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)	$357
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	100
Wgt avg mkt cap (mns)	$779,986
Large cap (>$10bn)	99.8%
Mid cap ($2-10bn)	0.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	57.1 %
APPLE INC	12.3 %
MICROSOFT CORP	9.9 %
AMAZON.COM INC	9.4 %
ALPHABET INC. CLASS C	7.4 %
FACEBOOK	4.7 %
BERKSHIRE HATHAWAY INC-CL B	3.5 %
TESLA MOTORS INC	3.1 %
VISA INC-CLASS A SHARES	2.8 %
MASTERCARD INC-CLASS A	2.0 %
UNITEDHEALTH GROUP INC	2.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.9 %

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.
23.1%	32.7%	--	--	21.5%

Market Correlations
versus...	Beta	R-squared
S&P500	1.04	92%
MSCI EAFE	1.01	72%
MSCI Emg. Mkts.	0.71	53%

Technical Indicators
Recent close	$33.50
30d moving avg.	$32.63
Annualized volatility	20.1%
Short interest (ETF)	0.0%
Relative strength (RSI)	49

Liquidity measures
Avg. volume (thou.)	68
Turnover	0.6%
Bid/Ask (% of price)	0.25%
ADV underlying (mns)	$115,445

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Motley Fool 100 Index ETF 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™:

3.2%

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 (%)
SCHG	Schwab U.S. Large-Cap Growth ETF	71.8	4	46	3.4	+0.2
MGK	Vanguard Mega Cap Growth ETF	71.7	7	43	3.8	+0.6
IWY	iShares Russell Top 200 Growth ETF	71.0	20	30	3.8	+0.6
IWF	iShares Russell 1000 Growth ETF	65.8	19	31	3.6	+0.4
XLG	Invesco S&P 500 Top 50 ETF	64.7	20	30	4.3	+1.0
VUG	Vanguard Growth Index Fund	64.6	4	46	3.7	+0.5
VONG	Vanguard Russell 1000 Growth Index Fund	64.1	8	42	3.7	+0.5
QQQM	Invesco NASDAQ 100 ETF	62.9	15	35	3.8	+0.5
QQQ	Invesco QQQ Trust	62.9	20	30	3.7	+0.5
QYLD	Global X NASDAQ 100 Covered Call ETF	62.9	60	-10	3.3	+0.1
QYLG	Global X Nasdaq 100 Covered Call & Growth ETF	62.9	60	-10	3.3	+0.1
NUSI	Nationwide Risk-Managed Income ETF	62.8	68	-18	3.5	+0.3
VOOG	Vanguard S&P 500 Growth ETF	62.5	10	40	4.1	+0.9
IETC	iShares Evolved U.S. Technology ETF	60.0	18	32	3.6	+0.4
SPYG	SPDR Portfolio S&P 500 Growth ETF	59.9	4	46	4.2	+0.9
IVW	iShares S&P 500 Growth ETF	59.9	18	32	4.0	+0.8
ONEQ	Fidelity Nasdaq Composite Index Tracking Stock	57.2	21	29	2.9	-0.4
IUSG	iShares Core S&P US Growth ETF	56.5	4	46	4.2	+1.0
MMTM	SPDR S&P 1500 Momentum Tilt ETF	56.1	12	38	4.2	+0.9
OEF	iShares S&P 100 ETF	56.1	20	30	4.5	+1.3
IGM	iShares Expanded Tech Sector ETF	55.2	46	4	3.6	+0.4
HIPR	Direxion High Growth ETF	54.0	40	10	4.4	+1.1
ESGV	Vanguard ESG U.S. Stock ETF	53.2	12	38	4.7	+1.5
IWL	iShares Russell Top 200 ETF	52.8	15	35	4.6	+1.4
IQSU	IQ Candriam ESG US Equity ETF	52.0	9	41	4.7	+1.5
BKLC	BNY Mellon US Large Cap Core Equity ETF	51.9	0	50	4.8	+1.5
MGC	Vanguard Mega Cap Index Fund	51.6	7	43	4.8	+1.5
XOUT	GraniteShares XOUT U.S. Large Cap ETF	51.1	60	-10	3.8	+0.6
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	51.0	49	1	3.9	+0.7
SPMO	Invesco S&P 500 Momentum ETF	49.0	13	37	4.0	+0.8
EFIV	SPDR S&P 500 ESG ETF	48.3	10	40	4.7	+1.5
SNPE	Xtrackers S&P 500 ESG ETF	48.2	10	40	4.7	+1.5
SYG	SPDR MFS Systematic Growth Equity ETF	48.2	60	-10	4.0	+0.8
DSI	iShares MSCI KLD 400 Social ETF	47.2	25	25	4.7	+1.5
SPXN	ProShares S&P 500 Ex-Financials ETF	47.1	27	23	4.6	+1.4
SPXV	ProShares S&P 500 Ex-Health Care ETF	45.9	27	23	4.6	+1.3
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	45.8	20	30	4.6	+1.3
ESG	FlexShares STOXX US ESG Impact Index Fund	45.8	32	18	4.7	+1.5
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	45.7	7	43	4.8	+1.6
ESGU	iShares MSCI USA ESG Optimized ETF	45.6	15	35	4.7	+1.4
VEGN	US Vegan Climate ETF	45.3	60	-10	4.7	+1.5
PBP	Invesco S&P 500 BuyWrite ETF	45.1	49	1	4.7	+1.5
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	45.1	20	30	4.9	+1.7
SPXE	ProShares S&P 500 Ex-Energy ETF	45.0	27	23	4.9	+1.6
HSPX	Global X S&P 500 Covered Call ETF	44.8	60	-10	4.6	+1.4
SFY	SoFi Select 500 ETF	44.7	0	50	4.7	+1.5
BBUS	JP Morgan Betabuilders U.S. Equity ETF	44.6	2	48	4.8	+1.6
CATH	Global X S&P 500 Catholic Values Custom ETF	44.5	29	21	4.7	+1.5
XYLG	Global X S&P 500 Covered Call & Growth ETF	44.5	60	-10	4.6	+1.4
SPY	SPDR S&P 500 ETF Trust	44.2	9	41	4.9	+1.7
IVV	iShares Core S&P 500 ETF	44.2	3	47	5.0	+1.8
SPLG	SPDR Portfolio Large Cap ETF	44.2	3	47	5.0	+1.8
PBUS	Invesco PureBeta MSCI USA ETF	44.2	4	46	4.8	+1.6
VV	Vanguard Large-Cap Index Fund	44.1	4	46	4.8	+1.6
VOO	VANGUARD S&P 500 ETF	43.5	3	47	5.0	+1.8
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	43.4	10	40	4.9	+1.7
SUSL	iShares ESG MSCI USA Leaders ETF	43.4	10	40	4.9	+1.7
STLG	iShares Factors US Growth Style ETF	43.3	25	25	4.1	+0.9
SCHX	Schwab U.S. Large-Cap ETF	43.0	3	47	4.8	+1.5
IYW	iShares U.S. Technology ETF	42.9	43	7	3.7	+0.5
MTUM	iShares MSCI USA Momentum Factor ETF	42.7	15	35	4.1	+0.9
FDMO	Fidelity Momentum Factor ETF	42.7	29	21	3.2	-0.0
JKE	iShares Morningstar Large-Cap Growth ETF	42.1	25	25	2.8	-0.4
USXF	iShares ESG Advanced MSCI USA ETF	42.0	10	40	4.6	+1.4
IWB	iShares Russell 1000 ETF	41.9	15	35	4.7	+1.5
SCHK	Schwab 1000 Index ETF	41.8	5	45	4.8	+1.6
WOMN	Impact Shares YWCA Women's Empowerment ETF	41.6	75	-25	3.8	+0.6
IYY	iShares Dow Jones U.S. ETF	41.6	20	30	4.6	+1.4
LRGE	ClearBridge Large Cap Growth ESG ETF	41.3	59	-9	3.5	+0.3
ADME	Aptus Drawdown Managed Equity ETF	41.2	79	-29	3.4	+0.2
FTEC	Fidelity MSCI Information Technology Index ETF	41.2	8	42	4.2	+1.0
VGT	Vanguard Information Technology Index Fund	41.2	10	40	4.2	+1.0
GBGR	Global Beta Momentum-Growth ETF	41.0	29	21	5.1	+1.9
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	40.5	9	41	5.2	+2.0
VTHR	Vanguard Russell 3000 Index Fund	40.5	10	40	4.6	+1.4
SPTM	SPDR Portfolio Total Stock Market ETF	40.5	3	47	5.1	+1.8
NACP	Impact Shares NAACP Minority Empowerment ETF	39.5	75	-25	4.5	+1.3
SCHB	Schwab U.S. Broad Market ETF	39.4	3	47	4.7	+1.5
IWV	iShares Russell 3000 ETF	39.3	20	30	4.5	+1.3
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	39.3	15	35	5.8	+2.6
ITOT	iShares Core S&P Total U.S. Stock Market ETF	39.1	3	47	4.7	+1.4
IOO	iShares Global 100 ETF	39.0	40	10	4.4	+1.2
MMLG	First Trust Multi-Manager Large Growth ETF	38.2	85	-35	2.0	-1.2
XLK	Technology Select Sector SPDR Fund	38.1	13	37	4.5	+1.3
IXN	iShares Global Tech ETF	38.1	46	4	4.2	+0.9
VONE	Vanguard Russell 1000 ETF	38.1	8	42	4.8	+1.5
VTI	Vanguard Total Stock Market Index Fund	37.8	3	47	4.6	+1.4
SPQQ	Siren Large Cap Blend Index ETF	37.8	20	30	4.4	+1.2
SFYF	SoFi 50 ETF	37.6	29	21	1.0	-2.2
USMC	Principal U.S. Mega-Cap Multi-Factor Index ETF	37.1	12	38	4.5	+1.3
SYE	SPDR MFS Systematic Core Equity ETF	37.1	60	-10	5.3	+2.1
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	36.9	19	31	5.5	+2.3
TECB	iShares US Tech Breakthrough Multisector ETF	36.8	40	10	3.9	+0.7
ACIO	Aptus Collared Income Opportunity ETF	36.6	79	-29	4.3	+1.1
RECS	Columbia Research Enhanced Core ETF	36.1	15	35	5.2	+2.0
JMOM	JPMorgan U.S. Momentum Factor ETF	35.6	12	38	3.3	+0.0
JOYY	Infusive Compounding Global Equities ETF	34.3	50	0	3.6	+0.3
ECOZ	TrueMark ESG Active Opportunities ETF	34.1	58	-8	3.3	+0.1
CACG	ClearBridge All Cap Growth ETF	34.0	54	-4	4.0	+0.8
NULC	Nuveen ESG Large-Cap ETF	33.7	20	30	4.6	+1.4

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

	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:	Motley Fool 100 Index 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	22.0	%
Divided by: Fwd. P/BV	5.9	x
Less: Expense ratio	50	bp
Equals: ALTAR Score	3.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.36	CATEGORY AVERAGE	1.50

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.