ETF Research Center

The Reality Shares DIVCON Leaders Dividend ETF tracks an index of dividend-paying US large-cap stocks that are deemed likely to increase their dividends in the next 12 months.

FUND BASICS
Category	US Equities
Fund Sponsor	Reality Shares
Website	www.realityshares.com
Inception date	Jan 06, 2016
Assets (mns)	$34
Currency	USD
Expense ratio	43 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	57
Wgt avg mkt cap (mns)	$100,525
Large cap (>$10bn)	96.7%
Mid cap ($2-10bn)	3.3%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	20.2 %
MSCI INC-A	2.1 %
MICROSOFT CORP	2.0 %
CINTAS CORP	2.0 %
MASTERCARD INC-CLASS A	2.0 %
INTUIT INC	2.0 %
ZOETIS INC	2.0 %
WEST PHARMACEUTICAL SERVICES	2.0 %
MOODY'S CORP	2.0 %
FACTSET RESEARCH SYSTEMS INC	2.0 %
VISA INC-CLASS A SHARES	2.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.8 %

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.
0.8%	23.3%	--	--	14.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.03	93%
MSCI EAFE	0.93	63%
MSCI Emg. Mkts.	0.60	46%

Technical Indicators
Recent close	$41.39
30d moving avg.	$40.09
Annualized volatility	12.9%
Short interest (ETF)	0.0%
Relative strength (RSI)	67

Liquidity measures
Avg. volume (thou.)	2
Turnover	0.2%
Bid/Ask (% of price)	0.18%
ADV underlying (mns)	$20,941

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Reality Shares DIVCON Leaders Dividend ETF ETF based on the alternatives' overlap in portfolio holdings with LEAD. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

LEAD

Expense:

43 bp

ALTAR Score™:

4.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH LEAD
Ticker	Fund Name	Overlap¹ vs LEAD (%)	Expense ratio (bp)	Savings vs LEAD (bp)	ALTAR Score™ (%)	ALTAR vs LEAD (%)
GARD	Reality Shares DIVCON Dividend Guard	99.8	129	-86	3.9	-0.8
DFND	Reality Shares DIVCON Dividend Defender	77.2	121	-78	4.0	-0.7
PSET	Principal Price Setters	34.3	29	14	5.3	+0.6
FTCS	First Trust Capital Strength	31.2	60	-17	4.9	+0.2
VSDA	VictoryShares Dividend Accelerator	29.7	35	8	4.7	-0.1
AMOM	Qraft AI-Enhanced U.S. Large Cap Momentum	28.2	75	-32	3.8	-0.9
PWB	Invesco Dynamic Large Cap Growth	27.3	55	-12	3.8	-1.0
OMFL	Oppenheimer Russell 1000 Dynamic Multifactor	25.9	29	14	8.7	+4.0
QUAL	iShares Edge MSCI USA Quality Factor	25.5	15	28	5.6	+0.9
SPHQ	Invesco S&P 500 Quality	23.9	15	28	5.7	+1.0
OQAL	Invesco Russell 1000 Quality Factor ETF	23.8	19	24	6.0	+1.3
JQUA	JPMorgan U.S. Quality Factor	23.0	12	31	5.6	+0.9
FCTR	First Trust Lunt U.S. Factor Rotation	22.8	65	-22	6.4	+1.7
PLC	Principal U.S. Large-Cap Multi-Factor Core Index	22.7	15	28	5.3	+0.6
QRFT	Qraft Ai-Enhanced U.S. Large Cap ETF	21.7	75	-32	4.1	-0.7
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	21.4	19	24	6.6	+1.9
JMOM	JPMorgan U.S. Momentum Factor	21.4	12	31	4.1	-0.6
TTAC	TrimTabs All Cap US Free-Cash-Flow	21.2	59	-16	4.6	-0.1
KLCD	KFA Large Cap Quality Dividend Index	21.0	41	2	5.0	+0.3
FLQL	Franklin LibertyQ U.S. Equity	20.8	15	28	6.5	+1.8

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

	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:	Reality Shares DIVCON Leaders Dividend 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	32.6	%
Divided by: Fwd. P/BV	6.3	x
Less: Expense ratio	43	bp
Equals: ALTAR Score	4.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.59	CATEGORY AVERAGE	1.56

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.