ETF Research Center

TPSC tracks a volatility-weighted index of U.S small-caps screened for defined Christian values.

FUND BASICS
Category	US Equities
Fund Sponsor	Timothy Partners Ltd.
Website	timothyplan.com
Inception date	Dec 02, 2019
Assets (mns)	$20
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	428
Wgt avg mkt cap (mns)	$1,833
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	41.6%
Small cap (<$2bn)	58.4%
Developed mkts	99.9%
Emerging mkts	0.1%

TOP TEN HOLDINGS
Total	4.5 %
TAYLOR MORRISON HOME CORP-A	0.5 %
AMERISAFE INC	0.5 %
JAMES RIVER GROUP HOLDINGS LTD	0.5 %
COHEN & STEERS INC	0.5 %
SJW CORP	0.4 %
COLUMBIA FINANCIAL, INC.	0.4 %
SELECT MEDICAL HOLDINGS CORP	0.4 %
FIDELITY NATIONAL FINANCIAL INC -	0.4 %
OTTER TAIL CORP	0.4 %
AIRCASTLE LTD	0.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	98.0 %
	BERMUDA	0.7 %
	PUERTO RICO	0.5 %
	CAYMAN ISLANDS	0.2 %
	NETHERLANDS	0.1 %

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.
-4.6%	--	--	--	-4.6%

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

Technical Indicators
Recent close	$22.31
30d moving avg.	$24.98
Annualized volatility	0.0%
Short interest (ETF)	0.3%
Relative strength (RSI)	32

Liquidity measures
Avg. volume (thou.)	27
Turnover	3.0%
Bid/Ask (% of price)	0.25%
ADV underlying (mns)	$5,639

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

TPSC

Expense:

52 bp

ALTAR Score™:

7.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH TPSC
Ticker	Fund Name	Overlap¹ vs TPSC (%)	Expense ratio (bp)	Savings vs TPSC (bp)	ALTAR Score™ (%)	ALTAR vs TPSC (%)
CSA	Victory CEMP US Small Cap Volatility Weighted Index ETF	91.5	35	17	8.2	+0.5
CSF	Victory CEMP US Discovery Enhanced Volatility Weighted Idx E	91.5	35	17	8.2	+0.5
FYX	First Trust Small Cap Core AlphaDEX Fund	44.2	63	-11	5.8	-1.9
IJR	iShares Core S&P Small Cap ETF	42.5	7	45	6.9	-0.8
SPSM	SPDR Portfolio Small Cap ETF	42.4	5	47	6.9	-0.8
SLY	SPDR S&P 600 Small Cap ETF	42.4	15	37	6.8	-0.9
VIOO	Vanguard S&P Small-Cap 600 ETF	41.8	10	42	6.9	-0.9
ISMD	Inspire Small/Mid Cap Impact ETF	40.8	61	-9	5.7	-2.0
EWSC	Invesco S&P Smallcap 600 Equal Weight ETF	40.1	40	12	6.0	-1.7
EES	WisdomTree SmallCap Earnings Fund	38.6	38	14	9.9	+2.2
RNSC	Small Cap US Equity Select ETF	37.6	60	-8	6.4	-1.3
PSC	Principal U.S. Small Cap Index ETF	37.4	38	14	7.3	-0.4
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity ETF	35.8	29	23	4.5	-3.2
DES	WisdomTree U.S. SmallCap Dividend Fund	35.0	38	14	8.2	+0.5
IJT	iShares S&P Small-Cap 600 Growth ETF	33.7	25	27	5.6	-2.2
SLYG	SPDR S&P 600 Small Cap Growth ETF	33.7	15	37	5.7	-2.1
VIOG	Vanguard S&P Small-Cap 600 Growth ETF	33.6	16	36	5.7	-2.1
FYT	First Trust Small Cap Value AlphaDEX Fund	32.5	72	-20	8.3	+0.6
DGRS	WisdomTree US SmallCap Quality Dividend Growth Fund	32.1	38	14	9.5	+1.7
OMFS	Oppenheimer Russell 2000 Dynamic Multifactor ETF	31.9	39	13	6.3	-1.5

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 US Small Cap Core 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	12.8	%
Divided by: Fwd. P/BV	1.6	x
Less: Expense ratio	52	bp
Equals: ALTAR Score	7.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.61	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.