ETF Research Center

TUNE tracks an equal-weighted index that invests in stocks of companies globally that are engaged in music, media, and entertainment industries and US-listed securities whose returns are positively correlated with digital music streaming.

FUND BASICS
Category	US Equities
Fund Sponsor	Tidal
Website	www.clouty.io/tune
Inception date	Jun 19, 2023
Assets (mns)	$0
Currency	USD
Expense ratio	65 bp
Distributions

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	47
Wgt avg mkt cap (mns)	$33,272
Large cap (>$10bn)	66.2%
Mid cap ($2-10bn)	32.9%
Small cap (<$2bn)	0.9%
Developed mkts	91.8%
Emerging mkts	8.2%

TOP TEN HOLDINGS
Total	27.5 %
ADOBE SYSTEMS INC	3.3 %
NEW YORK TIMES CO -CL A	3.0 %
NASPERS LIMITED SPONSORED ADR CLAS	2.9 %
NINTENDO CO., LTD. UNSPONSORED ADR	2.8 %
TAKE-TWO INTERACTIVE SOFTWRE	2.7 %
MONGODB, INC. CLASS A	2.6 %
NETFLIX INC	2.6 %
FAIR ISAAC CORP	2.6 %
SIRIUS XM HOLDINGS INC	2.5 %
WARNER MUSIC GROUP CORP. CLASS A	2.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	52.7 %
	JAPAN	16.2 %
	CHINA	5.0 %
	SWEDEN	4.3 %
	BRITAIN	4.0 %
	SOUTH AFRICA	2.9 %
	NETHERLANDS	2.4 %
	LUXEMBOURG	2.3 %
	ITALY	2.0 %
	NORWAY	1.8 %

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.
--	--	--	--	-28.6%

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

Technical Indicators
Recent close	$0.00
30d moving avg.	$18.84
Annualized volatility	0.0%
Short interest (ETF)	3.2%
Relative strength (RSI)	51

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.46%
ADV underlying (mns)	$7,487

Distributions

There were no matches found with other funds under coverage.

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RESULTS & ESTIMATES

	2018	2019	2020	2021	2022	2023E	2024E
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

	2022	2023E	2024E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Clouty Tune ETF
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	7.9	%
Divided by: Fwd. P/BV	0.0	x
Less: Expense ratio	65	bp
Equals: ALTAR Score	0.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.52	CATEGORY AVERAGE	1.49

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.