ETF Research Center

The Aptus Collared Income Opportunity ETF is an actively-managed portfolio of U.S. large cap equities as well as corresponding options collars for those constituents.

FUND BASICS
Category	US Equities
Fund Sponsor	Aptus Capital Advisors
Website	www.aptusetfs.com
Inception date	Jul 10, 2019
Assets (mns)	$89
Currency	USD
Expense ratio	79 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	30
Wgt avg mkt cap (mns)	$146,771
Large cap (>$10bn)	100.0%
Mid cap ($2-10bn)	0.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	39.0 %
STATE STREET CORP	4.9 %
INTL BUSINESS MACHINES CORP	4.2 %
SEAGATE TECHNOLOGY	4.2 %
3M CO	4.1 %
BLACKSTONE GROUP LP/THE	3.8 %
UNITED PARCEL SERVICE-CL B	3.7 %
AT&T INC	3.6 %
GLAXOSMITHKLINE PLC-SPON ADR	3.6 %
INTEL CORP	3.6 %
HOME DEPOT INC	3.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	88.0 %
	IRELAND	4.2 %
	BRITAIN	3.6 %
	AUSTRALIA	2.9 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 01)
Year-to-date	1 year	5 years	10 years	Since Incep.
--	--	--	--	0.0%

Market Correlations
versus...	Beta	R-squared
S&P500	--	--
MSCI EAFE	--	--
MSCI Emg. Mkts.	--	--

Technical Indicators
Recent close	$25.39
30d moving avg.	$25.14
Annualized volatility	0.0%
Short interest (ETF)	0.0%
Relative strength (RSI)	60

Liquidity measures
Avg. volume (thou.)	26
Turnover	0.7%
Bid/Ask (% of price)	0.44%
ADV underlying (mns)	$15,887

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Aptus Collared Income Opportunity ETF based on the alternatives' overlap in portfolio holdings with ACIO. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

ACIO

Expense:

79 bp

ALTAR Score™:

6.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH ACIO
Ticker	Fund Name	Overlap¹ vs ACIO (%)	Expense ratio (bp)	Savings vs ACIO (bp)	ALTAR Score™ (%)	ALTAR vs ACIO (%)
DJD	Invesco Dow Jones Industrial Average Dividend	41.5	7	72	7.3	+0.5
EDOW	First Trust Dow 30 Equal Weight	39.7	50	29	6.2	-0.6
OYLD	Invesco Russell 1000 Yield Factor ETF	37.8	19	60	7.0	+0.3
VYM	Vanguard High Dividend Yield ETF	34.4	6	73	7.2	+0.4
OUSA	O'Shares FTSE U.S. Quality Dividend	34.1	48	31	5.9	-0.9
HDV	iShares High Dividend	33.9	8	71	6.6	-0.2
PWV	Invesco Dynamic Large Cap Value	33.6	55	24	7.8	+1.1
SCHD	Schwab US Dividend Equity	33.3	6	73	7.3	+0.6
JKF	iShares Morningstar Large Value	33.0	25	54	7.7	+0.9
DURA	VanEck Vectors Morningstar Durable Dividend	32.1	29	50	6.7	-0.1
DHS	WisdomTree Equity Income	31.3	38	41	7.2	+0.4
DIA	SPDR Dow Jones Industrial Average	31.1	17	62	6.1	-0.7
FDL	First Trust Morningstar Dividend Leaders	30.8	45	34	8.5	+1.7
MGV	Vanguard Mega Cap 300 Value	30.8	7	72	7.0	+0.2
IWX	iShares Russell Top 200 Value	29.7	20	59	6.9	+0.1
DLN	WisdomTree Large Cap Dividend	29.2	28	51	6.5	-0.3
USMC	Principal U.S. Mega-Cap Multi-Factor Index	28.3	12	67	5.4	-1.4
QDYN	FlexShares Quality Dividend Dynamic	28.0	37	42	6.7	-0.1
FMK	First Trust Mega Cap AlphaDEX	27.6	70	9	5.6	-1.2
SCHV	Schwab U.S. Large-Cap Value	27.1	4	75	6.9	+0.2

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Aptus Collared Income Opportunity
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	21.4	%
Divided by: Fwd. P/BV	2.8	x
Less: Expense ratio	79	bp
Equals: ALTAR Score	6.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.70	CATEGORY AVERAGE	1.56

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.