ETF Research Center

SSUS is an actively-managed US fund of funds that overweights and underweights 11 US large-cap sectors based on proprietary risk model.

FUND BASICS
Category	US Equities
Fund Sponsor	Donald L. Hagan LLC
Website	strategysharesetfs.com
Inception date	Jan 16, 2020
Assets (mns)	$621
Currency	USD
Expense ratio	79 bp
Distributions	Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	13
Wgt avg mkt cap (mns)	$627,670
Large cap (>$10bn)	85.9%
Mid cap ($2-10bn)	0.2%
Small cap (<$2bn)	0.0%
Developed mkts	86.4%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	98.1 %
ISHARES CORE S&P 500 ETF	25.6 %
THE TECHNOLOGY SELECT SECTOR SPDR�	24.2 %
THE HEALTH CARE SELECT SECTOR SPDR	11.6 %
THE FINANCIAL SELECT SECTOR SPDR�	10.1 %
THE CONSUMER DISCRET SEL SECTSPDR�	7.6 %
THE INDUSTRIAL SELECT SECTOR SPDR�	5.3 %
THE COMM SVCS SEL SECT SPDR� ETF	4.7 %
THE CONSUMER STAPLES SEL SECTSPDR�	3.6 %
THE ENERGY SELECT SECTOR SPDR� ETF	3.0 %
ROUNDHILL MAGNIFICENT SEVEN ETF	2.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	83.2 %
	IRELAND	1.8 %
	BRITAIN	0.3 %
	SWITZERLAND	0.2 %
	NETHERLANDS	0.2 %
	BERMUDA	0.1 %

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.
12.7%	21.4%	--	--	14.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.79	95%
MSCI EAFE	0.68	73%
MSCI Emg. Mkts.	0.56	48%

Technical Indicators
Recent close	$42.82
30d moving avg.	$41.67
Annualized volatility	14.0%
Short interest (ETF)	0.1%
Relative strength (RSI)	51

Liquidity measures
Avg. volume (thou.)	28
Turnover	0.2%
Bid/Ask (% of price)	0.08%
ADV underlying (mns)	$117,390

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 7 potential alternatives to the Day Hagan/Ned Davis Research Smart Sector ETF ETF based on the alternatives' overlap in portfolio holdings with SSUS. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

SSUS

Expense:

79 bp

ALTAR Score™:

4.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SSUS
Ticker	Fund Name	Overlap¹ vs SSUS (%)	Expense ratio (bp)	Savings vs SSUS (bp)	ALTAR Score™ (%)	ALTAR vs SSUS (%)
XLSR	SPDR SSGA U.S. Sector Rotation ETF	42.7	70	9	4.8	+0.5
EQL	Alps Equal Sector Weight ETF	42.0	26	53	5.3	+1.1
AESR	Anfield U.S. Equity Sector Rotation ETF	36.8	108	-29	4.3	0.0
HAPI	Harbor Human Capital Factor US Large Cap ETF	1.5	36	43	4.6	+0.3
REVS	Columbia Research Enhanced Value ETF	1.2	19	60	7.4	+3.1
RECS	Columbia Research Enhanced Core ETF	1.1	15	64	5.5	+1.2
INEQ	Columbia International Equity Income ETF	0.6	45	34	6.6	+2.4

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

	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:	Day Hagan/Ned Davis Research Smart Sector ETF
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	18.8	%
Divided by: Fwd. P/BV	3.7	x
Less: Expense ratio	79	bp
Equals: ALTAR Score	4.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.33	CATEGORY AVERAGE	1.57

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.