ETF Research Center

CCOR is an actively managed ETF that seeks capital appreciation and preservation with low correlation to the broad US equity market. The fund primarily holds dividend-paying large-cap stocks with an option collar overlay.

FUND BASICS
Category	US Equities
Fund Sponsor	Core Alternative Capital
Website	corealtfunds.com
Inception date	May 23, 2017
Assets (mns)	$123
Currency	USD
Expense ratio	109 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	47
Wgt avg mkt cap (mns)	$228,540
Large cap (>$10bn)	98.3%
Mid cap ($2-10bn)	1.8%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	25.3 %
APPLE INC	2.7 %
MICROSOFT CORP	2.6 %
ORACLE CORP	2.6 %
NORFOLK SOUTHERN CORP	2.5 %
PROCTER & GAMBLE CO/THE	2.5 %
AIR PRODUCTS & CHEMICALS INC	2.5 %
DOLLAR GENERAL CORP	2.5 %
ABBOTT LABORATORIES	2.5 %
MORGAN STANLEY	2.5 %
WASTE MANAGEMENT INC	2.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	91.8 %
	IRELAND	2.3 %
	BRITAIN	1.5 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru August 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
0.3%	1.7%	--	--	4.4%

Market Correlations
versus...	Beta	R-squared
S&P500	-0.10	11%
MSCI EAFE	-0.13	15%
MSCI Emg. Mkts.	-0.10	16%

Technical Indicators
Recent close	$27.24
30d moving avg.	$27.87
Annualized volatility	5.1%
Short interest (ETF)	0.0%
Relative strength (RSI)	41

Liquidity measures
Avg. volume (thou.)	26
Turnover	0.6%
Bid/Ask (% of price)	0.33%
ADV underlying (mns)	$4,060

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

CCOR

Expense:

109 bp

ALTAR Score™:

4.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH CCOR
Ticker	Fund Name	Overlap¹ vs CCOR (%)	Expense ratio (bp)	Savings vs CCOR (bp)	ALTAR Score™ (%)	ALTAR vs CCOR (%)
USMC	Principal U.S. Mega-Cap Multi-Factor Index ETF	41.2	12	97	5.1	+0.2
MGV	Vanguard Mega Cap Value ETF	37.9	7	102	7.3	+2.4
DLN	WisdomTree U.S. LargeCap Dividend Fund	35.6	28	81	7.1	+2.1
DGRO	iShares Core Dividend Growth ETF	34.6	8	101	7.0	+2.1
VYM	Vanguard High Dividend Yield Index ETF	34.4	6	103	7.6	+2.7
OUSA	O'Shares FTSE US Quality Dividend ETF	34.1	48	61	6.6	+1.7
PFM	Invesco Dividend Achievers ETF	34.1	53	56	5.4	+0.5
ACIO	Aptus Collared Income Opportunity ETF	32.9	79	30	5.2	+0.3
DTD	WisdomTree U.S.Total Dividend Fund	32.8	28	81	7.2	+2.3
VTV	Vanguard Value Index Fund	32.5	4	105	7.5	+2.6
FTCS	First Trust Capital Strength ETF	31.4	58	51	5.1	+0.2
QDEF	FlexShares Quality Dividend Defensive Index Fund	31.1	37	72	7.0	+2.1
XLG	Invesco S&P 500 Top 50 ETF	30.9	20	89	5.9	+1.0
OEF	iShares S&P 100 ETF	30.8	20	89	5.9	+1.0
DIVB	iShares U.S. Dividend & Buyback ETF	30.4	25	84	7.3	+2.3
SPQQ	Siren Large Cap Blend Index ETF	30.3	20	89	5.3	+0.4
QUS	SPDR MSCI USA StrategicFactors ETF	30.0	15	94	6.2	+1.3
FDLO	Fidelity Low Volatility Factor ETF	29.9	29	80	5.2	+0.3
VIG	Vanguard Dividend Appreciation Index Fund	29.8	6	103	5.3	+0.4
IWX	iShares Russell Top 200 Value ETF	29.7	20	89	6.9	+2.0
SCHV	Schwab U.S. Large-Cap Value ETF	29.6	4	105	7.3	+2.3
DGRW	WisdomTree U.S. Quality Dividend Growth Fund	29.6	28	81	7.4	+2.4
EDOW	First Trust Dow 30 Equal Weight ETF	29.0	50	59	6.1	+1.2
FDRR	Fidelity Dividend ETF for Rising Rates	28.5	29	80	7.7	+2.8
QDF	FlexShares Quality Dividend Index Fund	28.2	37	72	7.0	+2.1
EPS	WisdomTree U.S. Earnings 500 Fund	28.2	8	101	7.2	+2.3
EQWL	Invesco Russell Top 200 Equal Weight ETF	27.9	25	84	6.3	+1.3
DIA	SPDR Dow Jones Industrial Average ETF Trust	27.8	16	93	5.7	+0.8
USDY	Pacific Global US Equity Income ETF	27.8	29	80	7.2	+2.3
FQAL	Fidelity Quality Factor ETF	27.8	29	80	6.3	+1.3
NACP	Impact Shares NAACP Minority Empowerment ETF	27.8	75	34	5.7	+0.8
VSMV	VictoryShares US Multi-Factor Minimum Volatility ETF	27.7	35	74	7.1	+2.2
ESG	FlexShares STOXX US ESG Impact Index Fund	27.7	32	77	5.7	+0.8
IWL	iShares Russell Top 200 ETF	27.5	15	94	5.8	+0.9
DIVO	Amplify YieldShares CWP Dividend & Option Income ETF	27.4	49	60	5.0	+0.1
BKLC	BNY Mellon US Large Cap Core Equity ETF	27.3	0	109	6.0	+1.1
JKD	iShares Morningstar Large-Cap ETF	27.3	20	89	8.1	+3.2
FLLV	Franklin Liberty U.S. Low Volatility ETF	27.2	29	80	6.0	+1.0
RAFE	PIMCO RAFI ESG U.S. ETF	27.2	29	80	7.7	+2.8
USMV	iShares Edge MSCI Min Vol USA ETF	27.1	15	94	5.6	+0.6
IVE	iShares S&P 500 Value ETF	26.6	18	91	7.4	+2.4
MGC	Vanguard Mega Cap Index Fund	26.6	7	102	6.0	+1.0
VOOV	Vanguard S&P 500 Value ETF	26.5	10	99	7.4	+2.5
ADME	Aptus Drawdown Managed Equity ETF	26.5	79	30	4.3	-0.6
SPYV	SPDR Portfolio S&P 500 Value ETF	26.5	4	105	7.5	+2.6
DSTL	Distillate US Fundamental Stability & Value ETF	26.4	39	70	7.0	+2.0
SPHQ	Invesco S&P 500 Quality ETF	26.1	15	94	5.3	+0.3
FDVV	Fidelity Core Dividend ETF	25.7	29	80	7.7	+2.8
JKF	iShares Morningstar Large Cap Value ETF	25.7	25	84	7.8	+2.8
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	25.6	49	60	5.7	+0.8
FNDX	Schwab Fundamental U.S. Large Co. Index ETF	25.5	25	84	7.4	+2.5
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	25.5	20	89	5.7	+0.8
KNG	Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF	25.5	75	34	5.7	+0.8
JQUA	JPMorgan U.S. Quality Factor ETF	25.4	12	97	5.7	+0.8
PRF	Invesco FTSE RAFI US 1000 ETF	25.4	39	70	7.4	+2.4
NOBL	ProShares S&P 500 Dividend Aristocrats ETF	25.3	35	74	6.2	+1.3
IOO	iShares Global 100 ETF	25.2	40	69	6.1	+1.2
FVAL	Fidelity Value Factor ETF	25.1	29	80	8.6	+3.6
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	25.0	19	90	6.8	+1.8
LVUS	Hartford Multifactor Low Volatility US Equity ETF	25.0	19	90	0.0	-4.9
SPXN	ProShares S&P 500 Ex-Financials ETF	25.0	27	82	5.8	+0.9
VSDA	VictoryShares Dividend Accelerator ETF	24.9	35	74	4.8	-0.1
IUSV	iShares Core S&P U.S. Value ETF	24.9	4	105	7.6	+2.7
HUSV	First Trust Horizon Managed Volatility Domestic ETF	24.8	70	39	5.1	+0.2
IUS	Invesco Strategic US ETF	24.7	19	90	7.1	+2.2
SPMV	Invesco S&P 500 Minimum Variance ETF	24.3	10	99	5.9	+1.0
SPY	SPDR S&P 500 ETF Trust	24.3	9	100	6.1	+1.1
PBP	Invesco S&P 500 BuyWrite ETF	24.2	49	60	5.7	+0.7
XYLG	Global X S&P 500 Covered Call & Growth ETF	24.2	60	49	5.7	+0.8
FLQL	Franklin LibertyQ U.S. Equity ETF	24.1	15	94	6.3	+1.4
SPLG	SPDR Portfolio Large Cap ETF	24.1	3	106	6.1	+1.2
DJD	Invesco Dow Jones Industrial Average Dividend ETF	24.1	7	102	7.1	+2.1
IVV	iShares Core S&P 500 ETF	24.0	3	106	6.1	+1.2
SPXT	ProShares S&P 500 Ex-Technology ETF	24.0	27	82	5.6	+0.7
VOO	VANGUARD S&P 500 ETF	23.9	3	106	6.1	+1.2
QLV	FlexShares US Quality Low Volatility Index Fund	23.9	22	87	5.4	+0.5
FNDB	Schwab Fundamental U.S. Broad Market Index ETF	23.8	25	84	7.4	+2.5
HSPX	Global X S&P 500 Covered Call ETF	23.8	60	49	5.5	+0.6
TMDV	ProShares Russell US Dividend Growers ETF	23.6	35	74	5.7	+0.8
SPXE	ProShares S&P 500 Ex-Energy ETF	23.6	27	82	6.1	+1.1
SNPE	Xtrackers S&P 500 ESG ETF	23.5	10	99	6.0	+1.1
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	23.4	20	89	6.1	+1.2
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	23.4	7	102	6.0	+1.1
RECS	Columbia Research Enhanced Core ETF	23.3	15	94	6.6	+1.6
PWV	Invesco Dynamic Large Cap Value ETF	23.2	56	53	8.3	+3.4
PBUS	Invesco PureBeta MSCI USA ETF	23.1	4	105	6.0	+1.1
WOMN	Impact Shares YWCA Women's Empowerment ETF	23.0	75	34	5.1	+0.2
VV	Vanguard Large-Cap Index Fund	23.0	4	105	5.9	+1.0
SPTM	SPDR Portfolio Total Stock Market ETF	22.9	3	106	6.2	+1.3
SCHX	Schwab U.S. Large-Cap ETF	22.9	3	106	5.9	+1.0
HDV	iShares Core High Dividend ETF	22.9	8	101	7.1	+2.1
DURA	VanEck Vectors Morningstar Durable Dividend ETF	22.7	29	80	7.2	+2.3
PWC	Invesco Dynamic Market ETF	22.7	58	51	5.9	+1.0
VFMV	Vanguard U.S. Minimum Volatility ETF	22.6	13	96	4.4	-0.5
QLC	FlexShares US Quality Large Cap Index Fund	22.5	32	77	6.0	+1.1
QUAL	iShares MSCI Usa Quality Factor ETF	22.3	15	94	6.0	+1.0
JVAL	JPMorgan U.S. Value Factor ETF	22.3	12	97	9.0	+4.1
XOUT	GraniteShares XOUT U.S. Large Cap ETF	22.3	60	49	5.4	+0.5
SCHK	Schwab 1000 Index ETF	22.3	5	104	5.9	+1.0
IQSU	IQ Candriam ESG US Equity ETF	22.3	9	100	6.2	+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

	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:	Core Alternative ETF
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	20.8	%
Divided by: Fwd. P/BV	3.5	x
Less: Expense ratio	109	bp
Equals: ALTAR Score	4.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.56	CATEGORY AVERAGE	1.51

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.