ETF Research Center

The Timothy Plan High Dividend Stock ETF tracks a volatility-weighted index of U.S. high dividend large-caps screened for Christian values.

FUND BASICS
Category	US Equities
Fund Sponsor	Timothy Partners
Website	timothyplan.com
Inception date	Apr 29, 2019
Assets (mns)	$82
Currency	USD
Expense ratio	52 bp
Distributions	Monthly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	100
Wgt avg mkt cap (mns)	$23,967
Large cap (>$10bn)	67.0%
Mid cap ($2-10bn)	33.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	15.2 %
EVERSOURCE ENERGY	1.6 %
DTE ENERGY COMPANY	1.6 %
CONSOLIDATED EDISON INC	1.6 %
ALLIANT ENERGY CORP	1.5 %
AMERICAN ELECTRIC POWER	1.5 %
PUBLIC SERVICE ENTERPRISE GP	1.5 %
OGE ENERGY CORP	1.5 %
WESTAR ENERGY INC	1.5 %
PPL CORPORATION	1.5 %
AFLAC INC	1.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.2 %
	SWITZERLAND	1.8 %
	IRELAND	1.8 %
	BRITAIN	0.8 %

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.
12.1%	--	--	--	12.1%

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

Technical Indicators
Recent close	$26.30
30d moving avg.	$25.90
Annualized volatility	0.0%
Short interest (ETF)	0.8%
Relative strength (RSI)	77

Liquidity measures
Avg. volume (thou.)	11
Turnover	0.4%
Bid/Ask (% of price)	0.21%
ADV underlying (mns)	$13,482

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Timothy Plan High Dividend Stock ETF based on the alternatives' overlap in portfolio holdings with TPHD. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

TPHD

Expense:

52 bp

ALTAR Score™:

6.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH TPHD
Ticker	Fund Name	Overlap¹ vs TPHD (%)	Expense ratio (bp)	Savings vs TPHD (bp)	ALTAR Score™ (%)	ALTAR vs TPHD (%)
CDL	Victory CEMP US Large Cap High Div Volatility Wtd	47.3	35	17	7.8	+1.1
CDC	Victory CEMP US EQ Income Enhanced Volatility Wtd	47.3	35	17	7.8	+1.1
TPLC	Timothy Plan US Large Cap Core	35.7	52	0	5.5	-1.2
ONEY	SPDR Russell 1000 Yield Focus	31.0	20	32	8.3	+1.6
DVY	iShares Select Dividend	31.0	39	13	8.0	+1.3
JDIV	JPMorgan U.S. Dividend	26.8	12	40	7.5	+0.8
MAGA	Point Bridge GOP Stock Tracker	26.0	72	-20	6.5	-0.2
JKI	iShares Morningstar Mid Cap Value	25.9	30	22	8.7	+1.9
VOE	Vanguard Mid-Cap Value	25.2	7	45	7.6	+0.9
DTN	WisdomTree Dividend Ex-Financials	24.9	38	14	7.9	+1.2
BIBL	Inspire 100	24.3	35	17	5.6	-1.1
LVHD	Legg Mason Low Volatility High Dividend ETF	24.2	27	25	6.8	+0.1
FVD	First Trust Value Line Dividend	24.0	70	-18	5.8	-0.9
SZNE	Pacer CFRA-Stovall Equal Weight Seasonal Rotation	22.6	60	-8	6.7	-0.1
SPLV	Invesco S&P 500 Low Volatility	22.5	25	27	5.2	-1.5
LVHB	Elkhorn Lunt Low Vol/High Beta Tactical	22.4	52	0	5.0	-1.8
ONEV	SPDR Russell 1000 Low Volatility Focus	22.3	20	32	7.0	+0.2
JHMU	John Hancock Multifactor Utilities	21.3	40	12	5.2	-1.6
CFA	Compass EMP US 500 Volatility Weighted	21.3	35	17	6.1	-0.7
CFO	Victory CEMP US 500 Enhanced Volatility Wtd	21.2	35	17	6.1	-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:	Timothy Plan High Dividend Stock
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	15.0	%
Divided by: Fwd. P/BV	2.1	x
Less: Expense ratio	52	bp
Equals: ALTAR Score	6.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.67	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.