ETF Research Center

HDIV is an actively-managed portfolio of high-dividend paying US companies chosen with the aid of artificial intelligence.

FUND BASICS
Category	US Equities
Fund Sponsor	Exchange Traded Concepts
Website	qraftaietf.com
Inception date	Feb 26, 2020
Assets (mns)	$3
Currency	USD
Expense ratio	75 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	101
Wgt avg mkt cap (mns)	$158,532
Large cap (>$10bn)	97.4%
Mid cap ($2-10bn)	2.7%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	42.3 %
JOHNSON & JOHNSON	6.4 %
WAL-MART STORES INC	5.9 %
HOME DEPOT INC	4.7 %
INTEL CORP	4.4 %
VERIZON COMMUNICATIONS INC	3.9 %
AT&T INC	3.8 %
CISCO SYSTEMS INC	3.4 %
MERCK & CO. INC.	3.4 %
EXXON MOBIL CORP	3.3 %
PEPSICO INC	3.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	98.3 %
	CANADA	1.2 %
	BRITAIN	0.4 %
	IRELAND	0.2 %
	SWITZERLAND	0.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru June 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
-2.3%	--	--	--	-2.3%

Market Correlations
versus...	Beta	R-squared
S&P500	--	--
MSCI EAFE	--	--
MSCI Emg. Mkts.	--	--

Technical Indicators
Recent close	$22.64
30d moving avg.	$22.83
Annualized volatility	0.0%
Short interest (ETF)	0.1%
Relative strength (RSI)	52

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.8%
Bid/Ask (% of price)	0.37%
ADV underlying (mns)	$53,352

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the QRAFT AI-Enhanced U.S. High Dividend ETF ETF based on the alternatives' overlap in portfolio holdings with HDIV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

HDIV

Expense:

75 bp

ALTAR Score™:

6.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH HDIV
Ticker	Fund Name	Overlap¹ vs HDIV (%)	Expense ratio (bp)	Savings vs HDIV (bp)	ALTAR Score™ (%)	ALTAR vs HDIV (%)
OUSA	O'Shares FTSE US Quality Dividend ETF	51.6	48	27	5.7	-0.5
VYM	Vanguard High Dividend Yield Index ETF	47.1	6	69	7.4	+1.2
JKF	iShares Morningstar Large Cap Value ETF	45.5	25	50	7.6	+1.4
HDV	iShares Core High Dividend ETF	43.4	8	67	6.8	+0.6
RAFE	PIMCO RAFI ESG U.S. ETF	42.7	29	46	7.9	+1.7
MGV	Vanguard Mega Cap Value ETF	40.3	7	68	7.3	+1.1
DLN	WisdomTree U.S. LargeCap Dividend Fund	38.2	28	47	6.4	+0.2
USDY	Pacific Global US Equity Income ETF	37.7	29	46	7.3	+1.1
SCHV	Schwab U.S. Large-Cap Value ETF	37.0	4	71	7.2	+1.0
FLQL	Franklin LibertyQ U.S. Equity ETF	36.9	15	60	6.3	+0.1
VTV	Vanguard Value Index Fund	36.4	4	71	7.5	+1.3
USMC	Principal U.S. Mega-Cap Multi-Factor Index ETF	35.2	12	63	4.9	-1.4
DTD	WisdomTree U.S.Total Dividend Fund	34.3	28	47	6.7	+0.5
DHS	WisdomTree U.S. High Dividend Fund	34.2	38	37	8.7	+2.5
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	34.2	19	56	5.7	-0.5
EDOW	First Trust Dow 30 Equal Weight ETF	33.9	50	25	6.0	-0.2
QDF	FlexShares Quality Dividend Index Fund	33.2	37	38	6.2	-0.0
IWX	iShares Russell Top 200 Value ETF	33.0	20	55	7.2	+1.0
PFM	Invesco Dividend Achievers ETF	32.8	54	21	5.5	-0.7
QDEF	FlexShares Quality Dividend Defensive Index Fund	32.7	37	38	5.9	-0.3
SPYV	SPDR Portfolio S&P 500 Value ETF	32.5	4	71	7.5	+1.3
DGRO	iShares Core Dividend Growth ETF	32.5	8	67	6.7	+0.5
VOOV	Vanguard S&P 500 Value ETF	32.5	15	60	7.4	+1.2
IVE	iShares S&P 500 Value ETF	32.4	18	57	7.3	+1.1
DGRW	WisdomTree U.S. Quality Dividend Growth Fund	32.3	28	47	6.5	+0.3
DJD	Invesco Dow Jones Industrial Average Dividend ETF	31.5	7	68	6.9	+0.7
REVS	Columbia Research Enhanced Value ETF	31.5	19	56	7.8	+1.6
PWV	Invesco Dynamic Large Cap Value ETF	31.5	55	20	8.9	+2.7
JQUA	JPMorgan U.S. Quality Factor ETF	31.1	12	63	5.3	-1.0
FDRR	Fidelity Dividend ETF for Rising Rates	30.8	29	46	7.0	+0.8
DURA	VanEck Vectors Morningstar Durable Dividend ETF	30.7	29	46	7.2	+1.0
IUSV	iShares Core S&P U.S. Value ETF	30.5	4	71	7.6	+1.4
DIVB	iShares U.S. Dividend & Buyback ETF	30.3	25	50	6.7	+0.5
DTN	WisdomTree U.S. Dividend ex-Financials Fund	30.2	38	37	8.0	+1.8
DEW	WisdomTree Global High Dividend Fund	29.7	58	17	9.4	+3.2
NULV	Nuveen ESG Large-Cap Value ETF	29.6	35	40	7.4	+1.2
FNDX	Schwab Fundamental U.S. Large Co. Index ETF	29.3	25	50	6.6	+0.4
MFUS	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	29.2	29	46	6.3	+0.1
QDYN	FlexShares Quality Dividend Dynamic Index Fund	28.9	37	38	6.3	+0.1
EQWL	Invesco Russell Top 200 Equal Weight ETF	28.0	25	50	6.2	-0.0
RWL	Invesco S&P 500 Revenue ETF	27.9	39	36	7.3	+1.1
RFDA	RiverFront Dynamic US Dividend Advantage ETF	27.7	52	23	5.1	-1.1
SPHQ	Invesco S&P 500 Quality ETF	27.7	15	60	4.7	-1.6
RNDV	US Equity Dividend Select ETF	27.4	50	25	7.7	+1.5
JVAL	JPMorgan U.S. Value Factor ETF	27.3	12	63	8.8	+2.6
VSMV	VictoryShares US Multi-Factor Minimum Volatility ETF	27.2	35	40	6.9	+0.7
FNDB	Schwab Fundamental U.S. Broad Market Index ETF	27.1	25	50	6.6	+0.4
DSTL	Distillate US Fundamental Stability & Value ETF	27.1	39	36	6.6	+0.4
PRF	Invesco FTSE RAFI US 1000 ETF	27.0	39	36	6.9	+0.7
IUS	Invesco Strategic US ETF	26.7	19	56	6.7	+0.5
ROUS	Hartford Multifactor US Equity ETF	26.5	19	56	7.3	+1.1
CCOR	Core Alternative ETF	26.4	123	-48	4.4	-1.8
VIG	Vanguard Dividend Appreciation Index Fund	26.3	6	69	5.5	-0.8
QRFT	Qraft Ai-Enhanced U.S. Large Cap ETF	26.3	75	0	3.8	-2.4
FMK	First Trust Mega Cap AlphaDEX Fund	26.2	70	5	5.2	-1.0
DYNF	BlackRock U.S. Equity Factor Rotation ETF	26.0	30	45	6.6	+0.4
EPS	WisdomTree U.S. Earnings 500 Fund	26.0	8	67	6.5	+0.3
STLV	iShares Factors US Value Style ETF	26.0	25	50	7.9	+1.7
QUS	SPDR MSCI USA StrategicFactors ETF	25.9	15	60	5.9	-0.3
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	25.7	10	65	5.3	-0.9
SUSL	iShares ESG MSCI USA Leaders ETF	25.5	10	65	5.3	-0.9
FVAL	Fidelity Value Factor ETF	25.4	29	46	8.1	+1.9
VONV	Vanguard Russell 1000 Value Index Fund	25.3	8	67	7.4	+1.2
HLAL	Wahed FTSE USA Shariah ETF	25.2	50	25	4.7	-1.5
SHE	SPDR SSGA Gender Diversity Index ETF	25.2	20	55	5.5	-0.7
IWD	iShares Russell 1000 Value ETF	25.2	19	56	7.2	+1.0
SCHD	Schwab U.S. Dividend Equity ETF	25.1	6	69	8.3	+2.1
FHLC	Fidelity MSCI Health Care Index ETF	25.0	8	67	5.5	-0.7
VHT	Vanguard Health Care Index Fund	25.0	10	65	5.4	-0.8
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	24.9	49	26	4.1	-2.1
VLUE	iShares Edge MSCI USA Value Factor ETF	24.9	15	60	11.5	+5.3
XLV	Health Care Select Sector SPDR Fund	24.8	13	62	7.1	+0.9
IXJ	iShares Global Healthcare ETF	24.7	46	29	6.3	+0.1
IYH	iShares U.S. Healthcare ETF	24.7	43	32	6.1	-0.1
AFLG	First Trust Active Factor Large Cap ETF	24.4	55	20	5.6	-0.6
QLV	FlexShares US Quality Low Volatility Index Fund	24.3	22	53	4.9	-1.3
VLU	SPDR S&P 1500 Value Tilt ETF	24.3	12	63	7.5	+1.3
OEF	iShares S&P 100 ETF	24.2	20	55	4.8	-1.4
FTCS	First Trust Capital Strength ETF	24.2	58	17	4.9	-1.3
RECS	Columbia Research Enhanced Core ETF	24.1	15	60	5.7	-0.5
DIA	SPDR Dow Jones Industrial Average ETF Trust	24.0	16	59	5.7	-0.5
FDVV	Fidelity Core Dividend ETF	23.9	29	46	7.2	+1.0
SPLV	Invesco S&P 500 Low Volatility ETF	23.9	25	50	5.7	-0.5
ESG	FlexShares STOXX US ESG Impact Index Fund	23.8	32	43	5.1	-1.1
VALQ	American Century STOXX U.S. Quality Value ETF	23.8	29	46	9.2	+3.0
JHMH	John Hancock Multifactor Healthcare ETF	23.6	40	35	6.1	-0.2
NACP	Impact Shares NAACP Minority Empowerment ETF	23.2	75	0	4.6	-1.6
QUAL	iShares MSCI Usa Quality Factor ETF	23.2	15	60	5.4	-0.8
IEDI	iShares Evolved U.S. Discretionary Spending ETF	23.2	18	57	3.7	-2.5
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	23.2	9	66	5.6	-0.6
SYV	SPDR MFS Systematic Value Equity ETF	23.1	60	15	7.5	+1.3
XLG	Invesco S&P 500 Top 50 ETF	23.1	20	55	4.5	-1.7
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	23.1	15	60	6.3	+0.1
SPXT	ProShares S&P 500 Ex-Technology ETF	23.0	27	48	5.7	-0.5
QLC	FlexShares US Quality Large Cap Index Fund	23.0	32	43	5.4	-0.8
SPMV	Invesco S&P 500 Minimum Variance ETF	22.8	10	65	5.9	-0.3
DIVO	Amplify YieldShares CWP Dividend & Option Income ETF	22.7	49	26	4.9	-1.3
SPXN	ProShares S&P 500 Ex-Financials ETF	22.5	27	48	5.0	-1.2
AMCA	iShares Russell 1000 Pure U.S. Revenue ETF	22.5	15	60	6.9	+0.7
IEIH	iShares Evolved U.S. Innovative Healthcare ETF	22.1	18	57	2.9	-3.3

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:	QRAFT AI-Enhanced U.S. High Dividend ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	22.7	%
Divided by: Fwd. P/BV	3.3	x
Less: Expense ratio	75	bp
Equals: ALTAR Score	6.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.58	CATEGORY AVERAGE	1.52

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.