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BAE Systems plc is benefiting from increased defense spending, with strong order intake and backlog growth across key segments like P&S, maritime, and MBDA missiles. The company is making timely investments to address in particular growing European demand, and the economics should improve on the back of these outlays. Funding these investments are later-cycle programmes that are now in their most cash generative phase like the Eurofighters.
FCFY is a relatively new and virtually unknown sector neutral ETF, selecting 100 S&P 500 Index stocks based on their free cash flow yield characteristics. The approach guarantees a certain level of diversification and differs from more popular free cash flow funds like COWZ and VFLO. Its composition could be more beneficial in a downturn. FCFY's value features are competitive with its peers. However, fund expenses are high at 0.60%, and the ETF has only $1.14 million in AUM, exposing shareholders to liquidation risk.
First Trust Advisors has launched a new ETF that invests in large-cap companies with high free cash flow (FCF) yield. The First Trust S&P 500 Diversified Free Cash Flow ETF (NYSE Arca: FCFY) seeks to replicate the performance of the S&P 500 Sector-Neutral FCF Index.
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Transcripts source: company-published earnings calls. Speaker attribution and formatting are processed in-app.