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)	$323
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)	$57,690
Large cap (>$10bn)	49.3%
Mid cap ($2-10bn)	39.8%
Small cap (<$2bn)	11.0%
Developed mkts	95.7%
Emerging mkts	4.3%

TOP TEN HOLDINGS
Total	34.7 %
BOOT BARN HOLDINGS, INC.	3.7 %
RH	3.6 %
PAYLOCITY HOLDING CORP	3.6 %
COPART INC	3.5 %
EDWARDS LIFESCIENCES CORP	3.5 %
CDW CORP/DE	3.4 %
UNIVERSAL DISPLAY CORP	3.4 %
KIRKLAND LAKE GOLD LTD.	3.4 %
NEW ORIENTAL EDUCATIO-SP ADR	3.4 %
FORTINET INC	3.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	78.2 %
	CHINA	7.3 %
	BERMUDA	3.9 %
	CANADA	3.4 %
	INDIA	1.9 %
	BRAZIL	1.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
20.1%	6.0%	--	--	7.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.29	63%
MSCI EAFE	1.10	38%
MSCI Emg. Mkts.	0.73	28%

Technical Indicators
Recent close	$34.55
30d moving avg.	$33.42
Annualized volatility	19.7%
Short interest (ETF)	0.2%
Short interest (Underlying)	6.8%
Relative strength (RSI)	69

Liquidity measures
Avg. volume (thou.)	113
Turnover	1.2%
Bid/Ask (% of price)	0.07%
ADV underlying (mns)	$13,819

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 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™:

3.9%

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 (%)
PLC	Principal U.S. Large-Cap Multi-Factor Core Index	13.2	15	65	5.5	+1.6
PMR	Invesco Dynamic Retail	12.0	63	17	7.1	+3.3
CLOU	Global X Cloud Computing	11.9	68	12	1.2	-2.7
PLAT	WisdomTree Modern Tech Platforms	11.8	45	35	2.9	-1.0
FDMO	Fidelity Momentum Factor	11.6	29	51	4.2	+0.3
QMOM	MomentumShares U.S. Quantitative Momentum	10.8	49	31	2.5	-1.4
JMOM	JPMorgan U.S. Momentum Factor	10.4	12	68	4.3	+0.4
RYT	Invesco S&P Equal Weight Technology	10.4	40	40	6.6	+2.7
GVIP	Goldman Sachs Hedge Industry VIP	10.2	45	35	5.6	+1.7
XOUT	GraniteShares XOUT US Large Cap	10.1	60	20	5.1	+1.2
QGRO	American Century STOXX U.S. Quality Growth	10.1	29	51	4.8	+0.9
GENY	Principal Millennials Index	9.9	45	35	5.0	+1.1
TTAC	TrimTabs All Cap US Free-Cash-Flow	9.5	59	21	5.0	+1.1
AMOM	Qraft AI-Enhanced U.S. Large Cap Momentum	9.4	75	5	3.7	-0.2
PTF	Invesco DWA Technology Momentum	9.4	60	20	1.4	-2.5
OMOM	Invesco Russell 1000 Momentum Factor ETF	9.3	19	61	5.3	+1.4
MTUM	iShares MSCI USA Momentum Factor	9.1	15	65	4.4	+0.5
ALFA	AlphaClone Alternative Alpha	9.0	65	15	3.9	+0.0
PSET	Principal Price Setters	9.0	29	51	5.5	+1.6
PWB	Invesco Dynamic Large Cap Growth	9.0	55	25	4.3	+0.4

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

	2014	2015	2016	2017	2018	2019E	2020E
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

	2018	2019E	2020E
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	19.3	%
Divided by: Fwd. P/BV	4.1	x
Less: Expense ratio	80	bp
Equals: ALTAR Score	3.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.41	CATEGORY AVERAGE	1.55

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.