ETF Research Center

The ETFMG Alternative Harvest ETF tracks a market-cap-weighted index of global firms engaged in the legal cultivation, production, marketing or distribution of cannabis, cannabinoids or tobacco products.lf

FUND BASICS
Category	US Equities
Fund Sponsor	ETF Managers Group
Website	www.etfmj.com
Inception date	Dec 03, 2015
Assets (mns)	$146
Currency	USD
Expense ratio	75 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	8
Wgt avg mkt cap (mns)	$247
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	0.0%
Small cap (<$2bn)	100.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	100.0 %
AMPLIFY SEYMOUR CANNABIS ETF	55.9 %
TILRAY, INC.	13.5 %
CRONOS GROUP INC	7.0 %
CANOPY GROWTH CORP	5.4 %
SUNDIAL GROWERS INC.	5.4 %
VILLAGE FARMS INTERNATIONAL, INC.	4.6 %
AURORA CANNABIS INC.	3.2 %
HIGH TIDE, INC.	2.7 %
ORGANIGRAM GLOBAL INC	2.1 %
CASH & OTHER	0.2 %

TOP COUNTRY EXPOSURE
	CANADA	36.3 %
	MEXICO	0.0 %

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.
13.1%	13.1%	-26.8%	-16.4%	-16.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.89	4%
MSCI EAFE	0.93	3%
MSCI Emg. Mkts.	0.98	4%

Technical Indicators
Recent close	$28.86
30d moving avg.	$31.18
Annualized volatility	561.2%
Short interest (ETF)	1.3%
Short interest (Underlying)	5.3%
Relative strength (RSI)	49

Liquidity measures
Avg. volume (thou.)	62
Turnover	1.2%
Bid/Ask (% of price)	0.60%
ADV underlying (mns)	$1,088

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 17 potential alternatives to the ETFMG Alternative Harvest ETF based on the alternatives' overlap in portfolio holdings with MJ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

MJ

Expense:

75 bp

ALTAR Score™:

0.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH MJ
Ticker	Fund Name	Overlap¹ vs MJ (%)	Expense ratio (bp)	Savings vs MJ (bp)	ALTAR Score™ (%)	ALTAR vs MJ (%)
TOKE	Cambria Cannabis ETF	15.5	42	33	1.9	+1.9
YOLO	AdvisorShares Pure Cannabis ETF	10.9	103	-28	-3.7	-3.7
FMKT	The Free Markets ETF	1.1	76	-1	3.9	+3.9
SFYF	SoFi Social 50 ETF	0.2	29	46	0.9	+0.9
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	0.2	49	26	5.9	+5.9
FDTS	First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	0.1	80	-5	8.9	+8.9
PRFZ	Invesco FTSE RAFI US 1500 Small-Mid ETF	0.0	39	36	2.7	+2.7
EES	WisdomTree U.S. SmallCap Fund	0.0	38	37	7.6	+7.6
DFAI	Dimensional International Core Equity Market ETF	0.0	18	57	5.9	+5.9
IDEV	iShares Core MSCI International Developed Markets ETF	0.0	4	71	6.0	+6.0
IXUS	iShares Core MSCI Total International Stock ETF	0.0	7	68	6.6	+6.6
DFIS	Dimensional International Small Cap ETF	0.0	39	36	6.0	+6.0
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.0	9	66	4.8	+4.8
ONEQ	Fidelity Nasdaq Composite Index ETF	0.0	21	54	3.1	+3.1
DFIC	Dimensional International Core Equity 2 ETF	0.0	23	52	6.2	+6.2
AVSC	Avantis U.S Small Cap Equity ETF	0.0	25	50	4.5	+4.5
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.0	30	45	6.4	+6.4

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%.

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RESULTS & ESTIMATES

	2020	2021	2022	2023	2024	2025E	2026E
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

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	ETFMG Alternative Harvest
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	-10.0	%
Divided by: Fwd. P/BV	0.0	x
Less: Expense ratio	75	bp
Equals: ALTAR Score	0.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.60	CATEGORY AVERAGE	1.58

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.