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	61
Wgt avg mkt cap (mns)	$109,750
Large cap (>$10bn)	86.8%
Mid cap ($2-10bn)	12.9%
Small cap (<$2bn)	0.3%
Developed mkts	83.2%
Emerging mkts	16.8%

TOP TEN HOLDINGS
Total	45.1 %
TESLA MOTORS INC	8.2 %
NVIDIA CORP	5.2 %
INTEL CORP	4.8 %
ALPHABET INC. CLASS A	4.6 %
BAIDU INC - SPON ADR	4.3 %
EADS NV	4.0 %
HONDA MOTOR CO LTD	3.6 %
TOYOTA MOTOR CORP	3.6 %
SIEMENS AG-REG	3.5 %
ABB LTD.	3.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	30.8 %
	JAPAN	21.1 %
	GERMANY	10.6 %
	CHINA	10.6 %
	SOUTH KOREA	6.2 %
	NETHERLANDS	5.0 %
	SWITZERLAND	4.5 %
	CANADA	2.2 %
	FRANCE	2.0 %
	IRELAND	1.5 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-1.6%	10.2%	--	--	-5.9%

Market Correlations
versus...	Beta	R-squared
S&P500	1.26	80%
MSCI EAFE	1.47	82%
MSCI Emg. Mkts.	1.09	73%

Technical Indicators
Recent close	$23.78
30d moving avg.	$23.28
Annualized volatility	19.9%
Short interest (ETF)	1.5%
Relative strength (RSI)	59

Liquidity measures
Avg. volume (thou.)	1
Turnover	1.3%
Bid/Ask (% of price)	0.20%
ADV underlying (mns)	$24,801

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™:

6.1%

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	52.5	47	48	7.7	+1.7
DRIV	Global X Autonomous & Electric Vehicles	35.9	68	27	6.6	+0.6
KARS	KraneShares Electric Vehicles & Future Mobility Index	35.6	70	25	5.1	-0.9
CARZ	First Trust NASDAQ Global Auto	29.5	70	25	12.5	+6.5
GMAN	Goldman Sachs Motif Manufacturing Revolution	28.4	50	45	4.3	-1.7
LOUP	Innovator Loup Frontier Tech	21.1	70	25	3.4	-2.7
XNTK	SPDR NYSE Technology	19.8	35	60	4.4	-1.6
AIQ	Global X Future Analytics Tech	18.0	68	27	4.0	-2.0
XKST	SPDR Kensho Smart Mobility	16.9	45	50	3.6	-2.5
ARKQ	ARK Industrial Innovation	16.2	75	20	1.1	-5.0
GDAT	Goldman Sachs Motif Data-Driven World	15.9	50	45	5.3	-0.7
LIT	Global X Lithium & Battery Tech ETF	14.8	75	20	3.6	-2.4
SMH	VanEck Vectors Semiconductors	14.7	35	60	5.9	-0.2
SOXX	iShares PHLX SOX Semiconductor	14.7	46	49	5.7	-0.4
PSI	Invesco Dynamic Semiconductors	14.1	58	37	5.2	-0.9
BLCN	Reality Shares NASDAQ NextGen Economy	12.9	68	27	5.0	-1.1
SDG	iShares MSCI Global Impact	12.6	49	46	4.9	-1.1
IYW	iShares US Technology	12.5	42	53	4.6	-1.5
TECB	iShares U.S. Tech Breakthrough Multisector ETF	12.4	40	55	4.3	-1.8
QYLD	Global X NASDAQ 100 Covered Call ETF	12.2	60	35	4.3	-1.7

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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
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	10.3	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	95	bp
Equals: ALTAR Score	6.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.58	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.