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First Trust RBA American Industrial Renaissance® ETF (AIRR)
Investment Objective/Strategy - The Fund seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an index called the Richard Bernstein Advisors American Industrial Renaissance® Index (the "Index"). The Fund will normally invest at least 90% of its net assets (plus the amount of any borrowings for investment purposes) in U.S. equity securities that comprise the Index. The Index is designed to measure the performance of small and mid cap U.S. companies in the industrial and community banking sectors.
There can be no assurance that the Fund's investment objectives will be achieved.
Index Description According to the Index Provider
  • The Richard Bernstein Advisors American Industrial Renaissance® Index is designed to measure the performance of small and mid cap U.S. companies in the industrial and community banking sectors.
  • To construct the index, Richard Bernstein Advisors LLC (RBA) begins with the Russell 2500 Index and eliminates companies not directly related to manufacturing and related infrastructure, and banking.
  • Banks will then be chosen from states considered to be traditional manufacturing hubs.
  • Bank stocks will be limited to a maximum of approximately 10% of the index at rebalance.
  • RBA screens to exclude companies with non-U.S. sales greater than or equal to 25% and for positive 12-month forward earnings estimates.
  • RBA uses a proprietary portfolio optimization method to weight each individual constituent company. No position will exceed approximately 4% of the total index at rebalance. Other criteria:
    • $6 minimum share price
    • $200 million minimum market cap
    • Liquidity of at least $500k trading volume on average each day
  • At each quarter the index is rebalanced such that each segment of the index will be capped at its predetermined weight. If at any time during the year other than the rebalancing date, a security no longer meets the eligibility criteria, or is otherwise determined to have become ineligible for inclusion in the index, the security is removed from the index and is not replaced.
Fund Overview
Fund TypeIndustrials
Investment AdvisorFirst Trust Advisors L.P.
Investor Servicing AgentBrown Brothers Harriman
Fiscal Year-End09/30
Inception Price$19.98
Inception NAV$19.98
Rebalance FrequencyQuarterly
Expense Ratio*0.70%
* As of 2/1/2023
The Investment Advisor has implemented fee breakpoints, which reduce the fund's investment management fee at certain assets levels. Please see the fund's SAI for full details.
Current Fund Data (as of 6/2/2023)
Closing NAV1$50.47
Closing Market Price2$50.58
Bid/Ask Midpoint$50.54
Bid/Ask Premium0.14%
30-Day Median Bid/Ask Spread30.15%
Total Net Assets$325,530,986
Outstanding Shares6,450,002
Daily Volume21,471
Average 30-Day Daily Volume39,071
Closing Market Price 52-Week High/Low$51.63 / $36.26
Closing NAV 52-Week High/Low$51.57 / $36.29
Number of Holdings (excluding cash)50
Top Holdings (as of 6/2/2023)*
Holding Percent
SPX Technologies 4.42%
Hubbell Incorporated 4.34%
MasTec, Inc. 4.19%
Arcosa, Inc. 4.16%
Comfort Systems USA, Inc. 4.14%
Dycom Industries, Inc. 4.08%
Sterling Infrastructure Inc. 3.97%
Federal Signal Corporation 3.96%
EMCOR Group, Inc. 3.88%
Mueller Water Products, Inc. 3.83%

* Excluding cash.  Holdings are subject to change.

NAV History (Since Inception)
Past performance is not indicative of future results.
Overall Morningstar RatingTM (as of 4/30/2023)4

Among 41 funds in the Industrials category. This fund was rated 5 stars/41 funds (3 years), 5 stars/37 funds (5 years) based on risk adjusted returns.
Distribution Information
Dividend per Share Amt (as of 6/3/2023)5$0.0291
30-Day SEC Yield (as of 4/28/2023)60.13%
12-Month Distribution Rate (as of 4/28/2023)70.18%
Index Yield (as of 4/28/2023)81.09%
Fund Characteristics (as of 5/31/2023)10
Maximum Market Cap.$25,780
Median Market Cap.$1,579
Minimum Market Cap.$266
Price/Cash Flow10.02
Bid/Ask Premium/Discount (as of 6/2/2023)
  2022 Q1 2023 Q2 2023 Q3 2023
Days Traded at Premium 147 33 18 ---
Days Traded at Discount 104 29 25 ---
Top Industry Exposure (as of 6/2/2023)
Industrials 89.79%
Financials 9.07%
Materials 1.14%
Hypothetical Growth of $10,000 Since Inception (as of 6/1/2023) *