MISL
First Trust Indxx Aerospace & Defense ETF
MISL tracks a market cap-weighted index of 50 US companies involved in advanced and traditional aerospace and defense.
US
EQUITY
Rules-Based
MANAGEMENT STYLE
$ 803.8 M
ASSETS UNDER MGMT
60 bp
EXPENSES
Fund Basics
| Inception date | Oct 25, 2022 |
| Regulation | Open-Ended Fund |
| Fund Website | link... |
| Distributions | Quarterly |
| Currency | USD |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| PALANTIR TECHNOLOGIES INC. CLASS A | 8.7 % |
| BOEING CO | 8.4 % |
| ROCKET LAB USA, INC. | 7.6 % |
| GE AEROSPACE | 7.6 % |
| RTX CORP | 7.0 % |
| LOCKHEED MARTIN CORP | 7.0 % |
| HOWMET AEROSPACE INC. | 4.3 % |
| GENERAL DYNAMICS CORP | 4.1 % |
| HEICO CORP | 4.0 % |
| TRANSDIGM GROUP INC | 3.9 % |
Constituent Breakdown
| Number of holdings | 39 |
| Herfindahl-Hirschman Index | 505 |
| Wgt avg mkt cap (mns) | $96,373 |
| Large cap (>$10bn) | 88.9% |
| Mid cap ($2-10bn) | 7.7% |
| Small cap (<$2bn) | 0.7% |
| Developed mkts. | 99.2% |
| Emerging mkts. | 0.0% |
Sector Breakdown
Country Exposure
 |
UNITED STATES | 98.5 % |
 |
IRELAND | 0.8 % |
Historical Performance
Standardized Performance (as of 04/30/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 3.3% | 39.4% | 27.9% | 25.7% | -- | -- | -- | 24.0% |
| Dividend Yield | 0.1% | 0.6% | 0.7% | 0.8% | -- | -- | -- | 0.5% |
| Total Returns | 3.4% | 40.0% | 28.7% | 26.5% | -- | -- | -- | 24.5% | Ann. Volatility | 27.7% | 21.5% | 21.5% | 19.1% | -- | -- | -- | 18.9% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.98 | 32% |
| MSCI EAFE | 0.78 | 27% |
| MSCI Emg Mkts | 0.55 | 22% |
Liquidity Measures
| Avg. volume (000) | 396 |
| ADV traded (mns) | $19 |
| Turnover | 2.3% |
| Avg. Bid/Ask (% of price) | 0.07% |
Technical Indicators
| 30d moving avg. (EMA) | $45.39 |
| Relative strength (RSI) | 52 |
| MACD/Signal | 0.06/-0.20 |
| Bollinger Bands (Upper/Lower) | $46.68/$42.71 |
| Short interest (% of AUM) | 0.2% |
Distributions
Top Ten Comparable ETFs only shown here. For an extended list become an Individual or Professional subscriber. Start your FREE trial
Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. MISL |
Expenses vs. MISL |
ALTAR Score™ vs. MISL |
|---|---|---|---|---|
| PPA | Invesco Aerospace & Defense ETF | 64.3% | -2 bp | +0.2% |
| ITA | iShares U.S. Aerospace & Defense ETF | 58.5% | -20 bp | -0.1% |
| NATO | Themes Transatlantic Defense ETF | 51.7% | -25 bp | +0.4% |
| XAR | State Street SPDR S&P Aerospace & Defense ETF | 46.6% | -25 bp | +0.0% |
| SHLD | Global X Defense Tech ETF | 40.6% | -10 bp | +1.5% |
| DUTY | U.S. Defense ETF | 39.9% | -15 bp | +0.8% |
| FOWF | Pacer Solactive Whitney Fututre of Warfare ETF | 35.3% | 0 bp | +1.9% |
| ROKT | State Street SPDR S&P Kensho Final Frontiers ETF | 24.8% | -15 bp | -1.1% |
| XLI | Industrial Select Sector SPDR | 23.0% | -52 bp | +2.3% |
| FIDU | Fidelity MSCI Industrial Index ETF | 20.2% | -52 bp | +2.1% |
Risk and Returns: MISL vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates (USD)
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | ||
|---|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Book value per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2025 | 2026 | 2027 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 5/27/2026
Peer Group Comparison
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Historical Valuation Trends Sample data. Subscribe for access.
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
2.1%
ALTAR SCORE™
5th
PERCENTILE
AVOID
ETFRC RATING
There are 1,348 funds in the US Equity category with an average
ALTAR Score™ of 5.4% and a standard deviation
of 2.0%. MISL's ALTAR Score™ is approximately -1.6 standard
deviations above the category average. This places MISL in the 5th percentile
among funds in the category.
Sell-Side Consensus
$54.72
PRICE TARGET
+15.1%
UPSIDE