ETF Research Center

Compass EMP US Discovery 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 US Small Cap 500 Long/Cash Volatility Weighted Index before fees and expenses.

FUND BASICS
Category	US Equities
Fund Sponsor	Compass Efficient Model Portfo
Website	www.compassempfunds.com
Inception date	Aug 01, 2014
Assets (mns)	$58
Currency	USD
Expense ratio	35 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	462
Wgt avg mkt cap (mns)	$1,742
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	36.6%
Small cap (<$2bn)	63.4%
Developed mkts	100.0%
Emerging mkts	0.1%

TOP TEN HOLDINGS
Total	3.8 %
SJW CORP	0.4 %
NORTHWEST BANCSHARES INC	0.4 %
AIRCASTLE LTD	0.4 %
COLUMBIA FINANCIAL, INC.	0.4 %
FIDELITY NATIONAL FINANCIAL INC -	0.4 %
BRADY CORPORATION - CL A	0.4 %
CAPITOL FEDERAL FINANCIAL IN	0.4 %
NATIONAL HEALTHCARE CORP	0.4 %
COHEN & STEERS INC	0.4 %
MURPHY USA, INC.	0.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	98.3 %
	BERMUDA	0.5 %
	PUERTO RICO	0.4 %
	CAYMAN ISLANDS	0.2 %
	NETHERLANDS	0.2 %

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.
-0.3%	-11.9%	--	--	0.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.90	59%
MSCI EAFE	0.76	35%
MSCI Emg. Mkts.	0.44	19%

Technical Indicators
Recent close	$38.58
30d moving avg.	$38.40
Annualized volatility	14.2%
Short interest (ETF)	0.0%
Short interest (Underlying)	1.6%
Relative strength (RSI)	59

Liquidity measures
Avg. volume (thou.)	14
Turnover	0.9%
Bid/Ask (% of price)	0.14%
ADV underlying (mns)	$6,391

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

CSF

Expense:

35 bp

ALTAR Score™:

7.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH CSF
Ticker	Fund Name	Overlap¹ vs CSF (%)	Expense ratio (bp)	Savings vs CSF (bp)	ALTAR Score™ (%)	ALTAR vs CSF (%)
CSA	Victory CEMP US Small Cap Volatility Wtd	99.4	35	0	7.1	-0.0
FYX	First Trust Small Cap Core Alphadex	47.7	66	-31	5.5	-1.7
EWSC	Invesco S&P Small Cap 600 Equal Weight	43.3	40	-5	3.0	-4.2
EES	WisdomTree SmallCap Earnings	43.0	38	-3	9.1	+1.9
SLY	SPDR S&P 600 Small Cap	42.9	15	20	5.7	-1.5
IJR	iShares Core S&P Small-Cap	42.6	7	28	5.8	-1.4
ISMD	Inspire Small/Mid Cap Impact	42.4	61	-26	4.6	-2.5
VIOO	Vanguard S&P Small-Cap 600	42.2	15	20	5.8	-1.4
RNSC	Small Cap US Equity Select	40.1	60	-25	6.0	-1.1
PSC	Principal U.S. Small Cap Index	37.8	38	-3	6.6	-0.5
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity	37.0	29	6	4.1	-3.0
SLYV	SPDR S&P600 Small Cap Value	34.4	15	20	6.8	-0.3
IJS	iShares S&P 600 SmallCap Value	34.3	25	10	6.7	-0.4
VIOV	Vanguard S&P Small-Cap 600 Value	34.3	20	15	6.8	-0.3
GSSC	Goldman Sachs Activebeta U.S. Small Cap Equity	34.0	20	15	5.3	-1.8
DES	WisdomTree Smallcap Dividend	33.7	38	-3	7.0	-0.2
FYT	First Trust Small Cap Value AlphaDEX	33.4	76	-41	7.2	+0.1
IWN	iShares Russell 2000 Value	32.5	24	11	6.2	-1.0
VTWV	Vanguard Russell 2000 Value	32.1	20	15	6.3	-0.9
PQSG	PGIM QMA Strategic Alpha Small-Cap Growth	31.6	29	6	1.2	-6.0

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:	Compass EMP US Discovery 500 Enhanced Vol.
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	12.4	%
Divided by: Fwd. P/BV	1.6	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	7.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.60	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.