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 17, 2014
Assets (mns)	$100
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)	$18,586
Large cap (>$10bn)	38.2%
Mid cap ($2-10bn)	56.0%
Small cap (<$2bn)	5.8%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	25.7 %
REDROW PLC	2.7 %
PERSIMMON PLC	2.7 %
TAYLOR WIMPEY PLC	2.7 %
NEXON CO LTD	2.6 %
FORTESCUE METALS GROUP LTD	2.6 %
XINYI GLASS HOLDINGS CO LTD	2.5 %
SONY CORP	2.5 %
DAINIPPON SUMITOMO PHARMA CO	2.5 %
BEACH PETROLEUM LTD	2.4 %
BLUESCOPE STEEL LTD	2.4 %

TOP COUNTRY EXPOSURE
	JAPAN	47.5 %
	BRITAIN	17.2 %
	AUSTRALIA	15.8 %
	FRANCE	5.7 %
	SWEDEN	4.4 %
	HONG KONG	2.6 %
	NORWAY	2.2 %
	ITALY	2.1 %
	FINLAND	2.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
21.2%	21.2%	--	--	4.6%

Market Correlations
versus...	Beta	R-squared
S&P500	1.03	63%
MSCI EAFE	1.30	84%
MSCI Emg. Mkts.	0.92	72%

Technical Indicators
Recent close	$29.52
30d moving avg.	$29.64
Annualized volatility	15.7%
Short interest (ETF)	0.0%
Relative strength (RSI)	52

Liquidity measures
Avg. volume (thou.)	19
Turnover	0.6%
Bid/Ask (% of price)	0.16%
ADV underlying (mns)	$2,251

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Valueshares Int'l Quantitative Value 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™:

8.9%

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 (%)
FJP	First Trust Japan AlphaDEX	13.3	80	-21	8.4	-0.4
ICOW	Pacer Developed Markets Int'l Cash Cows 100	12.6	65	-6	9.3	+0.4
FKU	First Trust United Kingdom	12.5	80	-21	7.1	-1.8
FYLD	Cambria Foreign Shareholder	12.3	59	0	8.0	-0.8
ESGN	Columbia Sustainable International Equity Income	11.8	45	14	9.5	+0.7
FAUS	First Trust Australia	11.4	80	-21	5.0	-3.9
GNR	SPDR S&P Global Nat. Resources	10.6	40	19	6.2	-2.7
GUNR	Flexshares Global Upstream Natural Resources	10.2	46	13	5.7	-3.1
FLM	First Trust ISE Global Engineering & Construction	10.0	70	-11	7.8	-1.0
IDOG	ALPS International Sector Dividend Dogs	9.9	50	9	8.1	-0.8
PICK	iShares MSCI Global Select Metals & Mining	9.4	39	20	6.7	-2.1
FIVA	Fidelity International Value Factor	9.4	39	20	9.1	+0.3
DMDV	AAM S&P Developed Markets High Dividend Value	9.3	39	20	9.9	+1.0
GRES	Index IQ Global Resources	9.3	77	-18	5.7	-3.1
FDT	First Trust Developed Markets ex-US AlphaDEX	9.0	80	-21	7.8	-1.0
MXI	iShares S&P Global Materials	8.8	46	13	6.6	-2.3
HDEF	Xtrackers MSCI EAFE High Div Yld Hedged	8.5	20	39	8.5	-0.4
DOO	WisdomTree Int'l Dividend Ex-Financials	8.2	58	1	7.9	-1.0
CID	Victory CEMP International High Div Volatility Wtd	7.6	45	14	8.8	-0.1
HDAW	Xtrackers MSCI All World ex US High Div Yield	7.6	20	39	9.6	+0.8

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:	Valueshares Int'l Quantitative Value
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	11.7	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	59	bp
Equals: ALTAR Score	8.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.68	CATEGORY AVERAGE	1.63

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.