ETF Research Center

This fund tracks the Loncar Cancer Immunotherapy Index, an equal-weighted index of companies currently producing or in clinical trials for cancer immunotherapy drugs.

FUND BASICS
Category	US Equities
Fund Sponsor	US Bancorp
Website	www.loncarfunds.com/
Inception date	Oct 13, 2015
Assets (mns)	$39
Currency	USD
Expense ratio	79 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian
Weighting	Equal
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	26
Wgt avg mkt cap (mns)	$24,972
Large cap (>$10bn)	25.7%
Mid cap ($2-10bn)	18.1%
Small cap (<$2bn)	50.7%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	51.6 %
ZYMEWORKS INC.	7.4 %
SEATTLE GENETICS INC	6.3 %
BEIGENE LTD. SPONSORED ADR	6.0 %
CRISPR THERAPEUTICS AG	5.1 %
Y-MABS THERAPEUTICS, INC.	4.8 %
MODERNA, INC.	4.7 %
ASTRAZENECA PLC-SPONS ADR	4.4 %
BRISTOL-MYERS SQUIBB CO	4.4 %
REGENERON PHARMACEUTICALS	4.3 %
XENCOR INC	4.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	62.9 %
	BRITAIN	7.4 %
	CANADA	7.3 %
	CHINA	5.6 %
	SWITZERLAND	5.6 %
	GERMANY	4.2 %
	NETHERLANDS	4.0 %
	FRANCE	3.0 %

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.
24.3%	9.3%	--	--	-3.5%

Market Correlations
versus...	Beta	R-squared
S&P500	1.48	37%
MSCI EAFE	1.17	19%
MSCI Emg. Mkts.	1.14	29%

Technical Indicators
Recent close	$23.67
30d moving avg.	$21.19
Annualized volatility	29.5%
Short interest (ETF)	0.7%
Relative strength (RSI)	82

Liquidity measures
Avg. volume (thou.)	13
Turnover	0.8%
Bid/Ask (% of price)	0.31%
ADV underlying (mns)	$3,810

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

CNCR

Expense:

79 bp

ALTAR Score™:

-3.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH CNCR
Ticker	Fund Name	Overlap¹ vs CNCR (%)	Expense ratio (bp)	Savings vs CNCR (bp)	ALTAR Score™ (%)	ALTAR vs CNCR (%)
IDNA	iShares Genomics Immunology and Healthcare	28.5	47	32	-4.3	-0.9
IEIH	iShares Evolved U.S. Innovative Healthcare	16.8	18	61	4.4	+7.8
ARKG	ARK Genomic Revolution Multi-Sector	16.3	75	4	-3.6	-0.2
BBH	VanEck Vectors Biotech	15.2	35	44	4.5	+7.9
PJP	Invesco Dynamic Pharmaceuticals	14.9	56	23	9.3	+12.7
IBB	iShares NASDAQ Biotechnology	14.9	47	32	0.4	+3.8
FBT	First Trust NYSE-ARCA Biotechnology	14.9	57	22	-0.7	+2.7
PPH	VanEck Vectors Pharmaceuticals	12.6	36	43	9.4	+12.8
GDNA	Goldman Sachs Motif Human Evolution	11.6	50	29	1.0	+4.5
BTEC	Principal Healthcare Innovators Index	11.3	42	37	-4.2	-0.8
XBI	SPDR S&P Biotech ETF	11.2	35	44	-4.4	-1.0
IYH	iShares US Healthcare	10.6	43	36	6.3	+9.7
BBC	Virtus LifeSci Biotech Clinical Trials	10.5	79	0	-11.1	-7.7
XLV	Health Care Select Sector SPDR	10.5	13	66	7.2	+10.6
XPH	SPDR S&P Pharmaceuticals ETF	10.4	35	44	4.3	+7.7
BBP	BioShares Biotech Products	10.3	79	0	-3.6	-0.2
FHLC	Fidelity MSCI Health Care	10.2	8	71	5.8	+9.2
JHMH	John Hancock Multifactor Health Care	9.6	40	39	6.6	+10.0
VHT	Vanguard Health Care	9.2	10	69	5.9	+9.3
LNGR	Global X Longevity Thematic	9.1	50	29	3.3	+6.7

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:	Loncar Cancer Immunotherapy
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	-15.4	%
Divided by: Fwd. P/BV	5.9	x
Less: Expense ratio	79	bp
Equals: ALTAR Score	-3.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.26	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.