ETF Research Center

Lionshares U.S. Equity Total Return ETF seeks to provide long-term capital appreciation and current income by investing primarily in a diversified portfolio of U.S. equity securities.

FUND BASICS
Category	US Equities
Fund Sponsor	LionShares
Website	www.lionsharesetf.com/tot
Inception date	Sep 02, 2025
Assets (mns)	$6
Currency	USD
Expense ratio	25 bp
Distributions

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	6
Wgt avg mkt cap (mns)	$1,275,390
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	0.0%
Small cap (<$2bn)	0.0%
Developed mkts	0.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	100.0 %
ISHARES CORE S&P TOTAL U.S. STOCK	92.9 %
VANGUARD TOTAL STOCK MARKET ETF	6.7 %
ISHARES CORE S&P 500 ETF	0.1 %
CASH & OTHER	0.1 %
INVESCO NASDAQ 100 ETF	0.1 %
SPDR S&P 500 ETF TRUST	0.0 %
SPDR PORTFOLIO S&P 1500 COMPOSITE	0.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.1 %
	IRELAND	1.2 %
	BRITAIN	0.5 %
	SWITZERLAND	0.2 %
	BERMUDA	0.1 %
	NETHERLANDS	0.1 %
	SOUTH KOREA	0.1 %
	SINGAPORE	0.0 %
	CAYMAN ISLANDS	0.0 %
	PUERTO RICO	0.0 %

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.
--	--	--	--	-0.4%

Market Correlations
versus...	Beta	R-squared
S&P500	--	--
MSCI EAFE	--	--
MSCI Emg. Mkts.	--	--

Technical Indicators
Recent close	$21.31
30d moving avg.	$0.00
Annualized volatility	0.0%
Short interest (ETF)	0.1%
Relative strength (RSI)

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.34%
ADV underlying (mns)	$0

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 7 potential alternatives to the Lionshares U.S. Equity Total Return ETF ETF based on the alternatives' overlap in portfolio holdings with TOT. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

TOT

Expense:

25 bp

ALTAR Score™:

4.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH TOT
Ticker	Fund Name	Overlap¹ vs TOT (%)	Expense ratio (bp)	Savings vs TOT (bp)	ALTAR Score™ (%)	ALTAR vs TOT (%)
TAX	Cambria Tax Aware ETF	6.7	49	-24	6.1	+1.6
FFOX	FundX Future Fund Opportunities ETF	0.3	100	-75	4.1	-0.4
DAK	Dakota Active Equity ETF	0.2	43	-18	4.4	-0.2
SSUS	Day Hagan/Ned Davis Research Smart Sector ETF	0.1	79	-54	4.3	-0.2
XNAV	FundX Aggressive ETF	0.1	141	-116	4.1	-0.5
DFAU	Dimensional US Core Equity Market ETF	0.0	12	13	4.9	+0.4
RW	Rainwater Equity ETF	0.0	125	-100	3.5	-1.0

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:	Lionshares U.S. Equity Total Return 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	18.5	%
Divided by: Fwd. P/BV	3.9	x
Less: Expense ratio	25	bp
Equals: ALTAR Score	4.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.54	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.