ETF Research Center

ETFMG Prime Mobile Payments ETF�tracks an index of global equity in credit card firms, and companies providing payment infrastructure, payment services, payment processing and payment solutions.

FUND BASICS
Category	Global Equities
Fund Sponsor	ETF Managers Group
Website	www.etfmgfunds.com
Inception date	Jul 16, 2015
Assets (mns)	$754
Currency	USD
Expense ratio	75 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	40
Wgt avg mkt cap (mns)	$78,952
Large cap (>$10bn)	67.6%
Mid cap ($2-10bn)	22.9%
Small cap (<$2bn)	9.6%
Developed mkts	96.3%
Emerging mkts	3.7%

TOP TEN HOLDINGS
Total	53.7 %
MASTERCARD INC-CLASS A	6.2 %
PAYPAL HOLDINGS INC	6.1 %
FIDELITY NATIONAL INFORMATIO	6.1 %
VISA INC-CLASS A SHARES	6.1 %
GLOBAL PAYMENTS INC	5.9 %
AMERICAN EXPRESS CO	5.9 %
FISERV INC	5.6 %
SQUARE, INC. CLASS A	4.3 %
ADYEN NV	3.9 %
FLEETCOR TECHNOLOGIES INC	3.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	68.9 %
	BRAZIL	6.6 %
	FRANCE	5.8 %
	NETHERLANDS	3.9 %
	GERMANY	3.3 %
	JAPAN	2.8 %
	PUERTO RICO	1.9 %
	CYPRUS	1.6 %
	BRITAIN	0.5 %
	HONG KONG	0.4 %

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.
3.8%	31.6%	--	--	17.5%

Market Correlations
versus...	Beta	R-squared
S&P500	1.07	74%
MSCI EAFE	0.91	45%
MSCI Emg. Mkts.	0.58	31%

Technical Indicators
Recent close	$54.62
30d moving avg.	$52.09
Annualized volatility	15.0%
Short interest (ETF)	1.4%
Relative strength (RSI)	67

Liquidity measures
Avg. volume (thou.)	152
Turnover	1.1%
Bid/Ask (% of price)	0.12%
ADV underlying (mns)	$7,066

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the ETFMG Prime Mobile Payments ETF based on the alternatives' overlap in portfolio holdings with IPAY. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

IPAY

Expense:

75 bp

ALTAR Score™:

4.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IPAY
Ticker	Fund Name	Overlap¹ vs IPAY (%)	Expense ratio (bp)	Savings vs IPAY (bp)	ALTAR Score™ (%)	ALTAR vs IPAY (%)
TPAY	Tortoise Digital Payments Infrastructure Fund	71.9	40	35	4.6	-0.2
GFIN	Goldman Sachs Motif Finance Reimagined	33.8	50	25	4.5	-0.3
FINX	Global X FinTech Thematic	33.0	68	7	2.7	-2.0
KOIN	Innovation Shares NextGen Protocol	18.7	95	-20	4.4	-0.4
JHMF	John Hancock Multifactor Financials	16.5	40	35	6.6	+1.8
LEND	Amplify CrowdBureau Peer to Peer Lending & Crowdfunding	15.9	65	10	18.6	+13.9
IYG	iShares DJ US Financial Services	15.7	42	33	6.4	+1.6
XLK	Technology Select Sector SPDR	15.5	13	62	5.0	+0.2
MTUM	iShares MSCI USA Momentum Factor	14.8	15	60	4.1	-0.7
PLAT	WisdomTree Modern Tech Platforms	14.7	45	30	2.2	-2.6
FTEC	Fidelity MSCI Info Technology	14.3	8	67	4.9	+0.1
SPHQ	Invesco S&P 500 Quality	14.0	15	60	5.7	+0.9
SPMO	Invesco S&P 500 Momentum Portfolio	13.4	13	62	4.0	-0.8
IXN	iShares S&P Global Technology	13.0	46	29	4.6	-0.2
VGT	Vanguard Info Tech ETF	12.7	10	65	4.9	+0.1
DTEC	ALPS Disruptive Technologies	12.7	50	25	3.2	-1.6
IYF	iShares DJ US Financials	12.7	42	33	6.0	+1.2
OMFL	Oppenheimer Russell 1000 Dynamic Multifactor	12.6	29	46	8.7	+3.9
GVIP	Goldman Sachs Hedge Industry VIP	12.6	45	30	5.3	+0.5

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:	ETFMG Prime Mobile Payments
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	23.9	%
Divided by: Fwd. P/BV	4.3	x
Less: Expense ratio	75	bp
Equals: ALTAR Score	4.8	%

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.