ETF Research Center

The Salt truBeta High Exposure ETF tracks an equal-weighted index of US large-cap companies predicted to have high beta to the SPDR S&P 500 ETF (SPY).

FUND BASICS
Category	US Equities
Fund Sponsor	Salt Financial
Website	www.saltfinancial.com
Inception date	May 16, 2018
Assets (mns)	$14
Currency	USD
Expense ratio	29 bp
Distributions	Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	101
Wgt avg mkt cap (mns)	$75,328
Large cap (>$10bn)	76.9%
Mid cap ($2-10bn)	23.1%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	11.7 %
TESLA MOTORS INC	1.4 %
ADVANCED MICRO DEVICES	1.2 %
APPLE INC	1.2 %
LAM RESEARCH CORP	1.2 %
MARATHON PETROLEUM	1.1 %
APPLIED MATERIALS INC	1.1 %
SKYWORKS SOLUTIONS INC	1.1 %
UNITED RENTALS INC	1.1 %
KLA-TENCOR CORPORATION	1.1 %
VALERO ENERGY CORP	1.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.6 %
	BRITAIN	1.1 %
	IRELAND	1.0 %
	BERMUDA	1.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
25.4%	12.3%	--	--	2.8%

Market Correlations
versus...	Beta	R-squared
S&P500	1.58	90%
MSCI EAFE	1.77	82%
MSCI Emg. Mkts.	1.41	76%

Technical Indicators
Recent close	$27.08
30d moving avg.	$25.91
Annualized volatility	26.5%
Short interest (ETF)	0.0%
Relative strength (RSI)	69

Liquidity measures
Avg. volume (thou.)	2
Turnover	0.4%
Bid/Ask (% of price)	0.16%
ADV underlying (mns)	$45,753

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Salt TruBeta High Exposure ETF based on the alternatives' overlap in portfolio holdings with SLT. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

SLT

Expense:

29 bp

ALTAR Score™:

6.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SLT
Ticker	Fund Name	Overlap¹ vs SLT (%)	Expense ratio (bp)	Savings vs SLT (bp)	ALTAR Score™ (%)	ALTAR vs SLT (%)
SPHB	Invesco S&P 500 High Beta	42.0	25	4	6.3	-0.1
QQEW	First Trust NASDAQ 100 Equal Weight	32.0	60	-31	6.0	-0.4
QQQE	Direxion NASDAQ-100 Equal Weight	32.0	35	-6	6.3	-0.1
PXLG	Invesco Fundamental Pure Large Growth	29.4	35	-6	8.1	+1.7
RYT	Invesco S&P Equal Weight Technology	27.3	40	-11	6.5	+0.1
SZNE	Pacer CFRA-Stovall Equal Weight Seasonal Rotation	26.3	60	-31	6.6	+0.3
JHMT	John Hancock Multifactor Technology	26.0	40	-11	6.0	-0.4
ONEY	SPDR Russell 1000 Yield Focus	22.3	20	9	8.3	+1.9
FTA	First Trust Large Cap Value	22.0	62	-33	8.7	+2.3
SPYB	SPDR S&P 500 Buyback	21.9	35	-6	7.3	+0.9
FVAL	Fidelity Value Factor	21.7	29	0	8.1	+1.7
PY	Principal Shareholder Yield	21.3	29	0	7.9	+1.6
QTEC	First Trust NASDAQ 100 Tech	21.3	57	-28	6.0	-0.4
KRMA	Global X Conscious Companies	21.3	43	-14	6.2	-0.2
RPV	Invesco S&P 500 Pure Value ETF	21.1	35	-6	9.7	+3.4
IGM	iShares S&P N. American Technology	20.9	46	-17	4.6	-1.8
SYLD	Cambria Shareholder Yield	20.5	59	-30	9.0	+2.6
PEXL	Pacer US Export Leaders	20.3	60	-31	6.1	-0.3
SPVU	Invesco S&P 500 Value	19.9	13	16	11.0	+4.6
CDL	Victory CEMP US Large Cap High Div Volatility Wtd	19.8	35	-6	7.8	+1.4

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:	Salt TruBeta High Exposure
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	14.6	%
Divided by: Fwd. P/BV	2.2	x
Less: Expense ratio	29	bp
Equals: ALTAR Score	6.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.52	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.