ETF Research Center

InfraCap Active MLP ETF is an exchange-traded fund incorporated in the USA. The Fund seeks total return primarily through investments in equity securities of publicly-traded master limited partnerships and limited liability companies taxed as partnerships ("MLPs").

FUND BASICS
Category	US Equities
Fund Sponsor	ETFis Capital LLC
Website
Inception date	Oct 02, 2014
Assets (mns)	$303
Currency	USD
Expense ratio	240 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation
Custodian	Bank of New York Mellon
Weighting	Proprietary
Index replication	Not Applicable
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	27
Wgt avg mkt cap (mns)	$18,082
Large cap (>$10bn)	32.7%
Mid cap ($2-10bn)	30.9%
Small cap (<$2bn)	36.5%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	91.0 %
ENERGY TRANSFER EQUITY LP	14.9 %
MPLX LP	13.1 %
ENTERPRISE PRODUCTS PARTNERS	12.5 %
PLAINS ALL AMER PIPELINE LP	11.6 %
WESTERN GAS EQUITY PARTNERS LP	7.9 %
TALLGRASS ENERGY GP LP CLASS A	6.9 %
BP MIDSTREAM PARTNERS LP	6.5 %
DCP MIDSTREAM PARTNERS LP	6.0 %
MAGELLAN MIDSTREAM PARTNERS	5.9 %
NOBLE MIDSTREAM PARTNERS LP	5.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	125.7 %
	BRITAIN	0.8 %

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.
3.0%	-16.2%	--	--	-14.8%

Market Correlations
versus...	Beta	R-squared
S&P500	1.49	62%
MSCI EAFE	1.39	46%
MSCI Emg. Mkts.	0.87	30%

Technical Indicators
Recent close	$4.13
30d moving avg.	$4.46
Annualized volatility	22.8%
Short interest (ETF)	0.6%
Short interest (Underlying)	3.1%
Relative strength (RSI)	32

Liquidity measures
Avg. volume (thou.)	680
Turnover	0.9%
Bid/Ask (% of price)	0.22%
ADV underlying (mns)	$2,131

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

AMZA

Expense:

240 bp

ALTAR Score™:

5.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH AMZA
Ticker	Fund Name	Overlap¹ vs AMZA (%)	Expense ratio (bp)	Savings vs AMZA (bp)	ALTAR Score™ (%)	ALTAR vs AMZA (%)
AMLP	Alerian MLP ETF	83.9	85	155	4.9	-0.6
MLPA	Global X MLP	74.8	45	195	5.7	+0.2
ZMLP	Direxion Zacks MLP High Income	46.4	65	175	7.2	+1.7
MLPX	Global X MLP & Energy Infrastructure	28.8	45	195	4.3	-1.3
ENFR	Alerian Energy Infrastructure	28.7	55	185	4.2	-1.3
USAI	American Energy Independence	24.9	75	165	2.6	-2.9
EMLP	First Trust N. American Energy Infrastructure	23.0	95	145	5.1	-0.4
XLEY	Cushing Energy & MLP	22.9	65	175	3.7	-1.8
TPYP	Tortoise North American Pipeline	20.7	40	200	4.7	-0.8
XLSY	Cushing Energy Supply Chain & MLP	20.5	65	175	5.6	+0.1
XLUY	Cushing Utility & MLP	16.5	65	175	4.9	-0.7
XLTY	Cushing Transportation & MLP	15.4	65	175	7.9	+2.3
TOLZ	ProShares Global Infrastructure	12.3	46	194	5.2	-0.3
FCG	First Trust ISE-Revere Natural Gas	9.8	60	180	3.6	-1.9
JHME	John Hancock Multifactor Energy	9.1	40	200	3.4	-2.1
VRAI	Virtus Real Asset Income ETF	7.4	55	185	8.8	+3.2
FTXN	First Trust Nasdaq Oil & Gas	7.3	60	180	2.7	-2.9
VDE	Vanguard Energy ETF	7.2	10	230	3.9	-1.6
FENY	Fidelity MSCI Energy	7.2	8	232	4.0	-1.5
RYE	Invesco S&P Equal Weight Energy ETF	7.2	40	200	3.6	-1.9

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:	InfraCap MLP
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	5.6	%
Divided by: Fwd. P/BV	0.7	x
Less: Expense ratio	240	bp
Equals: ALTAR Score	5.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.47	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.