ETF Research Center

The Innovator IBD 50 Fund is an active fund that takes the constituents of the IBD 50 Index and reweights them from price-weighted to a proprietary method based on specific fundamental and technical indicators. It holds US-listed stocks and ADRs.

FUND BASICS
Category	US Equities
Fund Sponsor	Academy Funds
Website	www.innovatorfunds.com
Inception date	Apr 09, 2015
Assets (mns)	$293
Currency	USD
Expense ratio	80 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	51
Wgt avg mkt cap (mns)	$73,195
Large cap (>$10bn)	55.5%
Mid cap ($2-10bn)	26.9%
Small cap (<$2bn)	17.6%
Developed mkts	92.7%
Emerging mkts	7.3%

TOP TEN HOLDINGS
Total	35.3 %
PAYLOCITY HOLDING CORP	3.7 %
NEW ORIENTAL EDUCATIO-SP ADR	3.7 %
PALOMAR HOLDINGS, INC.	3.7 %
SERVICENOW INC	3.6 %
ADOBE SYSTEMS INC	3.6 %
COPART INC	3.5 %
LUMENTUM HOLDINGS, INC.	3.5 %
FORTINET INC	3.4 %
PAYCOM SOFTWARE INC	3.4 %
LULULEMON ATHLETICA INC	3.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	82.8 %
	CHINA	7.2 %
	CANADA	2.0 %
	BRAZIL	1.0 %
	NETHERLANDS	0.5 %

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.
2.0%	14.5%	--	--	8.8%

Market Correlations
versus...	Beta	R-squared
S&P500	1.25	61%
MSCI EAFE	1.14	41%
MSCI Emg. Mkts.	0.70	28%

Technical Indicators
Recent close	$36.64
30d moving avg.	$36.06
Annualized volatility	19.5%
Short interest (ETF)	0.2%
Short interest (Underlying)	6.8%
Relative strength (RSI)	63

Liquidity measures
Avg. volume (thou.)	100
Turnover	1.3%
Bid/Ask (% of price)	0.07%
ADV underlying (mns)	$15,554

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the Innovator IBD 50 Fund ETF based on the alternatives' overlap in portfolio holdings with FFTY. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

FFTY

Expense:

80 bp

ALTAR Score™:

3.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FFTY
Ticker	Fund Name	Overlap¹ vs FFTY (%)	Expense ratio (bp)	Savings vs FFTY (bp)	ALTAR Score™ (%)	ALTAR vs FFTY (%)
RPG	Invesco S&P 500 Pure Growth ETF	20.5	35	45	5.0	+1.2
PTF	Invesco DWA Technology Momentum	20.5	60	20	2.1	-1.6
AIQ	Global X Future Analytics Tech	15.7	68	12	4.0	+0.3
FXL	First Trust Technology Alphadex	15.0	63	17	4.2	+0.5
XNTK	SPDR NYSE Technology	14.7	35	45	4.4	+0.7
TECB	iShares U.S. Tech Breakthrough Multisector ETF	14.2	40	40	4.3	+0.5
ENTR	ERShares Entrepreneur 30	13.8	49	31	2.7	-1.1
RYT	Invesco S&P Equal Weight Technology	13.7	40	40	6.1	+2.4
FTC	First Trust Large Cap Growth	13.6	61	19	3.1	-0.6
CLOU	Global X Cloud Computing	13.4	68	12	1.0	-2.7
IGV	iShares N. American Tech-Software	13.2	46	34	2.7	-1.1
GENY	Principal Millennials Index	13.1	45	35	4.6	+0.9
GVIP	Goldman Sachs Hedge Industry VIP	12.8	45	35	5.3	+1.5
QGRO	American Century STOXX U.S. Quality Growth	12.7	29	51	5.5	+1.8
OGIG	O'Shares Global Internet Giants	12.7	48	32	1.0	-2.7
SKYY	First Trust Cloud Computing	12.6	60	20	2.4	-1.4
NUMG	NuShares ESG Mid-Cap Growth	12.4	40	40	3.6	-0.1
PLAT	WisdomTree Modern Tech Platforms	12.4	45	35	2.2	-1.6
PDP	Invesco DWA Technical Leaders	11.8	62	18	3.1	-0.7

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:	Innovator IBD 50 Fund
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	18.9	%
Divided by: Fwd. P/BV	4.2	x
Less: Expense ratio	80	bp
Equals: ALTAR Score	3.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.38	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.