ETF Research Center

The MomentumShares U.S. Quantitative Momentum ETF is an actively managed fund that uses a systematic process focused on momentum to select and weight US stocks.

FUND BASICS
Category	US Equities
Fund Sponsor	Alpha Architect
Website	www.alphaarchitect.com
Inception date	Dec 02, 2015
Assets (mns)	$59
Currency	USD
Expense ratio	49 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	51
Wgt avg mkt cap (mns)	$38,435
Large cap (>$10bn)	49.3%
Mid cap ($2-10bn)	47.0%
Small cap (<$2bn)	3.7%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	23.9 %
VMWARE INC-CLASS A	2.7 %
INPHI CORP	2.5 %
CROWN HOLDINGS INC	2.5 %
BROADCOM INC.	2.4 %
KEYSIGHT TECHNOLOGIES INC	2.4 %
CABLE ONE INC	2.4 %
METTLER-TOLEDO INTERNATIONAL	2.3 %
NEW YORK TIMES CO -CL A	2.3 %
FEDERATED INVESTORS INC-CL B	2.3 %
MSCI INC-A	2.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	92.8 %
	BRITAIN	3.6 %
	ISRAEL	1.9 %
	BRAZIL	1.4 %

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.
20.6%	6.9%	--	--	6.4%

Market Correlations
versus...	Beta	R-squared
S&P500	1.14	57%
MSCI EAFE	0.83	26%
MSCI Emg. Mkts.	0.58	20%

Technical Indicators
Recent close	$31.08
30d moving avg.	$30.17
Annualized volatility	18.2%
Short interest (ETF)	0.0%
Relative strength (RSI)	56

Liquidity measures
Avg. volume (thou.)	15
Turnover	0.8%
Bid/Ask (% of price)	0.11%
ADV underlying (mns)	$9,456

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the MomentumShares U.S. Quantitative Momentum ETF based on the alternatives' overlap in portfolio holdings with QMOM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

QMOM

Expense:

49 bp

ALTAR Score™:

2.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH QMOM
Ticker	Fund Name	Overlap¹ vs QMOM (%)	Expense ratio (bp)	Savings vs QMOM (bp)	ALTAR Score™ (%)	ALTAR vs QMOM (%)
MTUM	iShares MSCI USA Momentum Factor	21.7	15	34	4.4	+1.8
FDMO	Fidelity Momentum Factor	19.9	29	20	4.2	+1.6
AMOM	Qraft AI-Enhanced U.S. Large Cap Momentum	17.4	75	-26	3.7	+1.1
PWB	Invesco Dynamic Large Cap Growth	16.5	55	-6	4.4	+1.8
BKCH	AdvisorShares Sabretooth ETF	15.4	85	-36	0.0	-2.6
XITK	SPDR FactSet Innovative Technology	14.3	45	4	2.7	+0.1
PSJ	Invesco Dynamic Software	14.2	58	-9	3.3	+0.7
PMOM	Principal Sustainable Momentum Index	13.8	29	20	5.9	+3.3
SPMO	Invesco S&P 500 Momentum Portfolio	13.8	13	36	4.3	+1.7
VFMO	Vanguard U.S. Momentum Factor	13.8	13	36	2.9	+0.3
JMOM	JPMorgan U.S. Momentum Factor	13.2	12	37	4.3	+1.7
FNG	AdvisorShares New Tech & Media ETF	13.1	86	-37	1.9	-0.7
PDP	Invesco DWA Technical Leaders	12.5	62	-13	3.9	+1.3
FFTY	Innovator IBD 50 Fund	12.0	80	-31	4.0	+1.4
PTF	Invesco DWA Technology Momentum	11.8	60	-11	1.5	-1.1
JKH	iShares Morningstar Mid Cap Growth	11.7	30	19	2.8	+0.2
FTC	First Trust Large Cap Growth	11.5	61	-12	3.7	+1.1
PLAT	WisdomTree Modern Tech Platforms	11.4	45	4	2.9	+0.3
OGIG	O'Shares Global Internet Giants	11.4	48	1	1.5	-1.1
NUMG	NuShares ESG Mid-Cap Growth	11.4	40	9	4.4	+1.8

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:	MomentumShares U.S. Quantitative Momentum
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	20.5	%
Divided by: Fwd. P/BV	6.6	x
Less: Expense ratio	49	bp
Equals: ALTAR Score	2.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.48	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.