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)	$62
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	97
Wgt avg mkt cap (mns)	$198,161
Large cap (>$10bn)	77.9%
Mid cap ($2-10bn)	17.6%
Small cap (<$2bn)	4.5%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	28.3 %
APPLE INC	4.0 %
AMAZON.COM INC	3.8 %
NETFLIX INC	3.7 %
SCHWAB (CHARLES) CORP	2.8 %
VONAGE HOLDINGS CORP.	2.7 %
CENTERPOINT ENERGY INC	2.5 %
HERSHEY CO/THE	2.4 %
PROCTER & GAMBLE CO/THE	2.2 %
ALASKA AIR GROUP INC	2.2 %
PEPSICO INC	2.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
0.8%	15.7%	--	--	11.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.93	91%
MSCI EAFE	0.81	56%
MSCI Emg. Mkts.	0.50	38%

Technical Indicators
Recent close	$36.28
30d moving avg.	$36.53
Annualized volatility	11.8%
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)	$47,853

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the American Customer Satisfaction Core Alpha ETF 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™:

6.2%

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	27.4	65	1	7.5	+1.2
ESG	FlexShares STOXX US ESG Impact Index Fund	26.8	32	34	5.4	-0.9
SPXV	ProShares S&P 500 Ex-Health Care ETF	26.6	27	39	5.6	-0.7
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	26.1	20	46	5.5	-0.7
SNPE	Xtrackers S&P 500 ESG ETF	26.0	11	55	5.8	-0.5
MGC	Vanguard Mega Cap Index Fund	25.6	7	59	5.7	-0.5
IWL	iShares Russell Top 200 ETF	25.4	15	51	5.6	-0.6
WOMN	Impact Shares YWCA Women's Empowerment ETF	24.8	75	-9	4.9	-1.3
SPXE	ProShares S&P 500 Ex-Energy ETF	24.7	27	39	5.7	-0.5
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	24.7	20	46	5.8	-0.4
OEF	iShares S&P 100 ETF	24.6	20	46	5.5	-0.7
SPXN	ProShares S&P 500 Ex-Financials ETF	24.3	27	39	5.7	-0.5
PBP	Invesco S&P 500 BuyWrite ETF	24.2	49	17	5.4	-0.8
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	24.2	19	47	6.6	+0.4
SPY	SPDR S&P 500 ETF Trust	24.1	9	57	5.8	-0.4
SPLG	SPDR Portfolio Large Cap ETF	24.1	3	63	5.9	-0.3
IVV	iShares Core S&P 500 ETF	24.1	4	62	5.9	-0.3
VOO	VANGUARD S&P 500 ETF	24.0	3	63	5.9	-0.3
HSPX	Global X S&P 500 Covered Call ETF	23.9	65	1	5.3	-0.9
VV	Vanguard Large-Cap Index Fund	23.7	4	62	5.7	-0.5

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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
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 ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	15.6	%
Divided by: Fwd. P/BV	2.3	x
Less: Expense ratio	66	bp
Equals: ALTAR Score	6.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.62	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.