ETF Research Center

ERShares NextGen Entrepreneurs ETF

ALTAR
Score™

6.1%

Recommen-
dation

OVERWEIGHT

2024E 2025E
P/E ratio	14.6x	P/Sales ratio	0.9x
P/BV ratio	1.6x	Div. yield	1.4%

Description
Performance
Comps
Fundamentals
Valuation
Rating

ERSX is an actively-managed fund that invests in global ex-US entrepreneurial firms. The fund adviser uses a proprietary machine learning model to evaluate securities.

FUND BASICS
Category	Global Equities
Fund Sponsor	Capital Impact Advisors
Website	entrepreneurshares.com/ershares-etfs/ersx-etf/
Inception date	Dec 27, 2018
Assets (mns)	$9
Currency	USD
Expense ratio	75 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	78
Wgt avg mkt cap (mns)	$5,101
Large cap (>$10bn)	15.9%
Mid cap ($2-10bn)	53.5%
Small cap (<$2bn)	30.5%
Developed mkts	96.5%
Emerging mkts	3.5%

TOP TEN HOLDINGS
Total	22.4 %
TOAST, INC. CLASS A	3.2 %
MEDACTA GROUP SA	3.1 %
JFROG LTD.	2.6 %
TELIX PHARMACEUTICALS LTD.	2.4 %
SUPER MICRO COMPUTER, INC.	2.0 %
SEEK LTD	2.0 %
COMPUTACENTER PLC	1.9 %
COLLIERS INTERNATIONAL GROUP INC.	1.9 %
FAIRFAX FINANCIAL HLDGS LTD	1.8 %
MATADOR RESOURCES CO	1.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	25.8 %
	CANADA	9.4 %
	BRITAIN	7.5 %
	SWEDEN	5.9 %
	AUSTRALIA	5.8 %
	ISRAEL	5.1 %
	SWITZERLAND	3.8 %
	HONG KONG	3.7 %
	CHINA	3.2 %
	BELGIUM	2.4 %

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.
-6.6%	-11.0%	--	--	-9.5%

Market Correlations
versus...	Beta	R-squared
S&P500	1.00	85%
MSCI EAFE	1.06	95%
MSCI Emg. Mkts.	0.89	72%

Technical Indicators
Recent close	$11.30
30d moving avg.	$11.89
Annualized volatility	21.6%
Short interest (ETF)	0.0%
Relative strength (RSI)	66

Liquidity measures
Avg. volume (thou.)	35
Turnover	4.4%
Bid/Ask (% of price)	0.23%
ADV underlying (mns)	$7,896

Distributions

There were no matches found with other funds under coverage.

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RESULTS & ESTIMATES

	2019	2020	2021	2022	2023	2024E	2025E
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

	2023	2024E	2025E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	ERShares NextGen Entrepreneurs ETF
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	10.4	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	75	bp
Equals: ALTAR Score	6.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.50	CATEGORY AVERAGE	1.53

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.