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)	$18
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	267
Wgt avg mkt cap (mns)	$178,546
Large cap (>$10bn)	98.6%
Mid cap ($2-10bn)	1.4%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	15.8 %
APPLE INC	2.8 %
MICROSOFT CORP	2.6 %
FACEBOOK	1.5 %
INTEL CORP	1.4 %
MASTERCARD INC-CLASS A	1.4 %
VISA INC-CLASS A SHARES	1.3 %
UNITEDHEALTH GROUP INC	1.2 %
AT&T INC	1.2 %
BANK OF AMERICA CORP	1.2 %
ALPHABET INC. CLASS C	1.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	44.0 %
	IRELAND	0.8 %
	BRITAIN	0.3 %
	SWITZERLAND	0.2 %
	BERMUDA	0.1 %

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.
1.3%	--	--	--	11.3%

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

Technical Indicators
Recent close	$29.30
30d moving avg.	$28.22
Annualized volatility	0.0%
Short interest (ETF)	2.8%
Relative strength (RSI)	67

Liquidity measures
Avg. volume (thou.)	10
Turnover	1.7%
Bid/Ask (% of price)	0.13%
ADV underlying (mns)	$97,229

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™:

5.3%

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 (%)
BBUS	JP Morgan Betabuilders U.S. Equity	42.6	2	58	5.5	+0.2
PBUS	Invesco PureBeta MSCI USA	42.6	4	56	5.6	+0.3
SCHX	Schwab U.S. Large-Cap	42.4	3	57	5.5	+0.2
VV	Vanguard Large-Cap ETF	42.4	4	56	5.5	+0.2
IWB	iShares Russell 1000	42.1	15	45	5.4	+0.1
SCHK	Schwab 1000 Index	42.0	5	55	5.5	+0.2
IYY	iShares DJ US Total Market	41.8	20	40	5.3	0.0
VONE	Vanguard Russell 1000	41.8	12	48	5.4	+0.1
SPXE	ProShares S&P 500 Ex-Energy	41.6	27	33	5.5	+0.2
PBP	Invesco S&P 500 Buy/Write	41.5	49	11	5.2	-0.1
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	41.3	20	40	5.6	+0.3
SPY	S&P 500 SPDR	41.3	9	51	5.6	+0.3
IVV	iShares Core S&P 500	41.3	4	56	5.6	+0.3
HSPX	Global X S&P 500 Covered Call	41.3	65	-5	5.0	-0.3
SPLG	SPDR Portfolio Large Cap	41.3	3	57	5.6	+0.3
SCHB	Schwab U.S. Broad Market	41.1	3	57	5.4	+0.1
VOO	Vanguard S&P 500 ETF	41.0	3	57	5.6	+0.3
IWV	iShares Russell 3000	41.0	20	40	5.2	-0.1
ITOT	iShares Core S&P Total US	41.0	3	57	5.3	+0.0
ESGV	Vanguard ESG U.S. Stock	41.0	12	48	5.4	+0.1

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
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	19.1	%
Divided by: Fwd. P/BV	3.2	x
Less: Expense ratio	60	bp
Equals: ALTAR Score	5.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.48	CATEGORY AVERAGE	1.56

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.