ETF Research Center

The WBI Power Factor High Dividend ETF tracks an index of 50 US firms selected for high expected dividend yield and strong fundamental factors, and weighted by expected dividend yield.

FUND BASICS
Category	US Equities
Fund Sponsor	Millington Securities Inc
Website	wbishares.com
Inception date	Dec 19, 2016
Assets (mns)	$78
Currency	USD
Expense ratio	70 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	50
Wgt avg mkt cap (mns)	$45,533
Large cap (>$10bn)	42.8%
Mid cap ($2-10bn)	49.0%
Small cap (<$2bn)	8.2%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	43.4 %
INTL BUSINESS MACHINES CORP	5.6 %
AT&T INC	5.2 %
VERIZON COMMUNICATIONS INC	4.9 %
GENERAL MOTORS CO	4.9 %
FORD MOTOR CO	4.4 %
MACY'S INC	4.0 %
SEAGATE TECHNOLOGY	4.0 %
L BRANDS, INC.	3.8 %
TALLGRASS ENERGY GP LP CLASS A	3.5 %
HANESBRANDS INC	3.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	92.3 %
	IRELAND	4.0 %
	BRITAIN	2.2 %

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.
-4.4%	8.4%	--	--	6.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.14	66%
MSCI EAFE	1.12	53%
MSCI Emg. Mkts.	0.70	36%

Technical Indicators
Recent close	$22.65
30d moving avg.	$25.81
Annualized volatility	17.0%
Short interest (ETF)	0.0%
Relative strength (RSI)	30

Liquidity measures
Avg. volume (thou.)	13
Turnover	0.4%
Bid/Ask (% of price)	0.12%
ADV underlying (mns)	$7,294

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the WBI Power Factor High Dividend ETF ETF based on the alternatives' overlap in portfolio holdings with WBIY. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

WBIY

Expense:

70 bp

ALTAR Score™:

12.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH WBIY
Ticker	Fund Name	Overlap¹ vs WBIY (%)	Expense ratio (bp)	Savings vs WBIY (bp)	ALTAR Score™ (%)	ALTAR vs WBIY (%)
GBDV	Global Beta Smart Income ETF	42.3	29	41	11.9	-0.4
RDIV	Invesco S&P Ultra Dividend Revenue ETF	40.2	39	31	10.7	-1.6
SDOG	ALPS Sector Dividend Dogs ETF	30.5	40	30	10.4	-1.9
SPYD	SPDR S&P 500 High Dividend ETF	29.3	7	63	10.0	-2.3
FDL	First Trust Morningstar Dividend Leaders Index Fund	26.6	45	25	9.3	-3.0
DVY	iShares Select Dividend ETF	26.5	39	31	8.5	-3.8
SPDV	AAM S&P 500 High Dividend Value ETF	26.2	29	41	10.8	-1.5
DVOP	Source Dividend Opportunity ETF	21.8	50	20	9.5	-2.8
RPV	Invesco S&P 500 Pure Value ETF	19.2	35	35	12.1	-0.2
DHS	WisdomTree U.S. High Dividend Fund	19.1	38	32	8.6	-3.8
DVP	Deep Value ETF	18.7	59	11	14.9	+2.6
SPHD	Invesco S&P 500 High Dividend Low Volatility ETF	18.1	30	40	8.8	-3.5
PWV	Invesco Dynamic Large Cap Value ETF	16.3	55	15	9.1	-3.2
RCD	Invesco S&P 500 Equal Weight Consumer Discretionary ETF	16.1	40	30	8.8	-3.6
SPVU	Invesco S&P 500 Enhanced Value ETF	16.0	13	57	11.6	-0.7
QVAL	Alpha Architect U.S. Quantitative Value ETF	16.0	49	21	12.8	+0.4
VLUE	iShares Edge MSCI USA Value Factor ETF	15.2	15	55	11.4	-0.9
CDC	Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF	15.1	35	35	8.8	-3.5
CDL	Victory CEMP US Large Cap High Dividend Volatility Wtd Idx E	15.1	35	35	8.8	-3.5
FLAG	FLAG-Forensic Accounting Long Short ETF	13.8	152	-82	8.7	-3.6

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:	WBI Power Factor High Dividend ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	17.1	%
Divided by: Fwd. P/BV	1.3	x
Less: Expense ratio	70	bp
Equals: ALTAR Score	12.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.79	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.