ETF Research Center

The Inspire 100 ETF tracks a market-cap-weighted index of large-cap US stocks, selected based on the firms proprietary definition of biblical values.

FUND BASICS
Category	US Equities
Fund Sponsor	Northern Lights
Website	www.inspireetf.com
Inception date	Oct 30, 2017
Assets (mns)	$87
Currency	USD
Expense ratio	35 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	100
Wgt avg mkt cap (mns)	$52,828
Large cap (>$10bn)	97.2%
Mid cap ($2-10bn)	2.8%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	26.8 %
HONEYWELL INTERNATIONAL INC	3.6 %
NVIDIA CORP	3.3 %
UNION PACIFIC CORP	3.2 %
NEXTERA ENERGY GROUP	2.9 %
DANAHER CORP	2.8 %
LOWE'S COS INC	2.5 %
AMERICAN TOWER CORP-CL A	2.4 %
CATERPILLAR INC	2.4 %
CONOCOPHILLIPS	1.9 %
DOMINION RESOURCES INC/VA	1.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	93.8 %
	IRELAND	3.1 %
	SWITZERLAND	1.4 %
	BRITAIN	1.0 %

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.
21.5%	14.2%	--	--	8.3%

Market Correlations
versus...	Beta	R-squared
S&P500	1.04	95%
MSCI EAFE	1.08	79%
MSCI Emg. Mkts.	0.82	69%

Technical Indicators
Recent close	$29.04
30d moving avg.	$28.33
Annualized volatility	15.4%
Short interest (ETF)	0.6%
Relative strength (RSI)	73

Liquidity measures
Avg. volume (thou.)	24
Turnover	0.8%
Bid/Ask (% of price)	0.25%
ADV underlying (mns)	$23,566

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Inspire 100 ETF based on the alternatives' overlap in portfolio holdings with BIBL. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

BIBL

Expense:

35 bp

ALTAR Score™:

5.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH BIBL
Ticker	Fund Name	Overlap¹ vs BIBL (%)	Expense ratio (bp)	Savings vs BIBL (bp)	ALTAR Score™ (%)	ALTAR vs BIBL (%)
IYJ	iShares DJ US Industrials	29.7	42	-7	5.4	-0.3
XLI	Industrials Select Sector SPDR	27.7	13	22	6.2	+0.5
FIDU	Fidelity Industrials	27.6	8	27	6.0	+0.3
VIS	Vanguard Industrials	27.5	10	25	6.3	+0.6
TPHD	Timothy Plan High Dividend Stock	24.6	52	-17	6.7	+1.1
JHMI	John Hancock Multifactor Industrials	24.5	40	-5	6.6	+1.0
TPLC	Timothy Plan US Large Cap Core	24.2	52	-17	5.6	-0.1
RGI	Invesco S&P Equal Weight Industrials	22.5	40	-5	6.6	+1.0
SPLV	Invesco S&P 500 Low Volatility	21.7	25	10	5.2	-0.4
LVHB	Elkhorn Lunt Low Vol/High Beta Tactical	21.7	52	-17	5.0	-0.7
EXI	iShares Global Industrials	21.1	46	-11	6.1	+0.4
DEF	Invesco Defensive Equity	21.1	59	-24	4.9	-0.8
QQEW	First Trust NASDAQ 100 Equal Weight	20.8	60	-25	6.0	+0.4
QQQE	Direxion NASDAQ-100 Equal Weight	20.7	35	0	6.3	+0.7
SZNE	Pacer CFRA-Stovall Equal Weight Seasonal Rotation	20.5	60	-25	6.7	+1.0
GSEW	Goldman Sachs Equal Weight U.S. Large Cap Equity	19.5	9	26	6.5	+0.8
USMV	iShares MSCI USA Minimum Volatility	19.5	15	20	5.2	-0.5
VO	Vanguard Mid-Cap ETF	19.4	4	31	5.8	+0.2
SCIU	Global X Scientific Beta US	19.4	19	16	5.7	+0.1
MTUM	iShares MSCI USA Momentum Factor	19.2	15	20	4.4	-1.3

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

	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:	Inspire 100
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	17.1	%
Divided by: Fwd. P/BV	2.9	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	5.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.54	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.