ETF Research Center

MarketDesk Focused U.S. Dividend ETF

ALTAR
Score™

10.6%

Recommen-
dation

SPECULATIVE

2024E 2025E
P/E ratio	13.0x	P/Sales ratio	1.2x
P/BV ratio	2.4x	Div. yield	3.3%

Description
Performance
Comps
Fundamentals
Valuation
Rating

FDIV is actively managed, investing primarily in US companies that are forecasted to raise their dividends. The fund constructs its portfolio using a quantitative dividend screening methodology with the goal of generating above-average income.

FUND BASICS
Category	US Equities
Fund Sponsor	Alpha Architect
Website	www.marketdeskindices.com/fdiv
Inception date	Sep 19, 2023
Assets (mns)	$111
Currency	USD
Expense ratio	35 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	68
Wgt avg mkt cap (mns)	$64,692
Large cap (>$10bn)	73.0%
Mid cap ($2-10bn)	26.1%
Small cap (<$2bn)	0.9%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	21.2 %
BROWN-FORMAN CORP-CLASS B	2.2 %
SKYWORKS SOLUTIONS INC	2.2 %
NORTHROP GRUMMAN CORP	2.1 %
SELECTIVE INSURANCE GROUP	2.1 %
MERCK & CO. INC.	2.1 %
CONSTELLATION BRANDS INC-A	2.1 %
LOCKHEED MARTIN CORP	2.1 %
UNITEDHEALTH GROUP INC	2.1 %
INSPERITY INC	2.1 %
NEXSTAR BROADCASTING GROUP-A	2.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	94.6 %
	BERMUDA	3.0 %
	BRITAIN	1.0 %
	CANADA	0.9 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru February 28)
Year-to-date	1 year	5 years	10 years	Since Incep.
0.5%	2.5%	--	--	8.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.86	59%
MSCI EAFE	0.77	69%
MSCI Emg. Mkts.	0.76	47%

Technical Indicators
Recent close	$27.07
30d moving avg.	$27.09
Annualized volatility	13.3%
Short interest (ETF)	0.1%
Relative strength (RSI)	48

Liquidity measures
Avg. volume (thou.)	8
Turnover	0.2%
Bid/Ask (% of price)	0.12%
ADV underlying (mns)	$15,218

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:	MarketDesk Focused U.S. Dividend ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	23.3	%
Divided by: Fwd. P/BV	2.1	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	10.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.72	CATEGORY AVERAGE	1.58

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.