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)	$39
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	288
Wgt avg mkt cap (mns)	$409,022
Large cap (>$10bn)	98.4%
Mid cap ($2-10bn)	1.3%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	40.7 %
TESLA MOTORS INC	7.8 %
APPLE INC	4.8 %
MICROSOFT CORP	4.3 %
NVIDIA CORP	4.2 %
MASTERCARD INC-CLASS A	4.0 %
UNITEDHEALTH GROUP INC	3.9 %
VISA INC-CLASS A SHARES	3.8 %
VERIZON COMMUNICATIONS INC	3.5 %
ALPHABET INC. CLASS C	2.2 %
ALPHABET INC. CLASS A	2.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.3 %
	IRELAND	1.8 %
	BRITAIN	0.6 %
	SWITZERLAND	0.3 %
	BERMUDA	0.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
27.7%	27.7%	--	--	31.1%

Market Correlations
versus...	Beta	R-squared
S&P500	1.05	99%
MSCI EAFE	0.93	89%
MSCI Emg. Mkts.	0.76	66%

Technical Indicators
Recent close	$35.47
30d moving avg.	$34.60
Annualized volatility	24.4%
Short interest (ETF)	0.5%
Relative strength (RSI)	66

Liquidity measures
Avg. volume (thou.)	7
Turnover	0.6%
Bid/Ask (% of price)	0.19%
ADV underlying (mns)	$165,073

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 99 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™:

4.0%

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 (%)
ESGV	Vanguard ESG U.S. Stock ETF	67.2	12	48	4.5	+0.5
IQSU	IQ Candriam ESG US Equity ETF	55.5	9	51	4.5	+0.6
USXF	iShares ESG Advanced MSCI USA ETF	52.8	10	50	4.6	+0.6
DSI	iShares MSCI KLD 400 Social ETF	51.4	25	35	4.6	+0.6
VUG	Vanguard Growth Index Fund	51.3	4	56	3.5	-0.5
IETC	iShares Evolved U.S. Technology ETF	51.2	18	42	3.4	-0.6
IWF	iShares Russell 1000 Growth ETF	49.9	19	41	3.4	-0.6
IGM	iShares Expanded Tech Sector ETF	49.5	46	14	3.3	-0.7
SUSL	iShares ESG MSCI USA Leaders ETF	48.8	10	50	4.8	+0.9
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	48.8	10	50	4.8	+0.9
SPXV	ProShares S&P 500 Ex-Health Care ETF	48.7	27	33	4.3	+0.3
SCHG	Schwab U.S. Large-Cap Growth ETF	48.4	4	56	3.1	-0.8
VONG	Vanguard Russell 1000 Growth Index Fund	48.4	8	52	3.5	-0.4
XVV	iShares ESG Screened S&P 500 ETF	48.1	8	52	4.9	+0.9
PBUS	Invesco PureBeta MSCI USA ETF	48.0	4	56	4.6	+0.6
VV	Vanguard Large-Cap Index Fund	47.8	4	56	4.6	+0.6
VOOG	Vanguard S&P 500 Growth ETF	47.7	10	50	3.9	-0.1
DYNF	BlackRock U.S. Equity Factor Rotation ETF	47.7	30	30	5.3	+1.3
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	47.7	7	53	4.5	+0.6
BBUS	JP Morgan Betabuilders U.S. Equity ETF	47.6	2	58	4.6	+0.7
PBP	Invesco S&P 500 BuyWrite ETF	47.3	49	11	4.3	+0.4
SCHX	Schwab U.S. Large-Cap ETF	47.3	3	57	4.6	+0.6
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	47.1	9	51	4.8	+0.8
ESGU	iShares MSCI USA ESG Optimized ETF	46.8	15	45	4.4	+0.5
SFY	SoFi Select 500 ETF	46.8	0	60	4.6	+0.6
SPXE	ProShares S&P 500 Ex-Energy ETF	46.6	27	33	4.6	+0.7
SPYG	SPDR Portfolio S&P 500 Growth ETF	46.6	4	56	3.6	-0.3
IVW	iShares S&P 500 Growth ETF	46.6	18	42	3.5	-0.5
XYLG	Global X S&P 500 Covered Call & Growth ETF	46.6	60	0	4.4	+0.4
JHML	John Hancock Multifactor Large Cap ETF	46.5	29	31	4.9	+0.9
SPY	SPDR S&P 500 ETF Trust	46.1	9	51	4.7	+0.7
SPLG	SPDR Portfolio Large Cap ETF	46.1	3	57	4.7	+0.8
IVV	iShares Core S&P 500 ETF	46.0	3	57	4.7	+0.8
SCHK	Schwab 1000 Index ETF	46.0	5	55	4.6	+0.6
IYY	iShares Dow Jones U.S. ETF	45.9	20	40	4.4	+0.5
IWB	iShares Russell 1000 ETF	45.9	15	45	4.5	+0.5
IUSG	iShares Core S&P US Growth ETF	45.8	4	56	3.6	-0.3
CATH	Global X S&P 500 Catholic Values Custom ETF	45.8	29	31	4.6	+0.6
MGC	Vanguard Mega Cap Index Fund	45.5	7	53	4.6	+0.6
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	45.3	20	40	4.8	+0.8
VOO	VANGUARD S&P 500 ETF	45.3	3	57	4.8	+0.9
BKLC	BNY Mellon US Large Cap Core Equity ETF	45.2	0	60	4.4	+0.5
MMTM	SPDR S&P 1500 Momentum Tilt ETF	45.0	12	48	4.0	+0.0
JCTR	JPMorgan Carbon Transition U.S. Equity ETF	45.0	15	45	4.7	+0.7
VTHR	Vanguard Russell 3000 Index Fund	44.9	10	50	4.4	+0.4
IWL	iShares Russell Top 200 ETF	44.9	15	45	4.4	+0.4
XOUT	GraniteShares XOUT U.S. Large Cap ETF	44.7	60	0	3.6	-0.4
IWY	iShares Russell Top 200 Growth ETF	44.7	20	40	3.5	-0.4
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	44.0	20	40	4.6	+0.6
FTEC	Fidelity MSCI Information Technology Index ETF	43.9	8	52	3.9	-0.1
SPXN	ProShares S&P 500 Ex-Financials ETF	43.8	27	33	4.3	+0.4
SCHB	Schwab U.S. Broad Market ETF	43.8	3	57	4.5	+0.5
MTUM	iShares MSCI USA Momentum Factor ETF	43.7	15	45	2.3	-1.7
MGK	Vanguard Mega Cap Growth ETF	43.6	7	53	3.6	-0.3
VGT	Vanguard Information Technology Index Fund	43.6	10	50	3.9	-0.1
EFIV	SPDR S&P 500 ESG ETF	43.6	10	50	4.6	+0.6
SNPE	Xtrackers S&P 500 ESG ETF	43.6	10	50	4.6	+0.6
IWV	iShares Russell 3000 ETF	43.6	20	40	4.3	+0.3
ITOT	iShares Core S&P Total U.S. Stock Market ETF	43.5	3	57	4.4	+0.4
SPTM	SPDR Portfolio Total Stock Market ETF	43.5	3	57	4.8	+0.8
QUS	SPDR MSCI USA StrategicFactors ETF	43.4	15	45	5.3	+1.3
WOMN	Impact Shares YWCA Women's Empowerment ETF	43.1	75	-15	3.5	-0.4
EPS	WisdomTree U.S. Earnings 500 Fund	42.8	8	52	5.9	+2.0
VONE	Vanguard Russell 1000 ETF	42.7	8	52	4.6	+0.6
QYLD	Global X NASDAQ 100 Covered Call ETF	42.7	60	0	3.1	-0.8
VTI	Vanguard Total Stock Market Index Fund	42.6	3	57	4.4	+0.5
QYLG	Global X Nasdaq 100 Covered Call & Growth ETF	42.5	60	0	3.1	-0.9
NUSI	Nationwide Risk-Managed Income ETF	42.5	68	-8	3.1	-0.9
ESG	FlexShares STOXX US ESG Impact Index Fund	42.3	32	28	4.5	+0.5
HIPR	Direxion High Growth ETF	42.3	40	20	3.8	-0.2
QQQM	Invesco NASDAQ 100 ETF	42.2	15	45	3.5	-0.5
QQQ	Invesco QQQ Trust	42.2	20	40	3.4	-0.5
ONEQ	Fidelity Nasdaq Composite Index Tracking Stock	42.2	21	39	2.8	-1.1
TMFC	Motley Fool 100 Index ETF	42.0	50	10	3.0	-1.0
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	41.3	49	11	3.4	-0.6
DFAU	Dimensional US Core Equity Market ETF	41.3	12	48	4.7	+0.7
XLK	Technology Select Sector SPDR Fund	41.1	13	47	4.2	+0.2
JMOM	JPMorgan U.S. Momentum Factor ETF	40.0	12	48	3.0	-1.0
RESP	WisdomTree US ESG Fund of Benef Interest	39.5	28	32	5.0	+1.1
SUSA	iShares MSCI USA ESG Select ETF	39.4	25	35	4.2	+0.3
IYW	iShares U.S. Technology ETF	38.6	43	17	3.3	-0.6
IXN	iShares Global Tech ETF	38.5	46	14	3.7	-0.2
OEF	iShares S&P 100 ETF	38.4	20	40	4.2	+0.2
DIVB	iShares U.S. Dividend & Buyback ETF	38.3	25	35	5.9	+2.0
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	37.8	19	41	5.3	+1.4
AVUS	Avantis U.S. Equity ETF	37.7	15	45	4.8	+0.9
QUAL	iShares MSCI Usa Quality Factor ETF	37.5	15	45	5.0	+1.0
RECS	Columbia Research Enhanced Core ETF	37.2	15	45	5.1	+1.1
GSEW	Goldman Sachs Equal Weight U.S. Large Cap Equity ETF	37.1	9	51	5.0	+1.1
AFLG	First Trust Active Factor Large Cap ETF	36.5	55	5	4.7	+0.7
NULC	Nuveen ESG Large-Cap ETF	36.4	20	40	4.2	+0.3
JQUA	JPMorgan U.S. Quality Factor ETF	36.3	12	48	5.1	+1.1
DLN	WisdomTree U.S. LargeCap Dividend Fund	36.2	28	32	6.1	+2.2
KOKU	Xtrackers MSCI Kokusai Equity ETF	35.9	9	51	5.0	+1.1
TOK	iShares MSCI Kokusai ETF	35.9	25	35	4.9	+0.9
TECB	iShares US Tech Breakthrough Multisector ETF	35.7	40	20	3.5	-0.5
IUS	Invesco Strategic US ETF	35.7	19	41	5.5	+1.5
NACP	Impact Shares NAACP Minority Empowerment ETF	35.7	49	11	4.7	+0.7
DGRW	WisdomTree U.S. Quality Dividend Growth Fund	35.3	28	32	6.0	+2.1

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:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	20.2	%
Divided by: Fwd. P/BV	4.4	x
Less: Expense ratio	60	bp
Equals: ALTAR Score	4.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.46	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.