First Trust Indxx Aerospace & Defense ETF (MISL)

Market Price (9/1/2026): $43.465

First Trust Indxx Aerospace & Defense ETF (MISL)

Market Price (9/1/2026): $43.465

Key Takeaways

MISL has returned +3.2% YTD vs +12.8% for SPY; +12.9% over the past 12 months (SPY +19.9%). details →
Priced in gold, MISL has returned -16.7% over the past 3 years, vs +91.6% 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 32.2x forward earnings — a 277% premium to SPY (8.5x). details →
MISL's top 10 holdings represent 63% of the fund vs 37% for SPY — a more concentrated portfolio. details →

Last updated: 8/31/2026.

Price Chart

ETF Price
Price/Gold

Asset Allocation with MISL

Risk Tolerance:

ConservativeModerateAggressive

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

10Y Return (ann.)

+7.7%

Volatility

7.8%

Sharpe

0.63

YTD

+3.8%

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%	0.0%	-0.6%	-0.4%	3.2%
Bond	BND	50.0%	0.0%	-0.9%	-0.2%	-0.5%
Gold	GLD	10.0%	0.0%	-4.6%	9.9%	3.1%
Commodity	DBC	2.5%	0.0%	2.9%	8.4%	40.0%
Real Estate	VNQ	5.0%	0.0%	-2.8%	-2.7%	11.1%
Bitcoin	BTCUSD	0.0%	1.2%	-0.0%	23.8%	-10.2%
Cash	GOVT	7.5%	0.0%	-0.6%	0.1%	-0.8%
Conservative Portfolio		100.0%	0.0%	-1.2%	0.9%	2.3%

	ETF	%	1D	1W	1M	YTD
Equity	MISL	55.0%	0.0%	-0.6%	-0.4%	3.2%
Bond	BND	25.0%	0.0%	-0.9%	-0.2%	-0.5%
Gold	GLD	7.0%	0.0%	-4.6%	9.9%	3.1%
Commodity	DBC	4.0%	0.0%	2.9%	8.4%	40.0%
Real Estate	VNQ	5.0%	0.0%	-2.8%	-2.7%	11.1%
Bitcoin	BTCUSD	2.0%	1.2%	-0.0%	23.8%	-10.2%
Cash	GOVT	2.0%	0.0%	-0.6%	0.1%	-0.8%
Moderate Portfolio		100.0%	0.0%	-0.9%	1.1%	3.8%

	ETF	%	1D	1W	1M	YTD
Equity	MISL	80.0%	0.0%	-0.6%	-0.4%	3.2%
Bond	BND	5.0%	0.0%	-0.9%	-0.2%	-0.5%
Gold	GLD	3.0%	0.0%	-4.6%	9.9%	3.1%
Commodity	DBC	2.2%	0.0%	2.9%	8.4%	40.0%
Real Estate	VNQ	4.5%	0.0%	-2.8%	-2.7%	11.1%
Bitcoin	BTCUSD	5.2%	1.2%	-0.0%	23.8%	-10.2%
Cash	GOVT	0.0%	0.0%	-0.6%	0.1%	-0.8%
Aggressive Portfolio		100.0%	0.1%	-0.7%	1.3%	3.5%

	ETF	%	Return	Volatility	Sharpe
Equity	MISL	25.0%	0.0%	11.0%	0.46
Bond	BND	50.0%	1.3%	5.1%	-0.27
Gold	GLD	10.0%	12.3%	15.3%	0.63
Commodity	DBC	2.5%	7.6%	17.4%	0.32
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%	0.4%	4.9%	-0.48
Conservative Portfolio		100.0%	4.4%	5.9%	0.29

	ETF	%	Return	Volatility	Sharpe
Equity	MISL	55.0%	0.0%	11.0%	0.46
Bond	BND	25.0%	1.3%	5.1%	-0.27
Gold	GLD	7.0%	12.3%	15.3%	0.63
Commodity	DBC	4.0%	7.6%	17.4%	0.32
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%	0.4%	4.9%	-0.48
Moderate Portfolio		100.0%	7.7%	7.8%	0.63

	ETF	%	Return	Volatility	Sharpe
Equity	MISL	80.0%	0.0%	11.0%	0.46
Bond	BND	5.0%	1.3%	5.1%	-0.27
Gold	GLD	3.0%	12.3%	15.3%	0.63
Commodity	DBC	2.2%	7.6%	17.4%	0.32
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%	0.4%	4.9%	-0.48
Aggressive Portfolio		100.0%	11.1%	10.6%	0.79

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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Tailored Asset Allocation
[1] Personalized 5 Level Risk Tolerance Assessment
[2] Asset Allocation for My Risk Tolerance

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Top 20 Holdings for MISL

Total Weights
Top 5: 42.2% | Top 10: 62.5% | Top 20: 87.5%

Ticker	Holding	ETF Weight	Sales Weight	Earnings Weight	Fwd P/S	Fwd P/E	Fwd Sales Growth	Fwd Earnings Growth
Total		99.70%	100.00%	100.00%	2.8	32.2	+11.1%	+16.3%
Top 20		87.48%	80.04%	87.16%	3.1	33.3	+11.8%	+16.5%
PLTR	Palantir Technologies	11.08%	0.50%	3.05%	39.9	99.7	+49.5%	+40.0%
RTX	RTX	8.53%	9.24%	9.61%	2.8	26.6	+7.4%	+8.8%
GE	GE Aerospace	7.60%	3.58%	7.98%	6.4	38.3	+11.1%	+12.8%
BA	Boeing	7.56%	14.07%	4.58%	1.5	79.0	+14.8%	—
SPCX	Space Exploration Technologies	7.42%	0.59%	—	9.5	204.3	+139.0%	+260.6%
LMT	Lockheed Martin	4.30%	8.40%	8.62%	1.5	17.3	+5.7%	+6.9%
GD	General Dynamics	4.09%	7.27%	7.47%	1.7	20.2	+4.9%	+9.0%
NOC	Northrop Grumman	4.06%	7.39%	9.74%	1.7	18.0	+6.9%	+4.1%
HEI	Heico	4.01%	1.46%	3.01%	7.8	46.1	+11.1%	+12.8%
HWM	Howmet Aerospace	3.88%	1.17%	3.03%	8.8	39.5	+13.3%	+20.6%
TDG	TransDigm	3.71%	1.79%	4.80%	5.8	24.1	+10.1%	+17.5%
LHX	L3Harris Technologies	3.61%	5.43%	5.54%	2.0	20.1	+7.0%	+15.0%
RKLB	Rocket Lab	3.36%	0.21%	—	31.2	—	+46.1%	—
ASTS	AST SpaceMobile	2.60%	0.06%	—	30.5	—	+351.0%	—
CW	Curtiss-Wright	2.44%	1.35%	2.51%	5.3	34.7	+8.2%	+10.2%
FTAI	FTAI Aviation	2.19%	1.14%	2.28%	3.4	16.5	+65.6%	+140.5%
WWD	Woodward	2.13%	1.44%	2.38%	4.3	30.9	+8.9%	+12.3%
LDOS	Leidos	1.87%	6.08%	5.96%	0.9	10.5	+4.7%	+4.6%
TXT	Textron	1.53%	5.46%	4.21%	0.9	11.1	+3.7%	+12.4%
CACI	CACI International	1.51%	3.42%	2.40%	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 8/31	1D Rtn	1M Rtn	YTD Rtn	1Y Rtn	3Y Rtn	5Y Rtn	10Y Rtn
MISL	First Trust Indxx Aerospace & Defense ETF	100.00%	44.14	-1.1%	2.6%	3.2%	12.9%	91.6%
PLTR	Palantir Technologies	11.08%	186.38	0.0%	51.5%	4.9%	18.9%	1,127.8%	611.4%
RTX	RTX	8.53%	207.73	-1.9%	-3.2%	14.5%	32.9%	155.6%	175.0%	316.5%
GE	GE Aerospace	7.60%	335.71	-2.0%	-6.8%	9.3%	22.6%	274.3%	427.7%	147.7%
BA	Boeing	7.56%	207.78	-1.0%	-3.9%	-4.3%	-11.5%	-7.0%	-4.7%	72.2%
SPCX	Space Exploration Technologies	7.42%	143.69	1.5%	32.6%
LMT	Lockheed Martin	4.30%	557.78	-1.1%	-4.3%	16.7%	25.7%	34.0%	77.7%	196.6%
GD	General Dynamics	4.09%	371.35	-2.1%	-3.1%	11.8%	16.4%	74.1%	106.4%	199.9%
NOC	Northrop Grumman	4.06%	539.70	-0.6%	-0.1%	-4.2%	-6.7%	30.2%	60.4%	197.2%
HEI	Heico	4.01%	331.15	-1.6%	-7.1%	2.4%	6.2%	96.0%	162.8%	846.2%
HWM	Howmet Aerospace	3.88%	244.95	-7.5%	-13.2%	19.7%	41.0%	397.0%	679.0%	1,002.7%
TDG	TransDigm	3.71%	1,171.74	-1.2%	-6.6%	-11.9%	-16.2%	50.4%	131.3%	550.2%
LHX	L3Harris Technologies	3.61%	266.25	1.3%	-3.9%	-8.6%	-2.5%	58.4%	26.4%	242.9%
RKLB	Rocket Lab	3.36%	63.92	-0.7%	-1.6%	-8.4%	31.5%	908.2%	530.4%
ASTS	AST SpaceMobile	2.60%	59.10	1.8%	0.2%	-18.6%	20.8%	1,381.2%	382.1%
CW	Curtiss-Wright	2.44%	582.53	-2.3%	-19.5%	5.7%	22.0%	181.0%	391.2%	569.3%
FTAI	FTAI Aviation	2.19%	190.10	-2.5%	-7.5%	-2.9%	24.5%	426.7%	867.6%	3,170.8%
WWD	Woodward	2.13%	339.82	-0.6%	-5.7%	12.7%	38.2%	165.8%	187.6%	468.2%
LDOS	Leidos	1.87%	140.21	-0.3%	21.3%	-21.8%	-21.7%	46.8%	53.0%	298.9%
TXT	Textron	1.53%	80.56	-3.0%	-5.5%	-7.5%	0.6%	3.3%	12.6%	98.6%
CACI	CACI International	1.51%	623.01	-0.8%	25.2%	16.9%	29.9%	88.1%	142.9%	522.6%

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%	4%	121%
Peers Return	15%	-20%	33%	13%	40%	38%	170%
S&P 500 Return	27%	-19%	24%	23%	16%	13%	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	0.34	0.91	0.91
Equity Top Results (3Y)
IALT	2.11	2.11	2.11
SPMO	0.89	1.38	0.82
VLUE	2.49	1.26	0.69
CORO	1.33	1.25	1.25
CGDV	1.35	1.23	0.94

Results as of 7312026.

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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%			-2%	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 8/31/2026

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 8/31/2026

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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
SCHA	Schwab U.S. Small-Cap ETF	-5.5%	34.16	8312026	36.13	6302026	62
IJK	iShares S&P Mid-Cap 400 Growth ETF	-5.0%	113.15	8312026	119.11	8172026	14
MDYG	State Street SPDR S&P 400 Mid Cap Growth ETF	-5.0%	107.95	8312026	113.69	8172026	14
IJT	iShares S&P Small-Cap 600 Growth ETF	-5.3%	169.65	8312026	179.07	8042026	27
SLYG	State Street SPDR S&P 600 Small Cap Growth ETF	-5.3%	113.22	8312026	119.50	8042026	27
EEM	iShares MSCI Emerging Markets ETF	-5.9%	67.02	8312026	71.21	6222026	70
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	-8.0%	34.33	8312026	37.30	6222026	70
EWY	iShares MSCI South Korea ETF	-17.5%	180.86	8312026	219.20	6212026	71
EWZ	iShares MSCI Brazil ETF	-13.7%	36.03	8312026	41.73	4142026	139
FXI	iShares China Large-Cap ETF	-7.6%	35.37	8312026	38.26	5132026	110
ILF	iShares Latin America 40 ETF	-8.4%	34.90	8312026	38.10	4142026	139
KWEB	KraneShares CSI China Internet ETF	-16.7%	25.81	8312026	30.99	3102026	174
MTUM	iShares MSCI USA Momentum Factor ETF	-13.0%	300.36	8312026	345.22	6222026	70
SPHQ	Invesco S&P 500 Quality ETF	-5.2%	85.40	8312026	90.10	6302026	62
SPMO	Invesco S&P 500 Momentum ETF	-9.0%	147.09	8312026	161.66	6222026	70
URA	Global X Uranium ETF	-21.9%	45.51	8312026	58.26	5062026	117
BOTZ	Global X Funds Global X Robotics & Artificial Intelligence ETF	-13.8%	35.89	8312026	41.63	5132026	110
ROBO	ROBO Global Robotics & Automation Index ETF	-11.0%	80.44	8312026	90.34	6022026	90
LIT	Global X Lithium & Battery Tech ETF	-16.6%	76.37	8312026	91.62	5112026	112
ICLN	iShares Global Clean Energy ETF	-27.2%	17.30	8312026	23.75	6022026	90
ARKQ	ARK Autonomous Technology & Robotics ETF	-14.8%	122.50	8312026	143.82	5282026	95
ARKX	ARK Space & Defense Innovation ETF	-14.2%	32.38	8312026	37.74	5282026	95
NASA	Tema Space Innovators ETF	-44.5%	23.26	8312026	41.89	5272026	96
AGIX	KraneShares Artificial Intelligence ETF	-8.6%	45.13	8312026	49.40	6012026	91
XLK	State Street Technology Select Sector SPDR ETF	-5.9%	186.50	8312026	198.21	6022026	90
XLI	State Street Industrial Select Sector SPDR ETF	-6.1%	175.13	8312026	186.51	8162026	15
XLC	State Street Communication Services Select Sector SPDR ETF	-6.4%	111.46	8312026	119.10	4192026	134
XLU	State Street Utilities Select Sector SPDR ETF	-10.4%	42.23	8312026	47.15	4092026	144
IYJ	iShares U.S. Industrials ETF	-5.1%	161.20	8312026	169.86	8042026	27
SMH	VanEck Semiconductor ETF	-16.8%	556.63	8312026	668.91	6222026	70
SOXX	iShares Semiconductor ETF	-22.0%	511.04	8312026	655.01	6222026	70
ITA	iShares U.S. Aerospace & Defense ETF	-9.8%	228.35	8312026	253.22	8162026	15
IYT	iShares U.S. Transportation ETF	-5.4%	85.14	8312026	90.01	7162026	46
KRE	State Street SPDR S&P Regional Banking ETF	-5.6%	73.56	8312026	77.93	8162026	15
MISL	First Trust Indxx Aerospace & Defense ETF	-12.9%	44.14	8312026	50.66	3022026	182
RING	iShares MSCI Global Gold Miners ETF	-12.7%	86.52	8312026	99.05	3022026	182
SOXQ	Invesco PHLX Semiconductor ETF	-21.2%	90.76	8312026	115.11	6222026	70
TLT	iShares 20+ Year Treasury Bond ETF	-6.5%	82.52	8312026	88.25	3022026	182
VGLT	Vanguard Long-Term Treasury ETF	-5.8%	52.76	8312026	56.03	3022026	182
SPTL	State Street SPDR Portfolio Long Term Treasury ETF	-5.8%	25.19	8312026	26.74	3022026	182
TLH	iShares 10-20 Year Treasury Bond ETF	-5.1%	97.00	8312026	102.21	3022026	182
EDV	Vanguard World Funds Extended Duration ETF	-9.5%	60.17	8312026	66.52	3022026	182
GSG	iShares GSCI Commodity	-5.8%	30.01	8312026	31.85	3182026	166
GLD	SPDR Gold Trust	-16.6%	408.42	8312026	490.00	3022026	182
IAU	iShares Gold Trust	-16.6%	83.71	8312026	100.38	3022026	182
GLDM	SPDR Gold MiniShares Trust	-16.5%	88.11	8312026	105.54	3022026	182
SGOL	ETFS Physical Swiss Gold Shares	-12.1%	44.66	8312026	50.81	3022026	182
BAR	Direxion Daily Gold Bull 3X Shares	-15.6%	44.34	8312026	52.53	3022026	182
SLV	iShares Silver Trust	-26.3%	60.13	8312026	81.57	3022026	182
PPLT	ETFS Physical Platinum Shares	-22.5%	16.25	8312026	20.98	3022026	182
CPER	United States Copper Index Fund ETV	-8.4%	33.33	8312026	36.39	3022026	182
PALL	ETFS Physical Palladium Shares	-23.0%	24.78	8312026	32.19	3022026	182
USO	United States Oil Fund LP	-12.6%	133.70	8312026	152.96	5192026	104
UNG	United States Natural Gas Fund LP	-19.2%	10.54	8312026	13.04	3122026	172
BNO	United States Brent Oil Fund LP ETV	-7.1%	55.85	8312026	60.13	5042026	119
SCHH	Schwab U.S. REIT ETF	-5.1%	23.58	8312026	24.86	7262026	36
USRT	iShares Core U.S. REIT ETF	-6.0%	65.63	8312026	69.82	7262026	36

ETF Fund Flows

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

Net fund flows

#	Ticker	Name	Type	Net flow	% of AUM
No data.

#	Ticker	Name	Type	Net flow	% of AUM
No data.

#	Ticker	Name	Type	Net flow	% of AUM
No data.

#	Ticker	Name	Type	Net flow	% of AUM
No data.

Asset allocation rotation · Past month

Bond ETFs drew the largest net inflows (+$6.3B), followed by Equity (+$5.5B), while Cash (−$745M) and Commodity (−$20M) saw the largest outflows.
Within the mix, money rotated into US Aggregate Core (+$3.6B) and out of Emerging Markets (−$798M).
Relative to fund size, CNEQ drew the largest inflow (+95.0% of AUM) and EWZ the largest outflow (−11.0%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	AVLV	Avantis U.S. Large Cap Value ETF	Other	+$3.41B	+18.1%
2	BND	Vanguard Total Bond Market ETF	Bond US Aggregate Core	+$2.3B	+1.4%
3	EFV	iShares MSCI EAFE Value ETF	Equity International Developed Broad	+$2.02B	+6.4%
4	DYNF	iShares U.S. Equity Factor Rotation Active ETF	Equity Factor Smart Beta	+$1.58B	+3.9%
5	CNEQ	Alger Concentrated Equity ETF	Other	+$1.48B	+95.0%
6	AGG	iShares Core U.S. Aggregate Bond ETF	Bond US Aggregate Core	+$1.33B	+1.0%
7	ETHA	iShares Ethereum Trust ETF	Crypto	+$1.31B	+22.8%
8	BNDX	Vanguard Total International Bond ETF	Bond International	+$1.1B	+1.3%
9	BOXX	Alpha Architect 1-3 Month Box ETF	Other	+$1.1B	+8.1%
10	AVUV	Avantis U.S. Small Cap Value ETF	Equity US Small Value	+$1.05B	+3.3%

#	Ticker	Name	Type	Net flow	% of AUM
1	CNEQ	Alger Concentrated Equity ETF	Other	+$1.48B	+95.0%
2	BFLX	iShares Flexible Equity Active ETF	Other	+$459M	+27.1%
3	ACYN	FT Vest Laddered Autocallable Barrier & Income ETF	Other	+$415M	+26.0%
4	ETHA	iShares Ethereum Trust ETF	Crypto	+$1.31B	+22.8%
5	BKGI	BNY Mellon Global Infrastructure Income ETF	Other	+$295M	+22.1%
6	AVLV	Avantis U.S. Large Cap Value ETF	Other	+$3.41B	+18.1%
7	BHYB	Xtrackers USD High Yield BB-B ex Financials ETF	Other	+$513M	+17.4%
8	CBOX		Other	+$233M	+17.0%
9	FEOE	First Eagle Overseas Equity ETF	Other	+$283M	+16.5%
10	CHPY	YieldMax Semiconductor Portfolio Option Income ETF	Other	+$151M	+13.4%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	AIQ	Global X - Artificial Intelligence & Technology ETF	Other	-$942M	-9.3%
2	EWZ	iShares MSCI Brazil ETF	Equity Emerging Markets	-$891M	-11.0%
3	BIL	State Street SPDR Bloomberg 1-3 Month T-Bill ETF	Cash	-$529M	-1.1%
4	DRAM	Roundhill Memory ETF	Other	-$438M	-1.7%
5	EWY	iShares MSCI South Korea ETF	Equity Emerging Markets	-$387M	-1.4%
6	DIA	State Street SPDR Dow Jones Industrial Average ETF Trust	Equity US Large Concentrated	-$383M	-0.8%
7	EWU	iShares MSCI United Kingdom ETF	Other	-$344M	-8.9%
8	ARKK	ARK Innovation ETF	Equity Thematic	-$284M	-4.5%
9	AKRE	Akre Focus ETF	Equity US Large Growth	-$237M	-4.4%
10	COPX	Global X - Copper Miners ETF	Other	-$222M	-2.7%

#	Ticker	Name	Type	Net flow	% of AUM
1	EWZ	iShares MSCI Brazil ETF	Equity Emerging Markets	-$891M	-11.0%
2	AIQ	Global X - Artificial Intelligence & Technology ETF	Other	-$942M	-9.3%
3	CLIP	Global X - 1-3 Month T-Bill ETF	Cash	-$215M	-9.0%
4	EWU	iShares MSCI United Kingdom ETF	Other	-$344M	-8.9%
5	DTCR	Global X - Data Center & Digital Infrastructure ETF	Other	-$177M	-8.1%
6	EWA	iShares MSCI Australia ETF	Other	-$102M	-7.6%
7	EWW	iShares MSCI Mexico ETF	Other	-$137M	-7.5%
8	CORP	PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund	Other	-$114M	-7.2%
9	BITO	ProShares Bitcoin ETF	Other	-$96M	-6.5%
10	ARKK	ARK Innovation ETF	Equity Thematic	-$284M	-4.5%

Asset allocation rotation · Past 3 months

Bond ETFs drew the largest net inflows (+$3.8B), followed by Equity (+$3.6B), while Commodity (−$65M) saw the largest outflows.
Within the mix, money rotated into US Aggregate Core (+$3.8B) and out of US Large Growth (−$968M).
Relative to fund size, BFLX drew the largest inflow (+132.2% of AUM) and AKRE the largest outflow (−18.1%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	AVLV	Avantis U.S. Large Cap Value ETF	Other	+$8.06B	+46.6%
2	AGG	iShares Core U.S. Aggregate Bond ETF	Bond US Aggregate Core	+$3.81B	+2.8%
3	AVUV	Avantis U.S. Small Cap Value ETF	Equity US Small Value	+$3.01B	+10.1%
4	AVEM	Avantis Emerging Markets Equity ETF	Other	+$2.75B	+10.6%
5	BFLX	iShares Flexible Equity Active ETF	Other	+$2.06B	+132.2%
6	AVDE	Avantis International Equity ETF	Other	+$1.75B	+9.9%
7	BBJP	JPMorgan BetaBuilders Japan ETF	Other	+$1.37B	+7.8%
8	ACYN	FT Vest Laddered Autocallable Barrier & Income ETF	Other	+$1.18B	+98.9%
9	ARKQ	ARK Autonomous Technology & Robotics ETF	Equity Thematic	+$1.13B	+55.7% ⚠
10	AVUS	Avantis U.S. Equity ETF	Other	+$852M	+6.1%

#	Ticker	Name	Type	Net flow	% of AUM
1	BFLX	iShares Flexible Equity Active ETF	Other	+$2.06B	+132.2%
2	ACYN	FT Vest Laddered Autocallable Barrier & Income ETF	Other	+$1.18B	+98.9%
3	ARKQ	ARK Autonomous Technology & Robotics ETF	Equity Thematic	+$1.13B	+55.7% ⚠
4	AVLV	Avantis U.S. Large Cap Value ETF	Other	+$8.06B	+46.6%
5	BKGI	BNY Mellon Global Infrastructure Income ETF	Other	+$520M	+43.6%
6	BHYB	Xtrackers USD High Yield BB-B ex Financials ETF	Other	+$736M	+28.3%
7	BKDV	BNY Mellon Dynamic Value ETF	Other	+$346M	+20.2%
8	AVGE	Avantis All Equity Markets ETF	Other	+$211M	+19.4%
9	ALLW	State Street Bridgewater All Weather ETF	Equity Asset Allocation	+$271M	+16.9%
10	AVLC	Avantis U.S. Large Cap Equity ETF	Other	+$193M	+14.2%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	AKRE	Akre Focus ETF	Equity US Large Growth	-$968M	-18.1%
2	ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	Equity Emerging Markets	-$246M	-15.5%
3	AIQ	Global X - Artificial Intelligence & Technology ETF	Other	-$228M	-2.2%
4	ARKX	ARK Space & Defense Innovation ETF	Equity Thematic	-$222M	-26.2%
5	BAI	iShares A.I. Innovation and Tech Active ETF	Other	-$152M	-1.1%
6	BAB	Invesco Taxable Municipal Bond ETF	Other	-$147M	-14.2%
7	ACWI	iShares MSCI ACWI ETF	Other	-$127M	-0.4%
8	BITO	ProShares Bitcoin ETF	Other	-$123M	-8.6%
9	AVSD	Avantis Responsible International Equity ETF	Other	-$114M	-24.5%
10	APUE	ActivePassive U.S. Equity ETF	Other	-$99M	-4.0%

Largest ETF fund flows across ~ 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

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Peer Comparisons

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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	44.54	553.12	508.44	208.98	168.23	232.77	-
Premium/Discount	0.2%	-0.0%	0.0%	-0.0%	-3.5%	0.0%	0.0%
Distribution Yield	0.4%	0.2%	0.3%	0.2%	0.4%	0.0%	0.2%
Sales Yield	30.9%	7.7%	8.0%	12.0%	8.3%	31.0%	10.1%
Earnings Yield	2.5%	2.5%	2.2%	1.8%	1.2%	2.7%	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	13.1x	12.5x	8.3x	12.1x	3.2x	10.2x
P/E (TTM)	40.7x	39.6x	44.9x	54.8x	80.8x	36.7x	42.8x
P/FCF (TTM)	56.6x	47.8x	52.3x	-	-	38.7x	50.1x
Forward P/E	32.7x	-	-	-	65.7x	30.5x	32.7x
Forward P/S	2.9x	-	-	-	8.2x	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)	25.4%	39.3%	45.3%	21.8%	28.0%	23.0%	26.7%
Volatility (3Y)	20.8%	36.8%	39.4%	20.9%	27.9%	20.1%	24.4%
Volatility (5Y)	19.9%	36.7%	38.5%	22.2%	32.4%	20.3%	27.3%
Beta (1Y)	1.19	2.39	2.60	0.78	1.05	1.03	1.12
Beta (3Y)	0.86	1.97	2.05	0.82	1.03	0.85	0.95
Beta (5Y)	0.81	1.76	1.82	0.86	1.16	0.81	1.01
Sharpe Ratio (1Y)	0.62	1.78	1.79	2.00	2.25	0.81	1.79
Sharpe Ratio (3Y)	1.18	1.36	1.16	0.90	1.01	1.30	1.17
Sharpe Ratio (5Y)	1.14	1.00	0.85	0.32	0.34	0.93	0.89
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	3.7%	2.3%	0.7%	12.1%	10.5%	-2.9%	3.0%
3M Return	-6.0%	-9.0%	-11.1%	23.4%	21.5%	1.3%	-2.4%
6M Return	-11.9%	36.1%	44.6%	20.2%	28.3%	-7.0%	24.3%
YTD Return	4.3%	53.6%	69.0%	23.9%	33.2%	8.5%	28.5%
1Y Return	13.2%	85.6%	102.2%	51.5%	80.5%	16.8%	66.0%
2Y Return	45.6%	129.7%	126.2%	42.0%	60.3%	63.1%	61.7%
3Y Return	98.6%	276.7%	221.7%	66.1%	109.8%	109.6%	109.7%

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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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 (9/1/2026): $43.465

First Trust Indxx Aerospace & Defense ETF (MISL)

Market Price (9/1/2026): $43.465

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In The Past

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MISL Dip Buy History

Current Dip Buy Opportunities Across ETFs

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Asset allocation rotation · Past month

Asset allocation rotation · Past 3 months

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