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)	$156
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	55
Wgt avg mkt cap (mns)	$475,570
Large cap (>$10bn)	96.2%
Mid cap ($2-10bn)	3.4%
Small cap (<$2bn)	0.4%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	35.2 %
APPLE INC	6.6 %
MICROSOFT CORP	5.9 %
AMAZON.COM INC	4.9 %
ALPHABET INC. CLASS C	3.3 %
HOME DEPOT INC	2.6 %
MSCI INC-A	2.5 %
FACEBOOK	2.4 %
PAYPAL HOLDINGS INC	2.4 %
LAM RESEARCH CORP	2.3 %
NETFLIX INC	2.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.0 %
	IRELAND	2.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru July 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
9.9%	--	--	--	12.1%

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

Technical Indicators
Recent close	$34.00
30d moving avg.	$33.35
Annualized volatility	0.0%
Short interest (ETF)	0.0%
Relative strength (RSI)	63

Liquidity measures
Avg. volume (thou.)	23
Turnover	0.5%
Bid/Ask (% of price)	0.21%
ADV underlying (mns)	$87,498

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™:

3.2%

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	58.2	79	2	4.0	+0.8
XLG	Invesco S&P 500 Top 50 ETF	50.1	20	61	4.3	+1.1
OEF	iShares S&P 100 ETF	48.9	20	61	4.6	+1.4
BKLC	BNY Mellon US Large Cap Core Equity ETF	47.1	0	81	4.9	+1.7
IWL	iShares Russell Top 200 ETF	46.9	15	66	4.7	+1.5
MGC	Vanguard Mega Cap Index Fund	46.2	7	74	5.0	+1.8
PBP	Invesco S&P 500 BuyWrite ETF	45.4	49	32	4.7	+1.5
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	45.2	20	61	4.7	+1.5
HSPX	Global X S&P 500 Covered Call ETF	44.9	65	16	4.6	+1.4
IWY	iShares Russell Top 200 Growth ETF	44.1	20	61	3.7	+0.5
SPY	SPDR S&P 500 ETF Trust	44.0	9	72	5.1	+1.9
SPXE	ProShares S&P 500 Ex-Energy ETF	44.0	27	54	5.1	+1.9
SPLG	SPDR Portfolio Large Cap ETF	44.0	3	78	5.2	+2.0
IVV	iShares Core S&P 500 ETF	44.0	4	77	5.2	+2.0
TMFC	Motley Fool 100 Index ETF	43.9	50	31	3.3	+0.1
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	43.9	20	61	5.1	+1.9
VOOG	Vanguard S&P 500 Growth ETF	43.8	10	71	4.1	+0.9
SPYG	SPDR Portfolio S&P 500 Growth ETF	43.8	4	77	4.2	+1.0
IVW	iShares S&P 500 Growth ETF	43.8	18	63	4.0	+0.8
USMC	Principal U.S. Mega-Cap Multi-Factor Index ETF	43.8	12	69	4.6	+1.4
VOO	VANGUARD S&P 500 ETF	43.7	3	78	5.2	+2.0
IUSG	iShares Core S&P US Growth ETF	42.8	4	77	4.2	+1.0
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	42.6	7	74	5.0	+1.8
SPXN	ProShares S&P 500 Ex-Financials ETF	42.3	27	54	4.7	+1.5
SPXV	ProShares S&P 500 Ex-Health Care ETF	42.3	27	54	4.7	+1.5
SCHG	Schwab U.S. Large-Cap Growth ETF	42.1	4	77	3.9	+0.7
MMTM	SPDR S&P 1500 Momentum Tilt ETF	41.9	12	69	4.5	+1.3
BBUS	JP Morgan Betabuilders U.S. Equity ETF	41.9	2	79	5.1	+1.9
ESGU	iShares MSCI USA ESG Optimized ETF	41.8	15	66	4.9	+1.7
VONG	Vanguard Russell 1000 Growth Index Fund	41.7	8	73	3.7	+0.5
IWF	iShares Russell 1000 Growth ETF	41.6	19	62	3.6	+0.4
SNPE	Xtrackers S&P 500 ESG ETF	41.5	11	70	4.9	+1.7
VV	Vanguard Large-Cap Index Fund	41.3	4	77	5.0	+1.8
PBUS	Invesco PureBeta MSCI USA ETF	41.2	4	77	5.0	+1.8
MGK	Vanguard Mega Cap Growth ETF	41.1	7	74	3.9	+0.7
SCHX	Schwab U.S. Large-Cap ETF	40.8	3	78	5.1	+1.9
ESG	FlexShares STOXX US ESG Impact Index Fund	40.7	32	49	4.8	+1.6
XOUT	GraniteShares XOUT U.S. Large Cap ETF	40.7	60	21	3.9	+0.7
SPTM	SPDR Portfolio Total Stock Market ETF	40.6	3	78	5.3	+2.1
FDMO	Fidelity Momentum Factor ETF	40.4	29	52	3.7	+0.5
SCHK	Schwab 1000 Index ETF	39.5	5	76	5.0	+1.8
VONE	Vanguard Russell 1000 ETF	39.3	8	73	5.0	+1.8
IWB	iShares Russell 1000 ETF	39.2	15	66	4.9	+1.7
IYY	iShares Dow Jones U.S. ETF	39.0	20	61	4.9	+1.7
VUG	Vanguard Growth Index Fund	38.7	4	77	3.8	+0.6
CATH	Global X S&P 500 Catholic Values Custom ETF	38.5	29	52	5.0	+1.8
IQSU	IQ Candriam ESG US Equity ETF	38.1	9	72	4.9	+1.7
ESGV	Vanguard ESG U.S. Stock ETF	37.8	12	69	4.9	+1.7
IGM	iShares Expanded Tech Sector ETF	37.7	46	35	3.7	+0.5
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	37.6	15	66	6.0	+2.8
SCHB	Schwab U.S. Broad Market ETF	37.4	3	78	5.0	+1.8
HIPR	Direxion High Growth ETF	37.3	40	41	4.3	+1.1
ITOT	iShares Core S&P Total U.S. Stock Market ETF	37.2	3	78	4.9	+1.7
IWV	iShares Russell 3000 ETF	37.0	20	61	4.8	+1.6
VTHR	Vanguard Russell 3000 Index Fund	37.0	10	71	4.8	+1.6
SYG	SPDR MFS Systematic Growth Equity ETF	36.5	60	21	4.2	+1.0
QYLD	Global X NASDAQ 100 Covered Call ETF	36.1	60	21	3.3	+0.1
NUSI	Nationwide Risk-Managed Income ETF	36.0	68	13	3.3	+0.1
VTI	Vanguard Total Stock Market Index Fund	36.0	3	78	4.9	+1.7
SFY	SoFi Select 500 ETF	35.9	0	81	5.0	+1.8
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	35.8	9	72	5.3	+2.1
QQQ	Invesco QQQ Trust	35.8	20	61	3.7	+0.5
MTUM	iShares Edge MSCI USA Momentum Factor ETF	35.5	15	66	4.1	+0.9
JKE	iShares Morningstar Large-Cap Growth ETF	35.3	25	56	2.8	-0.5
IETC	iShares Evolved U.S. Technology ETF	35.1	18	63	3.7	+0.5
FDLO	Fidelity Low Volatility Factor ETF	35.0	29	52	4.9	+1.7
NACP	Impact Shares NAACP Minority Empowerment ETF	34.6	75	6	4.6	+1.4
FQAL	Fidelity Quality Factor ETF	34.3	29	52	5.3	+2.1
STLG	iShares Factors US Growth Style ETF	33.9	25	56	3.5	+0.3
RECS	Columbia Research Enhanced Core ETF	33.9	15	66	5.4	+2.2
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	33.8	49	32	3.8	+0.6
SPMO	Invesco S&P 500 Momentum ETF	33.4	13	68	4.1	+0.9
EPS	WisdomTree U.S. Earnings 500 Fund	33.2	8	73	6.2	+3.0
ECOZ	TrueMark ESG Active Opportunities ETF	33.0	58	23	3.9	+0.7
YLDE	ClearBridge Dividend Strategy ESG ETF	32.9	60	21	4.7	+1.5
ONEQ	Fidelity Nasdaq Composite Index Tracking Stock	32.4	21	60	3.0	-0.2
ESGG	FlexShares STOXX Global ESG Impact Index Fund	32.3	42	39	5.2	+2.0
LRGE	ClearBridge Large Cap Growth ESG ETF	32.1	59	22	3.6	+0.4
QUS	SPDR MSCI USA StrategicFactors ETF	32.0	15	66	5.6	+2.4
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	31.8	19	62	5.8	+2.6
FVAL	Fidelity Value Factor ETF	31.7	29	52	7.6	+4.4
QLC	FlexShares US Quality Large Cap Index Fund	30.8	32	49	5.2	+2.0
CCOR	Core Alternative ETF	30.8	123	-42	4.1	+0.9
GVIP	Goldman Sachs Hedge Industry VIP ETF	30.3	45	36	4.3	+1.1
SPXT	ProShares S&P 500 Ex-Technology ETF	30.2	27	54	5.4	+2.2
SUSA	iShares MSCI USA ESG Select ETF	30.1	25	56	4.6	+1.4
IOO	iShares Global 100 ETF	30.0	40	41	4.6	+1.4
VEGN	US Vegan Climate ETF	30.0	60	21	5.0	+1.8
EQWL	Invesco Russell Top 200 Equal Weight ETF	29.9	25	56	5.9	+2.7
AVUS	Avantis U.S. Equity ETF	29.8	15	66	5.4	+2.2
TECB	iShares US Tech Breakthrough Multisector ETF	29.6	40	41	4.0	+0.8
TOK	iShares MSCI Kokusai ETF	29.6	25	56	5.3	+2.1
AFLG	First Trust Active Factor Large Cap ETF	29.5	55	26	5.3	+2.1
KOKU	Xtrackers MSCI Kokusai Equity ETF	29.4	9	72	5.5	+2.3
KRMA	Global X Conscious Companies ETF	29.4	43	38	4.9	+1.7
WOMN	Impact Shares YWCA Women's Empowerment ETF	29.3	75	6	4.2	+1.0
SFYF	SoFi 50 ETF	29.1	29	52	1.7	-1.5
EXT	WisdomTree U.S. Total Earnings Fund	29.0	28	53	5.0	+1.8
DSI	iShares MSCI KLD 400 Social ETF	28.9	25	56	5.0	+1.8
SYE	SPDR MFS Systematic Core Equity ETF	28.8	60	21	5.5	+2.3

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	20.3	%
Divided by: Fwd. P/BV	5.1	x
Less: Expense ratio	81	bp
Equals: ALTAR Score	3.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.39	CATEGORY AVERAGE	1.52

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.