ETF Research Center

ValueShares International Quantitative Value ETF is an actively managed exchange traded fund incorporated in the USA. The ETF holds mid to large-cap developed markets (excluding U.S. and Canada) stocks and will invest in approximately 50 of the top equity securities as determined by its quantitative value system. The ETF weights the holdings equally and follows a semi-annual rebalance schedule.

FUND BASICS
Category	International Equities
Fund Sponsor	Alpha Architect LLC
Website	www.alphaarchitect.com
Inception date	Dec 16, 2014
Assets (mns)	$84
Currency	USD
Expense ratio	59 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian	US Bank NA/Milwaukee WI
Weighting	Proprietary
Index replication	Not Applicable
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	46
Wgt avg mkt cap (mns)	$15,299
Large cap (>$10bn)	22.8%
Mid cap ($2-10bn)	66.7%
Small cap (<$2bn)	10.6%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	28.0 %
FORTESCUE METALS GROUP LTD	3.6 %
DIALOG SEMICONDUCTOR PLC	3.0 %
RHEINMETALL AG	3.0 %
ANGLO AMERICAN PLC	2.9 %
RIO TINTO PLC	2.8 %
BHP BILLITON LTD	2.7 %
AURUBIS AG	2.6 %
SANTOS LTD	2.5 %
BLUESCOPE STEEL LTD	2.4 %
GUNGHO ONLINE ENTERTAINMENT	2.4 %

TOP COUNTRY EXPOSURE
	JAPAN	48.5 %
	BRITAIN	19.1 %
	AUSTRALIA	13.4 %
	GERMANY	10.0 %
	FRANCE	2.3 %
	ITALY	2.1 %
	SINGAPORE	2.0 %
	HONG KONG	2.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru July 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-18.4%	-6.9%	0.4%	--	0.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.02	74%
MSCI EAFE	1.21	88%
MSCI Emg. Mkts.	0.84	70%

Technical Indicators
Recent close	$25.04
30d moving avg.	$24.60
Annualized volatility	20.3%
Short interest (ETF)	0.0%
Relative strength (RSI)	56

Liquidity measures
Avg. volume (thou.)	10
Turnover	0.3%
Bid/Ask (% of price)	0.20%
ADV underlying (mns)	$1,469

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the Alpha Architect International Quantitative Value ETF ETF based on the alternatives' overlap in portfolio holdings with IVAL. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

IVAL

Expense:

59 bp

ALTAR Score™:

10.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IVAL
Ticker	Fund Name	Overlap¹ vs IVAL (%)	Expense ratio (bp)	Savings vs IVAL (bp)	ALTAR Score™ (%)	ALTAR vs IVAL (%)
FYLD	Cambria Foreign Shareholder Yield ETF	14.2	59	0	6.9	-3.6
PICK	iShares MSCI Global Metals & Mining Producers ETF	12.5	39	20	6.7	-3.8
FLM	First Trust Global Engineering & Construction ETF	11.0	70	-11	9.1	-1.4
FJP	First Trust Japan AlphaDEX Fund	10.5	80	-21	9.0	-1.5
FAUS	First Trust Australia AlphaDEX Fund	10.2	80	-21	6.2	-4.3
FPA	First Trust Asia Pacific ex-Japan AlphaDEX Fund	8.7	80	-21	7.4	-3.1
FKU	First Trust United Kingdom AlphaDEX Fund	8.6	80	-21	8.4	-2.1
MXI	iShares Global Materials ETF	8.3	46	13	5.7	-4.8
INTF	iShares Edge MSCI Multifactor Intl ETF	8.1	30	29	7.7	-2.8
ESGN	Columbia Sustainable International Equity Income ETF	8.0	45	14	10.8	+0.3
GUNR	Flexshares Morningstar Global Upstream Natural Resources	8.0	46	13	5.4	-5.1
FTRI	First Trust Indxx Global Natural Resources Income ETF	7.8	70	-11	8.9	-1.6
ICOW	Pacer Developed Markets International Cash Cows 100 ETF	7.6	65	-6	10.7	+0.2
EWGS	iShares MSCI Germany Small Cap ETF	7.4	59	0	5.0	-5.5
HDEF	Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF	6.9	20	39	9.6	-0.9
HDAW	Xtrackers MSCI All World ex US High Dividend Yield Hedged	6.7	20	39	11.1	+0.7
EFAS	Global X MSCI SuperDividend EAFE ETF	6.6	56	3	9.8	-0.7
RFAP	First Trust Riverfront Dynamic Asia Pacific ETF	6.6	83	-24	5.5	-5.0
IDY	Pacific Global International Equity Income ETF	6.5	39	20	8.1	-2.4
IVLU	iShares Edge MSCI Intl Value Factor ETF	6.5	30	29	11.6	+1.1
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	6.4	29	30	8.7	-1.8
GNR	SPDR S&P Global Natural Resources ETF	6.3	40	19	6.3	-4.2
HAP	VanEck Vectors Natural Resources ETF	6.2	50	9	6.0	-4.5
EWA	iShares MSCI Australia ETF	6.2	50	9	6.1	-4.4
IDHQ	Invesco S&P International Developed Quality ETF	6.1	29	30	5.1	-5.4
FLAU	Franklin FTSE Australia ETF	5.9	9	50	6.6	-3.9
LVIN	Hartford Multifactor Low Volatility International Equity ETF	5.8	29	30	12.2	+1.7
FDT	First Trust Developed Markets ex-US Alphadex Fund	5.7	80	-21	7.3	-3.2
DTH	WisdomTree DEFA Equity Income Fund	5.7	58	1	9.8	-0.6
EWU	iShares MSCI United Kingdom ETF	5.6	50	9	7.3	-3.2
EPP	iShares MSCI Pacific ex-Japan ETF	5.5	48	11	6.5	-4.0
FLGB	Franklin FTSE United Kingdom ETF	5.5	9	50	7.8	-2.7
QGBR	SPDR MSCI UK StrategicFactors ETF	5.4	14	45	7.8	-2.7
BBAX	JPMorgan BetaBuilders Developed Asia ex-Japan ETF	5.4	19	40	6.8	-3.7
SCIX	Global X Scientific Beta Asia ex-Japan ETF	5.3	38	21	6.6	-3.9
CID	VictoryShares Intl High Dividend Volatility Wtd Index ETF	5.3	45	14	10.0	-0.5
UIVM	VictoryShares USAA MSCI International Value Momentum ETF	5.3	35	24	8.6	-1.9
QINT	American Century Quality Diversified International ETF	5.2	39	20	5.7	-4.8
EFV	iShares MSCI EAFE Value ETF	5.1	39	20	9.7	-0.8
IPKW	Invesco International BuyBack Achievers ETF	5.0	55	4	8.1	-2.4
SCIJ	Global X Scientific Beta Japan ETF	4.9	40	19	7.3	-3.2
AVDV	Avantis International Small Cap Value ETF	4.9	36	23	7.7	-2.8
JPIN	JPMorgan Diversified Return International Equity ETF	4.9	37	22	7.9	-2.6
RFDI	First Trust Riverfront Dynamic Developed International ETF	4.8	83	-24	5.6	-4.9
VIDI	Vident International Equity Fund	4.8	59	0	11.2	+0.7
LVHI	Legg Mason International Low Volatility High Dividend ETF	4.8	40	19	9.2	-1.3
EWJV	iShares MSCI Japan Value ETF	4.8	15	44	10.6	+0.1
GCOW	Pacer Global High Dividend ETF	4.7	60	-1	10.4	-0.1
IDV	iShares International Select Dividend ETF	4.6	49	10	10.2	-0.3
IDOG	ALPS International Sector Dividend Dogs ETF	4.6	50	9	10.8	+0.3
GRES	IQ Global Resources ETF	4.5	77	-18	7.3	-3.2
EWJE	iShares MSCI Japan Equal Weighted ETF	4.3	15	44	7.4	-3.1
FIVA	Fidelity International Value Factor ETF	4.2	39	20	10.0	-0.5
SDG	iShares Sustainable MSCI Global Impact ETF	4.2	49	10	5.6	-4.9
JHMD	John Hancock Multifactor Developed International ETF	4.1	39	20	7.5	-3.0
DOO	WisdomTree International Dividend ex-Financials Fund	4.0	58	1	8.8	-1.7
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	4.0	58	1	7.8	-2.7
DIM	WisdomTree International MidCap Dividend Fund	3.9	58	1	7.7	-2.8
DXGE	WisdomTree Germany Hedged Equity Fund	3.9	48	11	8.9	-1.6
IPAC	iShares Core MSCI Pacific ETF	3.9	9	50	7.4	-3.1
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	3.9	35	24	8.6	-1.9
ISDX	Invesco Strategic Developed ex-US ETF	3.7	23	36	7.4	-3.1
DOL	WisdomTree International LargeCap Dividend Fund	3.7	48	11	8.7	-1.8
PDEV	Principal International Multi-Factor Core Index ETF	3.7	25	34	7.9	-2.6
IQDF	FlexShares International Quality Dividend Index Fund	3.7	47	12	12.2	+1.7
PQIN	PGIM QMA Strategic Alpha International Equity ETF	3.7	29	30	7.7	-2.8
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	3.6	47	12	12.6	+2.2
DEEF	Xtrackers FTSE Developed ex US Comprehensive Factor ETF	3.6	24	35	7.2	-3.3
DWM	WisdomTree International Equity Fund	3.6	48	11	8.4	-2.1
WWJD	Inspire International ESG ETF	3.5	80	-21	7.5	-3.0
FNDF	Schwab Fundamental International Large Co. Index ETF	3.4	25	34	8.8	-1.7
IQIN	IQ 500 International ETF	3.3	25	34	8.8	-1.7
IQLT	iShares Edge MSCI Intl Quality Factor ETF	3.3	30	29	6.1	-4.4
ACWF	iShares FactorSelect MSCI Global ETF	3.3	35	24	7.7	-2.8
DXJ	WisdomTree Japan Hedged Equity Fund	3.3	48	11	8.5	-2.0
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	3.2	45	14	8.9	-1.6
FEP	First Trust Europe AlphaDEX Fund	3.2	80	-21	7.4	-3.1
VPL	Vanguard FTSE Pacific ETF	3.2	8	51	7.7	-2.8
DVYA	iShares Asia/Pacific Dividend ETF	3.1	49	10	13.4	+2.9
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	3.0	58	1	6.3	-4.2
IQDG	WisdomTree International Quality Dividend Growth Fund	2.9	38	21	6.4	-4.1
AFK	VanEck Vectors Africa Index ETF	2.9	79	-20	8.5	-2.0
ISZE	iShares Edge MSCI Intl Size Factor ETF	2.8	30	29	7.3	-3.2
EUDG	WisdomTree Europe Quality Dividend Growth Fund	2.8	58	1	6.1	-4.4
URA	Global X Uranium ETF	2.8	71	-12	4.1	-6.4
DGT	SPDR Global Dow ETF	2.8	50	9	6.5	-4.0
GSJY	Goldman Sachs ActiveBeta Japan Equity ETF	2.7	25	34	7.4	-3.1
VYMI	Vanguard International High Dividend Yield ETF	2.7	32	27	10.1	-0.4
JPN	Xtrackers Japan JPX-Nikkei 400 Equity ETF	2.7	9	50	7.9	-2.6
CEFA	Global X S&P Catholic Values Developed ex-U.S. ETF	2.7	35	24	7.1	-3.4
JPXN	iShares JPX-Nikkei 400 ETF	2.7	48	11	7.5	-3.0
FLJH	Franklin FTSE Japan Hedged ETF	2.7	9	50	7.8	-2.7
SCID	Global X Scientific Beta Europe ETF	2.6	39	20	6.4	-4.1
HFXJ	IQ 50 Percent Hedged FTSE Japan ETF	2.6	30	29	7.6	-2.9
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	2.6	35	24	6.9	-3.6
FLJP	Franklin FTSE Japan ETF	2.6	9	50	7.8	-2.7
EFA	iShares MSCI EAFE ETF	2.6	32	27	7.1	-3.4
IQSI	IQ Candriam ESG International Equity ETF	2.6	15	44	7.3	-3.2
QJPN	SPDR MSCI Japan StrategicFactors ETF	2.6	14	45	7.9	-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

	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:	Alpha Architect International Quantitative Value ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	10.7	%
Divided by: Fwd. P/BV	1.0	x
Less: Expense ratio	59	bp
Equals: ALTAR Score	10.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.57	CATEGORY AVERAGE	1.59

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.