ETF Research Center

LSLT seeks to track the investment results of The Salt Low truBeta� US Market Index. The Index targets U.S. large and midcap stocks with lower sensitivity to the SPDR S&P 500 ETF and less variability in their historical betas.

FUND BASICS
Category	US Equities
Fund Sponsor	Salt Financial
Website	www.salt-funds.com
Inception date	Mar 12, 2019
Assets (mns)	$9
Currency	USD
Expense ratio	0 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	99
Wgt avg mkt cap (mns)	$60,306
Large cap (>$10bn)	84.3%
Mid cap ($2-10bn)	15.7%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	11.3 %
PHILIP MORRIS INTERNATIONAL	1.2 %
CVS CAREMARK CORP	1.2 %
UNITEDHEALTH GROUP INC	1.2 %
ALTRIA GROUP INC	1.1 %
WESTERN UNION CO	1.1 %
COUSINS PROPERTIES INC	1.1 %
RESMED INC	1.1 %
FISERV INC	1.1 %
AGNC INVESTMENT CORP.	1.1 %
PPL CORPORATION	1.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.3 %
	IRELAND	1.0 %

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.
9.0%	--	--	--	9.0%

Market Correlations
versus...	Beta	R-squared
S&P500	--	--
MSCI EAFE	--	--
MSCI Emg. Mkts.	--	--

Technical Indicators
Recent close	$28.11
30d moving avg.	$27.82
Annualized volatility	0.0%
Short interest (ETF)	0.0%
Relative strength (RSI)	53

Liquidity measures
Avg. volume (thou.)	2
Turnover	0.6%
Bid/Ask (% of price)	0.17%
ADV underlying (mns)	$23,350

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Salt Low truBeta US Market ETF based on the alternatives' overlap in portfolio holdings with LSLT. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

LSLT

Expense:

0 bp

ALTAR Score™:

6.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH LSLT
Ticker	Fund Name	Overlap¹ vs LSLT (%)	Expense ratio (bp)	Savings vs LSLT (bp)	ALTAR Score™ (%)	ALTAR vs LSLT (%)
SPLV	Invesco S&P 500 Low Volatility	42.2	25	-25	5.2	-1.7
LVHB	Elkhorn Lunt Low Vol/High Beta Tactical	42.1	52	-52	5.0	-1.9
USMV	iShares MSCI USA Minimum Volatility	39.7	15	-15	5.2	-1.7
JMIN	JPMorgan U.S. Minimum Volatility	37.4	12	-12	5.6	-1.3
DEF	Invesco Defensive Equity	35.3	59	-59	4.9	-2.0
HUSV	First Trust Horizon Managed Volatility Domestic	34.7	70	-70	4.7	-2.2
RBUS	Nationwide Risk-Based U.S. Equity	31.8	30	-30	6.1	-0.8
XRLV	Invesco S&P 500 ex-Rate Sensitive Low Volatility	31.2	25	-25	5.7	-1.2
LVUS	Hartford Multifactor Low Volatility US Equity	30.5	21	-21	5.8	-1.1
KLCD	KFA Large Cap Quality Dividend Index	30.2	41	-41	5.0	-1.9
FDLO	Fidelity Low Volatility Factor	29.8	29	-29	5.3	-1.6
LGLV	SPDR Russell 1000 Low Volatility	28.7	12	-12	5.2	-1.7
FLQL	Franklin LibertyQ U.S. Equity	28.0	15	-15	6.8	-0.1
ROUS	Lattice U.S. Equity Strategy ETF	26.8	19	-19	6.4	-0.5
MXDU	Nationwide Maximum Diversification US Core Equity	26.7	34	-34	5.6	-1.3
JDIV	JPMorgan U.S. Dividend	26.6	12	-12	7.5	+0.6
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	26.5	19	-19	5.6	-1.3
NFO	Invesco Insider Sentiment	26.2	66	-66	4.4	-2.5
SPMV	Invesco S&P 500 Minimum Variance	26.2	10	-10	6.0	-0.9
MFUS	PIMCO RAFI Dynamic Multi-Factor U.S. Equity	26.2	29	-29	6.3	-0.6

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

	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:	Salt Low truBeta US Market
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	15.5	%
Divided by: Fwd. P/BV	2.3	x
Less: Expense ratio	0	bp
Equals: ALTAR Score	6.9	%

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.