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)	$10
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	100
Wgt avg mkt cap (mns)	$61,297
Large cap (>$10bn)	84.8%
Mid cap ($2-10bn)	15.2%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	10.7 %
CONAGRA FOODS INC	1.1 %
ELI LILLY & CO	1.1 %
ZOETIS INC	1.1 %
MOLSON COORS BREWING CO -B	1.1 %
DIGITAL REALTY TRUST INC	1.1 %
BROWN-FORMAN CORP-CLASS B	1.1 %
CROWN CASTLE INTL CORP	1.1 %
WELLTOWER, INC.	1.1 %
T-MOBILE US, INC.	1.0 %
MCDONALD'S CORP	1.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.2 %
	IRELAND	1.0 %

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.
13.4%	--	--	--	13.4%

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

Technical Indicators
Recent close	$29.27
30d moving avg.	$28.55
Annualized volatility	0.0%
Short interest (ETF)	0.0%
Relative strength (RSI)	66

Liquidity measures
Avg. volume (thou.)	2
Turnover	0.6%
Bid/Ask (% of price)	0.14%
ADV underlying (mns)	$22,532

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™:

6.5%

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	44.0	25	-25	5.0	-1.4
USMV	iShares MSCI USA Minimum Volatility	41.4	15	-15	5.0	-1.5
JMIN	JPMorgan U.S. Minimum Volatility	38.7	12	-12	5.3	-1.2
HUSV	First Trust Horizon Managed Volatility Domestic	33.8	70	-70	4.7	-1.8
DEF	Invesco Defensive Equity	32.6	59	-59	4.7	-1.8
RBUS	Nationwide Risk-Based U.S. Equity	32.5	30	-30	5.8	-0.7
LVUS	Hartford Multifactor Low Volatility US Equity	31.2	21	-21	5.6	-0.9
FDLO	Fidelity Low Volatility Factor	29.4	29	-29	5.0	-1.4
XRLV	Invesco S&P 500 ex-Rate Sensitive Low Volatility	29.0	25	-25	5.7	-0.8
JDIV	JPMorgan U.S. Dividend	28.8	12	-12	7.0	+0.6
FLQL	Franklin LibertyQ U.S. Equity	28.5	15	-15	6.4	-0.1
LGLV	SPDR Russell 1000 Low Volatility	28.1	12	-12	5.0	-1.5
DTN	WisdomTree Dividend Ex-Financials	28.0	38	-38	7.8	+1.3
KLCD	KFA Large Cap Quality Dividend Index	27.7	41	-41	5.0	-1.4
ROUS	Lattice U.S. Equity Strategy ETF	27.5	19	-19	6.1	-0.3
MXDU	Nationwide Maximum Diversification US Core Equity	26.7	34	-34	5.3	-1.1
QUS	SPDR MSCI USA Quality Mix	26.6	15	-15	5.6	-0.9
SPMV	Invesco S&P 500 Minimum Variance	26.5	10	-10	5.7	-0.8
SPYV	SPDR Portfolio S&P 500 Value	26.0	4	-4	6.9	+0.5
IVE	iShares S&P 500 Value	26.0	18	-18	6.8	+0.3

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	17.5	%
Divided by: Fwd. P/BV	2.7	x
Less: Expense ratio	0	bp
Equals: ALTAR Score	6.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.63	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.