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)	$661
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	39
Wgt avg mkt cap (mns)	$70,061
Large cap (>$10bn)	68.0%
Mid cap ($2-10bn)	22.9%
Small cap (<$2bn)	9.0%
Developed mkts	96.0%
Emerging mkts	4.1%

TOP TEN HOLDINGS
Total	55.5 %
GLOBAL PAYMENTS INC	7.6 %
FISERV INC	6.6 %
FIDELITY NATIONAL INFORMATIO	6.1 %
MASTERCARD INC-CLASS A	6.0 %
AMERICAN EXPRESS CO	6.0 %
VISA INC-CLASS A SHARES	6.0 %
PAYPAL HOLDINGS INC	5.7 %
SQUARE, INC. CLASS A	4.1 %
DISCOVER FINANCIAL SERVICES	3.7 %
FLEETCOR TECHNOLOGIES INC	3.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	71.8 %
	BRAZIL	7.1 %
	FRANCE	4.8 %
	NETHERLANDS	3.3 %
	JAPAN	3.0 %
	GERMANY	2.6 %
	PUERTO RICO	1.7 %
	CYPRUS	1.5 %
	BRITAIN	0.6 %
	CHINA	0.3 %

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.
33.4%	20.2%	--	--	15.9%

Market Correlations
versus...	Beta	R-squared
S&P500	1.06	75%
MSCI EAFE	0.93	48%
MSCI Emg. Mkts.	0.65	39%

Technical Indicators
Recent close	$47.91
30d moving avg.	$46.66
Annualized volatility	14.9%
Short interest (ETF)	1.1%
Relative strength (RSI)	57

Liquidity measures
Avg. volume (thou.)	186
Turnover	1.4%
Bid/Ask (% of price)	0.14%
ADV underlying (mns)	$7,692

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™:

6.1%

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	70.7	40	35	5.1	-0.9
GFIN	Goldman Sachs Motif Finance Reimagined	32.6	50	25	5.5	-0.6
FINX	Global X FinTech Thematic	32.6	68	7	3.3	-2.8
KOIN	Innovation Shares NextGen Protocol	18.0	95	-20	4.7	-1.4
XLK	Technology Select Sector SPDR	15.7	13	62	5.5	-0.6
JHMF	John Hancock Multifactor Financials	15.5	40	35	6.7	+0.7
IYG	iShares DJ US Financial Services	15.4	42	33	6.5	+0.4
FTEC	Fidelity MSCI Info Technology	14.2	8	67	5.4	-0.7
LEND	Amplify CrowdBureau Peer to Peer Lending & Crowdfunding	14.0	65	10	9.9	+3.9
MTUM	iShares MSCI USA Momentum Factor	13.7	15	60	4.4	-1.7
VGT	Vanguard Info Tech ETF	13.6	10	65	5.3	-0.7
IXN	iShares S&P Global Technology	12.9	46	29	5.3	-0.8
SPMO	Invesco S&P 500 Momentum Portfolio	12.7	13	62	4.2	-1.9
PLAT	WisdomTree Modern Tech Platforms	12.5	45	30	2.9	-3.2
IYF	iShares DJ US Financials	11.7	42	33	6.2	+0.1
PWC	Invesco Dynamic Market	11.7	59	16	7.4	+1.3
RYT	Invesco S&P Equal Weight Technology	11.7	40	35	6.5	+0.4
DTEC	ALPS Disruptive Technologies	11.7	50	25	3.5	-2.5
IGM	iShares S&P N. American Technology	11.6	46	29	4.6	-1.5

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

	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:	ETFMG Prime Mobile Payments
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	25.9	%
Divided by: Fwd. P/BV	3.8	x
Less: Expense ratio	75	bp
Equals: ALTAR Score	6.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.40	CATEGORY AVERAGE	1.54

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.