ETF Research Center

SIXH is an actively managed fund that provides exposure to US equities and sellscall options against SPY.

FUND BASICS
Category	US Equities
Fund Sponsor	Exchange Traded Concepts
Website	www.6meridianfunds.com/sixh
Inception date	May 11, 2020
Assets (mns)	$494
Currency	USD
Expense ratio	82 bp
Distributions	Monthly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	53
Wgt avg mkt cap (mns)	$399,198
Large cap (>$10bn)	100.0%
Mid cap ($2-10bn)	0.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	39.9 %
ALTRIA GROUP INC	6.1 %
AT&T INC	5.6 %
PHILIP MORRIS INTERNATIONAL	5.3 %
VERIZON COMMUNICATIONS INC	4.0 %
NVIDIA CORP	3.8 %
PEPSICO INC	3.7 %
SPDR� S&P 500� ETF TRUST	3.0 %
CAPITAL ONE FINANCIAL CORP	3.0 %
QUALCOMM INC	2.7 %
WAL-MART STORES INC	2.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	103.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru August 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
8.2%	7.6%	10.7%	--	10.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.32	28%
MSCI EAFE	0.34	37%
MSCI Emg. Mkts.	0.17	10%

Technical Indicators
Recent close	$38.95
30d moving avg.	$39.00
Annualized volatility	9.2%
Short interest (ETF)	0.0%
Relative strength (RSI)	53

Liquidity measures
Avg. volume (thou.)	14
Turnover	0.1%
Bid/Ask (% of price)	0.23%
ADV underlying (mns)	$70,559

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 32 potential alternatives to the ETC 6 Meridian Hedged Equity Index Option ETF ETF based on the alternatives' overlap in portfolio holdings with SIXH. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

SIXH

Expense:

82 bp

ALTAR Score™:

6.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SIXH
Ticker	Fund Name	Overlap¹ vs SIXH (%)	Expense ratio (bp)	Savings vs SIXH (bp)	ALTAR Score™ (%)	ALTAR vs SIXH (%)
ACIO	Aptus Collared Investment Opportunity ETF	29.6	79	3	4.1	-2.7
XRMI	Global X S&P 500 Risk Managed Income ETF	28.7	60	22	4.7	-2.1
XYLD	Global X S&P 500 Covered Call ETF	28.6	60	22	4.6	-2.2
XYLG	Global X S&P 500 Covered Call & Growth ETF	28.6	60	22	4.5	-2.3
PBP	Invesco S&P 500 BuyWrite ETF	28.5	49	33	4.7	-2.1
XTR	Global X S&P 500 Tail Risk ETF	28.5	26	56	4.7	-2.1
XCLR	Global X S&P 500 Collar 95-110 ETF	28.5	25	57	4.7	-2.1
SFLR	Innovator Equity Managed Floor ETF	28.2	89	-7	3.7	-3.1
FTHI	First Trust BuyWrite Income ETF	25.9	75	7	4.3	-2.5
CCOR	Core Alternative ETF	24.8	107	-25	5.5	-1.3
EFIV	SPDR S&P 500 ESG ETF	22.0	10	72	5.1	-1.7
DJIA	Global X Dow 30 Covered Call ETF	20.5	60	22	5.2	-1.6
DYLG	Global X Dow 30 Covered Call & Growth ETF	20.4	60	22	5.1	-1.7
DIVO	Amplify CWP Enhanced Dividend Income ETF	20.1	55	27	4.9	-1.9
FTQI	First Trust Nasdaq BuyWrite Income ETF	18.6	75	7	3.7	-3.1
NUSI	Nationwide Nasdaq-100 Risk-Managed Income ETF	18.5	68	14	3.7	-3.1
QCLR	Global X NASDAQ 100 Collar 95-110 ETF	18.2	25	57	4.1	-2.7
QYLD	Global X NASDAQ 100 Covered Call ETF	18.2	60	22	3.8	-3.0
QRMI	Global X NASDAQ 100 Risk Managed Income ETF	18.2	60	22	4.0	-2.8
QYLG	Global X Nasdaq 100 Covered Call & Growth ETF	18.2	60	22	3.7	-3.1
QTR	Global X NASDAQ 100 Tail Risk ETF	18.1	26	56	4.0	-2.8
JEPQ	J.P. Morgan Nasdaq Equity Premium Income ETF	16.6	35	47	4.0	-2.8
MMLG	First Trust Multi-Manager Large Growth ETF	15.2	85	-3	1.6	-5.2
GARP	iShares MSCI USA Quality GARP ETF	15.1	15	67	4.3	-2.5
KNG	FT Vest S&P 500 Dividend Aristocrats Target Income ETF	15.1	75	7	5.8	-1.0
THNQ	ROBO Global Artificial Intelligence ETF	11.2	68	14	2.2	-4.6
QQQA	ProShares Nasdaq-100 Dorsey Wright Momentum ETF	9.8	58	24	2.2	-4.6
XVOL	Acruence Active Hedge U.S. Equity ETF	8.3	83	-1	3.0	-3.8
TYLG	Global X Information Technology Covered Call & Growth ETF	6.9	60	22	4.0	-2.8
QUSA	VistaShares Target 15 USA Quality Income ETF	2.4	95	-13	0.0	-6.8
LCG	Sterling Capital Focus Equity ETF	1.5	59	23	3.0	-3.8
IDVO	Amplify International Enhanced Dividend Income ETF	1.0	65	17	4.5	-2.3

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:	ETC 6 Meridian Hedged Equity Index Option ETF
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	19.7	%
Divided by: Fwd. P/BV	2.6	x
Less: Expense ratio	82	bp
Equals: ALTAR Score	6.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.61	CATEGORY AVERAGE	1.59

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.