ETF Research Center

International Drawdown Managed Equity ETF

ALTAR
Score™

6.4%

Recommen-
dation

UNDERWEIGHT

2024E 2025E
P/E ratio	13.3x	P/Sales ratio	1.2x
P/BV ratio	1.6x	Div. yield	3.1%

Description
Performance
Comps
Fundamentals
Valuation
Rating

IDME is an actively managed fund of funds which selects global ex-US ETFs that exhibit positive fundamental and momentum characteristics combined with a downside hedge.

FUND BASICS
Category	International Equities
Fund Sponsor	Aptus Capital Advisors
Website	aptusetfs.com/idme/
Inception date	Jul 22, 2021
Assets (mns)	$63
Currency	USD
Expense ratio	45 bp
Distributions	Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents
Wgt avg mkt cap (mns)	$87,221
Large cap (>$10bn)	74.4%
Mid cap ($2-10bn)	19.2%
Small cap (<$2bn)	5.0%
Developed mkts	68.3%
Emerging mkts	30.6%

TOP TEN HOLDINGS
Total	98.8 %
SPDR PORTFOLIO DEVELOPED WORLD EX-	70.5 %
VANGUARD FTSE EMERGING MARKETS ETF	28.4 %

TOP COUNTRY EXPOSURE
	JAPAN	15.7 %
	BRITAIN	7.4 %
	CHINA	6.7 %
	CANADA	6.0 %
	TAIWAN	5.8 %
	FRANCE	5.7 %
	INDIA	5.5 %
	SWITZERLAND	5.1 %
	GERMANY	4.6 %
	AUSTRALIA	4.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru March 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
--	--	--	--	0.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.62	71%
MSCI EAFE	0.74	93%
MSCI Emg. Mkts.	0.64	79%

Technical Indicators
Recent close	$20.42
30d moving avg.	$19.54
Annualized volatility	14.6%
Short interest (ETF)	0.0%
Relative strength (RSI)	69

Liquidity measures
Avg. volume (thou.)	13
Turnover	0.4%
Bid/Ask (% of price)	0.31%
ADV underlying (mns)	$79,161

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 3 potential alternatives to the International Drawdown Managed Equity ETF ETF based on the alternatives' overlap in portfolio holdings with IDME. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

IDME

Expense:

45 bp

ALTAR Score™:

6.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IDME
Ticker	Fund Name	Overlap¹ vs IDME (%)	Expense ratio (bp)	Savings vs IDME (bp)	ALTAR Score™ (%)	ALTAR vs IDME (%)
SQEW	LeaderShares Equity Skew ETF	9.8	81	-36	6.1	-0.3
APIE	ActivePassive International Equity ETF	0.1	45	0	7.8	+1.4
NANC	Unusual Whales Subversive Democratic Trading ETF	0.0	75	-30	3.8	-2.6

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

	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:	International Drawdown Managed Equity 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	10.6	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	45	bp
Equals: ALTAR Score	6.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.46	CATEGORY AVERAGE	1.51

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.