ETF Research Center

The TrimTabs All Cap International Free-Cash-Flow ETF aims to outperform a broad, developed-market ex-US equity index. The actively managed fund selects stocks based on trends in outstanding shares, firm leverage, and free cash flow.

FUND BASICS
Category	International Equities
Fund Sponsor	TrimTabs Asset Management
Website	trimtabsfunds.com
Inception date	Jun 28, 2017
Assets (mns)	$13
Currency	USD
Expense ratio	59 bp
Distributions	Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	84
Wgt avg mkt cap (mns)	$57,688
Large cap (>$10bn)	73.1%
Mid cap ($2-10bn)	23.2%
Small cap (<$2bn)	3.7%
Developed mkts	96.6%
Emerging mkts	3.4%

TOP TEN HOLDINGS
Total	16.1 %
ISHARES MSCI KOREA	3.1 %
ASML HOLDING NV	1.5 %
RIGHTMOVE PLC	1.5 %
SONOVA HOLDING AG-REG	1.5 %
NOVO NORDISK A/S-B	1.4 %
SIKA AG-BR	1.4 %
LULULEMON ATHLETICA INC	1.4 %
DASSAULT SYSTEMES SA	1.4 %
NICE SYSTEMS LTD-SPONS ADR	1.4 %
CAE INC	1.4 %

TOP COUNTRY EXPOSURE
	JAPAN	21.1 %
	BRITAIN	12.2 %
	SWITZERLAND	12.2 %
	CANADA	9.0 %
	FRANCE	8.6 %
	AUSTRALIA	5.4 %
	GERMANY	4.6 %
	CHINA	3.5 %
	DENMARK	2.6 %
	ISRAEL	2.6 %

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.
-1.7%	13.3%	--	--	3.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.83	77%
MSCI EAFE	0.98	86%
MSCI Emg. Mkts.	0.65	68%

Technical Indicators
Recent close	$27.27
30d moving avg.	$27.33
Annualized volatility	12.3%
Short interest (ETF)	0.0%
Relative strength (RSI)	53

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.2%
Bid/Ask (% of price)	0.30%
ADV underlying (mns)	$12,044

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the TrimTabs All Cap International Free-Cash-Flow ETF based on the alternatives' overlap in portfolio holdings with TTAI. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

TTAI

Expense:

59 bp

ALTAR Score™:

4.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH TTAI
Ticker	Fund Name	Overlap¹ vs TTAI (%)	Expense ratio (bp)	Savings vs TTAI (bp)	ALTAR Score™ (%)	ALTAR vs TTAI (%)
EFG	iShares MSCI EAFE Growth	20.8	40	19	4.5	-0.3
IQLT	iShares MSCI Int'l Developed Quality	20.0	30	29	5.9	+1.1
IQSI	IQ Candriam ESG International Equity ETF	19.3	15	44	6.7	+1.9
IDHQ	Invesco Int'l Developed High Quality Portfolio	19.0	29	30	5.1	+0.3
PIZ	Invesco DWA Dev. Mkts. Technical Leaders	18.4	80	-21	3.6	-1.2
IMTM	iShares MSCI Int'l Developed Momentum	18.2	30	29	4.5	-0.3
PDEV	Principal International Multi-Factor Core Index	17.8	25	34	6.5	+1.7
QINT	American Century Quality Diversified International	17.7	39	20	5.9	+1.1
IQDG	WisdomTree International Quality Dividend Growth	17.6	38	21	6.1	+1.3
DNL	WisdomTree Global Ex-U.S. Growth	17.5	58	1	6.9	+2.1
ESGD	iShares MSCI EAFE ESG Optimized	17.4	20	39	6.8	+2.0
CWI	SPDR MSCI ACWI ex-US	17.3	30	29	7.1	+2.3
IHDG	Wisdomtree International Hed	17.2	58	1	5.8	+1.0
EFAX	SPDR MSCI EAFE Fossil Fuel Free	17.1	20	39	6.7	+1.9
QEFA	SPDR MSCI EAFE Quality Mix	16.9	30	29	6.4	+1.6
EASG	Xtrackers MSCI EAFE ESG Leaders Equity	16.9	14	45	6.5	+1.7
EFA	iShares MSCI EAFE	16.7	31	28	6.8	+2.0
SPDW	SPDR Portfolio World ex-US	16.3	4	55	6.9	+2.1
IDMO	Invesco S&P Int'l Dev. Momentum	16.2	25	34	4.5	-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:	TrimTabs All Cap International Free-Cash-Flow
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	12.2	%
Divided by: Fwd. P/BV	2.3	x
Less: Expense ratio	59	bp
Equals: ALTAR Score	4.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.65	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.