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
$ 636.0 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 +
| RTX CORP | 8.6 % |
| GE AEROSPACE | 7.9 % |
| BOEING CO | 7.2 % |
| PALANTIR TECHNOLOGIES INC. CLASS A | 7.1 % |
| SPACE EXPLORATION TECHNOLOGIES CORP. (CL | 6.7 % |
| LOCKHEED MARTIN CORP | 5.0 % |
| L3HARRIS TECHNOLOGIES INC | 4.7 % |
| NORTHROP GRUMMAN CORP | 4.7 % |
| GENERAL DYNAMICS CORP | 4.5 % |
| TRANSDIGM GROUP INC | 4.2 % |
Constituent Breakdown
| Number of holdings | 45 |
| Herfindahl-Hirschman Index | 489 |
| Wgt avg mkt cap (mns) | $114,914 |
| Large cap (>$10bn) | 80.0% |
| Mid cap ($2-10bn) | 7.7% |
| Small cap (<$2bn) | 0.5% |
| Developed mkts. | 91.9% |
| Emerging mkts. | 0.0% |
Sector Breakdown
Country Exposure
 |
UNITED STATES | 92.2 % |
Historical Performance
Standardized Performance (as of 09/30/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | -2.8% | 0.4% | 14.5% | 24.1% | -- | -- | -- | 19.3% |
| Dividend Yield | 0.1% | 0.1% | 0.5% | 0.7% | -- | -- | -- | 0.4% |
| Total Returns | -2.7% | 0.4% | 15.1% | 24.8% | -- | -- | -- | 19.7% | Ann. Volatility | 26.9% | 25.6% | 23.6% | 20.9% | -- | -- | -- | 19.8% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.19 | 36% |
| MSCI EAFE | 0.91 | 32% |
| MSCI Emg Mkts | 0.48 | 22% |
Liquidity Measures
| Avg. volume (000) | 265 |
| ADV traded (mns) | $10 |
| Turnover | 1.6% |
| Avg. Bid/Ask (% of price) | 0.06% |
Technical Indicators
| 30d moving avg. (EMA) | $41.98 |
| Relative strength (RSI) | 49 |
| MACD/Signal | -0.11/-0.31 |
| Bollinger Bands (Upper/Lower) | $42.61/$40.53 |
| Short interest (% of AUM) | 0.1% |
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 | 67.3% | -2 bp | +0.3% |
| ITA | iShares U.S. Aerospace & Defense ETF | 62.3% | -23 bp | +5.4% |
| NATO | Themes Transatlantic Defense ETF | 51.6% | -25 bp | +0.6% |
| AV | Corgi Aerospace & Commercial Aviation ETF | 50.7% | -25 bp | +2.3% |
| XAR | State Street SPDR S&P Aerospace & Defense ETF | 48.3% | -25 bp | -0.3% |
| SHLD | Global X Defense Tech ETF | 42.0% | -10 bp | +2.5% |
| TSSD | Truth Social American Security & Defense ETF | 40.6% | +5 bp | +1.1% |
| IDEF | iShares Defense Industrials Active ETF | 39.8% | -5 bp | +0.8% |
| DUTY | U.S. Defense ETF | 37.2% | -15 bp | +1.3% |
| FOWF | Pacer Solactive Whitney Fututre of Warfare ETF | 35.4% | -11 bp | +2.3% |
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 11/5/2026
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
2.0%
ALTAR SCORE™
4th
PERCENTILE
AVOID
ETFRC RATING
There are 1,388 funds in the US Equity category with an average
ALTAR Score™ of 5.7% and a standard deviation
of 2.1%. MISL's ALTAR Score™ is approximately -1.8 standard
deviations above the category average. This places MISL in the 4th percentile
among funds in the category.
Sell-Side Consensus
$53.24
PRICE TARGET
+35.6%
UPSIDE