ETF Research Center

The LeaderShares AlphaFactor US Core Equity ETF tracks an equal-weighted index of US stocks selected by multiple fundamental factors.

FUND BASICS
Category	US Equities
Fund Sponsor	Redwood Investment Management
Website	www.leadersharesetfs.com
Inception date	Oct 02, 2018
Assets (mns)	$77
Currency	USD
Expense ratio	75 bp
Distributions	Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	100
Wgt avg mkt cap (mns)	$59,266
Large cap (>$10bn)	67.2%
Mid cap ($2-10bn)	32.8%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	11.8 %
UBIQUITI NETWORKS INC	1.4 %
QORVO INC	1.3 %
PREMIER INC-CLASS A	1.2 %
XEROX CORP	1.2 %
WESTERN UNION CO	1.1 %
OSHKOSH CORP	1.1 %
CARTER'S INC	1.1 %
LAM RESEARCH CORP	1.1 %
APPLE INC	1.1 %
PHILLIPS 66	1.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	94.4 %
	IRELAND	2.0 %
	BERMUDA	1.0 %
	PUERTO RICO	1.0 %
	BRITAIN	0.9 %

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.
20.9%	--	--	--	10.9%

Market Correlations
versus...	Beta	R-squared
S&P500	1.12	95%
MSCI EAFE	1.40	90%
MSCI Emg. Mkts.	1.02	70%

Technical Indicators
Recent close	$26.25
30d moving avg.	$25.29
Annualized volatility	19.5%
Short interest (ETF)	0.3%
Relative strength (RSI)	76

Liquidity measures
Avg. volume (thou.)	10
Turnover	0.3%
Bid/Ask (% of price)	0.26%
ADV underlying (mns)	$28,562

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the LeaderShares AlphaFactor US Core Equity ETF based on the alternatives' overlap in portfolio holdings with LSAF. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

LSAF

Expense:

75 bp

ALTAR Score™:

6.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH LSAF
Ticker	Fund Name	Overlap¹ vs LSAF (%)	Expense ratio (bp)	Savings vs LSAF (bp)	ALTAR Score™ (%)	ALTAR vs LSAF (%)
SPYB	SPDR S&P 500 Buyback	38.2	35	40	7.4	+0.8
QSY	WisdomTree U.S. Quality Shareholder Yield	32.0	38	37	7.0	+0.4
PY	Principal Shareholder Yield	26.6	29	46	8.0	+1.4
QLC	FlexShares US Quality Large Cap	25.4	32	43	6.6	-0.0
PKW	Invesco Buyback Acheivevers	23.4	62	13	6.0	-0.6
JQUA	JPMorgan U.S. Quality Factor	22.1	12	63	5.8	-0.7
USMF	WisdomTree U.S. Multifactor Fund	22.0	28	47	7.0	+0.5
FLAG	Forensic Accounting	21.9	152	-77	8.6	+2.0
SYLD	Cambria Shareholder Yield	21.1	59	16	9.1	+2.5
DSTL	Distillate US Fundamental Stability & Value	21.1	39	36	7.3	+0.7
FLQM	Franklin LibertyQ U.S. Mid Cap Equity	20.9	30	45	6.9	+0.3
FQAL	Fidelity Quality Factor	20.0	29	46	5.8	-0.7
DIVB	iShares U.S. Dividend & Buyback	19.1	25	50	6.7	+0.1
QGRO	American Century STOXX U.S. Quality Growth	18.8	29	46	4.8	-1.7
COWZ	Pacer US Cash Cows 100	18.8	49	26	9.9	+3.3
ONEO	SPDR Russell 1000 Momentum Focus	18.6	20	55	6.5	-0.1
ROUS	Lattice U.S. Equity Strategy ETF	18.4	19	56	6.4	-0.1
QVM	Arrow Investments Trust QVM Equity Factor	18.1	65	10	8.3	+1.8
PLC	Principal U.S. Large-Cap Multi-Factor Core Index	18.1	15	60	5.5	-1.1
KRMA	Global X Conscious Companies	18.0	43	32	6.2	-0.4

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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:	LeaderShares AlphaFactor US Core Equity
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	18.8	%
Divided by: Fwd. P/BV	2.6	x
Less: Expense ratio	75	bp
Equals: ALTAR Score	6.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.62	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.