ETF Research Center

The Inspire Global Hope Large Cap ETF follows an equal-weighted index of 400 large-cap stocks selected for their alignment with biblical values and positive impact on the world according to various ESG screens.

FUND BASICS
Category	Global Equities
Fund Sponsor	Northern Lights
Website	www.inspireetf.com
Inception date	Feb 28, 2017
Assets (mns)	$158
Currency	USD
Expense ratio	61 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	300
Wgt avg mkt cap (mns)	$23,650
Large cap (>$10bn)	69.4%
Mid cap ($2-10bn)	29.5%
Small cap (<$2bn)	1.2%
Developed mkts	89.9%
Emerging mkts	10.1%

TOP TEN HOLDINGS
Total	4.2 %
SEATTLE GENETICS INC	0.5 %
NATURA COSMETICOS SA	0.4 %
LEGGETT & PLATT INC	0.4 %
RYANAIR HOLDINGS PLC SPONSORED ADR	0.4 %
VERTEX PHARMACEUTICALS INC	0.4 %
GIVAUDAN-REG	0.4 %
DAVITA INC	0.4 %
REGENERON PHARMACEUTICALS	0.4 %
VALEO SA	0.4 %
STMICROELECTRONICS NV-NY SHS	0.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	48.7 %
	BRITAIN	13.2 %
	AUSTRALIA	5.0 %
	FRANCE	4.7 %
	SWITZERLAND	3.5 %
	BRAZIL	2.8 %
	IRELAND	2.5 %
	NETHERLANDS	2.1 %
	INDIA	1.9 %
	SWEDEN	1.8 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
23.2%	14.4%	--	--	8.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.92	82%
MSCI EAFE	1.02	82%
MSCI Emg. Mkts.	0.75	69%

Technical Indicators
Recent close	$29.22
30d moving avg.	$29.11
Annualized volatility	12.7%
Short interest (ETF)	0.6%
Relative strength (RSI)	57

Liquidity measures
Avg. volume (thou.)	14
Turnover	0.3%
Bid/Ask (% of price)	1.28%
ADV underlying (mns)	$37,929

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

BLES

Expense:

61 bp

ALTAR Score™:

6.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH BLES
Ticker	Fund Name	Overlap¹ vs BLES (%)	Expense ratio (bp)	Savings vs BLES (bp)	ALTAR Score™ (%)	ALTAR vs BLES (%)
WWJD	Inspire International ESG	44.8	80	-19	6.9	+0.7
TPLC	Timothy Plan US Large Cap Core	30.9	52	9	5.6	-0.6
RSP	Invesco S&P 500 Equal Weight	30.2	20	41	6.8	+0.6
RVRS	Reverse Cap Weighted US Large Cap	27.4	29	32	7.9	+1.7
PQLC	PGIM QMA Strategic Alpha Large-Cap Core	26.6	17	44	7.0	+0.8
GSEW	Goldman Sachs Equal Weight U.S. Large Cap Equity	26.4	9	52	6.0	-0.2
SCIU	Global X Scientific Beta US	25.7	19	42	5.7	-0.5
SZNE	Pacer CFRA-Stovall Equal Weight Seasonal Rotation	25.4	60	1	7.4	+1.2
SIZE	iShares MSCI USA Size Factor	25.0	15	46	6.3	+0.1
JPUS	JPMorgan Diversified Return U.S. Equity	25.0	19	42	6.3	+0.1
EUSA	iShares MSCI USA Equal Weight	24.8	15	46	6.4	+0.3
VO	Vanguard Mid-Cap ETF	23.3	4	57	5.7	-0.4
ONEO	SPDR Russell 1000 Momentum Focus	22.8	20	41	6.5	+0.3
DEUS	Xtrackers Russell 1000 Comprehensive Factor	22.5	17	44	6.4	+0.2
IWR	iShares Russell Midcap	22.3	19	42	5.9	-0.3
FEX	First Trust Large Cap Core Alphadex	21.9	61	0	6.4	+0.2
CFO	Victory CEMP US 500 Enhanced Volatility Wtd	21.7	35	26	6.1	-0.1
CFA	Compass EMP US 500 Volatility Weighted	21.7	35	26	6.1	-0.1
RNLC	Large Cap US Equity Select	21.6	60	1	6.3	+0.2
MAGA	Point Bridge GOP Stock Tracker	20.5	72	-11	6.5	+0.3

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 Global Hope
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	12.3	%
Divided by: Fwd. P/BV	1.8	x
Less: Expense ratio	61	bp
Equals: ALTAR Score	6.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.66	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.