ETF Research Center

TMFC tracks an index of 100 of the largest US companies identified by any of the Motley Fool publications, including the top companies in the Motley Fool IQ Database.

FUND BASICS
Category	US Equities
Fund Sponsor	The RBB Fund
Website	www.fool100etf.com
Inception date	Jan 29, 2018
Assets (mns)	$227
Currency	USD
Expense ratio	50 bp
Distributions	Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	101
Wgt avg mkt cap (mns)	$559,797
Large cap (>$10bn)	100.0%
Mid cap ($2-10bn)	0.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	56.4 %
APPLE INC	10.9 %
MICROSOFT CORP	10.1 %
ALPHABET INC. CLASS C	8.2 %
AMAZON.COM INC	7.2 %
FACEBOOK	5.1 %
BERKSHIRE HATHAWAY INC-CL B	4.5 %
VISA INC-CLASS A SHARES	3.5 %
MASTERCARD INC-CLASS A	2.6 %
UNITEDHEALTH GROUP INC	2.3 %
WALT DISNEY CO/THE	2.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.7 %

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.
34.7%	34.7%	--	--	18.3%

Market Correlations
versus...	Beta	R-squared
S&P500	1.07	94%
MSCI EAFE	1.00	62%
MSCI Emg. Mkts.	0.68	46%

Technical Indicators
Recent close	$26.32
30d moving avg.	$25.18
Annualized volatility	16.0%
Short interest (ETF)	0.0%
Relative strength (RSI)	77

Liquidity measures
Avg. volume (thou.)	31
Turnover	0.4%
Bid/Ask (% of price)	0.13%
ADV underlying (mns)	$64,732

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Motley Fool 100 Index ETF based on the alternatives' overlap in portfolio holdings with TMFC. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

TMFC

Expense:

50 bp

ALTAR Score™:

4.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH TMFC
Ticker	Fund Name	Overlap¹ vs TMFC (%)	Expense ratio (bp)	Savings vs TMFC (bp)	ALTAR Score™ (%)	ALTAR vs TMFC (%)
IWY	iShares Russell Top 200 Growth	66.9	20	30	4.6	+0.6
MGK	Vanguard Mega Cap 300 Growth	65.9	7	43	4.6	+0.6
SCHG	Schwab U.S. Large-Cap Growth	62.6	4	46	4.5	+0.5
VUG	Vanguard Growth ETF	59.6	4	46	4.5	+0.5
VONG	Vanguard Russell 1000 Growth	56.4	12	38	4.7	+0.7
IWF	iShares Russell 1000 Growth	56.3	19	31	4.6	+0.6
QYLD	Global X NASDAQ 100 Covered Call ETF	56.1	60	-10	4.5	+0.5
SPYG	SPDR Portfolio S&P 500 Growth	56.1	4	46	4.7	+0.7
IVW	iShares S&P 500 Growth	55.9	18	32	4.5	+0.5
IETC	iShares Evolved U.S. Technology	55.8	18	32	4.3	+0.3
QQQ	Invesco QQQ	55.7	20	30	4.7	+0.7
IGM	iShares S&P N. American Technology	52.7	46	4	4.1	+0.1
IUSG	iShares Core U.S. Growth	52.2	4	46	4.7	+0.7
XLG	Invesco S&P Top 50	52.1	20	30	4.8	+0.8
OQAL	Invesco Russell 1000 Quality Factor ETF	49.4	19	31	4.9	+0.9
JKE	iShares Morningstar Large Cap Growth	48.2	25	25	3.4	-0.6
OEF	iShares S&P 100	47.4	20	30	5.1	+1.1
VOOG	Vanguard S&P 500 Growth	47.0	15	35	4.6	+0.6
IWL	iShares Russell Top 200	46.3	15	35	5.3	+1.3
SPUS	SP Funds S&P 500 Sharia Industry Exclusions	45.3	49	1	4.7	+0.7

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:	Motley Fool 100 Index
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	22.8	%
Divided by: Fwd. P/BV	5.1	x
Less: Expense ratio	50	bp
Equals: ALTAR Score	4.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.36	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.