ETF Research Center

iBET Sports Betting and Gaming ETF

ALTAR
Score™

2.1%

Recommen-
dation

UNDERWEIGHT

2022E 2023E
P/E ratio	39.0x	P/Sales ratio	1.5x
P/BV ratio	2.7x	Div. yield	1.6%

Description
Performance
Comps
Fundamentals
Valuation
Rating

IBET is an actively managed fund that invests in global companies engaged in sports betting and gaming activities, including esports and iGaming.

FUND BASICS
Category	Global Equities
Fund Sponsor	Inherent Wealth Fund LLC
Website	www.inherentwealthfund.com/etf/ibet/
Inception date	Nov 16, 2021
Assets (mns)	$1
Currency	USD
Expense ratio	79 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	24
Wgt avg mkt cap (mns)	$11,734
Large cap (>$10bn)	22.3%
Mid cap ($2-10bn)	44.4%
Small cap (<$2bn)	30.4%
Developed mkts	92.4%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	59.6 %
DRAFTKINGS INC CLASS A	12.6 %
PENN NATIONAL GAMING INC	6.7 %
SCIENTIFIC GAMES CORP-A	6.1 %
ELDORADO RESORTS INC	6.1 %
PADDY POWER PLC	5.6 %
NVIDIA CORP	5.5 %
INTERNATIONAL GAME TECHNOLOGY PLC	4.4 %
BETTER COLLECTIVE A/S	4.3 %
LAS VEGAS SANDS CORP	4.3 %
WYNN RESORTS LTD	4.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	69.2 %
	BRITAIN	12.7 %
	IRELAND	5.6 %
	DENMARK	4.3 %
	AUSTRALIA	3.7 %
	CANADA	3.1 %
	HONG KONG	1.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru August 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
16.8%	17.2%	--	--	-11.5%

Market Correlations
versus...	Beta	R-squared
S&P500	1.23	71%
MSCI EAFE	1.35	81%
MSCI Emg. Mkts.	0.91	41%

Technical Indicators
Recent close	$10.42
30d moving avg.	$10.32
Annualized volatility	29.3%
Short interest (ETF)	0.4%
Relative strength (RSI)	41

Liquidity measures
Avg. volume (thou.)	1
Turnover	1.4%
Bid/Ask (% of price)	1.74%
ADV underlying (mns)	$5,143

Distributions

There were no matches found with other funds under coverage.

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RESULTS & ESTIMATES

	2017	2018	2019	2020	2021	2022E	2023E
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

	2021	2022E	2023E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	iBET Sports Betting and Gaming ETF
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	7.2	%
Divided by: Fwd. P/BV	2.5	x
Less: Expense ratio	79	bp
Equals: ALTAR Score	2.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.34	CATEGORY AVERAGE	1.47

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.