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)	$433
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	58
Wgt avg mkt cap (mns)	$426,849
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	32.0 %
JOHNSON & JOHNSON	4.3 %
KRAFT HEINZ COMPANY	4.1 %
AT&T INC	4.0 %
ALTRIA GROUP INC	2.9 %
DUKE ENERGY CORP	2.9 %
ABBVIE INC	2.9 %
CATERPILLAR INC	2.8 %
AMERICAN EXPRESS CO	2.8 %
COLGATE-PALMOLIVE CO	2.7 %
WAL-MART STORES INC	2.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.9 %
	IRELAND	1.3 %

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.
15.8%	17.3%	--	--	10.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.39	46%
MSCI EAFE	0.41	49%
MSCI Emg. Mkts.	0.22	14%

Technical Indicators
Recent close	$36.73
30d moving avg.	$37.69
Annualized volatility	10.2%
Short interest (ETF)	0.0%
Relative strength (RSI)	58

Liquidity measures
Avg. volume (thou.)	10
Turnover	0.1%
Bid/Ask (% of price)	0.23%
ADV underlying (mns)	$88,286

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 35 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™:

5.8%

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 (%)
SFLR	Innovator Equity Managed Floor ETF	32.5	89	-7	4.1	-1.8
PBP	Invesco S&P 500 BuyWrite ETF	31.6	49	33	4.5	-1.4
XRMI	Global X S&P 500 Risk Managed Income ETF	31.5	60	22	4.4	-1.5
XYLD	Global X S&P 500 Covered Call ETF	31.5	60	22	4.3	-1.5
ACIO	Aptus Collared Investment Opportunity ETF	31.3	79	3	4.1	-1.7
XYLG	Global X S&P 500 Covered Call & Growth ETF	31.2	60	22	4.4	-1.4
XTR	Global X S&P 500 Tail Risk ETF	30.9	26	56	5.0	-0.9
XCLR	Global X S&P 500 Collar 95-110 ETF	30.7	25	57	5.0	-0.9
FTHI	First Trust BuyWrite Income ETF	30.0	75	7	4.8	-1.1
XYLE	Global X S&P 500 ESG Covered Call ETF	27.8	60	22	4.7	-1.1
EFIV	SPDR S&P 500 ESG ETF	27.4	10	72	5.1	-0.7
CCOR	Core Alternative ETF	27.1	107	-25	4.8	-1.1
DJIA	Global X Dow 30 Covered Call ETF	25.0	60	22	4.7	-1.1
DYLG	Global X Dow 30 Covered Call & Growth ETF	25.0	60	22	4.8	-1.0
DIVO	Amplify CWP Enhanced Dividend Income ETF	24.1	55	27	5.5	-0.3
QYLD	Global X NASDAQ 100 Covered Call ETF	22.3	60	22	4.1	-1.8
QRMI	Global X NASDAQ 100 Risk Managed Income ETF	22.2	60	22	4.0	-1.8
NUSI	Nationwide Nasdaq-100 Risk-Managed Income ETF	22.1	68	14	4.0	-1.8
KNG	FT Vest S&P 500 Dividend Aristocrats Target Income ETF	22.1	75	7	5.7	-0.1
QYLG	Global X Nasdaq 100 Covered Call & Growth ETF	22.1	60	22	4.1	-1.8
QCLR	Global X NASDAQ 100 Collar 95-110 ETF	22.0	25	57	4.4	-1.4
QTR	Global X NASDAQ 100 Tail Risk ETF	21.9	26	56	4.4	-1.4
QYLE	Global X Nasdaq 100 ESG Covered Call ETF	20.9	60	22	4.2	-1.6
FTQI	First Trust Nasdaq BuyWrite Income ETF	20.8	75	7	3.4	-2.4
GARP	iShares MSCI USA Quality GARP ETF	19.5	15	67	4.8	-1.0
JEPQ	J.P. Morgan Nasdaq Equity Premium Income ETF	19.1	35	47	4.4	-1.5
MMLG	First Trust Multi-Manager Large Growth ETF	14.8	85	-3	1.9	-4.0
HYLG	Global X Health Care Covered Call & Growth ETF	14.1	60	22	7.2	+1.4
QQQA	ProShares Nasdaq-100 Dorsey Wright Momentum ETF	12.2	58	24	3.8	-2.0
THNQ	ROBO Global Artificial Intelligence ETF	10.4	68	14	1.4	-4.5
FYLG	Global X Financials Covered Call & Growth ETF	8.3	60	22	4.9	-1.0
TYLG	Global X Information Technology Covered Call & Growth ETF	6.6	60	22	4.6	-1.3
XVOL	Acruence Active Hedge U.S. Equity ETF	4.9	83	-1	5.1	-0.7
IDVO	Amplify International Enhanced Dividend Income ETF	1.5	65	17	7.3	+1.5
LCG	Sterling Capital Focus Equity ETF	1.2	59	23	3.6	-2.2

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

	2019	2020	2021	2022	2023	2024E	2025E
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

	2023	2024E	2025E
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:

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	18.2	%
Divided by: Fwd. P/BV	2.7	x
Less: Expense ratio	82	bp
Equals: ALTAR Score	5.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.59	CATEGORY AVERAGE	1.58

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.