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)	$201
Currency	USD
Expense ratio	79 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	67
Wgt avg mkt cap (mns)	$517,270
Large cap (>$10bn)	97.9%
Mid cap ($2-10bn)	2.1%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	32.5 %
APPLE INC	6.5 %
MICROSOFT CORP	5.1 %
AMAZON.COM INC	4.2 %
ALPHABET INC. CLASS C	3.3 %
LAM RESEARCH CORP	2.5 %
NEXTERA ENERGY GROUP	2.4 %
INTUITIVE SURGICAL INC	2.1 %
BLACKROCK INC	2.1 %
HOME DEPOT INC	2.1 %
UNITEDHEALTH GROUP INC	2.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	93.3 %
	NETHERLANDS	2.0 %
	BRITAIN	1.0 %
	IRELAND	0.8 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
18.2%	18.2%	--	--	18.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.55	89%
MSCI EAFE	0.47	74%
MSCI Emg. Mkts.	0.40	61%

Technical Indicators
Recent close	$35.71
30d moving avg.	$35.68
Annualized volatility	14.5%
Short interest (ETF)	0.0%
Relative strength (RSI)	55

Liquidity measures
Avg. volume (thou.)	23
Turnover	0.4%
Bid/Ask (% of price)	0.17%
ADV underlying (mns)	$120,996

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 99 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:

79 bp

ALTAR Score™:

3.2%

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	56.9	79	0	3.9	+0.7
XLG	Invesco S&P 500 Top 50 ETF	51.2	20	59	4.2	+1.0
OEF	iShares S&P 100 ETF	50.0	20	59	4.3	+1.1
IWL	iShares Russell Top 200 ETF	48.6	15	64	4.5	+1.3
MGC	Vanguard Mega Cap Index Fund	48.4	7	72	4.7	+1.5
BKLC	BNY Mellon US Large Cap Core Equity ETF	48.2	0	79	4.6	+1.4
PBP	Invesco S&P 500 BuyWrite ETF	45.6	49	30	4.4	+1.2
ESGV	Vanguard ESG U.S. Stock ETF	45.3	12	67	4.6	+1.4
XYLG	Global X S&P 500 Covered Call & Growth ETF	45.1	60	19	4.4	+1.2
VOOG	Vanguard S&P 500 Growth ETF	45.0	10	69	4.1	+0.9
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	45.0	20	59	4.7	+1.5
SPY	SPDR S&P 500 ETF Trust	44.7	9	70	4.8	+1.6
SPLG	SPDR Portfolio Large Cap ETF	44.7	3	76	4.8	+1.6
IVV	iShares Core S&P 500 ETF	44.6	3	76	4.8	+1.6
VOO	VANGUARD S&P 500 ETF	44.3	3	76	4.9	+1.7
SPXE	ProShares S&P 500 Ex-Energy ETF	44.2	27	52	4.7	+1.5
IWY	iShares Russell Top 200 Growth ETF	43.9	20	59	3.7	+0.6
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	43.8	20	59	4.9	+1.7
SPYG	SPDR Portfolio S&P 500 Growth ETF	43.6	4	75	3.8	+0.6
IVW	iShares S&P 500 Growth ETF	43.6	18	61	3.7	+0.5
SPXV	ProShares S&P 500 Ex-Health Care ETF	43.6	27	52	4.4	+1.2
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	43.0	7	72	4.6	+1.4
SPXN	ProShares S&P 500 Ex-Financials ETF	43.0	27	52	4.5	+1.3
SNPE	Xtrackers S&P 500 ESG ETF	42.7	10	69	4.7	+1.5
EFIV	SPDR S&P 500 ESG ETF	42.7	10	69	4.7	+1.5
MMTM	SPDR S&P 1500 Momentum Tilt ETF	42.4	12	67	4.1	+0.9
IUSG	iShares Core S&P US Growth ETF	42.3	4	75	3.8	+0.6
BBUS	JP Morgan Betabuilders U.S. Equity ETF	42.1	2	77	4.7	+1.5
JCTR	JPMorgan Carbon Transition U.S. Equity ETF	42.1	15	64	4.7	+1.6
VV	Vanguard Large-Cap Index Fund	42.1	4	75	4.7	+1.5
TMFC	Motley Fool 100 Index ETF	41.7	50	29	3.2	-0.0
PBUS	Invesco PureBeta MSCI USA ETF	41.7	4	75	4.7	+1.5
ESG	FlexShares STOXX US ESG Impact Index Fund	41.5	32	47	4.6	+1.4
XOUT	GraniteShares XOUT U.S. Large Cap ETF	41.5	60	19	3.7	+0.5
SCHG	Schwab U.S. Large-Cap Growth ETF	41.5	4	75	3.3	+0.1
MGK	Vanguard Mega Cap Growth ETF	41.3	7	72	3.8	+0.6
ESGU	iShares MSCI USA ESG Optimized ETF	41.3	15	64	4.5	+1.3
IWF	iShares Russell 1000 Growth ETF	41.0	19	60	3.6	+0.4
SPTM	SPDR Portfolio Total Stock Market ETF	40.8	3	76	4.9	+1.7
SCHX	Schwab U.S. Large-Cap ETF	40.7	3	76	4.6	+1.5
HIPR	Direxion High Growth ETF	40.6	40	39	4.0	+0.8
VONG	Vanguard Russell 1000 Growth Index Fund	40.6	8	71	3.7	+0.5
SCHK	Schwab 1000 Index ETF	39.7	5	74	4.7	+1.5
IWB	iShares Russell 1000 ETF	39.7	15	64	4.6	+1.4
CATH	Global X S&P 500 Catholic Values Custom ETF	39.3	29	50	4.7	+1.5
IYY	iShares Dow Jones U.S. ETF	39.2	20	59	4.5	+1.3
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	38.6	15	64	5.8	+2.6
USMC	Principal U.S. Mega-Cap Multi-Factor Index ETF	38.4	12	67	5.0	+1.8
VUG	Vanguard Growth Index Fund	38.2	4	75	3.6	+0.5
VTHR	Vanguard Russell 3000 Index Fund	38.1	10	69	4.5	+1.3
SPQQ	Siren Large Cap Blend Index ETF	38.0	20	59	4.3	+1.1
FDMO	Fidelity Momentum Factor ETF	37.2	29	50	2.5	-0.7
WOMN	Impact Shares YWCA Women's Empowerment ETF	37.1	75	4	3.6	+0.5
IWV	iShares Russell 3000 ETF	37.0	20	59	4.4	+1.2
SCHB	Schwab U.S. Broad Market ETF	36.9	3	76	4.5	+1.3
ITOT	iShares Core S&P Total U.S. Stock Market ETF	36.6	3	76	4.5	+1.3
VONE	Vanguard Russell 1000 ETF	36.6	8	71	4.6	+1.5
SFY	SoFi Select 500 ETF	36.4	0	79	4.6	+1.5
IQSU	IQ Candriam ESG US Equity ETF	36.3	9	70	4.6	+1.4
SPMO	Invesco S&P 500 Momentum ETF	36.3	13	66	4.0	+0.8
FQAL	Fidelity Quality Factor ETF	35.9	29	50	5.1	+1.9
VTI	Vanguard Total Stock Market Index Fund	35.9	3	76	4.5	+1.3
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	35.9	9	70	4.9	+1.7
IGM	iShares Expanded Tech Sector ETF	35.1	46	33	3.4	+0.3
QLC	FlexShares US Quality Large Cap Index Fund	34.9	32	47	4.5	+1.3
DFAU	Dimensional US Core Equity Market ETF	34.8	12	67	4.7	+1.6
NACP	Impact Shares NAACP Minority Empowerment ETF	34.7	49	30	4.8	+1.6
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	34.7	49	30	3.5	+0.4
QYLD	Global X NASDAQ 100 Covered Call ETF	34.5	60	19	3.2	-0.0
QYLG	Global X Nasdaq 100 Covered Call & Growth ETF	34.5	60	19	3.2	+0.0
QQQ	Invesco QQQ Trust	34.4	20	59	3.6	+0.4
QQQM	Invesco NASDAQ 100 ETF	34.4	15	64	3.7	+0.5
NUSI	Nationwide Risk-Managed Income ETF	34.4	68	11	3.1	-0.1
EPS	WisdomTree U.S. Earnings 500 Fund	34.1	8	71	6.0	+2.8
QUS	SPDR MSCI USA StrategicFactors ETF	33.7	15	64	5.3	+2.1
IETC	iShares Evolved U.S. Technology ETF	33.3	18	61	3.6	+0.4
ESGG	FlexShares STOXX Global ESG Impact Index Fund	33.2	42	37	4.7	+1.5
SYG	SPDR MFS Systematic Growth Equity ETF	32.6	60	19	3.6	+0.4
FVAL	Fidelity Value Factor ETF	32.5	29	50	6.9	+3.7
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	32.5	19	60	5.4	+2.2
SPXT	ProShares S&P 500 Ex-Technology ETF	32.5	27	52	4.9	+1.7
LRGE	ClearBridge Large Cap Growth ESG ETF	31.9	59	20	3.4	+0.2
EQWL	Invesco Russell Top 200 Equal Weight ETF	31.8	25	54	5.6	+2.5
JKE	iShares Morningstar Large-Cap Growth ETF	31.6	25	54	2.3	-0.9
RECS	Columbia Research Enhanced Core ETF	31.6	15	64	5.2	+2.0
SYE	SPDR MFS Systematic Core Equity ETF	31.6	60	19	4.9	+1.7
FLRG	Fidelity U.S. Multifactor ETF	31.1	29	50	6.0	+2.8
STLG	iShares Factors US Growth Style ETF	30.8	25	54	4.0	+0.9
RFFC	RiverFront Dynamic US Flex-Cap ETF	30.7	52	27	4.5	+1.3
DIVB	iShares U.S. Dividend & Buyback ETF	30.7	25	54	5.9	+2.7
YLDE	ClearBridge Dividend Strategy ESG ETF	30.6	60	19	4.5	+1.3
ONEQ	Fidelity Nasdaq Composite Index Tracking Stock	30.6	21	58	3.0	-0.2
ECOZ	TrueMark ESG Active Opportunities ETF	30.5	58	21	3.1	-0.1
SUSA	iShares MSCI USA ESG Select ETF	30.3	25	54	4.3	+1.1
DSI	iShares MSCI KLD 400 Social ETF	30.2	25	54	4.7	+1.5
KRMA	Global X Conscious Companies ETF	30.1	43	36	4.9	+1.7
IOO	iShares Global 100 ETF	30.0	40	39	4.4	+1.2
KOKU	Xtrackers MSCI Kokusai Equity ETF	30.0	9	70	5.1	+1.9
TOK	iShares MSCI Kokusai ETF	29.9	25	54	5.0	+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

	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	19.5	%
Divided by: Fwd. P/BV	4.9	x
Less: Expense ratio	79	bp
Equals: ALTAR Score	3.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.38	CATEGORY AVERAGE	1.49

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.