ETF Research Center

The Affinity World Leaders Equity ETF is an exchange-traded incorporated in the USA. The fund seeks to track the performance of the Thomson Reuters StarMine Affinity World Leaders Index.

FUND BASICS
Category	Global Equities
Fund Sponsor	Regents Park Funds
Website	regentsparkfunds.com
Inception date	Jan 17, 2018
Assets (mns)	$6
Currency	USD
Expense ratio	47 bp
Distributions	Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	151
Wgt avg mkt cap (mns)	$73,573
Large cap (>$10bn)	80.4%
Mid cap ($2-10bn)	19.6%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	15.6 %
MICROSOFT CORP	3.4 %
VERIZON COMMUNICATIONS INC	1.7 %
XEROX CORP	1.5 %
CENTURYTEL INC	1.4 %
HEWLETT PACKARD ENTERPRISE CO.	1.3 %
KLA-TENCOR CORPORATION	1.3 %
MICRON TECHNOLOGY INC	1.3 %
ABBVIE INC	1.3 %
ROCHE HOLDING AG-GENUSSCHEIN	1.3 %
SEAGATE TECHNOLOGY	1.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	58.5 %
	BRITAIN	11.2 %
	JAPAN	4.8 %
	FRANCE	3.2 %
	IRELAND	3.1 %
	CANADA	2.5 %
	ITALY	2.2 %
	SWITZERLAND	2.0 %
	NETHERLANDS	2.0 %
	SWEDEN	1.5 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
14.9%	2.6%	--	--	-4.1%

Market Correlations
versus...	Beta	R-squared
S&P500	1.03	78%
MSCI EAFE	1.12	70%
MSCI Emg. Mkts.	0.89	60%

Technical Indicators
Recent close	$23.49
30d moving avg.	$22.82
Annualized volatility	17.4%
Short interest (ETF)	0.0%
Relative strength (RSI)	80

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	1.25%
ADV underlying (mns)	$24,470

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

WLDR

Expense:

47 bp

ALTAR Score™:

9.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH WLDR
Ticker	Fund Name	Overlap¹ vs WLDR (%)	Expense ratio (bp)	Savings vs WLDR (bp)	ALTAR Score™ (%)	ALTAR vs WLDR (%)
FVAL	Fidelity Value Factor	23.2	29	18	8.1	-1.1
RPV	Invesco S&P 500 Pure Value ETF	21.6	35	12	9.8	+0.5
LRGF	iShares FactorSelect MSCI USA	21.5	20	27	7.3	-1.9
FLAG	Forensic Accounting	20.9	152	-105	8.8	-0.5
FTA	First Trust Large Cap Value	20.5	62	-15	8.7	-0.6
VALQ	American Century STOXX U.S. Quality Value	20.0	29	18	7.7	-1.6
VOE	Vanguard Mid-Cap Value	19.4	7	40	7.6	-1.7
VLUE	iShares MSCI USA Value Factor	19.3	15	32	11.0	+1.7
ACWF	iShares FactorSelect MSCI Global	18.8	35	12	8.2	-1.1
PXLV	Invesco Fundamental Pure Large Value	18.8	39	8	8.4	-0.8
ULVM	USAA MSCI USA Value Momentum Blend Index	18.6	20	27	7.7	-1.5
USMF	WisdomTree U.S. Multifactor Fund	18.1	28	19	7.0	-2.3
FDRR	Fidelity Dividend for Rising Rates	18.1	29	18	7.8	-1.5
FEX	First Trust Large Cap Core Alphadex	18.0	61	-14	6.4	-2.9
RNDV	US Equity Dividend Select	17.9	50	-3	7.7	-1.6
QDF	FlexShares Quality Dividend	17.5	37	10	6.9	-2.3
HONR	InsightShares Patriotic Employers	17.5	65	-18	7.0	-2.3
DTN	WisdomTree Dividend Ex-Financials	17.4	38	9	7.9	-1.4
JKI	iShares Morningstar Mid Cap Value	17.2	30	17	8.7	-0.6
RWL	Invesco S&P 500 Revenue ETF	17.1	39	8	7.5	-1.8

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

	2014	2015	2016	2017	2018	2019E	2020E
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

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Affinity World Leaders Equity
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	16.1	%
Divided by: Fwd. P/BV	1.7	x
Less: Expense ratio	47	bp
Equals: ALTAR Score	9.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.52	CATEGORY AVERAGE	1.54

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.