ETF Research Center

The American Customer Satisfaction Core Alpha ETF tracks an index of US-listed large-cap companies, weighted toward those with high customer satisfaction scores from surveys.

FUND BASICS
Category	US Equities
Fund Sponsor	ACSI Funds
Website	acsietf.com
Inception date	Nov 01, 2016
Assets (mns)	$59
Currency	USD
Expense ratio	66 bp
Distributions	Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	90
Wgt avg mkt cap (mns)	$153,961
Large cap (>$10bn)	78.2%
Mid cap ($2-10bn)	20.5%
Small cap (<$2bn)	1.4%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	29.3 %
APPLE INC	4.7 %
SCHWAB (CHARLES) CORP	3.8 %
NETFLIX INC	3.6 %
AMAZON.COM INC	2.9 %
HP INC.	2.8 %
ALASKA AIR GROUP INC	2.5 %
CENTERPOINT ENERGY INC	2.3 %
CITIGROUP INC	2.3 %
FEDEX CORP	2.3 %
UNITED PARCEL SERVICE-CL B	2.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	94.7 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
19.3%	7.9%	--	--	10.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.94	91%
MSCI EAFE	0.81	56%
MSCI Emg. Mkts.	0.53	39%

Technical Indicators
Recent close	$34.92
30d moving avg.	$34.32
Annualized volatility	12.0%
Short interest (ETF)	0.0%
Relative strength (RSI)	67

Liquidity measures
Avg. volume (thou.)	2
Turnover	0.1%
Bid/Ask (% of price)	0.09%
ADV underlying (mns)	$34,666

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the American Customer Satisfaction Core Alpha ETF based on the alternatives' overlap in portfolio holdings with ACSI. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

ACSI

Expense:

66 bp

ALTAR Score™:

7.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH ACSI
Ticker	Fund Name	Overlap¹ vs ACSI (%)	Expense ratio (bp)	Savings vs ACSI (bp)	ALTAR Score™ (%)	ALTAR vs ACSI (%)
BVAL	Brand Value ETF	26.1	65	1	7.3	-0.5
ESG	FlexShares STOXX US ESG Impact Index Fund	26.0	32	34	5.4	-2.3
SPXV	ProShares S&P 500 Ex-Health Care	24.8	27	39	5.6	-2.1
JUST	Goldman Sachs JUST U.S. Large Cap Equity	24.6	20	46	5.6	-2.1
SNPE	Xtrackers S&P 500 ESG	24.5	11	55	5.8	-2.0
MGC	Vanguard Mega Cap 300 ETF	23.7	7	59	5.8	-1.9
IWL	iShares Russell Top 200	23.6	15	51	5.7	-2.1
SPXE	ProShares S&P 500 Ex-Energy	23.3	27	39	5.9	-1.9
PBP	Invesco S&P 500 Buy/Write	23.3	49	17	5.6	-2.2
OEF	iShares S&P 100	23.2	20	46	5.5	-2.3
PRID	InsightShares LGBT Employment Equality	23.2	65	1	5.4	-2.3
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	23.2	20	46	5.9	-1.8
WOMN	Impact Shares YWCA Women's Empowerment	23.0	75	-9	5.4	-2.3
HSPX	Global X S&P 500 Covered Call	22.5	65	1	5.4	-2.3
SPY	S&P 500 SPDR	22.4	9	57	5.9	-1.9
SPXN	ProShares S&P 500 Ex-Financials	22.4	27	39	5.9	-1.9
IVV	iShares Core S&P 500	22.4	4	62	5.9	-1.8
VOO	Vanguard S&P 500 ETF	22.4	3	63	6.0	-1.8
ESGU	iShares MSCI USA ESG Optimized	21.8	15	51	5.6	-2.2
SPXT	ProShares S&P 500 Ex-Technology	21.7	27	39	6.0	-1.8

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:	American Customer Satisfaction Core Alpha
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	19.5	%
Divided by: Fwd. P/BV	2.3	x
Less: Expense ratio	66	bp
Equals: ALTAR Score	7.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.61	CATEGORY AVERAGE	1.55

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.