ETF Research Center

ADME is actively managed to select large-cap U.S. stocks that exhibit positive fundamental and momentum characteristics combined with a downside hedge. Securities are generally equally weighted.

FUND BASICS
Category	US Equities
Fund Sponsor	Aptus Capital Advisors
Website	www.aptusetfs.com
Inception date	Jun 09, 2016
Assets (mns)	$143
Currency	USD
Expense ratio	81 bp
Distributions	Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	45
Wgt avg mkt cap (mns)	$368,213
Large cap (>$10bn)	96.1%
Mid cap ($2-10bn)	3.9%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	33.5 %
MICROSOFT CORP	5.6 %
APPLE INC	5.3 %
AMAZON.COM INC	4.1 %
ALPHABET INC. CLASS C	3.6 %
PAYPAL HOLDINGS INC	2.7 %
HOME DEPOT INC	2.6 %
DOLLAR GENERAL CORP	2.5 %
POOL CORP	2.5 %
MSCI INC-A	2.4 %
AMERICAN TOWER CORP-CL A	2.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	93.1 %
	IRELAND	1.9 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru May 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
4.2%	--	--	--	6.3%

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

Technical Indicators
Recent close	$31.92
30d moving avg.	$30.59
Annualized volatility	0.0%
Short interest (ETF)	0.0%
Relative strength (RSI)	63

Liquidity measures
Avg. volume (thou.)	15
Turnover	0.3%
Bid/Ask (% of price)	0.23%
ADV underlying (mns)	$88,039

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Aptus Drawdown Managed Equity ETF ETF based on the alternatives' overlap in portfolio holdings with ADME. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

ADME

Expense:

81 bp

ALTAR Score™:

3.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH ADME
Ticker	Fund Name	Overlap¹ vs ADME (%)	Expense ratio (bp)	Savings vs ADME (bp)	ALTAR Score™ (%)	ALTAR vs ADME (%)
ACIO	Aptus Collared Income Opportunity ETF	57.2	79	2	4.5	+0.7
OEF	iShares S&P 100 ETF	47.3	20	61	5.0	+1.1
XLG	Invesco S&P 500 Top 50 ETF	46.9	20	61	4.7	+0.9
USMC	Principal U.S. Mega-Cap Multi-Factor Index ETF	44.0	12	69	4.9	+1.0
IWL	iShares Russell Top 200 ETF	43.8	15	66	5.2	+1.4
TMFC	Motley Fool 100 Index ETF	43.6	50	31	4.0	+0.1
MGC	Vanguard Mega Cap Index Fund	42.9	7	74	5.3	+1.5
PBP	Invesco S&P 500 BuyWrite ETF	42.4	49	32	5.1	+1.3
IWY	iShares Russell Top 200 Growth ETF	42.3	20	61	4.3	+0.5
HSPX	Global X S&P 500 Covered Call ETF	42.2	65	16	5.0	+1.1
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	41.9	20	61	5.1	+1.2
SPYG	SPDR Portfolio S&P 500 Growth ETF	41.7	4	77	4.5	+0.7
IVW	iShares S&P 500 Growth ETF	41.7	18	63	4.3	+0.5
VOOG	Vanguard S&P 500 Growth ETF	41.6	10	71	4.4	+0.6
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	41.3	20	61	5.5	+1.7
SPXE	ProShares S&P 500 Ex-Energy ETF	41.3	27	54	5.4	+1.6
IUSG	iShares Core S&P US Growth ETF	40.5	4	77	4.5	+0.7
SPLG	SPDR Portfolio Large Cap ETF	40.4	3	78	5.5	+1.7
IVV	iShares Core S&P 500 ETF	40.4	4	77	5.5	+1.7
SPY	SPDR S&P 500 ETF Trust	40.4	9	72	5.5	+1.6
OMFL	Oppenheimer Russell 1000 Dynamic Multifactor ETF	40.2	29	52	4.3	+0.5
MMTM	SPDR S&P 1500 Momentum Tilt ETF	40.1	12	69	5.1	+1.3
MGK	Vanguard Mega Cap Growth ETF	40.1	7	74	4.3	+0.5
SCHG	Schwab U.S. Large-Cap Growth ETF	40.0	4	77	4.3	+0.5
VOO	VANGUARD S&P 500 ETF	40.0	3	78	5.5	+1.7
ESGU	iShares MSCI USA ESG Optimized ETF	39.6	15	66	5.2	+1.3
VONG	Vanguard Russell 1000 Growth Index Fund	39.1	8	73	4.4	+0.6
IWF	iShares Russell 1000 Growth ETF	39.1	19	62	4.3	+0.5
VV	Vanguard Large-Cap Index Fund	39.0	4	77	5.4	+1.6
FDMO	Fidelity Momentum Factor ETF	39.0	29	52	3.9	+0.1
SPXV	ProShares S&P 500 Ex-Health Care ETF	39.0	27	54	5.2	+1.4
SPXN	ProShares S&P 500 Ex-Financials ETF	38.9	27	54	5.1	+1.3
SNPE	Xtrackers S&P 500 ESG ETF	38.7	11	70	5.2	+1.4
PBUS	Invesco PureBeta MSCI USA ETF	38.4	4	77	5.4	+1.6
BBUS	JP Morgan Betabuilders U.S. Equity ETF	38.3	2	79	5.4	+1.6
ESG	FlexShares STOXX US ESG Impact Index Fund	37.6	32	49	5.2	+1.4
SCHX	Schwab U.S. Large-Cap ETF	37.5	3	78	5.4	+1.6
VUG	Vanguard Growth Index Fund	37.5	4	77	4.2	+0.4
SPTM	SPDR Portfolio Total Stock Market ETF	37.3	3	78	5.6	+1.8
IWB	iShares Russell 1000 ETF	36.6	15	66	5.3	+1.5
IQSU	IQ Candriam ESG US Equity ETF	36.5	9	72	5.3	+1.5
ESGV	Vanguard ESG U.S. Stock ETF	36.3	12	69	5.3	+1.5
VONE	Vanguard Russell 1000 ETF	36.3	8	73	5.4	+1.6
SCHK	Schwab 1000 Index ETF	36.3	5	76	5.4	+1.6
IGM	iShares North American Tech ETF	36.2	46	35	4.0	+0.2
IYY	iShares Dow Jones U.S. ETF	35.9	20	61	5.3	+1.4
ECOZ	TrueMark ESG Active Opportunities ETF	35.6	58	23	4.4	+0.6
NACP	Impact Shares NAACP Minority Empowerment ETF	35.6	75	6	4.6	+0.8
JKE	iShares Morningstar Large-Cap Growth ETF	35.6	25	56	3.5	-0.4
QYLD	Global X NASDAQ 100 Covered Call ETF	35.3	60	21	3.7	-0.1
NUSI	Nationwide Risk-Managed Income ETF	35.0	68	13	3.7	-0.2
LRGE	ClearBridge Large Cap Growth ESG ETF	34.9	60	21	4.0	+0.1
RECS	Columbia Research Enhanced Core ETF	34.9	15	66	5.7	+1.9
MTUM	iShares Edge MSCI USA Momentum Factor ETF	34.9	15	66	4.8	+1.0
QQQ	Invesco QQQ Trust	34.8	20	61	4.1	+0.3
IWV	iShares Russell 3000 ETF	34.4	20	61	5.2	+1.3
SCHB	Schwab U.S. Broad Market ETF	34.4	3	78	5.4	+1.5
SFY	SoFi Select 500 ETF	34.4	0	81	5.4	+1.5
FDLO	Fidelity Low Volatility Factor ETF	34.4	29	52	5.2	+1.4
ITOT	iShares Core S&P Total U.S. Stock Market ETF	34.3	3	78	5.3	+1.4
VTI	Vanguard Total Stock Market Index Fund	34.2	3	78	5.3	+1.4
VTHR	Vanguard Russell 3000 Index Fund	34.2	10	71	5.3	+1.4
XOUT	GraniteShares XOUT U.S. Large Cap ETF	34.1	60	21	4.5	+0.7
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	33.9	15	66	6.4	+2.5
WOMN	Impact Shares YWCA Women's Empowerment ETF	33.9	75	6	4.6	+0.7
IETC	iShares Evolved U.S. Technology ETF	33.7	18	63	4.1	+0.3
CATH	Global X S&P 500 Catholic Values Custom ETF	33.7	29	52	5.3	+1.5
GVIP	Goldman Sachs Hedge Industry VIP ETF	33.0	45	36	5.0	+1.2
FQAL	Fidelity Quality Factor ETF	33.0	29	52	5.5	+1.7
RFDA	RiverFront Dynamic US Dividend Advantage ETF	33.0	52	29	6.0	+2.2
CCOR	Core Alternative ETF	32.9	123	-42	4.3	+0.4
YLDE	ClearBridge Dividend Strategy ESG ETF	32.7	60	21	5.0	+1.2
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	32.6	9	72	5.6	+1.8
SYG	SPDR MFS Systematic Growth Equity ETF	32.4	60	21	4.6	+0.8
VEGN	US Vegan Climate ETF	32.4	60	21	5.3	+1.5
SPMO	Invesco S&P 500 Momentum ETF	32.0	13	68	4.5	+0.6
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	31.8	19	62	5.7	+1.9
ONEQ	Fidelity Nasdaq Composite Index Tracking Stock	30.9	21	60	3.2	-0.6
RFFC	RiverFront Dynamic US Flex-Cap ETF	30.6	52	29	5.5	+1.7
EPS	WisdomTree U.S. Earnings 500 Fund	30.6	8	73	6.5	+2.7
QUS	SPDR MSCI USA StrategicFactors ETF	30.3	15	66	5.9	+2.0
EQWL	Invesco Russell Top 200 Equal Weight ETF	29.6	25	56	6.0	+2.2
FVAL	Fidelity Value Factor ETF	29.6	29	52	8.1	+4.3
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	29.5	49	32	4.2	+0.3
IOO	iShares Global 100 ETF	29.0	40	41	4.9	+1.1
PFM	Invesco Dividend Achievers ETF	28.6	54	27	5.4	+1.5
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	28.5	10	71	5.5	+1.6
SUSL	iShares ESG MSCI USA Leaders ETF	28.5	10	71	5.4	+1.6
DSI	iShares MSCI KLD 400 Social ETF	28.4	25	56	5.3	+1.5
EXT	WisdomTree U.S. Total Earnings Fund	28.3	28	53	5.8	+2.0
QLC	FlexShares US Quality Large Cap Index Fund	28.3	32	49	5.6	+1.8
SPXT	ProShares S&P 500 Ex-Technology ETF	28.2	27	54	5.7	+1.8
PWB	Invesco Dynamic Large Cap Growth ETF	28.1	55	26	3.5	-0.4
DGRW	WisdomTree U.S. Quality Dividend Growth Fund	28.0	28	53	6.6	+2.8
CACG	ClearBridge All Cap Growth ETF	27.9	54	27	4.5	+0.6
ESGG	FlexShares STOXX Global ESG Impact Index Fund	27.9	42	39	5.7	+1.8
FTHI	First Trust High Income ETF	27.9	85	-4	5.5	+1.6
DLN	WisdomTree U.S. LargeCap Dividend Fund	27.2	28	53	6.4	+2.6
IUS	Invesco Strategic US ETF	27.0	19	62	6.2	+2.4
TOK	iShares MSCI Kokusai ETF	26.9	25	56	5.8	+1.9

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:	Aptus Drawdown Managed Equity ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	21.9	%
Divided by: Fwd. P/BV	4.7	x
Less: Expense ratio	81	bp
Equals: ALTAR Score	3.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.37	CATEGORY AVERAGE	1.53

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.