ETF Research Center

Alpha Intelligent - Large Cap Value ETF

ALTAR
Score™

7.2%

Recommen-
dation

NEUTRAL

2022E 2023E
P/E ratio	14.8x	P/Sales ratio	2.0x
P/BV ratio	2.8x	Div. yield	2.4%

Description
Performance
Comps
Fundamentals
Valuation
Rating

AILV is an actively managed fund that provides exposure to US large-cap value companies, selected based on data analytics.

FUND BASICS
Category	US Equities
Fund Sponsor	Dalton Capital
Website	alpha-intelligent-strategies.com/large-cap-value-etf/
Inception date	Dec 01, 2021
Assets (mns)	$1
Currency	USD
Expense ratio	85 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	50
Wgt avg mkt cap (mns)	$170,597
Large cap (>$10bn)	96.8%
Mid cap ($2-10bn)	3.2%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	35.7 %
WELLS FARGO & CO	4.7 %
CIGNA CORPORATION	4.6 %
F5 NETWORKS INC	4.5 %
AMERICAN INTERNATIONAL GROUP	3.6 %
ANTHEM INC	3.2 %
GENERAL ELECTRIC COMPANY	3.2 %
FREEPORT-MCMORAN COPPER	3.1 %
PHILIP MORRIS INTERNATIONAL	3.1 %
LOWE'S COS INC	2.9 %
FEDEX CORP	2.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.2 %
	PUERTO RICO	1.4 %
	IRELAND	1.3 %

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.
-3.1%	-6.5%	--	--	-9.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.80	80%
MSCI EAFE	0.75	67%
MSCI Emg. Mkts.	0.43	24%

Technical Indicators
Recent close	$22.82
30d moving avg.	$22.85
Annualized volatility	19.4%
Short interest (ETF)	0.1%
Relative strength (RSI)	40

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.21%
ADV underlying (mns)	$21,958

Distributions

There were no matches found with other funds under coverage.

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RESULTS & ESTIMATES

	2017	2018	2019	2020	2021	2022E	2023E
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

	2021	2022E	2023E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Alpha Intelligent - Large Cap Value 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	19.4	%
Divided by: Fwd. P/BV	2.4	x
Less: Expense ratio	85	bp
Equals: ALTAR Score	7.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.54	CATEGORY AVERAGE	1.50

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.