ETF Research Center

The Innovation Shares NextGen Vehicles & Technology ETF tracks an index that uses artificial intelligence to select global stocks involved in the investment, development, or use of next generation vehicles.

FUND BASICS
Category	Global Equities
Fund Sponsor	Exchange Traded Concepts
Website	www.innovationshares.com
Inception date	Feb 13, 2018
Assets (mns)	$2
Currency	USD
Expense ratio	95 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	66
Wgt avg mkt cap (mns)	$94,360
Large cap (>$10bn)	86.5%
Mid cap ($2-10bn)	12.4%
Small cap (<$2bn)	1.1%
Developed mkts	84.6%
Emerging mkts	15.4%

TOP TEN HOLDINGS
Total	43.7 %
TESLA MOTORS INC	5.2 %
ALPHABET INC. CLASS A	4.6 %
SIEMENS AG-REG	4.6 %
INTEL CORP	4.5 %
NVIDIA CORP	4.5 %
EADS NV	4.3 %
HONDA MOTOR CO LTD	4.2 %
DAIMLER AG-REGISTERED SHARES	3.9 %
BAIDU INC - SPON ADR	3.9 %
TOYOTA MOTOR CORP	3.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	26.1 %
	JAPAN	23.5 %
	GERMANY	12.7 %
	CHINA	9.2 %
	SOUTH KOREA	6.0 %
	NETHERLANDS	5.1 %
	SWITZERLAND	4.7 %
	FRANCE	2.2 %
	CANADA	2.1 %
	IRELAND	1.6 %

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.
11.6%	2.4%	--	--	-10.6%

Market Correlations
versus...	Beta	R-squared
S&P500	1.23	79%
MSCI EAFE	1.47	83%
MSCI Emg. Mkts.	1.19	77%

Technical Indicators
Recent close	$21.89
30d moving avg.	$21.20
Annualized volatility	20.7%
Short interest (ETF)	0.0%
Relative strength (RSI)	78

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.17%
ADV underlying (mns)	$10,636

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Innovation Shares NextGen Vehicles & Technology ETF based on the alternatives' overlap in portfolio holdings with EKAR. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

EKAR

Expense:

95 bp

ALTAR Score™:

7.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EKAR
Ticker	Fund Name	Overlap¹ vs EKAR (%)	Expense ratio (bp)	Savings vs EKAR (bp)	ALTAR Score™ (%)	ALTAR vs EKAR (%)
IDRV	iShares Self-driving EV & Tech	51.0	47	48	9.1	+2.0
DRIV	Global X Autonomous & Electric Vehicles	34.0	68	27	7.7	+0.6
KARS	KraneShares Electric Vehicles & Future Mobility Index	32.1	70	25	6.8	-0.3
CARZ	First Trust NASDAQ Global Auto	28.5	70	25	15.2	+8.1
GMAN	Goldman Sachs Motif Manufacturing Revolution	26.2	50	45	4.7	-2.4
AIQ	Global X Future Analytics Tech	18.7	68	27	4.6	-2.5
LOUP	Innovator Loup Frontier Tech	16.1	70	25	2.8	-4.3
GDAT	Goldman Sachs Motif Data-Driven World	15.1	50	45	5.7	-1.4
ARKQ	ARK Industrial Innovation	14.8	75	20	1.0	-6.1
XKST	SPDR Kensho Smart Mobility	14.3	45	50	6.3	-0.8
SMH	VanEck Vectors Semiconductors	13.4	35	60	6.3	-0.8
SOXX	iShares PHLX SOX Semiconductor	13.4	46	49	6.0	-1.1
DXJ	WisdomTree Japan Hedged Equity	13.1	48	47	8.7	+1.6
XNTK	SPDR NYSE Technology	12.7	35	60	5.5	-1.6
QTEC	First Trust NASDAQ 100 Tech	12.4	57	38	6.1	-1.0
BLCN	Reality Shares NASDAQ NextGen Economy	12.3	68	27	5.7	-1.5
IYW	iShares US Technology	11.8	42	53	5.1	-2.0
HEDJ	Wisdomtree International Hedged Equity	11.6	58	37	7.7	+0.6
DAX	Global X DAX Germany	11.6	20	75	8.8	+1.7
EWG	iShares MSCI Germany	11.5	47	48	7.8	+0.7

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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:	Innovation Shares NextGen Vehicles & Technology
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	11.3	%
Divided by: Fwd. P/BV	1.4	x
Less: Expense ratio	95	bp
Equals: ALTAR Score	7.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.55	CATEGORY AVERAGE	1.54

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.