ETF Research Center

RECS tracks an index of US stocks pulled from the Russell 1000. The index uses multifactor selection and market cap weighting.

FUND BASICS
Category	US Equities
Fund Sponsor	Columbia
Website	www.columbiathreadneedleus.com
Inception date	Sep 25, 2019
Assets (mns)	$5
Currency	USD
Expense ratio	15 bp
Distributions	Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	348
Wgt avg mkt cap (mns)	$347,269
Large cap (>$10bn)	94.8%
Mid cap ($2-10bn)	5.1%
Small cap (<$2bn)	0.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	31.8 %
APPLE INC	5.7 %
MICROSOFT CORP	5.6 %
AMAZON.COM INC	4.2 %
JPMORGAN CHASE & CO	3.3 %
JOHNSON & JOHNSON	2.4 %
FACEBOOK	2.3 %
BANK OF AMERICA CORP	2.2 %
CHEVRON CORP	2.0 %
ALPHABET INC. CLASS C	2.0 %
ALPHABET INC. CLASS A	2.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.1 %
	IRELAND	2.3 %
	BRITAIN	0.9 %
	CHINA	0.1 %
	SWITZERLAND	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
5.8%	--	--	--	5.8%

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

Technical Indicators
Recent close	$20.90
30d moving avg.	$20.70
Annualized volatility	0.0%
Short interest (ETF)	0.0%
Relative strength (RSI)	69

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.18%
ADV underlying (mns)	$87,940

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

RECS

Expense:

15 bp

ALTAR Score™:

5.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH RECS
Ticker	Fund Name	Overlap¹ vs RECS (%)	Expense ratio (bp)	Savings vs RECS (bp)	ALTAR Score™ (%)	ALTAR vs RECS (%)
IWL	iShares Russell Top 200	65.6	15	0	5.7	-0.2
MGC	Vanguard Mega Cap 300 ETF	63.5	7	8	5.8	-0.0
OEF	iShares S&P 100	63.4	20	-5	5.5	-0.4
SNPE	Xtrackers S&P 500 ESG	62.4	11	4	5.8	-0.1
SPXN	ProShares S&P 500 Ex-Financials	62.3	27	-12	5.9	+0.0
PRID	InsightShares LGBT Employment Equality	62.0	65	-50	5.4	-0.5
JUST	Goldman Sachs JUST U.S. Large Cap Equity	61.6	20	-5	5.6	-0.3
OQAL	Invesco Russell 1000 Quality Factor ETF	61.2	19	-4	5.3	-0.6
PBP	Invesco S&P 500 Buy/Write	60.6	49	-34	5.5	-0.4
SPXE	ProShares S&P 500 Ex-Energy	60.5	27	-12	5.9	-0.0
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	60.2	20	-5	5.9	+0.1
HSPX	Global X S&P 500 Covered Call	59.9	65	-50	5.3	-0.6
SPY	S&P 500 SPDR	59.8	9	6	5.9	+0.0
SPXV	ProShares S&P 500 Ex-Health Care	59.7	27	-12	5.7	-0.2
OMOM	Invesco Russell 1000 Momentum Factor ETF	59.5	19	-4	5.3	-0.6
VOO	Vanguard S&P 500 ETF	59.4	3	12	6.0	+0.1
IVV	iShares Core S&P 500	59.4	4	11	5.9	+0.1
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	58.8	19	-4	5.6	-0.2
PBUS	Invesco PureBeta MSCI USA	58.6	4	11	6.0	+0.1
XLG	Invesco S&P Top 50	58.5	20	-5	5.2	-0.7

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:	Columbia Research Enhanced Core
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	17.7	%
Divided by: Fwd. P/BV	2.9	x
Less: Expense ratio	15	bp
Equals: ALTAR Score	5.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.48	CATEGORY AVERAGE	1.56

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.