ETF Evaluator:
First Trust Enhanced Stks, Bds & GldETF ()
Follow This ETF
(as of Aug 25)
Best Performing in Multi-Asset Overlay Over the Last Year
| 51.8% | WisdomTree Efcnt Gld Pls Gld Ms Stgy ETF (GDMN) |
| 41.8% | Return Stacked® US Stocks & Mgd Futs ETF (RSST) |
| 40.8% | WisdomTree Emerging Mkts Effcnt Cr ETF (NTSE) |
| 34.5% | WisdomTree Efcnt Gld Pls Eq Stgy ETF (GDE) |
| 33.5% | Return Stacked® US Stk & Futs Yld ETF (RSSY) |
Risk
Index
Risk
Index
ETF Details
First Trust Enhanced Stks, Bds & GldETF Overview
First Trust Enhanced Stks, Bds & GldETF (ESBG) is an actively managed Alternative Multi-Asset Overlay exchange-traded fund (ETF). First Trust launched the ETF in 2025.
The investment seeks to provide investors with long-term total return.
The fund is an actively managed exchange-traded fund that seeks to achieve long-term total return by investing primarily in a portfolio of U.S. Treasury securities (“U.S. Treasuries”), cash and cash equivalents, and exchange-traded futures contracts that provide exposure to the following three asset classes: S&P 500® Index, intermediate U.S. Treasuries, and gold. The fund is non-diversified.
About First Trust Enhanced Stks, Bds & GldETF (ESBG)
There are 2 members of the management team with an average tenure of 0.70 years: John Gambla (2025) and Rob Guttschow (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
First Trust Enhanced Stks, Bds & GldETF has 6 securities in its portfolio. The top 10 holdings constitute 72.2% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
First Trust Enhanced Stks, Bds & GldETF is part of the Alternative Strategies global asset class and is within the Alternative ETF group. First Trust Enhanced Stks, Bds & GldETF has 0.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 30.6% There is 0.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 31.2% (31.2% domestic bond, 0.0% foreign bond and 0.0% convertible bond). First Trust Enhanced Stks, Bds & GldETF has 27.8% of the portfolio in cash.
Assets Under Management
The fund has $2 million in total assets, which is below the $225 million average for the Multi-Asset Overlay category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
ESBG Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The First Trust Enhanced Stks, Bds & GldETF expense ratio is high compared to funds in the Multi-Asset Overlay category. First Trust Enhanced Stks, Bds & GldETF has an expense ratio of 0.95%, which is 33% higher than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. First Trust Enhanced Stks, Bds & GldETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 86% for the Multi-Asset Overlay category.
Recently, in the month of July 2026, First Trust Enhanced Stks, Bds & GldETF returned -0.8%, which earned it a grade of C, as the Multi-Asset Overlay category had an average return of -0.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
First Trust Enhanced Stks, Bds & GldETF has a trailing yield of 0.00%, which is below the 2.20% category average.
The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
First Trust Enhanced Stks, Bds & GldETF Grades
Year to date, the ETF has returned -3.1%, 9.7 percentage points worse than the category, which translates into a grade of F.
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about First Trust Enhanced Stks, Bds & GldETF, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
ESBG Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| ESBG Return (NAV) | -0.8% | -8.0% | na | na | na | na |
| ESBG Return (Price) | -0.6% | -6.0% | na | na | na | na |
| NAV +/- Price Return | -0.194% | -1.996% | na | na | na | na |
| Multi-Asset Overlay Avg | -0.7% | -2.1% | 25.7% | 23.7% | 6.8% | na |
| ESBG Grade (NAV) | C | F | na | na | na | na |
| +/- Category (NAV) | -0.1% | -5.9% | na | na | na | na |
| ESBG Tax-Cost Ratio | na | na | na | na | na | na |
ESBG Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ESBG Return (NAV) | -3.1% | na | na | na | na | na | na | na | na | na | na |
| ESBG Return (Price) | -2.8% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.106% | na | na | na | na | na | na | na | na | na | na |
| Multi-Asset Overlay Avg | 6.6% | 38.5% | 14.7% | 19.0% | -21.7% | 22.2% | 24.9% | 31.5% | na | na | na |
| ESBG Grade (NAV) | F | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -9.7% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 2 Mil |
| Share Class Assets: | $ 2 Mil |
| Turnover: | na |
| Expense Ratio: | 0.95% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 0.7 years | |||
| Average Tenure: 0.7 years | |||
| Managers (Year): Gambla John (2025), Guttschow Rob (2025) | |||
Portfolio Composition (as of 7/30/26)
| # of Holdings: | 6 |
| % in Top 10 Holdings: | 72.2% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.2% |
Portfolio Allocation |
|
| Domestic Stock: | 30.6% |
| Foreign Stock: | 0.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 31.2% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 10.2% |
| Cash: | 27.8% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | First Trust |
| Phone Number: | 800-621-1675 |
| Website: | http://www.ftportfolios.com/ |
| Inception Date: | November 19, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.95% (Rating: High) |
| Category Average Expense Ratio (%): | 0.71% |
