FDM vs. ARB ETF Comparison

Comparison of First Trust DJ Select MicroCap ETF (FDM) to AltShares Merger Arbitrage ETF (ARB)

FDM

First Trust DJ Select MicroCap ETF

FDM Description

The investment seeks investment results that correspond generally to the price and yield (before the fund's fees and expenses) of an equity index called the Dow Jones Select MicroCap Index(SM) (the "index"). The fund will normally invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in common stocks of U.S. micro-capitalization companies which are publicly traded in the United States. The index is comprised of selected U.S. micro-capitalization companies chosen from all common stocks traded on the NewYork Stock Exchange, the NYSE MKT and NASDAQ(R) with limited partnerships excluded.

Grade (RS Rating)

Last Trade

$62.14

Average Daily Volume

6,588

Number of Holdings ^*

151

* may have additional holdings in another (foreign) market

ARB

AltShares Merger Arbitrage ETF

ARB Description

AltShares Trust - AltShares Merger Arbitrage ETF is an exchange traded fund launched and managed by Water Island Capital, LLC. It invests in public equity markets of global region. The fund invests through derivatives in stocks of companies operating across diversified sectors. The fund employs long/short strategy and uses derivatives such as futures, forwards, swaps to create its portfolio. AltShares Trust - AltShares Merger Arbitrage ETF is domiciled in the United States.

Grade (RS Rating)

Last Trade

$27.33

Average Daily Volume

12,282

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FDM	ARB
30 Days	8.19%	1.46%
60 Days	3.87%	1.70%
90 Days	5.93%	2.14%
12 Months	9.96%	6.54%

2 Overlapping Holdings

	Symbol	Grade	Weight in FDM	Weight in ARB	Overlap
	CRGY	D	1.92%	-0.49%	-0.49%
	HAYN	A	1.13%	1.31%	1.13%

FDM Overweight 149 Positions Relative to ARB

Symbol	Grade	Weight
VSEC	C	2.12%
POWL	C	1.85%
CRAI	C	1.85%
SCSC	C	1.82%
CGEM	D	1.45%
BBSI	A	1.39%
SXC	C	1.38%
CLW	B	1.37%
ACMR	F	1.34%
CECO	C	1.32%
DCO	B	1.29%
GNK	D	1.26%
UVSP	C	1.24%
CFB	C	1.19%
UWMC	B	1.14%
IDT	C	1.13%
MLR	B	1.13%
EGY	B	1.12%
MBWM	C	1.11%
IBCP	B	1.1%
REX	B	1.1%
VVI	D	1.09%
BELFB	C	1.08%
OSBC	C	1.03%
DXPE	C	1.01%
WSR	B	0.99%
HTBK	C	0.98%
ARHS	D	0.96%
HCKT	A	0.95%
LMB	C	0.9%
BFST	C	0.9%
PLOW	B	0.89%
KE	C	0.89%
CYH	B	0.88%
AMBC	F	0.86%
GATO	C	0.85%
CCB	B	0.85%
GSBC	C	0.84%
AMAL	C	0.83%
LEU	F	0.83%
MYE	C	0.82%
EZPW	B	0.81%
HTBI	B	0.8%
BHB	C	0.75%
SMBC	B	0.75%
THFF	C	0.74%
ZEUS	D	0.73%
CCBG	B	0.72%
LQDT	B	0.72%
METC	F	0.71%
NBN	C	0.71%
BRY	D	0.7%
FSBC	B	0.69%
KRNY	C	0.68%
TTI	D	0.67%
DHIL	B	0.66%
CWCO	C	0.65%
LYTS	B	0.65%
SD	D	0.64%
CSV	B	0.63%
VPG	C	0.63%
OLP	B	0.63%
NPK	C	0.62%
RICK	D	0.62%
MOFG	B	0.61%
LINC	C	0.6%
SPFI	B	0.59%
SIGA	C	0.59%
NRIM	C	0.59%
VYGR	C	0.59%
BSRR	C	0.58%
KODK	C	0.58%
ESQ	B	0.57%
SOI	B	0.57%
DENN	D	0.57%
PAHC	B	0.57%
ARTNA	C	0.56%
CENT	D	0.56%
AVNW	C	0.56%
HVT	C	0.55%
NWPX	B	0.55%
RMR	C	0.55%
GNE	D	0.54%
GLRE	B	0.54%
HDSN	F	0.53%
TITN	D	0.53%
NEWT	C	0.51%
ODC	F	0.5%
OSUR	D	0.49%
BBW	B	0.49%
NECB	B	0.48%
SPOK	D	0.47%
ONEW	D	0.47%
MCFT	C	0.46%
OMER	C	0.46%
FSBW	B	0.46%
HBT	C	0.46%
LOCO	A	0.45%
MVBF	C	0.44%
AMPY	C	0.43%
RM	C	0.43%
BOOM	D	0.42%
OBT	C	0.41%
JOUT	C	0.41%
PANL	F	0.38%
BCML	B	0.38%
TSBK	C	0.38%
AVD	D	0.37%
IPI	C	0.37%
PKOH	B	0.36%
GENC	B	0.35%
WTI	D	0.34%
HNRG	D	0.33%
INSE	F	0.32%
RLGT	C	0.32%
MEC	B	0.31%
CMPO	B	0.31%
PLBC	C	0.31%
FET	D	0.31%
NATH	B	0.3%
LEGH	B	0.29%
QUAD	D	0.28%
PBPB	F	0.27%
OVLY	C	0.27%
ATLC	C	0.26%
KFS	C	0.25%
EPM	D	0.25%
TSQ	C	0.23%
FF	C	0.22%
RNGR	B	0.22%
AFCG	F	0.22%
ASRT	C	0.21%
STKS	D	0.2%
EVC	D	0.2%
CMT	C	0.2%
LSEA	B	0.19%
MPX	D	0.19%
INTT	D	0.18%
MNSB	D	0.17%
RCMT	D	0.16%
III	D	0.16%
TUSK	B	0.14%
KLXE	C	0.14%
REI	C	0.13%
HGBL	F	0.11%
CCRD	F	0.11%
TZOO	B	0.09%
BGFV	F	0.09%
CMBM	F	0.04%

FDM Underweight 46 Positions Relative to ARB

Symbol	Grade	Weight
AIRC	A	-3.34%
HCP	A	-3.33%
SWAV	A	-3.31%
HES	D	-3.31%
DCPH	A	-3.21%
ANSS	F	-3.06%
WIRE	A	-2.76%
HIBB	A	-2.69%
PRFT	A	-2.69%
EDR	A	-2.67%
CHX	C	-2.56%
ETRN	D	-2.51%
JNPR	A	-2.31%
CTLT	A	-2.24%
ALE	A	-2.09%
AXNX	A	-2.09%
VZIO	B	-1.99%
EVBG	B	-1.98%
X	B	-1.89%
CERE	A	-1.88%
HTLF	C	-1.88%
SWN	F	-1.85%
AMK	B	-1.83%
DFS	C	-1.77%
CPRI	D	-1.75%
MODN	B	-1.51%
AMED	A	-1.45%
MGRC	D	-1.36%
AGS	D	-1.32%
NWLI	A	-1.28%
HA	D	-1.23%
WRK	C	-0.94%
SBOW	D	-0.82%
OSG	A	-0.67%
IBTX	C	-0.67%
OLK	A	-0.62%
SNPO	B	-0.6%
SRCL	A	-0.6%
CNSL	A	-0.57%
TGAN	B	-0.28%
UMBF	B	--0.59%
SSB	B	--0.68%
SNPS	F	--1.86%
CHK	F	--1.94%
CHRD	D	--2.18%
EQT	F	--2.53%