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)	$108
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)	$25,029
Large cap (>$10bn)	69.0%
Mid cap ($2-10bn)	31.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	16.5 %
EVERSOURCE ENERGY	1.9 %
ALLIANT ENERGY CORP	1.7 %
AMERICAN ELECTRIC POWER	1.7 %
DTE ENERGY COMPANY	1.7 %
WESTAR ENERGY INC	1.6 %
CMS ENERGY CORP	1.6 %
WEC ENERGY GROUP INC	1.6 %
PINNACLE WEST CAPITAL	1.6 %
WASTE MANAGEMENT INC	1.6 %
CONSOLIDATED EDISON INC	1.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.1 %
	IRELAND	1.8 %
	SWITZERLAND	1.8 %
	BRITAIN	0.7 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-2.3%	--	--	--	15.0%

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

Technical Indicators
Recent close	$26.22
30d moving avg.	$26.92
Annualized volatility	0.0%
Short interest (ETF)	0.9%
Relative strength (RSI)	53

Liquidity measures
Avg. volume (thou.)	29
Turnover	0.7%
Bid/Ask (% of price)	0.20%
ADV underlying (mns)	$14,753

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the Timothy Plan High Dividend Stock ETF 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 (%)
CDC	Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF	46.6	35	17	8.0	+1.3
CDL	Victory CEMP US Large Cap High Dividend Volatility Wtd Idx E	46.6	35	17	8.0	+1.3
TPLC	Timothy Plan US Large Cap Core ETF	34.6	52	0	5.5	-1.3
DVY	iShares Select Dividend ETF	31.0	39	13	7.8	+1.1
ONEY	SPDR Russell 1000 Yield Focus ETF	30.1	20	32	8.6	+1.8
JDIV	JPMorgan U.S. Dividend ETF	26.9	12	40	7.3	+0.5
MAGA	Point Bridge GOP Stock Tracker ETF	25.5	72	-20	6.5	-0.2
JKI	iShares Morningstar Mid-Cap Value ETF	25.2	30	22	8.5	+1.8
VOE	Vanguard Mid-Cap Value Index Fund	24.9	7	45	7.5	+0.8
LVHD	Legg Mason Low Volatility High Dividend ETF	24.6	27	25	6.6	-0.1
BIBL	Inspire ETF	23.2	35	17	5.2	-1.6
SPLV	Invesco S&P 500 Low Volatility ETF	23.2	25	27	5.0	-1.7
LVHB	Innovator Lunt Low Vol/High Beta Tactical ETF	23.1	49	3	6.8	+0.1
JHMU	John Hancock Multifactor Utilities ETF	22.9	40	12	4.8	-2.0
FVD	First Trust Value Line Dividend Index Fund	22.7	70	-18	5.8	-0.9
FUTY	Fidelity MSCI Utilities Index ETF	22.1	8	44	4.7	-2.0
VPU	Vanguard Utilities Index Fund	22.0	10	42	4.7	-2.0
RYU	Invesco S&P 500 Equal Weight Utilities ETF	21.9	40	12	4.8	-2.0
DTN	WisdomTree U.S. Dividend ex-Financials Fund	21.6	38	14	8.0	+1.3

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:	Timothy Plan High Dividend Stock ETF
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	1.70	CATEGORY AVERAGE	1.56

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.