ETF Research Center

TPIF tracks a volatility-weighted index of international stocks screened for defined Christian values.

FUND BASICS
Category	International Equities
Fund Sponsor	Timothy Partners Ltd.
Website	timothyplan.com
Inception date	Dec 02, 2019
Assets (mns)	$25
Currency	USD
Expense ratio	62 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	365
Wgt avg mkt cap (mns)	$27,803
Large cap (>$10bn)	86.2%
Mid cap ($2-10bn)	13.3%
Small cap (<$2bn)	0.5%
Developed mkts	95.7%
Emerging mkts	4.3%

TOP TEN HOLDINGS
Total	5.9 %
POWER CORP OF CANADA	0.9 %
FORTIS INC	0.7 %
NATIONAL BANK OF CANADA	0.6 %
EMERA INC	0.6 %
CANADIAN UTILITIES LTD A	0.5 %
METRO INC -A	0.5 %
GIVAUDAN-REG	0.5 %
HONGKONG ELECTRIC HOLDINGS	0.5 %
SWISS LIFE HOLDING AG-REG	0.5 %
SWISSCOM AG	0.5 %

TOP COUNTRY EXPOSURE
	JAPAN	21.3 %
	CANADA	11.0 %
	FRANCE	9.2 %
	SWITZERLAND	8.5 %
	AUSTRALIA	6.8 %
	BRITAIN	6.8 %
	GERMANY	5.9 %
	HONG KONG	5.8 %
	SOUTH KOREA	4.7 %
	SWEDEN	3.9 %

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.
-2.4%	--	--	--	-2.4%

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

Technical Indicators
Recent close	$25.47
30d moving avg.	$25.71
Annualized volatility	0.0%
Short interest (ETF)	1.9%
Relative strength (RSI)	50

Liquidity measures
Avg. volume (thou.)	4
Turnover	0.4%
Bid/Ask (% of price)	0.37%
ADV underlying (mns)	$19,600

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the Timothy Plan International ETF ETF based on the alternatives' overlap in portfolio holdings with TPIF. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

TPIF

Expense:

62 bp

ALTAR Score™:

6.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH TPIF
Ticker	Fund Name	Overlap¹ vs TPIF (%)	Expense ratio (bp)	Savings vs TPIF (bp)	ALTAR Score™ (%)	ALTAR vs TPIF (%)
CIZ	Compass EMP Dev. 500 Enhanced Vol. Wgt.	72.4	45	17	6.7	+0.4
CIL	Victory CEMP International Volatility Wtd	72.2	45	17	6.8	+0.5
JHMD	John Hancock Multifactor Developed International	37.9	45	17	7.1	+0.7
GSIE	Goldman Sachs ActiveBeta Int'l Equity	37.2	25	37	6.5	+0.1
HFXI	IQ 50 Percent Hedged FTSE Int'l	37.1	20	42	7.0	+0.6
ESGD	iShares MSCI EAFE ESG Optimized	36.7	20	42	6.8	+0.4
QEFA	SPDR MSCI EAFE Quality Mix	36.4	30	32	6.5	+0.1
EFA	iShares MSCI EAFE	35.6	32	30	6.8	+0.4
PDEV	Principal International Multi-Factor Core Index	35.3	25	37	6.5	+0.1
RBIN	Nationwide Risk-Based International Equity	35.2	42	20	6.6	+0.3
PQIN	PGIM QMA Strategic Alpha International Equity	34.5	29	33	7.3	+0.9
ISZE	iShares MSCI Int'l Developed Size Factor	34.5	30	32	6.7	+0.3
EFAX	SPDR MSCI EAFE Fossil Fuel Free	34.4	20	42	6.7	+0.4
DBEF	Xtrackers MSCI EAFE Hedged	34.2	35	27	6.6	+0.2
SCHF	Schwab International Equity	34.2	6	56	7.2	+0.8
PBDM	Invesco PureBeta FTSE Developed ex-North America	34.1	7	55	7.3	+0.9
JPEU	JPMorgan Diversified Return Europe Equity	34.0	37	25	6.3	-0.1
IDLV	Invesco S&P Int'l Developed Low Volatility	33.3	25	37	6.1	-0.2
IQSI	IQ Candriam ESG International Equity ETF	33.2	15	47	6.7	+0.3

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 International 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	10.2	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	62	bp
Equals: ALTAR Score	6.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.69	CATEGORY AVERAGE	1.64

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.