ETF Research Center

The AI Powered Equity ETF seeks to provide investment results that exceed broad U.S. Equity benchmark indices at equivalent levels of volatility. The fund typically invests in 40-70 names but analyzes and compares thousands of U.S. companies on a daily basis to find and optimize exposures within the portfolio.

FUND BASICS
Category	US Equities
Fund Sponsor	ETF Managers Group
Website	www.equbotetf.com
Inception date	Oct 18, 2017
Assets (mns)	$114
Currency	USD
Expense ratio	77 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	140
Wgt avg mkt cap (mns)	$104,835
Large cap (>$10bn)	84.4%
Mid cap ($2-10bn)	15.3%
Small cap (<$2bn)	0.3%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	18.1 %
ALPHABET INC. CLASS A	3.3 %
INTUIT INC	2.6 %
AMAZON.COM INC	2.2 %
MARTIN MARIETTA MATERIALS	1.7 %
JOHNSON & JOHNSON	1.5 %
NETAPP INC	1.4 %
MOODY'S CORP	1.3 %
QUALCOMM INC	1.3 %
THERMO FISHER SCIENTIFIC INC	1.3 %
SS&C TECHNOLOGIES HOLDINGS	1.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.9 %
	CANADA	1.2 %

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.
22.4%	9.4%	--	--	8.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.20	93%
MSCI EAFE	1.20	70%
MSCI Emg. Mkts.	0.85	55%

Technical Indicators
Recent close	$27.05
30d moving avg.	$26.44
Annualized volatility	18.1%
Short interest (ETF)	1.1%
Relative strength (RSI)	67

Liquidity measures
Avg. volume (thou.)	18
Turnover	0.4%
Bid/Ask (% of price)	0.33%
ADV underlying (mns)	$52,359

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the AI Powered Equity ETF based on the alternatives' overlap in portfolio holdings with AIEQ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

AIEQ

Expense:

77 bp

ALTAR Score™:

4.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH AIEQ
Ticker	Fund Name	Overlap¹ vs AIEQ (%)	Expense ratio (bp)	Savings vs AIEQ (bp)	ALTAR Score™ (%)	ALTAR vs AIEQ (%)
XOUT	GraniteShares XOUT US Large Cap	27.7	60	17	5.2	+1.2
SCHG	Schwab U.S. Large-Cap Growth	27.5	4	73	4.9	+0.9
IWF	iShares Russell 1000 Growth	27.2	19	58	5.0	+1.0
VONG	Vanguard Russell 1000 Growth	27.1	12	65	5.1	+1.1
QRFT	Qraft Ai-Enhanced U.S. Large Cap ETF	26.7	75	2	4.7	+0.7
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity	26.7	9	68	6.4	+2.4
JKE	iShares Morningstar Large Cap Growth	26.2	25	52	4.1	+0.1
VUG	Vanguard Growth ETF	25.7	4	73	4.9	+0.9
SPXN	ProShares S&P 500 Ex-Financials	25.4	27	50	5.9	+1.9
FTC	First Trust Large Cap Growth	25.4	61	16	3.7	-0.3
PLC	Principal U.S. Large-Cap Multi-Factor Core Index	25.4	15	62	5.5	+1.5
SPLG	SPDR Portfolio Large Cap	25.1	3	74	5.8	+1.8
SPYG	SPDR Portfolio S&P 500 Growth	24.6	4	73	5.1	+1.1
IVW	iShares S&P 500 Growth	24.6	18	59	5.0	+1.0
VOOG	Vanguard S&P 500 Growth	24.6	15	62	5.0	+1.0
PBP	Invesco S&P 500 Buy/Write	24.5	49	28	5.6	+1.6
SPXE	ProShares S&P 500 Ex-Energy	24.5	27	50	5.9	+1.9
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	24.4	20	57	6.0	+2.0
KRMA	Global X Conscious Companies	24.3	43	34	6.2	+2.2
IWY	iShares Russell Top 200 Growth	24.3	20	57	5.1	+1.1

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:	AI Powered Equity
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	18.6	%
Divided by: Fwd. P/BV	3.9	x
Less: Expense ratio	77	bp
Equals: ALTAR Score	4.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.45	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.