ETF Research Center

CHGX tracks an index of 100 US large-cap stocks that meet diverse environmental, social, and governance standards.

FUND BASICS
Category	US Equities
Fund Sponsor	Change Finance
Website	changefinanceetf.com
Inception date	Oct 10, 2017
Assets (mns)	$11
Currency	USD
Expense ratio	49 bp
Distributions	Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	98
Wgt avg mkt cap (mns)	$103,937
Large cap (>$10bn)	88.6%
Mid cap ($2-10bn)	11.4%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	12.2 %
PVH CORP	1.3 %
CENTURYTEL INC	1.3 %
NVIDIA CORP	1.2 %
SCHWAB (CHARLES) CORP	1.2 %
APPLE INC	1.2 %
HEWLETT PACKARD ENTERPRISE CO.	1.2 %
CVS CAREMARK CORP	1.2 %
BANK OF AMERICA CORP	1.2 %
PARKER HANNIFIN CORP	1.2 %
MORGAN STANLEY	1.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	92.4 %
	IRELAND	4.2 %
	BRITAIN	2.1 %
	SWITZERLAND	0.9 %

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.
29.6%	17.2%	--	--	12.3%

Market Correlations
versus...	Beta	R-squared
S&P500	1.05	94%
MSCI EAFE	1.08	76%
MSCI Emg. Mkts.	0.78	61%

Technical Indicators
Recent close	$22.60
30d moving avg.	$22.27
Annualized volatility	15.5%
Short interest (ETF)	2.3%
Relative strength (RSI)	68

Liquidity measures
Avg. volume (thou.)	3
Turnover	0.6%
Bid/Ask (% of price)	0.25%
ADV underlying (mns)	$44,122

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Change Finance Diversified Impact US Large Cap Fossil Fuel ETF based on the alternatives' overlap in portfolio holdings with CHGX. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

CHGX

Expense:

49 bp

ALTAR Score™:

6.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH CHGX
Ticker	Fund Name	Overlap¹ vs CHGX (%)	Expense ratio (bp)	Savings vs CHGX (bp)	ALTAR Score™ (%)	ALTAR vs CHGX (%)
EQWL	Invesco Fundamental Pure Large Core	30.9	25	24	6.3	+0.3
KRMA	Global X Conscious Companies	30.3	43	6	5.7	-0.4
ESGU	iShares MSCI USA ESG Optimized	29.4	15	34	5.6	-0.5
IWL	iShares Russell Top 200	28.7	15	34	5.7	-0.4
NULC	Nuveen ESG Large-Cap ETF	28.4	20	29	5.3	-0.8
JUST	Goldman Sachs JUST U.S. Large Cap Equity	28.4	20	29	5.6	-0.5
MGC	Vanguard Mega Cap 300 ETF	28.2	7	42	5.9	-0.2
SPXE	ProShares S&P 500 Ex-Energy	27.7	27	22	5.9	-0.2
RYT	Invesco S&P Equal Weight Technology	27.5	40	9	6.5	+0.4
PRID	InsightShares LGBT Employment Equality	27.4	65	-16	5.4	-0.7
JQUA	JPMorgan U.S. Quality Factor	27.4	12	37	5.8	-0.3
JKE	iShares Morningstar Large Cap Growth	27.3	25	24	4.0	-2.1
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	27.3	20	29	5.9	-0.2
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	27.1	19	30	5.7	-0.4
PBP	Invesco S&P 500 Buy/Write	27.0	49	0	5.5	-0.6
SNPE	Xtrackers S&P 500 ESG	27.0	11	38	5.8	-0.3
HSPX	Global X S&P 500 Covered Call	26.7	65	-16	5.3	-0.8
SPY	S&P 500 SPDR	26.7	9	40	5.9	-0.2
FLLV	Franklin Liberty U.S. Low Volatility	26.7	29	20	5.3	-0.8
XOUT	GraniteShares XOUT US Large Cap	26.4	60	-11	5.1	-1.0

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:	Change Finance Diversified Impact US Large Cap Fossil Fuel
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	19.5	%
Divided by: Fwd. P/BV	3.0	x
Less: Expense ratio	49	bp
Equals: ALTAR Score	6.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.57	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.