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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 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
TickerAIRR
Fund TypeIndustrials
Investment AdvisorFirst Trust Advisors L.P.
Investor Servicing AgentBrown Brothers Harriman
CUSIP33738R704
ISINUS33738R7044
Intraday NAVAIRRIV
Fiscal Year-End09/30
ExchangeNasdaq
Inception3/10/2014
Inception Price$19.98
Inception NAV$19.98
Rebalance FrequencyQuarterly
Expense Ratio*0.70%
* As of 2/1/2022
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 1/30/2023)
Closing NAV1$47.53
Closing Market Price2$47.62
Bid/Ask Midpoint$47.51
Bid/Ask Discount0.04%
30-Day Median Bid/Ask Spread30.17%
Total Net Assets$244,754,158
Outstanding Shares5,150,002
Daily Volume34,762
Average 30-Day Daily Volume39,269
Closing Market Price 52-Week High/Low$48.02 / $36.26
Closing NAV 52-Week High/Low$47.95 / $36.29
Number of Holdings (excluding cash)53
Top Holdings (as of 1/30/2023)*
Holding Percent
Proto Labs, Inc. 3.45%
Encore Wire Corporation 3.44%
Federal Signal Corporation 3.38%
APi Group Corporation 3.37%
The Greenbrier Companies, Inc. 3.34%
Atkore Inc. 3.32%
Clean Harbors, Inc. 3.30%
Arcosa, Inc. 3.25%
MasTec, Inc. 3.25%
SPX Technologies 3.25%

* Excluding cash.  Holdings are subject to change.

NAV History (Since Inception)
Past performance is not indicative of future results.
Overall Morningstar RatingTM (as of 12/31/2022)4

Among 41 funds in the Industrials category. This fund was rated 5 stars/41 funds (3 years), 4 stars/36 funds (5 years) based on risk adjusted returns.
Distribution Information
Dividend per Share Amt (as of 2/1/2023)5$0.0487
30-Day SEC Yield (as of 12/30/2022)60.16%
12-Month Distribution Rate (as of 12/30/2022)70.12%
Index Yield (as of 12/30/2022)80.82%
Fund Characteristics (as of 12/30/2022)10
Maximum Market Cap.$20,363
Median Market Cap.$2,298
Minimum Market Cap.$335
Price/Earnings16.00
Price/Book2.24
Price/Cash Flow10.99
Price/Sales1.12
Bid/Ask Premium/Discount (as of 1/30/2023)
  2022 Q1 2023 Q2 2023 Q3 2023
Days Traded at Premium 147 9 --- ---
Days Traded at Discount 104 10 --- ---
Top Industry Exposure (as of 1/30/2023)
Industrials 90.43%
Financials 9.57%
Hypothetical Growth of $10,000 Since Inception (as of 1/30/2023) *
Tracking Index: Richard Bernstein Advisors American Industrial Renaissance® Index

Month End Performance (as of 12/30/2022)
  3 Month YTD 1 Year 3 Year 5 Year 10 Year Since
Fund
Inception11
Fund Performance *
Net Asset Value (NAV) 15.39% -2.16% -2.16% 14.97% 10.13% N/A 9.65%
After Tax Held 15.34% -2.21% -2.21% 14.92% 10.05% N/A 9.54%
After Tax Sold 9.11% -1.28% -1.28% 11.74% 8.00% N/A 7.82%
Market Price 15.29% -2.14% -2.14% 14.99% 10.13% N/A 9.65%
Index Performance **
Richard Bernstein Advisors American Industrial Renaissance® Index 15.61% -1.43% -1.43% 15.84% 10.92% N/A 10.48%
S&P 500 Industrials Index 19.22% -5.48% -5.48% 8.33% 7.36% N/A 9.27%
Russell 2500® Index 7.43% -18.37% -18.37% 5.00% 5.89% N/A 7.14%
S&P 500 Index 7.56% -18.11% -18.11% 7.66% 9.42% N/A 10.54%
Quarter End Performance (as of 12/30/2022)
  3 Month YTD 1 Year 3 Year 5 Year 10 Year Since
Fund
Inception11
Fund Performance *
Net Asset Value (NAV) 15.39% -2.16% -2.16% 14.97% 10.13% N/A 9.65%
After Tax Held 15.34% -2.21% -2.21% 14.92% 10.05% N/A 9.54%
After Tax Sold 9.11% -1.28% -1.28% 11.74% 8.00% N/A 7.82%
Market Price 15.29% -2.14% -2.14% 14.99% 10.13% N/A 9.65%
Index Performance **
Richard Bernstein Advisors American Industrial Renaissance® Index 15.61% -1.43% -1.43% 15.84% 10.92% N/A 10.48%
S&P 500 Industrials Index 19.22% -5.48% -5.48% 8.33% 7.36% N/A 9.27%
Russell 2500® Index 7.43% -18.37% -18.37% 5.00% 5.89% N/A 7.14%
S&P 500 Index 7.56% -18.11% -18.11% 7.66% 9.42% N/A 10.54%
3-Year Statistics (as of 12/30/2022)
  Standard Deviation Alpha Beta Sharpe Ratio Correlation
AIRR 28.24% 9.43 1.05 0.61 0.95
S&P 500 Industrials Index 24.89% 3.77 0.89 0.41 0.91
Russell 2500® Index 25.52% --- 1.00 0.29 1.00
Standard Deviation is a measure of price variability (risk). Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark.Beta is a measure of price variability relative to the market. Sharpe Ratio is a measure of excess reward per unit of volatility. Correlation is a measure of the similarity of performance.

*Performance data quoted represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares when sold or redeemed, may be worth more or less than their original cost.

After Tax Held returns represent return after taxes on distributions. Assumes shares have not been sold. After Tax Sold returns represent the return after taxes on distributions and the sale of fund shares. Returns do not represent the returns you would receive if you traded shares at other times. Market Price returns are determined by using the midpoint of the national best bid offer price ("NBBO") as of the time that the fund's NAV is calculated. Returns are average annualized total returns, except those for periods of less than one year, which are cumulative.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

**Performance information for each listed index is for illustrative purposes only and does not represent actual fund performance. Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the performance shown. Indexes are unmanaged and an investor cannot invest directly in an index.