ETF Research Center

Vident Core US Equity ETF is an exchange-traded fund incorporated in the USA. The Fund seeks to track the price and total return performance, before fees and expenses, of the Vident Core U.S. Equity Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Exchange Traded Concepts LLC
Website	www.exchangetradedconcepts.com
Inception date	Jan 22, 2014
Assets (mns)	$480
Currency	USD
Expense ratio	48 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian	Bank of New York Mellon
Weighting	Tiered
Index replication	Optimized
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	223
Wgt avg mkt cap (mns)	$40,777
Large cap (>$10bn)	40.5%
Mid cap ($2-10bn)	49.8%
Small cap (<$2bn)	9.7%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	5.8 %
EDGEWELL PERSONAL CARE CO.	0.6 %
REALOGY HOLDINGS CORP	0.6 %
NUANCE COMMUNICATIONS INC	0.6 %
T-MOBILE US, INC.	0.6 %
BIOGEN IDEC INC	0.6 %
SYNAPTICS INC	0.6 %
ONEMAIN HOLDINGS, INC.	0.6 %
GREEN DOT CORP-CLASS A	0.6 %
ABBVIE INC	0.6 %
AMN HEALTHCARE SERVICES INC	0.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.5 %

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.
-3.8%	5.5%	5.7%	--	6.3%

Market Correlations
versus...	Beta	R-squared
S&P500	1.16	85%
MSCI EAFE	1.09	62%
MSCI Emg. Mkts.	0.71	46%

Technical Indicators
Recent close	$33.56
30d moving avg.	$33.14
Annualized volatility	15.3%
Short interest (ETF)	0.3%
Short interest (Underlying)	5.9%
Relative strength (RSI)	54

Liquidity measures
Avg. volume (thou.)	51
Turnover	0.4%
Bid/Ask (% of price)	0.34%
ADV underlying (mns)	$40,546

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

VUSE

Expense:

48 bp

ALTAR Score™:

7.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH VUSE
Ticker	Fund Name	Overlap¹ vs VUSE (%)	Expense ratio (bp)	Savings vs VUSE (bp)	ALTAR Score™ (%)	ALTAR vs VUSE (%)
FLAG	Forensic Accounting	33.6	152	-104	8.2	+0.6
FAB	First Trust Multi Cap Value	30.3	71	-23	8.3	+0.7
USMF	WisdomTree U.S. Multifactor Fund	28.9	28	20	6.0	-1.6
AFMC	First Trust Active Factor Mid Cap	26.2	65	-17	6.7	-0.9
VFMF	Vanguard U.S. Multifactor	24.8	18	30	7.4	-0.2
FTA	First Trust Large Cap Value	24.6	60	-12	8.3	+0.7
VALQ	American Century STOXX U.S. Quality Value	24.2	29	19	8.8	+1.2
ULVM	USAA MSCI USA Value Momentum Blend Index	24.0	20	28	7.2	-0.5
JVAL	JPMorgan U.S. Value Factor	23.5	12	36	8.4	+0.8
FEX	First Trust Large Cap Core Alphadex	22.8	60	-12	5.8	-1.8
ONEO	SPDR Russell 1000 Momentum Focus	22.7	20	28	6.6	-1.0
TUSA	First Trust Total US Market AlphaDEX	22.5	70	-22	6.1	-1.5
VFVA	Vanguard U.S. Value Factor	22.0	13	35	8.9	+1.3
ROUS	Lattice U.S. Equity Strategy ETF	21.9	19	29	6.3	-1.3
OVLU	Invesco Russell 1000 Value Factor ETF	21.8	19	29	7.6	+0.0
FVAL	Fidelity Value Factor	21.1	29	19	7.7	+0.1
QSY	WisdomTree U.S. Quality Shareholder Yield	21.1	38	10	7.3	-0.3
ONEV	SPDR Russell 1000 Low Volatility Focus	21.0	20	28	6.8	-0.8
PVAL	Principal Contrarian Value Index	20.9	29	19	7.0	-0.6
FNK	First Trust Mid Cap Value AlphaDEX	20.9	70	-22	9.1	+1.5

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:	Vident Core US Equity Fund
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	13.1	%
Divided by: Fwd. P/BV	1.6	x
Less: Expense ratio	48	bp
Equals: ALTAR Score	7.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.63	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.