ETF Research Center

SQEW is an actively managed fund that invests in global equities. The fund weights companies based on quantitative factors including statistical skew.

FUND BASICS
Category	Global Equities
Fund Sponsor	Redwood Investment Management
Website	www.leadersharesetfs.com
Inception date	May 12, 2020
Assets (mns)	$95
Currency	USD
Expense ratio	81 bp
Distributions	Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	6
Wgt avg mkt cap (mns)	$45,358
Large cap (>$10bn)	12.8%
Mid cap ($2-10bn)	57.5%
Small cap (<$2bn)	28.6%
Developed mkts	87.1%
Emerging mkts	12.2%

TOP TEN HOLDINGS
Total	99.4 %
SPDR� S&P 600 SMALL CAP VALUE ETF	43.4 %
ISHARES RUSSELL 2000 ETF	36.2 %
VANGUARD FTSE EMERGING MARKETS ETF	13.0 %
SPDR� S&P 600 SMALL CAP GROWTH ETF	3.9 %
SPDR� PORTFOLIO S&P 500 VALUE ETF	2.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	78.8 %
	CHINA	3.2 %
	INDIA	2.9 %
	TAIWAN	2.6 %
	BERMUDA	0.9 %
	SAUDI ARABIA	0.6 %
	BRAZIL	0.5 %
	IRELAND	0.4 %
	BRITAIN	0.4 %
	SOUTH AFRICA	0.3 %

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.
4.5%	4.5%	--	--	8.1%

Market Correlations
versus...	Beta	R-squared
S&P500	1.02	91%
MSCI EAFE	0.92	72%
MSCI Emg. Mkts.	0.74	47%

Technical Indicators
Recent close	$34.68
30d moving avg.	$35.35
Annualized volatility	18.7%
Short interest (ETF)	0.0%
Relative strength (RSI)	46

Liquidity measures
Avg. volume (thou.)	10
Turnover	0.4%
Bid/Ask (% of price)	0.17%
ADV underlying (mns)	$34,445

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 5 potential alternatives to the LeaderShares Equity Skew ETF ETF based on the alternatives' overlap in portfolio holdings with SQEW. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

SQEW

Expense:

81 bp

ALTAR Score™:

5.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SQEW
Ticker	Fund Name	Overlap¹ vs SQEW (%)	Expense ratio (bp)	Savings vs SQEW (bp)	ALTAR Score™ (%)	ALTAR vs SQEW (%)
SMMD	iShares Russell 2500 ETF	36.2	15	66	5.6	+0.2
SCAP	InfraCap Small Cap Income ETF	10.1	135	-54	8.2	+2.8
CCMG	CCM Global Equity ETF	5.8	34	47	7.5	+2.1
SNPV	Xtrackers S&P 500 Value ESG ETF	0.5	15	66	6.6	+1.2
APIE	ActivePassive International Equity ETF	0.0	45	36	8.0	+2.6

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

	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:	LeaderShares Equity Skew 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	9.7	%
Divided by: Fwd. P/BV	1.6	x
Less: Expense ratio	81	bp
Equals: ALTAR Score	5.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.61	CATEGORY AVERAGE	1.54

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.