ETF Research Center

Compass EMP Developed 500 Enhanced Volatility Weighted Index ETF is an exchange traded fund incorporated in the USA. The Fund seeks to provide investment results that match the performance of the CEMP International 500 Long/Cash Volatility Weighted Index before fees and expenses.

FUND BASICS
Category	International Equities
Fund Sponsor	Compass Efficient Model Portfo
Website	www.compassempfunds.com
Inception date	Sep 30, 2014
Assets (mns)	$95
Currency	USD
Expense ratio	45 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian	US Bank NA
Weighting	Technical
Index replication	Full
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	499
Wgt avg mkt cap (mns)	$32,753
Large cap (>$10bn)	83.6%
Mid cap ($2-10bn)	16.0%
Small cap (<$2bn)	0.4%
Developed mkts	95.8%
Emerging mkts	4.2%

TOP TEN HOLDINGS
Total	3.9 %
NATIONAL BANK OF CANADA	0.5 %
TELUS CORPORATION	0.4 %
FORTIS INC	0.4 %
ROYAL BANK OF CANADA	0.4 %
BCE INC.	0.4 %
BANK OF NOVA SCOTIA	0.4 %
EMERA INC	0.4 %
TORONTO-DOMINION BANK	0.4 %
HONGKONG ELECTRIC HOLDINGS	0.4 %
ASSICURAZIONI GENERALI	0.4 %

TOP COUNTRY EXPOSURE
	JAPAN	20.3 %
	CANADA	11.3 %
	BRITAIN	9.5 %
	FRANCE	9.1 %
	SWITZERLAND	6.9 %
	AUSTRALIA	5.7 %
	GERMANY	5.2 %
	HONG KONG	4.4 %
	SOUTH KOREA	3.9 %
	NETHERLANDS	3.0 %

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.
7.3%	6.4%	--	--	0.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.54	46%
MSCI EAFE	0.80	85%
MSCI Emg. Mkts.	0.60	78%

Technical Indicators
Recent close	$32.61
30d moving avg.	$31.96
Annualized volatility	9.6%
Short interest (ETF)	0.0%
Relative strength (RSI)	74

Liquidity measures
Avg. volume (thou.)	12
Turnover	0.4%
Bid/Ask (% of price)	0.15%
ADV underlying (mns)	$35,491

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Compass EMP Dev. 500 Enhanced Vol. Wgt. ETF based on the alternatives' overlap in portfolio holdings with CIZ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

CIZ

Expense:

45 bp

ALTAR Score™:

6.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH CIZ
Ticker	Fund Name	Overlap¹ vs CIZ (%)	Expense ratio (bp)	Savings vs CIZ (bp)	ALTAR Score™ (%)	ALTAR vs CIZ (%)
CIL	Victory CEMP International Volatility Wtd	98.8	45	0	6.9	0.0
HFXI	IQ 50 Percent Hedged FTSE Int'l	49.6	20	25	7.2	+0.3
GSIE	Goldman Sachs ActiveBeta Int'l Equity	48.9	25	20	6.7	-0.2
SCHF	Schwab International Equity	48.9	6	39	7.4	+0.5
SPDW	SPDR Portfolio World ex-US	48.3	4	41	7.2	+0.3
JHMD	John Hancock Multifactor Developed International	48.0	45	0	7.2	+0.3
PDEV	Principal International Multi-Factor Core Index	47.8	25	20	6.9	-0.0
EFA	iShares MSCI EAFE	47.7	31	14	7.0	+0.0
EFAX	SPDR MSCI EAFE Fossil Fuel Free	46.9	20	25	7.1	+0.2
DBEF	Xtrackers MSCI EAFE Hedged	46.8	35	10	6.8	-0.1
PQIN	PGIM QMA Strategic Alpha International Equity	46.5	29	16	7.4	+0.5
PBDM	Invesco PureBeta FTSE Developed ex-North America	46.2	7	38	7.5	+0.6
IDEV	iShares Core MSCI Int'l Developed Markets	45.9	5	40	7.1	+0.2
ESGD	iShares MSCI EAFE ESG Optimized	45.8	20	25	6.9	-0.0
ISZE	iShares MSCI Int'l Developed Size Factor	45.6	30	15	6.7	-0.2
VEA	Vanguard Europe Pacific	45.1	5	40	7.3	+0.4
QEFA	SPDR MSCI EAFE Quality Mix	45.0	30	15	6.6	-0.3
PXF	Invesco FTSE-RAFI Developed ex-US	44.5	45	0	8.1	+1.2
FNDF	Schwab Fundamental Intl Large Cap	44.2	25	20	7.5	+0.6
IEFA	iShares Core MSCI EAFE	43.6	7	38	7.1	+0.2

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:	Compass EMP Dev. 500 Enhanced Vol. Wgt.
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	10.8	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	45	bp
Equals: ALTAR Score	6.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.67	CATEGORY AVERAGE	1.63

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.