85	3182026	167
GLD	SPDR Gold Trust	-17.0%	396.75	9012026	477.86	3102026	175
IAU	iShares Gold Trust	-16.9%	81.35	9012026	97.85	3102026	175
GLDM	SPDR Gold MiniShares Trust	-16.8%	85.59	9012026	102.89	3102026	175
SGOL	ETFS Physical Swiss Gold Shares	-9.8%	44.66	9012026	49.53	3102026	175
BAR	Direxion Daily Gold Bull 3X Shares	-13.4%	44.34	9012026	51.20	3102026	175
SLV	iShares Silver Trust	-27.7%	57.92	9012026	80.09	3102026	175
PPLT	ETFS Physical Platinum Shares	-21.0%	15.80	9012026	20.00	3102026	175
CPER	United States Copper Index Fund ETV	-7.7%	33.33	9012026	36.12	3112026	174
PALL	ETFS Physical Palladium Shares	-22.7%	23.68	9012026	30.64	3092026	176
USO	United States Oil Fund LP	-7.8%	141.00	9012026	152.96	5192026	105
UNG	United States Natural Gas Fund LP	-18.9%	10.58	9012026	13.04	3122026	173
BNO	United States Brent Oil Fund LP ETV	-7.1%	55.85	9012026	60.13	5042026	120
SCHH	Schwab U.S. REIT ETF	-5.1%	23.58	9012026	24.86	7262026	37
REET	iShares Global REIT ETF	-5.1%	27.43	9012026	28.89	7262026	37
USRT	iShares Core U.S. REIT ETF	-6.0%	65.60	9012026	69.82	7262026	37
IBIT	iShares Bitcoin Trust ETF	-5.8%	43.76	9012026	46.47	5112026	113
FBTC	Fidelity Wise Origin Bitcoin Fund	-5.8%	67.18	9012026	71.35	5112026	113

ETF Fund Flows

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

Net fund flows · as of 2026-09-01

Asset allocation rotation · Past week

Equity ETFs drew the largest net inflows (+$4.9B), followed by Bond (+$3.1B), while Real Estate (−$124M) saw the largest outflows.
Within the mix, money rotated into Short Treasury (+$7.0B) and out of Intermediate Treasury (−$6.2B).
Relative to fund size, MGNR drew the largest inflow (+26.6% of AUM) and XOVR the largest outflow (−12.6%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VGSH	Vanguard Short-Term Treasury ETF	Bond Short Treasury	+$3.86B	+11.2%
2	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$2.76B	+0.3%
3	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	+$1.88B	+0.4%
4	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$1.47B	+0.2%
5	SCHO	Schwab Short-Term U.S. Treasury ETF	Bond Short Treasury	+$1.46B	+9.7%
6	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$1.4B	+1.3%
7	SPTS	State Street SPDR Portfolio Short Term Treasury ETF	Bond Short Treasury	+$983M	+13.5%
8	SCHD	Schwab U.S. Dividend Equity ETF	Equity Dividend Income	+$895M	+0.8%
9	IEFA	iShares Core MSCI EAFE ETF	Equity International Developed Broad	+$866M	+0.4%
10	RSP	Invesco S&P 500 Equal Weight ETF	Equity Factor Smart Beta	+$762M	+0.8%

#	Ticker	Name	Type	Net flow	% of AUM
1	MGNR	American Beacon GLG Natural Resources ETF	Other	+$344M	+26.6%
2	ALAI	Alger AI Enablers & Adopters ETF	Other	+$234M	+21.4%
3	CNEQ	Alger Concentrated Equity ETF	Other	+$446M	+18.5%
4	FTLS	First Trust Long/Short Equity ETF	Equity Asset Allocation	+$408M	+16.1%
5	BKGI	BNY Mellon Global Infrastructure Income ETF	Other	+$224M	+14.2%
6	SPTS	State Street SPDR Portfolio Short Term Treasury ETF	Bond Short Treasury	+$983M	+13.5%
7	VGSH	Vanguard Short-Term Treasury ETF	Bond Short Treasury	+$3.86B	+11.2%
8	DBA	Invesco DB Agriculture Fund	Other	+$142M	+10.2%
9	SCHO	Schwab Short-Term U.S. Treasury ETF	Bond Short Treasury	+$1.46B	+9.7%
10	TBLL	Invesco Short Term Treasury ETF	Other	+$261M	+9.2%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	-$3.93B	-0.4%
2	VGIT	Vanguard Intermediate-Term Treasury ETF	Bond Intermediate Treasury	-$3.3B	-8.2%
3	GOVT	iShares U.S. Treasury Bond ETF	Bond Intermediate Treasury	-$2.5B	-6.0%
4	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	-$1.93B	-1.1%
5	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	-$1.51B	-4.7%
6	XLF	State Street Financial Select Sector SPDR ETF	Equity Broad Sector	-$1.03B	-1.9%
7	DRAM	Roundhill Memory ETF	Other	-$863M	-3.3%
8	HYG	iShares iBoxx $ High Yield Corporate Bond ETF	Bond High Yield Corporate	-$757M	-4.7%
9	ITOT	iShares Core S&P Total U.S. Stock Market ETF	Equity US Total Market	-$690M	-0.7%
10	SMH	VanEck Semiconductor ETF	Equity Industry Subsector	-$676M	-1.0%

#	Ticker	Name	Type	Net flow	% of AUM
1	XOVR	ERShares Private-Public Crossover ETF	Equity Thematic	-$223M	-12.6%
2	TAN	Invesco Solar ETF	Other	-$125M	-11.6%
3	VGIT	Vanguard Intermediate-Term Treasury ETF	Bond Intermediate Treasury	-$3.3B	-8.2%
4	ITB	iShares U.S. Home Construction ETF	Other	-$195M	-8.1%
5	ETHU	2x Ether ETF	Other	-$77M	-6.8%
6	GOVT	iShares U.S. Treasury Bond ETF	Bond Intermediate Treasury	-$2.5B	-6.0%
7	EWH	iShares MSCI Hong Kong ETF	Other	-$73M	-6.0%
8	AIA	iShares Asia 50 ETF	Other	-$278M	-5.4%
9	XNTK	State Street SPDR NYSE Technology ETF	Other	-$100M	-5.3%
10	KBE	State Street SPDR S&P Bank ETF	Other	-$79M	-4.8%

Asset allocation rotation · Past month

Equity ETFs drew the largest net inflows (+$45.4B), followed by Bond (+$20.8B), while Real Estate (−$162M) saw the largest outflows.
Within the mix, money rotated into US Nasdaq Growth (+$15.3B) and out of Intermediate Treasury (−$8.7B).
Relative to fund size, CNEQ drew the largest inflow (+96.5% of AUM) and TAN the largest outflow (−20.2%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$24.31B	+2.3%
2	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	+$12.08B	+2.5%
3	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$7.92B	+7.6%
4	GLD	SPDR Gold Shares	Commodity Gold	+$5.56B	+3.8%
5	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$5.37B	+0.8%
6	TLT	iShares 20+ Year Treasury Bond ETF	Bond Long Treasury	+$5.28B	+11.5%
7	VGSH	Vanguard Short-Term Treasury ETF	Bond Short Treasury	+$4.58B	+15.0%
8	SCHD	Schwab U.S. Dividend Equity ETF	Equity Dividend Income	+$3.74B	+3.4%
9	AVLV	Avantis U.S. Large Cap Value ETF	Other	+$3.4B	+17.9%
10	QQQM	Invesco NASDAQ 100 ETF	Equity US Nasdaq Growth	+$3.22B	+3.1%

#	Ticker	Name	Type	Net flow	% of AUM
1	CNEQ	Alger Concentrated Equity ETF	Other	+$1.51B	+96.5%
2	USMC	Principal U.S. Mega-Cap ETF	Other	+$1.42B	+32.2%
3	FINA	Fidelity MSCI North American Subset Index ETF	Other	+$452M	+30.9%
4	BFLX	iShares Flexible Equity Active ETF	Other	+$461M	+27.2%
5	ACYN	FT Vest Laddered Autocallable Barrier & Income ETF	Other	+$422M	+26.4%
6	ZROZ	PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund	Other	+$308M	+23.0%
7	ETHA	iShares Ethereum Trust ETF	Crypto	+$1.31B	+22.6%
8	BKGI	BNY Mellon Global Infrastructure Income ETF	Other	+$304M	+22.6%
9	FLTW	Franklin FTSE Taiwan ETF	Other	+$736M	+20.8%
10	SPTS	State Street SPDR Portfolio Short Term Treasury ETF	Bond Short Treasury	+$1.22B	+20.0%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	-$13.5B	-1.5%
2	IEF	iShares 7-10 Year Treasury Bond ETF	Bond Intermediate Treasury	-$4.83B	-11.2%
3	XLF	State Street Financial Select Sector SPDR ETF	Equity Broad Sector	-$4.47B	-7.9%
4	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	-$3.41B	-0.4%
5	SOXX	iShares Semiconductor ETF	Equity Industry Subsector	-$3.34B	-7.8%
6	VGIT	Vanguard Intermediate-Term Treasury ETF	Bond Intermediate Treasury	-$2.46B	-5.8%
7	SMH	VanEck Semiconductor ETF	Equity Industry Subsector	-$1.82B	-2.6%
8	GOVT	iShares U.S. Treasury Bond ETF	Bond Intermediate Treasury	-$1.78B	-4.1%
9	HYG	iShares iBoxx $ High Yield Corporate Bond ETF	Bond High Yield Corporate	-$1.44B	-8.1%
10	XLK	State Street Technology Select Sector SPDR ETF	Equity Broad Sector	-$1.28B	-1.1%

#	Ticker	Name	Type	Net flow	% of AUM
1	TAN	Invesco Solar ETF	Other	-$264M	-20.2%
2	XOVR	ERShares Private-Public Crossover ETF	Equity Thematic	-$298M	-16.0%
3	USO	United States Oil Fund, LP	Commodity Energy	-$283M	-15.0%
4	XNTK	State Street SPDR NYSE Technology ETF	Other	-$315M	-14.6%
5	SNXX	Tradr 2X Long SNDK Daily ETF	Other	-$213M	-11.7%
6	IEF	iShares 7-10 Year Treasury Bond ETF	Bond Intermediate Treasury	-$4.83B	-11.2%
7	EWZ	iShares MSCI Brazil ETF	Equity Emerging Markets	-$891M	-10.9%
8	IBTG	iShares iBonds Dec 2026 Term Treasury ETF	Other	-$197M	-9.4%
9	AIQ	Global X - Artificial Intelligence & Technology ETF	Other	-$942M	-9.3%
10	CLIP	Global X - 1-3 Month T-Bill ETF	Cash	-$220M	-9.2%

Asset allocation rotation · Past 3 months

Equity ETFs drew the largest net inflows (+$156.1B), followed by Bond (+$62.8B), while Crypto (−$758M) saw the largest outflows.
Within the mix, money rotated into US Large Cap Core (+$30.4B) and out of Intermediate Treasury (−$4.5B).
Relative to fund size, BFLX drew the largest inflow (+132.3% of AUM) and VLUE the largest outflow (−47.8%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$17.91B	+11.2%
2	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$16.26B	+16.4%
3	DRAM	Roundhill Memory ETF	Other	+$15.42B	+64.1%
4	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$15.17B	+2.3%
5	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	+$14.23B	+1.8%
6	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	+$11.99B	+2.5%
7	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	+$10.97B	+1.2%
8	QQQM	Invesco NASDAQ 100 ETF	Equity US Nasdaq Growth	+$10.21B	+10.2%
9	SCHD	Schwab U.S. Dividend Equity ETF	Equity Dividend Income	+$10.06B	+10.0%
10	SOXX	iShares Semiconductor ETF	Equity Industry Subsector	+$9.79B	+22.5%

#	Ticker	Name	Type	Net flow	% of AUM
1	BFLX	iShares Flexible Equity Active ETF	Other	+$2.07B	+132.3%
2	ACYN	FT Vest Laddered Autocallable Barrier & Income ETF	Other	+$1.19B	+98.0%
3	DRAM	Roundhill Memory ETF	Other	+$15.42B	+64.1%
4	FINA	Fidelity MSCI North American Subset Index ETF	Other	+$792M	+59.0% ⚠
5	SNXX	Tradr 2X Long SNDK Daily ETF	Other	+$1.4B	+58.7% ⚠
6	FLKR	Franklin FTSE South Korea ETF	Other	+$743M	+56.7%
7	ARKQ	ARK Autonomous Technology & Robotics ETF	Equity Thematic	+$1.13B	+55.4% ⚠
8	FTLS	First Trust Long/Short Equity ETF	Equity Asset Allocation	+$1.28B	+52.1%
9	CBOX		Other	+$570M	+47.4%
10	AVLV	Avantis U.S. Large Cap Value ETF	Other	+$8.05B	+46.5%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	-$12.69B	-1.3%
2	IEF	iShares 7-10 Year Treasury Bond ETF	Bond Intermediate Treasury	-$5.09B	-10.8%
3	VLUE	iShares MSCI USA Value Factor ETF	Equity Factor Smart Beta	-$4.67B	-47.8%
4	IGV	iShares Expanded Tech-Software Sector ETF	Equity Industry Subsector	-$3.32B	-23.8%
5	IWM	iShares Russell 2000 ETF	Equity US Small Cap Core	-$2.86B	-3.5%
6	IQMM	ProShares - GENIUS Money Market ETF	Other	-$2.37B	-12.3%
7	IAU	iShares Gold Trust	Commodity Gold	-$2.3B	-3.7%
8	EWZ	iShares MSCI Brazil ETF	Equity Emerging Markets	-$1.94B	-21.5%
9	VO	Vanguard Morningstar Mid-Cap ETF	Equity US Mid Cap Core	-$1.87B	-1.7%
10	SCZ	iShares MSCI EAFE Small-Cap ETF	Equity International Small Cap	-$1.63B	-12.1%

#	Ticker	Name	Type	Net flow	% of AUM
1	VLUE	iShares MSCI USA Value Factor ETF	Equity Factor Smart Beta	-$4.67B	-47.8%
2	FTXL	First Trust Nasdaq Semiconductor ETF	Other	-$978M	-42.6%
3	NASA	Tema Space Innovators ETF	Equity Thematic	-$433M	-35.2%
4	TAN	Invesco Solar ETF	Other	-$493M	-31.9%
5	FXI	iShares China Large-Cap ETF	Equity Emerging Markets	-$1.27B	-29.3%
6	IGV	iShares Expanded Tech-Software Sector ETF	Equity Industry Subsector	-$3.32B	-23.8%
7	PSI	Invesco Semiconductors ETF	Other	-$563M	-21.8%
8	LCTU	iShares U.S. Carbon Transition Readiness Aware Active ETF	Other	-$274M	-21.8%
9	XOVR	ERShares Private-Public Crossover ETF	Equity Thematic	-$415M	-21.7%
10	EWZ	iShares MSCI Brazil ETF	Equity Emerging Markets	-$1.94B	-21.5%

Largest ETF fund flows across ~2625 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
FRVO	Fervo Energy	3.1	28.4%	-45.9%
CRK	Comstock Resources	4.7	11.0%	-30.9%
MMED	Minimed	6.3	10.7%	21.3%
MRNA	Moderna	61.4	9.9%	423.1%
CTMX	CytomX Therapeutics	0.8	9.2%	-13.8%
EIX	Edison International	22.6	8.9%	1.8%
CBIO	Crescent Biopharma	0.5	8.0%	51.2%
NVAX	Novavax	1.7	8.0%	50.6%
CLYM	Climb Bio	1.1	7.9%	270.5%
CNXC	Concentrix	2.0	7.2%	-19.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ALMS	Alumis	1.2	-56.6%	-3.0%
ADBT	Advasa	1.8	-18.9%	-41.2%
ENOV	Enovis	1.2	-16.5%	-22.9%
RPD	Rapid7	0.8	-10.8%	-21.0%
OSW	OneSpaWorld	2.3	-10.4%	7.9%
PS	Pershing Square	15.4	-10.3%	59.7%
SPIR	Spire Global	0.5	-9.4%	60.3%
IE	Ivanhoe Electric	1.6	-9.3%	-37.2%
BW	Babcock & Wilcox Enterprises	1.0	-9.3%	7.9%
SN	SharkNinja	24.7	-9.1%	56.3%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
ANF	Abercrombie & Fitch	6.3	29.2%	11.8%
OKTA	Okta	29.3	27.4%	92.5%
CRM	Salesforce	224.0	25.5%	-2.1%
CAPR	Capricor Therapeutics	0.6	20.7%	-65.3%
CNXC	Concentrix	2.0	20.1%	-19.2%
FRVO	Fervo Energy	3.1	20.1%	-45.9%
STDN	Standard Nuclear	2.7	18.8%	34.6%
MMED	Minimed	6.3	18.5%	21.3%
KVYO	Klaviyo	6.1	17.3%	-36.4%
CRWD	CrowdStrike	218.3	16.0%	83.5%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
ALMS	Alumis	1.2	-60.5%	-3.0%
ADBT	Advasa	1.8	-41.2%	-41.2%
LPTH	LightPath Technologies	0.6	-31.3%	-12.3%
PCG	PG&E	31.0	-23.4%	-12.0%
FRMI	Fermi	3.0	-23.0%	-42.1%
GENB	Generate Biomedicines	2.0	-22.5%	24.8%
TRON	Tron	0.8	-22.3%	32.3%
EIX	Edison International	22.6	-21.4%	1.8%
NXTT	Next Technology	0.8	-20.6%	-11.8%
AEHR	Aehr Test Systems	2.4	-19.9%	279.3%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
NXTT	Next Technology	0.8	539.4%	-11.8%
MRNA	Moderna	61.4	179.8%	423.1%
CAPR	Capricor Therapeutics	0.6	138.3%	-65.3%
QMCO	Quantum	0.5	128.9%	274.7%
OABI	OmniAb	0.6	126.5%	140.0%
STDN	Standard Nuclear	2.7	115.6%	34.6%
ABCL	AbCellera Biologics	3.4	93.5%	229.8%
IOVA	Iovance Biotherapeutics	3.7	91.9%	203.3%
HTFL	HeartFlow	4.4	88.5%	73.0%
TEAM	Atlassian	47.3	80.3%	15.4%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
ALMS	Alumis	1.2	-63.7%	-3.0%
IESC	IES	12.0	-51.0%	-22.7%
UTI	Universal Technical Institute	1.1	-49.5%	-20.2%
AHCO	AdaptHealth	0.8	-49.1%	-44.7%
REZI	Resideo Technologies	2.9	-46.9%	-45.2%
PLTK	Playtika	0.8	-45.8%	-44.3%
LINC	Lincoln Educational Services	0.8	-43.7%	0.6%
CDNL	Cardinal Infrastructure	0.6	-42.9%	48.9%
LASR	nLight	2.3	-42.5%	7.5%
LCID	Lucid	1.7	-40.9%	-57.0%

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	67.6	41.7	10.5	12.0	13.9	13.0
Expense Ratio	0.60%	0.35%	0.33%	0.44%	0.35%	0.37%	0.36%
10-D Avg Volume (Mil)	0.42	10.73	9.58	1.55	8.75	0.78	5.15
Latest Day Volume (Mil)	0.01	2.03	3.34	0.29	1.16	-	1.16
Holdings Count	49	26	30	247	155	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	44.13	553.12	508.44	208.98	168.23	232.77	-
Premium/Discount	-1.5%	-1.4%	-1.6%	0.9%	-2.9%	-3.1%	-1.5%
Distribution Yield	0.4%	0.2%	0.3%	0.2%	0.3%	0.0%	0.2%
Sales Yield	31.1%	7.8%	8.2%	12.0%	8.2%	31.4%	10.1%
Earnings Yield	2.5%	2.6%	2.3%	1.8%	1.2%	2.8%	2.4%

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	12.8x	12.2x	8.4x	12.2x	3.2x	10.3x
P/E (TTM)	40.5x	38.7x	43.8x	55.2x	81.2x	36.3x	42.1x
P/FCF (TTM)	56.5x	46.7x	51.1x	-	-	38.3x	48.9x
Forward P/E	31.9x	-	-	-	64.4x	29.7x	31.9x
Forward P/S	2.8x	-	-	-	8.0x	2.9x	2.9x

Risk

	MISL	SMH	SOXX	IBB	XBI	ITA	Median
Name	First Trus.	VanEck Sem.	iShares Se.	iShares Bi.	State Stre.	iShares U..
Volatility (1Y)	25.5%	39.3%	45.3%	21.8%	28.0%	23.2%	26.8%
Volatility (3Y)	20.8%	36.8%	39.4%	20.9%	27.9%	20.1%	24.4%
Volatility (5Y)	19.9%	36.6%	38.4%	22.2%	32.3%	20.3%	27.3%
Beta (1Y)	1.19	2.38	2.59	0.77	1.05	1.03	1.12
Beta (3Y)	0.87	1.97	2.05	0.82	1.03	0.85	0.95
Beta (5Y)	0.81	1.76	1.81	0.86	1.16	0.81	1.01
Sharpe Ratio (1Y)	0.54	1.81	1.81	2.05	2.29	0.68	1.81
Sharpe Ratio (3Y)	1.15	1.37	1.17	0.92	1.02	1.26	1.16
Sharpe Ratio (5Y)	1.10	0.97	0.83	0.31	0.32	0.88	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	-1.9%	-0.0%	-1.5%	13.4%	10.9%	-8.4%	-0.7%
3M Return	-8.0%	-13.8%	-17.3%	28.3%	27.9%	-1.3%	-4.6%
6M Return	-12.8%	39.4%	49.5%	24.0%	32.3%	-7.9%	28.2%
YTD Return	1.6%	51.4%	66.2%	25.0%	34.0%	5.1%	29.5%
1Y Return	11.3%	88.4%	104.8%	52.9%	82.5%	14.1%	67.7%
2Y Return	41.9%	124.2%	120.0%	43.3%	62.3%	57.5%	59.9%
3Y Return	92.9%	270.7%	215.1%	66.6%	108.8%	101.9%	105.3%

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

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First Trust Indxx Aerospace & Defense ETF (MISL)

Market Price (9/2/2026): $42.955

First Trust Indxx Aerospace & Defense ETF (MISL)

Market Price (9/2/2026): $42.955

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