ETF Research Center

The QRAFT AI-Enhanced U.S. Large Cap Momentum ETF is an actively-managed portfolio of U.S. Large Cap equities chosen with the aid of artificial intelligence.

FUND BASICS
Category	US Equities
Fund Sponsor	Cottonwood ETF Holdings LLC
Website	qraftaietf.com
Inception date	May 21, 2019
Assets (mns)	$3
Currency	USD
Expense ratio	75 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	49
Wgt avg mkt cap (mns)	$213,463
Large cap (>$10bn)	100.0%
Mid cap ($2-10bn)	0.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	39.8 %
MICROSOFT CORP	8.8 %
MASTERCARD INC-CLASS A	5.0 %
WAL-MART STORES INC	4.7 %
PROCTER & GAMBLE CO/THE	4.5 %
HOME DEPOT INC	4.1 %
PEPSICO INC	3.4 %
NEXTERA ENERGY GROUP	2.7 %
COSTCO WHOLESALE CORP	2.6 %
SHOPIFY, INC. CLASS A	2.1 %
INTUIT INC	2.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	94.4 %
	CANADA	2.1 %
	BRITAIN	1.4 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 01)
Year-to-date	1 year	5 years	10 years	Since Incep.
--	--	--	--	0.0%

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

Technical Indicators
Recent close	$27.89
30d moving avg.	$26.77
Annualized volatility	0.0%
Short interest (ETF)	0.0%
Relative strength (RSI)	66

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.8%
Bid/Ask (% of price)	0.25%
ADV underlying (mns)	$23,049

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Qraft AI-Enhanced U.S. Large Cap Momentum ETF based on the alternatives' overlap in portfolio holdings with AMOM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

AMOM

Expense:

75 bp

ALTAR Score™:

3.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH AMOM
Ticker	Fund Name	Overlap¹ vs AMOM (%)	Expense ratio (bp)	Savings vs AMOM (bp)	ALTAR Score™ (%)	ALTAR vs AMOM (%)
QRFT	Qraft Ai-Enhanced U.S. Large Cap ETF	37.3	75	0	4.1	+0.3
MTUM	iShares MSCI USA Momentum Factor	35.7	15	60	4.1	+0.3
OMFL	Oppenheimer Russell 1000 Dynamic Multifactor	33.5	29	46	8.7	+4.9
PWB	Invesco Dynamic Large Cap Growth	33.1	55	20	3.8	-0.0
SPMO	Invesco S&P 500 Momentum Portfolio	31.7	13	62	4.0	+0.2
IEDI	iShares Evolved U.S. Discretionary Spending	29.3	18	57	4.8	+1.0
GARD	Reality Shares DIVCON Dividend Guard	28.3	129	-54	3.9	+0.1
LEAD	Reality Shares DIVCON Leaders Dividend	28.2	43	32	4.7	+0.9
NULG	NuShares ESG Large-Cap Growth	27.8	35	40	3.7	-0.1
JKE	iShares Morningstar Large Cap Growth	26.9	25	50	3.4	-0.4
RPG	Invesco S&P 500 Pure Growth ETF	26.4	35	40	5.0	+1.2
OQAL	Invesco Russell 1000 Quality Factor ETF	25.4	19	56	6.0	+2.2
FLQL	Franklin LibertyQ U.S. Equity	25.2	15	60	6.5	+2.8
VIG	Vanguard Dividend Appreciation	25.0	6	69	5.2	+1.4
FDMO	Fidelity Momentum Factor	24.7	29	46	3.9	+0.1
FTXD	First Trust Nasdaq Retail	24.3	60	15	7.0	+3.2
PLC	Principal U.S. Large-Cap Multi-Factor Core Index	24.3	15	60	5.3	+1.5
DFND	Reality Shares DIVCON Dividend Defender	24.0	121	-46	4.1	+0.3
IYC	iShares DJ US Consumer Services	23.5	42	33	4.6	+0.8
IVW	iShares S&P 500 Growth	23.5	18	57	4.6	+0.8

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:	Qraft AI-Enhanced U.S. Large Cap Momentum
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	34.1	%
Divided by: Fwd. P/BV	7.5	x
Less: Expense ratio	75	bp
Equals: ALTAR Score	3.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.51	CATEGORY AVERAGE	1.56

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.