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)	$566
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	16
Wgt avg mkt cap (mns)	$877,520
Large cap (>$10bn)	88.2%
Mid cap ($2-10bn)	0.5%
Small cap (<$2bn)	0.0%
Developed mkts	89.4%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	98.0 %
ISHARES CORE S&P 500 ETF	25.8 %
THE TECHNOLOGY SELECT SECTOR SPDR�	19.0 %
THE FINANCIAL SELECT SECTOR SPDR�	12.3 %
THE HEALTH CARE SELECT SECTOR SPDR	9.3 %
THE CONSUMER DISCRET SEL SECTSPDR�	6.5 %
THE INDUSTRIAL SELECT SECTOR SPDR�	6.2 %
THE COMM SVCS SEL SECT SPDR� ETF	5.6 %
INVESCO S&P 500� EQUAL WEIGHT ETF	5.6 %
THE CONSUMER STAPLES SEL SECTSPDR�	4.1 %
THE UTILITIES SELECT SECTOR SPDR�	3.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	86.5 %
	IRELAND	1.6 %
	SWITZERLAND	0.3 %
	BRITAIN	0.2 %
	NETHERLANDS	0.1 %
	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.
16.9%	19.5%	14.7%	--	12.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.92	96%
MSCI EAFE	0.46	31%
MSCI Emg. Mkts.	0.33	19%

Technical Indicators
Recent close	$48.88
30d moving avg.	$48.44
Annualized volatility	12.1%
Short interest (ETF)	0.0%
Relative strength (RSI)	46

Liquidity measures
Avg. volume (thou.)	29
Turnover	0.3%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$94,360

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 12 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™:

4.4%

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 (%)
EQL	Alps Equal Sector Weight ETF	44.4	25	54	5.8	+1.4
XLSR	State Street US Sector Rotation ETF	43.8	70	9	4.9	+0.5
EZRO	AlphaDroid Defensive Sector Rotation ETF	12.6	120	-41	0.0	-4.4
DAK	Dakota Active Equity ETF	6.3	43	36	4.4	-0.0
AESR	Anfield U.S. Equity Sector Rotation ETF	5.6	108	-29	3.6	-0.8
GEW	Cambria Global EW ETF	1.4	29	50	0.0	-4.4
HAPI	Harbor Human Capital Factor US Large Cap ETF	1.2	36	43	4.8	+0.4
REVS	Columbia Research Enhanced Value ETF	0.4	19	60	7.7	+3.3
GXPT	Global X PureCap MSCI Information Technology ETF	0.3	25	54	4.3	-0.1
RECS	Columbia Research Enhanced Core ETF	0.3	15	64	5.7	+1.3
TOT	Lionshares U.S. Equity Total Return ETF	0.1	25	54	4.6	+0.2
FFOX	FundX Future Fund Opportunities ETF	0.0	100	-21	4.0	-0.4

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

	2020	2021	2022	2023	2024	2025E	2026E
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

	2024	2025E	2026E
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	18.1	%
Divided by: Fwd. P/BV	3.5	x
Less: Expense ratio	79	bp
Equals: ALTAR Score	4.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.39	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.