ETF Research Center

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 08, 2017
Assets (mns)	$90
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	30
Wgt avg mkt cap (mns)	$220,002
Large cap (>$10bn)	95.9%
Mid cap ($2-10bn)	4.1%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	48.9 %
AMAZON.COM INC	7.7 %
ALPHABET INC. CLASS A	6.9 %
FACEBOOK	5.9 %
NVIDIA CORP	5.1 %
NETFLIX INC	4.9 %
SALESFORCE.COM INC	4.5 %
BLACKROCK INC	4.0 %
PROLOGIS INC	3.5 %
INTERCONTINENTALEXCHANGE INC	3.3 %
SQUARE, INC. CLASS A	3.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	98.1 %

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.
5.1%	20.7%	--	--	13.9%

Market Correlations
versus...	Beta	R-squared
S&P500	1.36	80%
MSCI EAFE	1.28	56%
MSCI Emg. Mkts.	0.84	41%

Technical Indicators
Recent close	$20.79
30d moving avg.	$19.84
Annualized volatility	21.4%
Short interest (ETF)	0.1%
Relative strength (RSI)	74

Liquidity measures
Avg. volume (thou.)	5
Turnover	0.1%
Bid/Ask (% of price)	0.23%
ADV underlying (mns)	$23,940

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Entrepreneur 30 Fund ETF based on the alternatives' overlap in portfolio holdings with ENTR. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

ENTR

Expense:

49 bp

ALTAR Score™:

2.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH ENTR
Ticker	Fund Name	Overlap¹ vs ENTR (%)	Expense ratio (bp)	Savings vs ENTR (bp)	ALTAR Score™ (%)	ALTAR vs ENTR (%)
FDN	First Trust DJ Internet	39.7	52	-3	2.9	+0.3
PNQI	Invesco Nasdaq Internet	29.5	62	-13	2.3	-0.3
BOSS	Global X Founder-Run Companies	28.1	45	4	3.2	+0.6
TECB	iShares U.S. Tech Breakthrough Multisector ETF	28.0	40	9	4.3	+1.6
TTTN	TigerShares China-U.S. Internet Titans	26.1	59	-10	3.5	+0.9
PLAT	WisdomTree Modern Tech Platforms	25.9	45	4	2.2	-0.5
OGIG	O'Shares Global Internet Giants	25.4	48	1	1.0	-1.6
IGM	iShares S&P N. American Technology	25.0	46	3	4.1	+1.4
IETC	iShares Evolved U.S. Technology	23.7	18	31	4.2	+1.6
QYLD	Global X NASDAQ 100 Covered Call ETF	22.0	60	-11	4.3	+1.7
AIQ	Global X Future Analytics Tech	21.8	68	-19	4.0	+1.4
QQQ	Invesco QQQ	21.2	20	29	4.5	+1.9
NUSI	Nationwide Risk-Managed Income ETF	20.8	68	-19	4.3	+1.6
XLC	Communication Services Select Sector SPDR	20.5	13	36	5.7	+3.0
MGK	Vanguard Mega Cap 300 Growth	20.2	7	42	4.4	+1.7
VUG	Vanguard Growth ETF	18.7	4	45	4.2	+1.6
FCOM	Fidelity MSCI Communication Services	18.7	8	41	4.9	+2.2
VOX	Vanguard Communication Services	18.7	10	39	4.8	+2.2
XOUT	GraniteShares XOUT US Large Cap	18.7	60	-11	4.8	+2.2
LRGE	ClearBridge Large Cap Growth ESG	18.6	60	-11	3.8	+1.2

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:	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	17.2	%
Divided by: Fwd. P/BV	5.5	x
Less: Expense ratio	49	bp
Equals: ALTAR Score	2.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.39	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.