ETF Research Center

The SoFi Next 500 ETF seeks to track the performance, before fees and expenses, of the Solactive SoFi US Next 500 Growth Index

FUND BASICS
Category	US Equities
Fund Sponsor	SoFi
Website	www.sofi.com/invest/etfs/
Inception date	Apr 10, 2019
Assets (mns)	$9
Currency	USD
Expense ratio	0 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	492
Wgt avg mkt cap (mns)	$7,404
Large cap (>$10bn)	19.5%
Mid cap ($2-10bn)	79.1%
Small cap (<$2bn)	1.4%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	6.9 %
ALTICE USA, INC. CLASS A	1.0 %
DEXCOM INC	0.7 %
EXACT SCIENCES CORP	0.7 %
VICI PROPERTIES INC	0.7 %
SAREPTA THERAPEUTICS INC	0.7 %
PAYCOM SOFTWARE INC	0.7 %
SEATTLE GENETICS INC	0.6 %
EXELIXIS INC	0.6 %
KNIGHT-SWIFT TRANSPORTATION HOLDIN	0.6 %
DOCUSIGN, INC.	0.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.2 %
	IRELAND	1.1 %
	BERMUDA	1.0 %
	BRITAIN	0.7 %
	NETHERLANDS	0.3 %
	CAYMAN ISLANDS	0.2 %
	SWITZERLAND	0.1 %

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.
6.2%	--	--	--	6.2%

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

Technical Indicators
Recent close	$10.84
30d moving avg.	$10.62
Annualized volatility	0.0%
Short interest (ETF)	3.7%
Relative strength (RSI)	72

Liquidity measures
Avg. volume (thou.)	7
Turnover	0.8%
Bid/Ask (% of price)	0.32%
ADV underlying (mns)	$25,359

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SoFi Next 500 ETF based on the alternatives' overlap in portfolio holdings with SFYX. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

SFYX

Expense:

0 bp

ALTAR Score™:

5.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SFYX
Ticker	Fund Name	Overlap¹ vs SFYX (%)	Expense ratio (bp)	Savings vs SFYX (bp)	ALTAR Score™ (%)	ALTAR vs SFYX (%)
SCHM	Schwab US Mid Cap	68.1	4	-4	6.0	+0.6
OSIZ	Invesco Russell 1000 Size Factor ETF	57.6	19	-19	5.9	+0.5
VB	Vanguard Smallcap ETF	56.3	5	-5	5.3	-0.2
MDY	S&P MidCap 400 SPDR	49.0	24	-24	5.9	+0.5
IJH	iShares Core S&P MidCap	49.0	7	-7	6.1	+0.7
IVOO	Vanguard S&P Mid-Cap 400	48.3	15	-15	5.9	+0.5
FSMD	Fidelity Small-Mid Factor ETF	48.0	29	-29	6.1	+0.7
SMMD	iShares Russell 2500	47.3	15	-15	5.4	-0.1
EWMC	Invesco S&P Mid Cap 400 Equal Weight	47.1	40	-40	6.3	+0.9
SPMD	SPDR Portfolio Mid Cap	47.0	5	-5	6.1	+0.6
FNX	First Trust Mid Cap Core Alpadex	46.4	62	-62	6.4	+0.9
PBSM	Invesco PureBeta MSCI USA Small Cap	46.2	6	-6	5.1	-0.3
EZM	WisdomTree Midcap Earnings	45.9	38	-38	8.3	+2.9
VXF	Vanguard Extended Market	45.7	7	-7	3.2	-2.2
RNMC	First Trust Mid Cap US Equity Select	45.5	60	-60	6.3	+0.9
DON	WisdomTree Midcap Dividend	41.5	38	-38	7.1	+1.7
JHMM	John Hancock Multifactor Mid Cap	41.0	44	-44	5.6	+0.1
VBK	Vanguard Small-Cap Growth ETF	40.5	7	-7	2.7	-2.8
PSM	Principal U.S. Small-MidCap Multi-Factor Core Index	39.2	20	-20	6.6	+1.1
ESML	iShares MSCI USA Small-Cap ESG Optimized	38.2	17	-17	4.6	-0.8

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:	SoFi Next 500
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	12.3	%
Divided by: Fwd. P/BV	2.3	x
Less: Expense ratio	0	bp
Equals: ALTAR Score	5.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.54	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.