ETF Research Center

The US Vegan Climate ETF (the Fund) seeks to track the performance, before fees and expenses, of the Beyond Investing US Vegan Climate Index (the Index).

FUND BASICS
Category	US Equities
Fund Sponsor	Beyond Investing
Website	www.veganetf.com
Inception date	Sep 09, 2019
Assets (mns)	$10
Currency	USD
Expense ratio	60 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	275
Wgt avg mkt cap (mns)	$204,418
Large cap (>$10bn)	98.4%
Mid cap ($2-10bn)	1.6%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	24.5 %
APPLE INC	4.1 %
MICROSOFT CORP	3.7 %
FACEBOOK	2.4 %
AT&T INC	2.2 %
INTEL CORP	2.2 %
VISA INC-CLASS A SHARES	2.0 %
MASTERCARD INC-CLASS A	2.0 %
BANK OF AMERICA CORP	2.0 %
UNITEDHEALTH GROUP INC	1.9 %
VERIZON COMMUNICATIONS INC	1.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	70.6 %
	IRELAND	1.3 %
	BRITAIN	0.5 %
	SWITZERLAND	0.3 %
	BERMUDA	0.2 %

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.
2.7%	--	--	--	2.7%

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

Technical Indicators
Recent close	$26.43
30d moving avg.	$25.54
Annualized volatility	0.0%
Short interest (ETF)	1.0%
Relative strength (RSI)	73

Liquidity measures
Avg. volume (thou.)	5
Turnover	1.3%
Bid/Ask (% of price)	2.27%
ADV underlying (mns)	$77,294

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

VEGN

Expense:

60 bp

ALTAR Score™:

5.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH VEGN
Ticker	Fund Name	Overlap¹ vs VEGN (%)	Expense ratio (bp)	Savings vs VEGN (bp)	ALTAR Score™ (%)	ALTAR vs VEGN (%)
SPXV	ProShares S&P 500 Ex-Health Care	52.5	27	33	5.6	-0.1
SPXE	ProShares S&P 500 Ex-Energy	51.0	27	33	5.9	+0.1
PBP	Invesco S&P 500 Buy/Write	50.9	49	11	5.6	-0.2
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	50.5	20	40	5.9	+0.2
HSPX	Global X S&P 500 Covered Call	50.0	65	-5	5.4	-0.3
CATH	Global X S&P 500 Catholic Values	49.8	29	31	5.9	+0.1
ESGV	Vanguard ESG U.S. Stock	49.8	12	48	5.8	+0.1
SFY	SoFi Select 500	49.4	0	60	5.6	-0.1
PBUS	Invesco PureBeta MSCI USA	49.3	4	56	6.0	+0.2
BBUS	JP Morgan Betabuilders U.S. Equity	49.3	2	58	5.8	+0.1
SPY	S&P 500 SPDR	49.2	9	51	5.9	+0.1
IVV	iShares Core S&P 500	49.2	4	56	5.9	+0.2
VOO	Vanguard S&P 500 ETF	49.0	3	57	5.9	+0.2
VV	Vanguard Large-Cap ETF	48.9	4	56	5.8	+0.1
JUST	Goldman Sachs JUST U.S. Large Cap Equity	48.8	20	40	5.6	-0.1
SNPE	Xtrackers S&P 500 ESG	47.8	11	49	5.8	+0.0
SCHX	Schwab U.S. Large-Cap	47.8	3	57	5.8	+0.1
MGC	Vanguard Mega Cap 300 ETF	47.0	7	53	5.8	+0.1
SPLG	SPDR Portfolio Large Cap	46.8	3	57	5.8	+0.1
IWB	iShares Russell 1000	46.7	15	45	5.7	0.0

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

	2014	2015	2016	2017	2018	2019E	2020E
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

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	US Vegan Climate
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	18.9	%
Divided by: Fwd. P/BV	3.0	x
Less: Expense ratio	60	bp
Equals: ALTAR Score	5.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.49	CATEGORY AVERAGE	1.55

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.