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Launched

First Trust Indxx Aerospace & Defense ETF

MISLNYSE ArcaFirst TrustC

$42.10+0.56 (+1.35%)

At close: Nov 2, 2026, 4:00 PM ET

C53/ 100

Rank 10 of 26 in Defense & Aerospace

C53/100Rank 10 of 26inDefense & Aerospace
Intraday session: up, 79 prints from 41.54 to 42.10. Range 41.98 to 42.55. Use the arrow keys to read each point.41.8042.4042.6010 AM12 PM2 PM4 PM
Expense ratio
0.60%
Fund size
$673M
1Y total return
−3.5%
Yield · Last 12 months
0.07%
Holdings
45
Avg volume · 30D
91.5K sh
52W range
low $38.84high $51.10
Launched

The ETF.net MISL Grade

Based on 5 of 6 pillars

C

Score 53 out of 100

Category
Defense & Aerospace⁠
Rank
10 of 26
Six-pillar profile for MISL. Scores out of 100: Cost 34, Risk 52, Mission not scored, Tradability 84, Holdings 55, Durability 84. Strongest: Tradability (84). Weakest: Cost (34). Based on 5 of 6 pillars.

Score 53 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    D34 out of 100
    Rank 17 of 26

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C52 out of 100
    Rank 13 of 26

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A84 out of 100
    Rank 4 of 26

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B55 out of 100
    Rank 14 of 26

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A84 out of 100
    Rank 4 of 26

Our read on MISL

ETF.net Research

In short

CFirst Trust's aerospace-and-defense sleeve: roughly 50 US-listed names tracking the Indxx US Aerospace & Defense Index. A 2022 arrival in a crowded aisle, priced a notch above the category median.

Stated mandate

The Fund seeks investment results corresponding generally to the price and yield of the Indxx US Aerospace & Defense Index and normally invests at least 80% of net assets in the stocks comprising that index.

Why people hold it

  • Roughly 50 US aerospace and defense stocks, with at least 80% of net assets in the index names. Rules-based tracking, no manager hunches.ftportfolios.com
  • Moderately traded rather than thin, which generally shows up as workable spreads on retail-size orders.
  • Live since 2022 and run by First Trust, a long-established ETF shop. It sits in the upper half of the defense-theme funds we grade.

Worth knowing

  • 0.60% a year sits above the category median of 0.50%, and cheaper US aerospace-and-defense trackers exist: XAR at 0.35%, ITA at 0.37%.
  • One theme, one country. Results ride on defense budgets and aerospace cycles, and with about 50 names each holding carries real weight.
  • Built for exposure, not income: distributions land annually or semiannually.

MISL Performance

Launched Oct 25, 2022

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.
MISL$9,651
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. MISL $9,651. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000$12,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for MISL. Periods over one year show the average yearly return.
PeriodMISL
Year to date−2.9%
1 month−0.1%
3 months−3.5%
1 year−3.5%
3 yearsper year+22.9%
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for MISL
YearReturn barMISL
2026 YTD−2.9%
2025+41.2%
2024+20.5%
2023+14.8%
2022+8.2%

History from Oct 26, 2022

MISL in the news

MISL Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
0.07%Last 12 months
Payout per share
$0.03Last 12 months
Last payment
$0.03 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Twice a year

Distribution history

2022–2026

One bar per payment. 13 payments from 2022 to 2026 YTD. Dec 23, 2022 $0.02; Mar 24, 2023 $0.01; Jun 27, 2023 $0.03; Sep 22, 2023 $0.02; Dec 22, 2023 $0.10; Mar 21, 2024 $0.04; Jun 27, 2024 $0.03; Sep 26, 2024 $0.02; Dec 13, 2024 $0.14; Mar 27, 2025 $0.04; Jun 26, 2025 $0.03; Sep 25, 2025 $0.11; Mar 26, 2026 $0.03. Use the arrow keys to read each point.20222023202420252026YTD
Ex-datePay dateAmount per share
Mar 26, 2026Mar 31, 2026$0.03
Sep 25, 2025Sep 30, 2025$0.11
Jun 26, 2025Jun 30, 2025$0.03
Mar 27, 2025Mar 31, 2025$0.04
Dec 13, 2024Dec 31, 2024$0.14
Sep 26, 2024Sep 30, 2024$0.02
Jun 27, 2024Jun 28, 2024$0.03
Mar 21, 2024Mar 28, 2024$0.04
Dec 22, 2023Dec 29, 2023$0.10
Sep 22, 2023Sep 29, 2023$0.02
Jun 27, 2023Jun 30, 2023$0.03
Mar 24, 2023Mar 31, 2023$0.01

See all 13 payments⁠

$10,000 in MISL 3 years ago paid $224 in dividends.⁠

MISL Risk

Risk pillarC52 out of 100Rank 13 of 26 in Defense & Aerospace
How much the fund’s monthly returns vary, scaled to a year.
18.6%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.97
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−20.0%
48 months · trough Oct 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.90
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

MISL Cost

Compare MISL and XAR

Overpaying vs XAR, tied cheapest in Defense & Aerospace

$4,691

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • MISL 0.60%

    $11,817

  • XAR 0.35% Tied cheapest

    $7,126

$10,000
30 years

Cost over time

  • MISL 0.60%
  • XAR 0.35%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2.5K$5K$7.5K$10K$12.5K051015202530MISL $11,817XAR $7,126

Year by year

YearMISLXAROverpaying
10$1,076$634$442
20$4,116$2,454$1,662
30$11,817$7,126$4,691

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