ETF Research Center

The SP Funds S&P 500 Sharia Industry Exclusions ETF seeks to track the performance, before fees and expenses, of the S&P 500 Sharia Industry Exclusions Index.

FUND BASICS
Category	US Equities
Fund Sponsor	SP Funds
Website	www.sp-funds.com
Inception date	Dec 18, 2019
Assets (mns)	$16
Currency	USD
Expense ratio	49 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	198
Wgt avg mkt cap (mns)	$461,252
Large cap (>$10bn)	98.8%
Mid cap ($2-10bn)	1.2%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	41.3 %
MICROSOFT CORP	10.2 %
APPLE INC	9.8 %
FACEBOOK	3.8 %
ALPHABET INC. CLASS C	3.2 %
ALPHABET INC. CLASS A	3.2 %
JOHNSON & JOHNSON	2.9 %
PROCTER & GAMBLE CO/THE	2.3 %
INTEL CORP	2.1 %
HOME DEPOT INC	1.9 %
EXXON MOBIL CORP	1.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.7 %
	IRELAND	2.4 %
	BRITAIN	1.1 %
	SWITZERLAND	0.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
1.0%	--	--	--	1.0%

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

Technical Indicators
Recent close	$21.44
30d moving avg.	$20.89
Annualized volatility	0.0%
Short interest (ETF)	5.8%
Relative strength (RSI)	65

Liquidity measures
Avg. volume (thou.)	23
Turnover	3.1%
Bid/Ask (% of price)	0.17%
ADV underlying (mns)	$77,140

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SP Funds S&P 500 Sharia Industry Exclusions ETF based on the alternatives' overlap in portfolio holdings with SPUS. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

SPUS

Expense:

49 bp

ALTAR Score™:

4.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SPUS
Ticker	Fund Name	Overlap¹ vs SPUS (%)	Expense ratio (bp)	Savings vs SPUS (bp)	ALTAR Score™ (%)	ALTAR vs SPUS (%)
OQAL	Invesco Russell 1000 Quality Factor ETF	72.9	19	30	6.0	+1.3
IVW	iShares S&P 500 Growth	62.3	18	31	4.6	-0.2
SPYG	SPDR Portfolio S&P 500 Growth	62.2	4	45	4.7	-0.0
VOOG	Vanguard S&P 500 Growth	62.2	15	34	4.6	-0.1
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	62.0	19	30	6.6	+1.9
IWY	iShares Russell Top 200 Growth	60.1	20	29	4.6	-0.1
IUSG	iShares Core U.S. Growth	58.7	4	45	4.7	-0.1
DSI	iShares MSCI KLD 400 Social	58.1	25	24	5.3	+0.6
IQSU	IQ Candriam ESG US Equity ETF	57.6	9	40	5.4	+0.7
XOUT	GraniteShares XOUT US Large Cap	57.2	60	-11	4.8	+0.1
XLG	Invesco S&P Top 50	57.0	20	29	4.9	+0.2
VUG	Vanguard Growth ETF	56.9	4	45	4.3	-0.5
SPXN	ProShares S&P 500 Ex-Financials	56.9	27	22	5.5	+0.7
IWF	iShares Russell 1000 Growth	56.8	19	30	4.5	-0.2
VONG	Vanguard Russell 1000 Growth	56.8	12	37	4.6	-0.1
OMOM	Invesco Russell 1000 Momentum Factor ETF	56.7	19	30	5.8	+1.1
SUSL	iShares ESG MSCI USA Leaders	55.8	10	39	5.4	+0.7
USSG	Xtrackers MSCI USA ESG Leaders Equity	55.8	10	39	5.4	+0.7
MGK	Vanguard Mega Cap 300 Growth	55.5	7	42	4.4	-0.4
HLAL	Wahed FTSE USA Shariah	54.3	50	-1	5.3	+0.6

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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	SP Funds S&P 500 Sharia Industry Exclusions
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	22.3	%
Divided by: Fwd. P/BV	4.3	x
Less: Expense ratio	49	bp
Equals: ALTAR Score	4.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.46	CATEGORY AVERAGE	1.56

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.