ETF Research Center

The IQ Chaikin US Large Cap ETF tracks an equal-weighted index of large-cap US stocks. Holdings are selected based on a multi-factor model.

FUND BASICS
Category	US Equities
Fund Sponsor	IndexIQ
Website	www.nylinvestments.com
Inception date	Dec 13, 2017
Assets (mns)	$287
Currency	USD
Expense ratio	25 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	65
Wgt avg mkt cap (mns)	$94,186
Large cap (>$10bn)	100.0%
Mid cap ($2-10bn)	0.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	18.6 %
APPLIED MATERIALS INC	2.1 %
TRANSDIGM GROUP INC	2.1 %
MICROSOFT CORP	1.9 %
CVS CAREMARK CORP	1.9 %
MICRON TECHNOLOGY INC	1.8 %
MORGAN STANLEY	1.8 %
AMERIPRISE FINANCIAL INC	1.8 %
MCKESSON CORP	1.8 %
CIGNA CORP	1.7 %
MEDTRONIC PLC	1.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.0 %
	IRELAND	3.3 %
	SWITZERLAND	1.6 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
29.5%	29.5%	--	--	5.5%

Market Correlations
versus...	Beta	R-squared
S&P500	1.12	91%
MSCI EAFE	1.17	77%
MSCI Emg. Mkts.	0.80	59%

Technical Indicators
Recent close	$27.50
30d moving avg.	$26.98
Annualized volatility	17.1%
Short interest (ETF)	0.0%
Relative strength (RSI)	67

Liquidity measures
Avg. volume (thou.)	106
Turnover	1.0%
Bid/Ask (% of price)	0.11%
ADV underlying (mns)	$25,971

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the IQ Chaikin U.S. Large Cap ETF based on the alternatives' overlap in portfolio holdings with CLRG. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

CLRG

Expense:

25 bp

ALTAR Score™:

7.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH CLRG
Ticker	Fund Name	Overlap¹ vs CLRG (%)	Expense ratio (bp)	Savings vs CLRG (bp)	ALTAR Score™ (%)	ALTAR vs CLRG (%)
SPVU	Invesco S&P 500 Value	32.8	13	12	10.0	+2.3
RYF	Invesco S&P Equal Weight Financials	30.9	40	-15	6.9	-0.8
PWV	Invesco Dynamic Large Cap Value	27.7	55	-30	8.1	+0.3
RPV	Invesco S&P 500 Pure Value ETF	26.1	35	-10	10.3	+2.6
PY	Principal Shareholder Yield	25.5	29	-4	7.7	-0.1
FTA	First Trust Large Cap Value	25.2	62	-37	8.1	+0.4
IEFN	iShares Evolved U.S. Financials	25.0	18	7	7.1	-0.6
EQWL	Invesco Fundamental Pure Large Core	24.6	25	0	6.0	-1.8
DIVB	iShares U.S. Dividend & Buyback	24.3	25	0	6.4	-1.4
FVAL	Fidelity Value Factor	24.2	29	-4	7.6	-0.1
ESGL	Invesco ESG Revenue ETF	24.1	40	-15	7.5	-0.2
SPYB	SPDR S&P 500 Buyback	24.0	35	-10	7.0	-0.7
JHMF	John Hancock Multifactor Financials	23.8	40	-15	6.3	-1.4
VLUE	iShares MSCI USA Value Factor	23.8	15	10	10.4	+2.7
MGV	Vanguard Mega Cap 300 Value	23.6	7	18	6.8	-1.0
SPVM	Invesco S&P 500 Value with Momentum	23.6	39	-14	7.9	+0.2
IWX	iShares Russell Top 200 Value	23.6	20	5	6.6	-1.1
RDVY	First Trust Nasdaq Rising Dividend Achievers	23.6	50	-25	6.8	-0.9
REVS	Columbia Research Enhanced Value	23.3	19	6	7.2	-0.6

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:	IQ Chaikin U.S. Large Cap
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	15.0	%
Divided by: Fwd. P/BV	1.9	x
Less: Expense ratio	25	bp
Equals: ALTAR Score	7.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.51	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.