ETF Research Center

Lattice Global Small Cap Strategy invests in global companies with market capitalizations of $500M to $8B, after applying screens for risk and for valuation, momentum and quality.

FUND BASICS
Category	Global Equities
Fund Sponsor	Lattice Strategies
Website	www.latticeetfs.com
Inception date	Mar 24, 2015
Assets (mns)	$18
Currency	USD
Expense ratio	39 bp
Distributions	Semi-Annually

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	354
Wgt avg mkt cap (mns)	$2,069
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	48.6%
Small cap (<$2bn)	51.4%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	11.6 %
CIRRUS LOGIC INC	1.3 %
INSIGHT ENTERPRISES INC	1.3 %
PATTERSON COS INC	1.3 %
DICK'S SPORTING GOODS INC	1.2 %
PLEXUS CORP	1.2 %
SOLAREDGE TECHNOLOGIES, INC.	1.2 %
STEELCASE INC-CL A	1.1 %
MURPHY USA, INC.	1.1 %
BMC STOCK HOLDINGS, INC.	1.0 %
BRINKER INTERNATIONAL INC	1.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.9 %
	BERMUDA	1.1 %
	PUERTO RICO	1.1 %
	CAYMAN ISLANDS	0.7 %
	CANADA	0.2 %

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.
17.1%	17.1%	--	--	7.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.87	81%
MSCI EAFE	0.92	75%
MSCI Emg. Mkts.	0.66	65%

Technical Indicators
Recent close	$30.64
30d moving avg.	$30.56
Annualized volatility	11.7%
Short interest (ETF)	0.0%
Relative strength (RSI)	51

Liquidity measures
Avg. volume (thou.)	2
Turnover	0.3%
Bid/Ask (% of price)	0.24%
ADV underlying (mns)	$4,169

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Lattice Global Small Cap Strategy ETF based on the alternatives' overlap in portfolio holdings with ROGS. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

ROGS

Expense:

39 bp

ALTAR Score™:

7.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH ROGS
Ticker	Fund Name	Overlap¹ vs ROGS (%)	Expense ratio (bp)	Savings vs ROGS (bp)	ALTAR Score™ (%)	ALTAR vs ROGS (%)
TPSC	Timothy Plan US Small Cap Core	41.9	52	-13	6.6	-0.4
IJR	iShares Core S&P Small-Cap	29.8	7	32	6.0	-1.0
SLY	SPDR S&P 600 Small Cap	29.7	15	24	6.0	-1.1
CSF	Compass EMP US Discovery 500 Enhanced Vol.	29.5	35	4	7.0	-0.1
CSA	Victory CEMP US Small Cap Volatility Wtd	29.4	35	4	7.0	-0.1
VIOO	Vanguard S&P Small-Cap 600	28.8	15	24	5.7	-1.3
PSC	Principal U.S. Small Cap Index	28.7	38	1	6.3	-0.7
SMLF	iShares FactorSelect MSCI USA Small-Cap	27.6	30	9	6.5	-0.6
SMLV	SPDR Russell 2000 Low Volatility	26.9	12	27	6.5	-0.6
FLQS	Franklin LibertyQ U.S. Small Cap Equity	26.8	35	4	5.9	-1.1
FYX	First Trust Small Cap Core Alphadex	26.4	66	-27	5.3	-1.8
VIOV	Vanguard S&P Small-Cap 600 Value	25.9	20	19	7.1	+0.0
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity	25.8	29	10	4.7	-2.4
EWSC	Invesco S&P Small Cap 600 Equal Weight	25.6	40	-1	5.5	-1.5
GSSC	Goldman Sachs Activebeta U.S. Small Cap Equity	25.1	20	19	5.5	-1.5
USVM	USAA MSCI USA Small Cap Value Momentum Blend Index	25.0	24	15	6.2	-0.8
EES	WisdomTree SmallCap Earnings	24.7	38	1	8.2	+1.2
ISMD	Inspire Small/Mid Cap Impact	24.3	61	-22	4.7	-2.3
RNSC	Small Cap US Equity Select	24.2	60	-21	5.8	-1.2
IJT	iShares S&P 600 SmallCap Growth	24.1	25	14	4.4	-2.6

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:	Lattice Global Small Cap Strategy
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	12.8	%
Divided by: Fwd. P/BV	1.7	x
Less: Expense ratio	39	bp
Equals: ALTAR Score	7.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.67	CATEGORY AVERAGE	1.54

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.