ETF Research Center

The Innovator Loup Frontier Tech ETF tracks an index of developed- and emerging-market stocks that are influencing the future of technology. Holdings are selected by fundamental criteria and equally weighted in two tiers.

FUND BASICS
Category	Global Equities
Fund Sponsor	Innovator Capital Management
Website	www.innovatoretfs.com
Inception date	Jul 25, 2018
Assets (mns)	$12
Currency	USD
Expense ratio	70 bp
Distributions	Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	31
Wgt avg mkt cap (mns)	$32,833
Large cap (>$10bn)	58.7%
Mid cap ($2-10bn)	38.4%
Small cap (<$2bn)	2.9%
Developed mkts	88.9%
Emerging mkts	11.1%

TOP TEN HOLDINGS
Total	46.8 %
TESLA MOTORS INC	9.6 %
ADVANCED MICRO DEVICES	5.8 %
LUMENTUM HOLDINGS, INC.	5.1 %
STMICROELECTRONICS NV	5.0 %
BAIDU INC - SPON ADR	4.8 %
UBER TECHNOLOGIES, INC.	3.5 %
NVIDIA CORP	3.4 %
NUANCE COMMUNICATIONS INC	3.2 %
HYNIX SEMICONDUCTOR INC	3.2 %
PINTEREST, INC. CLASS A	3.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	66.4 %
	JAPAN	10.0 %
	SOUTH KOREA	6.1 %
	SWITZERLAND	5.0 %
	CHINA	4.8 %
	CAYMAN ISLANDS	2.7 %
	CANADA	2.6 %
	AUSTRIA	2.3 %

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%	20.3%	--	--	3.9%

Market Correlations
versus...	Beta	R-squared
S&P500	1.67	90%
MSCI EAFE	1.90	85%
MSCI Emg. Mkts.	1.35	69%

Technical Indicators
Recent close	$30.54
30d moving avg.	$28.75
Annualized volatility	29.1%
Short interest (ETF)	0.3%
Relative strength (RSI)	69

Liquidity measures
Avg. volume (thou.)	3
Turnover	0.8%
Bid/Ask (% of price)	0.27%
ADV underlying (mns)	$19,377

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Innovator Loup Frontier Tech ETF based on the alternatives' overlap in portfolio holdings with LOUP. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

LOUP

Expense:

70 bp

ALTAR Score™:

3.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH LOUP
Ticker	Fund Name	Overlap¹ vs LOUP (%)	Expense ratio (bp)	Savings vs LOUP (bp)	ALTAR Score™ (%)	ALTAR vs LOUP (%)
ARKQ	ARK Industrial Innovation	27.8	75	-5	1.1	-2.3
EKAR	Innovation Shares NextGen Vehicles & Technology	21.1	95	-25	6.1	+2.7
KARS	KraneShares Electric Vehicles & Future Mobility Index	19.6	70	0	5.2	+1.8
ROBO	Robo Global Robotics & Automation	17.8	95	-25	3.3	-0.1
GMAN	Goldman Sachs Motif Manufacturing Revolution	17.1	50	20	4.3	+0.9
XKST	SPDR Kensho Smart Mobility	17.0	45	25	3.6	+0.2
ARKW	ARK Web x.O	16.3	75	-5	-0.5	-3.9
XNTK	SPDR NYSE Technology	14.6	35	35	4.4	+1.1
ROBT	First Trust Nasdaq Artificial Intelligence & Robotics	14.5	65	5	2.8	-0.6
ARKK	ARK Innovation	13.4	75	-5	-3.0	-6.4
XTH	SPDR S&P Technology Hardware	13.4	35	35	5.8	+2.4
DRIV	Global X Autonomous & Electric Vehicles	12.6	68	2	6.6	+3.2
BOTZ	Global X Robotics & Artificial Intelligence Thematic	12.3	68	2	3.4	+0.0
AIQ	Global X Future Analytics Tech	12.2	68	2	4.0	+0.7
PSI	Invesco Dynamic Semiconductors	11.8	58	12	5.1	+1.7
IFLY	ETFMG Drone Economy Strategy	11.0	75	-5	0.9	-2.5
IDRV	iShares Self-driving EV & Tech	10.7	47	23	7.7	+4.3
QTUM	Defiance Quantum	10.6	40	30	5.4	+2.0
SMH	VanEck Vectors Semiconductors	10.2	35	35	5.8	+2.4
SOXX	iShares PHLX SOX Semiconductor	9.9	46	24	5.6	+2.2

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:	Innovator Loup Frontier Tech
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	14.4	%
Divided by: Fwd. P/BV	3.5	x
Less: Expense ratio	70	bp
Equals: ALTAR Score	3.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.54	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.