ETF Research Center

Entrepreneur 30 Fund

ALTAR
Score™

2.0%

Recommen-
dation

AVOID

2023E 2024E
P/E ratio	47.5x	P/Sales ratio	4.3x
P/BV ratio	5.2x	Div. yield	0.3%

Description
Performance
Comps
Fundamentals
Valuation
Rating

The ERShares Entrepreneur 30 ETF tracks an index of 30 US stocks that meet entrepreneurial criteria as defined by the advisor.

FUND BASICS
Category	US Equities
Fund Sponsor	EntrepreneurShares, LLC
Website	entrepreneurshares.com
Inception date	Nov 07, 2017
Assets (mns)	$35
Currency	USD
Expense ratio	49 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	91
Wgt avg mkt cap (mns)	$121,036
Large cap (>$10bn)	80.5%
Mid cap ($2-10bn)	18.8%
Small cap (<$2bn)	0.0%
Developed mkts	99.4%
Emerging mkts	0.6%

TOP TEN HOLDINGS
Total	0.0 %
	0.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	91.2 %
	LUXEMBOURG	1.4 %
	CANADA	1.0 %
	ISRAEL	0.9 %
	BRITAIN	0.7 %
	CHINA	0.7 %
	ARGENTINA	0.6 %
	SWITZERLAND	0.3 %

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.
15.5%	-20.1%	1.1%	--	3.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.08	67%
MSCI EAFE	0.95	50%
MSCI Emg. Mkts.	0.84	43%

Technical Indicators
Recent close	$11.05
30d moving avg.	$9.38
Annualized volatility	28.4%
Short interest (ETF)	0.0%
Short interest (Underlying)	5.4%
Relative strength (RSI)	65

Liquidity measures
Avg. volume (thou.)	2
Turnover	0.1%
Bid/Ask (% of price)	0.70%
ADV underlying (mns)	$26,371

Distributions

There were no matches found with other funds under coverage.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

	2018	2019	2020	2021	2022	2023E	2024E
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

	2022	2023E	2024E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Entrepreneur 30 Fund
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	11.3	%
Divided by: Fwd. P/BV	4.6	x
Less: Expense ratio	49	bp
Equals: ALTAR Score	2.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.45	CATEGORY AVERAGE	1.51

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.