ETF Research Center

The Columbia EM Core ex-China ETF& provides broad equity exposure to emerging markets excluding China

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Columbia
Website	www.columbiathreadneedleetf.com
Inception date	Sep 02, 2015
Assets (mns)	$14
Currency	USD
Expense ratio	16 bp
Distributions	Annually

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	101
Wgt avg mkt cap (mns)	$53,426
Large cap (>$10bn)	69.2%
Mid cap ($2-10bn)	24.6%
Small cap (<$2bn)	2.2%
Developed mkts	0.0%
Emerging mkts	100.0%

TOP TEN HOLDINGS
Total	33.0 %
TAIWAN SEMICONDUCTOR MANUFAC	6.0 %
SAMSUNG ELECTRONICS CO LTD	5.4 %
HDFC BANK LTD-ADR	4.3 %
ICICI BANK LTD-SPON ADR	3.7 %
OIL COMPANY LUKOIL PJSC SPONSORED	2.8 %
INFOSYS TECHNOLOGIES-SP ADR	2.8 %
BTS GROUP HOLDINGS PCL-NVDR	2.2 %
PETROBRAS - PETROLEO BRAS-PR	2.0 %
BANK CENTRAL ASIA PT	1.9 %
HYNIX SEMICONDUCTOR INC	1.8 %

TOP COUNTRY EXPOSURE
	TAIWAN	21.5 %
	SOUTH KOREA	15.0 %
	INDIA	13.7 %
	BRAZIL	13.3 %
	SOUTH AFRICA	6.6 %
	RUSSIA	5.9 %
	THAILAND	5.3 %
	MALAYSIA	3.9 %
	INDONESIA	3.7 %
	MEXICO	2.4 %

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.
13.2%	14.2%	--	--	15.7%

Market Correlations
versus...	Beta	R-squared
S&P500	0.68	39%
MSCI EAFE	0.97	66%
MSCI Emg. Mkts.	0.86	82%

Technical Indicators
Recent close	$27.00
30d moving avg.	$26.65
Annualized volatility	13.4%
Short interest (ETF)	4.3%
Relative strength (RSI)	70

Liquidity measures
Avg. volume (thou.)	5
Turnover	1.0%
Bid/Ask (% of price)	0.62%
ADV underlying (mns)	$2,914

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Columbia EM Core ex-China ETF based on the alternatives' overlap in portfolio holdings with XCEM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

XCEM

Expense:

16 bp

ALTAR Score™:

7.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH XCEM
Ticker	Fund Name	Overlap¹ vs XCEM (%)	Expense ratio (bp)	Savings vs XCEM (bp)	ALTAR Score™ (%)	ALTAR vs XCEM (%)
KEMX	KraneShares MSCI Emerging Markets EX China Index	37.9	49	-33	8.8	+1.0
EMXC	iShares MSCI Emerging Markets ex China	32.8	49	-33	8.8	+1.0
JHEM	John Hancock Multifactor Emerging Markets	26.7	55	-39	8.9	+1.2
DVEM	WisdomTree Emerging Markets Dividend	26.0	32	-16	11.4	+3.7
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity	25.6	49	-33	9.1	+1.4
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free	25.6	30	-14	8.7	+0.9
AIA	iShares S&P Asia 50	24.6	50	-34	9.6	+1.9
GEM	Goldman Sachs ActiveBeta Emg Mkts Equity	22.9	45	-29	9.3	+1.5
AXJL	WisdomTree Asia Pacific Ex-Japan	22.9	48	-32	9.2	+1.5
BICK	First Trust BICK Index Fund	22.9	64	-48	6.2	-1.5
DBEM	Xtrackers MSCI Emg. Mkts. Hedged	22.7	65	-49	8.6	+0.8
FRDM	Freedom 100 Emerging Markets ETF	22.6	49	-33	8.2	+0.5
XSOE	WisdomTree Emg Mkt ex-SOE	22.5	32	-16	7.0	-0.7
EEM	iShares MSCI Emerging Markets	22.3	67	-51	8.7	+0.9
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity	22.2	20	-4	8.3	+0.6
EEMA	iShares MSCI Emg Mkts Asia	22.1	50	-34	8.8	+1.1
EMEM	Virtus Glovista Emerging Markets	21.8	67	-51	9.4	+1.7
QEMM	SPDR MSCI Emerging Markets Quality Mix	21.2	30	-14	9.3	+1.6
ESGE	iShares MSCI EM ESG Optimized	21.1	25	-9	9.4	+1.7
PBEE	Invesco PureBeta FTSE Emerging Markets	20.9	14	2	9.4	+1.6

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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:	Columbia EM Core ex-China
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	12.0	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	16	bp
Equals: ALTAR Score	7.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.52	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.