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)	$23
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	280
Wgt avg mkt cap (mns)	$382,143
Large cap (>$10bn)	98.3%
Mid cap ($2-10bn)	1.6%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	38.6 %
APPLE INC	5.5 %
FACEBOOK	4.8 %
MICROSOFT CORP	4.5 %
NVIDIA CORP	3.8 %
MASTERCARD INC-CLASS A	3.7 %
VISA INC-CLASS A SHARES	3.6 %
UNITEDHEALTH GROUP INC	3.6 %
VERIZON COMMUNICATIONS INC	3.3 %
AT&T INC	3.2 %
INTEL CORP	2.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.7 %
	IRELAND	1.8 %
	BRITAIN	0.4 %
	SWITZERLAND	0.3 %
	BERMUDA	0.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru July 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
6.7%	--	--	--	17.2%

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

Technical Indicators
Recent close	$29.82
30d moving avg.	$28.75
Annualized volatility	0.0%
Short interest (ETF)	0.6%
Relative strength (RSI)	66

Liquidity measures
Avg. volume (thou.)	6
Turnover	0.8%
Bid/Ask (% of price)	0.18%
ADV underlying (mns)	$148,346

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the US Vegan Climate ETF 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™:

5.0%

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 (%)
DSI	iShares MSCI KLD 400 Social ETF	55.1	25	35	5.0	-0.0
IETC	iShares Evolved U.S. Technology ETF	54.4	18	42	3.7	-1.2
IGM	iShares Expanded Tech Sector ETF	53.8	46	14	3.7	-1.3
VUG	Vanguard Growth Index Fund	53.1	4	56	3.8	-1.2
SCHG	Schwab U.S. Large-Cap Growth ETF	52.3	4	56	3.9	-1.0
SPXV	ProShares S&P 500 Ex-Health Care ETF	52.0	27	33	4.7	-0.2
IQSU	IQ Candriam ESG US Equity ETF	51.6	9	51	4.9	-0.1
IWF	iShares Russell 1000 Growth ETF	50.9	19	41	3.6	-1.4
VONG	Vanguard Russell 1000 Growth Index Fund	50.9	8	52	3.7	-1.3
ESGV	Vanguard ESG U.S. Stock ETF	50.3	12	48	4.9	-0.1
PBP	Invesco S&P 500 BuyWrite ETF	50.3	49	11	4.7	-0.2
PBUS	Invesco PureBeta MSCI USA ETF	50.2	4	56	5.0	+0.1
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	50.1	7	53	5.0	+0.0
CATH	Global X S&P 500 Catholic Values Custom ETF	49.9	29	31	5.0	-0.0
ESGU	iShares MSCI USA ESG Optimized ETF	49.8	15	45	4.9	-0.1
BBUS	JP Morgan Betabuilders U.S. Equity ETF	49.7	2	58	5.1	+0.1
SPXE	ProShares S&P 500 Ex-Energy ETF	49.6	27	33	5.1	+0.1
VV	Vanguard Large-Cap Index Fund	49.4	4	56	5.0	+0.0
HSPX	Global X S&P 500 Covered Call ETF	49.4	65	-5	4.6	-0.4
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	49.3	20	40	5.1	+0.1
SCHX	Schwab U.S. Large-Cap ETF	49.1	3	57	5.1	+0.1
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	49.0	9	51	5.3	+0.3
VOOG	Vanguard S&P 500 Growth ETF	49.0	10	50	4.1	-0.9
SPYG	SPDR Portfolio S&P 500 Growth ETF	49.0	4	56	4.2	-0.8
IVW	iShares S&P 500 Growth ETF	48.9	18	42	4.0	-1.0
SPY	SPDR S&P 500 ETF Trust	48.6	9	51	5.1	+0.2
SPLG	SPDR Portfolio Large Cap ETF	48.5	3	57	5.2	+0.2
IVV	iShares Core S&P 500 ETF	48.5	4	56	5.2	+0.2
VOO	VANGUARD S&P 500 ETF	48.4	3	57	5.2	+0.2
SUSL	iShares ESG MSCI USA Leaders ETF	48.1	10	50	5.1	+0.2
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	48.1	20	40	4.7	-0.2
SCHK	Schwab 1000 Index ETF	48.1	5	55	5.0	+0.1
SNPE	Xtrackers S&P 500 ESG ETF	48.0	11	49	4.9	-0.1
VONE	Vanguard Russell 1000 ETF	48.0	8	52	5.0	0.0
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	48.0	10	50	5.1	+0.2
MGK	Vanguard Mega Cap Growth ETF	48.0	7	53	3.9	-1.1
IWB	iShares Russell 1000 ETF	48.0	15	45	4.9	-0.1
XOUT	GraniteShares XOUT U.S. Large Cap ETF	47.8	60	0	3.9	-1.0
IUSG	iShares Core S&P US Growth ETF	47.7	4	56	4.2	-0.8
IWL	iShares Russell Top 200 ETF	47.7	15	45	4.7	-0.2
IYY	iShares Dow Jones U.S. ETF	47.6	20	40	4.9	-0.0
JHML	John Hancock Multifactor Large Cap ETF	47.5	29	31	5.3	+0.3
SFY	SoFi Select 500 ETF	47.5	0	60	5.0	+0.0
ESG	FlexShares STOXX US ESG Impact Index Fund	47.4	32	28	4.8	-0.1
IWY	iShares Russell Top 200 Growth ETF	47.3	20	40	3.7	-1.3
BKLC	BNY Mellon US Large Cap Core Equity ETF	47.2	0	60	4.9	-0.0
MGC	Vanguard Mega Cap Index Fund	47.2	7	53	5.0	0.0
EPS	WisdomTree U.S. Earnings 500 Fund	46.8	8	52	6.2	+1.3
SCHB	Schwab U.S. Broad Market ETF	46.1	3	57	5.0	+0.0
SPTM	SPDR Portfolio Total Stock Market ETF	46.0	3	57	5.3	+0.3
MMTM	SPDR S&P 1500 Momentum Tilt ETF	45.9	12	48	4.5	-0.5
IWV	iShares Russell 3000 ETF	45.9	20	40	4.8	-0.2
ITOT	iShares Core S&P Total U.S. Stock Market ETF	45.9	3	57	4.9	-0.0
VTHR	Vanguard Russell 3000 Index Fund	45.8	10	50	4.8	-0.1
SPXN	ProShares S&P 500 Ex-Financials ETF	45.6	27	33	4.7	-0.2
QUS	SPDR MSCI USA StrategicFactors ETF	45.1	15	45	5.6	+0.7
VTI	Vanguard Total Stock Market Index Fund	44.7	3	57	4.9	-0.1
FTEC	Fidelity MSCI Information Technology Index ETF	44.7	8	52	4.4	-0.6
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	44.7	19	41	5.8	+0.8
VGT	Vanguard Information Technology Index Fund	44.3	10	50	4.4	-0.6
DYNF	BlackRock U.S. Equity Factor Rotation ETF	44.1	30	30	6.2	+1.3
ONEQ	Fidelity Nasdaq Composite Index Tracking Stock	43.7	21	39	3.0	-2.0
TMFC	Motley Fool 100 Index ETF	43.6	50	10	3.3	-1.7
RECS	Columbia Research Enhanced Core ETF	43.0	15	45	5.4	+0.4
QYLD	Global X NASDAQ 100 Covered Call ETF	43.0	60	0	3.3	-1.6
NUSI	Nationwide Risk-Managed Income ETF	42.9	68	-8	3.3	-1.7
IYW	iShares U.S. Technology ETF	42.8	42	18	3.9	-1.1
WOMN	Impact Shares YWCA Women's Empowerment ETF	42.6	75	-15	4.2	-0.8
HIPR	Direxion High Growth ETF	42.5	40	20	4.3	-0.6
QQQ	Invesco QQQ Trust	42.5	20	40	3.7	-1.2
XLK	Technology Select Sector SPDR Fund	42.5	13	47	4.6	-0.4
TECB	iShares US Tech Breakthrough Multisector ETF	42.2	40	20	4.0	-1.0
AVUS	Avantis U.S. Equity ETF	41.5	15	45	5.4	+0.4
OEF	iShares S&P 100 ETF	41.4	20	40	4.6	-0.4
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	41.1	49	11	3.8	-1.1
XLG	Invesco S&P 500 Top 50 ETF	41.0	20	40	4.3	-0.7
DIVB	iShares U.S. Dividend & Buyback ETF	40.8	25	35	6.3	+1.3
QUAL	iShares MSCI Usa Quality Factor ETF	40.8	15	45	5.2	+0.2
IXN	iShares Global Tech ETF	40.5	46	14	4.3	-0.7
DLN	WisdomTree U.S. LargeCap Dividend Fund	40.0	28	32	6.2	+1.2
EXT	WisdomTree U.S. Total Earnings Fund	39.9	28	32	5.0	+0.0
MTUM	iShares Edge MSCI USA Momentum Factor ETF	39.8	15	45	4.1	-0.9
IUS	Invesco Strategic US ETF	39.6	19	41	6.2	+1.3
FQAL	Fidelity Quality Factor ETF	39.6	29	31	5.3	+0.3
JQUA	JPMorgan U.S. Quality Factor ETF	39.0	12	48	5.1	+0.2
NACP	Impact Shares NAACP Minority Empowerment ETF	38.9	75	-15	4.6	-0.4
JMOM	JPMorgan U.S. Momentum Factor ETF	38.5	12	48	3.6	-1.4
SPMO	Invesco S&P 500 Momentum ETF	38.4	13	47	4.1	-0.9
FNDX	Schwab Fundamental U.S. Large Co. Index ETF	38.2	25	35	6.1	+1.2
DTD	WisdomTree U.S.Total Dividend Fund	38.0	28	32	6.4	+1.4
KOKU	Xtrackers MSCI Kokusai Equity ETF	37.2	9	51	5.5	+0.5
TOK	iShares MSCI Kokusai ETF	37.1	25	35	5.3	+0.4
GSEW	Goldman Sachs Equal Weight U.S. Large Cap Equity ETF	36.9	9	51	5.8	+0.9
SUSA	iShares MSCI USA ESG Select ETF	36.6	25	35	4.6	-0.4
FNDB	Schwab Fundamental U.S. Broad Market Index ETF	36.5	25	35	6.1	+1.2
PRF	Invesco FTSE RAFI US 1000 ETF	36.3	39	21	6.5	+1.5
TILT	Flexshares Morningstar US Market Factors Tilt Index Fund	36.3	25	35	6.2	+1.2
DGRW	WisdomTree U.S. Quality Dividend Growth Fund	35.8	28	32	6.2	+1.3
MFUS	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	35.6	29	31	5.8	+0.8
AFLG	First Trust Active Factor Large Cap ETF	35.6	55	5	5.3	+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:	US Vegan Climate ETF
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	19.5	%
Divided by: Fwd. P/BV	3.5	x
Less: Expense ratio	60	bp
Equals: ALTAR Score	5.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.46	CATEGORY AVERAGE	1.52

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.